Financial Review continued Report of the Report of the Financial Contents Overview Executive Board Supervisory Board statements Other information These Notes have been issued under the Company's Euro Medium Term Note Programme. The proceeds of the Notes will be used for general corporate purposes. On 31 May, three outstanding Notes of Asia Pacific Breweries Ltd were replaced by eguivalent Notes from Heineken Asia Pacific Pte. Ltd with a guarantee from Heineken N.V.: 2014 Notes with a principal amount of SGD100 million; 2020 Notes with a principal amount of SGD40 million; 2022 Notes with a principal amount of SGD40 million. In this process SGD51 million of these Notes were purchased by HEINEKEN and subseguently cancelled. Two other outstanding Notes were terminated in full: 2015 Notes with a principal amount of SGD75 million; 2017 Notes with a principal amount of SGD100 million. Subsequent events On 30 January 2014, HEINEKEN issued 15.5 year Notes for an amount of EUR200 million with a coupon of 3.5 per cent under the EMTN programme. Financing ratios HEINEKEN has an incurrence covenant in some of its financing facilities. This incurrence covenant is calculated by dividing net debt (calculated in accordance with the consolidation method of the 2007 Annual Accounts) by EBITDA (beia) (also calculated in accordance with the consolidation method of the 2007 Annual Accounts and including the pro-forma full-year EBITDA of any acquisitions made in 2013). As at 31 December 2013 this ratio was 2.5 (2012: 2.8). If the ratio would be beyond a level of 3.5, the incurrence covenant would prevent us from conducting further significant debt financed acquisitions. Profit appropriation Heineken N.V.'s profit (attributable to shareholders of the Company) in 2013 amounted EUR1,364 million. In accordance with Article 12, paragraph 7, of the Articles of Association, the Annual General Meeting of Shareholders will be invited to appropriate an amount of EUR512 million for distribution as dividend. This proposed appropriation corresponds to a dividend of EUR0.89 per share of EUR1.50 nominal value, on account of which an interim dividend of EUR0.35 was paid on 3 September 2013. The final dividend thus amounts to EUR0.53 per share. Netherlands withholding tax will be deducted from the final dividend at 15 percent. Heineken N.V. Annual Report 2013 32

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2013 | | pagina 33