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  • Heineken

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    Nienke Ozinga
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    Heineken saw a decrease in revenue from 2019 to 2020 but kept expenses relatively consistent as a percentage of revenue. Operating profit decreased significantly from 12.74% to 3.27% of revenue due to higher amortization, depreciation, and impairments expenses. Overall profit decreased from 8.32% to 0.37% of revenue between the two years. InBev also saw revenue decrease from 2019 to 2020. However, costs of sales decreased as a percentage of revenue while SG&A expenses remained steady. Normalized profit from operations decreased from 31% to 27% of revenue. EBITDA margins decreased slightly from 40% to 36% due to higher non-recurring impairment expenses in 2020.

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    Heineken saw a decrease in revenue from 2019 to 2020 but kept expenses relatively consistent as a percentage of revenue. Operating profit decreased significantly from 12.74% to 3.27% of revenue due to higher amortization, depreciation, and impairments expenses. Overall profit decreased from 8.32% to 0.37% of revenue between the two years. InBev also saw revenue decrease from 2019 to 2020. However, costs of sales decreased as a percentage of revenue while SG&A expenses remained steady. Normalized profit from operations decreased from 31% to 27% of revenue. EBITDA margins decreased slightly from 40% to 36% due to higher non-recurring impairment expenses in 2020.

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    14 views1 page

    Heineken

    Uploaded by

    Nienke Ozinga
    Heineken saw a decrease in revenue from 2019 to 2020 but kept expenses relatively consistent as a percentage of revenue. Operating profit decreased significantly from 12.74% to 3.27% of revenue due to higher amortization, depreciation, and impairments expenses. Overall profit decreased from 8.32% to 0.37% of revenue between the two years. InBev also saw revenue decrease from 2019 to 2020. However, costs of sales decreased as a percentage of revenue while SG&A expenses remained steady. Normalized profit from operations decreased from 31% to 27% of revenue. EBITDA margins decreased slightly from 40% to 36% due to higher non-recurring impairment expenses in 2020.

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    of 1

    Heineken 2020 2019

    Absolute Relative Absolute Relative


    Revenue 23770 X 28521 X
    Excise tax expense 4055 17,06 4552 15,96
    Other income 56 0,24 95 0,33
    Raw materials, consumables, and 12450 52,38 14592 51,16
    services
    Personnel expences 3669 15,44 3880 13,60
    Amortisation, depreciation and 2874 12,10 1959 6,89
    impairments
    Total other expences 18993 79,90 20431 71,63
    Operating profit 778 3,27 3633 12,74
    Interest income 50 0,21 75 0,26
    Interest expences 497 2,09 529 1,85
    Other net finance expences 143 0,60 59 0,21
    Net finance expences 590 2,48 513 1,80
    Share of profit of associates and 31 0,13 164 0,58
    joint ventures
    Profit before income tax 157 0,66 3284 11,51
    Income tax expense 245 1,03 910 3,19
    Profit/loss 88 0,37 2374 8,32

    InBev 2020 2019


    Absolute Relative Absolute Relative
    Revenue 46881 X 52329 X
    Cost of sales 19634 42,00 20362 39,00
    Gross profit 27247 58,00 31967 61,00
    SG&A 15368 33,00 16421 31,00
    Other operating 845 2,00 875 2,00
    income/(expences)
    Normalized profit from 12723 27,00 16421 31,00
    operations
    Non-recurring items 3103 7,00 323 1,00
    Profit from operations 9620 21,00 16098 31,00
    Depreciation, amortization and 4598 10,00 4657 9,00
    impairment
    Non-recurring impairment 2733 6,00 X 0,00
    Normalized EBITDA 17321 37,00 21078 40,00
    EBITDA 16951 36,00 20755 40,00

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