The net result of Heineken Holding N.V.`s participating interest in Heineken N.V. for the first half year of 2016 amounts to €296 million
Organic revenue +4.7% with revenue per hectolitre up +0.8%
Consolidated beer volume +4.1% with growth in Americas, Asia Pacific and Europe offsetting weaker volume in Africa Middle East & Eastern Europe
Heineken® volume in premium segment +2.6%
Operating profit (beia) +12.6% organically
Net profit (beia) of €977 million, up 11.2% organically
FY 2016 margin expansion expected to be in line with medium term guidance
FINANCIAL SUMMARY
Key financials1,2
HY16
HY15
Total
Organic
(in mhl or € million unless otherwise stated)
growth %
growth %
Revenue
10,094
9,896
2.0
4.7
Revenue/hl (in €)
91
96
-4.9
0.8
Operating profit (beia)
1,705
1,549
10.1
12.6
Operating profit (beia) margin
16.9%
15.7%
124 bps
Net profit (beia)
977
915
6.8
11.2
Net profit of Heineken Holding N.V.
296
576
-49
EPS (in €)
1.03
2.00
-49
Free operating cash flow
541
486
11.3
Net debt/ EBITDA (beia)3,4
2.4
2.3
1 Consolidated figures are used throughout this report, unless otherwise stated; please refer to the Glossary section for an explanation of terms used throughout this report 2 A reconciliation between non-GAAP measures and IFRS measures is included in note 10 on page 22 3 Includes acquisitions and excludes disposals on a 12 month pro-forma basis 4 Net debt definition was revised in December 2015 and HY15 restated to reflect this
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.
FULL YEAR 2016 OUTLOOK STATEMENT
For 2016 HEINEKEN expects to deliver further organic revenue and profit growth, with margin expansion in line with the medium term margin guidance of a year on year improvement in operating profit (beia) margin of around 40bps. This takes into account the tough comparatives and increasing currency headwinds in the second half of the year.
HEINEKEN expects an average interest rate of c.3.1%, and an effective tax rate (beia) broadly in line with 2015 (2015: 27.8%).
Capital expenditure related to property, plant and equipment is expected to be slightly below €2 billion (2015: €1.6 billion).
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 its dividend policy, HEINEKEN fixes the interim dividend at 40% of the total dividend of the previous year. As a result, an interim dividend of €0.52 per share of €1.60 nominal value will be paid on 11 August 2016. Both the Heineken Holding N.V. ordinary shares and the Heineken N.V. shares will trade ex-dividend on 3 August 2016.
(events also accessible for Heineken Holding N.V. shareholders)
Trading Update for Q3 2016
26 October 2016
What`s Brewing Seminar, London
25 November 2016
Full Year 2016 Results
15 February 2017
Conference call details
Heineken N.V. will host an analyst and investor conference call in relation to its 2016 HY results 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 8295
Local line: +44(0)20 3427 1918
National free phone: 0800 020 2576
National free phone: 0800 279 4841
United States of America Local line: +1646 254 3365 National free phone: 1877 280 1254
Participation/ confirmation code for all countries: 2472691
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 approximately 73,000 people and operates 167 breweries, malteries, cider plants and other production facilities in more than 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. (HEINY) and Heineken Holding N.V. (HKHHY). Most recent information is available on the website: www.theHEINEKENcompany.com and follow HEINEKEN via @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.
Market Abuse Regulation This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
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.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: HEINEKEN Holding NV via GlobeNewswire HUG#2032095
