Heineken Holding N.V. publishes Annual Report 2022

Submitted by Anonymous (not verified) on Sep 10 2024

Amsterdam, 23 February 2023 - Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) today announced that it has published its 2022 Annual Report.

The annual report of Heineken Holding N.V. is available on: www.heinekenholding.com

-ENDS-

PRESS ENQUIRIES

Media Heineken Holding N.V.
Kees Jongsma
Tel: +31-6-54798253
E-mail: [email protected]   


Media Heineken N.V.
Press enquiries
Sarah Backhouse / Michael Fuchs
E-mail: [email protected]
Tel: +31-20-5239-355

Investor and analyst enquiries
Federico Castillo Martinez / Mark Matthews / Chris Steyn
E-mail: [email protected]
Tel: +31-20-5239-590

About HEINEKEN
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.
HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 300 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 85,000 employees, HEINEKEN brews the joy of true togetherness to inspire a better world. HEINEKEN’s dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on Heineken Holding N.V.’s website or Heineken N.V.'s website and follow HEINEKEN on LinkedIn, Twitter and Instagram.

 

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Heineken Holding N.V. reports on 2023 first-quarter trading

Submitted by Anonymous (not verified) on Sep 10 2024

Amsterdam, 19 April 2023 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) publishes
its trading update for the first quarter of 2023.

    Key Highlights  
       
  • Revenue growth 9.2%
  • Net revenue (beia) organic growth 8.9%; per hectolitre 12.3%
  • Beer volume -3.0% organic growth
  • Heineken® volume growth 2.3% (5.7% excluding Russia)
  • Gross merchandise value captured via eB2B platforms +51%
  • Outlook for the full year unchanged; operating profit (beia) expected to grow organically mid- to high-single-digit

Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

    Financial Summary  
       

Revenue for the first quarter of 2023 was €7,632 million (2022: €6,989 million). Net revenue (beia) was €6,378 million and increased by 8.9% organically, with total consolidated volume declining by 3.1% and net revenue (beia) per hectolitre up 12.3%. Price mix on a constant geographic basis increased by 12.1%, driven by pricing to offset inflation across all regions and revenue and mix management. Currency translation positively impacted net revenue (beia) by €104 million or 1.8%, mainly driven by the Mexican Peso and the Brazilian Real. Consolidation changes had a small positive impact in net revenue (beia) of €10 million.

Revenue1                
(in € million or %)   1Q23   Total growth   Organic growth   1Q22
Revenue (IFRS)           7,632           9.2%                6,989
Net revenue (beia)           6,378               8.9%            5,753

Beer volume declined 3.0% organically versus last year. The Americas region continued positive growth momentum, offset by declines in the Africa, Middle East and Eastern Europe and Asia Pacific regions driven by temporary external factors in our key markets of Vietnam and Nigeria. Volume in Europe performed ahead of our expectations for the quarter.

Beer volume            
(in mhl or %)   1Q23   Organic growth   1Q22
Heineken N.V.           54.8           -3.0%            56.4

Premium beer volume fell by 5.7%, driven by the decline in Vietnam and stopping sales of Heineken® in Russia. Strong underlying momentum in premiumisation continued elsewhere, led by Heineken®, which grew 2.3% in volume, significantly outperforming HEINEKEN's portfolio. Heineken® grew by double-digits in more than 25 markets. Growth was mainly driven by Brazil and China, and was partially offset by the decline in Russia. Heineken® 0.0 declined by a low-single-digit, with strong growth momentum in Brazil, the USA, the UK, Spain and the Netherlands, offset by the decline in Russia. Notably, HEINEKEN's consumer-centric innovation Heineken® Silver continued its strong growth, including double-digit growth in Vietnam and China. HEINEKEN also continued the global expansion and launched Heineken® Silver in the USA, with a taste proposition specially designed for US consumers. Overall, Heineken® Silver grew by 47%.

Heineken® volume        
(in mhl or %)   1Q23   Organic growth
Heineken N.V.           12.2           2.3% 


    Reported Net Profit of Heineken N.V.  
       

The reported net profit of Heineken N.V. for the first three months of 2023 was €403 million (2022: €417 million).

    Outlook  
       

HEINEKEN continues to experience the effects of a volatile global economy and remain cautious about the impact this has on consumer demand. At the same time, HEINEKEN is focused on strengthening its business in line with its EverGreen strategy, including investing behind its brands and innovations, and delivering upon its gross savings ambitions.

Following the start of the year, HEINEKEN sees signals of a relatively resilient Europe and risks of slower economic growth in Asia Pacific, thus performance across markets may be different than anticipated. All in all, HEINEKEN's full year outlook remains unchanged and HEINEKEN expects operating profit (beia) to grow organically mid- to high-single-digit. HEINEKEN also expects that the growth in operating profit (beia) will come mainly, if not fully, in the second half of the year.

    Translational Currency Calculated Impact  
       

Based on the impact to date, and applying spot rates of 17 April 2023 to the 2022 financial results as a baseline for the remainder of the year, the calculated negative currency translational impact for the full year of 2023 would be approximately €640 million in net revenue (beia), €90 million at operating profit (beia) and €40 million at net profit (beia).

    Reconciliation of non-GAAP measures  

In the internal management reports, HEINEKEN uses the measure of net revenue (beia).

Reconciliation net revenue (beia)        
In millions of €   1Q23   1Q22
Revenue (IFRS)              7,632           6,989
Excise tax expense           (1,253)    (1,236)
Net revenue           6,379           5,753
Exceptional items included in net revenue           (1)           —
Net revenue (beia)           6,378           5,753

Note: due to rounding, this table will not always cast

    Enquiries  
       


Media Heineken Holding N.V.    
Kees Jongsma    
tel. +31 6 54 79 82 53    
E-mail: [email protected]    
     
Media   Investors
Sarah Backhouse   José Federico Castillo Martinez
Director of Global Communication   Director of Investor Relations
Michael Fuchs   Mark Matthews / Chris Steyn
Corporate & Financial Communication Manager   Investor Relations Manager / Senior Analyst
E-mail: [email protected]   E-mail: [email protected]
Tel: +31-20-5239355   Tel: +31-20-5239590


    Conference Call Details  
       

HEINEKEN will host an analyst and investor conference call with Harold van den Broek, Chief Financial Officer, in relation to its First Quarter 2023 Trading Update today at 14:00 CET/ 13:00 GMT. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the company’s website: www.theheinekencompany.com. An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers:

United Kingdom (Local): 020 3936 2999

Netherlands (Local): 085 888 7233

USA (Local): 646 664 1960

All other locations: +44 203 936 2999

Participation password for all countries: 683288

Editorial information:
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 300 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 85,000 employees, HEINEKEN brews the joy of true togetherness to inspire a better world. HEINEKEN's dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on the websites: www.heinekenholding.com and www.theHEINEKENcompany.com and follow HEINEKEN on LinkedIn, Twitter and Instagram.

Market Abuse Regulation

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer:
This press release contains forward-looking statements based on current expectations and assumptions with regard to the financial position and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information in HEINEKEN’s non-financial reporting, such as HEINEKEN’s emissions reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. These forward-looking statements, while based on management's current expectations and assumptions, are not guarantees of future performance since they are subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN’s ability to control or estimate precisely, such as but not limited to future market and economic conditions, the behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses and achieve anticipated synergies, costs of raw materials and other goods and services, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, environmental and physical risks, change in pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date of this press release. HEINEKEN assumes no duty to and does not undertake any obligation to update these forward-looking statements contained in this press release. Market share estimates contained in this press release are based on outside sources, such as specialised research institutes, in combination with management estimates.



