Glossary Acquisition related intangible assets Acquisition related intangible assets are assets that HEINEKEN only recognises as part of a purchase price allocation following an acquisition. This includes amongst others brands, customer-related and certain contract-based intangibles. ASDI Allotted share delivery instrument (ASDI) representing HEINEKEN's obligation to deliver Heineken N.V. shares, either through issuance and/or purchasing of its own shares. Before exceptional items and amortisation of acquisition related intangible assets. 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 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. 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 Income tax expense expressed as a percentage of the profit before income tax. adjusted for share of profit of associates and joint ventures and impairments thereof (net of income tax). Exceptional items and amortisation of acquisition-related intangible assets. Fixed costs Fixed costs include personnel costs, depreciation and amortisation, repair and maintenance costs, energy and water, and other fixed costs. Exceptional items are excluded from these costs. Free operating cash flow This represents the total of cash flow from operating activities, and cash flow from operational investing activities. Innovation Rate The Innovation Rate is calculated as revenues generated from innovations launched introduced in the past twelve 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. 170 Heineken N.V. Annual Report 2012

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2012 | | pagina 172