Heineken N.V. reports on 2019 first quarter trading
24 Aprile 2019 - 08:01AM
Amsterdam, 24 April 2019 - Heineken N.V. (EURONEXT: HEIA; OTCQX:
HEINY) today publishes its trading update for the first quarter of
2019.
KEY HIGHLIGHTS
- Beer volume +4.3% organically, with growth in all regions.
- Heineken® volume +8.3% with double digit growth in Africa,
Middle East & Eastern Europe and the Americas.
CEO STATEMENTJean-François van Boxmeer, Chairman of the
Executive Board / CEO, commented:"We had a positive start to the
year with volume growth across all regions despite the later timing
of Easter, underlining our continued focus on growth and the
breadth of our geographic footprint. The Heineken® brand volume was
up 8.3%. Our outlook for 2019 remains unchanged, we anticipate our
operating profit (beia) to grow by mid-single digit on an organic
basis."
FIRST QUARTER VOLUME BREAKDOWN
Beer volume1 (in mhl or %) |
1Q19 |
Total growth % |
Organic growth % |
1Q18 |
Heineken N.V. |
52.7 |
|
4.4 |
|
4.3 |
|
50.5 |
|
Africa,
Middle East & Eastern Europe |
10.1 |
|
8.3 |
|
7.8 |
|
9.4 |
|
Americas |
19.8 |
|
3.2 |
|
3.2 |
|
19.2 |
|
Asia
Pacific |
7.5 |
|
8.2 |
|
8.2 |
|
6.9 |
|
Europe |
15.3 |
|
1.7 |
|
1.6 |
|
15.0 |
|
Heineken® volume1 (in mhl or %) |
1Q19 |
Organicgrowth % |
Heineken N.V. |
8.9 |
|
8.3 |
|
Africa,
Middle East & Eastern Europe |
1.5 |
|
15.5 |
|
Americas |
3.0 |
|
10.7 |
|
Asia
Pacific |
1.6 |
|
3.1 |
|
Europe |
2.9 |
|
5.2 |
|
Heineken® volume grew by 8.3%. The main markets
contributing with double digit growth included Brazil, South
Africa, Russia, China, the UK, Nigeria, Mexico, Romania and
Germany. 1 Refer to the Definitions section
for an explanation of organic growth and updated volume
definitions.
REGIONAL REVIEW
Africa, Middle East & Eastern Europe
- Beer volume grew organically by 7.8%.
- In Nigeria, beer volume grew mid-single digit.
Last year was affected by some destocking.
- In Russia, beer volume was up double digit,
mainly driven by the premium portfolio due to Heineken® and the
inclusion of licensed brands Miller Genuine Draft and
Staropramen.
- In South Africa, total consolidated volume
showed double digit growth, driven by Heineken®, Strongbow and
Amstel.
- In Ethiopia, beer volume grew low-single digit
in the context of a price increase and social unrest in parts of
the country.
- In Egypt, total consolidated volume grew
high-single digit, driven by the non-alcoholic beverage
portfolio.
- In the DRC, beer volume grew high-single digit
with growth across the country and most of the brand
portfolio.
- HEINEKEN opened its first brewery in
Mozambique in March.
Americas
- Beer volume grew organically by 3.2%.
- In Mexico, beer volume was slightly down,
impacted by the later timing of Easter and lower promotional
activity. The premium portfolio grew double digit, led by
Heineken®.
- In Brazil, beer volume grew double digit,
driven by both the premium portfolio led by Heineken®, and the
mainstream portfolio led by Amstel and Devassa.
- Beer volume in the USA declined mid-single
digit. Heineken® 0.0 was introduced in the quarter.
Asia Pacific
- Beer volume was up organically by 8.2%.
- In Vietnam, beer volume grew high-single
digit, driven by Tiger and Larue.
- In Indonesia, beer volume increased low-single
digit driven by the low- and no-alcohol portfolio.
- In Cambodia, beer volume grew double digit,
driven by Anchor and Tiger.
- In China, beer volume grew mid-single digit,
driven by the double digit growth of Heineken®.
Europe
- Despite the later timing of Easter, beer volume grew
organically by 1.6% benefiting from better weather conditions
across the region.
- In the UK, total consolidated volume was up
low-single digit helped by some inventory build-up anticipating
Brexit and the re-listing at a large retailer.
- In France, beer volume was up mid-single
digit, with double digit growth of Desperados and Affligem.
- In Italy, beer volume grew mid-single digit,
with strong double digit growth of Ichnusa.
- In the Netherlands and Spain,
beer volume was flat.
- In Poland, beer volume was down mid-single
digit following a change in stocking policy at our largest
distributor.
REPORTED NET PROFIT
Reported net profit for the first three months of 2019 was €299
million (2018: €260 million).
