Overview
Report of the
Executive Board
Report of the
Supervisory Board
Financial statements
Other information
2012 2011 2010* 2009 2008
EBIT (beia)/Net interest expense
6.0
6.4
5.4
3.9
5.1
Free operating cash flow/Net debt
12%
25%
25%
23%
6%
Net debt/Equity
1.0
0.8
0.8
1.4
1.9
Financing
Share capital
922
922
922
784
784
Reserves and retained earnings
10,769
8,852
9,010
4,567
3,687
Equity attributable to equity holders of the Company
11,691
9,774
9,932
5,351
4,471
Non-controlling interest
1,071
318
288
296
281
Total equity
12,762
10,092
10,220
5,647
4,752
Employee benefits
1,632
1,174
1,097
634
688
Provisions (including deferred tax liabilities)
2,337
1,483
1,589
1,304
1,163
Non-current loans and borrowings
11,437
8,199
8,078
7,401
9,084
Other liabilities (excluding provisions)
7,811
6,179
5,678
5,194
4,900
Liabilities (excluding provisions)
19,248
14,378
13,756
12,595
13,984
Total equity and liabilities
35,979
27,127
26,662
20,180
20,587
Equity attributable to equity holders of the Company/
(employee benefits, provisions, and liabilities)0.500.570.600.370.28
Employment of capital
In millions of EUR
Property, Plant and Equipment
Intangible assets
Other non-current assets
Total non-current assets
8,792
7,860
7,687
6,017
6,314
17,725
10,835
10,890
7,135
7,030
3,925
3,724
3,767
2,875
2,494
30,442
22,419
22,344
16,027
15,838
Inventories 1,596 1,352 1,206 1,010 1,246
Trade and other current assets
2,904
2,543
2,502
2,623
2,805
Cash, cash equivalents and current other investments
1,037
813
610
520
698
Total current assets
5,537
4,708
4,318
4,153
4,749
Total assets35,979 27,127 26,662 20,180 20,587
Total equity/Total non-current assets
0.42
0.45
0.46
0.35
0.30
Current assets/Current liabilities (excluding provisions)
0.72
Comparatives have been adjusted due to the accounting policy change in employee benefits (see note 2e of the 2011 Financial statements)
Heineken N.V. Annual Report 2012
169