 

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Heineken Holding N.V. reports 2023 half year results

Submitted by Anonymous (not verified) on Sep 10 2024

Amsterdam, 31 July 2023 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) announces:

  Key Highlights
  • The net result of Heineken Holding N.V.'s participating interest in Heineken N.V. for the first half year of 2023 amounts to €589 million
  • Revenue growth 6.3%
  • Net revenue (beia) 6.6% organic growth; per hectolitre 12.7%
  • Beer volume organic growth -5.6%; Heineken® volume 1.7% growth (excluding Russia 3.7%)
  • Operating profit growth -22.2%; operating profit (beia) organic growth -8.8%
  • Net profit growth -8.6%; net profit (beia) organic growth -11.6%
  • Diluted EPS €2.04; diluted EPS (beia) €2.03
  • FY 2023 outlook updated. Operating profit (beia) stable to mid-single-digit organic growth.
  Financial Summary1


IFRS Measures € million   Total growth   BEIA Measures € million Organic
growth2
Revenue 17,436   6.3%   Revenue (beia) 17,423 5.5%
Net revenue 14,524   7.7%   Net revenue (beia) 14,514 6.6%
Operating profit 1,611   -22.2%   Operating profit (beia) 1,939 -8.8%
          Operating profit (beia) margin 13.4%  
Net profit of
Heineken Holding N.V. 		589   -8.6%   Net profit (beia) 1,150 -11.6%
Diluted EPS (in €) 2.04   -7.3%   Diluted EPS (beia) (in €) 2.03 -12.0%
          Free operating cash flow -467  
          Net debt / EBITDA (beia)3 2.7x   

1 Consolidated figures are used throughout this report, unless otherwise stated. Please refer to the Glossary for an explanation of non-GAAP measures and other terms.
Page 15 includes a reconciliation versus IFRS metrics. These non-GAAP measures are included in internal management reports that are reviewed by the Executive Board of Heineken N.V., as management believes that this measurement is the most relevant in evaluating the results. Heineken Holding N.V.’s half year report has not been audited nor reviewed by its external auditor.
2 Organic growth shown, except for Diluted EPS (beia), which is total growth.
3 Includes acquisitions and excludes disposals on a 12 month pro-forma basis.

Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

During the first half of 2023, HEINEKEN focused on executing its EverGreen strategy to deliver superior and balanced growth in a fast-changing world while transforming its business to be future-ready. HEINEKEN is making progress, albeit some short-term challenges given the volatile economic context, with the slowdown of the economy in some countries and unprecedented inflation levels.

HEINEKEN's focus has been on its EverGreen priorities, starting with its dream to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is also shaping the future with its ambition to become the best digitally connected brewer, raising the bar on sustainability and responsibility and evolving its culture, operating model and capabilities. At the same time, HEINEKEN is stepping up on productivity to fund the investments required for its brands, digitalisation, capabilities and sustainability, and improve profitability and capital efficiency.

HEINEKEN's ambition is to deliver sustained superior growth with a healthy balance between volume and value growth. HEINEKEN aims to achieve this through launching winning beverage propositions in fast-growing consumer segments, building and scaling strong premium brands everywhere and further developing its advantaged geographic and portfolio footprint. This year, HEINEKEN front-loaded significant price increases, often leading the market, to offset unprecedented levels of commodity and energy inflation, which impacted consumer off-take.

Revenue for the first half of 2023 was 17,436 million (2022: 16,401 million). Net revenue (beia) increased 6.6% organically; a combination of a 5.4% decline in total consolidated volume and a 12.7% increase in net revenue (beia) per hectolitre. The underlying price-mix on a constant geographic basis was up 11.8%, principally driven by the strong inflation-led pricing, whilst mix was slightly positive driven by premiumisation. Currency translation negatively impacted net revenue (beia) by €91 million or 0.7%, mainly driven by the Nigerian Naira, the Egyptian Pound, the South African Rand, the Indian Rupee and the UK Pound Sterling, partially offset by a strong Mexican Peso. Consolidation changes had a positive impact to net revenue (beia) of €231 million, mainly driven by Heineken Beverages in Southern Africa and Beavertown in the UK.

Beer volume for the first half of 2023 decreased 5.6% organically versus last year. The cumulative effect of pricing actions taken and a challenging economic backdrop led to a 7.6% organic decline in the second quarter. A disappointing performance in Vietnam and socio-economic volatility in Nigeria affecting consumer off-take accounted for over half of the decline in the first six months. The Americas region was impacted by a soft beer market, notably in the second quarter, combined with the continuing impact from OXXO mixing in Mexico. Volume in Europe performed broadly in line with HEINEKEN's expectations for the first six months. HEINEKEN gained or held market share in more than half of its markets.

Beer volume 2Q23       Organic
growth 		  HY23       Organic
growth
(in mhl)   2Q22       HY22  
Heineken N.V. 65.3   70.4   -7.6%   120.1   126.9   -5.6%

Premium beer volume declined by 6.5%, driven by Vietnam and Russia. Outside these markets, premiumisation trends remain strong as premium volume grew by a low-single-digit, ahead of the total beer portfolio in aggregate and in more than half of HEINEKEN's markets. The growth was driven by Heineken®, further supported by the growth of Desperados, Birra Moretti, Beavertown, Bedele Especial and El Águila among others.

Heineken® continued to lead HEINEKEN's portfolio and grew volume by 1.2% (2.1% excluding Russia) in the second quarter to close the first half with a 1.7% increase (3.7% excluding Russia). Growth was broad-based across 50 markets, most notably in China, Brazil, Mexico, Ethiopia, Panama, Portugal, Croatia and Algeria. Heineken® Silver is now present in 45 markets and grew volume by more than forty-five percent, led by China, Vietnam and Mexico. We continue to build Heineken® Silver across European markets and the launch in the USA shows promising early results as we scale distribution and reach more and more consumers.

Heineken® volume   2Q23   Organic
growth 		  HY23   Organic
growth
(in mhl)        
Total   14.2   1.2%   26.3   1.7%


  Outlook Statements

HEINEKEN's EverGreen strategy is a multi-year and multi-faceted journey to future-proof the company and deliver superior, balanced growth for long-term value creation. HEINEKEN has executed its plans in line with its EverGreen priorities and HEINEKEN is making clear progress in building a premium portfolio, driving consumer-centric innovation, digitisation, sustainability and in improving productivity.

In the second half of 2023, HEINEKEN expects significantly improved operating profit (beia) growth inclusive of:

  • Lower pressure from inflation in input costs, transport and energy & water, from mid-teens in the first-half to low-teens in the second-half on a per hectolitre basis
  • Pricing starting to moderate with volume trends gradually improving to a low-single-digit decline
  • An improved outlook in Vietnam and Nigeria, relative to the significant disruption in the first half
  • A similar absolute level of investment in marketing and sales when compared to the first half
  • Productivity savings delivering at least €300 million, cumulatively well-ahead of the €2 billion gross savings target.

Overall, HEINEKEN's updated expectation for the full year of 2023 is stable to a mid-single-digit operating profit (beia) organic growth. HEINEKEN also anticipate an average interest rate for the year of around 3.2% (2022: 2.8%). Other assumptions on CAPEX and effective tax rate are unchanged.

