Heineken 2019 Earnings Were Slightly Above Views; CEO Steps Down -- Earnings Review
February 12 2020 - 4:37AM
Dow Jones News
By Ian Walker
Heineken Holding NV on Wednesday reported 2019 earnings that
were slightly ahead of market forecasts, while the company said
late Tuesday that its long-time CEO Jean-Francois van Boxmeer will
step down in April.
SALES FORECAST: Revenue for the year ended Dec. 31 was 23.97
billion euros ($26.16 billion) compared with consensus forecasts of
EUR23.82 billion, taken from the company's website.
NET INCOME: Net profit was EUR2.17 billion for the year compared
with consensus forecasts of EUR2.16 billion, taken from the
company's website.
ADJUSTED OPERATING PROFIT: 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 a forecast of
EUR3.94 billion, taken from FactSet and based on 15 analysts'
estimates.
WHAT WE WATCHED:
--OUTLOOK: Heineken said it expects mid-single digit adjusted
operating profit growth in 2020 on an organic basis, in line with
Citi expectations. Organic growth for 2019 was 3.9%.
--CORONAVIRUS: The company said that it is too early to assess
the extent and duration of the impact of coronavirus on the economy
and business at this time.
--CEO: The Amsterdam-based brewer said late Tuesday that COE
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 the company's 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 04:22 ET (09:22 GMT)
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