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.
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.
Sales by distributors to the retail trade.
Proposed dividend as percentage of net profit (beia).
Earnings per share
Net profit divided by the weighted average number of shares - basic - during the year.
Net profit divided by the weighted average number of shares - diluted - during the year.
Earnings before interest and taxes and net finance expenses. EBIT includes HEINEKEN's share in net profit of associates and joint ventures.
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.
Exceptional items and amortization of brands and customer relationships.
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.
Net debt/total equity.
The Innovation Rate is calculated as revenues generated from innovations launched/introduced in the past 12 quarters divided by revenue.
Non-current and current interest-bearing loans and borrowings and bank overdrafts less investments held for trading and cash.
Heineken N.V. Annual Report 2011