Heineken N.V. reports on 2019 third quarter trading
Amsterdam, 23 October 2019 – Heineken N.V. (EURONEXT: HEIA;
OTCQX: HEINY) today publishes its trading update for the third
quarter of 2019.
KEY HIGHLIGHTS
- Beer volume +2.3% organically with double digit growth in Asia
Pacific.
- Heineken® volume +7.4% with double digit growth in Africa,
Middle East & Eastern Europe and the Americas.
CEO STATEMENT
Jean-François van Boxmeer, Chairman of the Executive Board /
CEO, commented:
"During the third quarter, our beer portfolio delivered solid
volume growth of 2.3% in the context of a challenging comparison
base given a very good summer last year. The growth of
Heineken® accelerated to 7.4%. We are seeing increased
volatility across a number of our markets, which we assume to
continue for the rest of the year. We continue to invest for the
long term benefit of all our stakeholders. We expect to grow
operating profit organically around 4%."
THIRD QUARTER AND YEAR TO DATE VOLUME BREAKDOWN
Beer volume* (in mhl or %) |
3Q19 |
Total growth % |
Organic growth % |
YTD 3Q19 |
Total growth % |
Organic growth % |
Heineken
N.V. |
64.2 |
|
2.6 |
|
2.3 |
|
180.3 |
|
2.9 |
|
2.8 |
|
Africa, Middle East & Eastern Europe |
10.6 |
|
1.6 |
|
1.6 |
|
32.1 |
|
5.5 |
|
5.3 |
|
Americas |
21.5 |
|
-0.2 |
|
-0.5 |
|
62.3 |
|
1.8 |
|
1.7 |
|
Asia Pacific |
7.5 |
|
6.2 |
|
13.9 |
|
22.7 |
|
7.0 |
|
11.6 |
|
Europe |
24.6 |
|
4.5 |
|
1.6 |
|
63.2 |
|
1.3 |
|
-0.3 |
|
Heineken® volume* (in mhl or %) |
3Q19 |
Organic growth % |
YTD 3Q19 |
Organic growth % |
Heineken
N.V. |
11.2 |
|
7.4 |
|
30.6 |
|
7.0 |
|
Africa, Middle East & Eastern Europe |
1.8 |
|
12.0 |
|
5.1 |
|
14.0 |
|
Americas |
3.4 |
|
12.5 |
|
9.6 |
|
12.5 |
|
Asia Pacific |
1.6 |
|
-1.0 |
|
4.3 |
|
0.2 |
|
Europe |
4.3 |
|
4.8 |
|
11.5 |
|
2.8 |
|
Heineken® volume grew by 7.4%
in the third quarter. The main markets contributing with double
digit growth included Brazil, South Africa, the UK, Nigeria,
Romania and Germany.
* Refer to the Definitions section for an explanation of organic
growth and updated volume definitions. For main consolidation
changes please refer to the 2019 half year results press release of
29 July 2019.
REGIONAL REVIEW
Africa, Middle East & Eastern Europe
- Beer volume grew organically by 1.6%.
- In Nigeria, beer volume grew low-single digit.
The premium portfolio grew double digit, driven by Heineken®.
- In Russia, beer volume declined mid-single
digit due to a cool summer and a high comparable basis due to the
football World Cup last year.
- In South Africa, total consolidated volume
grew high-single digit, driven by Heineken®.
- In Ethiopia, beer volume was flat due to a
price increase at the beginning of the year and continued social
unrest.
- In the DRC, beer volume grew high-single
digit. The overall economy remains fragile.
- In Egypt, total consolidated volume grew
double digit, driven by the non-alcoholic beverage portfolio.
Americas
- Beer volume declined organically by 0.5%.
- In Mexico, beer volume grew low-single digit.
The premium portfolio grew double digit driven by the national
roll-out of Amstel Ultra. The impact of the renewed OXXO contract
is in line with expectations as announced on 26 February 2019.
