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Principale » Heineken brews profits worldwide as non-alcoholic beer proves popular in Europe

Heineken brews profits worldwide as non-alcoholic beer proves popular in Europe

01 Août 2017

A strong underlying performance is likely to be offset by recent gains in the euro, leaving full-year profit estimates "broadly unchanged", Jefferies analysts said in a note.

Heineken sealed a takeover last December with private equity firm Patron Capital, having fought off a rival bid from the pub chain's co-founder Alan McIntosh with a 180p-per-share offer.

Net profit, before exceptional items and amortisation, or beia, was 1.04 billion euros, compared to 977 million euros a year ago.

The Sol and Amstel brewer saw half year operating profit climb 6% to 1.8 billion euros (£1.6 billion), with beer volumes growing 2.6% across all regions. Revenue rose 5.7 % on an organic basis to EUR10.48 billion.

Revenue per hectolitre declined 0.8 percent to 91 euros, while organic revenue per hectolitre went up 3.4%.

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"Overall in Europe, there was double digit growth for low and no alcohol volume, including strong performance in Spain, Netherlands, Poland and Austria", it said. Heineken's beer volume grew fastest in the Asia-Pacific region as demand for its Tiger brand surged in Vietnam, one of the company's largest markets alongside Mexico and Nigeria.

Conditions in Russian Federation and Africa will remain challenging in the second half, Van Boxmeer said in an interview.

Economic conditions are expected to remain volatile and HEINEKEN continues to assume a negative impact from currency comparable to 2016.

The company expects continued margin expansion in 2017 in line with the medium term margin guidance of a year on year improvement in operating profit (beia) margin of around 40bps.

Heineken brews profits worldwide as non-alcoholic beer proves popular in Europe