Amsterdam, 23 October 2013 - Heineken Holding N.V.
today announced its trading update for the third quarter of
2013.
HIGHLIGHTS
- Group revenue: +1% reported; +0.4% on an organic
basis
- Group revenue per hectolitre +2.7%; sustaining
investment in innovation and marketing to support revenue
development
- Group beer volume stable on a reported basis;
organically 2% lower, primarily driven by beer market weakness in
Central & Eastern Europe
- Continued solid performance of acquired
operations of Asia Pacific Breweries1
- Heineken® volume in the premium segment returned
to growth in the quarter
- Implementing restructuring and other cost
efficiencies initiatives across Europe under current TCM2
programme
- HEINEKEN* now expects 2013 net profit (beia) to
decline in the low single-digits, on an organic basis (previously
'broadly in line with last year')
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.
FINANCIAL
RESULTS
Group beer volume
decreased by 2% organically (including the benefit of one
additional selling day in the quarter), primarily reflecting
weakness in Central & Eastern Europe beer markets. This was
partly offset by an improved volume performance in Western Europe.
Heineken® volume in the
international premium segment grew by 1%. Key markets contributing
to Heineken® brand growth in the quarter were France, Brazil,
Spain, Nigeria, China and South Korea.
Group revenue was
slightly ahead of the prior year quarter (+0.4%), on an organic
basis. Group operating profit
(beia), on an organic basis, was slightly lower,
reflecting a stable revenue performance and higher phasing of
marketing spend in the quarter.
Consolidated
revenue increased 4% to €5,179 million, including a
positive net consolidation impact of 7% (+€369 million) and an
unfavourable foreign currency effect of 3% (-€171million) following
the depreciation of a number of key currencies against the euro.
Organically, consolidated revenue increased by 0.2%, with a total
consolidated volume decline of 3.2% more than offset by a 3.4%
increase in revenue per hectolitre (including a positive country
mix impact of 1%).
Reported net profit
of Heineken N.V. in the quarter was €483 million compared with €568
million in the third quarter of 2012. This includes net exceptional
items and amortisation costs of €70 million in the quarter
(compared to €38 million in the prior year period).
* HEINEKEN means Heineken Holding
N.V., Heineken N.V., its subsidiaries and interests in joint
venture and associates.
OUTLOOK
STATEMENT
(Based on consolidated reporting)
During the third quarter, weak beer market
conditions in Central & Eastern Europe and the delayed economic
improvement in key developing markets, led to a lower than expected
volume performance. HEINEKEN will support operating profit (beia)
with a continued focus on cost efficiencies and revenue management
initiatives. Below operating profit, recent unfavourable currency
movements impacted on other net finance expenses in the third
quarter. Consequently, HEINEKEN now expects full year net profit
(beia) to decrease in the low single-digits, on an organic basis
(previously 'broadly in line with last year'). The recent strength
of the euro against a number of key developing market currencies,
is now expected to result in a combined impact of foreign currency
translation movements and consolidation changes reducing full year
2013 net profit (beia) by approximately €40 million (based on
current spot rates). HEINEKEN reaffirms all other elements of its
full year outlook for 2013 as stated in its first half 2013
earnings release dated 21 August 2013.
TOTAL COST MANAGEMENT 2
(TCM2)
HEINEKEN continues to make strong progress under
the current TCM2 programme. In response to the ongoing challenging
trading environment in Europe, HEINEKEN is further intensifying
efforts to optimise its cost structure in Europe, including
Heineken N.V. head office functions. In the second half of 2013,
HEINEKEN will incur pre-tax exceptional costs of approximately €70
million related to rightsizing and other restructuring activities
across Europe. Of this amount, €16 million is non-cash related.
These activities are expected to generate recurring annualised
benefits from 2014 onwards and form part of the additional €100
million of cost savings (previously announced in August 2013) under
the current TCM2 programme ending 2014.
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) is 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. |
|
|
|
Financial Markets Conference, Mexico |
5-6 December 2013 |
Financial results for the full year 2013 |
12 February 2014 |
Trading update for Q1 2014 |
24 April 2014 |
Annual General Meeting of Shareholders (AGM) |
24 April 2014 |
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 8296 |
Local line: +44 (0)20 342 719 04 |
National free phone: 0800 020 2576 |
National free phone: 0800 279 4992 |
United States of America
Local line: +1 646 254 3388
National free phone: 1877 280 2342
Participation/ confirmation code for all
countries: 1809737
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 the
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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Source: HEINEKEN Holding NV via Thomson Reuters ONE
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