Heineken N.V. discloses preliminary highlights of 2020 half-year results
16 Julho 2020 - 03:00AM
Heineken N.V. discloses preliminary highlights of 2020 half-year
results
Amsterdam, 16 July 2020 – Heineken N.V. (EURONEXT: HEIA; OTCQX:
HEINY) today issued the following statement.
In the first half of 2020, HEINEKEN’s markets and businesses
were significantly impacted by the COVID-19 pandemic, with
unprecedented volatility and uncertainty leading to the withdrawal
of guidance for 2020 on 8 April. Despite these short-term
challenges, HEINEKEN remains confident in its ability to navigate
the crisis while continuing to build a bright future.
In this context, HEINEKEN has decided to disclose preliminary
highlights of its 2020 half-year results ahead of the scheduled
publication date. The final results will be published as planned on
3 August 2020. All figures mentioned below are preliminary,
unaudited and may be subject to adjustments from customary
reviews.
Based on preliminary figures, first-half net revenue (beia)
declined by 16.4% on an organic basis. This is driven by an organic
decline of 13.4% in total consolidated volume and an organic
decline of 3.6% in net revenue (beia) per hectoliter. Beer volume
declined organically by 11.5%.
As expected, the impact of the COVID-19 crisis deepened in the
second quarter of 2020. After a low point in April, volume started
to gradually recover into June as lockdowns were lifted around the
world and customers restored depleted inventories. Beer volume was
most affected in the Americas and Africa, Middle East and Eastern
Europe regions with a decline in the mid-teens due to full
lockdowns in Mexico and South Africa, followed by Europe with a
high-single digit decline, whilst Asia Pacific showed the highest
resilience driven by Vietnam.
The Heineken® brand performed well in relative terms with a 2.5%
decline. The brand grew double digits in 14 markets, including
Brazil, China, the UK, Poland, Germany, Ivory Coast and South
Korea. Heineken® 0.0 grew double digits with growth across all
regions and with particular strength in the US and Mexico.
Operating profit (beia) declined organically by 52.5%. Net
profit (beia) declined by 75.8%, leading to a diluted EPS (beia) of
€ 0.39. Exceptional items will include around € 550 million of
impairments on tangible and intangible assets, leading to a
reported net loss of around € 300 million.
In Europe off-trade, beer volume grew in the mid-teens and
market share increased in key markets. However, given HEINEKEN’s
strong position in the on-trade and the structural differences
between channels, operating profit was disproportionally affected
as on-trade outlets were closed for a large part of the second
quarter.
Input costs per hectoliter increased significantly with the
combined negative impact of channel and product mix and
transactional currency effects. From late March onwards, HEINEKEN
took significant cost mitigation actions leading to an overall
decrease in costs for the first half of 2020. The company is
committed to further intensify its focus on costs.
HEINEKEN has entered the crisis with great brands, and a
dedicated and talented workforce. The company has a strong balance
sheet as well as undrawn committed credit facilities.
HEINEKEN will provide more information in its 2020 half year
results report on 3 August 2020.
-ENDS-
Note: Non-GAAP measures are used throughout this press release.
Please refer to the Glossary for an explanation of the terms
used.
Press
enquiries
Tim van der
Zanden
E-mail:
pressoffice@heineken.com
Tel:
+31-20-5239-355
Investor and analyst enquiriesFederico Castillo
MartinezE-mail: investors@heineken.comTel: +31-20-5239-590
About HEINEKEN: 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 Regulation: This press release
contains inside information within the meaning of Article 7(1) of
the EU Market Abuse Regulation.
Disclaimer: This press release
contains preliminary highlights of 2020 half-year results and
forward-looking statements with regard to the financial position
and results of HEINEKEN’s activities. The preliminary results are
unaudited and may be subject to adjustments from customary reviews.
The forward looking statements are also 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, developments in the ongoing
Covid-19 pandemic and related government measures, 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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