Heineken N.V. announces 2009 half-year organic net profit (beia)
growth of 12%
(Thomson Reuters ONE) - EUR531 million improvement in Free Operating Cash FlowAmsterdam, 26 August 2009 - Heineken N.V. today announced: * Strong organic net profit (beia) growth of 12%, despite lower volumes, driven by robust pricing and cost reductions. Net profit (beia) amounted to EUR483 million, diluted by financing costs related to acquisitions; * Net profit 20% higher at EUR489 million due to organic growth and an exceptional gain on the purchase of Globe notes and bank debt; * Organic EBIT (beia) growth of 13% to EUR993 million; * UK performance encouraging driven by market share gains, sound pricing and cost reductions; * EUR50 million of cost savings from Total Cost Management programme; equates to annualised savings of EUR120 million; * Free Operating Cash Flow of EUR383 million, EUR531 million more than prior year; net debt/EBITDA (beia) ratio improved to 3.1x (year-end 2008: 3.3x) * Heineken® volume in the international premium segment outperformed overall portfolio; * Heineken expects organic net profit (beia) growth for the full year of 2009 to be at least high single-digit; * Interim dividend of EUR0.25 per share. Key figures 2009 HY 2008 HY Change Organic growth (mhl) (mhl) Group beer volume 78.0 76.0 2.7% -5.6% Consolidated beer volume 60.8 58.6 3.8% -6.6% Heineken® premium volume 12.3 12.9 -4.7% (EUR m) (EUR m) Revenue 7,147 6,411 11% -0.4% EBIT 925 772 20% EBIT (beia) 993 925 7.4% 13% Net Profit 489 407 20% Net Profit (beia) 483 540 -10% 12% Free Operating Cash Flow 383 (148) (EUR) (EUR) Diluted EPS 1.00 0.83 20% Diluted EPS (beia) 0.99 1.10 -10%CEO StatementJean-François van Boxmeer, Chairman of the Executive Board and CEO,commented:"This has been a strong first half performance, confirming that ourvalue strategy is delivering results. The strength of our brandportfolio has enabled us to support our margins, achieving a stabletop line performance despite lower volumes.Our rigorous Total Cost Management programme is delivering earlyresults, with annualised savings of EUR120 million achieved. We seesubstantial opportunity to drive down our cost base in the secondhalf of the year and beyond. Focused actions by our management teamsto improve profitability, reduce capital expenditure and controlworking capital has improved our free operating cash flow by morethan EUR500 million.We continue to prioritise investments where we see opportunity togrow the value of our operations. This is demonstrated bydouble-digit revenue and EBIT (beia) growth in our African region andthe organic profit growth in Western Europe. We have maintained theprice positioning of our brands with the Heineken® brandoutperforming the overall portfolio.The integration of Scottish & Newcastle and our other newly acquiredbusinesses is now completed. There are clear signs that our specificplans to improve profitability in each of these businesses and tostrengthen our long-term market position in the UK are bearing fruit.The economic and trading conditions remain difficult, and there willbe continued pressure on volumes in the second half of 2009. However,our focus on brand building, prioritised investment and rigorous costreduction will continue to deliver value in the second half of theyear."2009 full-year outlookHeineken remains cautious on the development of global beerconsumption and expects year-on-year volume declines in many marketsin the second half of 2009 as a result of rising unemployment andlower disposable incomes. However, Heineken expects the rate ofdecline to ease towards the end of 2009 due to less demandingcomparisons.The Africa and Middle East region is expected to continue to performwell albeit at a lower growth rate than in the first half of theyear.Heineken will continue its focus on brand building, cash flowgeneration, debt reduction, cost reduction, and improving theperformance of newly acquired companies. The company will maintainthe price position of its key brands. All main brands will besupported by the appropriate level of marketing investments.Better pricing will continue to have a positive effect, although theimpact will be less than in the first half of 2009. In markets withhigh inflation or margin deterioration, the company will aim tomaintain its pricing position in the second half of the year.For the second half, Heineken expects the negative currency impact onresults, especially of the US dollar, Nigerian naira and Polishzloty, to be larger.The Total Cost Management programme will continue to deliver costsavings in the second half of the year, which will help to drivemargins.As a result of the above, Heineken expects organic net profit (beia)growth for the full year of 2009 to be at least high single-digit.Heineken is