Financial Review (continued) Operating profit (beia) Share of net profit of associates and joint ventures (beia) Net finance expenses (beia) Income tax expense (beia) Net profit and net profit (beia) Earnings per share diluted Exceptional items and amortisation of acquisition-related intangibles (Eia) Heineken NV. Report of the Report of the Financial Sustainability Other 29 Annual Report 2016 Introduction Executive Board Supervisory Board Statements Review Information Operating profit (beia) was EUR 3,540 million, up 9.9% organically, with a EUR 216 million negative foreign currency impact and a EUR 40 million increase from consolidation changes. Higher revenue and the benefit of realised cost savings were only partially offset by higher marketing and selling expenses. Share of net profit of associates and joint ventures (beia) decreased from EUR 177 million to EUR 161 million. The EUR 14 million decline mainly reflected lower net profit from the joint venture operation in the Republic of the Congo due to difficult market conditions. Net interest expenses (beia) slightly increased by EUR 3 million to EUR 355 million, reflecting a higher average net debt position. The average interest rate in 2016 was 3.1% compared with 3.3% in 2015. Other net finance expenses (beia) increased by EUR 38 million to EUR 114 million, primarily due to adverse foreign currency transactional movements. The effective tax rate (beia) was 28.3%, a slight increase on the rate in 2015 (27.8%). Net profit decreased by EUR 352 million to EUR 1,540 million. Net profit (beia) grew by EUR 50 million to EUR 2,098 million, an organic increase of 8.5%. Unfavourable currency impact was 6%, with consolidation impact minimal. Earnings per share - diluted decreased to EUR 2.70 (2015: EUR 3.30). Earnings per share - diluted (beia) increased by 3.1% from EUR 3.57 to EUR 3.68. The table below presents the reconciliation of EBIT (beia) to profit before tax. In millions of EUR 2016 2015 EBIT (beia) 3,700 3,558 Exceptional items and amortisation of acquisition-related intangible assets included in EBIT (795) (311) EBIT 2,905 3,247 Net finance expenses (493) (409) Profit before income tax 2,412 2,838 The table below provides an overview of the exceptional items and amortisation of acquisition-related intangibles in HEINEKEN's net profit: In millions of EUR 2016 2015 Profit attributable to equity holders of the Company (net profit) 1,540 1,892 Amortisation of acquisition-related intangible assets included in EBIT 315 321 Exceptional items included in EBIT 480 (10) Exceptional items included in net finance expenses/(income) 25 (18) Exceptional items included in income tax expense (196) (124) Exceptional items included in non-controlling interest (66) (13) Net profit (beia) 2,098 2,048

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Jaarverslagen | 2016 | | pagina 30