HEINEKEN Holding NV reports on 2024 third-quarter trading
Heineken Holding N.V. reports on 2024
third-quarter trading
Amsterdam, 23 October 2024 – Heineken Holding
N.V. (HEIO; HKHHY) publishes its third quarter 2024 trading
update.
-
Revenue €9,072 million for the quarter, €26,895 million year to
date
- Net
revenue (beia) organic growth 3.3% for the quarter, 5.1% year to
date
-
Beer volume organic growth 0.7% for the quarter, 1.6% year to
date
-
Premium beer volume organic growth 4.5% for the quarter, 4.9% year
to date
-
Heineken® volume growth 8.7% for the quarter, 9.0% year to
date
-
2024 full year expectations of 4% to 8% operating profit (beia)
organic growth confirmed and reiterated
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.
Throughout this report figures refer to quarterly
performance unless otherwise indicated.
Revenue in the quarter was €9.1
billion (YTD: €26.9 billion). Net revenue (beia)
increased organically by 3.3% (YTD: up 5.1%). Total consolidated
volume increased by 0.7% (YTD: up 1.3%) and net revenue (beia) per
hectolitre was up 2.6% (YTD: up 3.7%). Price-mix on a constant
geographic basis was up 3.0% (YTD: up 4.3%), led by pricing to
mitigate inflationary pressures and portfolio premiumisation.
Currency translation reduced net revenue (beia) by
€471 million (YTD: €1,097 million), mainly from the devaluation of
the Nigerian Naira, Mexican Peso, Brazilian Real, and Ethiopian
Birr. Consolidation effects reduced net revenue (beia) by €132
million (YTD: €81 million), mainly from the disposal of Russia and
Vrumona.
In HEINEKEN's business-to-business digital
(eB2B) platforms, HEINEKEN captured €9.3 billion in gross
merchandise value year to date, an organic increase of 26% versus
last year. HEINEKEN is now connecting 683 thousand active customers
in fragmented, traditional channels.
IFRS Measures |
€ million |
Total growth |
|
BEIA Measures1 |
€ million |
Organic
growth |
Revenue |
9,072 |
-5.5% |
|
Revenue (beia) |
9,234 |
3.5% |
Net revenue |
7,557 |
-6.1% |
|
Net revenue (beia) |
7,679 |
3.3% |
Beer volume increased organically
by 0.7% (YTD: up 1.6%), with growth in Europe and Africa &
Middle East more than compensating for slight declines in the
Americas and Asia Pacific. HEINEKEN is gaining or holding volume
market share in more than half of its markets year to date.
Beer volume |
|
|
3Q24 |
|
Organic
growth |
|
|
|
YTD 3Q24 |
|
Organic
growth |
(in mhl) |
3Q23 |
|
|
|
YTD 3Q23 |
|
|
Heineken N.V. |
63.2 |
|
61.9 |
|
0.7 % |
|
183.3 |
|
180.1 |
|
1.6% |
Premium beer volume increased by
4.5% led by Brazil, South Africa, and India.
Heineken® continued its favourable momentum and
grew volume 8.7% with double-digit growth in 30 markets.
Heineken® 0.0 grew 3.4%, led by Brazil, USA, and
Vietnam. Heineken® Silver grew in the
high-twenties, with continued strong growth in China and
Vietnam.
Heineken® volume |
|
|
|
3Q24 |
|
Organic
growth |
|
YTD 3Q23 |
|
YTD 3Q24 |
|
Organic
growth |
(in mhl) |
|
3Q23 |
|
|
|
|
|
Heineken N.V. |
|
14.6 |
|
15.8 |
|
8.7 % |
|
40.9 |
|
44.5 |
|
9.0% |
HEINEKEN confirms and reiterates the key financial
indicators of its 2024 guidance, including the full year
expectations of 4% to 8% operating profit (beia) organic growth. As
communicated at the first half year results, HEINEKEN is materially
stepping up investments in its brands focused on its greatest
opportunities for long-term sustainable growth.
