Financial Review
44
Net debt/EBITDA (beia) ratio*
3.4
2.6
2.6
2.4
2.1
Currency split of net debt
2019
2020
2021
2022
2023
Net debt/EBITDA (beia) proforma ratio
Introduction
Long-term target
2024
Includes acquisitions and excludes disposals on a 12-month pro-forma basis.
2025
1,683
2026
1,600
2027
1,100
2028
995
2029
1,009
2030
1,550
2031
750
2032
500
2033
930
>2034
2,716
2023
2022
220
88
6,444
1,460
3,229
218
1,896
980
6,387
57
4,283
223
1,537
256
Total dividend for 2023
The Heineken N.V. dividend policy is to pay a ratio of 30% to 40% of full year net profit (beia). For 2023, a total
cash dividend of €1.73 per share, a similar amount to last year (2022: €1.73), representing a payout ratio of
36.8%, within the range of our policy, will be proposed to the Annual General Meeting on 25 April 2024 ("2024
AGM"). If approved, a final dividend of €1.04 per share will be paid on 7 May 2024, as an interim dividend of
€0.69 per share was paid on 10 August 2023. The payment will be subject to a 15% Dutch withholding tax. The
ex-dividend date for Heineken N.V. shares will be 29 April 2024.
Sustainability
Review
Other
Information
Financial
Statements
Report
of the
Supervisory
Board
Report
of the
Executive
Board
Total borrowings amounted to €18,238 million (2022: €16,377 million). Net debt increased to €15,835 million
(2022: €13,531 million) as the cash outflow for acquisitions, share purchases from FEMSA and dividends was
only partially offset by the positive free operating cash flow. Including the effect of cross-currency swaps, 75% of
net debt is Euro-denominated, and 13% is US dollar and US dollar proxy currencies.
The pro-forma 12-month rolling net debt/EBITDA (beia) ratio was 2.4x on 31 December 2023 (2022: 2.1x), in
line with the Company's long-term target net debt/EBITDA (beia) ratio of below 2.5x.
The centrally available financing headroom at Group level was approximately €3.2 billion at 31 December 2023
(2022: €3.6 billion) and consisted of the undrawn part of the committed €3.5 billion revolving credit facility and
centrally available cash minus centrally issued commercial paper and short-term bank borrowings at group level.
Shareholders' equity increased by €505 million to 20,056 million, mainly driven by the net profit of €2,304
million, the negative other comprehensive income of €272 million, a decrease of €943 million due to the 10.3
million share repurchase in HEINEKEN, a decrease of €1,080 million due to dividend paid to shareholders, and
and an increase of €349 million in changes in consolidation due to the Distell acquisition.
In the calculation of 2023 diluted EPS (beia), shares to be delivered under the employee incentive programme
(530,775 shares) are added to the weighted average shares outstanding. The weighted average diluted number
of shares outstanding was 563,979,620 (2022: 576,026,120).
Heineken
N.V.
Annual
Report
2023
EUR
USD USD proxy
GBP
Other
6,543
(2)
6,541
In millions of
Operating profit
Share of profit of associates and joint ventures
Depreciation and impairments of property, plant and equipment
Amortisation and impairment of intangible assets
Impairment of assets classified as held for sale
EBITDA
Exceptional items
EBITDA (beia)
Heineken N.V. was assigned solid investment grade credit ratings by Moody’s Investor Service and Standard
Poor’s. On 27 November 2023 Moody’s affirmed A3/P-2 ratings with stable outlook. Standard Poor’s affirmed
the BBB+/A-2 ratings with stable outlook on 8 June 2023.
Currency split of net debt
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, 75% is denominated in Euro,
13% in US Dollar and US Dollar proxy currencies and 6% 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 forms part of net debt.
Average number of shares
HEINEKEN has 576,002,613 shares in issue. In the calculation of basic EPS, the weighted effect of own shares
held in treasury (8,489,088 shares) and shares for which dividend is waived by Heineken Holding N.V. (4,064,680
shares) has been excluded. As a result, the weighted average number of shares outstanding was 563,448,845
(2022: 575,563,505).
Bond maturity profile
(incl. the currency effect of cross
currency interest rate swaps)
in millions of
13%
75%
6%
6%
