Report of the Executive Board. In millions of EUR

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1 Review Results from operating activities Revenue 19,257 19,203 income Raw materials, consumables and services (12,053) (12,186) Personnel expenses (3,080) (3,108) Amortisation, depreciation and impairments (1,437) (1,581) Total expenses (16,570) (16,875) Results from operating activities 2,780 2,554 Share of profit of associates and joint ventures and impairments thereof (net of income tax) Consolidation impact The main consolidation changes impacting 2014 are: The divestment of Oy Hartwall Ab in Finland, a wholly owned subsidiary, on 23 August The divestment of Pago International, a wholly owned subsidiary, on 15 February The acquisition of the indirect shareholding of Coca-Cola HBC in Zagorka AD, the Bulgarian brewer, which increased HEINEKEN s ownership to a controlling stake of per cent. The transaction completed on 27 October The divestiture of an 80 per cent shareholding of Brasserie Lorraine in Martinique on 10 September HEINEKEN retains a 20 per cent shareholding in the business. Revenue Revenue grew 0.3 per cent to EUR19,257 million, reflecting a 1.1 per cent negative net consolidation impact (EUR214 million), mostly attributable to the divestment of Hartwall in Finland and Pago in Austria in Unfavourable foreign currency movements drove a EUR315 million decrease in revenues (or -1.6 per cent), largely driven by the depreciation of the Mexican Pesos, Indonesian Rupiah, Russian Rouble, Papua New Guinean Kina and Brazilian Real. An organic revenue increase of 3 per cent is made up of a total consolidated volume growth of 1.8 per cent and a 1.2 per cent increase in revenue per hectolitre (net of a flat country mix effect). Total expenses (beia) Total expenses (beia) were EUR16,128 million, increased 2 per cent organically. Input costs increased organically by 1.8 per cent and were 0.2 per cent lower on a per hectolitre basis. Energy and water costs were stable at organic level. Marketing and selling expenses (beia) increased organically 3.5 per cent to EUR2,447 million, representing 12.7 per cent of revenues (2013: 12.6 per cent). HEINEKEN announced with H1 results that the TCM 2 cost savings program had completed ahead of schedule and delivered above the original target (EUR637 million compared to target EUR625 million). The company continues to realise further ongoing productivity improvements across the global supply chain function, as well as focusing on rightsizing and restructuring initiatives to optimise the cost structure. Global Business Services continues to leverage global scale and deliver cost savings. HEINEKEN Global Procurement (HGP) is delivering considerable cost benefits through the central negotiation and purchasing of both product and non-product related spend areas. Similarly, the transition of the transactional finance activity to HEINEKEN Global Shared Services (HGSS) supports primarily cost efficiencies. At the end of 2014, 22 European operating companies had successfully completed the transition to HGSS. HEINEKEN is currently expanding the scope of activities carried out by HGSS, primarily related to order to cash and standard reporting activities. All operating companies in Europe will have transitioned these further activities to HGSS by the end of At the end of 2014 upfront cumulative GBS costs incurred were EUR203 million, in line with budget, of which EUR160 million was recognised as an operating expense and EUR43 million capitalised. 28 Heineken N.V. Annual Report 2014

