38
Report of the Executive Board Financial Review
Total equity
As a percentage of total assets
2006
2007
2008 I
2009 I
2010 I
I 23.1
I 28.0
I 42.5
I 47.8
I 39.6
Net debt/EBITDA (beia)
2006 I
2007 I
2008 I
2009 I
2010 I
I 3.28
I 2.62
I 2.27
In millions of EUR2010 2009
EBIT
2,476
1,757
Depreciation and impairments of plant, property and equipment
910
931
Amortisation and impairment of intangible assets
208
152
EBITDA
3,594
2,840
Other exceptional items
(25)
98
EBITDA (beia)
3,569
2,938
Financing and liquidity
As at 31 December 2010, total equity increased by EUR4.870 million to EUR10.517 million, whilst equity attributable to equity
holders of the Company increased by EUR4,877 million to EUR10.228 million. This increase is mainly due to issuance of shares for
the acquisition of the beer operations of FEMSA, the ASDI, a strong profit and the positive impact of foreign currency translation
differences. Net Debt as at 31 December 2010 amounted to EUR8.099 million, a slight increase of EUR395 million from EUR7.704 million.
The acquired net debt position of the beer operations of FEMSA was EUR1.564 million. Excluding the beer operations of FEMSA,
we managed to decrease our net debt position by EUR1.169 million in 2010, mostly from a very strong free operating cash flow of
EUR1.993 million partly offset by amongst others, dividends paid of EUR483 million and share-buy backs under the ASDI instrument
totalling EUR381 million.
Of total net interest-bearing debt, approximately 82 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 Fleineken N.V. and
Fleineken UK. The fair value of these swaps does not form part of Net Debt.
Approximately 5 percent of net interest-bearing debt is denominated in British pounds. This consists both of interest-bearing debt
at the UK level (held at several subsidiaries) as well as debt at Fleineken N.V. level.
Approximately 7 per cent of net interest-bearing debt is denominated in Mexican pesos and 6 per cent is denominated in US dollar.
Other currencies have a net zero impact on the currency denomination with smaller debt positions offset by cash positions.
This currency breakdown excludes the effect of any derivatives, which are used to hedge intercompany lending denominated
in currencies other than euro.
