Net profit

Continuing operations
Thanks to a lower average net debt (year-end effect: - € 74 million reduction) and lower interest rates than in 2008, finance costs fell by € 5.3 million to € 8.4 million. Taxes were € 2.9 million under the amount for 2008, which resulted in an effective tax rate of 19.5% (2008: 21.0%).


Lower finance costs and income tax partly offset the fall in the operating result from continuing operations, so that the net profit from continuing operations amounted to € 29.2 million (2008: € 37.6 million).


Net profit from continuing operations for the first half-year was € 6.1 million (2008: € 7.3 million) and for the second half-year, € 23.1 million (2008: € 30.3 million).

The acquisition of Brantano had a slightly favourable effect on net profit for 2009.

Sale of BelCompany Belgium

The loss-making activities of BelCompany Belgium (representing 71 stores) were sold on June 30, 2009. In the annual figures for 2008 and 2009, all the results relating to the divested activities are deconsolidated and the corresponding net result for the year presented under “Discontinued operations”. Whereas BelCompany Belgium made a net loss of € 6.3million for 2008, it achieved a net profit of € 2.2 million for 2009. This net profit is the combined result of an operating loss of € 1.2 million (2008: loss of € 7.3 million), a gross transaction result of € 4.8 million, and finance costs and income tax.


Net profit for the year
As a result of the above-mentioned effects, the net profit for 2009 at € 31.4 million was € 0.1 million above the net profit of € 31.3 million for 2008.

The net profit for the year can be broken down as follows:


Amounts in € million  
Net profit from continuing operations29.237.6
Net profit from discontinued operations12.2- 6.3
Net profit for the year31.431.3

1 Relates to the activities of BelCompany Belgium sold on June 30, 2009.