Heineken Holding N.V. raises full year profit forecast due to strong
organic net profit growth in th
(Thomson Reuters ONE) - Amsterdam, 28 October 2009 - Heineken Holding N.V. today issued itstrading update for the third quarter of 2009. Organic EBIT (beia)grew in the mid teens thanks to strong pricing, improved sales mixand aggressive cost cutting, offsetting lower volume due to theglobal recession. * EBIT (beia) grew by double digits, despite an adverse currency effect * Heineken increases its forecast for organic net profit (beia) growth to low double digit for the full year 2009, versus a previous forecast of at least high single digit * Heineken's revenue declined 3.9%, organically revenue was down 0.4% * Organically, consolidated beer volume decreased 4.7% totalling 35.3 million hectolitres, an improvement versus the trend in the first half year * Volume development of the Heineken brand in the premium segment outperformed again the Group's beer volume, and totalled 6.8 million hectolitres, or -2.7% * Heineken N.V.'s Total Cost Management (TCM) programme delivered cost savings as planned, with the closures of 4 breweries and three malteries announced during September and October * Heineken in the UK continued to gain market share and further reduced costs in the third quarterRevenue totalled EUR4,070 million, down 0.4% organically. Thepositive price and mix effect (+2.6%), almost fully compensated forthe lower volume effect (-3.0%). The adverse effect of currencies onrevenue amounted to 4.9%.ResultsEBIT (beia) grew organically in the mid teens in the third quarter,driven by improved pricing and sales mix and cost savings, despitelower volume. Reduction in personnel, energy and water expenses andefficiencies in marketing were key drivers of the performance. Firsttime consolidation had a limited but positive contribution, whilstweaker currencies affected EBIT by EUR36 million.Heineken N.V.'s TCM programme is on track. In the third quarter,further cost reductions were achieved through the closure ofbreweries in France and Spain. Heineken announced plans to close afurther four breweries (2 in Russia, 1 in UK and 1 in Finland) and 3malting plants in Romania, generating future savings. Lower costswere also realised in the European wholesale business.Exceptional items in the quarter amounted to EUR45 million at EBITlevel and are related to brewery closures in Western and CentralEurope.OutlookFollowing the positive development of Heineken's financialperformance in the third quarter and given the current trading,Heineken increases its forecast for organic net profit (beia) growthfor the full year 2009 to low double digit, versus a previousforecast of at least high single digits.Net profit (beia) in 2009 may still be slightly lower than in 2008,due to weaker currencies in the second half of the year and thenegative contribution of first time consolidation in the first half.Heineken will continue to focus on investing in its key brands andpursue its TCM cost cutting programme, in order to driveprofitability and ensure higher cash generation.Due to the planned brewery closures and the quick roll out of the TCMprogramme, Heineken expects exceptional costs of EUR130-150 millionin 2009 at EBIT level, of which approximately two thirds will benon-cash.As communicated previously, Heineken expects an average tax rate of26-27% for 2009.Beer volumes developmentIn the third quarter, consolidated beer volume was 4.1% lower. Africacontinues to show organic volume growth, albeit at a slower pace thanin the first half. In Europe, Asia and the Americas, volume continuesto be under pressure as a result of the global economic conditions,which also result in consumers trading down to low-margin privatelabel beers, a segment in which Heineken does not seek to compete.Volume performance of the Heineken brand in the international premiumsegment outperformed once again the group's beer volume. Lowervolumes in USA, Spain and Russia offset the strong growth of thebrand in France, South Africa and Asia.Million hectolitres 2009 2008 Change Organic Change 9 Months 9 MonthsWestern Europe 36.3 32.8 11% -4.6%Central and Eastern