Looking ahead, the unprecedented commodity and energy cost inflation in recent years will be partially reversed next year, easing the pressure on pricing. Together with the structural changes HEINEKEN is making with EverGreen, HEINEKEN is confident this will set HEINEKEN up for a balanced growth delivery in 2024, while HEINEKEN remains cautious about the macroeconomic and geopolitical environment. HEINEKEN's strong cost and productivity efforts will continue and enable further support behind its growth agenda, fund investments behind EverGreen and contribute to operating profit growth. Therefore, HEINEKEN's medium-term guidance of superior, balanced growth with operating leverage over time remains unchanged.

  Translational Calculated Currency Impact

Based on the impact to date, and applying spot rates of 27 July 2023 to the 2022 financial results as a baseline for the remainder of the year, the calculated negative currency translational impact would be approximately €780 million in net revenue (beia), €110 million at consolidated operating profit (beia), and €30 million at net profit (beia).

  Interim Dividend 2023

According to the Articles of Association of Heineken Holding N.V. both Heineken Holding N.V. and Heineken N.V. pay an identical dividend per share. HEINEKEN's dividends are paid in the form of an interim dividend and a final dividend. In accordance with its dividend policy, HEINEKEN fixes the interim dividend at 40% of the total dividend of the previous year. As a result, an interim dividend of €0.69 per share (2022: €0.50) will be paid on 10 August 2023. Both the Heineken Holding N.V. shares and the Heineken N.V. shares will trade ex-dividend on 2 August 2023.

  Enquiries


Media Heineken Holding N.V.    
Kees Jongsma    
Tel. +31-6-54798253    
E-mail: [email protected]    
     
Media   Investors
Sarah Backhouse / Joris Evers   José Federico Castillo Martinez
Director of Global Communication   Investor Relations Director
Michael Fuchs   Mark Matthews / Chris Steyn
Global Corporate and Financial Communications Manager   Investor Relations Manager / Senior Analyst
E-mail: [email protected]   E-mail: [email protected]
Tel: +31-20-5239355   Tel: +31-20-5239590


  Investor Calendar Heineken N.V.

(events also accessible for Heineken Holding N.V. shareholders)

Trading Update for Q3 2023   25 October 2023
Full Year 2023 Results   14 February 2024


  Conference Call Details

HEINEKEN will host an analyst and investor conference call in relation to its 2023 Half Year results today at 14:00 CET/ 13:00 GMT. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the website: www.theheinekencompany.com. An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers:

United Kingdom (Local): 020 3936 2999

Netherlands (Local): 085 888 7233

USA: 1 646 664 1960

For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers

Participation password for all countries: 394664

Editorial information:
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 300 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 90,000 employees, HEINEKEN brews the joy of true togetherness to inspire a better world. HEINEKEN's dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on www.heinekenholding.com and www.theHEINEKENcompany.com and follow HEINEKEN on LinkedIn, Twitter and Instagram.

Market Abuse Regulation
This press release may contain price-sensitive information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer:
This press release contains forward-looking statements based on current expectations and assumptions with regard to the financial position and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information in HEINEKEN’s non-financial reporting, such as HEINEKEN’s emissions reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. These forward-looking statements, while based on management's current expectations and assumptions, are not guarantees of future performance since they are subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN’s ability to control or estimate precisely, such as but not limited to future market and economic conditions, the behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses and achieve anticipated synergies, costs of raw materials and other goods and services, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, environmental and physical risks, change in pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date of this press release. HEINEKEN assumes no duty to and does not undertake any obligation to update these forward-looking statements contained in this press release. Market share estimates contained in this press release are based on outside sources, such as specialised research institutes, in combination with management estimates.

Attachment


Heineken Holding N.V. reports on 2023 third-quarter trading

Submitted by Anonymous (not verified) on Sep 10 2024

Amsterdam, 25 October 2023 – Heineken Holding N.V. (HEIO; HKHHY) publishes its third quarter 2023 trading update.

    Key Quarterly Highlights  
       
  • Revenue growth 2.0% for the quarter, 4.7% year to date
  • Net revenue (beia) organic growth 4.5% for the quarter, 5.8% year to date
  • Net revenue (beia) per hectolitre organic growth 9.7% for the quarter, 11.6% year to date
  • Beer volume organic growth -4.2% for the quarter, -5.1% year to date
  • Premium beer volume organic growth -5.7% for the quarter, -6.1% year to date1
  • Heineken® volume growth 2.3% for the quarter, 1.9% year to date
  • 2023 full year expectations of stable to mid-single-digit operating profit (beia) organic growth unchanged

Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

    Financial Summary  
       

Throughout this report figures refer to quarterly performance unless otherwise indicated.

Revenue in the quarter was €9.6 billion (YTD: €27.0 billion). Net revenue (beia) increased organically by 4.5% (YTD: 5.8%). Total consolidated volume declined by 4.8% (YTD: 5.2% decline) and net revenue (beia) per hectolitre was up 9.7% (YTD: up 11.6%). Price mix on a constant geographic basis was up 9.5% (YTD up 10.9%), driven by pricing to mitigate inflationary pressures and premiumisation effects.

Currency translation impacted revenue by €397 million (YTD: €488 million), mainly from the devaluation of currencies in Africa and partially offset by a stronger Mexican Peso. Consolidation effects contributed €276 million (YTD: €507 million) mainly from the integration of Distell and Namibian Breweries.

Revenue2                        
(in € million or %)   3Q23   Total growth   Organic growth   YTD 3Q23   Total growth   Organic growth
Revenue (IFRS)   9,604   2.0%       27,040   4.7%    
Net revenue (beia)   8,015       4.5%   22,529       5.8%

Beer volume declined organically by 4.2% (YTD: 5.1% decline), given the challenging economic conditions in many of HEINEKEN's markets and lower consumer demand following inflation-led pricing. Around half of HEINEKEN's markets sequentially improved volume into the third quarter and into September in the case of Europe. HEINEKEN is gaining or holding volume market share in just over half of its markets year to date.

Beer volume                        
(in mhl or %)   3Q23   Total growth   Organic growth   YTD 3Q23   Total growth   Organic growth
Heineken N.V.   63.2   -5.4%   -4.2%   183.3   -5.4%   -5.1%

Premium beer volume declined by 5.7% mainly driven by Vietnam and HEINEKEN's exit from Russia. Outside these markets, premium beer volume was down 2.0% (YTD: up 0.4%). HEINEKEN's premium portfolio outperformed the total portfolio in the majority of HEINEKEN's markets, showing that premiumisation trends continue. Heineken® continued its favourable momentum and grew volume 2.3% with double-digit growth in 28 markets. Heineken® 0.0 grew 3.5%, driven by the Americas. Heineken® Silver grew close to forty percent, with continued strong growth in China, Vietnam and the launch in the USA this year.

Heineken® volume                
(in mhl or %)   3Q23   Organic growth   YTD 3Q23   Organic growth
Heineken N.V.   14.6   2.3%   40.9   1.9%


    Reported Net Profit of Heineken N.V.  
       

The reported net profit of Heineken N.V. for the first nine months of 2023 was €1,924 million (2022: €2,199 million), including the effects from exceptional items from HEINEKEN's exit from Russia and the sale of Vrumona among others. Following the sell-down by FEMSA of its shareholding in HEINEKEN earlier this year, HEINEKEN will align its disclosure of financial information to the requirements of the Transparency Directive of the EU and as of 2024 will only disclose the reported net profit as part of its half-year and full-year results.

    Translational Currency Calculated Impact  
       

Based on the impact to date, and applying spot rates of 23 October 2023 to the 2022 financial results as a baseline for the remainder of the year, HEINEKEN calculates a negative currency translational impact of approximately €790 million in net revenue (beia), €110 million at operating profit (beia) and €30 million at net profit (beia).