TRANSLATIONAL CURRENCY UPDATE
Using spot rates as of 17 April 2019 for the remainder of this
year, the calculated positive currency translational impact would
be approximately €80 million at operating profit level (beia) and
€50 million at net profit level (beia).
BREWING A BETTER WORLD
On 19 March 2019, HEINEKEN announced its 2030 'Every Drop' water
vision in support of United Nations Sustainable Development Goal 6,
dedicated to water protection. Under 'Every Drop', HEINEKEN has
defined its commitments on water rebalancing, water circularity and
reduction of water usage with focus on water-stressed areas. For
more details please visit:
www.theHEINEKENcompany.com/Media/Features/Every-Drop-Protecting-Water-Resources.
DEFINITIONS
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 GrowthOrganic growth in volume excludes the
effect of consolidation changes.
Volume Metrics: First Quarter 2019*
|
1Q19 |
In
million hectolitres |
1Q18 |
Consolidation Impact |
Organic Growth |
1Q19 |
Organic Growth % |
Africa, Middle East & Eastern Europe |
|
|
|
|
|
Beer Volume |
9.4 |
|
- |
|
0.7 |
|
10.1 |
|
7.8 |
|
Non-Beer Volume |
1.2 |
|
- |
|
0.1 |
|
1.3 |
|
4.5 |
|
Third Party Products Volume |
- |
|
- |
|
- |
|
- |
|
- |
|
Total Consolidated Volume |
10.6 |
|
0.1 |
|
0.8 |
|
11.5 |
|
7.5 |
|
|
|
|
|
|
|
Licensed Beer Volume |
0.6 |
|
|
0.6 |
|
Group Beer Volume |
10.1 |
|
|
10.8 |
|
Americas |
|
|
|
|
|
Beer Volume |
19.2 |
|
- |
|
0.6 |
|
19.8 |
|
3.2 |
|
Non-Beer Volume |
2.6 |
|
- |
|
0.1 |
|
2.6 |
|
3.2 |
|
Third Party Products Volume |
0.2 |
|
- |
|
-0.1 |
|
- |
|
- |
|
Total Consolidated Volume |
21.9 |
|
- |
|
0.6 |
|
22.5 |
|
2.5 |
|
|
|
|
|
|
|
Licensed Beer Volume |
0.5 |
|
|
0.4 |
|
Group Beer Volume |
20.6 |
|
|
21.4 |
|
Asia Pacific |
|
|
|
|
|
Beer Volume |
6.9 |
|
- |
|
0.6 |
|
7.5 |
|
8.2 |
|
Non-Beer Volume |
0.1 |
|
- |
|
- |
|
0.2 |
|
41.3 |
|
Third Party Products Volume |
- |
|
- |
|
- |
|
- |
|
- |
|
Total Consolidated Volume |
7.0 |
|
- |
|
0.6 |
|
7.6 |
|
8.5 |
|
|
|
|
|
|
|
Licensed Beer Volume |
0.3 |
|
|
0.2 |
|
Group Beer Volume |
8.5 |
|
|
9.2 |
|
Europe |
|
|
|
|
|
Beer Volume |
15.0 |
|
- |
|
0.2 |
|
15.3 |
|
1.6 |
|
Non-Beer Volume |
2.0 |
|
- |
|
- |
|
2.1 |
|
2.1 |
|
Third Party Products Volume |
1.7 |
|
- |
|
- |
|
1.7 |
|
-0.5 |
|
Total Consolidated Volume |
18.7 |
|
- |
|
0.3 |
|
19.0 |
|
1.5 |
|
|
|
|
|
|
|
Licensed Beer Volume |
0.1 |
|
|
0.1 |
|
Group Beer Volume |
15.5 |
|
|
15.8 |
|
Heineken N.V. |
|
|
|
|
|
Beer Volume |
50.5 |
|
- |
|
2.2 |
|
52.7 |
|
4.3 |
|
Non-Beer Volume |
5.9 |
|
- |
|
0.2 |
|
6.2 |
|
3.8 |
|
Third Party Products Volume |
1.9 |
|
- |
|
-0.2 |
|
1.8 |
|
-8.4 |
|
Total Consolidated Volume |
58.3 |
|
0.1 |
|
2.2 |
|
60.6 |
|
3.8 |
|
|
|
|
|
|
|
Licensed Beer Volume |
1.5 |
|
|
1.4 |
|
Group Beer Volume |
54.8 |
|
|
57.3 |
|
* HEINEKEN has updated its definitions of volume metrics. For
more details please refer to the Definitions section in page 4 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 |
Aris
Hernandez |
Corporate &
Financial Communication Manager |
Investor Relations 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. 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. It employs over 85,000 employees and
operates 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 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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