Financial Review (continued)
Currency split of net debt
Currency split of net debt
Obligatory long-term debt repayments
Average number of shares
Profit appropriation
IT
Heineken NV.
Report of the
Report of the
Financial
Sustainability
Other
32
Annual Report 2016
Introduction
Executive Board
Supervisory Board
Statements
Review
Information
The table below presents the reconciliation of EBIT to EBITDA (beia).
In millions of EUR
2016
2015
EBIT
2,905
3,247
Depreciation and impairments of property, plant and equipment
1,437
1,222
Amortisation and impairment of intangible assets
380
372
EBITDA
4,722
4,841
Exceptional items
179
(119)
EBITDA (beia)
4,901
4,722
Heineken N.V. was assigned solid investment grade credit ratings by Moody's Investor Service and Standard Poor's in 2012. The ratings from both
agencies, Baa1/P-2 and BBB+/A-2 respectively, have 'stable' outlooks as per the date of the 2016 Annual Report.
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, 59% is denominated in Euro and 31% is US dollar and US dollar proxy currencies. This is including the effect
of cross-currency interest rate swaps on some of the non-Euro denominated debt. The fair value of these cross-currency interest rate swaps form
part of net debt.
in millions of EUR
EUR
USD USD proxy
GBP
Other
HEINEKEN has 576,002,613 shares in issue. For the calculation of 2016 basic EPS, the weighted impact of the share buyback and shares purchased
for the employee incentive programme reduced the number of weighted average shares outstanding to 569,737,210 (572,292,454 in 2015). For the
calculation of 2016 diluted EPS, the number of weighted average outstanding shares is adjusted for the amount of shares to be delivered under the
employee incentive programme, resulting in a weighted average diluted number of shares of 570,370,392 (572,944,188 in 2015).
The Heineken N.V. dividend policy is to pay out a ratio of 30% to 40% of full-year net profit (beia). For 2016, payment of a total cash dividend
of EUR 1.34 per share (2015: EUR 1.30) will be proposed to the Annual General Meeting. This implies a 36% payout ratio, in line with the payout
ratio in 2015. If approved, a final dividend of EUR 0.82 per share will be paid on 3 May 2017, as an interim dividend of EUR 0.52 per share was
paid on 11 August 2016. The payment will be subject to a 15% Dutch withholding tax. The ex-final dividend date for Heineken N.V. shares will
be 24 April 2017.