^68]
Historical Summary (continued)
Liabilities (excluding provisions and
post-retirement obligations)
O Q,
Heineken N.V. Annual Report 2018
Report of the Executive Board
Report of the Supervisory Board
Financial Statements
Sustainability Review
Other Information
2018
2017
2016
20152
2014
Operating profit (beia)/net interest
expense (beia)
9.6
10.1
10.0
9.6
7.7
Free operating cash flow/net debt
19%
16%
16%
15%
14%1
Net debt/total equity
0.78
0.89
0.77
0.76
0.821
Financing
In millions of
Share capital
922
922
922
922
922
Reserves and retained earnings
13,436
12,399
12,316
12,613
11,487
Shareholders' equity
14,358
13,321
13,238
13,535
12,409
Non-controlling interest
1,182
1,200
1,335
1,535
1,043
Total equity
15,540
14,521
14,573
15,070
13,452
Post-retirement obligations
954
1,289
1,420
1,289
1,443
Provisions (including deferred tax liabilities)
2,380
2,643
2,128
2,332
2,066
Non-current borrowings
12,628
12,166
10,920
10,626
9,491
Other liabilities (excluding provisions)
10,454
10,415
10,280
10,805
8,378
23,082
22,581
21,200
21,431
17,869
Total equity and liabilities
41,956
41,034
39,321
40,122
34,830
Shareholders' equity/(post-retirement
obligations, provisions and liabilities)
0.54
0.50
0.53
0.54
0.58
2018
2017
2016
20152
2014
Employment of capital
In millions of
Property, plant and equipment
11,359
11,117
9,232
9,552
8,718
Intangible assets
17,459
17,670
17,424
18,183
16,341
Other non-current assets
4,068
3,999
4,528
4,065
3,685
Total non-current assets
32,886
32,786
31,184
31,800
28,744
Inventories
1,920
1,814
1,618
1,702
1,634
Trade and other current assets
4,247
3,992
3,484
3,372
3,771
Cash, cash equivalents and current
other investments
2,903
2,442
3,035
3,248
681
Total current assets
9,070
8,248
8,137
8,322
6,086
Total assets
41,956
41,034
39,321
40,122
34,830
Total equity/total non-current assets
0.47
0.44
0.47
0.47
0.47
Current assets/current liabilities
(excluding provisions)
0.88
0.80
0.79
0.77
0.73
1 Revised for the change in definition of net debt in 2015.
2 Comparative figure for 2015 has 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.
