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Notes to the Heineken NV Financial Statements

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Notes to the Heineken NV Financial Statements Printer to adjust spine when printed. H eineken N.V. Annual Report 2012 Annual Report 2012 Celebrating 140 years young Amsterdam 1873 Paris 1889 Amsterdam 1931 New York 1933 World 2013 The Future Our premium beer was A remarkable World A symbol of quality was We became the fi rst Born in Amsterdam, For 140 years we’ve been fi rst brewed from our home Exhibition. The Eiff el Tower born – the Heineken® red imported beer to reach the raised by the world. We’ve bringing people together. in Amsterdam. Gerard was born and our lager beer star. Each of the fi ve points shores of America, marking discovered that when you’re Call us the world’s oldest Adriaan Heineken had an received the grand-Prix for represents a natural the end of prohibition. open to the world, the world social network. We asked ambition to share our beer the world’s best beer. To this ingredient of the beer: Heineken® now available is open to you. That’s you to team up on facebook with the planet. He would day, the award is proudly barley, hops, water, our in 178 countries worldwide why our beer is at home to design the Heineken® open the world to the great displayed on our bottle – unique A-yeast, and the and our adventures everywhere around the bottle of the future. A taste of Heineken® – and just as the Eiff el Tower still magic touch of the brewer. continue to this day. globe. With 140 years design that symbolizes we continue to do so today. stands tall on the Champ Although few of our of history, Heineken® still connecting in the future. de Mars. drinkers wear clogs these has the mindset of an This is the winning design days, our recipe remains explorer. It feels like connection by unchanged we just started. Lee Dunford and since 1873. Rodolfo Kusulas. WorldReginfo - 5565e588-31be-4e2e-9e8d-c73d8c587b90 Contents Overview Welcome 01 The Quick Read to Report of the Executive Board 04 Chief Executive’s Statement 07 Outlook 2013 08 Executive Committee HEINEKEN Operational Review HEINEKEN is one of the world’s great brewers with its 10 Our Business Priorities brands available in 178 countries around the world. 12 Grow the Heineken® brand 14 Consumer-inspired, customer- oriented and brand-led 16 Capture the opportunities in emerging markets 18 Leverage the benefits of We are HEINEKEN’s global scale A proud, independent, global brewer committed 20 Drive personal leadership 22 Brewing a Better Future to surprising and exciting consumers everywhere. Regional Review 24 Our Regions 26 Western Europe 28 Central and Eastern Europe We value 30 Americas A passion for quality, enjoyment of life, respect 32 Africa and the Middle East for people and respect for our planet. 34 Asia Pacific 36 Risk Management 41 Financial Review 46 Corporate Governance Statement We want ® Report of the Supervisory Board To win in all markets with Heineken and with a full 56 To the Shareholders 60 Remuneration Report brand portfolio in markets where we choose. Financial statements 67 Consolidated Income Statement 68 Consolidated Statement of Comprehensive Income 69 Consolidated Statement of Financial Position 70 Consolidated Statement Further information online: of Cash Flows 72 Consolidated Statement annualreport.HEINEKEN.com theHEINEKENcompany.com twitter.com/HEINEKENCorp of Changes in Equity • Download Excel® sheets • Sign up for news alerts • Follow our twitter feed to enjoy 74 Notes to the Consolidated of our key financials • Keep up to date with our extensive the latest HEINEKEN news – Financial Statements • Access report toolkit investor section @HEINEKENCorp. 143 Heineken N.V. Balance Sheet • Share information via • Read and ask about our commitment social networking. to sustainability. 143 Heineken N.V. Income Statement 144 Notes to the Heineken N.V. Financial Statements Disclaimer Other information 151 Statement of the Executive Board This Annual Report contains forward-looking statements with regard to the financial position and results of HEINEKEN’s 152 Appropriation of Profit activities. