Heineken Holding N.V. reports 2024 full year results
Heineken Holding N.V. reports 2024 full
year results
Amsterdam, 12 February 2025 – Heineken Holding
N.V. [(EURONEXT: HEIO; OTCQX: HKHHY)] announces:
Solid results with broad-based growth and
profit expansion in 2024
- The net result of
Heineken Holding N.V.'s participating interest in Heineken N.V. for
2024 amounts to €498 million
- Revenue €35,955
million
- Net revenue (beia)
5.0% organic growth, per hectolitre 3.5%
- Beer volume 1.6%
organic growth; Heineken® volume up 8.8%
- Operating profit
€3,517 million; operating profit (beia) 8.3% organic growth
- Operating profit
(beia) margin 15.1%, up 40 bps
- Net profit €978
million; net profit (beia) 7.3% organic growth
- Diluted EPS (beia)
€4.89
- Free Operating Cash
Flow €3,058 million
- Heineken Holding
N.V. to launch two-year share buyback programme for up to circa
€750 million
- Heineken Holding N.V
to participate pro rata to its shareholding in Heineken N.V.’s €1.5
billion share buyback programme
- Full year 2025
outlook: 4% to 8% operating profit (beia) organic growth
|
IFRS Measures |
€ million |
Total
growth |
|
BEIA Measures |
€ million |
Organic
growth2 |
|
Revenue |
35,955 |
-1.2% |
|
Revenue (beia) |
36,077 |
5.0% |
| Net revenue |
29,821 |
-1.8% |
|
Net revenue
(beia) |
29,964 |
5.0% |
| Operating
profit |
3,517 |
8.9% |
|
Operating profit
(beia) |
4,512 |
8.3% |
| |
|
|
|
Operating profit
(beia) margin (%) |
15.1% |
|
| Net profit of
Heineken Holding N.V. |
498 |
|
|
Net profit
(beia) |
2,739 |
7.3% |
| Diluted EPS (in
€) |
1.76 |
|
|
Diluted EPS
(beia) (in €) |
4.89 |
4.7% |
| |
|
|
|
Free operating
cash flow |
3,058 |
|
|
|
|
|
|
Net debt / EBITDA (beia)3 |
2.2x |
|
1 Consolidated figures are used throughout this
report, unless otherwise stated. Tables will not always cast due to
rounding. Please refer to the Glossary for an explanation of
non-GAAP measures and other terms. Page 14 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, as management believes that this
measurement is the most relevant in evaluating the results and in
performance management. Full year numbers are audited.
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 continued executing its EverGreen strategy,
successfully returning to balanced growth. To be in a strong
position to seize future opportunities, HEINEKEN invests in
becoming the best digitally connected brewer, raise the bar on
sustainability and responsibility, and evolve its capabilities and
culture. To fund HEINEKEN's growth, and deliver on the EverGreen
ambitions, HEINEKEN drives productivity and capital efficiency in
the pursuit of sustainable, long-term value creation.
Revenue for the full year was €36.0 billion
(2023: €36.4 billion) a total decrease of 1.2%.
Net revenue (beia) increased organically by a
solid 5.0% to €30.0 billion, supported in particular by the strong
growth of our largest operating companies in Brazil, Mexico,
Nigeria, South Africa, Vietnam and India. Total consolidated volume
increased by 1.4% with net revenue (beia) per hectolitre up 3.5%.
The underlying price-mix on a constant geographic basis was up
4.1%, with a positive contribution from all regions.
Net revenue (beia) was dampened by a negative
translation impact of €1,656 million, or 5.5%, mainly due to the
devaluation of the Nigerian Naira, and depreciation of the
Brazilian Real and Mexican Peso. The consolidation effect,
primarily HEINEKEN's exit from Russia and the sale of Vrumona more
than offsetting the acquisition benefit of Distell and Namibian
Breweries, had a net negative impact of €193 million, or 0.6%.
Beer volume increased organically 1.6% for the
full year. All regions contributed to HEINEKEN's growth, with
notable increases in India, Nigeria, Vietnam, Brazil and Mexico.
HEINEKEN gained or held volume market share in more than half of
its markets in 2024.
| Beer
volume |
|
|
4Q24 |
|
Organic
growth |
|
|
|
FY24 |
|
Organic
growth |
|
(in mhl) |
4Q23 |
|
|
|
FY23 |
|
|
|
Heineken N.V. |
59.4 |
|
60.5 |
|
1.8% |
|
242.6 |
|
240.7 |
|
1.6% |
In the fourth quarter, net revenue (beia) grew organically by
4.7%. Total consolidated volume increased by 1.5%, improving
relative to the third quarter. Beer volume increased organically by
1.8%. Net revenue (beia) per hectolitre was up organically 3.1%
with a positive price-mix on a constant geographic basis of 3.6%,
supported by strong inflation-led pricing in AME and moderate
pricing in the other regions.
