Heineken shares rise after strong recovery
Shares in Heineken rose after the Dutch brewer beat analysts’ expectations for 2012 earnings with a strong recovery in Europe in the second half of the year.
Net profits more than doubled to €2.9 billion due to one-off transactions related to the company’s acquiring full control of its Asia Pacific Breweries subsidiary, maker of Tiger beer. Excluding exceptional items, net profits rose 7 per cent year on year to €1.7 billion.
The recovery in Europe in the second half of 2012 was partly thanks to strong sales during the Olympics in Britain. But demand in Europe remained generally weak. The company’s broader strategy is to increase its exposure to younger, faster-growing emerging markets, which grew to 64 per cent of its volume in 2012. – (Copyright The Financial Times Limited 2013)