Heineken Holding N.V. reports 2020 full year results
Amsterdam, 10 February 2021 – Heineken Holding N.V.
(EURONEXT: HEIO; OTCQX: HKHHY) announces:
- The net result of Heineken Holding N.V.'s participating
interest in Heineken N.V. for 2020 amounts to – €102 million
- 2020 full year results highlights:
- Net revenue (beia) organic growth -11.9%; per hectolitre
-2.4%
- Consolidated beer volume -8.1% organically
- Heineken® volume resilient -0.4%
- Operating profit (beia) organic growth -35.6%, margin 12.3%
(-455 bps)
- Net profit (beia) €1,154 million, -49.4% organically
- Diluted EPS (beia) €2.00 (2019: €4.38)
FINANCIAL SUMMARY1
IFRS Measures |
€ million |
Total growth |
|
BEIA Measures |
€ million |
Organic growth2 |
Revenue |
23,770 |
|
-16.7 |
% |
|
Revenue (beia) |
23,770 |
-11.3 |
% |
Net revenue |
19,715 |
|
-17.7 |
% |
|
Net revenue
(beia) |
19,724 |
-11.9 |
% |
Operating
profit |
778 |
|
-78.6 |
% |
|
Operating profit
(beia) |
2,421 |
-35.6 |
% |
|
|
|
|
Operating profit
(beia) margin (%) |
12.3% |
|
Net (loss) of
Heineken Holding N.V. |
(102) |
|
-109.4 |
% |
|
Net profit
(beia) |
1,154 |
-49.4 |
% |
Diluted EPS (in
€) |
(0.36) |
|
-109.5 |
% |
|
Diluted EPS
(beia) (in €) |
2.00 |
-54.3 |
% |
|
|
|
|
Free operating
cash flow |
1,513 |
|
|
|
|
|
Net debt /
EBITDA (beia)3 |
3.4x |
|
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 used throughout this report. 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.
UPDATE ON HEINEKEN'S RESPONSE TO COVID-19: NAVIGATING THE CRISIS
WHILE BUILDING THE FUTURE
From the onset of the pandemic, people's health and safety has
been HEINEKEN's highest priority. To support HEINEKEN employees in
doing their jobs safely, HEINEKEN established robust COVID-19
preventive measures including working from home where possible,
social distancing, strict personal hygiene and disinfection
protocols, and providing adequate personal protective
equipment.
HEINEKEN also supported its customers, suppliers and the
communities most impacted by the pandemic. HEINEKEN assisted
customers with advice, re-opening tools, stock returns and helped
them set up online delivery. HEINEKEN supported them financially,
for example, by waiving close to €50 million in rental payments.
HEINEKEN raised over €10 million to support 50,000 outlets across
21 countries through its Back the Bars initiative. HEINEKEN
continued to pay all suppliers on time and reduced payment terms to
various small suppliers.
HEINEKEN provided twenty-three million Euros worth of pandemic
relief to support front-line medical workers in the communities
where it operates, including drinking water, non-alcoholic
beverages, hand sanitiser, and monetary contributions. These
included a €15 million donation to the International Red Cross. In
Mexico, HEINEKEN announced a dry ice donation of 55 tons to help
safely transport vaccines at low-temperatures. The de
Carvalho-Heineken family together with their holding company
donated €10 million to eight charities supporting the COVID-19
relief efforts.
HEINEKEN's people adapted quickly and took decisive actions to
guarantee business continuity. HEINEKEN entered the crisis with a
strong balance sheet and took immediate steps to strengthen its
liquidity. HEINEKEN took action to swiftly reduce discretionary
expenses and mitigate the impact on its business performance while
protecting the future. The commercial teams reallocated resources
across channels and brands, increasing their focus on off-trade
customers. HEINEKEN accelerated the deployment of its e-commerce
platforms, capitalising on digitalisation trends as consumers and
customers shopped online. The supply chain teams demonstrated great
agility to adapt to a radically different and volatile environment
with excellent efficiency and minimum disruptions. As a result,
HEINEKEN outperformed the market in most of HEINEKEN's key
markets.
In parallel, HEINEKEN colleagues in support functions adapted
quickly to working from home, produced timely rolling-forecasts to
inform decisions and managed eight, remotely supported, deployments
of its standardised ERP platforms in Africa, Asia and the
Caribbean.
Finally, HEINEKEN continued to shape its business for growth,
with the entry into Peru, the acquisition of Strongbow in
Australia, and the restructuring of the Philippines' business.
TOTAL DIVIDEND FOR 2020
The Heineken N.V. dividend policy is to pay a ratio of 30% to
40% of full year net profit (beia). For 2020, a total cash dividend
of €0.70 per share, representing a decrease of 58.3% (2019: €1.68),
and a payout ratio of 34.9%, in the middle of the range of the
policy, will be proposed to the Annual General Meeting of
Shareholders of Heineken N.V. on 22 April 2021 ("2021 AGM"). If
approved, the full dividend will be paid on 6 May 2021, as no
interim dividend was paid during 2020. The payment will be subject
to a 15% Dutch withholding tax. Due to the reported net loss in
2020, the proposed dividend will be paid out of the equity
reserves.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 €0.70 per share of €1.60 nominal value will be payable as of 6
May 2021.Both the Heineken Holding N.V. shares and the Heineken
N.V. shares will trade ex-dividend on 26 April 2021.
