Notes to the Consolidated Financial Statements continued
Reportofthe Reportofthe Financial Other
Contents Overview Executive Board Supervisory Board Statements Information
Financing headroom1
As at 31 December 2015, no amounts were drawn on the existing revolving credit facility of EUR2.500 million. This revolving credit facility was extended by
one year and matures now in 2020. The committed financing headroom at Group level was EUR2.333 million as at 31 December 2015 and consisted of an
undrawn revolving credit facility and centrally available cash, minus commercial paper in issue at Group level.
Incurrence covenant1
HEINEKEN has an incurrence covenant in some of its financing facilities. This incurrence covenant is calculated by dividing net debt (excluding the market
value of cross-currency interest rate swaps) by EBITDA (beia) (both based on proportional consolidation of joint ventures and including acguisitions made
in 2015onapro-formabasis).Asat 31 December 2015 this ratio was 2 A (2014:2.4). If the ratio would be beyond a level of 3.5, the incurrence covenant
would prevent HEINEKEN from conducting further significant debt financed acguisitions.
1 Non-GAAP measures: unaudited
26. Finance lease liabilities
Finance lease liabilities are payable as follows:
In millions of EUR
Present
Future value of
minimum minimum
lease lease
payments Interest payments
2015 2015 2015
Present
Future value of
minimum minimum
lease lease
payments Interest payments
2014 2014 2014
Less than one year
LD
I
LD
LD
I
LD
Between one and five years
9-9
8-8
More than five years
1 - 1
2-2
15 - 15
LD
I
LD
27. Non-GAAP measures
In the internal management reports, HEINEKEN measures its performance primarily based on EBIT and EBIT beia (before exceptional items and
amortisation of acguisition-related intangible assets). Both are non-GAAP measures not calculated in accordance with IFRS. Exceptional items are defined
as items of income and expense of such size, nature or incidence, that in the view of management their disclosure is relevant to explain the performance of
HEINEKEN for the period. Beia adjustments are also applied on operating profit and net profit metrics.
The table below presents the relationship between IFRS measures, being results from operating activities and net profit, and HEINEKEN non-GAAP
measures, being EBIT, EBIT (beia), operating profit (beia) and net profit (beia).
In millions of EUR
20151
Results from operating activities
3,075
2,780
Share of profit of associates and joint ventures and impairments thereof (net of income tax)
172
148
EBIT
3,247
2,928
Exceptional items and amortisation of acquisition-related intangible assets included in EBIT
311
340
EBIT (beia)
3,558
3,268
Share of profit of associates and joint ventures and impairments thereof (beia)
(net of income tax)
(177)
(139)
Operating profit (beia)
3,381
3,129
Profit attributable to equity holders of the Company (net profit)
1,892
1,516
Exceptional items and amortisation of acquisition-related intangible assets included in EBIT
311
(18)
(124)
(13)
340
Exceptional items included in finance costs
(1)
Exceptional items included in income tax expense
(52)
Exceptional items included in non-controlling interest
(45)
Net profit (beia)
2,048
1,758
1 Unaudited.
107 Heineken N.V. Annual Report 2015