AMSTERDAM-- Heineken NV said it expects a gradual recovery of
the global economy will support growth of its business in the year
ahead, although demand in Europe is seen remaining weak after sales
there weighed on 2013 earnings.
Heineken, the world's No. 3 brewer by sales--whose brands
include Amstel and Sol as well as its eponymous lager--said
Wednesday revenue for full-year 2013 rose 4.5% to 19.20 billion
euros ($26.2 billion) from EUR18.38 billion a year earlier. Growth
was helped by the acquisition of Asian Pacific Breweries, or APB,
in November 2012.
On an organic basis, the Dutch beer maker's revenue was down
0.9% in 2013 on lower sales in Europe.
Net profit in the past year was down 53% to EUR1.36 billion,
compared with EUR2.91 billion in the year-ago period, when it
benefited from a book gain of the stake in APB it had already owned
before the acquisition of the Asian brewer.
"2013 was a challenging year as slower economic growth in a
number of key markets and adverse regulatory developments impacted
performance," Chief Executive Jean-François van Boxmeer said.
The Amsterdam-based company said it forecasts a gradual recovery
in the global economy to support improved trading conditions in
several of its main markets, with expected volume growth in
developing markets in Africa, the Middle East, Asia Pacific and
Latin America, and lower consumption seen in Europe. Overall,
organic revenue is projected to grow in 2014.
Heineken cautioned, however, that exchange-rate movements would
hurt revenue and profits this year.
Write to Robin van Daalen at Robin.VanDaalen@wsj.com
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