Heineken announces partnership for growth in India; Strengthens
Asia-Pacific joint venture
(Thomson Reuters ONE) - Amsterdam, 7 December 2009 - Heineken N.V. today announced it hassigned a new shareholders' agreement with Dr. Vijay Mallya and UnitedBreweries Limited ("UBL") and agreed the key terms for the brewingand distribution of the Heineken brand in India. The new agreementcreates a strong partnership that will drive growth in one of theworld's fastest growing and most exciting beer markets.As part of the new agreement, Heineken will acquire APB India and ina subsequent transaction intends to transfer this into UBL during2010.Heineken also announced that it has strengthened and enlarged AsiaPacific Breweries Ltd ("APB"), its successful joint venturepartnership with Fraser and Neave Ltd ("F&N") through the transfer ofHeineken's controlling interest in PT Multi Bintang Indonesia ("MBI")and Grande Brasserie de Nouvelle-Calédonie S.A. ("GBNC"). This willcreate a more profitable business and a stronger platform for growthin South East Asia and the Pacific Islands.Heineken expects that the effect of the transactions will be broadlyneutral at net profit (beia) level. As a result of the transaction,an exceptional book gain of EUR 145 million before tax will berealised in 2010. Consolidated net debt is expected to be reduced byapproximately EUR 175 million.Commenting on today's announcement, Jean-François van Boxmeer,Chairman of Heineken's Executive Board and CEO said, "In the world ofbeer, there is no bigger or more exciting growth opportunity thanIndia. We have long regarded a strong Indian presence as important inorder to increase our exposure to and growth from developing markets.We are therefore extremely proud to announce our partnership withUBL, the strong market leader. Our partnership and the combination ofthe Kingfisher and Heineken brands will transform our ability tounlock the market's considerable potential and to shape the premiumsegment. We are now uniquely positioned to benefit from the highlyfavourable demographics and strong economic fundamentals in theIndian market."Alongside this, the integration of our Indonesian and New Caledonianbusinesses with our joint venture Asia Pacific Breweries,considerably strengthens our platform for growth and our leadershipposition in South East Asia and the Pacific. Taken together, theagreements announced today represent a powerful, positive developmentfor our future growth and development in Asia."Commenting on the agreement Dr Vijay Mallya said, "led by UnitedBreweries and its flagship brand Kingfisher, the Indian beer markethas been a strong and exciting growth over the last several years.Given the young demographics of the country, I foresee many decadesof strong and profitable growth to come. With its emphasis on qualityand the aspirational branding, United Breweries has led this growthfrom the front, and will continue to do so in future, helped by ournew alliance with Heineken. Heineken is among the most respected andrecognized names among beers all over the world. The combinationshould help United Breweries to further its leadership position inthe years to come."Strongly positioned to drive future growth in India* The new shareholders' agreement gives Heineken a strong role in the governance of the business. Under the terms of the new agreement, Heineken has the right to nominate three members of the UBL Board, including the executive position of Chief Financial Officer;* Following a UBL Board meeting in India earlier today, Heineken nominee Mr Guido de Boer has been appointed Chief Financial Officer, and Messrs René Hooft Graafland (Member of Heineken N.V.'s Executive Board and Chief Financial Officer) and Siep Hiemstra (Regional President, Heineken Asia Pacific) have been appointed as non-executive directors;* Additionally, Heineken will acquire for an equity value of EUR 25 million APB's existing Indian investments: Asia Pacific Breweries (Aurangabad) Pte Ltd ("APB Aurangabad") and Asia Pacific Breweries-Pearl Pte Ltd ("APB Pearl"). Subject to the necessary approvals being granted, these acquisitions are expected to complete in the first quarter of 2010. Following completion, Heineken intends to transfer the underlying businesses into UBL during 2010;* Heineken also intends to merge its interest in Millennium Alcobev Private Limited (MAPL) into UBL. Heineken holds an interest of 50% in MAPL with the other 50% held by UBL. This was the joint venture through which Scottish & Newcastle first invested in India and has been managed as part of the UBL's business following the direct investment in UBL by Scottish & Newcastle in 2004.