0 38 Financial review Total equity Net debt/EBITDA (beia) ratio 3.4 Currency split of net debt Currency split of net debt repayments Bond maturity profile 1,200 Heineken N.V. Annual Report 2020 Introduction Report of the Executive Board Report of the Supervisory Board Financial Statements Sustainability Review Other Information as a percentage of total assets 2020 2019 37.2% 2019 20181 37.3% 2018' 2017 35.4% 2017 2016 37.1% 2016 2.6 2.3 2.5 2.3 1 Restated for IAS 37. Shareholders' equity decreased by €2,755 million to €13,392 million, mainly driven by net loss of €204 million, dividends paid out of €597 million and a negative comprehensive income of €1,923 million, mainly related to translational differences. Total gross debt amounted to €18,196 million (2019: €17,052 million). Net debt decreased to €14,210 million (2019: €15,259 million) as the sum of positive free operating cash flow, inflow from divestments and positive foreign currency impact on debt exceeded the cash outflow for dividends. The pro-forma 12 month rolling net debt/EBITDA (beia) ratio was 3.4x on 31 December 2020 (2019: 2.6x). HEINEKEN is committed to return 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 2020 2019 Operating profit 778 3,633 Share of profit/(loss) of associates and joint ventures (31) 164 Depreciation and impairments of property, plant and equipment 1,981 1,540 Amortisation and impairment of intangible assets 855 419 EBITDA 3,583 5,756 Exceptional items 568 8 EBITDA (beia) 4,151 5,764 Heineken N.V. was assigned solid investment grade credit ratings by Moody's Investor Service and Standard Poor's in 2012. Moody's lastly reaffirmed the Baa1/P-2 ratings with stable outlook on 17th July 2020. Standard Poor's reaffirmed the BBB+/A-2 ratings, but revised the outlook on these ratings to negative, given the expected COVID-19 related business disruption, on 27 April 2020. 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, 64% is denominated in Euro, 18% in US Dollar and US Dollar proxy currencies and 11% in British Pound. 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. (incl. the currency effect of cross-currency interest rate swaps) I EUR USD USD proxy GBP Other 202 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 >2034 877 1,011 960 1,668 1,000 1,100 896 982 800 750 500 930 1,862

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2020 | | pagina 38