Having faced an unexpected slowdown in profitability due to significant input cost inflation, and finally downgraded its profit guidance in October, Heineken reported a pretty good set of FY19 results. The figures were pushed up by a strong Q4 vs. Q3 figures (especially on volume: +4.1% vs. +2.3%). Concerning the bottom line, we see input costs providing some gentle relief on margins for FY20 compared to FY19. While 2019 was Carlsberg’s year, we should expect that 2020 should be Heineke ....