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4-Traders Homepage  >  Equities  >  Euronext Amsterdam  >  Heineken    HEIA   NL0000009165

HEINEKEN (HEIA)

Real-time Quote. Real-time Tradegate - 08/31 09:56:29 am
80.57 EUR   -0.10%
08/17 Carlsberg says to tackle underperforming businesses
08/03 HEINEKEN : ex-dividend day for interim dividend
08/02 HEINEKEN : NV H1 Profit Up 12.6%
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Carlsberg says to tackle underperforming businesses

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08/17/2016 | 11:02am CEST
Bottles of Carlsberg beer are seen in a bar in St. Petersburg

Danish brewer Carlsberg promised to address poorly performing parts of its business after half-year results came in slightly below expectations on Wednesday, sending its shares down by 4 percent.

The Copenhagen-based company said it was sticking to a forecast for full-year organic operating profit growth in the low-single figures in percentage terms.

Chief Executive Cees 't Haart, who took the job in June 2015, indicated that more changes would be made as part of his seven-year strategy to boost growth.

"We have a number of operations which are not contributing in the way that we would have liked. We are evaluating these and we are taking action," the Dutchman told reporters.

Soon to become the third largest brewer in the world behind Heineken following the planned mega-merger of AB Inbev and SAB Miller, the group last week announced the sale of its 59 percent share in African subsidiary Carlsberg Malawi Limited to local Castel Group.

The chief executive said more assets were "on the list" to be divested but declined to name them in order not to weaken his negotiating position. His plan is to focus on big cities, craft beer and core markets.

As part of his strategy, Carlsberg has shed 2,080 white collar employees, sold assets in Britain, closed 11 breweries in China and written down the value of its ailing Russia business.

GLASS HALF FULL?

By 0820 GMT, Carlsberg shares were down 3.9 percent at 653 Danish crowns after the company reported a six-month operating profit before special items of 3.45 billion Danish crowns (400 million pounds), down 4 percent from same period last year.

Total sales volumes fell 1 percent due to lower volumes in countries such as Britain, Poland and Finland, but organic revenue grew by 4 percent.

Analysts said it was not all doom and gloom.

"The new strategy of finding a balance between volume growth and value creation is already showing its effects," said Sydbank analyst Morten Imsgard.

Carlsberg maintained its 2016 profit outlook but the impact on operating profit from foreign exchange was raised to 600 million Danish crowns from 550 million.

Carlsberg has faced problems in Russia because of tighter regulations and a weak economy, but showed improvements in its Eastern European region with stable volumes and an 8 percent increase in net revenue organic growth over the six months.

Rival brewer Heineken delivered a slightly better than expected half year result in August, with Western Europe and Asia Pacific offsetting weak markets in Russia and Africa.

The world's largest brewer, Belgium based AB Inbev reported quarterly profit slightly below expectations after economic problems in Brazil hit sales.

(Editing by Keith Weir)

By Nikolaj Skydsgaard

Stocks treated in this article : Heineken, Carlsberg A/S, Anheuser-Busch Interbrew, SABMiller plc
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Financials (€)
Sales 2016 20 699 M
EBIT 2016 3 459 M
Net income 2016 1 820 M
Debt 2016 11 088 M
Yield 2016 1,75%
P/E ratio 2016 25,33
P/E ratio 2017 21,84
EV / Sales 2016 2,78x
EV / Sales 2017 2,67x
Capitalization 46 455 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 86,2 €
Spread / Average Target 6,8%
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Managers
NameTitle
Jean-François M. L. van Boxmeer Chief Executive Officer
Gerardus Johannes Wijers Chairman-Supervisory Board
Laurence Debroux Chief Financial Officer
Maarten Das Member-Supervisory Board
Michel Rey de Carvalho Member-Supervisory Board
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Sector and Competitors
1st jan.Capitalization (M$)
HEINEKEN0.96%51 787
ANHEUSER-BUSCH INTERBR..-1.57%202 782
SABMILLER PLC7.68%93 692
AMBEV SA9.28%93 541
HEINEKEN HOLDING2.35%23 334
MOLSON COORS BREWING C..9.78%22 143
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