    Reconciliation of non-GAAP measures  


Reconciliation net revenue (beia)                
In millions of €   3Q23   3Q22   YTD 3Q23   YTD 3Q22
Revenue (IFRS)   9,604   9,415   27,040   25,816
Exceptional items   -37   —   -51   —
Excise duties (beia)   (1,552)   (1,627)   (4,461)   (4,543)
Net revenue (beia)   8,015   7,788   22,529   21,273


    Enquiries  

 

Media Heineken Holding N.V.    
Kees Jongsma    
tel. +31 6 54 79 82 53    
E-mail: [email protected]    
     
Media   Investors
Joris Evers   José Federico Castillo Martinez
Global Communications Director   Investor Relations Director
Michael Fuchs   Mark Matthews / Chris Steyn
Corporate & Financial Communication Manager   Investor Relations Manager / Senior Analyst
E-mail: [email protected]   E-mail: [email protected]
Tel: +31-20-5239355   Tel: +31-20-5239590

 

    Conference Call Details  
       

HEINEKEN will host an analyst and investor conference call with Harold van den Broek, Chief Financial Officer of Heineken N.V., in relation to its Third Quarter 2023 Trading Update today at 14:00 CET/ 13:00 GMT. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the website: www.theheinekencompany.com. An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers:

United Kingdom (Local): 020 3936 2999

Netherlands (Local): 085 888 7233

USA (Local): 646 664 1960

For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers

Participation password for all countries: 499434
Editorial information:
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 300 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 90,000 employees, HEINEKEN brews the joy of true togetherness to inspire a better world. HEINEKEN's dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on the websites: www.heinekenholding.com and www.theHEINEKENcompany.com and follow HEINEKEN on LinkedIn, Twitter and Instagram.

Market Abuse Regulation:
This press release may contain price-sensitive information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer:  
This press release contains forward-looking statements based on current expectations and assumptions with regard to the financial position and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information in HEINEKEN’s non-financial reporting, such as HEINEKEN’s emissions reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. These forward-looking statements, while based on management's current expectations and assumptions, are not guarantees of future performance since they are subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN’s ability to control or estimate precisely, such as but not limited to future market and economic conditions, the behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses and achieve anticipated synergies, costs of raw materials and other goods and services, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, environmental and physical risks, change in pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date of this press release. HEINEKEN assumes no duty to and does not undertake any obligation to update these forward-looking statements contained in this press release. Market share estimates contained in this press release are based on outside sources, such as specialised research institutes, in combination with management estimates.

1 Excluding Russia -4.4% in the quarter and -4.3% year to date
2 Refer to the Glossary for an explanation of organic growth and other terms used throughout this report.

Attachment


Heineken Holding N.V. reports 2023 full year results

Submitted by Anonymous (not verified) on Sep 10 2024

Amsterdam, 14 February 2024 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) announces:

    Key Highlights  
       
  • The net result of Heineken Holding N.V.'s participating interest in Heineken N.V. for 2023 amounts to €1,174 million
  • Revenue €36,375 million, up 4.9%
  • Net revenue (beia) 5.5% organic growth; per hectolitre 10.8%
  • Beer volume -4.7% organic growth; Heineken® volume 2.5% (excluding Russia 3.4%)
  • Gross savings €0.8 billion for 2023 and €2.5 billion cumulatively versus 2019
  • Operating profit €3,229 million; operating profit (beia) 1.7% organic growth
  • Operating profit (beia) margin 14.7%
  • Net profit €2,304 million; net profit (beia) -4.3% organic growth
  • Diluted EPS (beia) €4.67
  • Full year 2024 outlook: low- to high-single-digit operating profit (beia) organic growth
    Financial Summary1  

 

IFRS Measures € million Total
growth 		  BEIA Measures € million Organic
growth2
Revenue 36,375 4.9%   Revenue (beia) 36,310 4.6%
Net revenue 30,362 5.7%   Net revenue (beia) 30,308 5.5%
Operating profit 3,229 -24.6%   Operating profit (beia) 4,443 1.7%
        Operating profit (beia) margin (%) 14.7%  
Net profit of Heineken Holding N.V. 1,174     Net profit (beia) 2,632 -4.3%
Diluted EPS (in €) 4.12     Diluted EPS (beia) (in €) 4.67 -5.2%
        Free operating cash flow 1,759  
        Net debt / EBITDA (beia)3 2.4x  

1 Consolidated figures are used throughout this report, unless otherwise stated. Please refer to the Glossary for an explanation of non-GAAP measures and other terms. Page 13 includes a reconciliation versus IFRS metrics. These non-GAAP measures are included in internal management reports that are reviewed by the Executive Board of HEINEKEN, as management believes that this measurement is the most relevant in evaluating the results and in performance management.
2 Organic growth shown, except for Diluted EPS (beia), which is total growth.
3 Includes acquisitions and excludes disposals on a 12-month pro-forma basis.

HEINEKEN's focus throughout 2023 required HEINEKEN to respond to challenging market conditions, whilst remaining focused on the deployment of HEINEKEN's EverGreen strategy. HEINEKEN does this to future-proof and deliver superior, balanced growth in a fast-changing world, with an ambition to become the best digitally connected brewer, raise the bar on sustainability and responsibility and evolve HEINEKEN's operating model, capabilities and culture. HEINEKEN also focuses on productivity to fund the investments required and progressively improve profitability and capital efficiency.

Over time, HEINEKEN aims for a healthy balance between volume and value growth, achieved by building and scaling premium and strategic core mainstream brands everywhere, innovating in fast-growing consumer segments and further developing HEINEKEN's geographic and portfolio footprint. This year, HEINEKEN had to prioritise pricing to offset unprecedented levels of commodity and energy inflation, often leading the market, which impacted consumer off-take. During the second half, HEINEKEN saw pricing moderate and volume trends sequentially improve in the majority of HEINEKEN's markets.

Revenue for the full year was €36.4 billion (2022: €34.7 billion) a total increase of 4.9%. Net revenue (beia) increased by 5.5% organically, with net revenue (beia) per hectolitre up 10.8% and total consolidated volume declining by 4.7%. The underlying price-mix on a constant geographic basis was up 10.2%, driven by pricing for inflation and positive mix effects. Currency translation negatively impacted net revenue (beia) by €864 million or 3.0%, mainly from the devaluation of currencies in emerging markets partially offset by a stronger Mexican Peso. Consolidation effects positively impacted net revenue (beia) by €887 million or 3.1%, mainly from the consolidation of Distell and Namibia Breweries.

Beer volume declined 4.7% organically for the full year. Vietnam and Nigeria represented over 60% of the decline, with both markets affected by challenging economic conditions. HEINEKEN gained or held volume market share in more than half of HEINEKEN's markets in 2023.

Beer volume   4Q23       Organic
growth 		  FY23       Organic
growth
(in mhl)     4Q22       FY22  
Heineken N.V.   59.4   63.3   -3.2%   242.6   256.9   -4.7%

In the fourth quarter, net revenue (beia) grew organically by 4.8%. Total consolidated volume declined by 3.2%, improving sequentially relative to the third quarter. Beer volume declined organically by 3.2%, driven by declines in Asia Pacific, Africa and Europe, partially offset by modest volume growth in the Americas. HEINEKEN's exit volume momentum was a low-single-digit decline adjusted for the pre-Tet season trade loading at the end of 2022 that led to an overstock in the first quarter of 2023. More than half of HEINEKEN's markets grew volume in the last quarter. Net revenue (beia) per hectolitre was up 8.2% organically with price-mix on a constant geographic basis up 7.6%, driven by pricing and positive mix effects.

