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Monday, 31 July 2017

Heineken Holding N.V. reports 2017 half year results

HEINEKEN Holding NV    

Published: 07:01 CEST 31-07-2017 /GlobeNewswire /Source: HEINEKEN Holding NV / : HEIO /ISIN: NL0000008977

Heineken Holding N.V. reports 2017 half year results

Amsterdam, 31 July 2017 - Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) today announces:

  • The net result of Heineken Holding N.V.'s participating interest in Heineken N.V. for the first half year of 2017 amounts to €440 million
  • Organic revenue +5.7% with revenue per hectolitre up +3.4%1
  • Consolidated beer volume +2.6% with growth in all regions
  • Heineken® volume +3.9%
  • Operating profit (beia) +11.8% organically and operating margin +34bps1
  • Net profit (beia) of €1,036 million, up 10.5% organically
  • FY expectations unchanged

 

FINANCIAL SUMMARY

Key financials1,2,3
(in mhl or € million unless otherwise stated)

HY17

 

HY16

 

Total

growth

%

Organic

growth

%

Revenue

10,475

 

10,094

 

3.8

5.7

Revenue/hl (in €)

91

 

91

 

-0.8

3.4

Operating profit (beia)

1,805

 

1,705

 

5.9

11.8

Operating profit (beia) margin

17.2

%

16.9

%

34 bps

 

Net profit (beia)

1,036

 

977

 

6.0

10.5

Net profit of Heineken Holding N.V.

440

 

296

 

48.6

 

EPS (in €)

1.53

 

1.03

 

48.6

 

Free operating cash flow

746

 

541

 

37.9

 

Net debt/ EBITDA (beia)4

2.5

 

2.4

 

 

 

1 Excluding an accounting adjustment in the UK with no impact on operating profit, HEINEKEN organic revenue growth would have been +5.3%, organic revenue per hl +3.0%, and operating margin (beia) +41 bps.

2 Consolidated figures are used throughout this report, unless otherwise stated; please refer to the Glossary section for an explanation of terms used throughout this report.

3 A reconciliation between non-GAAP measures and IFRS measures is included in note 5 on page 17.

4 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.

 

FULL YEAR 2017 OUTLOOK STATEMENT

  • Economic conditions are expected to remain volatile and HEINEKEN continues to assume a negative impact from currency comparable to 2016.
  • Heineken expects further organic revenue and profit growth.
  • Excluding major unforeseen macro economic and political developments as well as the impact of Brasil Kirin, Lagunitas and the proposed Punch acquisition, HEINEKEN expects continued margin expansion in 2017 in line with the medium term margin guidance of a year on year improvement in operating profit (beia) margin of around 40bps. 
  • Heineken expects an average interest rate broadly in line with 2016 (2016: 3.1%), and an effective tax rate (beia) also broadly in line with 2016 (2016: 28.3%).
  • Capital expenditure related to property, plant and equipment should be slightly below €2 billion (2016: €1.8 billion).

INTERIM DIVIDEND

According to the Articles of Association of Heineken Holding N.V. both

Heineken Holding N.V. and Heineken N.V. pay an identical dividend per share.

 

In accordance with its dividend policy, HEINEKEN fixes the interim dividend at 40% of the total dividend of the previous year. As a result, an interim dividend of €0.54 per share of €1.60 nominal value will be paid on 10 August 2017. Both the Heineken Holding N.V. ordinary shares and the Heineken N.V. shares will trade ex-dividend on 2 August 2017.

 

ENQUIRIES

Media Heineken Holding N.V.

 

Kees Jongsma

 

Tel: +31 6 54 79 82 53

 

E-mail: cjongsma@spj.nl

 

 

 

Media Heineken N.V.

 

John-Paul Schuirink

Michael Fuchs

Director of Global Communication

Financial Communication Manager

E-mail: pressoffice@heineken.com

Tel: +31-20-5239355

 

 

Investors

 

Sonya Ghobrial

Chris MacDonald / Aris Hernández

Director of Investor Relations

Investor Relations Manager / Analyst

E-mail: investors@heineken.com

Tel: +31-20-5239590

 

 

INVESTOR CALENDAR HEINEKEN N.V.

(events also accessible for Heineken Holding N.V. shareholders)

Trading Update for Q3 2017

25 October 2017

What's Brewing Seminar, London

11 December 2017

Full Year 2017 Results

12 February 2018

 

Conference call details

 

Heineken N.V. will host an analyst and investor conference call in relation to its 2017 HY results today at 10:00 CET/ 9:00 BST. 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/investors/webcasts. 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:

Netherlands

United Kingdom

Local line: +31(0)20 716 8257

Local line: +44(0)20 3427 1914

National free phone: 0800 020 2576

National free phone: 0800 279 5736

 

 

United States of America

 

Local line: +1212 444 0895

 

National free phone: 1877 280 1254

 

 

 

Participation/ confirmation code for all countries: 7694218

 

 

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 powerful portfolio of more than 250 international, regional, local and speciality 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 and delivers value for all stakeholders. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN employs over 80,000 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 the website: www.theHEINEKENcompany.com and follow HEINEKEN via @HEINEKENCorp.

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.

 

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, 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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This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: HEINEKEN Holding NV, Postbus 28, Amsterdam 1000 AA , Nederland
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