Heineken N.V. reports on 2021 third-quarter trading
27 Outubro 2021 - 3:00AM
Heineken N.V. reports on 2021 third-quarter trading
Amsterdam, 27 October 2021 – Heineken N.V. (EURONEXT: HEIA;
OTCQX: HEINY) today publishes its trading update for the third
quarter of 2021.
KEY HIGHLIGHTS
- Beer volume -5.1% organically for
the quarter; +4.0% for the first nine months
- Heineken® volume +8.0% in the
quarter; +15.1% for the first nine months
- Full year expectations
unchanged
Dolf van den Brink, Chairman of the Executive Board / CEO,
commented:
"As anticipated, our Asia Pacific region was deeply impacted by
the pandemic in the third-quarter. We see first signs of recovery
and I admire the resilience and solidarity of our people as we
navigate these challenges.
Our new EverGreen strategy is gathering momentum across the
organisation. We continue to revitalise our portfolio with emphasis
on premium, low- and no-alcohol and beyond beer. The Heineken®
brand sustained its strong growth, +15.1% for the first nine
months. Our B2B digital platforms more than doubled in digital
sales value.
We began the integration of United Breweries in India and
continue to be enthusiastic about the long-term opportunities
ahead.
Yet the macro environment remains volatile and we are responding
accordingly. We are taking an assertive approach to pricing and
cost across all of our markets to meet this challenge. Therefore,
our expectations stay unchanged, with full year results remaining
below 2019."
THIRD QUARTER VOLUME BREAKDOWN
Beer volume1 |
3Q21 |
Organic growth |
Total growth |
YTD 3Q21 |
Organic growth |
Total growth |
(in mhl
or %) |
Heineken N.V. |
60.2 |
-5.1 |
% |
-4.3 |
% |
170.1 |
4.0 |
% |
2.8 |
% |
Africa, Middle East & Eastern Europe |
9.6 |
5.5 |
% |
-6.6 |
% |
28.8 |
12.7 |
% |
1.1 |
% |
Americas |
21.2 |
-3.4 |
% |
-3.7 |
% |
61.5 |
8.9 |
% |
8.6 |
% |
Asia Pacific |
5.9 |
-37.4 |
% |
-10.2 |
% |
19.5 |
-12.7 |
% |
-4.7 |
% |
Europe |
23.5 |
-2.3 |
% |
-2.1 |
% |
60.3 |
1.0 |
% |
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Heineken® volume1 |
3Q21 |
Organic growth |
YTD 3Q21 |
Organic growth |
|
|
|
|
(in mhl
or %) |
|
|
|
|
Heineken N.V. |
12.8 |
8.0 |
% |
35.5 |
15.1 |
% |
|
|
|
|
Africa, Middle East & Eastern Europe |
1.7 |
22.6 |
% |
4.7 |
26.7 |
% |
|
|
|
|
Americas |
4.9 |
10.2 |
% |
13.6 |
18.5 |
% |
|
|
|
|
Asia Pacific |
1.8 |
5.3 |
% |
5.2 |
18.8 |
% |
|
|
|
|
Europe |
4.5 |
1.8 |
% |
12.0 |
6.0 |
% |
|
|
|
|
1 Refer to the Definitions section for an explanation of
organic growth and volume metrics.
Heineken® brand
- Heineken® continued its strong momentum and
grew volume by 8.0% in the quarter and 15.1% for the first nine
months of the year. Volume grew double-digits year to date in more
than 50 markets, including Brazil, China, South Africa, Nigeria,
Italy, Spain, Vietnam, and Mexico. Relative to 2019, volume grew by
15.6% in the third quarter and by 16.3% in the first nine
months.
- Heineken® 0.0 grew in the low-twenties, with a
particularly strong performance in Brazil, Mexico, the USA and the
UK.
- Heineken® Silver continued its strong growth
momentum in China.
E-Commerce
- Our business-to-business (B2B) digital
platforms accelerated further and captured €1.9 billion in
digital sales value in the first nine months, adding €1 billion
compared to last year. Close to 300k customers from traditional
channels are now connected to our B2B digital platforms.
