Heineken Holding N.V. reports 2021 full year results
Amsterdam, 16 February 2022 – Heineken Holding N.V.
(EURONEXT: HEIO; OTCQX: HKHHY) announces:
- The net result of
Heineken Holding N.V.'s participating interest in Heineken N.V. for
2021 amounts to €1.663 million
- Net revenue (beia)
organic growth 12.2%; per hectolitre 8.3%
- Consolidated beer
volume 4.6% organic growth
- Heineken® volume
growth 17.4%, well ahead of 2019
- Gross savings close
to €1.3 billion, on-track to deliver €2 billion by 2023
- Operating profit
(beia) organic growth 43.8%, margin 15.6% (+331 bps)
- Net profit (beia)
€2,041 million, 80.2% organic growth
- Diluted EPS (beia) €3.54 (2020:
€2.00)
IFRS Measures |
€ million |
Total growth |
|
BEIA Measures |
€ million |
Organic growth2 |
Revenue |
26,583 |
11.8% |
|
Revenue (beia) |
26,583 |
11.4% |
Net revenue |
21,941 |
11.3% |
|
Net revenue
(beia) |
21,901 |
12.2% |
Operating
profit |
4,483 |
476.2% |
|
Operating profit
(beia) |
3,414 |
43.8% |
|
|
|
|
Operating profit
(beia) margin (%) |
15.6% |
|
Net profit of
Heineken Holding N.V. |
1,663 |
|
|
Net profit
(beia) |
2,041 |
80.2% |
Diluted EPS (in
€) |
5.77 |
|
|
Diluted EPS
(beia) (in €) |
3.54 |
76.8% |
|
|
|
|
Free operating
cash flow |
2,514 |
|
|
|
|
|
Net debt / EBITDA (beia)3 |
2.6x |
|
1 Consolidated figures are used throughout this report, unless
otherwise stated. Please refer to the Glossary for an explanation
of non-GAAP measures and other terms. Page 13 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 N.V., as they believe that this
measurement is the most relevant in evaluating the results.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 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.
During 2021, HEINEKEN deployed its EverGreen strategy across the
business, designed to emerge stronger from the COVID-19 crisis and
adapt to new external dynamics for superior and balanced growth
with enhanced profitability, whilst simultaneously raising the bar
on sustainability and responsibility.
HEINEKEN's superior growth ambition is grounded in building a
favourable geographic footprint, its strong premium beer brands,
including non-alcoholic variants and developing winning beverage
propositions in fast-growing segments.
Net revenue (beia) for the full year 2021
increased by 12.2% organically, with total consolidated volume
growing by 3.6% and net revenue (beia) per hectolitre up 8.3%. The
underlying price-mix on a constant geographic basis was up 7.1%,
driven by assertive pricing and premiumisation, with the regions
Americas and Africa, Middle East and Eastern Europe (AMEE) growing
double-digits. Currency translation negatively impacted net revenue
(beia) by €515 million or 2.6%, mainly driven by the Brazilian Real
and the Nigerian Naira. The consolidation of United Breweries
Limited (UBL) in India positively impacted net revenue (beia) by
€280 million or 1.4%.
In the second half of the year, net revenue (beia) grew 10.6%
organically. HEINEKEN took further pricing actions and accelerated
net revenue (beia) per hectolitre growth to 11.0%. Underlying
price-mix in the second half was up 8.8% primarily driven by
Nigeria, Brazil, Mexico and Europe, the latter benefiting from an
improved channel mix. Total consolidated volume declined slightly
by 0.3%, mainly impacted by the restrictions in the Asia Pacific
region.
Beer volume grew 4.6% organically for the full
year. In the fourth quarter, beer volume grew 6.2%, benefiting from
fewer restrictions in Europe relative to last year, continued
momentum in the Americas and AMEE, and a sequential recovery in
Asia Pacific (APAC) relative to the third quarter.
Beer
volume1 |
|
4Q21 |
|
4Q20 |
|
Organic growth |
|
FY21 |
|
FY20 |
|
Organic growth |
(in mhl) |
|
|
|
|
|
|
Heineken N.V. |
|
61.1 |
|
56.2 |
|
6.2% |
|
231.2 |
|
221.6 |
|
4.6% |
1 2021 volume reflects the shift of malt-based, unfermented,
non-alcoholic drinks from Beer to Non-Beer Volume. Organic growth
has been corrected.
Premium beer volume grew 10.0%, outperforming
the portfolio in the majority of HEINEKEN's markets, and accounts
for more than 60% of the total organic growth in beer volume in
2021. HEINEKEN's growth in premium is led by
Heineken®, up 17.4%, significantly outperforming
the total beer market and well ahead of 2019. The growth was
broad-based with more than 60 markets growing double-digits in
2021.
