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.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2016 | | pagina 33