* Heineken and UBL have agreed the key terms for the brewing and distribution of the Heineken brand in India. This will accelerate the development of the Heineken brand throughout India;Heineken and Dr. Vijay Mallya and his associates jointly hold amajority interest of 75% in UBL, the number one brewer in India witha 48% market share. Heineken holds a 37.5% interest in UBL. Dr. VijayMallya and his associates also hold a 37.5% interest in UBL, with theremaining 25% held publicly.UBL's flagship brand, Kingfisher, is the number one beer brand inIndia and available in more than 50 countries. UBL's leading brandsinclude: Kingfisher Premium, Kingfisher Strong, UB Export Lager,London Pilsner and Kalyani Black Label.Reported volumes over the period 1 April 2008 - 31 March 2009 are 6.4million hectolitres, which is a volume growth of 9% that acceleratedto a 16% volume growth in the half year ending September 2009 againstan industry growth of 8%, resulting in a market share increase of 3%.Based on local GAAP, the company reported net revenue for theaccounting year ended March 2009 of EUR 302 million, EBIT of EUR 27million and net profit of EUR 7 million.APB Aurangabad is located in Maharashtra. The brewery has a technicalcapacity of300,000 hl/year and brews Cannon 10000, Tiger and Barons. APB Pearlis located in Andhra Pradesh. This brewery has a technical capacityof 160,000 hl/year and brews Cannon 10000 and Tiger;In 2009, the Indian beer market is expected to grow to 14.4 millionhectolitres. The beer market has historically been experiencingdouble-digit volume growth and is expected to continue a stronggrowth driven by the rapidly developing middle class, favourabledemographics, strong economic fundamentals and a shift from otheralcoholic beverages. Beer consumption per capita is currentlyestimated at 1.3 litres per annum. Working together with UBL,Heineken will be in a strong position to accelerate growth of theHeineken brand in the growing premium beer segment, which iscurrently estimated at 6% of the total beer market.Strengthened leadership in South East Asia and the PacificHeineken has strengthened and enlarged its successful 78-year jointventure partnership with F&N in APB, one of Asia's leading brewersand Heineken's investment vehicle in the region. This move willcreate a stronger and more profitable joint venture partnership withan increased presence in South East Asia and the Pacific.The Heineken brand remains Asia's number one international premiumbeer with a market share of 25% in the international premium beersegment in Asia Pacific.* Heineken and APB have agreed that Heineken will transfer a controlling stake of 68.5% in PT Multi Bintang Indonesia to APB for a consideration of EUR 157 million, after payment of an interim dividend of EUR 13 million (pro rata for the stake of 68.5%). The final price at completion will be subject to customary closing adjustments. On completion of the transaction, APB will launch a mandatory tender offer for the free float shares and a private offer for the depositary receipts of shares in MBI. APB may request Heineken to sell MBI shares in the MTO to increase APB's shareholdings in MBI to 75.1%;* Heineken will also transfer its 87.3% interest in Grande Brasserie de Nouvelle- Calédonie S.A. to APB for a consideration of EUR 57 million;* Subject to regulatory and APB shareholder approvals, these transactions are expected to complete in the first quarter of 2010. The completion of each of these transactions is conditional upon the others being completed;* Heineken will continue to hold a 42% stake in APB.APB, with its portfolio of brands including Tiger Beer, Heineken,Anchor and ABC Stout, operates breweries in 12 Asian countries andhas export operations to more than 60 countries. The company reportednet revenue for the accounting year ended September 2009 of EUR 1,021million and EBIT of EUR 154 million. Following the transaction, APBwill not only be the leading brewer in Singapore, Malaysia, Cambodiaand Papua New Guinea, but also in Indonesia and New Caledonia. Inaddition, APB is number two in New Zealand and the market leader inthe premium segment in Vietnam and Thailand.Heineken will continue its export operations in South Korea, Taiwan,and Hong Kong. Heineken's partnerships in Japan and in Australia withKirin are unaffected by these announcements.MBIMBI is a public company listed on the Jakarta stock exchange.* The transfer of Heineken's controlling shareholding to APB will give rise to a mandatory cash tender offer by APB for the free float shares of MBI;* The rights of the Bintang brand will be transferred to APB for a consideration of EUR 19 million;* Following the transaction, Heineken will continue to hold a direct stake in MBI of up to 16.5%.GBNC* Heineken will transfer its 87.3% interest in GBNC to APB;* GBNC is the leading brewer in New Caledonia with a market share of 74% and its beer brands include Number One, the leading mainstream beer. Heineken, Desperados and Hinano complete GBNC's portfolio and together, have built a significant share within the premium segment;* The company also produces and distributes a portfolio of soft drink brands.Press enquiriesVéronique SchynsTel: +31 (0)20 5239 355 / +31 (0)6 20300139veronique.schyns(at)heineken.comInvestor and analyst enquiriesJan van de MerbelTel: +31 (0)20 5239 590investors(at)heineken.comHeineken will host an analyst and investor conference in relation tothis announcement today at 10:00am CET. The call will be audio castlive via the company websitehttp://www.heinekeninternational.com/webcast/investors. Thepresentation can be monitored live and can be downloaded afterwards.Analysts and investors can call in using the following telephonenumbers:The Netherlands UnitedKingdomLocal number: +31 20 794 8504 Local:+44-20-7190-1595Toll free: 0800-265-8528 Toll free:0800-358-5256Editorial 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.http://hugin.info/130667/R/1359398/331347.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 07.12.2009 - 06:44 Uhr
Sprache: Deutsch
News-ID 9320
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