2 The 2014 exceptional items included in EBIT contain the amortisation of acquisition-related intangibles for EUR291 million (2013: EUR329 million), restructuring expenses of EUR111 million (2013: EUR99 million), the settlement of indemnified tax liabilities of EUR39 million and the impairment of intangible assets and P, P & E in Tunisia for EUR21 million. These items are partly offset by past service benefit in the Netherlands due to a change in pension legislation of EUR88 million and the gain on revaluation of our PHEI in Zagorka of EUR51 million. Operating profit (beia) Operating profit (beia) grew by 6.4 per cent to EUR3,129 million. Strong organic growth at 8.7 per cent was partially offset by a negative consolidation impact of EUR19 million (or 0.6 per cent negative) and an unfavourable foreign currency translational effect of EUR49 million (or 1.7 per cent negative). Organic growth was supported by higher revenue and benefitted from continued costs savings programs. Share of net profit of associates and joint ventures Share of net profit of associates and joint ventures (beia) decreased 7.3 per cent (of which 6.2 per cent organically) from EUR150 million to EUR139 million, mainly reflecting a lower contribution from joint ventures in South America and South Africa, which were only partially offset by higher profits in India and in Germany. Results (beia) Results from operating activities 2,780 2,554 Share of profit of associates and joint ventures and impairments thereof (net of income tax) Exceptional items and amortisation of acquisition-related intangible assets included in EBIT EBIT (beia) 3,268 3,091 Share of profit of associates and joint ventures and impairments thereof (beia) (net of income tax) (139) (150) Consolidated operating profit (beia) 3,129 2,941 Attributable share of operating profit from joint ventures and associates and impairments thereof Group operating profit (beia) 3,359 3,192 Profit attributable to equity holders of the Company (net profit) 1,516 1,364 Exceptional items and amortisation of acquisition-related intangible assets included in EBIT Exceptional items included in finance costs (1) (11) Exceptional items included in income tax expense (52) (151) Exceptional items included in non-controlling interest (45) (8) Net profit (beia) 1,758 1, Heineken N.V. Annual Report 2014

3 Review continued EBIT (beia) and net profit (beia) In millions of EUR EBIT beia Net profit beia ,091 1,585 Organic growth Changes in consolidation (16) (13) Effects of movement in exchange rates (53) (32) ,268 1,758 EBIT to profit Net interest expenses (409) (532) net finance income/(expenses) (79) (61) Profit before income tax 2,440 2,107 Income tax expenses (732) (520) Profit 1,708 1,587 Net finance expenses (beia) Net interest expenses (beia) decreased by EUR123 million, reflecting a lower average effective interest rate on outstanding debts. The average interest rate in 2014 was 3.7 per cent, compared with 4.4 per cent in net finance expenses (beia) amounted to EUR80 million, primarily due to the interest expense on the net pension liability being presented in other net finance income/(expenses). net finance expenses increased by EUR8 million, with the organic increase partially offset by the impact of favourable foreign currency translational movements. Income tax expense (beia) The effective tax rate (beia) was 29.7 per cent (2013: 28.7 per cent). Under IFRS, HEINEKEN is required to provide for withholding taxes that will be incurred upon future dividends received from our foreign investments. The annual contribution to the provision has structurally increased due to expected higher dividends payments from certain investments, explaining the increase of the effective tax rate (beia). Earnings per share diluted Earnings per share diluted increased to EUR2.63 (2013: EUR2.37). Earnings per share diluted (beia) increased by 10.9 per cent from EUR2.75 to EUR3.05. EBIT to EBITDA (beia) Depreciation and impairments of plant, property and equipment 1,088 1,089 Amortisation and impairment of intangible assets EBITDA 4,365 4,281 Exceptional items 5 (67) EBITDA (beia) 4,370 4, Heineken N.V. Annual Report 2014

4 Cash flow Cash flow from operations before changes in working capital and provisions 4,279 3,990 Total change in working capital Change in provisions and employee benefits (166) (58) Cash flow from operations 4,140 3,983 Cash flow related to interest, dividend and income tax (1,082) (1,069) Cash flow from operating activities 3,058 2,914 Cash flow (used in)/from operational investing activities (1,484) (1,396) Free operating cash flow 1,574 1,518 Cash flow (used in)/from acquisitions and disposals (189) 555 Cash flow (used in)/from financing activities (2,453) (1,752) Net cash flow (1,068) 321 Cash conversion ratio 79% 84% Capital expenditure and cash flow Capital expenditure related to property, plant and equipment increased to EUR1,494 million in 2014 (2013: EUR1,369 million) representing 7.8 per cent of revenue (2013: 7.1 per cent). This primarily reflected capacity expansion in several markets, including Vietnam, and a greenfield in Ethiopia as well as a soft drinks plant in Indonesia. Free operating cash flow increased to EUR1,574 million (from EUR1,518 million) primarily due to higher cash flow from operations only partly offset by higher capex and a reduced benefit from working capital. structure In millions of EUR 2014 % 2013 % Total equity 13, , Deferred tax liabilities 1, ,444 4 Employee benefits 1, ,202 4 Provisions Interest-bearing loans and borrowings 11, , liabilities 6, , Total equity and liabilities 34, , Total equity as a percentage of total assets Net debt/ebitda (beia) ratio Financing and liquidity Equity attributable to equity holders of the Company increased by EUR1,007 million to EUR12,409 million, mainly driven by net profit of EUR1,516 million being partly offset by dividends paid of EUR512 million. 31 Heineken N.V. Annual Report 2014

