Heineken Holding N.V. reports 18% organic net profit growth for 2009, triples free operating cash flow
(Thomson Reuters ONE) -
Amsterdam, 23 February 2010 - Heineken Holding N.V. today announced strong
results for the full year 2009:
* The net result of Heineken Holding N.V.'s participating interest in
Heineken N.V. for 2009 amounts to ?510 million;
* 18% organic Net profit growth, driven by higher revenue per hectolitre, and
cost reductions, offsetting 5.4% organically lower Consolidated beer volume
due to the global economic downturn;
* ?1,741 million Free operating cash flow, versus ?550 million in 2008. The
cash conversion rate was 148%;
* ?155 million pre-tax savings in the first year of the Total Cost Management
(TCM) programme;
* Proposed total 2009 dividend of ?0.65 per ordinary share; an increase of
4.8%;
* Platform for future growth transformed via the planned acquisition of FEMSA
Cerveza in Mexico, a new partnership with United Breweries in India and the
completion of the Sedibeng Brewery in South Africa.
+----------------------------------------------------------------------------+
| Key figures 2009 2008 Change Organic growth|
| |
+----------------------------------------------------------------------------+
| (mhl) (mhl) |
| |
| Group beer volume 159.1 161.5 -1.5% -4.6% |
| |
| Consolidated beer volume 125.2 125.8 -0.5% -5.4% |
| |
| Heineken® premium volume 25.1 25.9 -2.9% -2.9% |
| |
| |
| (? m) (? m) |
| |
| Revenue 14,701 14,319 2.7% -0.2% |
| |
| EBIT 1,757 1,080 63% |
| |
| EBIT (beia) 2,095 1,932 8.4% 14% |
| |
| Net profit (beia) 1,055 1,013 4.1% 18% |
| |
| Net profit Heineken Holding N.V. 510 105 387% |
| |
| Free Operating Cash Flow 1,741 550 217% |
| |
| |
| |
|Net debt/EBITDA (beia) 2.6x 3.3x |
| |
| (?) (?) |
| |
| Basic EPS 2.08 0.43 387% |
| |
| Diluted EPS 2.08 0.43 387% |
+----------------------------------------------------------------------------+
Heineken Holding N.V. engages in no activities other than its participating
interest in Heineken N.V. and the management and supervision of and provision of
services to that company.
Outlook for 2010
The global economic environment will continue to lead to lower beer consumption
and down-trading in a number of regions in 2010.
Heineken is committed to utilise its global marketing excellence to build its
key brands, including Heineken, across all markets and to maintaining, or where
possible improving, its price positioning. Price increases will be at levels
well below those of 2009. However, Heineken aims to continue passing on excise
duty increases through higher sales prices.
Heineken will aim to improve both market and value share in its markets via
increased brand investments.
Heineken will aggressively pursue its TCM cost reduction programme in all
business areas and will continue to focus on improving the profitability of its
newly acquired companies.
The likely fall in raw material costs per hectolitre due to a temporary decline
in the price of brewing barley will be offset by higher energy costs, rising
advertising rates and increased marketing costs.
Heineken reiterates its target of reducing its Net Debt/EBITDA (beia) ratio to
below 2.5 times. Heineken is confident that it will achieve its target of a cash
conversion rate in excess of 100% in the remaining two years of the Hunt for
Cash 2 programme.
Capital expenditures related to property, plant and equipment will be broadly in
line with 2009 at ?700 million, and will be financed from cash flow. Heineken
expects a further organic decline in the number of employees.
Excluding FEMSA Cerveza, Heineken expects an average interest rate of
approximately 6% and an effective tax rate in the range of 25-27%.
Intended acquisition of FEMSA Cerveza
Heineken will acquire FEMSA Cerveza by issuing to FEMSA approximately
86 million new Heineken N.V. shares on closing of the deal with the commitment
to deliver an additional 29 million Heineken N.V. shares over a period of not
more than five years. Heineken intends to buy the 29 million existing shares in
the market and finance the purchase from cash flow.
Simultaneously with the closing of the Acquisition, Heineken Holding N.V. will
swap 43,018,320 of the new Heineken N.V. shares with FEMSA for an equal number
of newly issued shares in Heineken Holding N.V. Following delivery of all such
Heineken N.V. and Heineken Holding N.V. shares, FEMSA will hold a 12.5% economic
interest in Heineken N.V. and 14.9% in Heineken Holding N.V. (20% economic
interest in the Heineken Group).
Heineken is preparing for the integration of FEMSA Cerveza, which will begin
once the acquisition has been completed in the second quarter of 2010. As a
result of the extensive insight gained into the business during the acquisition
and due diligence process, combined with Heineken's broad experience in the
field, a rapid completion of this process is expected.
Dividend
The payment of a total cash dividend of ?0.65 per share of ?1.60 nominal value
for 2009 (total dividend 2008: ?0.62) will be proposed to the annual meeting of
shareholders of Heineken N.V. If this is approved, a final dividend of ?0.40 per
share will be paid on 29 April 2010, as an interim dividend of ?0.25 per share
was paid on 2 September 2009. The payment will be subject to the 15% Dutch
withholding tax.
If Heineken N.V. shareholders approve the proposed dividend, Heineken Holding
N.V. will, according to its articles of association, pay an identical dividend
per ordinary share. A final dividend of ?0.40 per ordinary share of ?1.60
nominal value will be payable on 29 April 2010. Heineken Holding N.V. ordinary
shares will be quoted ex-dividend on 26 April 2010.
Press enquiries Investor and analyst enquiries
Véronique Schyns Jan van de Merbel
Tel: +31 20 5239 355 Tel: +31 20 5239 590
veronique.schyns(at)heineken.com investors(at)heineken.com
Financial Dynamics
Charlie Armitstead
Tel: +44 207 269 7176 / +44 7703 330 269
charles.armitstead(at)fd.com
Editorial information:
Heineken N.V. is one of the world's great brewers and is committed to growth and
remaining independent. The brand that bears the founder's family name - Heineken
- is available in almost every country on the globe and is the world's most
valuable international premium beer brand. The company's aim is to be a leading
brewer in each of the markets in which we operate and to have the world's most
prominent brand portfolio. In 2009, Heineken operated 125 breweries in more than
70 countries and sold 159 million hectolitres of beer. Heineken is Europe's
largest brewer and the world's third largest by volume. Heineken is committed to
the responsible marketing and consumption of its more than 200 international
premium, regional, local and specialty beers and ciders. These include Amstel,
Birra Moretti, Cruzcampo, Foster's, Maes, Murphy's, Newcastle Brown Ale, Ochota,
Primus, Sagres, Star, Strongbow, Tiger and Zywiec. In 2009, revenue totalled
?14.7 billion and Net Profit before exceptional items and amortisation was ?1.0
billion. In 2009, the average number of people employed was 55,301. Heineken
N.V. and Heineken Holding N.V. shares are listed on the Amsterdam stock
exchange. Prices for the ordinary shares may be accessed on Bloomberg under the
symbols HEIA NA and HEIO NA and on the Reuter Equities 2000 Service under
HEIN.AS and HEIO.AS. Additional information is available on Heineken's home
page: http://www.heinekeninternational.com.
Please click the link below to read the entire press release including all
annexes:
[HUG#1387276]
Heineken Holding N.V. press release FYR09 complete version: http://hugin.info/136154/R/1387276/345695.pdf
Unternehmensinformation / Kurzprofil:
Datum: 23.02.2010 - 07:19 Uhr
Sprache: Deutsch
News-ID 12822
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