49 FINANCIAL REVIEW HEINEKEN N.V. ANNUAL REPORT 2008 Results from operating activities In millions of EUR 2008 2007 Revenue 14,319 11,245 Other income 32 28 Raw materials, consumables and services 9,548 7,320 Personnel expenses 2,415 1,951 Amortisation, depreciation and impairments 1,206 638 Total expenses 13,169 9,909 Results from operating activities 1,182 1,364 Share of profit of associates (102) 54 EBIT 1,080 1,418 General overview Despite the economic downturn Heineken realised an organic profit growth of 11 per cent. Heineken <perienced an extraordinary year with the highest number and value of new acquisitions ever. However, ie economic downturn impacted the valuation of certain assets and investments, affected foreign anslation reserve, hedging reserve in equity and also impacted other net financing expenses significantly, tthe beginning of 2008 Heineken changed accounting for Joint Ventures from proportional consolidation equity accounting. avenue and expenses avenue increased by 27.3 per cent from €11.2 billion to €14.3 billion and 7.5 per cent organically, onsolidated beer volume rose 20.4 million hectolitre to 125.9 million hectolitre in 2008, which represented n increase of 19 per cent over the previous year. Organic growth in consolidated beer volume amounted to 5 per cent. Consolidated Heineken premium volume (including Heineken Premium Light) rose 4.7 per cent 1.2 million hectolitre to 25.9 million hectolitres in 2008. ie volume increase, improvements in sales mix and higher selling prices caused revenue to rise organically €839 million. Strong improvement of sales and price mix of 7 per cent drove organic growth in revenue to 4 per cent. The negative effect of movements in exchange rates on revenue amounted to €105 million or 9 per cent and was mainly related to the British Pound, US dollar and Russian Ruble. her income was relatively stable at €32 million and consisted mainly of gains on the sale of property, plant id equipment. ie Fit2Fight (F2F) fixed-cost ratio improved further to 29.5 per cent from 30.7 per cent in 2007. In 2008, ineken delivered additional gross cost savings of €164 million, achieving €19 million more than the recasted three-year plan cumulative amount of €450 million. In 2008, exceptional restructuring charges lated to F2F amounted to €125 million before tax. jsts of raw materials, consumables and services increased by 30 per cent, of which only 8.7 per cent ganic, mainly relating to increases in consolidated volume, increases in commodity and energy prices and om the shift towards innovative and more expensive packaging. Marketing and selling expenses decreased 11.7 per cent of revenue from 12.8 per cent in 2007, due to higher efficiencies in brand allocation and ivings programmes across the regions. Personnel expenses increased by 23.8 per cent, mainly due to newly quired companies and includes €166 million exceptional restructuring charges related to the integration newly acquired companies and redundancy costs associated to the F2Fight programme. The effect of ovements in exchange rates had a marginally negative impact on total operating expenses of 0.7 per cent €71 million.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2008 | | pagina 51