Financial Review (continued)
Currency split of net debt
O O Qs
Report of the Executive Board
Report of the Supervisory Board
Total equity
as a percentage of total assets
Net debt/EBITDA (beia) ratio
2019
|37.3
20181
35.4
2017
37.1
2016
37.6
2015
2.6
2.3
2.5
2.3
2.4
Shareholders' equity increased by €1,622 million to €16,147 million, mainly driven by net profit of
€2,166 million and sales of treasury shares, partly offset by dividends paid out of €949 million.
Total gross debt amounted to €17,052 million (31 December 2018: €14,986 million). Net debt increased to
€15,259 million (31 December 2018: €12,081 million) following the financing of the transactions in China
and the recognition of lease obligations as a financial liability under IFRS 16.
The pro-forma net debt/EBITDA (beia) ratio was 2.6x on 31 December 2019 (FY 2018 restated: 2.3x).
HEINEKEN remains committed to the Company's long-term target net debt/EBITDA (beia) ratio of
below 2.5x.
The table below presents the reconciliation from operating profit to EBITDA (beia).
In millions of
2019
20181
Operating profit
3,633
3,121
Share of profit of associates and joint ventures
164
210
Depreciation and impairments of property, plant and equipment
1,540
1,288
Amortisation and impairment of intangible assets
419
405
EBITDA
5,756
5,024
Exceptional items
8 150
EBITDA (beia)
5,764
5,174
1 Restated for IAS 37.
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 per the date of the 2019 Annual Report.
Heineken N.V. Annual Report 2019 O
Financial Statements Sustainability Review Other Information
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, 60% is denominated in Euro,
21% in US Dollar and US Dollar proxy currencies and 11% in GBP. Of total net interest-bearing debt, 60%
is denominated in Euro, 21% in US Dollar and US Dollar proxy currencies and 11% in GBP This is including
the effect of cross-currency interest rate swaps and lease liabilities under IFRS 16. 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
1,066
I EUR
USD USD proxy
GBP
Other
