Heineken Holding N.V. reports 2015 half year results
(Thomson Reuters ONE) -
Continued organic revenue and profit growth
Amsterdam, 3 August 2015 - Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY)
today announces:
* The net result of Heineken Holding N.V.'s participating interest in Heineken
N.V. for the first half year of 2015 amounts to ?576 million
* Group revenue +2.0% organically with group revenue per hectolitre up 1.1%
* Group beer volume +1.0% driven by Americas, Asia Pacific and Africa Middle
East
* Heineken® volume in premium segment +4.7% with growth across most regions
* Innovation rate of 8.6%, contributing ?854 million of revenues
* Group operating profit (beia) +4.7% organically
* Consolidated operating profit (beia) +3.4% organically
* Net profit (beia) of ?915 million, up 14% organically
FINANCIAL SUMMARY
Key financials(1) HY15 HY14 Total Organic
(in mhl or ? million unless otherwise stated) growth growth
% %
----------------------------------------------------------------------------
Group revenue 10,926 10,196 7.2 2.0
Group revenue/ hl (in ?) 95 90 5.7 1.1
Group operating profit (beia) 1,690 1,560 8.3 4.7
Group operating profit (beia) margin 15.5% 15.3% 20bps
----------------------------------------------------------------------------
Consolidated revenue 9,896 9,274 6.7 1.9
Consolidated operating profit (beia) 1,549 1,454 6.5 3.4
Consolidated operating profit (beia) margin 15.7% 15.7% 0bps
Net profit (beia) 915 772 19 14
Net profit of Heineken Holding N.V. 576 316 81
EPS (in ?) 2.00 1.10 81
Free operating cash flow 486 571 -15
Net debt/ EBITDA (beia)(2) 2.4 2.5
----------------------------------------------------------------------------
(1 )Refer to the Glossary section for an explanation of non-IFRS measures and
other terms used throughout this report
(2) 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.
OUTLOOK STATEMENT
(Based on consolidated reporting)
Aside from an adjustment for capital expenditure guidance HEINEKEN reaffirms all
elements of its 2015 outlook, as stated in its FY 2014 release dated 11 February
2015.
In 2015 HEINEKEN expects a continued challenging external environment, however,
delivering on strategic priorities is expected to drive further organic revenue
and profit growth.
Continued revenue growth: HEINEKEN expects positive organic revenue growth in
2015 with volume growth at a more moderate level than 2014, and weighted towards
H2 (tougher comparatives in H1). Continued volume growth in developing markets
will offset more subdued volume growth elsewhere. Revenue per hectolitre is
expected to increase driven by revenue management. Pricing will be limited by
deflationary and off premise pressure in some markets.
Increased commercial investment: HEINEKEN will continue its targeted higher
commercial investments across the regions, and expects a slight increase in
marketing and selling (beia) spend as a percentage of revenue in 2015 (2014:
12.7%).
Continued cost savings: HEINEKEN is committed to delivering further cost savings
and will continue its focus on driving cost efficiencies across the Group. These
are an important driver of the medium term margin guidance. As a result of
ongoing productivity initiatives, HEINEKEN expects an organic decline in the
total number of employees in 2015.
Input cost prices are expected to be slightly lower in 2015 (excluding a foreign
currency transactional effect).
Further margin expansion: HEINEKEN continues to target a year on year
improvement in consolidated operating profit (beia) margin of around 40bps in
the medium term. This will continue to be supported by tight cost management,
effective revenue management and the anticipated faster growth of higher margin
developing markets. In 2015 consolidated operating profit (beia) margin will be
adversely impacted by approximately 25bps from the disposal of EMPAQUE, the
Mexican packaging business, which completed in February. HEINEKEN expects to
partially but not fully offset this, such that in 2015 consolidated operating
profit (beia) margin expansion will be somewhat below the 40bps medium term
level.
Foreign currency movements: Assuming spot rates as of 29 July 2015 there is no
material change in the calculated positive 2015 currency translational impact
compared to prior guidance. As such consolidated operating profit (beia) impact
is expected to be approximately ?130 million, and ?80 million at net profit
(beia). However the foreign exchange markets remain very volatile.
Improved financial flexibility: HEINEKEN remains focused on cash flow generation
and disciplined working capital management, with a commitment to a long-term
target net debt/ EBITDA (beia) ratio of below 2.5x. In 2015, capital expenditure
related to property, plant and equipment is now expected to be approximately
?1.7 billion (2014: ?1.5 billion), with the ?100 million increase from the prior
guidance due to foreign exchange. A cash conversion ratio of below 100% is
expected in 2015 (2014: 79%).
Effective tax rate: HEINEKEN expects the effective tax rate (beia) for 2015 to
be broadly in line with 2014 (29.7%).
Interest rate: HEINEKEN forecasts an average interest rate of c.3.7% in 2015.
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 the existing dividend policy, HEINEKEN fixes its interim
dividend at 40% of the total dividend of the previous year. As a result, an
interim dividend of ?0.44 per share of ?1.60 nominal value will be paid on 12
August 2015. Both the Heineken Holding N.V. ordinary shares and the Heineken
N.V. shares will trade ex-dividend on 5 August 2015.
Enquiries
Media Heineken Holding N.V.
Kees Jongsma
tel. +31 6 54 79 82 53
E-mail: cjongsma(at)spj.nl
Media Heineken N.V.
John Clarke Christine van Waveren
Director of Global Communication Financial Communications Manager
E-mail: pressoffice(at)heineken.com Tel: +31-20-523 9355
Investors
Sonya Ghobrial Marc Kanter / Gabriela Malczynska
Director of Investor Relations Investor Relations Manager / Analyst
E-mail: investors(at)heineken.com Tel: +31-20-523 9590
Investor Calendar Heineken N.V.
(events also accessible for Heineken Holding N.V. shareholders)
What's Brewing Seminar, London 27 August 2015
Trading update for Q3 2015 28 October 2015
What's Brewing Seminar, 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)20 716 8256 Local line: +44 (0) 20 3427 1900
National free phone: 0800 020 2577 National free phone: 0800 279 4841
United States of America
Local line: +1 646 254 3361
National free phone: 1 877 280 2296
Participation/ confirmation code for all countries: 2083527
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 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 (at)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.
Click here to open full media release:
http://hugin.info/136154/R/1943013/703239.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: HEINEKEN Holding NV via GlobeNewswire
[HUG#1943013]
Unternehmensinformation / Kurzprofil:
Datum: 03.08.2015 - 07:03 Uhr
Sprache: Deutsch
News-ID 410930
Anzahl Zeichen: 12907
contact information:
Town:
Amsterdam
Kategorie:
Business News
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