Heineken N.V. Trading Update - Third Quarter 2012
(Thomson Reuters ONE) -
Amsterdam, 24 October 2012 - Heineken N.V. today announced its trading update
for the third quarter of 2012. In the quarter:
* Revenue rose 4% organically, driven by higher total consolidated volumes of
1.5% and revenue per hectolitre growth of 2.5%. Group beer volume grew 2.6%
with increases in four out of five regions;
* Heineken® volume in the international premium segment increased 3.5%,
outperforming group beer volume, primarily driven by strong performance in
Western Europe, the Americas and Africa & the Middle East;
* EBIT (beia), on an organic basis, increased in the mid-single digits;
* Net profit (beia) grew organically by mid-single digit percentage points;
and
* HEINEKEN reaffirms its outlook for full year 2012 net profit (beia) to be
broadly in line with last year, on an organic basis.
Financial results
Revenue grew 7.1% to ?4,974 million in the third quarter. Combined, the first
time consolidation of new businesses and a positive currency translational
effect increased revenues by ?140 million (+3.0%). The favourable currency
movement primarily reflects appreciation of the Nigerian naira, British pound
and Mexican peso versus the euro reporting currency. On an organic basis,
revenue grew 4% with growth across all regions. This reflects total consolidated
volume growth of 1.5% and revenue per hectolitre growth of 2.5%, driven by
pricing initiatives and improved sales mix.
On an organic basis, EBIT (beia) increased by mid-single digit percentage points
in the quarter. The positive impact of higher revenue and realised cost savings
were partly offset by higher business capability investments and increased input
costs.
Reported net profit in the quarter was ?577 million compared with ?525 million
in the third quarter of 2011.
Changes in consolidation
The main consolidation scope changes having an impact on financial results in
the third quarter of 2012 include:
* The acquisition of the Harar and Bedele breweries in Ethiopia, consolidated
from 4 August 2011;
* The acquisition of the Galaxy Pub Estate in the United Kingdom, consolidated
from 2 December 2011; and
* The acquisition of a controlling stake (from 22.5% to 95%) in Brasserie
Nationale d'Haiti S.A in Haiti, consolidated from 17 January 2012.
Full year outlook
HEINEKEN reaffirms its 2012 outlook, as stated in its half year 2012 earnings
release dated 22 August 2012.
Total Consolidated Volume
------------------------------------------------------------------------
Q3 2012 Change Organic 9 months Change Organic
(mhl) (%) Change Regions 2012 (%) Change
(%) (mhl) (%)
------------------------------------------------------------------------
17.8 -3.2 -3.1 Western Europe 48.6 -4.0 -3.9
15.0 2.8 2.8 Central & Eastern Europe 39.6 4.4 4.4
7.5 6.5 4.4 Africa & the Middle East 22.3 7.7 5.0
13.9 8.2 5.2 The Americas 39.9 7.1 4.3
0.4 -2.8 -2.8 Asia Pacific 1.1 2.1 2.1
------------------------------------------------------------------------
54.6 2.5 1.5 Total 151.5 2.6 1.6
------------------------------------------------------------------------
Total consolidated volume grew organically by 1.5% in the third quarter. Growth
in consolidated beer and soft drinks volume was partly offset by lower third
party and cider volume.
