Heineken Holding N.V. reports 2020 half year results
Amsterdam, 3 August 2020 – 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 2020 amounts
to €-149 million
- Net revenue (beia) organic growth -16.4%; net revenue (beia)
per hectolitre -3.6%
- Consolidated beer volume -11.5%
- Heineken® volume -2.5%
- Operating profit (beia) organic growth -52.5%
- Net profit (beia) €227 million, -75.8% organically
FINANCIAL SUMMARY1
IFRS Measures |
€ million |
Total growth |
|
BEIA Measures |
€ million |
Organic growth2 |
Revenue |
11,156 |
|
-18.0 |
% |
|
Revenue
(beia) |
11,156 |
|
-15.5 |
% |
Net revenue |
9,243 |
|
-19.2 |
% |
|
Net revenue
(beia) |
9,243 |
|
-16.4 |
% |
Operating
profit |
85 |
|
-94.8 |
% |
|
Operating profit
(beia) |
827 |
|
-52.5 |
% |
|
|
|
|
Operating profit
(beia) margin |
8.9 |
% |
|
Net profit of
Heineken Holding N.V. |
-149 |
|
-131.7 |
% |
|
Net profit
(beia) |
227 |
|
-75.8 |
% |
Diluted EPS (in
€) |
-0.52 |
|
-131.5 |
% |
|
Diluted EPS
(beia) (in €) |
0.39 |
|
-78.6 |
% |
|
|
|
|
Free operating
cash flow |
-809 |
|
|
|
|
|
|
Net debt /
EBITDA (beia)3 |
3.5x |
|
|
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.
In the first half of 2020, HEINEKEN’s markets and businesses
were materially impacted by the COVID-19 pandemic. There are no
changes vs HEINEKEN's announcement of 16 July.
UPDATE ON HEINEKEN'S RESPONSE TO COVID-19
Since the beginning of the COVID-19 crisis HEINEKEN has been
adhering to three guiding principles. First, the health, safety and
trust of its people is of paramount importance. Second, HEINEKEN
does everything it can to safeguard the continuity of its business
and protect the appeal of its brands. This includes supporting the
business continuity of its customers and suppliers. And, third,
HEINEKEN offers support to communities that are most impacted by
the pandemic.
In view of those principles, on 8 April 2020, HEINEKEN outlined
its commitment to its people, customers, suppliers and communities
in which HEINEKEN operates.
Significant efforts have been made within HEINEKEN to support
its employees in doing their jobs safely, by working from home
where possible, and applying the standard COVID-19 preventive
measures, including physical distancing, personal hygiene and
disinfection protocols and providing sufficient personal protective
equipment. In addition, to provide some security for HEINEKEN
employees in these trying times, HEINEKEN has committed to not
carry out structural lay-offs as a consequence of COVID-19 in
2020.
HEINEKEN has supported its on-trade customers across all regions
with advice and tools to safely reopen, helping them set up home
delivery and on-line businesses and supporting them financially,
for example by waiving rental payments. HEINEKEN's Back the Bars
initiative was launched to support on-trade customers in 21
countries and has raised over €10 million.
HEINEKEN continued to pay all suppliers on time and has also
provided advanced payments to suppliers who were heavily impacted
by COVID-19.
Pandemic relief totalling over €23 million has been deployed to
front-line medical facilities, including donations of water,
non-alcoholic beverages, hand sanitiser and monetary
contributions.
OUTLOOK FOR FY 2020
The COVID-19 pandemic constitutes a major negative macroeconomic
development and as such it is having a significant impact on
HEINEKEN's markets and on its business in 2020. On 8 April,
HEINEKEN withdrew all guidance for 2020 given the lack of
visibility on the end date of the pandemic and the duration of its
impact. Although HEINEKEN observes a gradual recovery since the
trough in April across most markets, the situation continues to be
volatile and uncertain. As a consequence, HEINEKEN is only able to
share directional information for the remainder of the year.
Product and channel mix is expected to continue to adversely
impact results, especially in Europe, as the on-trade continues to
be more affected than the off-trade. As a consequence, input costs
per hectolitre are expected to continue to be significantly higher
than last year.
HEINEKEN has taken mitigating actions and will further intensify
its focus on costs, balancing the reduction of discretionary
expenses with providing sufficient support behind its brands and
route to market. Non-committed supply chain CAPEX will continue to
be suspended, while commercial CAPEX will resume if and when
required to support HEINEKEN's current and future top-line
growth.
Significant uncertainty remains on the impact of the COVID-19
pandemic, including risks related to containment measures, supply
chain continuity, cyber-security incidents and macro economic
downturn in general.
Given the circumstances, HEINEKEN expects to continue to provide
incremental disclosures of the material effects of the COVID-19
crisis on HEINEKEN's markets and businesses. The next update will
come with the third quarter trading update.
ENQUIRIES
Media Heineken
Holding N.V. |
|
Kees
Jongsma |
|
Tel.
+31-6-54798253 |
|
E-mail:
cjongsma@spj.nl |
|
|
|
Media |
Investors |
Tim van der
Zanden |
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)
Trading Update for Q3 2020 |
28 October 2020 |
Full Year 2020 Results |
10 February 2021 |
CONFERENCE CALL DETAILS
HEINEKEN will host an analyst and investor conference call in
relation to its 2020 HY results today at 10:00 CET/ 9:00 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 |
All other
locations: +44 20 3936 2999 |
|
Participation password for all countries: 239940 |
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 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 85,000 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 contains
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.
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