Financial Review continued Report of the Report of the Financial Other Contents Overview Executive Board Supervisory Board statements information EBIT (beia) and net profit (beia) In millions of EUR EBIT beia Net profit beia 2013 3,091 1,585 Organic growth 246 218 Changes in consolidation (16) (13) Effects of movement in exchange rates (53) (32) 2014 3,268 1,758 EBIT to profit In millions of EUR 2014 2013 EBIT 2,928 2,700 Net interest expenses (409) (532) Other net finance income/(expenses) (79) (61) Profit before income tax 2,440 2,107 Income tax expenses (732) (520) Profit 1,708 1,587 Net finance expenses (beia) Net interest expenses (beia) decreased by EUR123 million, reflecting a lower average effective interest rate on outstanding debts. The average interest rate in 2014 was 3.7 per cent, compared with 4.4 per cent in 2013. Other net finance expenses (beia) amounted to EUR80 million, primarily due to the interest expense on the net pension liability being presented in other net finance income/(expenses). Other net finance expenses increased by EUR8 million, with the organic increase partially offset by the impact of favourable foreign currency translational movements. Income tax expense (beia) The effective tax rate (beia) was 29.7 per cent (2013: 28.7 per cent). Under IFRS, HEINEKEN is reguired to provide for withholding taxes that will be incurred upon future dividends received from our foreign investments. The annual contribution to the provision has structurally increased due to expected higher dividends payments from certain investments, explaining the increase of the effective tax rate (beia). Earnings per share diluted Earnings per share-diluted increased to EUR2.63 (2013: EUR2.37). Earnings per share-diluted (beia) increased by 10.9 per cent from EUR2.75 to EUR3.05. EBIT to EBITDA (beia) In millions of EUR 2014 2013 EBIT 2,928 2,700 Depreciation and impairments of plant, property and equipment 1,088 1,089 Amortisation and impairment of intangible assets 349 492 EBITDA 4,365 4,281 Exceptional items 5 (67) EBITDA (beia) 4,370 4,214 30 Heineken N.V. Annual Report 2014

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2014 | | pagina 32