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Heineken N.V. reports on 2019 first quarter trading

Nachrichtenquelle: GlobeNewswire
24.04.2019, 08:00  |  308   |   |   

Amsterdam, 24 April 2019 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) today publishes its trading update for the first quarter of 2019.

KEY HIGHLIGHTS

  • Beer volume +4.3% organically, with growth in all regions.
  • Heineken volume +8.3% with double digit growth in Africa, Middle East & Eastern Europe and the Americas.

CEO STATEMENT
Jean-François van Boxmeer, Chairman of the Executive Board / CEO, commented:
"We had a positive start to the year with volume growth across all regions despite the later timing of Easter, underlining our continued focus on growth and the breadth of our geographic footprint. The Heineken brand volume was up 8.3%. Our outlook for 2019 remains unchanged, we anticipate our operating profit (beia) to grow by mid-single digit on an organic basis."

FIRST QUARTER VOLUME BREAKDOWN

Beer volume1
(in mhl or %)
1Q19 Total  growth % Organic growth % 1Q18
Heineken N.V. 52.7   4.4   4.3   50.5  
Africa, Middle East & Eastern Europe 10.1   8.3   7.8   9.4  
Americas 19.8   3.2   3.2   19.2  
Asia Pacific 7.5   8.2   8.2   6.9  
Europe 15.3   1.7   1.6   15.0  

Heineken volume1

(in mhl or %)
1Q19 Organic
growth 
%
Heineken N.V. 8.9   8.3  
Africa, Middle East & Eastern Europe 1.5   15.5  
Americas 3.0   10.7  
Asia Pacific 1.6   3.1  
Europe 2.9   5.2  

Heineken volume grew by 8.3%. The main markets contributing with double digit growth included Brazil, South Africa, Russia, China, the UK, Nigeria, Mexico, Romania and Germany. 
  
Refer to the Definitions section for an explanation of organic growth and updated volume definitions.

REGIONAL REVIEW

Africa, Middle East & Eastern Europe

  • Beer volume grew organically by 7.8%.
  • In Nigeria, beer volume grew mid-single digit. Last year was affected by some destocking.
  • In Russia, beer volume was up double digit, mainly driven by the premium portfolio due to Heineken and the inclusion of licensed brands Miller Genuine Draft and Staropramen.
  • In South Africa, total consolidated volume showed double digit growth, driven by Heineken, Strongbow and Amstel.
  • In Ethiopia, beer volume grew low-single digit in the context of a price increase and social unrest in parts of the country.
  • In Egypt, total consolidated volume grew high-single digit, driven by the non-alcoholic beverage portfolio.
  • In the DRC, beer volume grew high-single digit with growth across the country and most of the brand portfolio.
  • HEINEKEN opened its first brewery in Mozambique in March.

Americas

  • Beer volume grew organically by 3.2%.
  • In Mexico, beer volume was slightly down, impacted by the later timing of Easter and lower promotional activity. The premium portfolio grew double digit, led by Heineken.
  • In Brazil, beer volume grew double digit, driven by both the premium portfolio led by Heineken, and the mainstream portfolio led by Amstel and Devassa.
  • Beer volume in the USA declined mid-single digit. Heineken 0.0 was introduced in the quarter.

Asia Pacific

  • Beer volume was up organically by 8.2%.
  • In Vietnam, beer volume grew high-single digit, driven by Tiger and Larue.
  • In Indonesia, beer volume increased low-single digit driven by the low- and no-alcohol portfolio.
  • In Cambodia, beer volume grew double digit, driven by Anchor and Tiger.
  • In China, beer volume grew mid-single digit, driven by the double digit growth of Heineken.

Europe

  • Despite the later timing of Easter, beer volume grew organically by 1.6% benefiting from better weather conditions across the region.
  • In the UK, total consolidated volume was up low-single digit helped by some inventory build-up anticipating Brexit and the re-listing at a large retailer.
  • In France, beer volume was up mid-single digit, with double digit growth of Desperados and Affligem.
  • In Italy, beer volume grew mid-single digit, with strong double digit growth of Ichnusa.
  • In the Netherlands and Spain, beer volume was flat.
  • In Poland, beer volume was down mid-single digit following a change in stocking policy at our largest distributor.

REPORTED NET PROFIT

Reported net profit for the first three months of 2019 was €299 million (2018: €260 million).

