Heineken N.V.
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Publicatie datum
22 aug 2008 - 08:21
Statutaire naam
Heineken N.V.
Titel
Heineken increases synergy forecast for S&N acquisition
Bericht
Publishes S&N pro forma financial information, announces new accounting policy for joint ventures
Amsterdam, 22 August 2008 – Heineken N.V. announced today that it has substantially completed its review of the acquired Scottish & Newcastle (S&N) businesses:
· It has increased the expected pre-tax synergies from the acquired (S&N) businesses to GBP 145 million from GBP120 million previously (EUR 184 million and EUR 142 million respectively at GBP/EUR 1.27), to be achieved in four years. At the end of August 2008, EUR 60 million of annualised cost synergies have already been realised.
· It has prepared the unaudited provisional condensed opening balance sheet from 1 May 2008. In addition Heineken has compiled unaudited, pro-forma condensed income (beia) information for the whole of calendar year 2007 for the acquired S&N businesses. The adjustments have no effect on cash flows.
· It has refinanced in part its bank credit facilities related to the S&N acquisition through the raising of EUR 742 million of new long-term debt.
In addition, Heineken announced that it has changed the accounting treatment of joint ventures in the Group’s reporting from the proportional consolidation method to the equity method as from 1 January 2008. The comparative figures have been adjusted for this change.
Heineken will host an analyst and investor conference call in relation to these announcements today at 9:00am CET. The call will be audiocast live via the company website http://www.heinekeninternational.com/webcast/investors, and will be available for download afterwards. Analysts and investors can call in using the follow telephone numbers:
The Netherlands The United Kingdom
Toll Free: 0800 - 265 8591 Toll Free: 0800 - 358 2280
Local line+31 (0)20 - 796 5332 Local line: + 44 (0) 20 8515 2301
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