Glossary Other information ASDI Allotted share delivery instrument (ASDI) representing Heineken N.V.'s obligation to deliver Heineken N.V. shares, either through issuance and/or purchasing of its own shares. Beia Before exceptional items and amortisation of brands and customer relations. Cash conversion ratio Free operating cash flow/Net profit (beia) before deduction of non-controlling interests. Depletions Sales by distributors to the retail trade. Dividend payout Proposed dividend as percentage of net profit (beia). Earnings per share Basic Net profit divided by the weighted average number of shares - basic - during the year. Diluted Net profit divided by the weighted average number of shares - diluted - during the year. EBIT Earnings before interest and taxes and net finance expenses. EBIT includes HEINEKEN's share in net profit of associates and joint ventures. EBITDA Earnings before interest and taxes and net finance expenses before depreciation and amortisation. Effective tax rate Taxable profit adjusted for share of profit of associates and joint ventures, dividend income and impairments of other investments. Eia Exceptional items and amortization of brands and customer relationships. Fixed costs Fixed costs include personnel costs, depreciation and amortisation, repair and maintenance costs and other fixed costs. Exceptional items are excluded from these costs. Fixed costs ratio Fixed costs as a percentage of revenue. Free operating cash flow This represents the total of cash flow from operating activities, and cash flow from operational investing activities. Gearing Net debt/total equity. Innovation rate The Innovation Rate is calculated as revenues generated from innovations launched/introduced in the past 12 quarters divided by revenue. Net debt Non-current and current interest-bearing loans and borrowings and bank overdrafts less investments held for trading and cash. 166 Heineken N.V. Annual Report 2011

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2011 | | pagina 168