Financial Review continued
Report of the
Report of the
Financial
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Contents
Overview
Executive Board
Supervisory Board
statements
information
Total gross debt amounts to EUR11,757 million (from EUR12.170 million at 31 December 2013). Net debt increased to EUR11,076 million
(from EUR10.868 million at 31 December 2013). Free operating cash flow of EUR1.574 million (versus EUR1,518 million in 2013) exceeded
dividends paid and outflow from acguisitions, but net debt expressed in Euros increased due to the strong appreciation of the U.S. dollar
in the second half of 2014 as 29 per cent of net debt is U.S. dollar-related.
Currency split of net debt
This currency breakdown includes the effect of derivatives, which are used to hedge intercompany lending denominated in currencies other
than Euro. Of total net interest-bearing debt, approximately 60 percent is denominated in Euro and 29 per cent is US dollar-related. This is
including the effect of cross-currency interest rate swaps on some of the non-Euro denominated debt. The fair value of these swaps does not
form part of net debt.
Eleineken N.V. has solid investment grade credit ratings assigned by Moody's Investor Service and Standard Poor's. Both long-term credit
ratings, Baal and BBB+ respectively, have'stable' outlooks as at the date of this Annual Report.
Obligatory debt repayments
in millions of EUR
2015 942
2016 922
2017 1,171
2018 1,009
2019 1,066
2020 1,014
2021 520
2022 628
2023 824
2024 500
2025 750
>2025 967
On 30 January 2014, HEINEKEN privately placed 15.5 year Notes for an amount of EUR200 million with a coupon of 3.50 percent.
On 28 March 2014, HEINEKEN privately placed 5.5 year Notes for an amount of USD200 million with a floating rate coupon. Both Notes
were issued under HEINEKEN's Euro Medium Term Note Programme. The proceeds of the Notes were used for general corporate purposes.
On 1 July 2014, HEINEKEN extended and amended its EUR2.000 million revolving credit facility maturing in May 2018. The facility has been
increased to EUR2.500 million and is now set to mature in May 2019. The facility is committed by a group of 19 banks and has two further
one-year extension options.
Currency split of net debt
EUR
60%
USD USD proxy
28%
NGN
1%
SGD
1%
GBP
5%
PLN
2%
CHF
2%
Other
1%
32
Heineken N.V. Annual Report 2014
