Heineken Holding N.V. reports 2015 third quarter results
(Thomson Reuters ONE) -
Amsterdam, 28 October 2015 - Heineken Holding N.V. (EURONEXT: HEIO; OTCQX:
HKHHY) has today announced its trading update for the third quarter of 2015.
HIGHLIGHTS
* Consolidated revenue +7.5% organically, with revenue per hectolitre +1.8%
* Consolidated beer volume +5.4% organically, with positive growth in Europe,
Americas and Asia Pacific and flat volume in Africa, Middle East & Eastern
Europe
* Heineken® volume in premium segment +3.9% driven by Americas and Europe
* 2015 FY operating margin expansion guidance unchanged
* Revised FY guidance on foreign currency, tax and interest rate
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.
KEY FIGURES(1,3)
+-----------------------------+-----------------------+
| Consolidated 3Q15 | Consolidated YTD 3Q15 |
+-----------------------------+-----------------------+
Total Total Organic
growth Organic growth growth growth
(in mhl or ? million) 3Q15 % % YTD 3Q15 % %
-------------------------------------------------------------------------
Revenue(2) 5,509 8.0 7.5 15,405 7.2 3.9
Beer volume
51.2 6.7 5.4 141.2 3.6 2.5
-----------------------------------------------------------------------------
(1 )Refer to the Definitions section for an explanation of non-IFRS measures
and other terms used throughout this report
(2 )Net of Heineken N.V. head office & eliminations
(3 )Financials reflect revised regional segmentation as disclosed on 28
September 2015
OUTLOOK STATEMENT
(Based on consolidated reporting)
HEINEKEN* reaffirms the margin expansion guidance and most items as stated in
the half year 2015 earnings release dated 3 August 2015. The only amendments are
as follows:
Foreign currency movements: Assuming spot rates as of 23 October 2015, the
calculated positive translational impact on consolidated operating profit (beia)
would be approximately ?75 million, and ?50 million at net profit (beia).
Foreign exchange markets remain very volatile.
Interest rate: HEINEKEN now forecasts an average interest rate of c. 3.2% in
2015 (2014:3.7%).
Effective tax rate: HEINEKEN now expects the effective tax rate (beia) for 2015
to be around 28% (2014: 29.7%).
Share buyback update: Following the completion of the divestment of EMPAQUE in
February 2015, Heineken N.V. announced that it would deploy up to ?750 million
of the proceeds for a share buyback program in 2015. As of 26 October 2015,
Heineken N.V. had purchased 5,229,279 shares for a total consideration of ?365
million. In light of the recently announced acquisitions, Heineken N.V. has
decided to discontinue the share buyback. Heineken N.V. remains committed to
maintaining its full financial flexibility with a long-term target net
debt/EBITDA (beia) ratio of below 2.5x.
*HEINEKEN means Heineken Holding N.V., Heineken N.V., its subsidiaries and
interests in joint ventures and associates
OPERATIONAL REVIEW
Consolidated revenue increased 7.5% organically in the quarter, reflecting a
total organic volume increase of 5.7% and revenue per hectolitre up 1.8%.
Consolidated revenue increased 8.0% to ?5,509 million after a favourable
currency impact of ?41m and despite a negative consolidation impact of ?17
million (mainly from the EMPAQUE disposal completed 18 February 2015).
Consolidated beer volume grew by 5.4% organically in the quarter, led by strong
volume in Europe supported by favourable summer weather and continued growth in
Americas and Asia Pacific regions. In Africa Middle East & Eastern Europe volume
was flat.
Organic Organic
Heineken® growth growth
(in mhl or %) 3Q15 % YTD 2015 %
------------------------------------------------------------------------
Heineken® in premium segment 8.1 3.9 23.0 4.4
------------------------------------------------------------------------
Heineken® volume in premium segment grew organically by 3.9% in the third
quarter and by 4.4% in the first nine months of 2015. In the third quarter
Heineken® brand growth was particularly strong in Brazil, the Compañía
Cervecerías Unidas S.A. (CCU) markets, the UK, Italy and Spain. Heineken® was
positive in the US supporting early indications of the brand turnaround. Volume
in Africa, Middle East & Eastern Europe was subdued given lower volume in
Nigeria, and volume in Asia Pacific adversely impacted by lower volume in China,
Korea and Taiwan.
Overall volume growth was supported by the successful extension of the Cities
campaign as well as sponsorship of the Rugby World Cup. The latest James Bond
sponsorship, on which activation has recently stepped up, should enhance
Heineken® brand equity as well as provide an exciting platform to leverage the
brand globally.
