Amsterdam, 28 October 2015 - Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) has today announced its trading update for the third quarter of 2015.
HIGHLIGHTS
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.
KEY FIGURES1,3
Consolidated 3Q15 | Consolidated YTD 3Q15 | |||||||||||
(in mhl or € million) | 3Q15 | Total growth % | Organic growth % | YTD 3Q15 | Total growth % | Organic growth % | ||||||
Revenue2 | 5,509 | 8.0 | 7.5 | 15,405 | 7.2 | 3.9 | ||||||
Beer volume | 51.2 | 6.7 | 5.4 | 141.2 | 3.6 | 2.5 |
1 Refer to the Definitions section for an explanation of non-IFRS measures and other terms used throughout this report
2 Net of Heineken N.V. head office & eliminations
3 Financials reflect revised regional segmentation as disclosed on 28 September 2015
OUTLOOK STATEMENT
(Based on consolidated reporting)
HEINEKEN* reaffirms the margin expansion guidance and most items as stated in the half year 2015 earnings release dated 3 August 2015. The only amendments are as follows:
Foreign currency movements: Assuming spot rates as of 23 October 2015, the calculated positive translational impact on consolidated operating profit (beia) would be approximately €75 million, and €50 million at net profit (beia). Foreign exchange markets remain very volatile.
Kurzfristig positionieren in Heineken Holding | ||
ME9DPN
| Ask: 1,51 | Hebel: 6,75 |
mit moderatem Hebel |
Zum Produkt
| |
Interest rate: HEINEKEN now forecasts an average interest rate of c. 3.2% in 2015 (2014:3.7%).
Effective tax rate: HEINEKEN now expects the effective tax rate (beia) for 2015 to be around 28% (2014: 29.7%).
Share buyback update: Following the completion of the divestment of EMPAQUE in February 2015, Heineken N.V. announced that it would deploy up to €750 million of the proceeds for a share buyback program in 2015. As of 26 October 2015, Heineken N.V. had purchased 5,229,279 shares for a total consideration of €365 million. In light of the recently announced acquisitions, Heineken N.V. has decided to discontinue the share buyback. Heineken N.V. remains committed to maintaining its full financial flexibility with a long-term target net debt/EBITDA (beia) ratio of below 2.5x.
*HEINEKEN means Heineken Holding N.V., Heineken N.V., its subsidiaries and interests in joint ventures and associates
OPERATIONAL REVIEW
Consolidated revenue increased 7.5% organically in the quarter, reflecting a total organic volume increase of 5.7% and revenue per hectolitre up 1.8%. Consolidated revenue increased 8.0% to €5,509 million after a favourable currency impact of €41m and despite a negative consolidation impact of €17 million (mainly from the EMPAQUE disposal completed 18 February 2015).
Consolidated beer volume grew by 5.4% organically in the quarter, led by strong volume in Europe supported by favourable summer weather and continued growth in Americas and Asia Pacific regions. In Africa Middle East & Eastern Europe volume was flat.
Heineken® (in mhl or %) | 3Q15 | Organic growth % | YTD 2015 | Organic growth % | ||||
Heineken® in premium segment | 8.1 | 3.9 | 23.0 | 4.4 |
Heineken® volume in premium segment grew organically by 3.9% in the third quarter and by 4.4% in the first nine months of 2015. In the third quarter Heineken® brand growth was particularly strong in Brazil, the Compañía Cervecerías Unidas S.A. (CCU) markets, the UK, Italy and Spain. Heineken® was positive in the US supporting early indications of the brand turnaround. Volume in Africa, Middle East & Eastern Europe was subdued given lower volume in Nigeria, and volume in Asia Pacific adversely impacted by lower volume in China, Korea and Taiwan.
Overall volume growth was supported by the successful extension of the Cities campaign as well as sponsorship of the Rugby World Cup. The latest James Bond sponsorship, on which activation has recently stepped up, should enhance Heineken® brand equity as well as provide an exciting platform to leverage the brand globally.
Global brands continued to deliver positive volume growth in the third quarter, with Desperados, Sol Premium and Affligem volume all up double digit. Cider volume was also up double digit, with Strongbow performance particularly impressive in Europe and Americas.
Reported net profit of Heineken N.V. for the nine months was €1,776 million compared with €1,091 million for the same period last year. This includes the net exceptional gain on EMPAQUE.
BUSINESS DEVELOPMENT & FINANCING UPDATE
Below is an update of business development and financing activity since the release of HEINEKEN's half year 2015 results on 3 August 2015:
AVERAGE NUMBER OF ORDINARY SHARES
Heineken Holding N.V. has 288,030,168 ordinary shares in issue. For the calculation of basic EPS, the weighted average number of ordinary shares outstanding in 2015 is forecast to be 288,030,168.
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 beer volume includes HEINEKEN's attributable share of joint ventures and associates.
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 Clarke | Sonya Ghobrial |
Head of External Communication | Director of Investor Relations |
Christine van Waveren | Marc Kanter / Gabriela Malczynska |
Financial Communications Manager | Investor Relations Manager / Analyst |
E-mail: pressoffice@heineken.com | E-mail: investors@heineken.com |
Tel: +31-20-5239355 | Tel: +31-20-5239590 |
HEINEKEN N.V. INVESTOR CALENDAR
(events also accessible for Heineken Holding N.V. shareholders)
What's Brewing Seminar, Americas, New York | 19 November 2015 |
Full Year 2015 Results | 10 February 2016 |
CONFERENCE CALL DETAILS
Heineken N.V. will host an analyst and investor conference call in relation to this trading update today at 10:00 CET/ 9:00 BST. 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)20 713 2998 | Local line: +44(0)20 7136 2050 |
National free phone: 0800 020 2577 | National free phone: 0800 279 5004 |
United States of America | |
Local line: +1646 254 3364 | |
National free phone: 1877 280 2296 | |
Participation/ confirmation code for all countries:1639440 |
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 powerful portfolio of more than 250 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 and delivers value for all stakeholders. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN employs 81,000 people and operates more than 160 breweries in over 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 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.
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.
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.