- In Brazil, beer volume declined slightly. The
premium and mainstream portfolios grew double digit, driven by
Heineken®, Amstel and Devassa. The economy portfolio declined
double digit, following a price increase at the beginning of the
second quarter.
- Beer volume in the USA declined high-single
digit due to the negative impact of the phasing of sales last year,
the continuous decline of Tecate and shortages of 24 oz cans,
partially offset by a better underlying trend in Heineken®.
- In Haiti, our largest operation in the
Caribbean, beer volume declined double digit as social unrest since
the middle of September caused business interruption.
Asia Pacific
- Beer volume was up organically by 13.9%.
- In Vietnam, beer volume grew double digit,
driven by Tiger and Larue.
- In Indonesia, beer volume declined mid-single
digit due to the phasing of deliveries.
- In Cambodia, beer volume was up high-double
digit, driven by Anchor and Tiger.
- In China, HEINEKEN has now fully transferred
its operations to China Resources Beer (CR Beer).
Europe
- Beer volume grew organically by 1.6%
- In the UK, total volume grew slightly. Beer
volume grew mid-single digit. The premium beer portfolio grew
high-single digit led by Heineken® and Birra Moretti.
- In France, beer volume was up slightly despite
summer weather comparables. The off-trade environment remains
challenging. Our premium portfolio grew double digit.
- In Italy, beer volume grew high-single digit,
driven by the continued positive performance of Ichnusa and the
roll-out of Messina.
- In the Netherlands, beer volume was down
mid-single digit against a challenging comparable.
- In Spain, beer volume was flat impacted by a
partial delisting at a large retailer.
- In Poland, beer volume was down mid-single
digit organically mainly due to summer weather comparables.
REPORTED NET PROFIT
Reported net profit for the nine months was €1,667 million
(2018: €1,596 million restated for IAS 37). For more details on the
restatement, please refer to our technical announcement of 5 August
2019.
TRANSLATIONAL CURRENCY UPDATE
Using spot rates as of 16 October 2019 for the remainder of this
year, the calculated positive currency translational impact for the
full year would be approximately €80 million at operating profit
level (beia) and €45 million at net profit level (beia).
DEFINITIONS
As of the first quarter of this year, HEINEKEN has updated its
definitions of volume metrics as below. 2018 figures have been
restated accordingly:
Brand specific volume (Heineken® Volume, Amstel Volume,
etc.)Brand volume produced and sold by consolidated
companies plus 100% of brand volume sold under licence agreements
by joint ventures, associates and third parties.
Beer VolumeBeer volume produced and sold by
consolidated companies.
Non-Beer VolumeCider, soft drinks and other
non-beer volume produced and sold by consolidated companies.
Third Party Products VolumeVolume of third
party products (beer and non-beer) resold by consolidated
companies.
Total Consolidated VolumeThe sum of Beer
Volume, Non-Beer Volume and Third Party Products Volume.
Licensed Beer Volume100% of volume from
HEINEKEN’s beer brands sold under licence agreements by joint
ventures, associates and third parties.
Group Beer VolumeThe sum of Beer Volume,
Licensed Beer Volume and attributable share of beer volume from
joint ventures and associates.
Organic Volume GrowthOrganic growth in volume
excludes the effect of consolidation changes.
