Heineken Net Profit Increases 10.5%.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. 8, 1999-- Heineken N.V., the leading international brewer, announced this morning that the company's net profit for the first half of 1999 had risen by 10.5%, compared with the first half of 1998 an increase of E20 million, from E190 million to E210 million ($217 million). -- Growth in profit for 1999 as a whole is expected to be well above 10%. -- Net profit per share for the first six months of 1999 rose from E0.60 to E0.67 ($0.69). -- Net turnover increased by 9% from E3,103 million to E3,390 million ($3,509 million), an increase of E287 million. -- Total beer sales, including new consolidations, rose by 13% to 30.5 million hectoliters in the first half of 1999 compared with the first half of 1998. Including the hectoliters of beer of minority participations brewed under Heineken's supervision, the total sales volume rose to 37.4 million hectolitres in the first half year of 1999. -- Sales of the Heineken brand rose by 2% to 9.8 million hectolitres and sales of the 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". brand increased by 5% to 3.7 million hectolitres. -- Net turnover, excluding new consolidations, increased due to positive changes in the sales mix sales mix See product mix. . Higher sales volumes were realized in a number of countries. 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. sales increased by 15%. A number of Asian markets also showed a slight recovery in volume. In France, however, there was a drop in sales in the low-priced segment. The volume of sales in Africa was lower as well. Note: US Dollar equivalents are provided for reader convenience at the June June: see month. 30, 1999 exchange rate of 1 E = US$1.03510 1 E = 1 Euro = NLG NLG The ISO 4217 currency code for the Dutch Guilder. 2.20371 On September September: see month. 17, 1999 an interim dividend of NLG 0.30 per share with a par value of NLG 5.00 will be payable. The ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. for the Heineken shares is September 9. Notes Net turnover In the first six months of 1999 net turnover increased by E287 million to E3,390 million ($3,509 million), a growth of 9% compared with the first half of 1998. 8% of this growth was the result of consolidating a number of recently acquired companies, in particular 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, . An improvement in the sales mix and higher selling prices had a positive impact on turnover of 2%, while changes in exchange rates had a net negative effect of 1%. Total beer sales in the first half of 1999 increased by 13% to 30.5 million hectolitres compared to the corresponding period of 1998. The increase was mainly attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the consolidation of Zywiec in Poland although the selling price levels in Poland are lower than the average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. levels of the company. Excluding new consolidations, sales showed a varied picture. For some markets an increase could be seen, e.g. the United States where sales increased by 15%. A number of Asian markets also showed a slight recovery in volume. In France, however, there was a drop in the low-priced segment. In Africa, sales also decreased. New consolidations aside, net turnover increased as result of the positive changes in the sales mix, whereas total sales were on balance largely in line with those of the same period last year. In most European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. countries the company managed to keep or even increase its market share. Global sales of the Heineken brand rose by 2% to 9.8 million hectolitres while sales of the Amstel brand rose by 5% to 3.7 million hectolitres. Including the hectolitres of beer of minority participations brewed under Heineken's supervision, the total sales volume rose to 37.4 million hectolitres in the first half year of 1999. 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 rose from E307 million to E353 million ($365 million), an increase of 15%. An important positive influence can be attributed to the new consolidations and the change in the sales mix. On the whole, the changes in exchange rates had a negligible  This article or section is written like a personal reflection or and may require .Please [ improve this article] by rewriting this article or section in an . effect on operating profit. Marketing and selling expenses - expressed as a percentage of net turnover - rose from 14.9% to 15.0%. Operating profit - expressed as a percentage of net turnover - amounted to 10.4% compared with 9.9% in the first half of 1998. Earnings of non-consolidated participations rose to E14 million ($15 million), an improvement of E3 million compared to the same period of last year, mainly as a result of a timing difference in the receipt of dividends. Interest charges increased from E7 million to E20 million ($21 million). This increase was the result of new consolidations as well as new borrowings in relation to last year's acquisitions. The average tax burden for the first half year rose to 39.6% compared to 38.5% in 1998. This increase was due to losses in a number of countries for which there was no possibility of tax relief. Net profit for the first half of 1999 increased by 10.5% compared with the same period in 1998. Increasing by E20 million, from E190 million to E210 million ($217 million), amounting to E0.60 and E0.67 ($0.69) per share respectively. Balance sheet In the first six months of 1999 a net amount of E259 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 E39 million in financial fixed assets and 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: participations. 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 E140 million to E2,439 million. Net profit - after the interim dividend contributed E167 million to this, however, goodwill amounting to E30 million was charged to equity. 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 currency translations generally had a positive impact on shareholders' equity of E3 million. Net equity per share amounted to E7.78 on June 30, 1999 compared with E7.33 on December December: see month. 31, 1998. The cash position showed a slight decline in comparison with December 31, 1998 as a result of acquisitions. Cash flow from operating activities in the first half of 1999 was E237 million ($245 million) versus E113 million in the same period last year. This rise is mainly due to a higher operating profit and lower working capital. Outlook for 1999 as a whole The company expects the increase in net profit for 1999 as a whole to be well above 10%. The improvement in sales mix and selling prices is expected to continue in the second half year. Sales are expected to develop more favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. than in the first half year. Dividend An interim dividend of NLG 0.30 per share with a par value of NLG 5.00 will be payable on September 17, 1999. The ex-dividend date for the Heineken shares is September 9. Heineken is a leading international brewer, marketing some of the most successful brand names worldwide. Heineken N.V. and Heineken Holding N.V. shares are listed on the Amsterdam stock exchange
The Amsterdam Stock Exchange is the former name for the stock exchange based in Amsterdam. . Prices for the ordinary shares may be accessed on Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. under the symbols HEIN Hein is the surname of:
German-born British journalist who founded (1848) Reuter's, one of the first international news agencies. Equities 2000 Service under HEIN.AS and HEHN.AS and on Quotron under HEINN.EU and HKAN.EU. Additional information is available on Heineken's home page: http://www.heineken.nl. -0-
HEINEKEN N.V.