Consolidated Beer Volume
------------------------------------------------------------------------
Q3 2012 Change Organic 9 months Change Organic
(mhl) (%) Change Regions 2012 (%) Change
(%) (mhl) (%)
------------------------------------------------------------------------
12.4 -2.6 -2.1 Western Europe 34.0 -3.1 -2.6
14.2 3.5 3.5 Central & Eastern Europe 37.5 5.3 5.3
5.5 5.4 2.5 Africa & the Middle East 17.1 7.8 4.3
13.6 6.2 5.2 The Americas 39.1 5.3 4.3
0.4 -2.8 -2.8 Asia Pacific 1.0 2.1 2.1
------------------------------------------------------------------------
46.1 2.7 2.2 Total 128.7 3.2 2.6
------------------------------------------------------------------------
Group Beer Volume
---------------------------------------------------------------------------
Q3 2012 Change Organic 9 months Change Organic
(mhl) (%) Change (%) Regions 2012 (%) Change
(mhl) (%)
---------------------------------------------------------------------------
12.5 -2.6 -2.1 Western Europe 34.3 -3.1 -2.6
16.6 3.6 3.6 Central & Eastern Europe 43.4 4.9 4.9
7.2 5.6 3.5 Africa & the Middle East 21.9 7.1 4.4
15.5 5.3 4.4 The Americas 45.7 4.4 3.6
6.9 5.2 4.8 Asia Pacific 21.4 6.8 7.1
---------------------------------------------------------------------------
58.7 3.1 2.6 Total 166.7 3.5 3.1
---------------------------------------------------------------------------
Group beer volume development in the third quarter 2012
Group beer volume grew 2.6% on an organic basis, with growth in four out of five
regions. There was one less selling day in the third quarter of 2012 compared
with the comparable prior year period.
In Western Europe, group beer volume declined by 2.1% organically in the
quarter. Lower group beer volume primarily reflects the planned withdrawal of a
product in the high-promotion discounter channel in Finland and a double digit
volume decline in Portugal due to the challenging economic environment. The
effect of cautious consumer spending in the on-premise channel contributed to a
low-single digit decline in the UK, Netherlands and Spain. Volume in France and
Italy grew in the low-single digits. The acquisition of the Belgian cider
innovation company Stassen, was completed in September 2012.
In Central & Eastern Europe, group beer volume grew 3.6%, on an organic basis,
led by solid volume gains in Bulgaria, Czech Republic, Poland, Romania, Russia
and Serbia. Volume in Greece declined in the high-single digits as the country
continues to be impacted by the adverse economic conditions.
In Africa & the Middle East, group beer volume grew 3.5%, driven by solid volume
growth in Egypt, Algeria, Rwanda and the joint venture in the Republic of Congo.
Volume in Nigeria grew slightly, contributing to further share gains in a market
where consumer spending has been constrained due to higher inflation. Volume in
South Africa was broadly in line with the prior year quarter, outperforming the
overall beer market and leading to continued market share gains.
In the Americas, group beer volume grew organically by 4.4%, driven by higher
volume in Mexico, Brazil and the USA. Depletions in the USA increased in the
low-single digits resulting in market share gains in the country. The Dos Equis
brand continued its strong volume growth momentum, while depletions of the
Heineken® lager brand were broadly in line with the prior year period.
In Mexico, solid volume growth was again led by strong brand performances of Dos
Equis and Tecate. Volume growth in Brazil was driven by continued strong growth
of the Heineken® brand and higher volume of the Kaiser brand. Volume of Compania
Cerveceria Unidas (CCU), the joint venture operation in Chile and Argentina, was
broadly in line with the prior year quarter.
In Asia Pacific, group beer volume increased 4.8% organically (+310 khl), net of
a consolidated beer volume decline of 2.8% (-10 khl). Higher volume of the joint
venture, APB, was driven by gains in Vietnam, Indonesia, Thailand and Singapore.
Volume of United Breweries Limited, the joint venture operation in India,
increased in the high-single digits, with strong performance in key states such
as Maharastra, Rajasthan and Karnataka.
Volume in consolidated Asian export markets declined by low single digits, with
strong growth in South Korea more than offset by lower volume in Taiwan.
