Cheers To No Cheers: Heineken Closes Russian Operations, Takes €300M Loss
Portfolio Pulse from Lekha Gupta
Heineken NV has closed the sale of its Russian operations to Arnest Group, taking a non-cash exceptional loss of €300 million. The company sold the Russian business for €1 and transferred all remaining assets, including seven breweries. Heineken expects the deal to have a negligible impact on diluted EPS and no impact on the FY23 outlook. The company's H1 2023 revenue grew by 6.3% Y/Y to €17.44 billion, but EPS declined by 7.3% Y/Y to €2.04.
August 25, 2023 | 12:14 pm
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NEGATIVE IMPACT
Heineken's closure of its Russian operations and the resulting €300 million loss could potentially impact the company's stock price. However, the company expects the deal to have a negligible impact on diluted EPS and no impact on the FY23 outlook.
The closure of Heineken's Russian operations and the resulting €300 million loss could potentially impact the company's stock price. However, the company's expectation that the deal will have a negligible impact on diluted EPS and no impact on the FY23 outlook could mitigate this impact.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100