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HEINEKEN NV: Heineken N.V. reports 2014 first quarter results

Amsterdam, 24 April 2014 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) today
announced its trading update for the first quarter of 2014.


* Group revenue grew 3.4% organically, with group revenue per hl up 2.4%
* Group beer volume grew 1.3% organically, reflecting further improvements
across a number of key markets in Africa Middle East, Western Europe and
Americas regions
* Heineken® volume in the premium segment grew 8%, with improved brand
momentum in several markets. This partly reflects a benefit from
excise-related destocking in France in the first quarter of 2013.

The first quarter is seasonally less significant in terms of volume and profit
contribution to full year HEINEKEN group results.


Jean-François van Boxmeer, Chairman of the Executive Board&CEO, commented:
"We are encouraged by a positive start to the year with continued improved
top-line growth momentum in Africa Middle East and the Americas, strengthened
commercial execution in Europe and the Heineken® brand rebounding across most
regions. This is offsetting continued challenging beer market conditions in
Russia and softer consumer spending in Vietnam. Whilst economic conditions
remain mixed, we will continue to invest in our portfolio of brands, drive
further cost savings and fully leverage the benefits of our balanced global


|Key figures[1] Consolidated Group |
|(in mhl or € million) 1Q14 Total growth % Organic growth % 1Q14 Total growth % Organic growth % |
|Revenue |
|Heineken N.V.[2] 4,038 -2.6 3.4 4,486 -3.1 3.4 |
|Africa Middle East 628 0.8 4.6 739 -0.9 |
|Americas 989 0.3 8.7 1,172 -1.4 |
|Asia Pacific 444 -8.1 0.3 526 -8.4 |
|Central&Eastern Europe 562 -8.0 -2.4 634 -6.8 |
|Western Europe 1,519 -1.8 1.8 1,519 -1.8 |
|Beer volume |
|Heineken N.V. 38.2 1.1 1.5 42.1 1.0 1.3 |
|Africa Middle East 6.0 9.1 10.3 6.9 7.8 8.7 |
|Americas 11.7 3.5 2.9 12.7 2.4 2.6 |
|Asia Pacific 4.0 0.0 -0.3 5.2 0.0 0.0 |
|Central&Eastern Europe 8.2 -6.8 -5.8 9.0 -5.3 -5.1 |
|Western Europe 8.3 0.0 2.1 8.3 0.0 2.1 |
[1] Refer to the Definitions section for an explanation of non-IFRS measures
and other terms used throughout this report

[2] Net of head office&eliminations

Group revenue
increased 3.4%, organically, reflecting a total group volume increase of 1.0%
and higher group revenue per hl of 2.4%.Consolidated revenue
declined 2.6% to €4,038 million. This includes a negative net consolidation
impact of 1.7% (-€69 million) mainly from the divestment of the Hartwall
business in Finland in August 2013 and an unfavourable foreign currency
translational effect of 4.3% (-€178 million). Organically, consolidated
revenue grew 3.4%.

Group beer volume
grew by 1.3% organically, with a benefit from excise-related destocking in
France in the first quarter of 2013 counterbalanced by the later timing of
Easter in 2014. This volume performance reflects a strong rebound in Africa
Middle East and improved trading conditions in the Americas and Western
Europe regions. This was partly offset by continued beer market weakness in
Russia, with volume in Asia Pacific in line with last year.

|Heineken® 1Q14 Organic |
| |
| growth |
|(in mhl) % |
|Heineken® in premium segment 6.3 8.0 |
|Africa Middle East 0.9 15 |
|Americas 2.0 8.5 |
|Asia Pacific 1.4 -5.7 |
|Central&Eastern Europe 0.4 8.5 |
|Western Europe 1.6 19 |
volume in the international premium segment grew by 8%, partly reflecting
comparison against a weak quarter last year following excise-related
destocking in France in January 2013. Notwithstanding this, underlying
Heineken® brand growth was strong underpinned by effective activation of the
global 'Open Your World' campaign. Key markets contributing to brand growth
in the quarter include France, Nigeria, Brazil, Spain, Poland, China and
South Korea. Heineken® brand performance in the Asia Pacific region reflects
lower brand volume in Vietnam, following continued expansion of the total
product portfolio and softer economic conditions.

Reported net profit
in the quarter was €143 million compared with €227 million in the first
quarter of 2013. Net profit (beia) was higher versus last year.


