Heineken

Dutch brewers Heineken saw profits drop despite slight revenue rises, while Germany-based steel manufacturer Schmolz + Bickenbach posted sharp losses. In the US, condiments company Smucker's published a strong first half.

Heineken
Netherlands-based brewery Heineken announced revenue increases of 3% to €10.4 billion in its 2013 half-year results. Net profit, however, fell by 17% to €639 million.

ABS and Hermes reported strong first-quarter results, bolstered by demand for luxury and budget garments. But South African Pick n Pay and German Heineken fared less well, with growth in profits falling.

Associated British Foods
Associated British Foods posted strong results for the first quarter of 2013, with revenue increasing 10% to £6.3 billion (€4.2 billion), compared with the same period last year, and operating profit rose 20% to £496 million.

Tough trading conditions are continuing to take their toll on family businesses in Europe, with profits falling at Volkswagen and Santander.

Carmaker Volkswagen, which is controlled by the Porsche and Piech families, had a particularly tough third quarter, with operating profits falling to €2.3 billion – down 19% on the same period last year. It came on the back of a 26.8% rise in revenues during the quarter.

Family-controlled drinks company Heineken is facing a possible bidding war as it attempts to buy out Asia Pacific Breweries, the maker of Tiger Beer.

The Dutch company had offered conglomerate Fraser and Neave S$50 (€33.50) for its stake in APB.

But on 7 August, a group linked to one of Thailand’s richest men, Charoen Sirivadhanabhakdi, made a surprise counterbid, driving APB’s share price to S$52.20, well over the price offered by Heineken.