Heineken N.V. achieves 17% organic net profit (beia) growth for 2010 half-year
(Thomson Reuters ONE) -
Amsterdam, 25 August 2010 - Heineken N.V. today announced:
* Net profit (beia) increased 17% organically, driven by higher EBIT (beia)
and lower interest expense and amounted to ?621 million;
* Net profit increased 42% to ?695 million partly due to positive exceptional
items;
* Strong free operating cash flow generation at ?699 million, up from ?383
million, positively impacted net debt and interest charges;
* Organic EBIT (beia) growth of 5.7% as a result of ?104 million savings from
Total Cost Management programme, improved margins per hectolitre and the
strong performance of Heineken's joint ventures, offsetting lower volume and
higher marketing investments;
* Heineken® volume in the international premium segment outperformed the
overall portfolio and grew 4.1%;
* Group beer volume decreased 2.3% organically impacted by the weak economic
environment and the effect of excise duty increases, partly offset by strong
growth in Africa, Asia and Latin America;
* Heineken expects the organic increase in net profit (beia) for the full year
2010 to be at least in low double digits.
* Integration of FEMSA Cerveza makes good progress and is on track;
* Interim dividend of ?0.26 per share (2009: ?0.25)
+---------------------------------------------------------------------+
| Key figures |
| HY 2010 HY 2009 Change Organic growth|
| |
+---------------------------------------------------------------------+
| (mhl) (mhl) |
| |
| Group beer volume 86.4 78.0 11% -2.3%|
| |
| Consolidated beer volume 63.9 60.8 5.3% -3.9%|
| |
| Heineken® premium volume 12.8 12.3 4.1% 4.1%|
| |
| |
| |
| (? m) (? m) |
| |
| Revenue 7,520 7,147 5.2% -2.0%|
| |
| EBIT 1,193 925 29% |
| |
| EBIT (beia) 1,129 993 14% 5.7%|
| |
| Net profit 695 489 42% |
| |
| Net profit (beia) 621 483 29% 17%|
| |
| Free operating cash flow 699 383 83% |
| |
| |
| |
|Net debt/EBITDA (beia) 2.6x* 3.1x |
| |
| (?) (?) |
| |
| Diluted EPS 1.31 1.00 31% |
| |
| Diluted EPS (beia) 1.18 0.99 19% |
+---------------------------------------------------------------------+
*including FEMSA Cerveza on a 12 month pro-forma basis
CEO Statement
Jean-François van Boxmeer, Chairman of the Executive Board and CEO, commented:
"Heineken achieved strong organic net profit growth in the first half year
2010. Trading conditions remained challenging in Europe and the USA, but we
realised strong group beer volume growth in Africa and Asia. The effectiveness
of our premium strategy was reinforced by the continued strong performance of
the Heineken brand which once again outperformed our broader portfolio and the
overall beer market. Furthermore, we delivered an incremental ?104 million of
cost savings through our Total Cost Management programme.
"We are well placed for the future. Our expanded footprint in Latin America
complements our strong positions in Africa and Asia where we continue to see
excellent opportunities for future volume growth. Our focus on cash flow has
strengthened our balance sheet and our key brands are benefitting from our
increased marketing investments. The activities to improve the recently acquired
businesses are paying off, whilst we also have made significant progress to
integrate FEMSA Cerveza."
2010 full-year outlook
For the near term, Heineken remains cautious on the development of beer
consumption in Europe and the USA due to continued weak consumer spending and
planned austerity measures across many countries. Volume in Latin America,
Africa and Asia is expected to continue to grow. Price increases in the first
half of the year will continue to have a limited positive effect in the second
half of 2010. The international premium segment is forecast to continue to
outgrow the beer market as a whole, benefiting Heineken®.
Heineken will continue its focus on brand building and increase investments in
key brands, which will be largely offset by lower input costs. The TCM programme
will deliver further savings in the second half of the year. In addition,
Heineken will focus on developing the performance of companies acquired during
the last 3 years, including FEMSA Cerveza, and the unlocking of synergies.