5 Review continued Total gross debt amounts to EUR11,757 million (from EUR12,170 million at 31 December 2013). Net debt increased to EUR11,076 million (from EUR10,868 million at 31 December 2013). Free operating cash flow of EUR1,574 million (versus EUR1,518 million in 2013) exceeded dividends paid and outflow from acquisitions, but net debt expressed in Euros increased due to the strong appreciation of the U.S. dollar in the second half of 2014 as 29 per cent of net debt is U.S. dollar-related. 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, approximately 60 per cent is denominated in Euro and 29 per cent is US dollar-related. This is including the effect of cross-currency interest rate swaps on some of the non-euro denominated debt. The fair value of these swaps does not form part of net debt. Heineken N.V. has solid investment grade credit ratings assigned by Moody s Investor Service and Standard & Poor s. Both long-term credit ratings, Baa1 and BBB+ respectively, have stable outlooks as at the date of this Annual Report. Currency split of net debt 2% 2%1% 5% 1% 1% Obligatory debt repayments in millions of EUR ,171 28% ,009 60% ,066 1,014 EUR 60% USD + USD proxy 28% NGN 1% SGD 1% GBP 5% PLN 2% CHF 2% 1% > On 30 January 2014, HEINEKEN privately placed 15.5 year Notes for an amount of EUR200 million with a coupon of 3.50 per cent. On 28 March 2014, HEINEKEN privately placed 5.5 year Notes for an amount of USD200 million with a floating rate coupon. Both Notes were issued under HEINEKEN s Euro Medium Term Note Programme. The proceeds of the Notes were used for general corporate purposes. On 1 July 2014, HEINEKEN extended and amended its EUR2,000 million revolving credit facility maturing in May The facility has been increased to EUR2,500 million and is now set to mature in May The facility is committed by a group of 19 banks and has two further one-year extension options. 32 Heineken N.V. Annual Report 2014

6 Financing ratios HEINEKEN remains focused on cash flow generation and disciplined working capital management, with a commitment to a long-term target net debt/ EBITDA (beia) ratio of below 2.5. Despite the impact of the strong appreciation of the U.S. dollar a net debt/ebitda (beia) of 2.5 was achieved at the end of 2014 (2013: 2.6). The anticipated proceeds of the EMPAQUE divestment will provide further flexibility. HEINEKEN has an incurrence covenant in some of its financing facilities. This incurrence covenant is calculated by dividing net debt by EBITDA (beia) (both based on proportional consolidation of joint ventures and including acquisitions made in 2014 on a pro-forma basis). As at 31 December 2014 this ratio was 2.4 (2013: 2.5). If the ratio would be beyond a level of 3.5, the incurrence covenant would prevent us from conducting further significant debt financed acquisitions. Profit appropriation HEINEKEN has widened the pay-out ratio for its annual dividend from per cent to per cent of net profit (beia). For 2014, a payment of a total cash dividend of EUR1.10 per share (2013: EUR0.89) will be proposed at the AGM. If approved, a final dividend of EUR0.74 per share will be paid on 6 May 2015, as an interim dividend of EUR0.36 per share was paid on 2 September The payment will be subject to 15 per cent Dutch withholding tax. 33 Heineken N.V. Annual Report 2014

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