-
Contents
Overview
Report of the
Executive Board
Report of the
Supervisory Board
Financial
statements
Other information
EBIT (beia) and net profit (beia)
In millions of EUR
EBIT beia
Net profit beia
2012*
2,918
1,661
Organic growth
2
(33)
Changes in consolidation
218
(23)
Effects of movement in exchange rates
(97)
(20)
2013
3,091
1,585
*Restated for the revised IAS 19.
EBIT to profit
In millions of EUR
2013
2012*
EBIT
2,700
3,910
Net interest expenses
(532)
(989)
Other net finance income/(expenses)
(61)
168
Profit before income tax
2,107
3,589
Income tax expenses
(520)
(515)
Profit
1,587
3,079
*Restated for the revised IAS 19.
On reported basis, net interest expenses increased by EUR93 million, reflecting higher interest expenses related to financing raised for
the acguisition of APB/APIPL. On an organic basis, net interest expenses declined by EUR31 million. The average interest rate in 2013
was 9.9 per cent, compared with 5A per cent in 2012.
On reported basis, other net finance expenses amounted to EUR61 million, primarily due to the interest expense on the net pension
liability of EUR56 million (2012: EUR51 million). The other net finance income in 2012 mainly related to the sale of our minority
shareholding in Cervecerïa Nacional Dominicana S.A. in the Dominican Republic and to the revaluation of HEINEKEN's existing
interest in Brasserie d'Haiti.
The effective tax rate (beia) was 28.7 per cent (2012: 26.6 per cent). The higher tax rate can be explained by the full consolidation
of APB/APIPL which are subject to a higher effective tax rate and the result of favourable outcomes of discussions with tax authorities
in 2012. The reported effective tax rate was 26.5 percent (2012:15.3 per cent). The increase can be mainly explained by the fact that
the revaluation of HEINEKEN's PH EI in APB/APIPL was tax exempt in 2012.
Earnings per share-diluted decreased from EUR5.06 to EUR2.37 due to exceptional items in the prior year. Earnings per share-
diluted (beia) decreased by 45 per cent from EUR2.89 to EUR2.76.
EBIT to EBITDA (beia)
In millions of EUR
2013
2012*
EBIT
2,700
3,910
Depreciation and impairments of plant, property equipment
1,089
1,061
Amortisation and impairment of intangible assets
992
259
Impairment on available-for-sale assets
1
EBITDA
9,281
5,226
Exceptional items
(67)
(1,291)
EBITDA (beia)
9,219
3,985
'Restated for the revised IAS 19.
Heineken N.V. Annual Report 2013
29