Europe 36.3 40.0 -10% -12%Africa and the Middle East 14.3 13.0 10% 10%The Americas 7.1 7.6 -6.9% -9.7%Asia Pacific 2.0 2.0 0.2% 0.2%Consolidated beer volume 96.0 95.4 0.6% -5.9%Group beer volume 121.3 121.8 -0.4% -5.1%Heineken® premium volume 19.1 19.9 -4.0%Million hectolitres 2009 Third 2008 Third Change Organic quarter quarter ChangeWestern Europe 13.5 13.6 -0.3% -1.5%Central and Eastern 13.8 15.2 -9.1% -9.4%EuropeAfrica and the 4.7 4.5 4.3% 3.7%Middle EastThe Americas 2.5 2.7 -9.6% -9.6%Asia Pacific 0.8 0.8 -2.7% -2.6%Consolidated beer 35.3 36.8 -4.1% -4.7%volumeGroup beer volume 43.2 45.7 -5.5% -4.4%Heineken® premium 6.8 7.0 -2.7%volumeThe volume trend in Western Europe improved in the third quarter,also helped by favourable weather in Southern Europe. Improvement isvisible in France, Portugal, the Netherlands and the UK. Heineken inUK further increased market share in beer and cider, now around 29%.Organically volume in Central and Eastern Europe developed broadly inline with the first half of 2009. Volumes in Greece, Poland andAustria performed better than the regional average, whilst Russiaperformed below average, driven partly by the SKU rationalisation,started in the first half of 2009.In Africa, volumes grew 4.3% thanks to strong performances in theMiddle East, the Congo region and the export operations. In Nigeria,volume was mid single digit lower, due to adverse marketcircumstances in July and August. The Heineken brand posted growth of5.2% in the region.The organic volume performance in the Americas remains in line withthe first half of the year, affected by the challenging consumerenvironment in North America. In the USA, depletions of the Mexicanportfolio grew faster than in the first half of 2009, whilstdepletions of the Dutch portfolio declined in the high single digits.Consolidated beer volume in Asia was 2.7% lower, affected by lowervolume in Indonesia and Heineken's export activities, which were onlypartially compensated by better volumes in Taiwan and New Caledonia.Group beer volume in Asia - i.e. including 100% of the volume ofHeineken's licenses operations and joint venture in the region - wasflat, thanks to the strong performances in Vietnam, Laos, Cambodia.United Breweries, the market leader in India, posted another strongquarter, with double-digit volume growth. The Heineken brand in Asiagrew 6.3% in the quarter.Financial structureHeineken's focus on cash generation (Hunt for Cash 2 Programme) andreduction of net debt continues. On 1 October 2009, Heineken placedEUR400m 7-year Notes, interest rate 4.625%, as part of its EMTNprogramme, further improving the maturity profile of long term-debt.Heineken Holding N.V. agendaFinancial results for the full year 2009: 23 February 2010Trading update for the first quarter 2010: 21 April 2010AGM 2009: 22 April 2010Quotation ex-final dividend 2009: 26 April 2010Final dividend 2009 payable: 29 April 2010Heineken Holding N.V. will host an analyst and investor conferencecall in relation to this trading update today at 10:00am CET/ 9.00GMT. The call will be audiocast live via the website http://www.heinekeninternational.com/webcast/investors, and will beavailable afterwards. Analysts and investors can call in using thefollowing telephone numbers:NetherlandsLocal line: 31-20-796-5332Toll Free: 0800-265-8591United KingdomLocal line: 44-20-8515-2302Toll Free: 0800-358-0857Editorial 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. Heineken's aim is to be a leading brewer in each of themarkets in which it operates and to have the world's most prominentbrand portfolio. In 2008, Heineken 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, revenuetotaled EUR 14.3 billion and Net Profit before exceptional items andamortisation was EUR 1.0 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.Press enquiriesVéronique SchynsTel: +31 (0)20 5239 355veronique.schyns(at)heineken.comInvestor and analyst enquiriesJan van de MerbelTel: +31 (0)20 5239 590investors(at)heineken.comhttp://hugin.info/136154/R/1350508/325916.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.10.2009 - 07:01 Uhr
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