Global brands continued to deliver positive volume growth in the third quarter,
with Desperados, Sol Premium and Affligem volume all up double digit. Cider
volume was also up double digit, with Strongbow performance particularly
impressive in Europe and Americas.
Reported net profit of Heineken N.V. for the nine months was ?1,776 million
compared with ?1,091 million for the same period last year. This includes the
net exceptional gain on EMPAQUE.
BUSINESS DEVELOPMENT & FINANCING UPDATE
Below is an update of business development and financing activity since the
release of HEINEKEN's half year 2015 results on 3 August 2015:
* The acquisition of 53.43% of the share capital of Pivovarna Lasko, the
leading Slovenian brewer for ?119.5 million completed on 15 October 2015. A
mandatory takeover offer to all remaining shareholders was initiated on 16
October 2015.
* The acquisition of a 50% shareholding in the Lagunitas Brewing Company
closed on 15 October 2015 and will be accounted for as a Joint Venture.
* On 25 September 2015 HEINEKEN and CFAO announced the formation of a joint
venture in Ivory Coast under the name of "BRASSIVOIRE" to produce and market
beer in the country. This new entity is owned 51% by HEINEKEN and 49% by
CFAO. The new brewery is expected to be operational in 2017.
* On 7 October 2015 HEINEKEN and Diageo plc ("Diageo") completed a transaction
to bring increased focus to their respective beer businesses.
* HEINEKEN acquired Diageo's 57.9% stake in Desnoes & Geddes ("D&G")
taking its shareholding to 73.3%. HEINEKEN will in due course make a
mandatory takeover offer to all remaining shareholders.
* HEINEKEN now has full ownership of GAPL Pte Ltd ("GAPL"), having
acquired Diageo's shareholding, which was slightly lower than 50%. GAPL
owns 51% of the issued share capital of Guinness Anchor Berhad ("GAB"),
which is listed on the Malaysian Stock Exchange.
* HEINEKEN sold its 20% stake in Guinness Ghana Breweries Limited ("GGBL")
to Diageo.
The total net cash consideration payable by HEINEKEN to Diageo for the
transaction was c. ?696 million.
* On 10 September 2015, HEINEKEN issued 6-year Notes for a principal amount of
?500 million with a coupon of 1.25%. In October HEINEKEN privately placed
?540 million of 7 year USD Notes, 8-year and 10-year EUR Notes, with a
weighted average yield of approximately 2.4 percent. All these Notes have
been issued under HEINEKEN's Euro Medium Term Note Programme.
AVERAGE NUMBER OF ORDINARY SHARES
Heineken Holding N.V. has 288,030,168 ordinary shares in issue. For the
calculation of basic EPS, the weighted average number of ordinary shares
outstanding in 2015 is forecast to be 288,030,168.
DEFINITIONS
Organic growth excludes the effect of foreign currency translational effects,
consolidation changes, accounting policy changes, exceptional items and
amortisation of acquisition-related intangibles. Beia refers to financials
before exceptional items and amortisation of acquisition-related intangibles.
Group beer volume includes HEINEKEN's attributable share of joint ventures and
associates.
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. Investors
John Clarke Sonya Ghobrial
Head of External Communication Director of Investor Relations
Christine van Waveren Marc Kanter / Gabriela Malczynska
Financial Communications Manager Investor Relations Manager / Analyst
E-mail: pressoffice(at)heineken.com E-mail: investors(at)heineken.com
Tel: +31-20-5239355 Tel: +31-20-5239590
HEINEKEN N.V. INVESTOR CALENDAR
(events also accessible for Heineken Holding N.V. shareholders)
What's Brewing Seminar, Americas, 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)20 713 2998 Local line: +44(0)20 7136 2050
National free phone: 0800 020 2577 National free phone: 0800 279 5004
United States of America
Local line: +1646 254 3364
National free phone: 1877 280 2296
Participation/ confirmation code for all
countries:1639440
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 over 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/1961928/715471.pdf
Click here to open full media release:
http://hugin.info/136154/R/1961928/715486.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(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#1961928]
Unternehmensinformation / Kurzprofil:
Datum: 28.10.2015 - 08:02 Uhr
Sprache: Deutsch
News-ID 429982
Anzahl Zeichen: 15773
contact information:
Town:
Amsterdam
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 237 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Heineken Holding N.V. reports 2015 third quarter results"
steht unter der journalistisch-redaktionellen Verantwortung von
HEINEKEN Holding NV (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
