Heineken Holding N.V reports 2013 half year results: Resilient performance in challenging market conditions
21 Agosto 2013 - 2:01AM
HIGHLIGHTS
- The net result of Heineken Holding N.V.'s
participating interest in Heineken N.V. for the first half of 2013
turned out at €320 million;
- Group revenue grew 3% including the full
consolidation of APB[1]; organically, group revenue 1% lower with a
total volume decline of 3% and revenue per hectolitre up
2%;
- Group operating profit (beia) increased 5%;
organically, group operating profit (beia) was in line with last
year;
- Strong underlying performance of APB, with volume
growth of 10% and operating profit growth of circa 20%; integration
successfully completed;
- Developing markets delivered 7% organic operating
profit (beia) growth and now comprise half of group operating
profit (beia);
- €139 million of pre-tax TCM2 cost savings
delivered in the first half of 2013; additional programme cost
savings of €100 million identified;
- Net profit (beia) of €679 million, broadly in
line with prior year on an organic basis;
OPERATIONAL OVERVIEW
Key financials[2]
(in mhl or € million unless otherwise
stated) |
HY13 |
HY12 |
Total
growth
% |
Organic growth
% |
Group revenue[3] |
10,375 |
10,070 |
3 |
-1 |
Group revenue/ hl (in €) |
94 |
90 |
4 |
2 |
Group operating profit (beia) |
1,448 |
1,378 |
5 |
- |
Group operating profit (beia) margin |
14.0% |
13.7% |
+30bps |
|
Consolidated revenue |
9,354 |
8,778 |
7 |
-3 |
Consolidated operating profit (beia) |
1,327 |
1,150 |
15 |
-2 |
Net profit (beia) |
679 |
688 |
-1 |
- |
Net profit of Heineken Holding N.V. |
320 |
384 |
-17 |
|
Diluted EPS (in €) |
1.11 |
1.33 |
-17 |
|
Free operating cash flow |
178 |
345 |
-48 |
|
Net debt/ EBITDA (beia)[4] |
2.9x |
2.2x |
|
|
[1]Asia Pacific Breweries and Asia Pacific
Investment Pte Ltd
[2]Refer to the Definitions and Glossary sections for an
explanation of non-IFRS measures and other terms used throughout
this report; 2012 financials have been restated for the impact of
revised IAS19
[3] New Group metrics have been
introduced to provide better insight into the contribution of
HEINEKEN's joint venture and associate businesses to overall group
performance. Group figures are calculated as the sum of all
consolidated operations and HEINEKEN's attributable share in joint
ventures and associates. Comparative 2012 financials have been
adjusted for the impact of revised IAS19, which is treated as an
inorganic item. Reference is made to the Heineken N.V. press
release of 6 August 2013.
[4]Includes APB on a 12 month combined pro forma basis
Heineken Holding N.V. engages in no activities
other than its participating interest in Heineken N.V. and the
management and supervision of and provision of services to that
company.
OUTLOOK STATEMENT
(Based on consolidated
reporting)
- Top-line: For
the remainder of the year, economic uncertainty and ongoing weak
consumer sentiment is expected to persist across many key markets.
Consequently, although HEINEKEN benefited from better weather
conditions in July in Western Europe and anticipate improved
volumes in some developing markets, HEINEKEN does not expect a
material change to underlying trading conditions across the
majority of its markets.
- Marketing and selling
expenses: HEINEKEN still expects marketing and selling
(beia) expense as a percentage of revenue to remain broadly stable
in 2013 (2012: 12.2%) demonstrating a continued commitment to
invest in brands and innovation.
- Input costs:
HEINEKEN still forecasts a slight increase in input cost prices in
2013 (excluding the effect of currency translation).
- Total Cost Management 2
(TCM2): Following the identification of additional cost
savings, HEINEKEN now expects to realise an approximate €625
million (previously €525 million) of cost savings under the 3-year
TCM2 programme ending 2014. HEINEKEN expects to incur an
approximate €70 million of upfront Global Business Services (GBS)
costs in 2013.
- Effective tax
rate: HEINEKEN still expects the effective tax rate (beia)
in 2013 to be in the range of 27% to 29% (2012: 26.6% restated for
revised IAS19). The higher tax rate can be primarily explained by
the result of favourable outcomes with tax authorities in 2012 and
the full consolidation of APB which is subject to a higher
effective tax rate.
- Interest rate:
HEINEKEN still forecasts an average interest rate of around 4.5% in
2013 (2012: 5.4%) reflecting lower coupons on recent bond
issuances.
- Acquisition of
APB: The acquisition of APB is still expected to be
marginally accretive to earnings per share in 2013.
- Net profit (beia):
HEINEKEN expects net profit (beia) to be broadly in line with
last year on an organic basis. The combined impact of consolidation
changes and foreign currency translation movements are expected to
reduce full year 2013 net profit (beia) by approximately €25
million. This includes a negative consolidation impact of €40
million in 2013 related to revised IAS19.
