Financial Review (continued) Results (beia) EBIT (beia) and Net profit (beia) EBIT and net profit Report of the Executive Board In millions of EUR 2009 EBIT 1,757 1,080 Amortisation of brands and customer relationships 79 63 Exceptional items 259 789 EBIT (beia) 2,095 1,932 In millions of EUR 2009 2008 Net profit 1,018 209 Amortisation of brands and customer relationships 59 47 Exceptional items (22) 757 Net profit (beia) 1,055 1,013 In millions of EUR EBIT beia Net profit beia 2008 1,932 1,013 Organic growth 264 186 Changes in consolidation (19) (118) Effects of movements in exchange rates (82) (26) 2009 2,095 1,055 In 2009 EBIT amounts to EUR 1,757 million compared to EUR 1,080 million in 2008, as a result of a better price mix and cost reductions. Furthermore, the effect of exceptional items was much smaller in 2009 compared with 2008. EBIT as a proportion of revenue increased to 12 per cent in 2009 from 7.5 per cent in 2008, mainly due to the aforementioned items. Net interest expenses increased from EUR378 million to EUR543 million mainly due to the issuance of GBP and EUR bonds and the overall higher average consolidated net debt as a result of the effect of the first-time consolidation of the financing costs of Scottish and Newcastle. On an organic basis the net interest was also higher (EUR35 million) than in 2008. Other net financing expenses resulted in a EUR214 million income for 2009. Of this, an amount of EUR248 million is attributable to a book gain on the Globe restructuring, which is treated as exceptional item, offset by EUR 33 million of exceptional expenses in other income statement lines leading to a total net book gain of EUR 215 million. The other net financing expenses include exceptional expenses related to the write-down of derivatives for EUR 14 million. The average tax burden decreased from 35.6 per cent in 2008 to 22 per cent in 2009. Without exceptional items, the effective tax rate would have been 25 per cent in 2009 compared to 26 per cent in 2008. The exceptional Globe debt restructuring gain in 2009 (mainly tax exempt) resulted in the low average tax burden, whereas in 2008 the exceptional impairment on the goodwill of Russia resulted in a high average tax burden. Basic earnings per share increased from EUR 0.43 to EUR 2.08 as a result of significantly higher net profit. 50 Annual Report 2009 - Heineken N.V.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2009 | | pagina 47