HEINEKEN PROFIT UP 11%
IN FIRST HALF OF 2002
...for the whole year 2002,
expectations are equally positive
Review
Forecast
Anthony Ruys, Chairman of the Executive
Board, drinking a Heineken beer after the
presentation of the half year results in
September 2002
ANTHONY RUYS
For the first half of 2002 net profit on ordinary activities of
Heineken N.V. rose by 11%, from EUR 298 million to EUR 330
million. Our net turnover in the first half of 2002 increased by
11% (EUR 509 million) to EUR 4,958 million. For the whole year
2002, expectations are equally positive.
Heineken continues to prove its value as a solid performer on
financial markets. The growth oriented strategy of former
Chairman of the Executive Board Karei Vuursteen is being
successfully continued by his successor, Anthony Ruys. Recent
acquisitions in Egypt, Lebanon, Costa Rica, Panama and
Kazakhstan indicate a bright future for Heineken across the globe.
In the first six months of this year, worldwide sales of Heineken
beer in the premium segment were 6% higher at 8.8 million
hectoliters. In particular, the United States, Spain, Poland,
Singapore and Thailand accounted for most of this growth. Total
sales of Heineken beer increased from 11 million hectoliters to
11.4 million hectolitres (4%). Sales of Amstel beer, at 5.1 million
hectolitres, remained at the same level as in 2001, with higher
sales in the United States and Africa compensating for lower
volumes in Europe. Sales of international specialty beers rose by
13% to 591,000 hectolitres, with Desperados and Affligem in
particular selling extremely well.
Growth in operating profit in the second half-year will be stronger
than in the first six months of 2002. Improvements in sales mix
and selling prices will continue in the second half of the year.
However, growth in sales volume will be curtailed by the bad
weather in large parts of Europe in the summer of 2002.
Moreover, the tax burden and the minority interests in the net
profit will be higher than in the first half-year. The recent
movements in the value of the dollar will have little effect on
profit. On this basis, the company expects an increase in net
profit on ordinary activities for 2002 as a whole to be in line with
the percentage growth in the first half of 2002.