|
|
Translational Currency Calculated Impact |
|
|
|
|
|
Based on the impact to date, and applying spot
rates of 21 October 2024 to the 2023 financial results as a
baseline for the remainder of the year, the calculated negative
translational impact for the full year would be approximately
€1,570 million in net revenue (beia), €220 million at consolidated
operating profit (beia), and €50 million at net profit (beia).
|
|
Reconciliation of non-GAAP measures |
|
These tables contain a reconciliation between IFRS reported
and certain Non-GAAP
measures1 |
3Q22 |
Reported |
Total growth % |
Eia2 |
Beia |
Currency translation |
Consolidation impact2 |
Organic growth |
Organic growth % |
Revenue |
9,414 |
27.5% |
— |
9,414 |
605 |
137 |
1,290 |
17.5% |
Excise tax expense |
-1,627 |
-20.2% |
— |
-1,627 |
-75 |
-101 |
-96 |
-7.1% |
Net revenue |
7,788 |
29.2% |
— |
7,788 |
530 |
36 |
1,194 |
19.8% |
|
|
|
|
|
|
|
|
|
3Q23 |
Reported |
Total growth % |
Eia2 |
Beia |
Currency translation |
Consolidation impact2 |
Organic growth |
Organic growth % |
Revenue |
9,604 |
2.0% |
-37 |
9,567 |
-519 |
371 |
301 |
3.2% |
Excise tax expense |
-1,559 |
4.1% |
7 |
-1,552 |
123 |
-95 |
47 |
2.9% |
Net revenue |
8,044 |
3.3% |
-30 |
8,015 |
-397 |
276 |
347 |
4.5% |
|
|
|
|
|
|
|
|
|
3Q24 |
Reported |
Total growth % |
Eia2 |
Beia |
Currency translation |
Consolidation impact2 |
Organic growth |
Organic growth % |
Revenue |
9,072 |
-5.5% |
162 |
9,234 |
-487 |
-182 |
337 |
3.5% |
Excise tax expense |
-1,515 |
2.8% |
-40 |
-1,554 |
16 |
50 |
-69 |
-4.4% |
Net revenue |
7,557 |
-6.1% |
122 |
7,679 |
-471 |
-132 |
268 |
3.3% |
YTD 3Q22 |
Reported |
Total growth % |
Eia2 |
Beia |
Currency translation |
Consolidation impact2 |
Organic growth |
Organic growth % |
Revenue |
25,816 |
33.4% |
— |
25,816 |
1,299 |
1,196 |
3,967 |
20.5% |
Excise tax expense |
-4,543 |
-37.1% |
— |
-4,543 |
-132 |
-706 |
-352 |
-10.5% |
Net revenue |
21,273 |
32.6% |
— |
21,273 |
1,168 |
490 |
3,615 |
22.6% |
|
|
|
|
|
|
|
|
|
YTD 3Q23 |
Reported |
Total growth % |
Eia2 |
Beia |
Currency translation |
Consolidation impact2 |
Organic growth |
Organic growth % |
Revenue |
27,040 |
4.7% |
-51 |
26,989 |
-707 |
675 |
1,206 |
4.7% |
Excise tax expense |
-4,471 |
1.6% |
10 |
-4,461 |
220 |
-168 |
30 |
0.7% |
Net revenue |
22,569 |
6.1% |
-41 |
22,529 |
-488 |
507 |
1,236 |
5.8% |
|
|
|
|
|
|
|
|
|
YTD 3Q24 |
Reported |
Total growth % |
Eia2 |
Beia |
Currency translation |
Consolidation impact2 |
Organic growth |
Organic growth % |
Revenue |
26,895 |
-0.5% |
151 |
27,046 |
-1,159 |
-149 |
1,364 |
5.1% |
Excise tax expense |
-4,514 |
-1.0% |
-38 |
-4,552 |
62 |
68 |
-221 |
-5.0% |
Net revenue |
22,381 |
-0.8% |
113 |
22,493 |
-1,097 |
-81 |
1,143 |
5.1% |
1. Due to rounding, this table will not always
cast
2. HEINEKEN applies hyperinflation accounting in Ethiopia and
Haiti. Fixed assets are revalued for the inflation from the time of
acquisition to date. The prior year impact from depreciation
resulting from the revaluation of previous years is recorded as a
change in consolidation and is excluded from the organic growth
calculation. At the same time, all metrics in the income statement
are restated to reflect the inflation level as per the reporting
date. These impacts are recorded as exceptional items.