Premium beer volume declined by 5.9% organically, mainly driven by Vietnam and HEINEKEN's exit from Russia. Outside of these markets premium beer grew by 1.1%, outperforming the total portfolio in the majority of HEINEKEN's markets. This growth is led by Heineken®, complemented by HEINEKEN's international and local premium brands including El Aguila, Birra Moretti, Kingfisher Ultra and Bedele Special.

Heineken® continued to lead our portfolio and grew volume by 2.5% versus last year (3.4% excluding Russia). Growth was broad-based across 39 markets, most notably in China, Brazil, Ethiopia, Indonesia and Taiwan. Heineken® Silver is now present in 50 markets with a volume growth in the high thirties, led by China, Vietnam and the USA.

Heineken® volume   4Q23   Organic
growth 		  FY23   Organic
growth
(in mhl)        
Total   15.4   4.0%   56.3   2.5%


    Outlook 2024  
       

As HEINEKEN continues to advance on HEINEKEN's EverGreen journey, HEINEKEN remains committed to its medium-term ambition to deliver superior growth, balanced between volume and value, and to drive continuous productivity improvements to fund investments behind EverGreen and enable operating profit (beia) to grow ahead of net revenue (beia) over time.

HEINEKEN's volume performance at the closing of 2023 was under pressure from external factors, with a moderate sequential improvement quarter by quarter. For 2024, HEINEKEN expects the macroeconomic environment and geopolitical developments to remain a factor of uncertainty that may impact HEINEKEN's business. In this context, HEINEKEN's focus going forward will be on restoring its volume growth by continuing to invest behind its brands, innovations, commercial capabilities and route-to-consumer.

HEINEKEN expects its variable costs to increase by a low-single-digit on a per hectolitre basis, benefitting from lower commodity and energy prices, but more than offset by local input cost inflation and currency devaluations, particularly in Africa. HEINEKEN also expects higher than historical average wage inflation to impact its cost base.

HEINEKEN's continuous productivity programme will deliver at least €500 million of gross savings in 2024, ahead of HEINEKEN's medium term commitment of €400 million for the near-term, enabling investments behind HEINEKEN's growth agenda, its digital transformation, strategic capabilities and HEINEKEN's Brew a Better World activities.

Overall, HEINEKEN expects to grow operating profit (beia) organically in the range of a low- to high-single-digit. The wide range corresponds to the volatility in geo-political and economic conditions HEINEKEN has also witnessed in the past months and the fact that HEINEKEN will continue to invest behind EverGreen for long-term sustained value creation.

HEINEKEN also expects:

  • An average effective interest rate (beia) of around 3.5% (2023: 3.4%)
  • Other net finance expenses to further increase, mainly due to the impact from significant devaluations and the scarcity of hard currency in some key emerging markets, like HEINEKEN is experiencing currently in Nigeria
  • An increase in HEINEKEN's effective tax rate (beia) to around 29%, mainly driven by changes in tax laws in Brazil (2023: 26.8%).

The factors above result in a net profit (beia) organic growth that is lower than the operating profit (beia) organic growth.

Finally, HEINEKEN expects investments in capital expenditure related to property, plant and equipment and intangible assets to be below 9% of net revenue (beia) (2023: 8.8%)

    Total Dividend For 2023  
       

The Heineken N.V. dividend policy is to pay a ratio of 30% to 40% of full year net profit (beia). For 2023, a total cash dividend of €1.73 per share, a similar amount to last year (2022: €1.73), representing a payout ratio of 36.8%, within the range of Heineken N.V.'s policy, will be proposed to the Heineken N.V. Annual General Meeting on 25 April 2024. If approved, a final dividend of €1.04 per share will be paid on 7 May 2024, as an interim dividend of €0.69 per share was paid on 10 August 2023.

If Heineken N.V. shareholders approve the proposed dividend, Heineken Holding N.V. will, according to its Articles of Association, pay an identical dividend per share. A final dividend of €1.04 per share of €1.60 nominal value will be payable as of 7 May 2024.

Both the Heineken Holding N.V. shares and the Heineken N.V. shares will trade ex-dividend on 29 April 2024. The dividend payment will be subject to a 15% Dutch withholding tax.

    Translational Calculated Currency Impact  
       

The translational currency impact for 2023 was negative on net revenue (beia) by €864 million and on operating profit (beia) by €102 million and positive on net profit beia by €6 million.

Applying spot rates as of 12 February 2024 to the 2023 financial results as a base, the calculated currency translational impact would be negative, approximately €440 million in net revenue (beia), €60 million at operating profit (beia), and positive by €40 million at net profit (beia).

    Board of Directors Composition  
       

Mr J.F.M.L. van Boxmeer will have completed his four-year appointment term upon conclusion of the Heineken Holding N.V. Annual General Meeting on 25 April 2024 ('2024 AGM'). Mr J.F.M.L. van Boxmeer is eligible for reappointment. A non-binding recommendation, drawn up by the Board of Directors, will be submitted to the 2024 AGM to reappoint Mr J.F.M.L. van Boxmeer as non-executive director of the Board of Directors, for the maximum period of four years (i.e. until the end of the Annual General Meeting of Shareholders to be held in 2028).

    Enquiries  


Media Heineken Holding N.V.
 
 
Kees Jongsma
 
 
tel. +31 6 54 79 82 53
 
 
E-mail: [email protected]
 
 
 
 
 
Media
  		Investors
Joris Evers
  		José Federico Castillo Martinez
Director of Global Communication
  		Investor Relations Director
Michael Fuchs
  		Mark Matthews / Chris Steyn
Corporate & Financial Communications Manager
  		Investor Relations Manager / Senior Analyst
E-mail: [email protected]
  		E-mail: [email protected]
Tel: +31-20-5239355
  		Tel: +31-20-5239590

 

    Investor Calendar Heineken N.V.  
       

(events also accessible for Heineken Holding N.V. shareholders)

Combined financial and sustainability annual report publication 22 February 2024
Trading Update for Q1 2024 24 April 2024
Annual General Meeting of Shareholders 25 April 2024
Quotation ex-final dividend 2023 29 April 2024
Final dividend 2023 payable 7 May 2024
Half Year 2024 Results 29 July 2024
Quotation ex-interim dividend 2024 31 July 2024
Interim dividend payable 8 August 2024
Trading Update for Q3 2024 23 October 2024


    Conference Call Details  
       

HEINEKEN will host an analyst and investor video webcast about its 2023 FY results today, 14 February, at 14:00 CET/ 13:00 GMT/ 08.00 EST. This call will also be accessible for Heineken Holding N.V. shareholders. The live video webcast will be accessible via the Heineken N.V.’s website: https://www.theheinekencompany.com/investors/results-reports-webcasts-and-presentations.

An audio replay service will also be made available after the webcast at the above web address. Analysts and investors can dial-in using the following telephone numbers:

United Kingdom (local): +44 20 3936 2999
Netherlands (local): +31 85 888 7233
United States: +1 646 787 9445
All other locations: +44 20 3936 2999
For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers
Participation password for all countries: 022498

Editorial information:
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company. HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 350 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 90,000 employees, we brew the joy of true togetherness to inspire a better world. HEINEKEN's dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN operates breweries, malteries, cider plants and other production facilities in more than 70 countries. The most recent information is available on www.heinekenholding.com and www.theheinekencompany.com and follow HEINEKEN on LinkedIn, Twitter and Instagram.

