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Heineken over expectations: revenue +5.7%

Year-on-year increase in organic revenues to € 10.47 bn

Consolidated beer volume +2.6% with growth in all regions

The Dutch brewer, whose brands include Heineken, Tiger and Amstel, released its half year results for 2017 on Monday, reporting a 5.7% year-on-year increase in organic revenues to € 10.47 billion in the six months to the end of June. Overall, Heineken pulled in a net profit (beia) of € 1.04 million, up 10.5% organically, while operating profits increased 11.8% year-on-year to € 1.8 billion, compared with an average forecast of a 4.8%.

Consolidated beer volumes across Heineken’s portfolio of brands grew by by 2.6% in the first half, off the back of a strong second quarter, with organic volumes up in all four regions. The brewer attributed this uplift to “Easter timing, good weather particularly in Europe and easier comparatives than in the first quarter". Asia Pacific led the pack with a 6.3% growth, followed by the Americas, Europe and Africa Middle East and Eastern Europe.

In comparison, volumes of the Heineken branded beer increased by 3.9% in the first half, with growth in all regions apart from Asia Pacific “where lower volume in China and Vietnam weighed negatively”, contributing to a 7.1% slide.

The biggest increase in Heineken brand volumes was seen in the Americas market, which increased by 8.4%, followed by Europe 5.9%, and Africa Middle East and Eastern Europe at 4.4%.

Jean-François van Boxmeer, coo, chairman of the executive board, said: “We delivered strong results in the first half year, with all four regions contributing positively to organic growth in volume, revenue and operating profit. Europe delivered a good performance, momentum remained strong in Americas and Asia Pacific, and results improved in Africa Middle East & Eastern Europe despite continued difficult market conditions. A well-balanced global footprint, sustained investment in our beer and cider brands, market leading innovations and a focus on premiumisation continue to differentiate our strategy and underpin our progress. During the period we also completed the acquisitions of Brasil Kirin and Lagunitas. Whilst economic conditions are likely to remain volatile, our expectations for the full year are unchanged”.

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