Heineken Holding N.V. reports 2021 half year results
02 Août 2021 - 7:01AM
Heineken Holding N.V. reports 2021 half year results
Amsterdam, 2 August 2021 – Heineken Holding N.V.
(EURONEXT: HEIO; OTCQX: HKHHY) announces:
KEY HIGHLIGHTS
- The net result of Heineken Holding N.V.'s participating
interest in Heineken N.V. for the first half year of 2021 amounts
to €517 million
- Net revenue (beia) €9,971 million, +14.1% organic growth
- Net revenue (beia) organic growth per hectolitre +5.5%
- Consolidated beer volume organic growth +9.6%
- Heineken® volume +19.6%
- Operating profit (beia) organic growth +109.3%
- Net profit (beia) €896 million, +320.3% organic growth
- EverGreen strategy deployment at HEINEKEN has started
- Full year expectations unchanged: financial results to remain
below 2019.
FINANCIAL SUMMARY1
IFRS Measures |
€ million |
Total growth |
|
BEIA Measures |
€ million |
Organic growth2 |
Revenue |
11,970 |
|
7.3 |
% |
|
Revenue (beia) |
11,970 |
13.1 |
% |
Net revenue |
10,010 |
|
8.3 |
% |
|
Net
revenue (beia) |
9,971 |
14.1 |
% |
Operating profit |
1,717 |
|
1,920.0 |
% |
|
Operating
profit (beia) |
1,628 |
109.3 |
% |
|
|
|
|
Operating
profit (beia) margin |
16.3% |
|
Net profit of Heineken Holding
N.V. |
517 |
|
448.1 |
% |
|
Net
profit (beia) |
896 |
320.3 |
% |
Diluted EPS (in €) |
1.80 |
|
446.2 |
% |
|
Diluted
EPS (beia) (in €) |
1.56 |
295.5 |
% |
|
|
|
|
Free
operating cash flow |
650 |
|
|
|
|
|
Net debt
/ EBITDA (beia)3 |
3.0x |
|
1 Consolidated figures are used throughout this report unless
otherwise stated; please refer to the Glossary for an explanation
of non-GAAP measures and other terms used throughout this
report.
2 Organic growth shown, except for Diluted EPS (beia) which is
total growth.
3 Includes acquisitions and excludes disposals on a 12 month
pro-forma basis.
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.
INTERIM DIVIDEND
According to the Articles of Association of Heineken Holding
N.V. both Heineken Holding N.V. and Heineken N.V. pay an identical
dividend per share. In accordance with its dividend policy,
HEINEKEN fixes the interim dividend at 40% of the total dividend of
the previous year. In 2020, HEINEKEN by exception deviated from
this policy, as no interim dividend was paid in August 2020.
For 2021, HEINEKEN will apply its regular policy and pay an
interim dividend of €0.28 per share (2020: nil) on 11 August 2021.
Both the Heineken Holding N.V. shares and the Heineken N.V. shares
will trade ex-dividend on 4 August 2021.
OUTLOOK STATEMENTS
The COVID-19 pandemic continues to present challenges for the
world with the biggest impact for HEINEKEN's business currently in
Asia. HEINEKEN expects the rest of the year will continue to be
volatile, with some markets gradually recovering while others
continue to implement restrictions until vaccinations are more
broadly rolled out.
Furthermore, HEINEKEN expects headwinds in input costs in the
second half of 2021 and a material impact from commodity costs in
2022. HEINEKEN will be assertive on pricing and drive revenue and
cost management to face this challenge; however HEINEKEN expects
margin pressure to intensify in the second half. In addition,
HEINEKEN will increase its marketing and sales expenses investment
behind growth initiatives versus last year, fully in line with
HEINEKEN's original full year brand plans.
As a consequence, HEINEKEN expects operating profit margin
(beia) to be lower in the second half compared with the second half
of last year, and as indicated before, full year financial results
are expected to remain below 2019.
HEINEKEN also anticipates:
- An average effective interest rate (beia) of around 2.7% (2020:
3.0%)
- Capital expenditure related to property, plant and equipment
and intangible assets of around €1.8 billion (2020: €1.6
billion)
- The effective tax rate (beia) to stay above 2019 level due to
the effect of fixed cost components in the tax line.
TRANSLATIONAL CURRENCY CALCULATED IMPACT
Based on the impact to date, and applying spot rates of 28 July
2021 to the 2020 financial results as a baseline for the remainder
of the year, the calculated negative currency translational impact
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 Heineken
Holding N.V. |
|
Kees
Jongsma |
|
Tel.
+31-6-54798253 |
|
E-mail:
cjongsma@spj.nl |
|
|
|
Media |
Investors |
Sarah
Backhouse |
José
Federico Castillo Martinez |
Director of
Global Communication |
Investor
Relations Director |
Michael
Fuchs |
Janine
Ackermann / Robin Achten |
Global Corporate and
Financial Communications Manager |
Investor Relations
Manager / Senior Analyst |
E-mail:
pressoffice@heineken.com |
E-mail:
investors@heineken.com |
Tel:
+31-20-5239355 |
Tel:
+31-20-5239590 |
INVESTOR CALENDAR HEINEKEN N.V.
(events also accessible for Heineken Holding N.V.
shareholders)
Trading Update
for Q3 2021 |
27 October
2021 |
Full Year 2021
Results |
16 February
2022 |
CONFERENCE CALL DETAILS
HEINEKEN will host an analyst and investor conference call in
relation to its 2021 HY results today at 14:00 CET/ 13:00 GMT. 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. 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:
United Kingdom (Local): 020 3936 2999Netherlands (Local): 085
888 7233USA: 1 646 664 1960All other locations: +44 203 936
2999Participation password for all countries: 241538
Editorial information: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.
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.
HEINEKEN employs over 80,000 employees and operates breweries,
malteries, cider plants and other production facilities in more
than 70 countries. Heineken Holding N.V. and Heineken N.V. shares
trade on the Euronext in Amsterdam. Prices for the ordinary shares
may be accessed on Bloomberg under the symbols HEIO NA and HEIA NA
and on Reuters under HEIO.AS and HEIN.AS . HEINEKEN has two
sponsored level 1 American Depositary Receipt (ADR) programmes:
Heineken Holding N.V. (OTCQX: HKHHY) and Heineken N.V. (OTCQX:
HEINY). Most recent information is available on the websites:
www.heinekenholding.com and www.theHEINEKENcompany.com and follow
HEINEKEN on Twitter via @HEINEKENCorp.
Market Abuse Regulation:This press release contains
price-sensitive 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 Holding NV 2021 Half Year results
(02_08_2021).pdf
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