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 2.5x. In 2015, capital
expenditure related to property, plant and equipment is expected to
be approximately €1.6 billion (2014: €1.5 billion). A cash conversion
ratio of below 100% is expected in 2015 (2014: 79%).