Financial Review Reportofthe Reportofthe Financial Other Contents Overview Executive Board Supervisory Board Statements Information Results from operating activities In millions of EUR 2015 Revenue 20,511 19,257 Other income 411 93 Raw materials, consumables and services (12,931) (12,053) Personnel expenses (3,322) (3,080) Amortisation, depreciation and impairments (1,594) (1,437) Total expenses (17,847) (16,570) Results from operating activities 3,075 2,780 Share of profit of associates and joint ventures and impairments thereof (net of income tax) 172 148 EBIT 3,247 2,928 Consolidation impact The main consolidation changes impacting 2015 are: The disposal of the Mexican packaging business EMPAQUE completed on 18 February 2015. On 7 October 2015. HEINEKEN and Diageo pic ('Diageo') completed a transaction to bring increased focus to their respective beer businesses: - HEINEKEN acguired Diageo's 57.9 per cent stake in Jamaican listed Desnoes Geddes ('D&G') taking its shareholding to 73.3 percent. - HEINEKEN now has full ownership of GAPL Pte Ltd ('GAPL'), having acguired Diageo's shareholding, which was slightly lower than 50 per cent. GAPL owns 51 per cent of the issued share capital of Guinness Anchor Berhad, which is listed on the Malaysian Stock Exchange. On 15 October 2015. HEINEKEN completed the acguisition of a 53.43 per cent stake in Pivovarna Lasko d.d. in Slovenia. On 1 December 2015, HEINEKEN completed the restructuring of the operations in South Africa and Namibia. In South Africa. HEINEKEN now holds a 75 per cent stake in DEIN Drinks (Pty) Limited and a 75 per cent stake in Sedibeng Brewery (Pty) Limited. The acguisition of the indirect shareholding of Coca-Cola ElBCinZagorkaAD.the Bulgarian brewer, which increased HEINEKEN's ownership to a controlling stake of 98.86 per cent. The transaction completed on 27 October 2014. Revenue Revenue increased by 6.5 per cent to EUR20.511Currency impact contributed 2.5 per cent (EUR489 million), largely driven by appreciation of the British pound (+11 per cent). US Dollar and Vietnamese dong (+16 per cent). The impact of consolidation changes was EUR85 million, adding 0.5 per cent. The organic revenue increase of 3.5 per cent comprised of total consolidated volume growth of 2.2 per cent, and a 1.3 per cent increase in revenue per hectolitre. Total expenses (beia) Total expenses (beia) were EUR17.130 million, up by 2.9 per cent organically. On an organic basis, input costs increased by 4.7 per cent and by 2.4 per cent on a per hectolitre basis driven by mix and adverse foreign currency. Marketing and selling (beia) expenses increased organically by 6.3 per cent to EUR2.755 million, representing 13.4 per cent of revenues (2014:12.7 per cent). Personnel expenses increased organically by 1.9 per cent to EUR3.322 million. 28 Helneken N.V. Annual Report 2015

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2015 | | pagina 29