Global brand volume development in the third quarter 2012
Heineken® volume in the international premium segment
--------------------------------------------------------------------
Q3 2012 Organic 9 months Organic
(mhl) Change Regions 2012 Change
(%) (mhl) (%)
--------------------------------------------------------------------
2.2 3.9 Western Europe 6.0 0.9
0.7 1.8 Central & Eastern Europe 1.9 2.8
0.8 12.7 Africa & the Middle East 2.4 17.3
2.2 4.8 The Americas 6.4 6.5
1.5 -2.3 Asia Pacific 4.9 4.3
--------------------------------------------------------------------
7.4 3.5 Total 21.6 5.1
--------------------------------------------------------------------
Volume of the Heineken® brand in the international premium segment grew 3.5% in
the third quarter and 5.1% in the first nine months of 2012. Key markets
contributing to Heineken® brand growth in the third quarter were Brazil, Canada,
China, France, Italy, Mexico, Nigeria, Russia and the UK. Lower volume of the
Heineken® brand in the Asia Pacific region reflects the introduction of new
competitor brands in Taiwan and lower brand volume in Vietnam, where the overall
premium portfolio grew strongly led by the Tiger brand.
Volume of Desperados, the super-premium tequila-flavoured speciality beer, grew
in the double digits, with growth in all markets.
Volume of Sol in the international premium segment grew in the mid-single digits
with solid performances in the Western Europe and Central & Eastern Europe
regions.
Amstel volumes grew by low single digits, mainly reflecting higher brand volumes
in the Africa & the Middle East and Central & Eastern Europe regions. The launch
of Amstel Premium Pilsner in Russia, Greece and Serbia earlier this year
supported brand volumes.
Volume of Strongbow, our cider brand, declined by low-single digits in the
quarter with lower volume in the UK only partially offset by strong growth in
the USA and South Africa.
Financial structure
On 2 October 2012, HEINEKEN placed Senior Notes for a principal amount of
US$3.25 billion. This comprises US$500 million of 3 year Notes at a coupon of
0.80%, US$1.25 billion of 5 year Notes at a coupon of 1.40%, US$1 billion of
10.5 year Notes at a coupon of 2.75% and US$500 million of 30 year Notes at a
coupon of 4.00%. The proceeds of the Notes will be used to finance the
acquisition of APB.
Acquisition of Asia Pacific Breweries
On 28 September 2012, HEINEKEN announced that at the Extraordinary General
Meeting (EGM) of Fraser and Neave, Limited (F&N) in Singapore, shareholders of
F&N voted in favour of the proposed disposal by F&N of its direct and indirect
interests in APB and F&N's interest in the non-APB assets held by Asia Pacific
Investment Private Limited, for a total consideration of S$5.6 billion (?3.5
billion) (Transaction).
HEINEKEN currently holds an effective stake of 55.6% in APB. Upon completion of
the Transaction HEINEKEN will own a 95.3% stake in APB. Following approval from
the Overseas Investment Office of New Zealand on 9 October 2012, the Transaction
remains subject to regulatory approval from the Competition Commission of
Singapore (CCS). The Transaction is expected to complete in November 2012.
HEINEKEN will then make a Mandatory General Offer (MGO) for all the shares of
APB that the HEINEKEN group does not already own, in accordance with the
Singapore Code on Take-overs and Mergers. Subsequently HEINEKEN will seek to
delist APB.
The Transaction and the MGO will be funded through centrally available cash of
approximately ?3.5 billion. In addition, HEINEKEN has a committed revolving
credit facility of ?2 billion which currently remains undrawn. Further reference
is made to HEINEKEN's announcement regarding the Transaction on 28 September
2012.
Directors' Responsibility Statement
The directors of HEINEKEN (including those who may have delegated supervision of
this Media Release) have taken all reasonable care to ensure that the facts
stated and all opinions expressed in this Media Release are fair and accurate
and that there are no other material facts not contained in this Media Release
the omission of which would make any statement in this Media Release misleading.
Where any information has been extracted or reproduced from published or
otherwise publicly available sources or obtained from F&N or APB, the sole
responsibility of the directors of HEINEKEN has been to ensure through
reasonable enquiries that such information has been accurately and correctly
extracted from such sources or, as the case may be, accurately reflected or
reproduced in this Media Release. The directors of HEINEKEN jointly and
severally accept responsibility accordingly.
Investor calendar Heineken N.V.
