Heineken withdraws all guidance for 2020
Dutch brewing company Heineken N.V. announced on Wednesday it is withdrawing all guidance for 2020 due to COVID-19 outbreak. The company said in statement that the spread of the Covid-19 crisis had a significant impact on Heineken’s markets and on its business in 2020 and that, because of the “lack of visibility on the end date of the Covid-19 pandemic and the duration of its impact on the economy leads Heineken decided to withdraw all guidance for 2020.”
For the first quarter of 2020, Heineken expects to announce a total consolidated volume decrease of around -4% organically with beer volume around -2%. As per the statement, the impact is expected to worsen in the second quarter.
The company added that it has “entered the crisis with a strong balance sheet as well as undrawn committed credit facilities and has successfully secured additional financing on the debt capital market in recent weeks.” Additional information will be provided in its 2020 first quarter trading update on 22 April.
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