Brief: Heineken H1 Operating Profit Drops 22.2% YOY, to EUR 1,611 Mln

Heineken Holding NV

31/07/2023 06:11

July 31 (Reuters) - Heineken NV  HEIN.AS :
    * H1 REVENUE GROWTH 6.3%
    * REVENUE FOR FIRST HALF OF 2023 WAS 17,436 MILLION (2022:
16,401
MILLION)
    * H1 OPERATING PROFIT EUR 1,611 MILLION, -22.2% YOY
    * H1 NET PROFIT EUR 1,156 MILLION, -8.6% YOY
    * IN SECOND HALF OF 2023, WE EXPECT SIGNIFICANTLY IMPROVED
OPERATING PROFIT (BEIA) GROWTH
    * H1 NET REVENUE (BEIA) 6.6% ORGANIC GROWTH; PER HECTOLITRE
12.7%
    * H1 OPERATING PROFIT GROWTH -22.2%; OPERATING PROFIT (BEIA)
ORGANIC GROWTH -8.8%
    * H1 DILUTED EPS EUR 2.04; DILUTED EPS (BEIA) EUR 2.03
    * H1 NET PROFIT GROWTH -8.6%; NET PROFIT (BEIA) ORGANIC
GROWTH
-11.6%
    * CALCULATED NEGATIVE CURRENCY TRANSLATIONAL IMPACT WOULD BE
APPROXIMATELY EUR 780 MILLION IN NET REVENUE (BEIA)
    * CALCULATED NEGATIVE CURRENCY TRANSLATIONAL IMPACT WOULD BE
APPROXIMATELY EUR 110 MILLION AT CONSOLIDATED OPERATING PROFIT
(BEIA)
    * CALCULATED NEGATIVE CURRENCY TRANSLATIONAL IMPACT WOULD BE
APPROXIMATELY AND EUR 30 MILLION AT NET PROFIT (BEIA)
    * AS A RESULT, AN INTERIM DIVIDEND OF EUR 0.69 PER SHARE
(2022:
EUR 0.50) WILL BE PAID ON 10 AUGUST 2023
    * IN H2 PRODUCTIVITY SAVINGS DELIVERING AT LEAST EUR 300
MILLION,
CUMULATIVELY WELL-AHEAD OF EUR 2 BILLION GROSS SAVINGS TARGET
    * OVERALL, OUR UPDATED EXPECTATION FOR FULL YEAR OF 2023 IS
STABLE
TO A MID-SINGLE-DIGIT OPERATING PROFIT (BEIA) ORGANIC GROWTH
    * WE ALSO ANTICIPATE AN AVERAGE INTEREST RATE FOR YEAR OF
AROUND
3.2% (2022: 2.8%)
    * OTHER ASSUMPTIONS ON CAPEX AND EFFECTIVE TAX RATE ARE
UNCHANGED
    * WE EXPECT A STRONG TURNAROUND IN OPERATING PROFIT (BEIA)
GROWTH
IN THE SECOND HALF AND FOR THE FULL YEAR EXPECT STABLE TO A
MID-SINGLE-DIGIT OPERATING PROFIT (BEIA) ORGANIC GROWTH - CEO

Source text for Eikon:  ID:nGNE73MPf5 
Further company coverage:  HEIN.AS 

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