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Heineken reports 9.7% increase in revenue
By Shaun Weston
16 February 2011
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On an organic basis, a net profit (beia) increase of 19.7%, driven by solid EBIT (beia) growth and lower interest expense. Net profit was up 41% to €1,436m partly due to changes in consolidation scope.
Organic EBIT (beia) growth of 8.6% as cost saving initiatives, improved pricing and sales mix and higher profit from Heineken’s joint ventures exceeded the effect of lower volume and revenue.
Heineken brand premium volume growth of 3.4%, further strengthening its position as the world’s leading international premium beer.
Successful completion of the integration of the beer operations of Femsa. On a pro forma basis, EBIT (beia) of these operations increased 44% to €397m for the 12-month period ending December 2010. Pre-tax cost synergies of €42m have already been realised.
Total Cost Management (TCM) programme delivered €280m pre-tax savings in 2010.
Strong free operating cash flow generation of €1,993m resulting in a Net debt/Ebitda (beia) ratio of 2.2x, achieving target of below 2.5x ahead of plan.<
Proposed total dividend of €0.76 per share for 2010 over an enlarged number of shares outstanding (2009: €0.65).
Source: Heineken
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