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Glossary
Beia
Eia
Exceptional items
Region
Net debt
Introduction
Acquisition-related intangible assets
Acquisition-related intangible assets are assets that
HEINEKEN only recognises as part of a purchase
price allocation following an acquisition. This includes,
among others, brands, customer-related and certain
contract-based intangibles.
Centrally available financing headroom
This consists of the undrawn part of revolving credit
facility and cash minus commercial paper and other
short-term borrowings.
Consolidation changes
Changes as a result of acquisitions and disposals.
Depletions
Sales by distributors to the retail trade.
Dividend payout
Proposed dividend as percentage of net profit (beia).
Digital sales value
Value of the digital transactions with our customers
for our products via our eB2B platforms at outlet level,
including our net revenue and the margin captured by
third-party distributors.
Before exceptional items and amortisation of
acquisition-related intangible assets.
Cash conversion ratio
Free operating cash flow/net profit (beia) before
deduction of non-controlling interests.
Cash flow (used in)/from operational
investing activities
This represents the total of cash flow from sale and
purchase of Property, plant and equipment and
Intangible assets, proceeds and receipts of Loans to
customers and Other investments.
Report of the
Executive Board
Report of the
Supervisory Board
Earnings per share (EPS)
Basic
Net profit/(loss) divided by the weighted average
number of shares - basic - during the year.
Diluted
Net profit/(loss) divided by the weighted average
number of shares - diluted - during the year.
Exceptional items and amortisation of acquisition-
related intangible assets.
Items of income and expense of such size, nature
or incidence, that in the view of management their
disclosure is relevant to explain the performance of
HEINEKEN for the period.
Free operating cash flow
Total of cash flow from operating activities and cash
flow from operational investing activities.
Group net revenue (beia)
Consolidated net revenue (beia) plus attributable
share of net revenue (beia) from joint ventures
and associates.
Effective tax rate
Income tax expense expressed as a percentage of the
profit before income tax, adjusted for share of profit of
associates and joint ventures.
Group operating profit (beia)
Consolidated operating profit (beia) plus attributable
share of operating profit (beia) from joint ventures and
associates, excluding Head Office and eliminations.
Financial
Statements
Sustainability
Review
Other
Information
Net profit/(loss)
Profit/(loss) after deduction of non-controlling
interests (profit/(loss) attributable to shareholders' of
the Company).
A region is defined as HEINEKEN’s managerial
classification of countries into geographical units.
Heineken N.V.
Annual Report 2021
Volume
Brand specific volume (Heineken®
volume, Amstel® volume, etc.)
Brand volume produced and sold by consolidated
companies plus 100% of brand volume sold under
licence agreements by joint ventures, associates and
third parties.
Beer volume
Beer volume produced and sold by
consolidated companies.
Premium beer
Beer sold at a price index equal or greater than 115
relative to the average market price of beer.
Non-beer volume
Cider, soft drinks and other non-beer volume produced
and sold by consolidated companies.
Third-party products volume
Volume of third-party products (beer and non-beer)
resold by consolidated companies.
Total consolidated volume
The sum of beer volume, non-beer volume and third-
party products volume.
Licensed volume
100% of volume from HEINEKEN's beer brands sold
under licence agreements by joint ventures, associates
and third parties.
Weighted average number of shares
Basic
Weighted average number of outstanding shares.
Diluted
Weighted average number of outstanding shares and
the weighted average number of shares that would be
issued on conversion of the dilutive potential shares
into shares as a result of HEINEKEN's share-based
payment plans.
Group beer volume
The sum of beer volume, licensed beer volume and
attributable share of beer volume from joint ventures
and associates.
Non-current and current interest-bearing borrowings
(incl. lease liabilities), bank overdrafts and market
value of cross-currency interest rate swaps less cash
and cash equivalents.
EBITDA
Earnings before interest, taxes, net finance expenses,
depreciation and amortisation. EBITDA includes
HEINEKEN’s share in net profit of joint ventures
and associates.
Net revenue
Revenue as defined in IFRS 15 (after discounts) minus
the excise tax expense for those countries where the
excise is borne by HEINEKEN.
Net revenue per hectolitre
Net revenue divided by total consolidated volume.
Organic growth
Growth excluding the effect of foreign currency
translational effects, consolidation changes,
exceptional items and amortisation of acquisition-
related intangible assets.
Organic volume growth
Growth in volume, excluding the effect of
consolidation changes.
Price mix on a constant geographic basis
Refers to the different components that influence
net revenue per hectolitre, namely the changes in the
absolute price of each individual sku and their weight
in the portfolio. The weight of the countries in the
total revenue in the base year is kept constant.
Profit/(Loss)
Total profit/(loss) of HEINEKEN before deduction of
non-controlling interests.
All brand names mentioned in this report, including
those brand names not marked by an represent
registered trademarks and are legally protected.