fully committed to debt reduction and is targeting a Netdebt/EBITDA (beia) ratio of 2.5. Heineken is vigorously pursuingfurther initiatives to improve the cash conversion ratio to more than100% in the period 2009-2011.For 2009 capital expenditures related to property, plant andequipment, including the investments in newly acquired businesses,remain forecast at EUR700 million.Interim dividendThe Heineken N.V. dividend policy aims at a dividend payout ratio of30%-35% of Net Profit (beia) and fixes interim dividends at 40% ofthe total dividend of the previous year. Accordingly, an interimdividend of EUR0.25 per share of EUR1.60 nominal value (Half-year2008: EUR0.28) will be paid on 2 September 2009. The ex-dividend datefor Heineken NV shares is 27 August 2009.Attachment: Half-year reportHeineken N.V. agendaInterim Management Statement for Q3 2009 28 October 2009Capital Markets Day Heineken 6 November 2009Financial results for the full year 2009 23 February 2010Interim Management Statement for Q1 2010 21 April 2010Annual General Meeting of Shareholders 22 April 2010(AGM)Press enquiries Investor and analyst enquiriesVéronique Schyns Jan van de MerbelTel: +31 20 5239 355 Tel: +31 20 5239 590veronique.schyns(at)heineken.com investors(at)heineken.comThe audio cast for the media, including presentation and Q&A will bebroadcast live today from 10am CET via www.heinekeninternational.com.The presentation can be downloaded afterwards.The presentation for analysts and investors will be broadcast livevia the website today from 15:00 CET. Onwww.heinekeninternational.com, the presentation can be monitoredlive, from which they can be downloaded afterwards.Editorial information:Heineken N.V. is one of the world's great brewers and is committed togrowth and remaining independent. The brand that bears the founder'sfamily name - Heineken - is available in almost every country on theglobe and is the world's most valuable international premium beerbrand. The company's aim is to be a leading brewer in each of themarkets in which we operate and to have the world's most prominentbrand portfolio. In 2008, the Company operated 125 breweries in morethan 70 countries and sold 162 million hectolitres of beer. Heinekenis Europe's largest brewer and the world's third largest by volume.Heineken is committed to the responsible marketing and consumption ofits more than 200 international premium, regional, local andspecialty 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 2008, revenuetotalled EUR14.3 billion and Net Profit before exceptional items andamortisation was EUR1.0 billion. In 2008, the average number ofpeople employed was 56,208. Heineken N.V. and Heineken Holding N.V.shares are listed on the Amsterdam stock exchange. Prices for theordinary shares may be accessed on Bloomberg under the symbols HEIANA and HEIO NA and on the Reuter Equities 2000 Service under HEIN.ASand HEIO.AS. Additional information is available on Heineken's homepage: http://www.heinekeninternational.com.DisclaimerThis press release contains forward-looking statements with regard tothe financial position and results of Heineken's activities. Theseforward-looking statements are subject to risks and uncertaintiesthat could cause actual results to differ materially from thoseexpressed in the forward-looking statements. Many of these risks anduncertainties relate to factors that are beyond Heineken's ability tocontrol or estimate precisely, such as future market and economicconditions, the behaviour of other market participants, changes inconsumer preferences, the ability to successfully integrate acquiredbusinesses 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 regulatorsand weather conditions. These and other risk factors are detailed inHeineken's publicly filed annual reports. You are cautioned not toplace undue reliance on these forward-looking statements, which areonly relevant as of the date of this press release. Heineken does notundertake any obligation to release publicly any revisions to theseforward-looking statements to reflect events or circumstances afterthe date of these statements. Market share estimates contained inthis press release are based on outside sources, such as specialisedresearch institutes, in combination with management estimates.--------------------------------------------------Visit our website for the presentation and listen to the audiocast ofthe press conference at:http://www.heinekeninternational.com/press/webcast-------------------------------------------------Please click the link below to read the entire press releaseincluding all annexes:http://hugin.info/130667/R/1337099/318478.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 26.08.2009 - 07:06 Uhr
Sprache: Deutsch
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