Media Heineken Holding N.V. |
|
|
Kees Jongsma |
|
|
tel. +31 6 54 79 82 53 |
|
|
E-mail: cjongsma@spj.nl |
|
|
|
|
|
Media |
|
Investors |
Christiaan Prins |
|
Tristan van Strien |
Global Communications Director |
|
Investor Relations Director |
Marlie Paauw |
|
Lennart Scholtus / Chris Steyn |
Corporate Communications Lead |
|
Investor Relations Manager / Senior Analyst |
E-mail: pressoffice@heineken.com |
|
E-mail: investors@heineken.com |
Tel: +31-20-5239355 |
|
Tel: +31-20-5239590 |
HEINEKEN will host an analyst and investor
conference call with Harold van den Broek, Chief Financial Officer
of Heineken N.V., in relation to its Third Quarter 2024 Trading
Update 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 company’s 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 2999
Netherlands (Local): 085 888 7233
USA (Local): 646 664 1960
For the full list of dial in numbers, please refer
to the following link: Global Dial-In Numbers
Participation password for all countries:
702767
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 and
non-alcoholic beer and cider brands. Led by the Heineken® brand,
the Group has a portfolio of more than 350 international, regional,
local and specialty beers and ciders. With HEINEKEN’s over 85,000
employees, HEINEKEN brews the joy of true togetherness to inspire a
better world. HEINEKEN's dream is to shape the future of beer and
beyond to win the hearts of consumers. HEINEKEN is committed to
innovation, long-term brand investment, disciplined sales execution
and focused cost management. Through "Brew 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 operates breweries,
malteries, cider plants and other production facilities in more
than 70 countries. Most recent information is available on the
websites: www.heinekenholding.com and www.theHEINEKENcompany.com
and follow HEINEKEN on LinkedIn, Twitter and Instagram.
Market Abuse Regulation:
This press release may contain price-sensitive information within
the meaning of Article 7(1) of the EU Market Abuse Regulation.
Disclaimer:
This press release contains forward-looking statements based on
current expectations and assumptions with regard to the financial
position and results of HEINEKEN’s activities, anticipated
developments and other factors. All statements other than
statements of historical facts are, or may be deemed to be,
forward-looking statements. Forward-looking statements also
include, but are not limited to, statements and information in
HEINEKEN’s non-financial reporting, such as HEINEKEN’s emission
reduction and other climate change related matters (including
actions, potential impacts and risks associated therewith). These
forward-looking statements are identified by use of terms and
phrases such as “aim”, “ambition”, “anticipate”, “believe”,
“could”, “estimate”, “expect”, “goals”, “intend”, “may”,
“milestones”, “objectives”, “outlook”, “plan”, “probably”,
“project”, “risks”, “schedule”, “seek”, “should”, “target”, “will”
and similar terms and phrases. These forward-looking statements,
while based on management's current expectations and assumptions,
are not guarantees of future performance since they are subject to
numerous assumptions, known and unknown risks and uncertainties,
which may change over time, that could cause actual results to
differ materially from those expressed or implied 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 but not limited to 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 and other goods and services, interest-rate
and exchange-rate fluctuations, changes in tax rates, changes in
law, environmental and physical risks, 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 assumes no duty to and 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 external sources, such as specialised
research institutes, in combination with management estimates.
HEINEKEN undertakes no responsibility for the accuracy or
completeness of such external sources.