TRANSLATIONAL CURRENCY UPDATE

Using spot rates as of 17 April 2019 for the remainder of this year, the calculated positive currency translational impact would be approximately €80 million at operating profit level (beia) and €50 million at net profit level (beia).

BREWING A BETTER WORLD

On 19 March 2019, HEINEKEN announced its 2030 'Every Drop' water vision in support of United Nations Sustainable Development Goal 6, dedicated to water protection. Under 'Every Drop', HEINEKEN has defined its commitments on water rebalancing, water circularity and reduction of water usage with focus on water-stressed areas. For more details please visit: www.theHEINEKENcompany.com/Media/Features/Every-Drop-Protecting-Water-Resources.

DEFINITIONS

HEINEKEN has updated its definitions of volume metrics as below. 2018 figures have been restated accordingly:

Brand specific volume (Heineken Volume, Amstel Volume, etc.)
Brand volume produced and sold by consolidated companies plus 100% of brand volume sold under licence agreements by joint ventures, associates and third parties.

Beer Volume
Beer volume produced and sold by consolidated companies.

Non-Beer Volume
Cider, soft drinks and other non-beer volume produced and sold by consolidated companies.

Third Party Products Volume
Volume of third party products (beer and non-beer) resold by consolidated companies.

Total Consolidated Volume
The sum of Beer Volume, Non-Beer Volume and Third Party Products Volume.

Licensed Beer Volume
100% of volume from HEINEKEN's beer brands sold under licence agreements by joint ventures, associates and third parties.

Group Beer Volume
The sum of Beer Volume, Licensed Beer Volume and attributable share of beer volume from joint ventures and associates.

Organic Growth
Organic growth in volume excludes the effect of consolidation changes.

Volume Metrics: First Quarter 2019*

  1Q19
In million hectolitres 1Q18 Consolidation Impact Organic Growth 1Q19 Organic Growth %
Africa, Middle East & Eastern Europe          
Beer Volume 9.4   -   0.7   10.1   7.8  
Non-Beer Volume 1.2   -   0.1   1.3   4.5  
Third Party Products Volume -   -   -   -   -  
Total Consolidated Volume 10.6   0.1   0.8   11.5   7.5  
           
Licensed Beer Volume 0.6     0.6  
Group Beer Volume 10.1     10.8  
Americas          
Beer Volume 19.2   -   0.6   19.8   3.2  
Non-Beer Volume 2.6   -   0.1   2.6   3.2  
Third Party Products Volume 0.2   -   -0.1   -   -  
Total Consolidated Volume 21.9   -   0.6   22.5   2.5  
           
Licensed Beer Volume 0.5     0.4  
Group Beer Volume 20.6     21.4  
Asia Pacific          
Beer Volume 6.9   -   0.6   7.5   8.2  
Non-Beer Volume 0.1   -   -   0.2   41.3  
Third Party Products Volume -   -   -   -   -  
Total Consolidated Volume 7.0   -   0.6   7.6   8.5  
           
Licensed Beer Volume 0.3     0.2  
Group Beer Volume 8.5     9.2  
Europe          
Beer Volume 15.0   -   0.2   15.3   1.6  
Non-Beer Volume 2.0   -   -   2.1   2.1  
Third Party Products Volume 1.7   -   -   1.7   -0.5  
Total Consolidated Volume 18.7   -   0.3   19.0   1.5  
           
Licensed Beer Volume 0.1     0.1  
Group Beer Volume 15.5     15.8  
Heineken N.V.          
Beer Volume 50.5   -   2.2   52.7   4.3  
Non-Beer Volume 5.9   -   0.2   6.2   3.8  
Third Party Products Volume 1.9   -   -0.2   1.8   -8.4  
Total Consolidated Volume 58.3   0.1   2.2   60.6   3.8  
           
Licensed Beer Volume 1.5     1.4  
Group Beer Volume 54.8     57.3  

* HEINEKEN has updated its definitions of volume metrics. For more details please refer to the Definitions section in page 4 of this press release.  Due to rounding, this table will not always cast

ENQUIRIES

Media Investors
John-Paul Schuirink José Federico Castillo Martinez
Director of Global Communication Director of Investor Relations
Michael Fuchs Aris Hernandez
Corporate & Financial Communication Manager Investor Relations 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. 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 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.




This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: HEINEKEN NV via Globenewswire

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