2021 OUTLOOK STATEMENTS
Overall the COVID-19 pandemic and governments' measures continue
to have a material impact on HEINEKEN's markets and business. 2021
started with many restrictions across HEINEKEN's markets, including
on-trade closures and restrictions to travel. In Europe in
particular, HEINEKEN estimates that at the end of January 2021,
less than 30% of on-trade outlets were operating. Product and
channel mix is expected to continue to adversely impact results,
especially in Europe.
According to the World Health Organisation, the effect of
vaccines on the pandemic will depend on several factors including
their effectiveness, speed of their approval, manufacturing and
delivery and the number of people getting vaccinated. As such,
HEINEKEN expects the pandemic to continue to impact its business in
the first half of 2021 and market conditions to gradually improve
in the second part of the year.
Input costs per hectolitre are expected to be volatile due to
channel and product mix effects. Based on HEINEKEN's hedged
positions for 2021, HEINEKEN expects a significant higher negative
transactional currency impact on input costs.
The EverGreen programme, a strategic review update, will be in
full deployment. For more details reference is made to the Heineken
N.V. press release of 10 February 2021.
Overall HEINEKEN expects revenue, operating profit and operating
profit margin to stay below the level of 2019.
HEINEKEN also anticipates:
- An average effective interest rate (beia) broadly in line with
2020 (2020: 3.0%)
- Capital expenditure related to property, plant and equipment
and intangible assets of around €1.8 billion (2020: €1.6
billion).
- The effective tax rate (beia) to stay above 2019 level due to
the effect of fixed cost components in the tax line.
BOARD OF DIRECTORS COMPOSITION
Mr M. Das will have completed his four-year appointment term
upon conclusion of the Annual General Meeting of Shareholders of
Heineken Holding N.V. on 22 April 2021. Mr M. Das is eligible for
reappointment as non-executive member of the Board of Directors of
Heineken Holding N.V. for a period of four years and a non-binding
recommendation shall be submitted to the AGM in this respect.
Mr A.A.C. de Carvalho will have completed his four-year
appointment term upon conclusion of the Annual General Meeting of
Shareholders of Heineken Holding N.V. on 22 April 2021. Mr A.A.C.
de Carvalho is eligible for reappointment as non-executive member
of the Board of Directors of Heineken Holding N.V. for a period of
four years and a non-binding recommendation shall be submitted to
the AGM in this respect.
ENQUIRIES
Media Heineken
Holding N.V. |
|
Kees
Jongsma |
|
tel. +31 6 54 79
82 53 |
|
E-mail:
cjongsma@spj.nl |
|
|
|
Media |
Investors |
Sarah
Backhouse |
José
Federico Castillo Martinez |
Director of
Global Communication |
Investor
Relations Director |
Michael
Fuchs |
Janine
Ackermann / Robin Achten |
Financial
Communications Manager |
Investor
Relations Manager / Senior Analyst |
E-mail:
pressoffice@heineken.com |
E-mail:
investors@heineken.com |
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 |
19 February
2021 |
Trading Update
for Q1 2021 |
21 April
2021 |
Annual General
Meeting of Shareholders |
22 April
2021 |
Half Year 2021
Results |
02 August
2021 |
Quotation
ex-interim dividend 2021 |
04 August
2021 |
Interim dividend
payable |
11 August
2021 |
Trading Update
for Q3 2021 |
27 October
2021 |
CONFERENCE CALL DETAILS
HEINEKEN will host an analyst and investor video webcast about
its 2020 FY results combined with an update on the on-going
strategic review 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): 020 3936 2999 |
Netherlands: 085
888 7233 |
USA: 1 646 664
1960 |
All other
locations: +44 20 3936 2999 |
Participation
password for all countries: 293180 |
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. HEINEKEN is 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. HEINEKEN has a well-balanced
geographic footprint with leadership positions in both developed
and developing markets. HEINEKEN employs over 84,000 employees and
operates breweries, malteries, cider plants and other production
facilities in more than 70 countries. Heineken Holding N.V. and
Heineken N.V. shares trade on the Euronext in Amsterdam. Prices for
the ordinary shares may be accessed on Bloomberg under the symbols
HEIO NA and HEIA NA and on Reuters under HEIO.AS and HEIN.AS .
HEINEKEN has two sponsored level 1 American Depositary Receipt
(ADR) programmes: Heineken Holding N.V. (OTCQX: HKHHY) and Heineken
N.V. (OTCQX: HEINY). Most recent information is available on the
websites: www.heinekenholding.com and www.theHEINEKENcompany.com
and follow HEINEKEN on Twitter via @HEINEKENCorp.
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 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,
developments in the ongoing COVID-19 pandemic and related
government measures, 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.
- Heineken Holding NV 2020 Full Year results press release
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