Heineken Continues Solid Growth With Net Profit Increase of 20%.Business Editors AMSTERDAM Amsterdam, city, Netherlands Amsterdam (ăm`stərdăm', Dutch ämstərdäm`), city (1994 pop. 724,096), constitutional capital and largest city of the Kingdom of the Netherlands, North Holland prov. , The Netherlands--(BUSINESS WIRE)--Sept. 12, 2001 Heineken N.V., the leading international brewer, today announced interim results as follows: -- Net profit from ordinary activities (excluding net profit extraordinary activities) of Heineken N.V. rose 20% in the first half of 2001, from EUR 249 million to EUR 298 million. -- Operating profit was 25% higher, up from EUR 411 million in the first half of 2000 to EUR 513 million in 2001. -- Net turnover increased by EUR 556 million (14%) from EUR 3,893 million in the first half of 2000 to EUR 4,449 million in 2001. -- Operating profit represented 11.5% of net turnover in the first half of 2001, compared with 10.6% in the first half of 2000. -- Net profit on ordinary activities per share increased to EUR 0.76, compared with EUR 0.64 in the first half of 2000 (adjusted for the share split). -- Group volume(a) in the first six months of 2001 reached 37.2 million hectolitres, 8% higher than in the corresponding period in 2000. -- In the countries in which Heineken beer is positioned in the premium segment, sales were 10% higher. The United States, Spain, France, Thailand and Italy accounted for most of this growth. Worldwide sales of Heineken beer rose 5% to just over 11 million hectolitres. -- The increased sales of Amstel Light in the United States compensated for lower Amstel volumes in Europe, total Amstel sales remaining stable at 5.2 million hectolitres. -- In the first half of 2001 Heineken N.V. realised an extraordinary profit after tax of EUR 52 million on the sale of its interest in Spanish hotel group NH Hoteles SA and an extraordinary cash dividend distributed by Whitbread PLC. Interim dividend An interim dividend of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 0.16 per share of EUR 2.00 nominal value Nominal Value The stated value of an issued security that remains fixed, as opposed to its market value, which fluctuates. Notes: When referring to fixed-income securities, the nominal value is also the face value. will be paid on September September: see month. 24, 2001. Heineken shares will be quoted ex-interim-dividend on September 13, 2001. Full-year profit forecast for 2001 Based on existing insights Heineken expected net profit growth from ordinary activities for the whole of 2001 to be at least 15%. This expectation was based on the autonomous growth in sales, the improvement in the sales mix sales mix See product mix. as well as the positive effect of exchange rates, mainly the US dollar, and the positive results of subsidiaries consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: for the first time. However, the dramatic tragedy that occurred yesterday in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and its impact on the period to come make it impossible to make a profit forecast. Notes to Heineken N.V.'s interim figures 2001 Net turnover and sales Net turnover increased in the first half of 2001 by EUR 556 million (14%) to EUR 4,449 million. Of this growth, the first time consolidation of subsidiaries, notably Nigerian Breweries Nigerian Breweries is a Nigerian brewery, established in 1946, with six breweries throughout the country. It is partially owned by Heineken, the Dutch brewer. Alcoholic Brands
Group volume(a) was 8% higher in the first six months of 2001 compared with the corresponding period in 2000, rising to 37.2 million hectolitres. This increase was due largely to the first time consolidation of Nigerian Breweries, but also to organic growth in sales volume, notably in France and Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. . Sales were up 5% in the United States, but slightly down on last year's level in the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. and Greece Greece, Gr. Hellas or Ellas, republic (2005 est. pop. 10,668,000), 50,944 sq mi (131,945 sq km), SE Europe. It occupies the southernmost part of the Balkan Peninsula and borders on the Ionian Sea in the west, on the Mediterranean Sea in the south, on . Sales were slightly higher in the Asia/Pacific region, but remained stable in Africa (excluding Nigerian Breweries). In most of the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. countries, we were able to maintain or slightly increase our market share. In the countries in which Heineken beer is positioned in the premium segment, sales were 10% higher. The United States, Spain, France, Thailand Thailand (tī`lănd, –lənd), Thai Prathet Thai [land of the free], officially Kingdom of Thailand, constitutional monarchy (2005 est. pop. 65,444,000), 198,455 sq mi (514,000 sq km), Southeast Asia. and Italy Italy (ĭt`əlē), Ital. Italia, officially Italian Republic, republic (2005 est. pop. 58,103,000), 116,303 sq mi (301,225 sq km), S Europe. accounted for most of this growth. Worldwide sales of Heineken beer rose 5% to just over 11 million hectolitres. Amstel The Amstel is a river in the Netherlands which runs through the city of Amsterdam. The Amstel's name is derived from Aeme stelle, old Dutch for "area abounding with water". beer's total sales volume remained stable at 5.2 million hectolitres, with lower volumes in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). being offset by higher sales
