Heineken ends Globe debt exposure and lowers value UK pubs

Amsterdam, 23 December 2009 – Heineken N.V. today announced that it has acquired the remaining syndicated bank debt of the Globe Group (Globe) in the United Kingdom at a discount to the GBP175 million (EUR195 million) face value. Following the acquisition, Heineken will have acquired all of Globe’s syndicated bank debt with a face value of GBP230 million (EUR256 million) and will no longer have any outstanding Globe debt on its balance sheet.

Following the acquisition of Scottish & Newcastle on 28 April 2008, Heineken consolidated the assets and liabilities of Globe on its balance sheet. On 29 October 2009, Heineken announced repayment of the A1 Notes of Globe after the acquisition of the Globe estate by EBP.

In order to reflect current fair value, Heineken has lowered the value of its interests in pubs in the United Kingdom by EUR80 million before taxation. The adjustment does not affect cash flow.

As a consequence of the total Globe debt restructuring and  taking into account related costs, Heineken has realised an exceptional book gain of EUR215 million before taxation, of which EUR84 million before taxation has already been announced in the first half year of 2009. This has resulted in a reduction of net debt of EUR215 million.

Editorial information: 

Heineken N.V. is one of the world’s great brewers and is committed to growth and remaining independent. The brand that bears the founder’s family name - Heineken - is available in almost every country on the globe and is the world’s most valuable international premium beer brand.  The company’s aim is to be a leading brewer in each of the markets in which we operate and to have the world’s most prominent brand portfolio. In 2008, the Company operated 125 breweries in more than 70 countries and sold 162 million hectolitres of beer. Heineken is Europe’s largest brewer and the world’s third largest by volume. Heineken is committed to the responsible marketing and consumption of its more than 200 international premium, regional, local and specialty beers and ciders.  These include Amstel, Birra Moretti, Cruzcampo, Foster’s, Maes, Murphy’s, Newcastle Brown Ale, Ochota, Primus, Sagres, Star, Strongbow, Tiger and Zywiec. In 2008, revenue totalled EUR14.3 billion and Net Profit before exceptional items and amortisation was EUR1.0 billion. In 2008, the average number of people employed was 56,208. Heineken N.V. and Heineken Holding N.V. shares are listed on the Amsterdam stock exchange. Prices for the ordinary shares may be accessed on Bloomberg under the symbols HEIA NA and HEIO NA and on the Reuter Equities 2000 Service under HEIN.AS and HEIO.AS. Additional information is available on Heineken's home page: http://www.heinekeninternational.com.