Market Abuse Regulation:
This press release may contain price-sensitive information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer:
This press release contains forward-looking statements based on current expectations and assumptions with regards to the financial position and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information in HEINEKEN’s non-financial reporting, such as HEINEKEN’s emissions reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. These forward-looking statements, while based on management's current expectations and assumptions, are not guarantees of future performance since they are subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN’s ability to control or estimate precisely, such as but not limited to future market and economic conditions, the behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses and achieve anticipated synergies, costs of raw materials and other goods and services, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, environmental and physical risks, change in pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date of this press release. HEINEKEN assumes no duty to and does not undertake any obligation to update these forward-looking statements contained in this press release. Market share estimates contained in this press release are based on outside sources, such as specialised research institutes, in combination with management estimates. 

Attachment


Heineken Holding N.V. publishes Annual Report 2023

Submitted by Anonymous (not verified) on Sep 10 2024

Amsterdam, 22 February 2024 - Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) today announced that it has published its 2023 Annual Report.

The 2023 Annual Report of Heineken Holding N.V. is available on: www.heinekenholding.com

ENDS

PRESS ENQUIRIES

Media Heineken Holding N.V.
Kees Jongsma
Tel: +31-6-54798253
E-mail: [email protected]   

Media Heineken N.V.

Press enquiries
Joris Evers/ Michael Fuchs
E-mail: [email protected]
Tel: +31-20-5239-355

Investor and analyst enquiries
Federico Castillo Martinez / Mark Matthews
E-mail: [email protected]
Tel: +31-20-5239-590

About HEINEKEN
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.
HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 300 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 90,000 employees, HEINEKEN brews the joy of true togetherness to inspire a better world. HEINEKEN’s dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on Heineken Holding N.V.’s website or Heineken N.V.'s website and follow HEINEKEN on LinkedIn, Twitter and Instagram.

Attachment


Heineken Holding N.V. reports on 2024 first-quarter trading

Submitted by Anonymous (not verified) on Sep 10 2024

Amsterdam, 24 April 2024 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) publishes its trading update for the first quarter of 2024.

  Key Highlights  
     
  • Revenue €8,184 million, up 7.2%
  • Net revenue (beia) organic growth 9.4%; per hectolitre 4.9%
  • Beer volume organic growth 4.7%
  • Premium beer volume organic growth 7.3%
  • Heineken® volume growth 12.9%
  • Gross merchandise value captured via eB2B platforms +17%
  • Outlook for the full year unchanged; operating profit (beia) expected to grow organically low- to high-single-digit.

Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

  Financial Summary  
     

Throughout this report figures refer to quarterly performance unless otherwise indicated.

Revenue in the first quarter was €8.2 billion, up 7.2%. Net revenue (beia) was €6.8 billion, up 9.4% organically. Total consolidated volume increased 4.3% and net revenue (beia) per hectolitre was up 4.9%. Price mix on a constant geographic basis increased by 6.0%, mainly driven by pricing and in line with inflation.

Currency translation reduced net revenue (beia) by €294 million or 4.6%, mainly driven by the devaluation of currencies in Africa, particularly the Nigerian Naira, and partially offset by a stronger Mexican Peso and Brazilian Real. Consolidation changes in net revenue (beia) contributed €164 million, driven by the integration of Distell and Namibia Breweries and partially offset by the sale of Vrumona in the Netherlands and HEINEKEN's exit from Russia.

IFRS Measures € million Total growth   BEIA Measures1 € million Organic growth
Revenue 8,184 7.2%   Revenue (beia) 8,184 8.8%
Net revenue 6,847 7.3%   Net revenue (beia) 6,847 9.4%

1. Consolidated figures are used throughout this report, unless otherwise stated. Please refer to the Glossary for an explanation of non-GAAP measures and other terms. Page 2 includes a reconciliation versus IFRS metrics. These non-GAAP measures are included in internal management reports that are reviewed by the Executive Board of Heineken N.V., as management believes that this measurement is the most relevant in evaluating the results and in performance management.

Beer volume increased 4.7% organically with growth in all regions, a sequential improvement in the performance of the business, boosted by calendar and one-off effects. In particular, the Americas and Europe regions benefitted from the earlier timing of Easter and the Africa & Middle East and Asia Pacific regions from a soft comparable base last year due to one-off effects in Vietnam and Nigeria.

Beer volume            
(in mhl or %)   1Q23   1Q24   Organic growth
Heineken N.V.   54.8   55.4   4.7%

Premium beer volume grew by 7.3%, outperforming the total beer portfolio. The strong momentum in premiumisation was led by Heineken® and its line extensions, complemented by HEINEKEN's international and local premium brands, including Tiger, Desperados, Birra Moretti and Kingfisher Ultra.

Heineken® grew volume by 12.9%, with double-digit growth in more than 30 markets. Heineken® 0.0 grew volume in the high-teens, with double-digit growth in all regions, led by Brazil, Vietnam and China. Heineken® Silver grew volume by more than 50%, led by Vietnam and China.

Heineken® volume        
(in mhl or %) 1Q23 1Q24   Organic growth
Heineken N.V. 12.2 13.8   12.9%


  Outlook  
     

HEINEKEN continues to see the economic environment as challenging and uncertain, and HEINEKEN will remain agile and focused on strengthening its business in line with its EverGreen strategy. Despite the solid start to the year, HEINEKEN cannot extrapolate the reported top-line growth to the rest of the year. As planned, HEINEKEN will increase its investment behind its brands, innovations, commercial capabilities and route-to-consumer. All in all, HEINEKEN continues to expect operating profit (beia) to grow organically by a low- to high-single-digit and net profit (beia) organic growth lower than the operating profit (beia) organic growth.

  Translational Currency Calculated Impact  
     

Based on the impact to date, and applying spot rates of 22 April 2024 to the 2023 financial results as a baseline for the remainder of the year, the calculated negative currency translational impact for the full year of 2024 would be approximately €640 million in net revenue (beia), €90 million at operating profit (beia) and positive €20 million at net profit (beia).

  Reconciliation of non-GAAP measures  

In internal managerial reports, HEINEKEN uses the metrics net revenue (beia) and net revenue (beia) organic growth.

Reconciliation net revenue (beia) and net revenue (beia) organic growth
1Q22 Reported Eia Beia Currency translation Consolidation impact Organic Growth Organic Growth %
Revenue 6,989 — 6,989 200 432 1,213 23.6%
Excise tax expense -1,236 — -1,236 -13 -243 -142 -17.0%
Net revenue 5,753 — 5,753 186 189 1,071 24.9%
               
1Q23 Reported Eia Beia Currency translation Consolidation impact Organic Growth Organic Growth %
Revenue 7,632 -1 7,631 89 12 540 7.7%
Excise tax expense -1,253 — -1,253 14 -3 -28 -2.3%
Net revenue 6,379 -1 6,378 103 10 512 8.9%
               
1Q24 Reported Eia Beia Currency translation Consolidation impact Organic Growth Organic Growth %
Revenue 8,184 — 8,184 -328 209 672 8.8%
Excise tax expense -1,337 — -1,337 34 -45 -73 -5.8%
Net revenue 6,847 — 6,847 -294 164 599 9.4%

Note: due to rounding, this table will not always cast

  Enquiries  


Media Heineken Holding N.V.    
Kees Jongsma    
tel. +31 6 54 79 82 53    
E-mail: [email protected]    
     
Media   Investors
Joris Evers   José Federico Castillo Martinez
Director of Global Communication   Director of Investor Relations
Michael Fuchs   Mark Matthews / Chris Steyn
Corporate & Financial Communication Manager   Investor Relations Manager / Senior Analyst
E-mail: [email protected]   E-mail: [email protected]
Tel: +31-20-5239355   Tel: +31-20-5239590


  Conference Call Details  
     

HEINEKEN will host an analyst and investor conference call with Harold van den Broek, Chief Financial Officer, in relation to its First Quarter 2024 Trading Update at 14:00 CET/13:00 GMT. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the website: www.theheinekencompany.com. An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers:

United Kingdom: +44 203 936 2999

Netherlands: +31 85 888 7233

United States: +1 646 787 9445

All other locations: +44 203 936 2999

For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers

Participation password for all countries: 655905

Editorial information:
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 350 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 90,000 employees, HEINEKEN brews the joy of true togetherness to inspire a better world. HEINEKEN's dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on the websites: www.heinekenholding.com and www.theHEINEKENcompany.com and follow HEINEKEN on LinkedIn, Twitter and Instagram.