The outstanding growth of Heineken® Original was further
supported by the strong performance of its line extensions.
Heineken® Silver more than doubled its volume,
driven by excellent performances in China and Vietnam. Building on
this success, HEINEKEN will roll-out Heineken® Silver
internationally to reach more than 20 markets in 2022.
Heineken®
volume |
|
4Q21 |
|
Organic growth |
|
FY21 |
|
Organic growth |
(in mhl) |
|
|
|
|
Total Heineken N.V. |
|
13.3 |
|
24.1% |
|
48.8 |
|
17.4% |
HEINEKEN launched its EverGreen strategy in February 2021 to
future-proof its business and deliver superior, balanced growth for
sustainable, long-term value creation. It requires HEINEKEN to
constantly navigate the long-term transformation with the
short-term financial delivery under fast-changing external
circumstances. HEINEKEN is encouraged by the progress made,
witnessed by the strong performance of its business in 2021 and how
EverGreen is taking shape.
In 2022, HEINEKEN will continue to navigate an uncertain
environment and expect COVID-19 to still have an impact on
revenues. HEINEKEN's plans assume markets in APAC to progressively
bounce back during the year, yet full recovery of the on-trade in
Europe may take longer.
HEINEKEN also expects to be significantly impacted by inflation
and supply chain resilience pressures. More specifically, HEINEKEN
expects its input cost per hectolitre (beia) to increase in the
mid-teens, given its hedged positions and the sharp increase in the
prices of commodities, energy and freight. HEINEKEN will offset
these input cost increases through pricing in absolute terms, which
may lead to softer beer consumption.
Reflecting HEINEKEN's confidence in the long-term, it intends to
reverse the cost mitigation actions undertaken in 2021 and to
further step up its investments in brand support and its digital
and sustainability initiatives. This investment will be partially
offset by further delivery of gross savings from our productivity
programme. These changes are expected to have a greater impact in
the first half of the year.
Overall, HEINEKEN expects a stable to modest sequential
improvement in operating profit margin (beia) in 2022. Whilst
continuing to target 17% operating margin (beia) in 2023 and
operating leverage beyond, there is increased uncertainty given
current and evolving economic and input cost circumstances.
Therefore, HEINEKEN will update the 2023 guidance later in the
year.
HEINEKEN also anticipates:
- An average effective
interest rate (beia) broadly in line with 2021 (2021: 2.7%)
- Capital expenditure
related to property, plant and equipment and intangible assets of
around €2 billion (2021: €1.6 billion)
- An effective tax rate (beia) of around
28% (2021: 29.9%), back to the level of 2019
The Heineken N.V. dividend policy is to pay a ratio of 30% to
40% of full year net profit (beia). For 2021, a total cash dividend
of €1.24 per share, representing an increase of 77.1% (2020:
€0.70), and a payout ratio of 35.0%, in the middle of the range of
the policy, will be proposed to the Annual General Meeting of
Shareholders of Heineken N.V. on 21 April 2022 ("2022 AGM"). If
approved, a final dividend of €0.96 per share will be paid on 3 May
2022, as an interim dividend of €0.28 per share was paid on 11
August 2021.
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 €0.96 per share of €1.60 nominal value will be payable as of 3
May 2022.
Both the Heineken Holding N.V. shares and the Heineken N.V.
shares will trade ex-dividend on 25 April 2022. The dividend
payment will be subject to a 15% Dutch withholding tax.
|
|
Translational Calculated Currency Impact |
|
|
|
|
|
The translational currency impact for 2021 was negative,
amounting to €515 million on net revenue (beia), €98 million
at operating profit (beia) and €43 million at net profit
(beia).
Applying spot rates as of 14 February 2022 to the 2021 financial
results as a base, the calculated currency translational impact
would be positive, approximately €465 million in net revenue
(beia), €65 million at operating profit (beia), and €45 million at
net profit (beia).
|
|
Board of
Directors Composition |
|
|
|
|
|
Mr J.A. Fernández Carbajal will have completed his four-year
appointment term upon conclusion of the Annual General Meeting of
Shareholders of Heineken Holding N.V. on 21 April 2022 ('2022
AGM'). A non-binding nomination for the reappointment of Mr
Fernández Carbajal shall be submitted to the 2022 AGM. He is a
representative of FEMSA (that (in)directly holds a 14.76% economic
interest in the HEINEKEN group), and his (re)appointment is based
on the Corporate Governance Agreement, which was concluded between
(among others) the Company and FEMSA on 30 April 2010 and which was
approved by the Annual General Meeting of Shareholders on 22 April
2010 (in connection with the acquisition by Heineken N.V. of
FEMSA’s beer activities). Mr Fernández Carbajal has been a member
of the Board of Directors since 2010. The proposed reappointment is
a deviation of the maximum number of terms for reappointment set
out in the Dutch Corporate Governance Code, but is in accordance
with the Articles of Association of the Company.