of Amstel Light beer in the United States.Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. and net profit Operating profit was 25% higher, rising from EUR 411 million to EUR 513 million. Operating profit as a percentage of net turnover increased from 10.6% to 11.5%. The major contributory con·trib·u·to·ry adj. 1. Of, relating to, or involving contribution. 2. Helping to bring about a result. 3. Subject to an impost or levy. n. pl. factors in this growth were the first time consolidation of subsidiaries, the increased volume, the change in the sales mix and higher selling prices. Exchange rate movements, in particular the stronger US dollar, also had a beneficial effect. Marketing and selling expenses as a percentage of net turnover decreased from 15.3% to 15.0%. Up to year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2000, investments in ICT (1) (Information and Communications Technology) An umbrella term for the information technology field. See IT. (2) (International Computers and Tabulators) See ICL. 1. (testing) ICT - In Circuit Test. projects were not capitalised in view of their minor significance. Reflecting the growing importance of these projects, these expenditures will be capitalised and depreciated Depreciated may refer to:
2. effect on operating profit. The results of non-consolidated companies decreased from EUR 22 million in the first half of 2000 to EUR 12 million this year, mainly reflecting the full consolidation of Nigerian Breweries in 2001. Nigerian Breweries was carried at net asset value in 2000. Interest charges increased from EUR 33 million to EUR 41 million, due partly to newly consolidated companies and partly to higher financing costs in Poland Poland, Pol. Polska, officially Republic of Poland, republic (2005 est. pop. 38,635,000), 120,725 sq mi (312,677 sq km), central Europe. It borders on Germany in the west, on the Baltic Sea and the Kaliningrad region of Russia in the north, on Lithuania, , France and Spain, which were offset to some extent by higher interest income from cash deposits. The average tax burden for the first half of 2001 decreased to 35.2%, as against 37.8% in 2000, largely due to past tax losses, available for compensation in Spain. Net profit from ordinary activities for the first half of 2001 was up 20% compared with the corresponding period last year, rising by EUR 49 million from EUR 249 million to EUR 298 million. Net profit from ordinary activities per share amounted to EUR 0.76, as against EUR 0.64 in 2000 (adjusted for the share split in April 2001). An extraordinary profit after tax of EUR 52 million was realised, in the form of a book profit of EUR 36 million on the sale of the 2% interest in Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. hotel group NH Hoteles SA and an extraordinary cash dividend of EUR 16 million distributed by Whitbread PLC in connection with the sale of its Pubs & Bars Division. Balance sheet A net EUR 260 million was invested in tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → and EUR 220 million in other financial fixed assets in the first six months of 2001. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. increased by EUR 252 million to EUR 2,648 million. Net profit after deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. of the interim dividend contributed EUR 287 million to this increase. Revaluation Revaluation A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. and exchange rate movements added EUR 22 million, but this was offset by writing off goodwill for EUR 57 million. Shareholders' equity per share amounted to EUR 6.76 as at June June: see month. 30, 2001, compared with EUR 6.11 as at December December: see month. 31, 2000 (adjusted for the share split). Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. were higher, reflecting the financing of the shareholding of Heineken N.V. in Brauholding International in Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , and contributing to an increase in the net debt position from EUR 443 million as at year-end 2000 to EUR 552 million as at June 30, 2001. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for the first half-year 2001 amounted to EUR 399 million, as against EUR 282 million for the first half-year 2000. This increase is mainly the result of the higher operating profit, partly offset by an increase in working capital, and the extraordinary profit after tax. Full-year profit forecast for 2001 Based on existing insights Heineken expected net profit growth from ordinary activities for the whole of 2001 to be at least 15%. This expectation was based on the autonomous growth in sales, the improvement in the sales mix as well as the positive effect of exchange rates, mainly the US dollar, and the positive results of subsidiaries consolidated for the first time. However, the dramatic tragedy that occurred yesterday in the United States and its impact on the period to come make it impossible to make a profit forecast. Dividend An interim dividend of EUR 0.16 per share of EUR 2.00 nominal value will be paid on September 24, 2001. Heineken shares will be quoted ex-interim-dividend on September 13, 2001. Amsterdam, September 12, 2001 The Executive Board The analyst meeting will be available live on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the as of 12:30 p.m. CET CET abbr. Central European Time CET Central European Time CET n abbr (= Central European Time) → hora de Europa central CET abbr at www.heinekencorp.com. Heineken is a leading international brewer, marketing some of the most successful brand names worldwide. Heineken N.V. and Heineken Holding N.V. shares are listed on the Amsterdam stock exchange
The Amsterdam Stock Exchange is the former name for the stock exchange based in Amsterdam. . Prices for the ordinary shares may be accessed on Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. under the symbols HEIN Hein is the surname of:
German-born British journalist who founded (1848) Reuter's, one of the first international news agencies. Equities 2000 Service under HEIN.AS and HEHN.AS and on Quotron under HEINN.EU and HKAN.EU. Additional information is available on Heineken's home page: http://www.heinekencorp.com. (a) Group volume comprises sales by consolidated operating companies operating company A business that engages in transactions with outsiders. and sales of Heineken Group brands brewed under licence by third parties.
