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Heineken, pandemic impacts 2020 accounts

Global revenues of 23.77 billion (-16.7%)

Heineken's bill is high due to the global pandemic. The Dutch beer giant recorded a net loss of 204 million euros in 2020, with global revenues down by 16.7% to 23.77 billion euros. “We have taken diligent cost mitigation actions balanced by ongoing investments in our growth platforms. We have gained share in most of our key operations, testifying to the company's ability to adapt and stay close to customers and consumers in these turbulent times", says a press release. The company will seek to bring operating profit margins back from 12.3% recorded over the past year to 17% by 2023, while improving "speed, agility and external orientation".

To address this exceptional crisis, Heineken announced an inevitable cut of 8,000 jobs, as part of a two-year savings plan of € 2 billion. The job cuts will mainly affect the headquarters with a reduction of around 20 percent in personnel costs. The company has proposed an annual dividend of 70 cents per share for 2020, down 58% from the previous year.

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EFA News - European Food Agency
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