At the same time, loans and borrowings have decreased in value from 2008 to 2009 with 14%. The decrease is explained in the note 40 to the Heineken N.V. balance sheet: the most important contribution to this is given by the repayment of some of the company's unsecured bank loans: the value of the unsecured bank loans in 2009 was 47.4% lower than in 2008. The approach that Heineken has taken towards its medium and long-term loans shows a prudent strategy aimed at reducing its debt-financed activity in favor of an increase in the shareholders' equity. The latter is accounted for mostly by the company's net profit in 2009, a net increase of 387% as compared to 2008.
Some of the profitability ratios are useful in evaluating the company's performance at the 2009 moment. The net profit margin will be calculated by dividing the net profit value by the total revenue value for 2009. The resulting net profit margin is equal to 7.77% in 2009, compared to a net profit margin of 2.42% in 2008. The difference, translated in a higher value for the shareholders, is given by the lower operating expenses, as shown previously, but also by several financial expenses that are explained in notes 12 and 16 to the consolidated financial statements. In 2009, the company has obtained a net financial income of 214 million euros, as well as a 12 million euros gain from disposal of available-for-sale investments. At the same time, the share of profit of associates and joint ventures and impairments thereof is 127 million in 2009, compared to a negative 102 million euros in 2008.
The return on equity is a financial ratio that reports the net income to the total shareholders' equity. In 2009, this figure amounted to 30.46%, while in 2008, this was 26.43%. Several of the arguments previously presented also account for this increase in the return on equity.
The analysis of the relevant elements of the income statement, the balance sheet and the cash flow statement...
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