- Our direct-to-consumer (D2C) platforms
continue to grow strongly. Beerwulf, in Europe, grew its net
revenue by more than half in the first nine months of the
year.
Africa, Middle East & Eastern Europe
- Total consolidated volume grew organically by
8.6% in the quarter, driven by South Africa, Nigeria and the
Democratic Republic of Congo (DRC). The premium portfolio grew in
the high-teens, led by South Africa, Russia and Nigeria. Total
consolidated volume year to date came ahead of 2019 in many markets
across the region, including Nigeria, the DRC, Russia, Ivory Coast,
Burundi and Rwanda.
- In Nigeria, total volume grew by a
mid-single-digit. The premium portfolio grew in the low-teens, led
by Tiger. The low-and non-alcoholic portfolio grew in the
high-twenties, led by Maltina. Tensions in Eastern Nigeria are
causing some disruptions and impacting our volume.
- In Russia, beer volume was up, behind the
market, due to a decline in the economy portfolio. The premium
portfolio grew in the mid-twenties and outperformed the market, led
by Heineken®, Miller and Staropramen. Cider volume grew in the
high-twenties, driven by Mister Lis.
- In South Africa, total volume grew by close to
a half, ahead of the market, following a strong recovery from the
alcohol sales ban in July. Growth was led by Heineken®, Amstel and
Windhoek.
- In Ethiopia, beer volume grew by a
mid-single-digit, ahead of the market, led by the growth of Harar
and Bedele. The country continues to face ongoing tension and
conflict affecting our volume.
- In Egypt, total volume grew in the low-teens,
driven by the gradual recovery of the domestic and tourism
markets.
Americas
- Beer volume declined organically by 3.4% in
the quarter. The premium beer portfolio grew in the low-teens, led
by Heineken® growing 10.2%. The de-prioritisation of our economy
portfolio to focus on premium and mainstream brands in Brazil
continues to impact overall volume. New entry markets Ecuador and
Peru observed strong growth. Beer volume year to date is ahead of
2019 in several markets of the region, including Mexico, the USA,
Panama, Ecuador and Jamaica. Non-beer volume
declined 50.9% following the de-listing of low-margin soft drink
pack types in Brazil.
- In Mexico, beer volume increased by a
mid-single-digit, ahead of the market. The premium portfolio grew
in the low-teens, led by Amstel Ultra and Bohemia. SIX continues to
grow strongly, expanding into new stores and growing same-store
sales.
- In Brazil, beer volume declined in the
mid-teens in the quarter. The premium and mainstream portfolios
grew strongly, outperforming the market, driven by the continued
momentum of Heineken®, Eisenbahn, Devassa and Amstel and the launch
of Tiger. The economy portfolio declined in the forties, as we
continue to rebalance the portfolio. During the quarter we executed
the transition of our dual route to market structure without major
disruptions, in close cooperation with the Coca-Cola System. The
first phase of the Ponta Grossa brewery capacity expansion,
dedicated to premium volume, has been successfully completed.
- In the USA, total volume decreased by a
mid-single-digit, as last year's third quarter benefited from the
replenishment of inventories at distributors; however, sales from
distributors to retailers were up in the quarter. Heineken® and Dos
Equis continue to outperform the market, boosted by innovations
like Dos Equis Ranch Water and Lime & Salt.
Asia Pacific
- Beer volume declined organically by 37.4%,
reflecting the impact from lockdowns and restrictions to contain
COVID-19 in Vietnam, Cambodia, Indonesia and Malaysia. We see the
first signs of recovery, with differences across markets. Beer
volume has recovered ahead of 2019 in some markets of the region,
like Singapore, South Korea and Laos.
- In Vietnam, beer volume declined by more than
a half, following a strict lockdown during the quarter, with the
most stringent measures in our strongholds in major cities and in
the South. We see a gradual lifting of restrictions since
mid-September. In Ho Chi Minh City, off-trade outlets are permitted
to operate from 1 October, but on-trade outlets remain closed.
