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Heineken’s strong global footprint leaves big shoes to fill - analysis

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99r8这是只有精品视频20This week featured what analysts have dubbed a "big 24 hours" for the world's second-largest brewer.

Heineken has boosted its global presence under van Boxmeers tenure

Heineken has boosted its global presence under van Boxmeer's tenure

Late Tuesday saw Heineken announce departure plans for long-time CEO Jean-François van Boxmeer. Then on Wednesday morning, the company released its full-year 2019 results.

During the 12 months of 2019, the brewer maintained mid-single-digit sales growth, with the top-line lifting by 5.6%, on 2018. All four reporting regions enjoyed sales growth, with Asia-Pacific leading the charge, leaping 10.9% to EUR3.2bn (US$3.48bn).

Offering a closer look at the company's volumes performance, Bernstein analyst Trevor Stirling summarises the key geographies.

He says Heineken's 3.1% organic beer volume growth for 2019 was "led by Asia Pacific (+11.8%) on the back of Vietnam and Cambodia strength". Africa Middle East & Eastern Europe saw a "solid 1.6%, as weakness in Nigeria was offset by strength in other countries". Elsewhere, Stirling says the Americas reporting region delivered 2.6% volumes growth, "overcoming weak Brazilian macro and the phasing out of the OXXO exclusivity in Mexico". However, tough World Cup and weather comparisons resulted in Europe being down 0.2%.

It is not only this global reach that continues to create optimism when it comes to Heineken's future.

"Given the footprint and growth strategy, Heineken continues to be well-placed to deliver superior top-line growth," writes Jefferies analyst Edward Mundy. As well as a wider geographical footprint, Mundy also champions the company's broader portfolio. He says the current growth strategy is "focused on widening Heineken's reach beyond core markets, into new beverages categories and with new business models".

99r8这是只有精品视频20It looks like this optimism will continue, even without van Boxmeer at the helm.

"Over the past 15 years, Jean-Francois van Boxmeer has overseen a geographical transformation of the group, ensured Heineken's independence, and reshaped the Western European supply chain," writes Mundy. He points out that shares have quadrupled since van Boxmeer became CEO in 2005.

99r8这是只有精品视频20While that makes for some large shoes to fill, Mundy foresees an "orderly handover to Dolf van den Brink who comes with a sales/marketing/commercial background and experience across each geography" (van den Brink is currently the brewer's Asia-Pacific president).

Of course there will likely be "some tweaks" to both people and strategy, but Mundy does not anticipate a major refocus away from "the pursuit of superior top-line growth".

99r8这是只有精品视频20Perhaps van Boxmeer and van den Brink wear the same size shoes after all.

Van Boxmeer leaves behind a more worldly Heineken as CEO dances out the door - comment


Sectors: Beer & cider, Company results

Companies: Heineken

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