What's Brewing Seminar, London 2 November 2012
Financial Markets Conference, Lagos (Nigeria) 13-14 November 2012
Financial results for the full year 2012 13 February 2013
Trading update for Q1 2013 24 April 2013
Annual General Meeting of Shareholders (AGM) 25 April 2013
HEINEKEN will host an analyst and investor conference call in relation to this
trading update today at 10:00 CET/ 09:00 BST. The call will be audio cast live
via the Company's website: www.heinekeninternational.com/webcasts/investors. 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) 45-631-6902 Local line: +44-207-153-2027
Toll-Free: 0800-265-8611 Toll-Free: 0800-358-0886
Press enquiries Investor and analyst enquiries
John Clarke George Toulantas
Head of External Communication Director of Investor Relations
E-mail: john.g.clarke(at)heineken.com Lucia Bergamini
John-Paul Schuirink Senior Investor Relations Manager
Financial Communications Manager E-mail: investors(at)heineken.com
E-mail: john-paul.schuirink(at)heineken.com Tel: +31-20-5239590
Tel: +31-20-5239355
Definitions:
Organic growth excludes the effect of foreign currency translational effects,
consolidation changes, exceptional items, amortisation of brands and customer
relations. Beia refers to financials before exceptional items and amortisation
of brands and customer relations. Group beer volume includes 100 percent of beer
volume produced and sold by fully consolidated companies and joint venture
companies, as well as the volume of HEINEKEN's brands produced and sold under
license by third parties. Consolidated beer volume includes 100 percent of beer
volume produced and sold by fully consolidated companies (excluding the beer
volume brewed and sold by joint venture companies). Total consolidated volume
includes volume producexd and sold by fully consolidated companies (including
beer, cider, soft drinks and other beverages), volume of third party products
and volume of HEINEKEN's brands produced and sold under license by third
parties.
Editorial information:
HEINEKEN is a proud, independent global brewer committed to surprise and excite
consumers with its brands and products everywhere. The brand that bears the
founder's family name - Heineken® - is available in almost every country on the
globe and is the world's most valuable international premium beer brand. The
Company's aim is to be a leading brewer in each of the markets in which it
operates and to have the world's most valuable brand portfolio. HEINEKEN wants
to win in all markets with Heineken® and with a full brand portfolio in markets
of choice. The Company is present in over 70 countries and operates more than
140 breweries with volume of 214 million hectolitres of group beer sold.
HEINEKEN is Europe's largest brewer and the world's third largest by volume.
HEINEKEN is committed to the responsible marketing and consumption of its more
than 250 international premium, regional, local and specialty beers and ciders.
These include Amstel, Birra Moretti, Cruzcampo, Desperados, Dos Equis, Foster's,
Heineken®, Newcastle Brown Ale, Ochota, Primus, Sagres, Sol, Star, Strongbow,
Tecate, and Zywiec. Our leading joint venture brands include Cristal,
Kingfisher, Tiger and Anchor. In 2011, revenue totaled EUR 17.1 billion and EBIT
(beia) was EUR 2.7 billion. The number of people employed is around 70,000.
Heineken N.V. and Heineken Holding N.V. shares are listed on the Amsterdam stock
exchange. Prices for the ordinary shares may be accessed on Bloomberg under the
symbols HEIA NA and HEIO NA and on the Reuter Equities 2000 Service under
HEIN.AS and HEIO.AS. Most recent information is available on HEINEKEN's website:
www.theHEINEKENcompany.com.
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,
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 are only relevant as of the date of this press release.
HEINEKEN does not undertake any obligation to release publicly any revisions to
these forward-looking statements to reflect events or circumstances after the
date of these statements. Market share estimates contained in this press release
are based on outside sources, such as specialised research institutes, in
combination with management estimates.
Heineken N.V. Trading Update - Third Quarter 2012:
http://hugin.info/130667/R/1651695/532935.pdf
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originality of the information contained therein.
Source: HEINEKEN NV via Thomson Reuters ONE
[HUG#1651695]
Unternehmensinformation / Kurzprofil:
Datum: 24.10.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 195583
Anzahl Zeichen: 22474
contact information:
Town:
Amsterdam
Kategorie:
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