Heineken NV
Ratios
EUR
31.12.201331.12.201431.12.201531.12.201631.12.201731.12.2018
Profitability
ROA4%4%4%4%5%5%
ROC (Oper. Income/Debt+Equity)10%11%10%9%11%10%
ROTC (NI+Interest/Total Capital)13%13%12%11%13%12%
ROE (Return on Equity)10%10%11%10%13%12%
Margin Analysis
Gross Margin
SG&A Margin86%85%83%87%84%86%
EBITDA Margin21%22%23%22%23%22%
EBIT (Oper. Income) Margin13%14%15%13%15%14%
Income before XO Margin8%8%10%8%10%9%
Net Income Margin6%7%8%7%9%9%
Free Cash Flow Margin8%8%9%9%10%11%
Turnover
Total Asset Turnover0.6x0.6x0.5x0.5x0.5x0.5x
Fixed Asset Turnover2.3x2.2x2.2x2.3x2.0x2.0x
Accounts Receivable Turnover11x9x9x9x8x9x
Inventory Turnover (COGS)
Accounts Payable Turnover (COGS)
Short Term Liquidity
Current Ratio0.7x0.7x0.8x0.8x0.8x0.9x
Quick Ratio0.4x0.3x0.5x0.5x0.5x0.5x
Cash from Ops. To Curr Liab0.4x0.4x0.3x0.4x0.4x0.4x
Avg. Days Receivable Out.35d39d39d40d44d42d
Avg. Days Inventory Out.
Avg. Days Payable Out.
Avg. Cash Conversion Cycle
Long Term Solvency
Total Debt/Equity99%87%99%100%106%96%
Total Debt/Capital50%47%50%50%52%49%
LT Debt/Equity79%71%71%75%84%81%
LT Debt/Capital31%29%29%30%31%31%
Total Liabilities/Total Assets63%61%62%63%65%63%
Interest Coverage (EBIT/I)4x6x8x7x7x6x
EBITDA / Interest Exp.7x9x11x11x11x10x
(EBITDA-CAPEX) / Interest Exp.5x6x7x7x7x6x
Total Debt/EBITDA3.0x2.8x3.2x3.2x3.1x3.1x
Net Debt/EBITDA2.7x2.6x2.5x2.5x2.6x2.5x
Capex & Depreciation
Depreciation Expenses1 4491 4371 5941 8171 5871 693
Capital Expenditures(1 369)(1 494)(1 638)(1 757)(1 696)(1 888)
growth, % yoy17%9%10%7%(4%)11%
Asset Reinvestment Ratio0.9x1.0x1.0x1.0x1.1x1.1x
CAPEX/Sales7%8%8%9%8%8%
CAPEX/Total Assets4%4%4%5%4%5%