Heineken N.V. reports 2017 third quarter Trading Update
25 Ottobre 2017 - 8:02AM
Amsterdam, 25 October 2017 - Heineken N.V. (EURONEXT: HEIA;
OTCQX: HEINY) today announces its trading update for the third
quarter of 2017.
KEY HIGHLIGHTS
- Consolidated beer volume +2.5% organically, with growth in Asia
Pacific, Americas and Africa, Middle East & Eastern Europe
offsetting lower volume in Europe against tough
comparatives.
- Heineken® volume +3.4% driven by Brazil, South Africa, Russia
and Mexico.
- Full year expectations unchanged.
CEO STATEMENTJean-François van Boxmeer, Chairman of the
Executive Board & CEO, commented:"Performance in the third
quarter was solid, with an acceleration of organic volume growth in
Asia Pacific and Africa, Middle East & Eastern Europe. Growth
in Asia Pacific continued to be driven by Vietnam and Cambodia
whilst in Africa, Middle East & Eastern Europe, the main
contributors were Russia, Ethiopia and South Africa. In the
Americas, Mexico continued to deliver, and weaker volumes in the US
were offset by growth coming from Brazil. Europe hadto face tough
comparatives, partly due to less favourable weather in some key
markets. During the period we completed the acquisition of Punch
Securitisation A. Our full year expectations remain unchanged."
THIRD QUARTER AND NINE MONTHS VOLUME BREAKDOWN
Consolidated beer volume1 (in mhl or %) |
3Q17 |
Totalgrowth % |
Organicgrowth % |
YTD3Q17 |
Totalgrowth % |
Organicgrowth % |
Heineken N.V. |
60.0 |
|
11.1 |
|
2.5 |
|
161.3 |
|
6.8 |
|
2.5 |
|
Africa, Middle East & Eastern Europe |
10.2 |
|
8.3 |
|
8.8 |
|
29.5 |
|
3.7 |
|
3.9 |
|
Americas |
20.0 |
|
33.5 |
|
2.9 |
|
50.4 |
|
16.9 |
|
2.8 |
|
Asia
Pacific |
6.8 |
|
14.3 |
|
12.2 |
|
19.4 |
|
10.9 |
|
8.3 |
|
Europe |
23.0 |
|
-2.8 |
|
-2.8 |
|
62.0 |
|
0.1 |
|
0.1 |
|
Heineken®2(in mhl or %) |
3Q17 |
Organicgrowth % |
YTD3Q17 |
Organicgrowth % |
Heineken® |
9.5 |
|
3.4 |
|
26.8 |
|
3.7 |
|
Africa, Middle East & Eastern Europe |
1.4 |
|
21.3 |
|
3.6 |
|
10.4 |
|
Americas |
2.6 |
|
8.9 |
|
7.7 |
|
8.6 |
|
Asia
Pacific |
1.6 |
|
-4.3 |
|
4.7 |
|
-6.1 |
|
Europe |
3.8 |
|
-2.2 |
|
10.8 |
|
2.9 |
|
Heineken® volume2 grew by 3.4% organically. Key markets
that contributed to this growth included Brazil, South Africa,
Russia and Mexico, which more than offset weaker volume in the US,
France, the Netherlands and China.
1 Refer to the Definitions section for an
explanation of organic growth.2Heineken® volume is now total
Heineken® volume including the Netherlands.
REGIONAL REVIEW
Africa, Middle East & Eastern Europe
- Organic consolidated beer volume was up by 8.8%.
- In Nigeria, volume declined mid single digit with
underlying trading conditions still difficult and consumers
continuing to trade down. Sourcing hard currencies remains a
challenge, despite an improvement versus last year.
- South Africa and Ethiopia continued to deliver
strong growth with volume up double digit.
- The new operation in Ivory Coast delivered ahead of
expectations.
- In Russia, volume was up double digit due to strong
Heineken® performance and recent launches in the economy
segment.
Americas
- Organic consolidated beer volume grew by 2.9%.
- In Mexico, volume was up mid single digit, with strong
performance of Heineken® growing double digit.
- Volumes grew mid single digit in Brazil, with premium
brands growing double digit. Performance of the recently acquired
Kirin Brazil portfolio is very encouraging.
- In the US, HEINEKEN USA declined mid single digit, with
Heineken® facing a difficult comparative due to phasing of
shipments. Lagunitas continued to outperform the craft market.
Asia Pacific
- Organic consolidated beer volume was up 12.2%.
- In Vietnam, volumes grew double digit driven by
Tiger.
- In Cambodia, volume was up double digit, continuing to
benefit from the additional capacity added last year.
- Malaysia also delivered strong double digit volume
growth.