Market Abuse Regulation

This press release may contain price-sensitive information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer:
This press release contains forward-looking statements based on current expectations and assumptions with regard to the financial position and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information in HEINEKEN’s non-financial reporting, such as HEINEKEN’s emissions reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. These forward-looking statements, while based on management's current expectations and assumptions, are not guarantees of future performance since they are subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN’s ability to control or estimate precisely, such as but not limited to future market and economic conditions, the behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses and achieve anticipated synergies, costs of raw materials and other goods and services, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, environmental and physical risks, change in pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date of this press release. HEINEKEN assumes no duty to and does not undertake any obligation to update these forward-looking statements contained in this press release. Market share estimates contained in this press release are based on outside sources, such as specialised research institutes, in combination with management estimates.

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Heineken Holding N.V. Annual General Meeting of Shareholders adopts all proposals

Submitted by Anonymous (not verified) on Sep 10 2024

Amsterdam, 25 April 2024 - Heineken Holding N.V. announced today that its Annual General Meeting of Shareholders (AGM) has adopted all proposals on the agenda of the AGM. The most important resolutions and announcements are listed below.

Dividend
The Board of Directors announced the distribution of a dividend for the year 2023 of EUR 1.73 per share. As an interim dividend of EUR 0.69 was paid on 10 August 2023, the final dividend of EUR 1.04 per share will be made payable on 7 May 2024. Heineken Holding N.V. shares will be quoted ex-dividend on 29 April 2024.

Reappointment of Mr J.F.M.L. van Boxmeer as non-executive member of the Board of Directors
The AGM reappointed Mr J.F.M.L. van Boxmeer as non-executive member of the Board of Directors for a four-year term.

Appointment of External Auditor
The AGM appointed KPMG Accountants N.V. as external auditor for the financial year 2025.

The voting results per agenda item of the AGM of Heineken Holding N.V. of 25 April 2024 can be found on the website www.heinekenholding.com as of close of business on 26 April 2024.

-ENDS-
Media Heineken Holding N.V.                                        
Kees Jongsma
Tel: +31 6 54 79 82 53
Email: [email protected]

Press enquiries
Joris Evers / Michael Fuchs        
E-mail: [email protected]                        
Tel: +31-20-5239-355                

Investor and analyst enquiries
Federico Castillo Martinez/ Mark Matthews
E-mail: [email protected]
Tel: +31-20-5239-590

Editorial information:
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.
HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 350 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 90,000 employees, HEINEKEN brews the joy of true togetherness to inspire a better world. HEINEKEN's dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on the websites: www.heinekenholding.com and www.theHEINEKENcompany.com and follow HEINEKEN on LinkedIn, Twitter and Instagram.

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Heineken Holding N.V. reports 2024 half year results

Submitted by Anonymous (not verified) on Sep 10 2024

Amsterdam, 29 July 2024 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) announces:

  Key Highlights
   
  • Revenue €17,823 million
  • Net revenue (beia) 6.0% organic growth; per hectolitre 4.3%
  • Beer volume organic growth 2.1%; Heineken® volume 9.2% growth
  • Operating profit €1,542 million; operating profit (beia) organic growth 12.5%
  • Outlook for the full year updated: operating profit (beia) expected to grow organically in the range of 4% to 8%.
  Financial Summary1


IFRS Measures € million   Total growth   BEIA Measures    € million  Organic
growth2
Revenue 17,823   2.2%   Revenue (beia) 17,812 5.9%
Net revenue 14,824   2.1%   Net revenue (beia) 14,814 6.0%
Operating profit 1,542   -4.3%   Operating profit (beia) 2,079 12.5%
          Operating profit (beia) margin 14.0%  
Net profit of Heineken Holding N.V.* -48       Net profit (beia) 1,204 4.4%
Diluted EPS (in €)* -0.17       Diluted EPS (beia) (in €) 2.15 5.9%
*Includes non-cash impairments of €1,050 million in accordance with IFRS (IAS 28 and 36). For more details go to page 20.   Free operating cash flow 655  
  Net debt / EBITDA (beia)3      2.4x  

1 Consolidated figures are used throughout this report, unless otherwise stated. Please refer to the Glossary for an explanation of non-GAAP measures and other terms.
Page 27 includes a reconciliation versus IFRS metrics. These non-GAAP measures are included in internal management reports that are reviewed by the Executive Board of
Heineken N.V., as management believes that this measurement is the most relevant in evaluating the results and in performance management.
2 Organic growth shown, except for Diluted EPS (beia), which is total growth.
3 Includes acquisitions and excludes disposals on a 12 month pro-forma basis.

Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company. The net result of Heineken Holding N.V.'s participating interest in Heineken N.V. for the first half year of 2024 amounts to €-48 million.

During the first half of 2024, HEINEKEN continued to execute the EverGreen strategy and restored balanced growth despite experiencing economic volatility in certain markets. Growth remains HEINEKEN's priority and HEINEKEN aspires to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN also aims to become the best digitally connected brewer, raise the bar on sustainability and responsibility and evolve HEINEKEN's capabilities and culture to embrace future opportunities. To fund HEINEKEN's growth, and deliver on the EverGreen ambitions, HEINEKEN continues to drive productivity and capital efficiency in the pursuit of sustainable, long-term value creation.

HEINEKEN aims for balanced volume and value growth through building and scaling premium and strategic mainstream brands, supported by innovation in fast-growing consumer segments, excellent commercial execution and further developing HEINEKEN's geographic and portfolio footprint. In the first half of 2024, HEINEKEN saw encouraging signs of consumer demand stabilising and was able to restore balanced growth.

Revenue for the first half of 2024 was €17.8 billion, up 2.2%. Net revenue (beia) was €14.8 billion, up 6.0% organically, mainly driven by the growth of HEINEKEN's largest operating companies in Nigeria, Mexico, Brazil, Vietnam and India. Total consolidated volume increased 1.7% and net revenue (beia) per hectolitre was up 4.3% with a positive contribution from all regions, most notably in Africa & Middle East. The underlying price-mix on a constant geographic basis was up 4.9%. Currency translation reduced net revenue (beia) by €625 million or 4.3%, mainly driven by the 48% devaluation of the Nigerian naira versus the euro. Consolidation changes had a positive impact to net revenue (beia) of €51 million, the net result of the Distell and Namibia Breweries acquisitions, the sale of Vrumona in the Netherlands and HEINEKEN's exit from Russia.

