Financial Review (continued)
Currency split of net debt
Average number of shares
Profit appropriation
O Q,
Report of the Executive Board
Report of the Supervisory Board
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, 52% is denominated in Euro,
26% in US dollar and US dollar proxy currencies and 14% in British Pound. This is including the effect of cross-
currency interest rate swaps. The fair value of the cross-currency interest rate swaps form part of net debt.
Currency split of net debt
Obligatory long-term debt repayments
in millions of
I EUR
I USD USD proxy
IGBP
I Other
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
>2032
1,061
991
1,012
855
1,101
961
650
500
1,372
Heineken N.V. Annual Report 2018
Financial Statements Sustainability Review Other Information
HEINEKEN has 576,002,613 shares in issue. For the calculation of 2018 basic EPS, the weighted impact of
the treasury shares including shares purchased for the employee incentive programme reduced the number
of weighted average shares outstanding to 570,146,0 69 (570,074,335 in 2017). For the calculation of 2018
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 570,663,632 (570,652,111 in 2017).
The Heineken N.V. dividend policy is to pay out a ratio of 30% to 40% of full year net profit (beia). For 2018,
payment of a total cash dividend of €1.60 per share (2017: €1.47) will be proposed to the Annual General
Meeting of Shareholders on 25 April 2019 ("2019 AGM"). This represents an increase of 8.8% versus 2017,
translating into a 37.6% payout. If approved, a final dividend of €1.01 per share will be paid on 8 May 2019,
as an interim dividend of €0.59 per share was paid on 9 August 2018. The payment will be subject to a 15%
Dutch withholding tax. The ex-final dividend date for Heineken N.V. shares will be 29 April 2019.