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.