30 Financial Review (continued) Currency split of net debt Currency split of net debt Obligatory long-term debt repayments Average number of shares Profit appropriation Report of the Report of the Financial Sustainability Other Introduction Executive Board Supervisory Board Statements Review Information Heineken N.V. Annual Report 2017 The table below presents the reconciliation of EBIT to EBITDA (beia). Inmillionsof€ 2017 2016 Operating profit 3,352 2,755 Share of profit of associates and joint ventures and impairments thereof (net of income tax) 75 150 Depreciation and impairments of property, plant and equipment 1,153 1,437 Amortisation and impairment of intangible assets 369 380 EBITDA 4,949 4,722 Exceptional items 166 179 EBITDA (beia) 5,115 4,901 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 perthedateofthe 2017 Annual Report. This currency breakdown includes the effect of derivatives, which are used to hedge intercompany lending denominated in currencies otherthan Euro. Of total net interest-bearing debt, 56% is denominated in Euro, 23% in US dollar and US dollar proxy currencies and 14% in British Pound. This is including the effect of cross-currency interest rate swaps on some of the non-Euro denominated debt. The fair value of the cross-currency interest rate swaps form part of net debt. 14% EUR USD USD proxy GBP Other 23% inmillionsof€ >2030 11,814 HEINEKEN has 576,002,613 shares in issue. For the calculation of 2017 basic EPS, the weighted impact of the treasury shares and shares purchased for the employee incentive programme reduced the number of weighted average shares outstanding to 570,074,335 (569,737,210 in 2016). For the calculation of 2017 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 570,652,111 (570,370,392 in 2016). The Heineken N.V. dividend policy is to pay out a ratio of 30% to 40% of full year net profit (beia). For 2017, payment of a total cash dividend of €1.47 per share (2016: €1.34) will be proposed to the Annual General Meeting of Shareholders (AGM) on 19 April 2018. This represents an increase of 9.7% versus 2016, translating into a 37.3% payout. If approved, a final dividend of €0.93 per share will be paid on 2 May 2018, as an interim dividend of €0.54 per share was paid on 10 August 2017. The payment will be subject to a 15% Dutch withholding tax. The ex-final dividend date for Heineken N.V. shares will be 23 April 2018.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2017 | | pagina 31