Financial Review (continued) Financing and liquidity 52 Annual Report 2009 - Heineken N.V. Report of the Executive Board Total equity As a percentage of total assets 2005 I 2006 I 2007 I 2008 I 2009 I 23.1 38.2 42.5 47.É 28.0 Net debt/EBITDA (beia) 2005 2006 2007 2008 2009 1.26 I 3.28 2.62 In millions of EUR20092008 EBIT 1,757 1,080 Depreciation and impairments of plant, property and equipment 931 825 Amortisation and impairment of intangible assets (including goodwill) 152 381 EBITDA 2,840 2,286 Other exceptional items 98 434 EBITDA (beiaj 2,938 2,720 As at 31 December 2009, total equity increased by EUR895 million to EUR5,647 million, whilst equity attributable to equity holders of the Company increased by EUR880 million to EUR5.351 million. This increase is mainly due to strong profit and the positive impact of foreign currency translation differences. Following the credit crunch in 2008, employee benefit assets saw a significant increase during 2009. At the same time interest rates decreased, resulting in an increase in pension obligations. The net recognised liability decreased slightly, the unrecognised actuarial losses increased significantly and future contributions to pension funds may increase if the existing situation remains. Net debt as at 31 December 2009 amounted to EUR 7,704 million. The decrease of EUR 1,228 million was driven by strong operational cash generation during 2009 and the buyback of the Globe debt. Of total gross interest-bearing debt, approximately 90 per cent is denominated in euro. This is including the effect of cross-currency interest rate swaps on non-euro denominated debt such as the GBP bond and the US private placements at both Heineken N.V. and Heineken UK. The fair value of these swaps does not form part of net debt. Approximately 7 per cent of gross-bearing debt (EUR 550 million) is denominated in British pounds. This consists both of interest-bearing debt at the level of UK (held at several subsidiaries) as well as debt at Heineken N.V. level. The remaining 3 per cent of gross interest debt is denominated in other currencies. This is mostly debt at subsidiary level. This currency breakdown excludes the effect of any derivatives, which are used to hedge intercompany lending denominated in currencies other than euro. Heineken updated its EMTN-programme in September 2009. This programme has been approved by the Luxembourg Commission de Surveillance du Secteur Financier which is the Luxembourg competent authority for the purpose of Directive 2003/71/EC and facilitates flexible access to Debt Capital Markets going-forward. In February 2009, the Company placed 6-year Sterling Notes for a principal amount of GBP400 million with a coupon of 7.25 per cent. In March 2009, the Company placed 5-year Euro Notes for a principal amount of EUR1 billion with a coupon of 7.125 per cent. In October 2009 Heineken placed 7-year Euro Notes for a principal amount of EUR400 million with a coupon of 4.625 per cent. Our repayment profile shows no major repayments before HY1 2013. In February 2010 our EUR500 million Bond, issued in 2003, matured. This has been refinanced from operational cash flows and existing credit facilities.

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