Free operating cash flow generation will remain strong. Heineken remains fully
committed to further reducing its net debt, targeting a net debt/EBITDA (beia)
ratio of below 2.5 times, and a cash conversion rate in 2010 and 2011 above
100%.
For 2010, capital expenditure related to property, plant and equipment are
forecast at ?800 million, including FEMSA Cerveza for the 8 months commencing 1
May 2010 at ?200 million.
For the full year 2010, Heineken estimates an effective tax rate (beia),
including FEMSA Cerveza and non-recurring items in the normal line of business,
of 27-29%. On a like-for-like basis, the effective tax rate (beia) in the second
half of 2010 will be higher than the rate of the second half of 2009 when a
number of non-recurring items led to a lower tax rate.
For 2010, Heineken expects an average interest rate including FEMSA Cerveza of
approximately 6%.
Based on the above, Heineken expects the organic increase in net profit (beia)
for the full year of 2010 to be at least in low double digits.
Interim dividend
The Heineken N.V. dividend policy aims at a dividend payout ratio of 30%-35% of
full-year net profit (beia), with interim dividends fixed at 40% of the total
dividend per share of the previous year. Therefore, an interim dividend of ?0.26
per share of ?1.60 nominal value (half-year 2009: ?0.25) will be paid on 3
September 2010. The ex-dividend date for Heineken N.V. shares is 26 August 2010.
Attachment: Half-year report
Heineken N.V. agenda
Interim management statement for Q3 2010 27 October 2010
Capital Markets Day Heineken 2 November 2010
Financial results for the full year 2010 16 February 2011
Interim management statement for Q1 2011 20 April 2011
Annual General Meeting of Shareholders (AGM) 21 April 2011
Press enquiries Investor and analyst enquiries
John G. Clarke Jan van de Merbel
Tel: +31 20 5239 355 Tel: +31 20 5239 590
John.G.Clarke (at)heineken.com investors(at)heineken.com
Financial Dynamics
Charlie Armitstead
Tel: +44 7703 330 269
charles.armitstead(at)fd.com
The presentation for analysts and investors in London will be broadcast live via
the website today from 15:00 CET. The presentation can be monitored live via the
Heineken company website http://www.heinekeninternational.com/webcast/investors,
and will be available for download afterwards.
Editorial information:
Heineken 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 it operates and to have the world's most
valuable brand portfolio. The Company operates 140 breweries in more than 70
countries and sold 165.7 million hectolitres of beer on a 2009 pro-forma basis.
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, Dos Equis, Foster's, Kingfisher,
Newcastle Brown Ale, Ochota, Primus, Sagres, Sol, Star, Strongbow, Tecate, Tiger
and Zywiec. On a 2009 pro-forma basis, including FEMSA Cerveza, revenue totaled
?16.9 billion and EBIT (beia) was ?2.3 billion.
The average number of people employed is more than 75,000. 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.
Most recent information is available on Heineken's home page:
http://www.heinekeninternational.com.
Disclaimer
This press release contains forward-looking statements with regard to the
financial position and results of Heineken's activities. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed in the forward-looking
statements. Many of these risks and uncertainties relate to factors that are
beyond Heineken's ability to control or estimate precisely, such as future
market and economic conditions, the behaviour of other market participants,
changes in consumer preferences, the ability to successfully integrate acquired
businesses and achieve anticipated synergies, costs of raw materials,
interest-rate and exchange-rate fluctuations, changes in tax rates, changes in
law, pension costs, the actions of government regulators and weather conditions.
These and other risk factors are detailed in Heineken's publicly filed annual
reports. You are cautioned not to place undue reliance on these forward-looking
statements, which are only relevant as of the date of this press release.
Heineken does not undertake any obligation to release publicly any revisions to
these forward-looking statements to reflect events or circumstances after the
date of these statements. Market share estimates contained in this press release
are based on outside sources, such as specialised research institutes, in
combination with management estimates.
Please click the link below to read the entire press release including all
annexes:
[HUG#1440057]
Heineken N.V. press release HYR10 complete version:
http://hugin.info/130667/R/1440057/384429.pdf
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Source: Heineken N.V. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2010 - 07:02 Uhr
Sprache: Deutsch
News-ID 39964
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