Heineken

Income Statement
(in €millions except per share data)

Actual
31-Dec-11 31-Dec-12

Total Revenue 17,123 18,383

YoY Growth % 7.4%
Other income 64 1,510

Raw materials, consumables and services (10,966) (11,849)

Personnel expenses (2,785) (2,996)
Restructuring exp (53) (35)
Depreciation & Amortisation (1,165) (1,264)
Impairments (3) (52)
Total Expenses (14,972) (16,196)

Operating profit (reported)/EBIT 2,215 3,697

Operating Profit (Adjusted)/ EBIT 2,207 2,274

Interest income 70 62
Interest expenses (494) (551)
Other net finance income/(expenses) (6) 168
Net Finance Expenses (430) (321)

Share of profit of associates and joint ventures and

impairments thereof (net of income tax) 240 213

Profit before income tax 2,025 3,589

Income tax expense (465) (515)
Profit (Net Income) 1,560 3,074
Attributable to:
Equity holders of the Company (net profit) 1,430 2,914
Non-controlling interests 130 160

Weighted average number of shares – basic 585 575

Weighted average number of shares – diluted 586 576

EPS-Basic 2.67 5.35

EPS-Diluted 2.66 5.34

Dividend Paid
Dividend paid Total
Dividend Payout Ratio
Actual Projections
31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18

19,203 19,257
4.5% 0.3%
226 93

(12,186) (12,053)
(3,028) (2,979)
(80) (101)
(1,449) (1,411)
(132) (26)
(16,875) (16,570)

2,554 2,780
2,540 2,814

47 48
(579) (457)
(61) (79)
(593) (488)

146 148

2,107 2,440
(520) (732)
1,587 1,708

1,364 1,516
223 192

575 575
576 576

2.76 2.97
2.76 2.97

0.92 1.10
632.39
0.37
Heineken
Income Statement
(in €millions except per share data)

Projected
31-Dec-15 31-Dec-16

Cash From Operation

Net Income
Add: D&A
Add:interest Cost
Less:Interest Income
Less: Sharer of JV and Associate profit
Change in WC
Inventories
Trade and Other Receivables
Prepayments & Accrued Income
Trade & Other Payables

Cash From Operation

Cash From Investing Activities

Capital Expenditures
Interest Income
Add: Share of joint ventures and associated profits
Cash From Investing Activities

Cash From Financing Activities

Equity Raised/(repaid)
Dividend on Equity
Interest on Debt

Debt Raised
Debt Repaid
Cash From Financing Activity

Cash Schedule
Opening Cash Bal
Add: Change in Cash during the year
Closing Cash Bal
Projected
31-Dec-17 31-Dec-18 31-Dec-19
Heineken
Statement of Financial Position
(in €millions except per share data)

Actual Projected
31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17

Assets
Property, plant & equipment 8,718
Intangible assets 16,341
Investments in associates and joint ventu 2,033
Other investments and receivables 737
Advances to customers 254
Deferred tax assets 661
Total non-current assets 28,744
Inventories 1,634
Other investments 13
Trade and other receivables 2,743
Prepayments and accrued income 317
Income tax receivables 23
Cash and cash equivalents 668
Assets classified as held for sale 688
Total current assets 6,086
Total assets 34,830

Liabilities
Equity
Share capital 922
Share premium 2,701
Reserves (427)
Retained earnings 9,213
Equity attributable to equity holders o 12,409
Non-controlling interests 1,043
Total equity 13,452
Liabilities
Loans and borrowings 9,499
Tax liabilities 3
Employee benefits 1,443
Provisions 398
Deferred tax liabilities 1,503
Total non-current liabilities 12,846

Bank Overdraft 595

Short Term Loans and borrowings 1,671
Trade and other payables 5,533
Tax liabilities 390
Provisions 165
Liabilities classified as held for sale 178
Total current liabilities 8,532
Total liabilities 21,378
Total equity and liabilities 34,830

Check -
Projected
31-Dec-18