Mrs A.M. Fentener van Vlissingen and Mrs L.L.H. Brassey will
have completed their four-year appointment term upon conclusion of
the 2022 AGM. Mrs A.M. Fentener van Vlissingen and Mrs L.L.H.
Brassey are eligible for reappointment as non-executive member of
the Board of Directors of Heineken Holding N.V. for a period of
four years and a non-binding recommendation shall be submitted to
the 2022 AGM in this respect.
A non-binding recommendation, drawn up by the Board of
Directors, will be submitted to the 2022 AGM to appoint Mr C.A.G.
de Carvalho as non-executive member of the Board of Directors, for
the maximum period of four years (i.e. until the end of the Annual
General Meeting of Shareholders to be held in 2026). The proposed
appointment of Mr C.A.G. de Carvalho, the youngest son of Mrs C.L.
de Carvalho-Heineken, would continue the tradition of personal
involvement in HEINEKEN by successive generations of the Heineken
family. Mr C.A.G. de Carvalho (1991) is a national of the
Netherlands and the United Kingdom. After graduating from Princeton
University, Mr C.A.G. de Carvalho lived and worked in Asia. He
worked in e-commerce for Lazada Group and gained experience with
the beer sector while working for Schmatz Beer Dining, a German
restaurant chain and beer brand. Mr C.A.G. de Carvalho is currently
completing his Master of Business Administration at the Wharton
School of the University of Pennsylvania.
Media Heineken Holding N.V. |
|
|
Kees Jongsma |
|
|
tel. +31 6 54 79
82 53 |
|
|
E-mail:
cjongsma@spj.nl |
|
|
|
|
|
Media |
|
Investors |
Sarah Backhouse |
|
José Federico Castillo Martinez |
Director of
Global Communication |
|
Investor
Relations Director |
Michael
Fuchs |
|
Robin
Achten / Anna Nawrocka |
Corporate &
Financial Communications Manager |
|
Investor
Relations Senior Analysts |
E-mail:
pressoffice@heineken.com |
|
E-mail:
investors@heineken.com |
Tel:
+31-20-5239355 |
|
Tel:
+31-20-5239590 |
|
|
Investor
Calendar Heineken N.V. |
|
|
|
|
|
(events also accessible for Heineken Holding N.V.
shareholders)
Combined
financial and sustainability annual report publication |
25 February 2022 |
Trading Update
for Q1 2022 |
20 April 2022 |
Annual General
Meeting of Shareholders |
21 April 2022 |
Quotation
ex-final dividend 2021 |
25 April 2022 |
Final dividend
2021payable |
3 May 2022 |
Half Year 2022
Results |
01 August 2022 |
Quotation
ex-interim dividend 2022 |
03 August 2022 |
Interim dividend
payable |
11 August 2022 |
Trading Update
for Q3 2022 |
26 October 2022 |
HEINEKEN will host an analyst and investor video webcast about
its 2021 FY results combined with an update on the on-going
strategic review 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): 020 3936 2999 |
Netherlands: 085
888 7233 |
USA: 1 646 664
1960 |
All other
locations: +44 20 3936 2999 |
Participation
password for all countries: 589454 |
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 300 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 "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 employs over 82,000 employees and
operates breweries, malteries, cider plants and other production
facilities in more than 70 countries. Heineken Holding N.V. and
Heineken N.V. shares trade on the Euronext in Amsterdam. Prices for
the ordinary shares may be accessed on Bloomberg under the symbols
HEIO NA and HEIA NA and on Reuters under HEIO.AS and HEIN.AS .
HEINEKEN has two sponsored level 1 American Depositary Receipt
(ADR) programmes: Heineken Holding N.V. (OTCQX: HKHHY) and Heineken
N.V. (OTCQX: HEINY). Most recent information is available on the
websites: www.heinekenholding.com and www.theHEINEKENcompany.com
and follow HEINEKEN on Twitter via @HEINEKENCorp.
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 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,
developments in the ongoing COVID-19 pandemic and related
government measures, the behaviour of other market participants,
changes in consumer preferences, the ability to successfully
integrate acquired businesses and achieve anticipated synergies,
prices of commodities and other goods and services, 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.
- Heineken Holding NV 2021 Full Year results press release
(16_2_2022).pdf
Heineken (EU:HEIO)
過去 株価チャート
から 5 2024 まで 6 2024
Heineken (EU:HEIO)
過去 株価チャート
から 6 2023 まで 6 2024