Netherlands & Spain: Heineken to sell existing brewery site in Seville
Heineken N.V. announced August 07 that its subsidiary Heineken España, S.A. in Spain has signed an agreement for the divestment of the land and buildings of the current brewery site in Seville. As the result of the sale Heineken will realise a book gain of €329 million before tax in the second half of 2006, which will be treated as an exceptional item. The amount of the book gain after tax is €279 million. Heineken España is in the process of constructing a new brewery just outside of Seville and will abandon the current site, which has a size of more than 150,000 m2, on 31 March 2008.
The land and buildings will be sold to the Spanish development group Viviendas Ciudad de Sevilla, S.A., which is part of the Grupo Urvasco, S.A. Parties have agreed not to disclose the consideration for the transaction. Heineken will use part of the proceeds of the sale to repay debt incurred to finance the construction of the new brewery in Seville. The sale of the land is consistent with Heineken’s strategy to release cash that is locked up in non-core assets.
Heineken N.V. is the most international brewer in the world. The Heineken brand is sold in almost every country in the world and the company owns over 115 breweries in more than 65 countries. With a Group beer volume of 119 million hectolitres Heineken ranks fourth in the world beer market by volume.
In 2005, revenues amounted to 11 billion and net profit before exceptional items and amortisation of brands amounted to 840 million. Heineken employs 64,000 people. Heineken N.V. and Heineken Holding N.V. shares are listed on the Amsterdam stock exchange.
Rabo said Heineken did better-than-expected with the sale of the land and buildings at its Spanish brewery-site, Dow Jones Newswires released August 08. It has a ‘hold’ rating. As a result of the transaction, Rabo expects to raise its price target to EUR35.4 from EUR35. Shares trade +0.7% at EUR36.30.
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