Heineken 2019 Net Profit Rose
February 12 2020 - 2:00AM
Dow Jones News
By Ian Walker
Heineken Holding NV on Wednesday reported a 14% rise in net
profit for 2019 and said it expects organic adjusted operating
profit growth for 2020 in the mid-single digits.
The Amsterdam-based brewer--which also owns the Sol, Birra
Moretti and Tiger beer brands--made a net profit of 2.17 billion
euros ($2.37 billion) for the year compared with EUR1.91 billion a
year earlier and consensus forecasts of EUR2.16 billion, taken from
the company's website.
Net revenue rose to EUR23.97 billion from EUR22.49 billion, and
consensus forecasts of EUR23.82 billion, taken from the company's
website.
Adjusted operating profit--one of the company's preferred
metrics which strips out exceptional and other one-off items--was
EUR4.02 billion compared with EUR3.81 billion for 2018. Adjusted
operating profit was forecast to be EUR3.94 billion, taken from
FactSet and based on 15 analysts' estimates. On an organic basis,
adjusted operating profit was up 3.9%.
Consolidated beer volume rose 3.1% on an organic basis in the
year while volumes of Heineken branded beer were up 8.3%, marking
its best performance in more than a decade, the company said.
The world's second-largest brewer said it isn't possible to
assess the extent and duration of the impact of coronavirus on the
economy and business at this time.
The board has declared a final dividend of EUR1.04 a share,
taking the total payout for the year to EUR1.68 compared with
EUR1.60 in 2018.
Late Tuesday Heineken said that Chief Executive Jean-Francois
van Boxmeer will step down after leading the company for 15 years,
and named Dolf van den Brink, who currently heads its Asia Pacific
operations, as his successor. Mr. Van den Brink will join its
executive board on April 23 and Mr. Van Boxmeer will hand over his
responsibilities on June 1.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
February 12, 2020 01:45 ET (06:45 GMT)
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