Premium beer volume increased organically by
5.2%, supported in particular by Brazil, Vietnam, India, South
Africa, and the UK. This growth is led by
Heineken®,
complemented by HEINEKEN's international and local premium brands
including Kingfisher Ultra, Desperados, and Birra Moretti.
Heineken® led
HEINEKEN's premium portfolio with a volume growth of 8.8% versus
last year. Growth was broad-based across 53 markets, most notably
in HEINEKEN's key markets Brazil, China, Vietnam, and Nigeria.
Heineken®
Silver volume grew in the mid thirties, led by
China and Vietnam.
|
Heineken®
volume |
|
|
4Q24 |
|
Organic
growth |
|
FY23 |
|
FY24 |
|
Organic
growth |
|
(in mhl) |
4Q23 |
|
|
|
|
|
|
Total |
15.4 |
|
16.6 |
|
8.1% |
|
56.3 |
|
61.1 |
|
8.8% |
As HEINEKEN advances on its EverGreen journey, HEINEKEN remains
committed to its medium-term ambition to deliver superior growth,
balanced between volume and value, and continuous productivity
improvements to fund investments and enable operating profit (beia)
to grow ahead of net revenue (beia) over time.
HEINEKEN anticipates ongoing macro-economic challenges that may
affect its consumers, including weak consumer sentiment in Europe,
volatility, inflationary pressures and currency devaluations across
developing markets, and broader geopolitical fluctuations.
HEINEKEN's 2025 outlook reflects HEINEKEN's current assessment of
these factors as HEINEKEN sees them today.
For the full year 2025, HEINEKEN anticipates continued
volume and revenue growth. However, the first
quarter will face a high comparison base and be impacted by
technical factors such as fewer selling days and the timing of
Easter and Tết.
HEINEKEN expects its variable costs to rise by
a mid-single-digit per hectolitre. Excluding Africa & Middle
East, where higher local input cost inflation and currency
devaluations persist, variable costs are expected to increase by a
low-single-digit per hectolitre.
HEINEKEN's continuous productivity programme aims to deliver at
least €400 million of gross savings in 2025,
funding growth, digital transformation, and sustainability
initiatives. As it did this year, HEINEKEN intends to further
increase in support of its brands and for marketing and
selling investments to grow ahead of revenue.
Overall, HEINEKEN expects to grow operating profit
(beia) organically in the range of 4% to 8%, with:
- An average
effective interest rate (beia) of around 3.5% (2024:
3.5%)
- Other net
finance expenses (beia) to be in the range of €225 to €275
million (2024: €271 million)
- An effective
tax rate (beia) in the range of 27% to 28% (2024:
27.9%)
HEINEKEN expects net profit (beia) organic
growth to be broadly in line with the operating profit
(beia) organic growth.
Lastly, HEINEKEN anticipates maintaining a similar level of
capital expenditure this year (2024: 8.2% of net
revenue (beia)).
|
|
Share buyback programme Heineken Holding N.V. and Heineken
N.V. |
Heineken Holding N.V. intends to implement a two-year programme
to repurchase own shares for an aggregate amount up to circa €750
million.
Heineken N.V. intends to simultaneously execute a share buyback
programme for an aggregate amount of €1.5 billion. Heineken Holding
N.V. intends to participate pro rata to its shareholding in
Heineken N.V.’s share buyback programme.
Heineken Holding N.V. intends to use the proceeds of its pro
rata participation in the Heineken N.V. share buyback programme to
purchase a number of Heineken Holding N.V. shares equal to the
number of Heineken N.V. shares that Heineken Holding N.V. will sell
to Heineken N.V. All shares that are repurchased by Heineken
Holding N.V. under the programme will be cancelled. Heineken
Holding N.V. intends to distribute any excess proceeds after the
repurchase of its own shares to Heineken Holding N.V. shareholders
on regular final dividend dates. The share buyback programme may be
suspended, modified, or discontinued at any time.
The programme will be executed within the existing authority
granted in the 25 April 2024 Heineken Holding N.V. Annual General
Meeting of Shareholders and the authority granted by future
Heineken Holding N.V. general meetings.
L'Arche Green N.V., Heineken Holding N.V.'s majority
shareholder, is supportive of the share buyback programme and as
such has irrevocably undertaken to vote in favour of any requested
share buyback and share cancellation mandates in relation to the
announced programme at future general meetings of Heineken Holding
N.V. L'Arche Green N.V. remains strongly committed as Heineken
Holding’s long-term majority shareholder and will not participate
in the programme.
Both the Heineken Holding N.V. and Heineken N.V. share buyback
programmes will be conducted in accordance with the Market Abuse
Regulation 596/2014 and Commission Delegated Regulation (EU)
2016/1052 (each as amended), including compliance with safe harbour
provisions for such programmes. All transactions under the
respective programmes will be published on Heineken Holding N.V.'s
or Heineken N.V.'s website, as applicable, through regular press
releases and updates.
