168
Historical Summary (continued)
Report of the
Report of the
Financial
Sustainability
1 Other 1
Introduction
Executive Board
Supervisory Board
Statements
Review
1 Information 1
Heineken N.V. Annual Report 2017
2017
2016
20152
2014
2013
Operating profit (beia)/net interest expense (beia)
10.1
10.0
9.6
7.7
5.5
Free operating cash flow/net debt
16%
16%
15%
14%1
14%
Net debt/total equity
0.89
0.77
0.76
0.82
0.9
Financing
In millions of
Share capital
922
922
922
922
922
Reserves and retained earnings
12,399
12,316
12,613
11,487
10,480
Equity attributable to equity holders of the Company
13,321
13,238
13,535
12,409
11,402
Non-controlling interest
1,200
1,335
1,535
1,043
954
Total equity
14,521
14,573
15,070
13,452
12,356
Employee benefits
1,289
1,420
1,289
1,443
1,202
Provisions (including deferred tax liabilities)
2,643
2,128
2,332
2,066
1,982
Non-current loans and borrowings
12,301
10,954
10,658
9,499
9,853
Other liabilities (excluding provisions)
10,280
10,246
10,773
8,370
7,944
Liabilities (excluding provisions and employee benefits)
22,581
21,200
21,431
17,869
17,797
Total equity and liabilities
41,034
39,321
40,122
34,830
33,337
Equity attributable to equity holders of the Company/
(employee benefits, provisions and liabilities)
0.50
0.53
0.54
0.58
0.58
Employment of capital
In millions of
Property, plant and equipment
11,117
9,232
9,552
8,718
8,454
Intangible assets
17,670
17,424
18,183
16,341
15,934
Other non-current assets
3,999
4,528
4,065
3,685
3,454
Total non-current assets
32,786
31,184
31,800
28,744
27,842
Inventories
1,814
1,618
1,702
1,634
1,512
Trade and other current assets
3,992
3,484
3,372
3,771
2,693
Cash, cash equivalents and current other investments
2,442
3,035
3,248
681
1,290
Total current assets
8,248
8,137
8,322
6,086
5,495
Total assets
41,034
39,321
40,122
34,830
33,337
Total equity/total non-current assets
0.44
0.47
0.47
0.47
0.44
Current assets/current liabilities (excluding provisions)
0.80
0.79
0.77
0.73
0.70
1 Revised for the change in definition of net debt in 2015.
2 Comparative figures for 2015 have been revised to reflect the change in accounting policy on netting cash and overdraft balances in cash pooling arrangements with legally
enforceable rights to offset.