Volume Metrics: Third Quarter 2019*
In million hectolitres |
3Q18 |
Consolidation Impact |
Organic Growth |
3Q19 |
Organic Growth % |
Africa, Middle East & Eastern Europe |
|
|
|
|
|
Beer Volume |
10.4 |
|
— |
|
0.2 |
|
10.6 |
|
1.6 |
|
Non-Beer Volume |
1.8 |
|
— |
|
— |
|
1.8 |
|
-0.7 |
|
Third Party Products Volume |
— |
|
— |
|
— |
|
— |
|
— |
|
Total Consolidated Volume |
12.2 |
|
— |
|
0.2 |
|
12.4 |
|
1.3 |
|
|
|
|
|
|
|
Licensed Beer Volume |
0.6 |
|
|
|
0.5 |
|
|
Group Beer Volume |
11.4 |
|
|
|
11.2 |
|
|
Americas |
|
|
|
|
|
Beer Volume |
21.6 |
|
0.1 |
|
-0.1 |
|
21.5 |
|
-0.5 |
|
Non-Beer Volume |
2.5 |
|
— |
|
-0.5 |
|
2.0 |
|
-19.6 |
|
Third Party Products Volume |
0.1 |
|
— |
|
— |
|
0.1 |
|
-44.8 |
|
Total Consolidated Volume |
24.2 |
|
0.1 |
|
-0.6 |
|
23.6 |
|
-2.7 |
|
|
|
|
|
|
|
Licensed Beer Volume |
0.4 |
|
|
|
0.3 |
|
|
Group Beer Volume |
23.1 |
|
|
|
23.2 |
|
|
Asia Pacific |
|
|
|
|
|
Beer Volume |
7.1 |
|
-0.5 |
|
1.0 |
|
7.5 |
|
13.9 |
|
Non-Beer Volume |
0.1 |
|
— |
|
— |
|
0.2 |
|
15.0 |
|
Third Party Products Volume |
— |
|
— |
|
— |
|
— |
|
— |
|
Total Consolidated Volume |
7.2 |
|
-0.5 |
|
1.0 |
|
7.7 |
|
13.9 |
|
|
|
|
|
|
|
Licensed Beer Volume |
0.7 |
|
|
|
0.7 |
|
|
Group Beer Volume |
9.7 |
|
|
|
18.1 |
|
|
Europe |
|
|
|
|
|
Beer Volume |
23.5 |
|
0.7 |
|
0.4 |
|
24.6 |
|
1.6 |
|
Non-Beer Volume |
3.2 |
|
— |
|
-0.1 |
|
3.1 |
|
-3.2 |
|
Third Party Products Volume |
2.4 |
|
— |
|
— |
|
2.3 |
|
-0.8 |
|
Total Consolidated Volume |
29.1 |
|
0.7 |
|
0.3 |
|
30.0 |
|
0.9 |
|
|
|
|
|
|
|
Licensed Beer Volume |
0.2 |
|
|
|
0.2 |
|
|
Group Beer Volume |
24.4 |
|
|
|
25.5 |
|
|
Heineken N.V. |
|
|
|
|
|
Beer Volume |
62.6 |
|
0.2 |
|
1.4 |
|
64.2 |
|
2.3 |
|
Non-Beer Volume |
7.7 |
|
— |
|
-0.6 |
|
7.1 |
|
-7.6 |
|
Third Party Products Volume |
2.5 |
|
— |
|
-0.1 |
|
2.4 |
|
-2.4 |
|
Total Consolidated Volume |
72.7 |
|
0.2 |
|
0.8 |
|
73.7 |
|
1.1 |
|
|
|
|
|
|
|
Licensed Beer Volume |
1.9 |
|
|
|
1.7 |
|
|
Group Beer Volume |
68.6 |
|
|
|
78.0 |
|
|
* HEINEKEN has updated its definitions of volume metrics. For
more details please refer to the Definitions section in page 3 of
this press release. Due to rounding, this table will not
always cast
Volume Metrics: First nine months 2019*
In million hectolitres |
3Q18 |
Consolidation Impact |
Organic Growth |
3Q19 |
Organic Growth % |
Africa, Middle East & Eastern Europe |
|
|
|
|
|
Beer Volume |
30.5 |
|
0.1 |
|
1.6 |
|
32.1 |
|
5.3 |
|
Non-Beer Volume |
4.6 |
|
— |
|
0.0 |
|
4.6 |
|
-0.4 |
|
Third Party Products Volume |
0.1 |
|
— |
|
0.0 |
|
0.1 |
|
5.6 |
|
Total Consolidated Volume |
35.2 |
|
