Page last updated at 08:44 GMT, Wednesday, 27 August 2008 09:44 UK

S&N purchase hits Heineken profit

Heineken beer
Heineken is a global beer brand

Dutch brewer Heineken has reported a slight dip in half-year profits as a result of the cost of its part purchase of UK firm Scottish & Newcastle (S&N).

Heineken and Denmark's Carlsberg bought S&N for 7.8bn in a joint deal in April this year, with Heineken taking control of S&N's UK operations.

The cost of the deal meant Heineken's net profit for the first half of 2008 fell 1.5% to 540m euros ($794m; 431m).

At the same time, S&N's sales helped Heineken's revenues rise by 17.1%.

Revenues for the group totalled 6.4bn euros, up from 5.5bn euros a year earlier.

"This is a good first half performance, demonstrating our competitiveness against a background of weaker economies and increased input costs," said Heineken chief executive Jean-Francois van Boxmeer.

"The integration of the Scottish & Newcastle businesses into Heineken is proceeding swiftly," he added.

"We have identified an additional 25m of synergies and we have the people, brands and ideas that will allow us to fully exploit our leadership of the highly profitable European beer market."




SEE ALSO
EU backs Heineken's S&N takeover
03 Apr 08 |  Business
S&N shareholders approve takeover
31 Mar 08 |  Business
Heineken warns of higher prices
20 Feb 08 |  Business
Brewer S&N agrees 7.8bn takeover
25 Jan 08 |  Business
Heineken buys brewer in Belarus
28 Dec 07 |  Business

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