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1、P1:OTA/XYZP2:ABCc31JWBT347/MckinseyJune8,201014:8PrinterName:Hamilton31CaseStudy:HeinekenThischapterappliesthetoolsandtechniquesfromPartTwoandthepreviouschaptersinPartFivebypresentingacasestudythatdevelopsanexternalperspectiveontheperformanceandvaluationofHeinekenasofJanuary2009.1Thecasestud
2、yparallelsthekindofoutside-inanalysisandvaluationthatasophisticatedinvestormightundertake,butthestepsarethesameasformakinganinternal,company-wideanalysisandvaluationtosupportexecutivedecisions.BasedintheNetherlands,theHeinekenGroupistheworldsthirdlargestbeercompany,behindAnheuser-BuschInBev(
3、ABInBev)andSABMiller.ItsmainbrandsarethepopularHeinekenandAmstelbeers.Thecompanyisaninternationalbrewer;only4percentofitsvolumecomesfromtheNetherlands.Heinekenearns49percentofnetrevenuesinWesternEurope,26percentinCentralandEasternEurope,12percentinAfricaandtheMiddleEast,11per-centinNorthAmer
4、ica,andtheremaining2percentintheAsia-Pacificregion.In2007,HeinekenjoinedDanishbrewerCarlsbergtoacquireBritishcompetitorScottish&Newcastle(S&N).The€13.5billionacquisition,inwhichittookover45percentofS&N,wasamajormoveforHeinekenintheglobalconsolidationofthebeerindustry.Afterthisacquisition,Hein
5、ekengeneratedrevenuesof€14.3billionandemployedmorethan56,000peopleworldwidein2008.2Westartwithashortindustrydescription,afterwhichwerearrangeHeinekensfinancialstatementsaccordingtothemethodologyderivedinChapter7,withspecialattentiontotheimpactoftheS&Nacquisition.ThenweanalyzeHeinekenshistoric
6、alprofitabilityandgrowthrates,followingthemethoddescribedinChapter8.Next,wederivescenariosforfutureTheauthorswouldliketothankMartijnOlthofforhiscontributiontothischapter.1Becausethisisanillustration,wealsoanalyzedandadjusteditemsthatareimmaterialforthevaluationofHeineken,butcouldbesignificantf
7、orthevaluationofothercompanies.2HeinekensJanuary2010acquisitionofthebeerdivisionofFomentoEconomicoMexicanoS.A.B.de´C.V.(FEMSA)isnotreflectedinthiscasestudy.637P1:OTA/XYZP2:ABCc31JWBT347/MckinseyJune8,201014:8PrinterName:Hamilton638CASESTUDY:HEINEKEN