(Based on consolidated reporting)

HEINEKEN reaffirms all elements of its full year outlook for 2014 as stated in
its full year 2013 earnings release dated 12 February 2014.


Africa Middle East
Consolidated revenue grew 4.6% organically, as solid total volume growth of
7.2% was partly offset by lower revenue per hl. Group beer volume increased
8.7% organically, led by strong growth across most key markets. Volume in
Nigeria grew in the low-double digits against a weak comparable prior year
quarter, led by solid growth in the affordability and premium segments.
Volume in the Democratic Republic of Congo grew strongly, supported by new
packaging formats for the Primus brand and increased outlet coverage. Volume
growth in Egypt declined in the low-single digits due to ongoing political
uncertainty and lower tourism in the country. A challenging economic
environment and increased competitive intensity in South Africa contributed
to a high-single digit volume decline. In other key markets, the Republic of
Congo, Burundi, Algeria and Rwanda all achieved solid volume growth in the

Consolidated revenue grew 8.7% organically, following total volume growth of
2.7% and revenue per hectoliter growth of 6.0%, largely driven by increased
pricing in Brazil and Mexico. Group beer volume grew by 2.6% organically, led
by strong growth in Brazil and higher volume in the Caribbean and CCU joint
venture markets. In Mexico, volume was slightly lower affected by the timing
of Easter as well as increased competitor price promotion in March. Whilst
this led to slight share loss, the benefit of earlier pricing and ongoing
cost savings continue to drive profit growth in Mexico. In the U.S., sales to
retailers declined 1.2%, outperforming a declining market, and reflecting an
impact from the timing of Easter and severe adverse weather early in the
quarter. In Brazil, volume grew in the double digits following improved
economic conditions, favourable weather and better sales execution.

Asia Pacific
Consolidated revenue grew 0.3% organically. Group beer volume was stable,
following strong comparable prior year growth in APB markets and lower
consumer spending from softer economic conditions and excise tax increases in
some key markets. Volume growth momentum continued in Indonesia, Papua New
Guinea, China, South Korea, Mongolia and the Pacific Islands. This was offset
by lower volume in Vietnam, New Zealand, Malaysia, Cambodia and Taiwan.
Volumes in India were level with the prior year. Volume in Vietnam declined
in the low-single digits reflecting currency weakness and economic slowdown.
However, our commercial focus on brand development and portfolio expansion
contributed to further share gains in Vietnam. Singapore, Taiwan and New
Zealand also reported share gains in the quarter. The Tiger brand grew by
6.5% in the region, led by continued strong growth momentum in Vietnam and

Central&Eastern Europe
Consolidated revenue declined by 2.4% organically in the quarter. Higher
pricing and positive sales mix from new innovations and increasing
premiumisation drove revenue per hl growth of 2.9%. Group beer volume
declined by 5.1% organically as lower volume in Russia, Poland, Romania and
the Czech Republic was only partly offset by higher volume in Greece,
Slovakia, Croatia, Germany and Serbia. In Russia, continued challenging beer
market conditions led to volume declining in the mid-teens. Excluding Russia,
regional group beer volume would have been in line with the prior year.
Volume in Poland declined in the low-single digits affected by the timing of
Easter, continued weak consumer sentiment and competitive environment.

Western Europe
Consolidated revenue grew 1.8% organically, reflecting higher total volume of
1.3% and revenue per hectoliter growth of 0.5%. Group beer volume grew 2.1%
organically, led by beer volume growth in the Netherlands, France, Spain,
Ireland and Belgium. This was only partly offset by lower volume in the UK,
Italy and Switzerland. Excluding the impact of excise destocking in France,
group beer volume was broadly in line with last year. The benefit of higher
marketing investments to drive brand development, innovation and improved
outlet execution drove market share gains in the Netherlands, France, Spain,
Ireland and Portugal. Volume was lower in the UK largely due to the timing of
Easter and unfavourable weather conditions early in the quarter. A positive
underlying volume performance in France reflects solid gains in the
off-premise channel and continued premium brand growth.


On 30 January 2014, HEINEKEN privately placed 15.5 year Notes for an amount of
EUR 200 million with a coupon of 3.50%. On 28 March 2014, HEINEKEN privately
placed 5.5 year Notes for an amount of USD 200 million with a floating rate
coupon. Both Notes were issued under HEINEKEN's EMTN programme.


Organic growth excludes the effect of foreign currency translational effects,
consolidation changes, accounting policy changes, exceptional items and
amortisation of acquisition-related intangibles. Beia r...

Författare Hugin

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