®
All brand names mentioned in this report, including those brand
names not marked by an ®, represent registered trademarks and are
legally protected.
Beia
Before exceptional items and amortisation of acquisition-related
intangible assets. Whenever used in this report, the term “beia”
refers to performance measures before exceptional items and
amortisation of acquisition related intangible assets. Next to the
reported figures, management evaluates the performance of the
business on a beia basis across several performance measures as it
considers this enhances their understanding of the underlying
performance. Managerial incentives are set mostly on beia
performance measures and the dividend is set relative to the net
profit (beia).
Consolidation changes
Changes as a result of acquisitions, disposals, internal transfer
of businesses or other reclassifications.
Depletions
Sales by third-party distributors to the retail trade.
Eia
Exceptional items and amortisation of acquisition-related
intangible assets.
Exceptional items
Items of income and expense of such size, nature or incidence, that
in the view of management their disclosure is relevant to explain
the performance of HEINEKEN for the period.
Gross merchandise value
Value of all products sold via our eB2B platforms. This includes
our own and third party products, including all duties and taxes.
As part of its objective to become the best connected brewer,
management has set as a key priority to scale up its eB2B platforms
to better serve customers and improve sales force productivity.
External stakeholders can assess the progress relative to this
ambition and to the scale of other eB2B platforms.
HEINEKEN
Heineken Holding N.V., Heineken N.V., its subsidiaries and
interests in joint ventures and associates.
Net revenue
Revenue as defined in IFRS 15 (after discounts) minus the excise
tax expense for those countries where the excise is borne by
HEINEKEN.
Net revenue per hectolitre
Net revenue divided by total consolidated volume, excluding
inter-company transactions.
Organic growth
Growth excluding the effect of foreign currency translational
effects, consolidation changes, exceptional items and amortisation
of acquisition-related intangible assets. Whenever used in this
report, the term refers to the organic growth of the related
performance measures. Management evaluates the organic performance
of operating companies as it reflects their performance in local
currency. External stakeholders can separately assess the
performance in local currency, the translational effects into euros
and the consolidation changes.
Organic growth %
Organic growth divided by the related prior year beia amount.
Whenever used in this report, the term “organically” refers to the
organic growth % of the related performance measures.
Organic volume growth
Growth in volume, excluding the effect of consolidation
changes.
Price mix on a constant geographic
basis
Refers to the different components that influence net revenue per
hectolitre, namely the changes in the absolute price of each
individual sku and their weight in the portfolio. The weight of the
countries in the total revenue in the base year is kept constant.
The metric allows management and external stakeholders a clearer
understanding of the underlying development of price-mix, a lever
of value creation, which can be affected at a segment-level when
combining operations that have structurally different net revenue
per hectolitre, due to differences in value chains, business models
and economic conditions.
Region
A region is defined as HEINEKEN’s managerial classification of
countries into geographical units.
Volume (all volume metrics exclude
inter-company transactions)
Beer volume
Beer volume produced and sold by consolidated companies.
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.
Group beer volume
The sum of beer volume, licensed beer volume and attributable share
of beer volume from joint ventures and associates.
Licensed volume
100% of volume from HEINEKEN's beer brands sold under licence
agreements by joint ventures, associates and
third parties.
Non-beer volume
Cider, soft drinks and other non-beer volume produced and sold by
consolidated companies.
Premium beer
Beer sold at a price index equal or greater than 115 relative to
the average market price of beer.
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.
1Consolidated figures are
used throughout this report, unless otherwise stated. Please refer
to the Glossary for an explanation of non-GAAP measures and other
terms. Page 2 includes a reconciliation versus IFRS metrics. These
non-GAAP measures are included in internal management reports that
are reviewed by the Executive Board of Heineken N.V., as management
believes that this measurement is the most relevant in evaluating
the results and in performance management.
- Heineken Holding NV Q3 2024 Trading Update
Heineken (EU:HEIO)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Heineken (EU:HEIO)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024