2011 EBIT (beia)/Net interest expense 6 .4 5.4 3.9 5.1 19.2 Free operating cash flow/Net debt 25% 25% 23% 6% 38% Net debt/Equity 0.8 0.8 1.4 1.9 0.3 Financing Share capital 922 922 784 784 784 Reserves and retained earnings 8,852 9,010 4,567 3,687 4,620 Equity attributable to equity holders of the Company 9,774 9,932 5,351 4,471 5,404 Minority interests 318 288 296 281 307 Total equity 10,092 10,220 5,647 4,752 5,711 Employee benefits 1,174 1,097 634 688 586 Provisions (including deferred tax liabilities) 1,483 1,589 1,304 1,163 728 Non-current loans and borrowings 8,199 8,078 7,401 9,084 1,295 Other liabilities (excluding provisions) 6,179 5,678 5,194 4,900 3,634 Liabilities (excluding provisions) 14,378 13,756 12,595 13,984 4,929 Total equity and liabilities 27,127 26,662 20,180 20,587 11,954 Equity attributable to equity holders of the Company/ (employee benefits, provisions, and liabilities) 0.57 0.60 0.37 0.28 0.87 Employment of capital Property, Plant and Equipment 7,860 7,687 6,017 6,314 4,673 Intangible assets 10,835 10,890 7,135 7,030 2,110 Other non-current assets 3,724 3,767 2,875 2,494 1,814 Total non-current assets 22,419 22,344 16,027 15,838 8,597 Inventories 1,352 1,206 1,010 1,246 883 Trade and other current assets 2,543 2,502 2,623 2,805 1,900 Cash, cash equivalents and current other investments 813 610 520 698 574 Total current assets 4,708 4,318 4,153 4,749 3,357 Total assets 27,127 26,662 20,180 20,587 11,954 Total equity/Total non-current assets 0.45 0.46 0.35 0.30 0.66 Current assets/Current liabilities (excluding provisions) 0.78 Comparatives have been adjusted due to the accounting policy change in employee benefits (see note 2e of the Financial statements) Heineken N.V. Annual Report 2011 165

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2011 | | pagina 167