Report of the
Report ofthe
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Contents
Overview
Executive Board
Supervisory Board
statements
information
The 2014 exceptional items included in EBIT contain the amortisation of acquisition-related intangibles for EUR291 million (2013: EUR329 million),
restructuring expenses of EUR111 million (2013: EUR99 million), the settlement of indemnified tax liabilities of EUR39 million and the impairment
of intangible assets and P, P& E in Tunisia for EUR21 million. These items are partly offset by past service benefit in the Netherlands due to
a change in pension legislation of EUR88 million and the gain on revaluation of our PHEI inZagorkaof EUR51 million.
Operating profit (beia)
Operating profit (beia) grew by 6 .4 per cent to EUR3,129 million. Strong organic growth at 8.7 percent was partially offset by a negative
consolidation impact of EUR19 million (or 0.6 percent negative) and an unfavourable foreign currency translational effect of EUR49 million
(or 1.7 per cent negative). Organic growth was supported by higher revenue and benefitted from continued costs savings programs.
Share of net profit of associates and joint ventures
Share of net profit of associates and joint ventures (beia) decreased 7.3 percent (of which 6.2 per cent organically) from EUR150 million to
EUR139 million, mainly reflecting a lower contribution from joint ventures in South America and South Africa, which were only partially offset
by higher profits in India and in Germany.
Results (beia)
In millions of EUR 2014 2013
Results from operating activities 2,780 2,554
Share of profit of associates and joint ventures and impairments thereof (net of income tax)
148
146
EBIT
2,928
2,700
Exceptional items and amortisation of acquisition-related intangible assets included in EBIT
340
391
EBIT (beia)
3,268
3,091
Share of profit of associates and joint ventures and impairments thereof (beia)
(net of income tax)
(139)
(150)
Consolidated operating profit (beia)
3,129
2,941
Attributable share of operating profit from joint ventures and associates and
impairments thereof
230
251
Group operating profit (beia) 3,359 3,192
Profit attributable to equity holders of the Company (net profit) 1,516 1,364
Exceptional items and amortisation of acquisition-related intangible assets included in EBIT
340
391
Exceptional items included in finance costs
(1)
(11)
Exceptional items included in income tax expense
(52)
(151)
Exceptional items included in non-controlling interest
(45)
(8)
Net profit (beia)
1,758
1,585
29
Heineken N.V. Annual Report 2014