Beer volume for the first half of 2024 increased organically 2.1% versus last year, with all regions contributing. HEINEKEN gained or held market share in more than half of its markets. Growth in the second quarter was lower as Easter fell in the first quarter in 2024 (versus the second quarter in 2023), competition intensified in the economy segment in Brazil and poor June weather in Europe.

Beer volume     2Q24   Organic
growth 		      HY24   Organic
growth
(in mhl) 2Q23       HY23    
Heineken N.V. 65.3   62.8   -0.1%   120.1   118.2   2.1%

Premium beer volume was up 5.1%, ahead of the total beer portfolio in aggregate and in more than half of HEINEKEN's markets. The growth was again led by Heineken®, with further contributions from Kingfisher Ultra, Dos Equis, Desperados and Birra Moretti, amongst others.

Heineken® grew volume in the first half by 9.2% with the second quarter up 6.0%. The growth was broad-based, with more than 27 markets growing double-digit, most notably Brazil, China, Vietnam and the DRC. Heineken® Silver grew volume by more than 40%, led by Vietnam and China.

The Heineken® brand continues to be admired for its creativity, in both ideas and execution. The brand was recognised as the #1 most creative brand in the alcoholic drinks category and the #2 most creative brand across all categories at the prestigious Cannes Lions Festival of Creativity, taking home a record 22 awards. New campaigns included "The First Ahhh!", celebrating its dedication to the craft of brewing and the joy at the first sip from a fresh Heineken®, and "The Boring Phone", noting that the more refreshing your social life, the more rewarding it becomes.

Heineken® volume     2Q24   Organic
growth 		  HY23   HY24   Organic
growth
(in mhl) 2Q23          
Total 14.2   15.0   6.0%   26.3   28.7   9.2%


  Outlook Statements
   

HEINEKEN's EverGreen strategy is a multi-year journey, and HEINEKEN is pleased with the solid progress in the first half of 2024. While several key emerging markets had to navigate a volatile macroeconomic environment, overall, HEINEKEN achieved more balanced, volume- and value-led revenue growth, and good operating leverage. HEINEKEN also continues to deliver against its premiumisation, digital and sustainability ambitions, funded by gross savings and productivity gains.

HEINEKEN continues to expect variable costs to increase organically by a low-single-digit on a per hectolitre basis. While HEINEKEN expects to benefit from lower commodity and energy prices compared to 2023, this is more than offset by local input cost inflation and currency devaluations, particularly in Africa. HEINEKEN also expects higher than historical average wage inflation.

Across the company, HEINEKEN's markets and functions realized more than €300 million of gross savings in the first half. HEINEKEN has clear line of sight on its cost saving initiatives and is therefore confident to achieve its c.€500 million ambition for 2024, ahead of HEINEKEN's medium-term commitment of €400 million per year.

HEINEKEN is reinvesting a larger proportion of these savings into marketing and sales. In the second half, HEINEKEN will materially step-up investment in its brands focused on HEINEKEN's greatest opportunities for long-term sustainable growth. Notable increases will be in Mexico, Brazil, Vietnam, India, and South Africa.

At the same time, volatility remains a reality. Consumer confidence and economic sentiment in developed markets remain below their historical average. In the Africa & Middle East region there is a risk of material currency devaluation in Ethiopia and hyperinflation in Nigeria and Egypt. HEINEKEN is confident it is able to adapt, yet this continues to bring some short-term uncertainty.

Reflecting HEINEKEN's confidence in delivery and commitment to invest behind growth and in future-proofing its business, HEINEKEN updates its full year outlook to grow operating profit (beia) organically in the range of 4% to 8%.

For the full year of 2024, HEINEKEN further expects:

  • An effective interest rate (beia) of around 3.5% (2023: 3.4%).
  • As indicated at HEINEKEN's earlier outlook statement, other net finance expenses will increase compared to 2023. This is driven primarily by the impact from significant devaluations and hard currency scarcity in key emerging markets. HEINEKEN made progress in reducing hard currency exposures and is on track with the rights issue in Nigerian Breweries Ltd. If current conditions prevail, HEINEKEN expects more stable other net financing expenses in the second half of the year.
  • HEINEKEN has updated its view on the average effective tax rate (beia), and now expect this to land at around 28% (2023: 26.8%), an improvement relative to the previous guidance of 29%, including further insights into Brazil's 2024 tax law changes.

Given the factors above, HEINEKEN revises the expected organic net profit (beia) growth to be more closely in line with the expected operating profit (beia) growth.

Finally, HEINEKEN continues to expect investments in capital expenditure related to property, plant and equipment and intangible assets to be below 9% of net revenue (beia) (2023: 8.8%).

  Translational Calculated Currency Impact
   

Based on the impact to date, and applying spot rates of 25 July 2024 to the 2023 financial results as a baseline for the remainder of the year, the calculated negative currency translational impact for the full year would be approximately €1.350 million in net revenue (beia), €170 million at consolidated operating profit (beia), and €30 million at net profit (beia).

  Interim Dividend 2024
   

According to the Articles of Association of Heineken Holding N.V. both Heineken Holding N.V. and Heineken N.V. pay an identical dividend per share. HEINEKEN's dividends are paid in the form of an interim dividend and a final dividend. The interim dividend is fixed at 40% of the total dividend of the previous year. As a result, an interim dividend of €0.69 per share (2023: €0.69) will be paid on 8 August 2024. The shares will trade ex-dividend on 31 July 2024.

  Enquiries
   


  Media Heineken Holding N.V.    
  Kees Jongsma    
  Tel. +31-6-54798253    
  E-mail:[email protected]    
       
  Media   Investors
  Joris Evers   Tristan van Strien
  Director of Global Communication   Director of Investor Relations
  E-mail: [email protected]   Mark Matthews / Chris Steyn
  Tel: +31-20-5239355   Investor Relations Manager / Senior Analyst
 
  		  E-mail: [email protected]
      Tel: +31-20-5239590


  Investor Calendar Heineken N.V.
   

(events also accessible for Heineken Holding N.V. shareholders)

  Trading Update for Q3 2024   23 October 2024
  Full Year 2024 Results   12 February 2025


  Conference Call Details
   

HEINEKEN will host an analyst and investor conference call in relation to its 2024 Half Year results today at 14:00 CET/ 13:00 BST. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the website: www.theheinekencompany.com. An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers:

United Kingdom (Local): 020 3936 2999

Netherlands (Local): 085 888 7233

USA: 1 646 787 9445

For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers

Participation password for all countries: 939700

Editorial information:
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 350 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 90,000 employees, HEINEKEN brews the joy of true togetherness to inspire a better world. HEINEKEN's dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on www.heinekenholding.com and www.theHEINEKENcompany.com and follow HEINEKEN on LinkedIn, Twitter and Instagram.

Market Abuse Regulation
This press release may contain price-sensitive information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer:
This press release contains forward-looking statements based on current expectations and assumptions with regard to the financial position and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information in HEINEKEN’s non-financial reporting, such as HEINEKEN’s emission reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. These forward-looking statements, while based on management's current expectations and assumptions, are not guarantees of future performance since they are subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN’s ability to control or estimate precisely, such as but not limited to future market and economic conditions, the behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses and achieve anticipated synergies, costs of raw materials and other goods and services, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, environmental and physical risks, change in pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date of this press release. HEINEKEN assumes no duty to and does not undertake any obligation to update these forward-looking statements contained in this press release. Market share estimates contained in this press release are based on external sources, such as specialised research institutes, in combination with management estimates.

Attachment


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