The Heineken N.V. dividend policy is to pay a ratio of 30% to
40% of full year net profit (beia). For 2024, a total cash dividend
of €1.86 per share, a 7.5% increase to last year
(2023: €1.73), for an aggregate amount of €1,042 million. This
represents a payout ratio of 38.0%, within the
range of Heineken N.V.'s policy, and will be proposed to the
Heineken N.V. Annual General Meeting on 17 April 2025. If approved,
a final dividend of €1.17 per share will be paid on 2 May 2025, as
an interim dividend of €0.69 per share was paid on 8 August
2024.
If Heineken N.V. shareholders approve the proposed dividend,
Heineken Holding N.V. will, according to its Articles of
Association, pay an identical dividend per share. A final dividend
of €1.17 per share of €1.60 nominal value will be payable as of 2
May 2025.
Both the Heineken Holding N.V. shares and the Heineken N.V.
shares will trade ex-dividend on 23 April 2025. The dividend
payment will be subject to a 15% Dutch withholding tax.
|
|
Translational Calculated Currency Impact |
The translational currency impact for 2024 was negative on net
revenue (beia) by €1,656 million, on operating profit (beia)
by €236 million and on net profit beia by €54 million.
Applying spot rates of 10 February 2025 to the 2024 financial
results as a base, the calculated negative currency translational
impact for the full year would be approximately €180 million in net
revenue (beia), €80 million at operating profit (beia), and €40
million at net profit (beia).
|
|
Board of Directors Composition |
The Board of Directors of Heineken Holding N.V. announced on 13
December 2024 that it will propose at the Annual General Meeting of
Shareholders (AGM) in April 2025 to appoint Jean-Marc Huët as
non-executive member of the Board of Directors of Heineken Holding
N.V., for the maximum period of four years, i.e. until the AGM in
2029. The Board of Directors has appointed Mr Huët as Chair of the
Board of Directors, conditional upon his appointment as
non-executive member of the Board of Directors.
Jean-Marc Huët (1969) is a Dutch national. Mr Huët holds an MBA
from INSEAD (Fontainebleau, France) and a bachelor's degree from
Dartmouth College (New Hampshire, USA). Mr Huët is Chairman of the
Board of Directors of Lonza Group. Mr Huët also serves as Chair of
the Supervisory Board of Vermaat Groep. Mr Huët will step down as
member and Chair of the Supervisory Board of Heineken N.V. at the
AGM of Heineken N.V. in April 2025.
Maarten Das will retire as non-executive member and Chair of the
Board of Directors when his current term ends at the AGM in April
2025. Mr Das was first appointed to the Board of Directors in 1994
and held the role of Chair since 2002.
Furthermore, the Board of Directors of Heineken Holding N.V.
announced that it will propose at the AGM in April 2025 to
reappoint Alexander de Carvalho as non-executive member of the
Board of Directors of Heineken Holding N.V., for a next four-year
term.
|
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 |
| Director of
Global Communication |
|
Global Director
of Investor Relations |
| 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 |
|
|
Investor Calendar HEINEKEN |
|
Annual report publication |
20 February 2025 |
| Trading Update for Q1
2025 |
16 April 2025 |
| Annual General Meeting of
Shareholders |
17 April 2025 |
| Quotation ex-final dividend
2024 |
23 April 2025 |
| Final dividend 2024
payable |
2 May 2025 |
| Half Year 2025 Results |
28 July 2025 |
| Quotation ex-interim dividend
2025 |
30 July 2025 |
| Interim dividend payable |
31 July 2025 |
| Trading Update for Q3
2025 |
22 October 2025 |
| Capital Markets Event in
Seville, Spain |
23-24 October 2025 |
HEINEKEN will host an analyst and investor video webcast about
its 2024 FY results today, 12 February, at 14:00 CET/ 13:00 GMT/
08.00 EST. This call will also be accessible for
Heineken Holding N.V. shareholders. The live video webcast
will be accessible via the Heineken N.V.’s website:
https://www.theheinekencompany.com/investors/results-reports-webcasts-and-presentations.
An audio replay service will also be made available after the
webcast at the above web address. Analysts and investors can
dial-in using the following telephone numbers:
| United Kingdom
(local): +44 20 3936 2999 |
| Netherlands
(local): +31 85 888 7233 |
| United States: +1
646 787 9445 |
| All other
locations: +44 20 3936 2999 |
| For the full list
of dial in numbers, please refer to the following link: Global
Dial-In Numbers |
| Participation
password for all countries: 962302 |
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 340 international, regional, local and specialty beers
and ciders. With HEINEKEN’s over 85,000 employees, we brew 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 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 regards 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 emissions
reduction and other climate change related matters (including
actions, potential impacts and risks associated therewith). These
forward-looking statements are identified by their 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 outside sources, such as specialised
research institutes, in combination with management estimates.
- Heineken Holding NV FYPR2024 FINAL
Heineken (EU:HEIO)
Graphique Historique de l'Action
De Jan 2025 à Fév 2025
Heineken (EU:HEIO)
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De Fév 2024 à Fév 2025