- Cash flow/ capital
expenditure: In 2013, capital expenditure related to
property, plant and equipment (including APB) is forecasted to be
€1.4 billion (previously €1.5 billion; 2012: €1.2 billion).
HEINEKEN still expects a cash conversion ratio of below 100% in
2013. HEINEKEN remains committed to achieving its long-term target
net debt/ EBITDA (beia) ratio of below 2.5 times by the end of
2014.
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 the existing dividend policy, HEINEKEN fixes its
interim dividend at 40% of the total dividend of the previous year.
As a result, an interim dividend of €0.36 per share of €1.60
nominal value will be paid on 3 September 2013. Both the Heineken
Holding N.V. ordinary shares and the Heineken N.V. shares will
trade ex-dividend on 23 August 2013.
DEFINITIONS
Organic growth excludes the effect of foreign
currency translational effects, consolidation changes, accounting
policy changes, exceptional items and amortisation of
acquisition-related intangibles. Beia refers to financials before
exceptional items and amortisation of acquisition-related
intangibles. Group figures include HEINEKEN's attributable share of
joint ventures and associates. Organic growth calculations assume
HEINEKEN's joint venture share of 41.9% of APB and 50% of APIPL
prior to consolidation is maintained through to 15 November 2013.
Organic growth of consolidated volume, consolidated revenue and
consolidated operating profit (beia) excludes any impact from
APB/APIPL. Organic growth on group volume and group financials
includes an impact from APB/APIPL. Organic growth calculations are
adjusted for the previous 3-month delay reported by APB and APIPL,
without a restatement to 2012. Comparative 2012 financials have
been adjusted for the impact of revised IAS19. In 2013, the first
time impact of revised IAS19 on operating profit (beia), EBIT
(beia), net profit (beia) and EPS (beia) will be treated as a
non-organic item.
ENQUIRIES
Media |
Investors |
John Clarke |
George Toulantas |
Head of External Communication |
Director of Investor Relations |
John-Paul Schuirink |
Aarti Narain |
Financial Communications Manager |
Investor Relations Manager |
E-mail: pressoffice@heineken.com |
E-mail: investors@heineken.com |
Tel: +31-20-5239355 |
Tel: +31-20-5239590 |
Investor Calendar Heineken Holding N.V.
|
|
What's Brewing Seminar, New York |
6 September 2013 |
Trading update for Q3 2013 |
23 October 2013 |
Financial Markets Conference, Mexico |
5-6 December 2013 |
Conference call details
Heineken Holding N.V. will host an analyst and
investor conference call in relation to this trading update today
at 10:00 CET/ 9:00 BST. 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 34271918 |
National free phone: 0800 020 2576 |
National free phone: 0800 279 4977 |
United States of America
Local line: +1 646 254 3363
National free phone: 1877 280 2296 |
|
Participation/ confirmation code for all countries: 8100988
Editorial information:
HEINEKEN is a proud, independent global brewer committed to
surprise and excite consumers with its brands and products
everywhere. The brand that bears the founder's family name -
Heineken® - is available in almost every country on the globe and
is the world's most valuable international premium beer brand.
HEINEKEN's aim is to be a leading brewer in each of the markets in
which it operates and to have the world's most valuable brand
portfolio. HEINEKEN wants to win in all markets with Heineken® and
with a full brand portfolio in markets of choice. HEINEKEN is
present in over 70 countries and operates more than 165 breweries.
HEINEKEN is Europe's largest brewer and the world's third largest
by volume. HEINEKEN is committed to the responsible marketing and
consumption of its more than 250 international premium, regional,
local and specialty beers and ciders. These include Heineken®,
Amstel, Anchor, Biere Larue, Bintang, Birra Moretti, Cruzcampo,
Desperados, Dos Equis, Foster's, Newcastle Brown Ale, Ochota,
Primus, Sagres, Sol, Star, Strongbow, Tecate, Tiger and Zywiec.
HEINEKEN's leading joint venture brands include Cristal and
Kingfisher. The number of people employed is over 85,000. Heineken
N.V. and Heineken Holding N.V. shares are listed on the NYSE
Euronext in Amsterdam. Prices for the ordinary shares may be
accessed on Bloomberg under the symbols HEIA NA and HEIO NA and on
the Reuter Equities 2000 Service under HEIN.AS and HEIO.AS.
HEINEKEN has two sponsored level 1 American Depositary Receipt
(ADR) programmes: Heineken N.V. (OTC: HEINY) and Heineken Holding
N.V. (OTC: HKHHY). Most recent information is available on
HEINEKEN's website: www.theHEINEKENcompany.com.
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, 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 are only relevant as of the
date of this press release. HEINEKEN does not undertake any
obligation to release publicly any revisions to these
forward-looking statements to reflect events or circumstances after
the date of these statements. 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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