Report of the Executive Board Overview Contents Report of the Supervisory Board Financial statements Other information Performance highlights “Our strong performance reflects the success of our strategy. We continued to invest in our portfolio of brands and we have significantly improved commercial execution.” Jean-François van Boxmeer Chairman of the Executive Board/CEO Revenue Consolidated beer volume € Consolidated beer volume (in millions of hectolitres) 19,257m (in millions of EUR) (in millions of hectolitres) 181.3mhl Revenue (in millions of EUR) Rounded Corners XXX.Xmhl on bars: 2014 2.5mm 2013 €X,XXX 19,257 2014 19,203 2013 Heineken® volume in premium segment Consolidated operating profit (beia) 29.5mhl Consolidated operating profit (beia) (in millions of EUR) (in millions of hectolitres) Heineken® volume in premium segment (in millions of hectolitres) 29.5 2014 2013 2012 2011 2010 (in millions of EUR) 3,129m € 28.1 29.1 27.4 26.0 Heineken N.V. Annual Report 2014 2014 2013 2012 2011 2010 2,666 2,456 2,251 145.9 Net profit (beia) (in millions of EUR) 1,758m € Net profit (beia) (in millions of EUR) Rounded Corners €X,XXXm on bars: 3,129 2014 2.5mm 2,941 2013 €X,XXXm XX.Xmhl 1 2010 16,133 2010 164.6 2011 17,123 2011 178.3 171.7 2012 18,383 2012 181.3 2012 2011 2010 Rounded Corners on bars: 1,758 2.5mm 1,585 1,661 1,584 1,456 Contents Overview Report of the Executive Board Report of the Supervisory Board Financial statements Other information Key figures Group results1 In millions of EUR 2014 2013 Change in % 21,191 3,359 21,1742 3,192 0.1% 5.2% 19,257 3,129 1,516 1,758 4,365 4,370 632 1,574 19,203 2,941 1,364 1,585 4,281 4,214 512 1,518 0.3% 6.4% 11.1% 10.9% 2.0% 3.7% 23.4% 3.7% Total assets Equity attributable to equity holders of the Company Net debt position Market capitalisation 34,830 12,409 11,076 33,955 33,337 11,402 10,868 28,270 4.5% 8.8% 1.9% 20.1% Per share Weighted average number of shares – basic Net profit Net profit (beia) Dividend (proposed) Free operating cash flow Equity attributable to equity holders of the Company Share price Weighted average number of shares – diluted Net profit (beia) – diluted 574,945,645 2.64 3.06 1.10 2.74 21.58 58.95 576,002,613 3.05 575,062,357 2.37 2.76 0.89 2.64 19.83 49.08 576,002,613 2.75 0.0% 11.4% 10.9% 23.6% 3.8% 8.8% 20.1% 0.0% 10.9% 76,136 80,933 (5.9)% 16.2% 15.3% 12.7% 2.53 35.9% 78.9% 11.8% 2.58 32.3% 84.0% Group revenue Group operating profit (beia) Consolidated results In millions of EUR Revenue Consolidated operating profit (beia) Net profit Net profit (beia) EBITDA EBITDA (beia) Dividend (proposed) Free operating cash flow Balance sheet In millions of EUR Employees Average number of employees (FTE) Ratios Consolidated operating profit (beia) as a % of revenue Net profit as % of average equity attributable to equity holders of the Company Net debt/EBITDA (beia) Dividend % payout Cash conversion rate Group metrics include HEINEKEN’s attributable share of joint ventures and associates. Restated to correctly reflect HEINEKEN’s share of joint ventures and associates. 1 2 2 Heineken N.V. Annual Report 2014