KPN Q3 Adj. EBITDA After Leases Up 1.3% Excl. Divestments; Adj. Revenues Down 3.7%

Asahi To Divest Beer, Cider Brands To Heineken As Part Of Deal To Buy AB InBev Unit

Asahi Group Holdings Ltd (ASBRF.PK) announced Wednesday that Asahi Beverages Pty Ltd has agreed to divest part of its alcohol brands to Dutch brewer Heineken Holding N.V. (HKHHF.PK). The financial terms of the deal were not disclosed.

The Beer And Cider brands are owned or licensed by Carlton & United Breweries or CUB. These include Strongbow, Little Green and Bonamy’s, plus Stella Artois and Beck’s.

The sale is part of the process under the resolution of issues approved by the Australian Competition and Consumer Commission or ACCC for the acquisition of the CUB business from Anheuser-Busch InBev.

In April, Australia’s competition regulator had said that it would not oppose Asahi Group’s proposed acquisition of CUB from Anheuser-Busch InBev, as Asahi agreed to divest two of its beer brands and three of its cider brands.

In December 2019, the regulator had raised concerns over Asahi’s proposed $11 billion acquisition of CUB business.

Asahi now said the completion of the sale to Heineken is subject to approval by the ACCC and the Foreign Investment Review Board of Australia and is expected to be approved by the end of 2020.

Sony's second-quarter profit jumps 13.9% on strong gaming demand

  • Japan's Sony Corp on Wednesday reported a 13.9% increase in second-quarter operating profit and raised its full-year earnings outlook, thanks to an upbeat gaming business.
  • July-September profit reached 317.76 billion yen ($3 billion), from 278.96 billion yen in the same period a year prior, the entertainment and electronics firm said in a statement.

Japan's Sony Corp on Wednesday reported a 13.9% increase in second-quarter operating profit and raised its full-year earnings outlook, thanks to an upbeat gaming business.

July-September profit reached 317.76 billion yen ($3 billion), from 278.96 billion yen in the same period a year prior, the entertainment and electronics firm said in a statement.

The result compared with the 197.55 billion yen average of 11 analyst estimates compiled by Refinitiv.

Sony raised its annual profit forecast to 700 billion yen from an earlier estimate of 620 billion yen. That compared with the 672.33 billion yen consensus of 24 analysts. 

The last 3 US presidents are all younger than this year's candidates

  • The 2020 presidential candidates are older than the previous three presidents. 
  • Current President Donald Trump is 74 years old and Democratic nominee Joe Biden in 77. 
  • Former presidents Barak Obama, Bill Clinton, and George W. Bush are all younger. 
  • Bush and Clinton are 74 years old (and are just slightly younger than Trump by a matter of weeks), and Obama is 59. 
  • Visit Business Insider's homepage for more stories.

This year's presidential candidates President Donald Trump and former Vice President Joe Biden are older than the last three presidents. 

Trump who was born on June 14, 1946, is 74 years old and Biden who was born on November 20, 1942, is 77 years old. 

Former presidents Barak Obama, Bill Clinton, and George W. Bush are all younger. Both Bush and Clinton are 74 years old — born on July 6, 1946, and August 19, 1946, respectively. Obama is 59 years old.

Read more: Mass firings, frozen funding, and midnight rules: Inside the Democrats' operation to fight back against Trump going scorched-earth in a Biden transition

At the start of their terms, Clinton was 46, Bush was 54, and Obama was 47. 

Trump was the oldest of any president when he was sworn in as president in January of 2017. At the start of his presidency, he was 70 years old.

Beiersdorf AG 9-month Group Sales Down 7.1% Organically – Quick Facts

Beiersdorf AG (BDRFY.PK,BDRFF.PK) reported that its nominal Group sales fell by 8.5% to 5.24 billion euros for the first nine months of 2020. Group sales were down 7.1% organically from prior year. The Group said its performance in the third quarter was much stronger, with organic sales growth of 0.2%.

For the first nine months of 2020, Tesa recorded sales of 974 million euros in nominal terms, 6.5% below last year. Organic sales at tesa declined by 4.6%.

For fiscal 2020, Beiersdorf AG projects EBIT margins of the Group and of the Consumer Business Segment to be significantly below prior-year level. For tesa, the company expects an EBIT margin at around prior-year level. Beiersdorf AG expects sales growth for the full year to be at year-to-date level or slightly better.

KPN Q3 Adj. EBITDA After Leases Up 1.3% Excl. Divestments; Adj. Revenues Down 3.7%

KPN (KKPNY.PK,KPN) reported third quarter net profit of 132 million euros, a decline of 58% from previous year. Excluding the incidentals that impacted operating profit in third quarter of prior year, net profit would have increased with approximately 4 million euros net of tax, mainly driven by lower finance cost due to debt redemptions. Operating profit (EBIT) was 240 million euros, down 44%. Adjusted EBITDA after leases was 598 million euros, down 0.1% without correction. Adjusted EBITDA after leases rose 1.3% corrected for impact of divestments.

Third quarter adjusted revenues were 1.30 billion euros, a decline of 5.4% without correction from a year ago. Adjusted revenues declined 3.7% corrected for impact of divestments.

KPN said it continues to commit to fiscal 2020 outlook as provided in January 2020. The company now expects adjusted EBITDA after leases of approximately 2.32 billion euros, and Free Cash Flow of approximately 750 million euros. KPN intends to pay a regular dividend per share of 13.0 euro cents in respect of 2020.