HEINEKEN N.V.
Consolidated income statement 1 January-30 June 2001(b)
x EUR million
2001 2000
-----------------------------
Net turnover 4,449 3,893
Raw materials, other materials
and services 2,416 2,129
Excise duties 596 519
Personnel costs 696 631
Depreciation and value adjustments 228 203
------------ ------------
Total operating costs 3,936 3,482
------------ ------------
Operating profit 513 411
Earnings of non-consolidated
participating interests 12 22
Interest -41 -33
------------ ------------
Profit from ordinary activities
before taxation 484 400
Taxation -166 -143
------------ ------------
Group profit from ordinary activities
after taxation 318 257
Minority interests -20 -8
------------ ------------
Net profit from ordinary activities 298 249
------------ ------------
Extraordinary profit after taxation 52 -
------------ ------------
Net profit 350 249
============ ============
(b) Unaudited
HEINEKEN N.V.
Segment information by region(c)
x EUR million
1st half 1st half full year
2001 2000 2000
---------- ---------- ----------
Sales proceeds
Europe (including export) 3,738 3,365 7,148
Western hemisphere 555 467 987
Africa/Middle East 349 137 363
Asia/Pacific 234 262 497
Eliminations -492 -398 -1,009
---------- ---------- ----------
Total sales proceeds 4,384 3,833 7,986
Proceeds from services 65 60 121
---------- ---------- ----------
Net turnover 4,449 3,893 8,107
========== ========== ==========
Operating profit
Europe (including export) 394 345 799
Western hemisphere 25 22 46
Africa/Middle East 70 23 36
Asia/Pacific 24 21 40
---------- ---------- ----------
Total 513 411 921
========== ========== ==========
Total assets
Europe (including export) 5,440 4,912 4,685
Western hemisphere 371 311 327
Africa/Middle East 575 335 380
Asia/Pacific 301 336 333
---------- ---------- ----------
6,687 5,894 5,725
Invested cash 706 444 564
---------- ---------- ----------
Total assets as per balance sheet 7,393 6,338 6,289
========== ========== ==========
(c) Unaudited
HEINEKEN N.V.
Consolidated balance sheet as at 30 June 2001(d)
(after interim dividend)
x EUR million
30 June 30 June 31 December
2001 2000 2000
------- ------- --------
Assets
Fixed assets
Tangible fixed assets 3,432 3,169 3,276
Financial fixed assets 685 498 615
------- ------- -------
4,117 3,667 3,891
Current assets
Stocks 724 576 550
Accounts receivable 1,468 1,336 1,024
Securities 27 11 23
Cash 1,057 748 801
------- ------- -------
3,276 2,671 2,398
------- ------- -------
7,393 6,338 6,289
======= ======= =======
Equity and liabilities
Group funds
Shareholders' equity 2,648 2,116 2,396
Minority interests 251 141 124
------- ------- -------
2,899 2,257 2,520
Investment facilities
equalisation account 24 29 26
Provisions 985 957 976
Liabilities
Long-term debt 831 839 875
Current liabilities 2,654 2,256 1,892
------- ------- -------
3,485 3,095 2,767
------- ------- -------
7,393 6,338 6,289
======= ======= =======
(d) Unaudited
HEINEKEN N.V.
Movements in shareholders' equity 1 January - 30 June 2001(e)
x EUR million
2001 2000
------------ ------------
Balance as at 1 January 2,396 2,618
Revaluation 22 8
Goodwill -57 -710
Net profit for first half-year 350 249
Dividend -63 -49
------------ ------------
Balance as at 30 June 2,648 2,116
============ ============
(e) Unaudited
HEINEKEN N.V.
Abridged consolidated cash flow statement 1 January-30 June 2001(f)
x EUR million
2001 2000
------------ ------------
Cash flow from operations 491 416
Interest paid and received -30 -33
Taxation paid on profit -114 -101
Extraordinary profit received 52 -
------------ ------------
Cash flow from operating activities 399 282
Dividends paid -84 -81
------------ ------------
Cash flow from operating activities
less dividends paid 315 201
Cash flow from investing activities
Tangible fixed assets -260 -196
Consolidated participating interests -19 -837
Other financial fixed assets -201 -38
------------ ------------
-480 -1,071
Cash flow from financing activities -2 348
------------ ------------
Net cash flow -167 -522
------------ ------------
Other movements in funds:
Changes in consolidation 99 -37
Exchange rate movements -4 -5
------------ ------------
Movement in net funds -72 -564
============ ============
30 June 31 December
2001 2000
------------ ------------
Net funds comprise:
Cash 1,084 824
Amounts owed to credit institutions -538 -206
------------ ------------
546 618
============ ============
(f) Unaudited
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