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ 153 Independent Auditor’s Report materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors 154 Shareholder Information that are beyond HEINEKEN’s ability to control or estimate precisely, such as future market and economic conditions, the 160 Countries and Brands behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired 168 Historical Summary businesses and achieve anticipated synergies, costs of raw materials, interest-rate and exchange-rate fluctuations, 170 Glossary changes in tax rates, changes in law, pension costs, the actions of government regulators and weather conditions. These 172 Reference Information and other risk factors are detailed in HEINEKEN’s publicly filed Annual Reports. You are cautioned not to place undue reliance on these forward-looking statements, which are only relevant as of the date of this Annual Report. HEINEKEN does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these forward-looking statements. Market share estimates contained in this Annual Report are based on outside sources, such as specialised research institutes, in combination with management estimates. WorldReginfo - 5565e588-31be-4e2e-9e8d-c73d8c587b90 Report of the Report of the Overview Executive Board Supervisory Board Financial statements Other information The Quick Read Performance highlights Key figures1 Revenue (in millions of EUR) Results ¤18,383m In millions of EUR 2012 2011 Change in % Revenue 18,383 17,123 7.4% +7.4 per cent EBIT2 3,904 2,455 59.0% EBIT (beia)2 2,912 2,697 8.0% 2012 18,383 Net profit 2,949 1,430 106.2% 2011 17,123 Net profit (beia)2 1,696 1,584 7.1% 2010 16,133 EBITDA2 5,220 3,623 44.1% 2009 14,701 EBITDA (beia)2 3,979 3,682 8.1% 2008 14,319 Dividend (proposed)5 512 477 7.3% Free operating cash flow2 1,485 2,093 (29.0)% Consolidated beer volume (in millions of hectolitres) Balance sheet 171.7mhl In millions of EUR +4.3 per cent Total assets 35,979 27,127 32.6% Equity attributable to equity holders 2012 171.7 of the Company 11,691 9,7744 19.6% 2011 164.6 Net debt position 12,311 8,355 47.3% 2010 145.9 Market capitalisation 29,071 20,605 41.1% 2009 125.2 2008 125.8 Results and balance sheet per share of EUR 1.60 Weighted average number of shares – basic 575,022,338 585,100,3814 (1.7)% Heineken® volume in premium segment Net profit 5.13 2.44 110.2% (in millions of hectolitres) Net profit (beia) 2.95 2.71 8.9% Dividend (proposed) 0.89 0.83 7.2% 29.1mhl Free operating cash flow 2.58 3.58 (27.9)% +6.2 per cent Equity attributable to equity holders of the Company 20.33 16.704 21.7% 2012 29.1 Share price3 50.47 35.77 41.1% 2011 27.4 2010 26.0 Employees 2009 25.1 In numbers 2008 25.9 Average number of employees (FTE) 76,191 71,7457 6.2% EBIT (beia) (in millions of EUR) Ratios ¤2,912m EBIT as % of revenue 21.2% 14.3% 48.3% EBIT as % of total assets 10.9% 9.1% 19.8% +8.0 per cent Net profit as % of average equity 2012 2,912 attributable to equity holders 2011 2,697 of the Company3 27.5% 14.5% 89.7% 2010 2,623 Net debt/EBITDA (beia) 3.09 2.27 36.1% 2009 2,095 Dividend % payout5 30.2% 30.1%6 0.3% 2008 1,932 Cash conversion rate 80.0% 122.1% (34.5)% EBIT (beia)/Net interest expenses 6.0 6.4 (6.3)% Net profit (beia) (in millions of EUR) 1 Please refer to the ‘Glossary’ for definitions. 2 ‘EBIT, EBIT (beia), net profit (beia), EBITDA, EBITDA (beia) and free operating cash flow’ are not financial measures calculated in accordance with IFRS. Accordingly, it should not be considered as an alternative to ‘results from operating activities’ or ‘profit’ as indicators of our performance, or ¤1,696m as an alternative to ‘cash flow from operating activities’ as a measure of our liquidity. However, we believe that ‘EBIT, EBIT (beia), net profit (beia), EBITDA, EBITDA (beia) and free operating cash flow’ are measures commonly used by investors and as such useful for disclosure. The presentation on these financial measures may not be comparable to similarly titled measures reported by other companies due to differences in the ways the +7.1 per cent measures are calculated. For a reconciliation of ‘results from operating activities’, ‘profit’ and ‘cash flow from operating activities’ to ‘EBIT, EBIT (beia), net profit (beia), EBITDA, EBITDA (beia) and free operating cash flow’ we refer to the financial review on pages 41 to 45. 2012 1,696 3 As at 31 December. 4 2011 1,584 Including the effect of the Allotted Share Delivery Instrument (ASDI). 5 2010 1,456 Excluding the effect of the ASDI. 6 The percentage 33.1% stated in the Annual Report 2011 is incorrect, the correct dividend % payout for 2011 is 30.1%. 2009 1,055 7 Updated. 2008 1,013 Heineken N.V. Annual Report 2012 01 WorldReginfo - 5565e588-31be-4e2e-9e8d-c73d8c587b90 The Quick Read continued through the HEINEKENyears HEINEKEN is a proud, independent global UK and Ireland brewer committed to surprising and exciting 1985 2008 HEINEKEN acquires the Irish HEINEKEN acquires Scottish consumers everywhere.
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