- China volumes continued to be impacted by parallel
imports, albeit improved versus previous quarters.
Europe
- Organic consolidated beer volume declined by 2.8%.
- In key markets such as France and the
Netherlands, performance was negatively impacted by tough
comparatives and a cool summer, resulting in volumes declining on
average mid single digit.
- Volumes in the UK were down double digit, continuing to
be impacted by a partial de-listing at a large customer.
- In Poland, volumes declined mid single digit, following
a reduction in promotional activity.
- Italy grew volumes mid single digit supported by
successful activations, new product launches and strong
execution.
REPORTED NET PROFIT Reported net profit for the nine months was
€1,486 million (2016: €1,239 million). In the nine months of 2016,
reported net profit included an asset impairment of €233 million in
the Democratic Republic of Congo (DRC).
TRANSLATIONAL CURRENCY UPDATE Using spot rates as at 19
October 2017 for the remainder of this year, the calculated
negative currency translational impact would be approximately €185
million at consolidated operating profit (beia), and €75 million
impact at net profit (beia). Foreign exchange markets remain very
volatile.
ACQUISITION OF PUNCH On 15 December 2016, HEINEKEN announced
that following Vine Acquisitions Limited's announcement of a
recommended cash offer for Punch Taverns plc ('Punch'), HEINEKEN
through HEINEKEN UK had agreed a back-to-back deal with Vine
Acquisitions to acquire Punch Securitisation A ('Punch A'),
comprising approximately 1,900 pubs across the UK. The transaction
completed on 29 August 2017.
The pubs acquired by HEINEKEN UK will be operated for six months
by Punch under a transitional services agreement, after which they
will be integrated into the existing Star Pubs & Bars business.
The transitional services agreement has no impact on Star's
existing licensees, who will continue to trade on a 'business as
usual' basis.
FINANCING UPDATE On 22 September 2017, HEINEKEN placed
12-year Notes with a coupon of 1.50% for a principal amount of €800
million. The notes are issued under the Company's Euro Medium Term
Note Programme and are listed on the Luxembourg Stock Exchange. The
proceeds were used for general corporate purposes including the
refinancing of existing debts.
Following the completion of the acquisition of Punch
Securitisation A on 29 August 2017, HEINEKEN decided to terminate
the securitisation structure and has since repaid all outstanding
Punch A notes (notional amount €864 million) by 4 October 2017.
DEFINITIONS Organic growth excludes the effect of foreign
currency translational effects, consolidation changes, accounting
policy changes, exceptional items and amortisation of
acquisition-related intangibles.
ENQUIRIES
Media |
Investors |
John-Paul
Schuirink |
Federico Castillo
Martinez |
Director of Global
Communication |
Director of Investor
Relations |
Michael
Fuchs |
Chris MacDonald /
Aris Hernández |
Corporate &
Financial Communication Manager |
Investor Relations Manager
/ Senior Analyst |
E-mail:
pressoffice@heineken.com |
E-mail:
investors@heineken.com |
Tel:
+31-20-5239355 |
Tel:
+31-20-5239590 |
Editorial information:HEINEKEN is the world's most international
brewer. It is the leading developer and marketer of premium beer
and cider brands. Led by the Heineken® brand, the Group has a
portfolio of more than 250 international, regional, local and
speciality beers and ciders. We are committed to innovation,
long-term brand investment, disciplined sales execution and focused
cost management. Through "Brewing a Better World", sustainability
is embedded in the business and delivers value for all
stakeholders. HEINEKEN has a well-balanced geographic footprint
with leadership positions in both developed and developing markets.
We employ over 80,000 employees and operate breweries, malteries,
cider plants and other production facilities in more than 70
countries. Heineken N.V. and Heineken Holding N.V. shares trade on
the Euronext in Amsterdam. Prices for the ordinary shares may be
accessed on Bloomberg under the symbols HEIA NA and HEIO NA and on
Reuters under HEIN.AS and HEIO.AS. HEINEKEN has two sponsored level
1 American Depositary Receipt (ADR) programmes: Heineken N.V.
(OTCQX: HEINY) and Heineken Holding N.V. (OTCQX: HKHHY). Most
recent information is available on HEINEKEN's website:
www.theHEINEKENcompany.com and follow us on Twitter via
@HEINEKENCorp.
Market Abuse Regulation: This press release may contain inside
information within the meaning of Article 7(1) of the EU Market
Abuse Regulation.
Disclaimer: This press release contains forward-looking
statements with regard to the financial position and results of
HEINEKEN's activities. These forward-looking statements are subject
to risks and uncertainties that could cause actual results to
differ materially from those expressed 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 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, interest-rate and exchange-rate fluctuations, changes in
tax rates, changes in law, 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 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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