Contents
Overview
Report of the
Executive Board
Report of the
Supervisory Board
Financial
statements
Other
information
2014
2013
2012*
2011
2010"
EBIT (beia)/net interest expense
8.0
5.8
6.0
6.4
5.4
Free operating cash flow/net debt
14%
14%
12%
25%
25%
Net debt/total equity
0.8
0.9
1.0
0.8
0.8
Financing
In millions of EUR
Share capital
922
922
922
922
922
Reserves and retained earnings
11,487
10,480
10,812
8,852
9,010
Equity attributable to equity holders of the Company
12,409
11,402
11,734
9,774
9,932
Non-controlling interest
1,043
954
1,071
318
288
Total equity
13,452
12,356
12,805
10,092
10,220
Employee benefits
1,443
1,202
1,575
1,174
1,097
Provisions (including deferred tax liabilities)
2,066
1,982
2,340
1,483
1,589
Non-current loans and borrowings
9,499
9,853
11,437
8,199
8,078
Other liabilities (excluding provisions)
8,370
7,944
7,823
6,179
5,678
Liabilities (excluding provisions)
17,869
17,797
19,260
14,378
13,756
Total equity and liabilities
34,830
33,337
35,980
27,127
26,662
Equity attributable to equity holders of the Company/
(employee benefits, provisions, and liabilities)
0.58
0.58
0.46
0.57
0.60
Employment of capital
In millions of EUR
Property, plant and equipment
8,718
8,454
8,844
7,860
7,687
Intangible assets
16,341
15,934
17,688
10,835
10,890
Other non-current assets
3,685
3,454
3,911
3,724
3,767
Total non-current assets
28,744
27,842
30,443
22,419
22,344
Inventories
1,634
1,512
1,596
1,352
1,206
Trade and other current assets
3,771
2,693
2,904
2,543
2,502
Cash, cash equivalents and current other investments
681
1,290
1,037
813
610
Total current assets
6,086
5,495
5,537
4,708
4,318
Total assets
34,830
33,337
35,980
27,127
26,662
Total equity/total non-current assets
0.47
0.44
0.42
0.45
0.46
Current assets/current liabilities (excluding provisions)
0.73
0.70
0.72
0.78
0.79
Restated for the revised IAS 19 as implemented in 2013 and finalisation of the purchase price allocation for APB.
Restated for the accounting policy change in employee benefits as implemented in 2011.
Heineken N.V. Annual Report 2014