48 Report of the Executive Board Financial review Personnel expenses decreased by 3.4 per cent, including €30 million of exceptional restructuring charges related to our Fit2Fight initiative. As such, total expenses increased more than revenue and rose by 6.6 per cent to €11,091 million. The effect of movements in exchange rates had a marginally positive impact on total operating expenses of 1.3 per cent or €137 million. Results (beia) In millions of EUR 2007 2006 EBIT 1,528 1,832 Amortisation of brands 11 10 Exceptional items 307 (273) EBIT (beia) 1,846 1,569 In millions of EUR 2007 2006 Net profit 807 1,211 Amortisation of brands 11 10 Exceptional items 301 (291) Net profit (beia) 1,119 930 EBIT (beia) and Net profit (beia) In millions of EUR EBIT beia Net profit beia 2006 1,569 930 Organic growth 314 210 Changes in consolidation (1) (4) Effects of movements in exchange rates (36) (17) 2007 1,846 1,119 EBIT and net profit In 2007 EBIT amounted to €1,528 million compared with €1,832 million in 2006, heavily impacted by the EC fine of €219 million in 2007 compared with the exceptional gain on the sale of land in Seville in 2006. 2007 EBIT (beia) of €1,846 million compared favourably to the 2006 EBIT (beia) of €1,569 million, representing an organic growth of 20 per cent. Flead office EBIT increased by €54 million from a loss of €24 million to a profit of €30 million in 2007. This strong improvement was achieved thanks to a combination of positive trends. Volume growth of the Heineken brand generated an increase in royalties. In addition, the increase in volume in innovative pack types (BeerTender, DraughtKeg, Xtreme Draught) led to lower marketing support costs from Flead Office, and the global increase in malting fees boosted results of Maltery Albert (which is part of Flead Office). Finally, the cost reductions related to Fit2Fight also contributed positively to the improvement. Heineken N.V. Annual Report 2007

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2007 | | pagina 46