Heineken Withdraws 2020 Guidance, Expects 1Q Coronavirus Hit to Worsen in 2Q
08 Abril 2020 - 03:46AM
Dow Jones News
By Joe Hoppe
Heineken Holding NV said Wednesday that it will withdraw its
financial guidance for 2020 as beer volumes for its first quarter
fell in the face of the coronavirus pandemic.
The Amsterdam-based brewer--which also owns the Sol, Birra
Moretti and Tiger beer brands--said it was facing a "significant
impact" on its markets as governments around the world implement
stringent restrictions on movement to curb the spread of the
disease.
The company said that for the first quarter of 2020 it expects
to announce a consolidated total volume decrease of around 4%
organically, with beer volume loss of around 2%, and it expects the
hit to worsen into the second quarter.
Heineken said it has a strong balance sheet to navigate the
crisis, with undrawn credit facilities and recently secured
additional financing on the debt capital market. It said it will
soon provide details on mitigating actions to preserve its cost
base.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
April 08, 2020 02:31 ET (06:31 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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