Heineken Holding N.V. reports 2017 full year results
12 Fevereiro 2018 - 4:02AM
Amsterdam, 12 February 2018 - 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 2017 amounts to € 977 million;
- Organic revenue (beia) +5.0% with revenue (beia) per hectolitre
2.1%
- Consolidated beer volume +3.0% with growth in all regions
- Heineken® volume +4.5%
- Operating profit (beia) organic growth of +9.3%; operating
margin (beia) expansion of 40 bps excluding the Brasil Kirin, Punch
and Lagunitas acquisitions
- Net profit (beia) of €2,247 million, +9.3% organically
- Proposed 2017 total dividend +9.7% at €1.47 per ordinary
share
FINANCIAL SUMMARY
Key
financials1 |
FY17 |
FY16 |
Totalgrowth% |
Organicgrowth% |
(in mhl or € million unless otherwise stated) |
|
|
|
|
Revenue (beia) |
21,908 |
20,792 |
5.4 |
5.0 |
|
Revenue |
21,888 |
20,792 |
5.3 |
|
Revenue (beia) per hl (in €) |
87 |
91 |
-4.6 |
2.1 |
Operating profit (beia) |
3,759 |
3,540 |
6.2 |
9.3 |
Operating profit (beia) margin |
17.2% |
17.0% |
14bps |
|
Net
profit (beia) |
2,247 |
2,098 |
7.1 |
9.3 |
Net
profit of Heineken Holding N.V. |
977 |
779 |
25.4 |
|
EPS
(in €) |
3.39 |
2.70 |
25.4 |
|
Free operating cash flow |
2,031 |
1,773 |
14.6 |
|
Net debt / EBITDA (beia)2 |
2.5 |
2.3 |
|
|
1 Consolidated figures are used throughout this report,
unless otherwise stated; please refer to the Glossary section for
an explanation of non-GAAP measures and other terms used throughout
this report.2 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 2018 OUTLOOK STATEMENT
- Economic conditions are expected to remain volatile and
HEINEKEN has assumed a negative impact from currency comparable to
2017.
- HEINEKEN expects further organic revenue and profit
growth.
- Excluding major unforeseen macro economic and political
developments HEINEKEN expects to deliver an operating profit margin
expansion of around 25 bps. This includes a residual dilutive
effect from the acquisition of Brasil Kirin and excludes the
one-time benefit of IFRS 15 implementation.
- HEINEKEN expects an average interest rate (beia) broadly in
line with 2017 (2017: 3.0%), and an effective tax rate (beia) of
around 28% (2017: 27.6%).
- Capital expenditure related to property, plant and equipment
should be slightly above €2 billion (2017: €1.7 billion).
TOTAL DIVIDEND FOR 2017
The Heineken N.V. dividend policy is to pay out a ratio of 30%
to 40% of full-year net profit (beia). For 2017, payment of a total
cash dividend of €1.47 per share (2016: €1.34) will be proposed to
the Annual General Meeting of Shareholders (AGM) of Heineken N.V.
on 19 April 2018. This represents an increase of 9.7% versus 2016,
translating into a 37.3% payout. If approved, a final dividend of
€0.93 per share will be paid on 2 May 2018, as an interim dividend
of €0.54 per share was paid on 10 August 2017. The payment will be
subject to a 15% Dutch withholding tax. If Heineken N.V.
shareholders approve the proposed dividend, Heineken Holding N.V.
will, according to its articles of association, pay an identical
dividend per ordinary share. A final dividend of €0.93 per ordinary
share of €1.60 nominal value will be payable on 2 May 2018.The
ex-final dividend date for both the Heineken Holding N.V. and
Heineken N.V. shares will be 23 April 2018.
BOARD OF DIRECTORS COMPOSITION
Mr. J.A. Fernández Carbajal will have completed his four-year
appointment term per the end of the AGM on 19 April 2018.
A non-binding nomination for the reappointment of Mr. Fernández
Carbajal as a non-executive member of the Board of Directors for a
period of four years shall be submitted to the AGM. He is a
representative of FEMSA (that (in)directly holds a 14.76% economic
interest in the HEINEKEN group), and his appointment is based on
the Corporate Governance Agreement, which was concluded between
(among others) the Company and FEMSA on 30 April 2010 and which was
approved by the AGM on 22 April 2010 (in connection with the
acquisition by Heineken N.V. of FEMSA's beer activities).
A non-binding nomination will be submitted to the AGM in 2018 to
appoint Mrs A.M. Fentener van Vlissingen and Mrs L.L.H. Brassey as
non-executive members of the Board of Directors as of 19 April 2018
for a period of four years.
Further details in respect of the proposed appointments will
become available on the Company's website
(www.heinekenholding.com)
AMENDMENTS TO THE ARTICLES OF ASSOCIATION
A proposal to amend the Articles of Association will be
submitted to the AGM in 2018. This proposal is in particular driven
by the wish to abolish the priority shares from the capital
structure of the Company. Furthermore, the proposal to amend the
Articles of Association relates to bringing these in line with the
Dutch Corporate Governance Code 2016 and current provisions in
Dutch law. In addition, the proposed Articles of Association
include textual improvements.
ENQUIRIES
Media Heineken Holding
N.V. |
|
Kees
Jongsma |
|
tel. +31 6 54 79 82
53 |
|
E-mail:
cjongsma@spj.nl |
|
|
|
Media Heineken
N.V. |
Investors |
John-Paul
Schuirink |
Federico Castillo
Martinez |
Director of Global
Communication |
Investor Relations
Director |
Michael
Fuchs |
Chris MacDonald /
Aris Hernandez |
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)
Annual report
publication |
19 February 2018 |
HEINEKEN IFRS 15
conference call |
20 February 2018 |
Trading Update for Q1
2018 |
18 April 2018 |
Annual General Meeting
of Shareholders |
19 April 2018 |
Financial Markets
Conference |
8/9 May 2018 |
Half Year 2018
Results |
30 July 2018 |
Trading Update for Q3
2018 |
24 October 2018 |
Conference call details
HEINEKEN will host an analyst and investor conference call in
relation to its 2017 FY 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/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
794 8426 |
Local line: +44 (0)20
3003 2666 |
National free phone:
0800 022 9132 |
National free phone:
0808 109 0700 |
|
|
United States of
America |
|
National free phone:
+1866 966 5335 |
|
|
|
Participation password
for all countries: Heineken |
|
|
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
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 on Twitter 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 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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