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.