- In Cambodia, beer volume was down in the
high-teens due to lockdown restrictions, including alcohol sales
bans.
- In Malaysia, beer volume declined close to
20%, as our brewery was suspended from 1 June to 16 August to
comply with the Movement Control Order issued by the government. In
September, beer volume grew strongly, ahead of 2019, following the
reopening of the economic and social sectors.
- In Indonesia, total volume grew by a
high-single-digit, with some restaurants opening up but
international tourism still absent. On 14 October, Bali began a
gradual but restricted re-opening to international tourism from a
few countries in the region.
- In China, Heineken® grew by more than one
third, led by the strong momentum of Heineken® Silver.
- In India, beer volume grew by close to 50% in
this quarter, following a progressive recovery and gradual lifting
of restrictions. HEINEKEN consolidates United Breweries (UBL) as of
29 July 2021 and reports it as a consolidation change.
Europe
- Beer volume declined organically by 2.3%,
impacted by poor weather across most of the region. The off-trade
declined by a high-single-digit in the quarter versus last year,
normalising to the 2019 level. In the on-trade, beer volume grew by
a high-single-digit versus last year. Compared to 2019, on-trade
performance was still well behind for the quarter, with September
showing a mid-single-digit decline. The premium portfolio grew
solidly, led by Heineken®, Desperados and Birra Moretti.
- In the UK, total volume was down by a
low-single-digit, in line with the market, impacted by logistics
disruptions. The on-trade grew double digit, while the off-trade
declined in the low-teens. The premium portfolio continued its
growth momentum, driven by Birra Moretti and Desperados.
- In France, beer volume declined by a
high-single-digit, outperforming the market impacted by continued
restrictions in the on-trade. The premium portfolio was flat,
outperforming the broader portfolio.
- In Spain, beer volume grew in line with the
market. The on-trade grew in the low-teens, more than offsetting a
mid-single-digit decline in the off-trade. The premium portfolio
grew strongly, led by El Aguila, Cruzcampo Especial and
Heineken®.
- In Italy, beer volume increased ahead of the
market. The on-trade grew by a mid-single-digit versus last year
and a low-single-digit relative to 2019. The off-trade volume was
broadly stable, outperforming the category. The premium portfolio
performed strongly driven by Messina and Birra Moretti Filtrata a
Freddo.
- In Poland, beer volume declined in the
low-teens, underperforming the market, in particular, in the
economy lager segment.
- In the Netherlands, beer
volume was down by a high-single-digit, driven by a decline in the
low twenties in the off-trade, in a market adjusting to newly
introduced legal promotional standards. The on-trade grew in the
low-twenties, benefitting from the channel reopening. The premium
portfolio grew by a high-single-digit, led by Affligem, Birra
Moretti and Texels.
REPORTED NET PROFIT
The reported net profit for the first nine months was
€3,082 million (2020: €396 million; 2019:
€1,667 million). This includes an exceptional gain of €1.3
billion from the remeasurement to fair value of the previously held
equity interest in United Breweries in India, which was recognised
on 29 July 2021 when HEINEKEN obtained control.
TRANSLATIONAL CURRENCY CALCULATED IMPACT
Based on the impact to date, and applying spot rates of 25
October 2021 to the 2020 financial results as a baseline for the
remainder of the year, the calculated negative translational impact
for the full year would be approximately €450 million in net
revenue (beia), €90 million at consolidated operating profit
(beia), and €40 million at net profit (beia).
ENQUIRIES
Media |
Investors |
Sarah
Backhouse |
José
Federico Castillo Martinez |
Director of
Global Communication |
Director of
Investor Relations |
Michael
Fuchs |
Janine
Ackermann / Robin Achten |
Corporate &
Financial Communication Manager |
Investor Relations
Manager / 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. We are 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. We employ over 80,000
employees and operate 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 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,
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.
- Heineken NV Q3 2021 Trading Update (27_10_2021).pdf
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