Heineken Profits Go Flat
Heineken reported a 33% decrease in net profit for 2004 placing blame on the weak dollar and a write-down on the value of a Brazilian subsidiary.
The company’s net profit went down to 537 million euros ($706 million), which is 32.7% lower than the 2003’s number. Operating profit went up 2.1% to 1.25 billion euros on sales of 10.01 billion, an increase of 8.1%.
A Turkish Press article says:
“Net profit suffered from adverse currency movements, one-off items including a 190 million-euro write-down on the group’s stake in Brazilian brewer Kaiser, and higher goodwill amortisation.
Looking ahead to 2005, Heineken said it expected further organic growth, but that it ‘will not exceed mid-single digits’ taking into account the impact of a 100-million-euro increase in marketing and innovation expenditures.”
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