0.1 |
|
1.6 |
|
36.8 |
|
4.5 |
|
|
|
|
|
|
|
Licensed Beer Volume |
1.5 |
|
|
|
1.7 |
|
|
Group Beer Volume |
33.2 |
|
|
|
34.1 |
|
|
Americas |
|
|
|
|
|
Beer Volume |
61.2 |
|
0.1 |
|
1.0 |
|
62.3 |
|
1.7 |
|
Non-Beer Volume |
7.2 |
|
— |
|
-0.5 |
|
6.7 |
|
-6.7 |
|
Third Party Products Volume |
0.4 |
|
— |
|
-0.3 |
|
0.1 |
|
-71.0 |
|
Total Consolidated Volume |
68.8 |
|
0.1 |
|
0.3 |
|
69.1 |
|
0.4 |
|
|
|
|
|
|
|
Licensed Beer Volume |
0.9 |
|
|
|
1.0 |
|
|
Group Beer Volume |
65.6 |
|
|
|
67.1 |
|
|
Asia Pacific |
|
|
|
|
|
Beer Volume |
21.2 |
|
-1.0 |
|
2.5 |
|
22.7 |
|
11.6 |
|
Non-Beer Volume |
0.4 |
|
— |
|
0.1 |
|
0.5 |
|
21.5 |
|
Third Party Products Volume |
— |
|
— |
|
— |
|
— |
|
— |
|
Total Consolidated Volume |
21.6 |
|
-1.0 |
|
2.5 |
|
23.2 |
|
11.7 |
|
|
|
|
|
|
|
Licensed Beer Volume |
1.1 |
|
|
|
1.2 |
|
|
Group Beer Volume |
27.8 |
|
|
|
37.5 |
|
|
Europe |
|
|
|
|
|
Beer Volume |
62.4 |
|
1.0 |
|
-0.2 |
|
63.2 |
|
-0.3 |
|
Non-Beer Volume |
8.3 |
|
— |
|
-0.1 |
|
8.2 |
|
-1.7 |
|
Third Party Products Volume |
6.2 |
|
0.1 |
|
-0.1 |
|
6.2 |
|
-1.0 |
|
Total Consolidated Volume |
77.0 |
|
1.0 |
|
-0.4 |
|
77.6 |
|
-0.5 |
|
|
|
|
|
|
|
Licensed Beer Volume |
0.5 |
|
|
|
0.6 |
|
|
Group Beer Volume |
64.7 |
|
|
|
65.5 |
|
|
Heineken N.V. |
|
|
|
|
|
Beer Volume |
175.3 |
|
0.1 |
|
4.9 |
|
180.3 |
|
2.8 |
|
Non-Beer Volume |
20.6 |
|
— |
|
-0.6 |
|
20.1 |
|
-2.7 |
|
Third Party Products Volume |
6.7 |
|
0.1 |
|
-0.4 |
|
6.4 |
|
-5.5 |
|
Total Consolidated Volume |
202.6 |
|
0.2 |
|
4.0 |
|
206.8 |
|
2.0 |
|
|
|
|
|
|
|
Licensed Beer Volume |
4.0 |
|
|
|
4.5 |
|
|
Group Beer Volume |
191.4 |
|
|
|
204.3 |
|
|
* HEINEKEN has updated its definitions of volume metrics. For
more details please refer to the Definitions section in page 3 of
this press release. Due to rounding, this table will not
always cast
ENQUIRIES
Media |
Investors |
John-Paul Schuirink |
José
Federico Castillo Martinez |
Director of
Global Communication |
Director of
Investor Relations |
Michael Fuchs |
Janine
Ackermann / Aris Hernandez |
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 300 international, regional, local and
specialty 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. HEINEKEN has a well-balanced
geographic footprint with leadership positions in both developed
and developing markets.We employ over 85,000 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 RegulationThis 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, 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 NV Q3 2019 Trading Update - Final.pdf
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