Consolidated Statement of Income January 1 - June 30,1999(a)
(in millions)
1999 1998
US$(b) Euros Euros Euros Euros
Net turnover 3,509 3,390 3,103
Raw materials, other
materials and services 1,921 1,856 1,706
Excise duties 479 463 418
Personnel costs 558 539 507
Depreciation and value
adjustments 185 179 165
Total operating
expenditure 3,143 3,037 2,796
Operating profit 365 353 307
Earnings of non-
consolidated participations 15 14 11
Interest (21) (20) (7)
Profit on ordinary
activities before taxation 359 347 311
Taxation (137) (132) (115)
Group profit on ordinary
activities after taxation 222 215 196
Minority interests (5) (5) (6)
Net profit 217 210 190
Breakdown of the net turnover
in millions of Euros
Sales proceeds half-year 1999 half-year 1998 year 1998
-------------- -------------- ---------
US$ Euros Euros Euros
Europe 2,528 2,442 2,125 4,345
Western Hemisphere 445 430 363 834
Africa 173 167 202 333
Asia Pacific 309 299 344 626
3,455 3,338 3,034 6,138
Proceeds from services 54 52 69 134
3,509 3,390 3,103 6,272
(a) The mentioned figures are unaudited.
(b) US Dollar equivalents are provided for reader convenience at the
June 30, 1999 exchange rate of 1 E = US$1.03510
HEINEKEN N.V.
Consolidated Balance Sheet as at June 30, 1999(a)
(after interim dividend)
(in millions)
June 30, 1999 June 30, 1998 Dec 31, 1998
US$(b) Euros Euros Euros
Assets
Fixed assets
Tangible fixed assets 3,049 2,946 2,643 2,643
Financial fixed assets 446 431 504 490
3,495 3,377 3,147 3,133
Current assets
Stocks 579 559 569 452
Accounts receivable 1,247 1,205 1,131 775
Securities 27 26 44 49
Cash at bank and in hand 879 849 601 899
2,732 2,639 2,345 2,175
6,227 6,016 5,492 5,308
Liabilities
Group funds
Shareholders' equity 2,525 2,439 2,309 2,299
Minority interests 251 243 201 256
2,776 2,682 2,510 2,555
Investment facilities
equalization account 35 34 42 38
Provisions 784 757 731 733
Debts
Long-term debts 576 557 448 522
Current liabilities 2,056 1,986 1,761 1,460
2,632 2,543 2,209 1,982
6,227 6,016 5,492 5,308
(a) The mentioned figures are unaudited.
(b) US Dollar equivalents are provided for reader convenience at the
June 30, 1999 exchange rate of 1 E = US$1.03510
HEINEKEN N.V.
Consolidated Statement of Income January 1 - June 30,1999(a)
(in millions)
1999 1998
NLG NLG NLG NLG
Net turnover 7,471 6,837
Raw materials, other
materials and services 4,090 3,760
Excise duties 1,021 922
Personnel costs 1,188 1,117
Depreciation and value
adjustments 394 363
Total operating expenditure 6,693 6,162
Operating profit 778 675
Earnings of non-consolidated participations 31 25
Interest - 43 - 15
Profit on ordinary activities
before taxation 766 685
Taxation - 291 - 254
Group profit on ordinary
activities after taxation 475 431
Minority interests - 12 - 13
Net profit 463 418
Breakdown of the net turnover
in millions of guilders
Sales proceeds half-year 1999 half-year 1998 year 1998
-------------- -------------- ---------
NLG NLG NLG
Europe 5,381 4,682 9,574
Western Hemisphere 948 800 1,839
Africa 368 446 735
Asia Pacific 659 757 1,380
7,356 6,685 13,528
Proceeds from services 115 152 294
7,471 6,837 13,822
(a) The mentioned figures are unaudited
HEINEKEN N.V.
Consolidated Balance Sheet as at June 30, 1999(a)
(after interim dividend)
(in millions)
June 30, 1999 June 30, 1998 Dec 31, 1998
NLG NLG NLG
Assets
Fixed assets
Tangible fixed assets 6,492 5,825 5,824
Financial fixed assets 950 1,110 1,080
7,442 6,935 6,904
Current assets
Stocks 1,232 1,254 996
Accounts receivable 2,655 2,491 1,708
Securities 57 97 107
Cash at bank and in hand 1,871 1,325 1,982
5,815 5,167 4,793
13,257 12,102 11,697
Liabilities
Group funds
Shareholders' equity 5,375 5,088 5,066
Minority interests 535 443 564
5,910 5,531 5,630
Investment facilities
equalization account 75 92 83
Provisions 1,668 1,612 1,615
Debts
Long-term debts 1,227 987 1,151
Current liabilities 4,377 3,880 3,218
5,604 4,867 4,369
13,257 12,102 11,697
(a) The mentioned figures are unaudited.
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