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HEINEKEN NV: Heineken N.V. reports 2015 first quarter results

Amsterdam, 22 April 2015 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) today
announced its trading update for the first quarter of 2015.


* Group revenue grew 2.2% organically with group revenue per hectolitre up
* Group beer volume grew 2.2% organically, with positive growth momentum in
Asia Pacific and the Americas regions, more subdued growth in Africa Middle
East and slightly lower volumes in Europe
* Heineken® volume in the premium segment grew 6.2%, with growth across most
* Full year 2015 outlook and medium term guidance unchanged

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 have made solid progress through the first quarter, with top-line growth
reflecting the benefits of HEINEKEN's geographic diversity and our continued
focus on marketing and innovation. Volumes were once again strong in Asia
Pacific and Americas, offset by slightly lower volumes in Europe and more
subdued volume growth in Africa Middle East. Heineken premium volume growth
continued, especially in developing markets. Whilst pricing continues to be
limited by deflationary and off premise pressures, and markets including
Nigeria and Indonesia are challenging, we remain confident of delivering on
expectations for the full year."


| Key figures Consolidated Group |
|1 |
| (in mhl or € million) 1Q15 Total Organic 1Q15 Total Organic |
| |
| growth % growth % growth % growth % |
| Revenue |
| Heineken N.V.2 4,338 7.4 2.0 4,827 8.1 2.2 |
| Africa Middle East 665 5.9 -1.1 785 8.9 |
| Americas 1,150 16 6.8 1,387 18 |
| Asia Pacific 567 28 9.9 634 21 |
| Central&Eastern Europe 535 -4.8 -0.6 600 -5.4 |
| Western Europe 1,557 2.5 -0.1 1,557 2.5 |
| Beer volume |
| Heineken N.V. 39.3 2.9 2.2 43.1 2.4 2.2 |
| Africa Middle East 6.1 1.7 0.9 7.0 1.4 1.8 |
| Americas 12.4 6.0 5.9 13.5 6.3 5.9 |
| Asia Pacific 4.4 10 11 5.6 7.7 8.4 |
| Central&Eastern Europe 8.2 - -2.5 8.8 -2.2 -2.6 |
| Western Europe 8.2 -1.2 -1.7 8.2 -1.2 -1.7 |
1Refer to the Definitions section for an explanation of non-IFRS measures and
other terms used throughout this report

2Net of head-office&eliminations

Group revenue
increased 2.2%, organically, with a total group volume increase of 1.9% and
group revenue per hectolitre up 0.3%. Adjusting for negative country mix,
revenue per hectolitre would have increased by 0.9%.Consolidated revenue
increased 7.4% to €4,338 million. This includes a foreign currency benefit of
€227 million, and a small negative consolidation impact of €8m. Organically,
consolidated revenue grew 2.0%.

Group beer volume
grew by 2.2% organically, led primarily by positive growth momentum in Asia
Pacific and the Americas. Volume growth in Africa Middle East although
positive was subdued by lower volume in Nigeria given weaker market
conditions. In Western Europe despite the Easter timing benefit volume was
down slightly against tough comparatives. In Central and Eastern Europe
volume was down 2.6% impacted mainly by beer market weakness in Russia.

| Heineken® 1Q15 Organic |
| |
|(in mhl or %) growth |
| % |
| Heineken® in premium segment 6.7 6.2 |
| Africa Middle East 1.0 9.2 |
| Americas 2.2 8.1 |
| Asia Pacific 1.5 9.8 |
| Central&Eastern Europe 0.4 -5.8 |
| Western Europe 1.6 2.6 |
volume in the international premium segment grew by 6.2%. Key markets
contributing to growth in both developed and developing markets in the
quarter included Vietnam, Brazil, China, South Africa, Spain, Taiwan, Canada
and the UK. Weaker Heineken® brand performance in Central and Eastern Europe
was in line with lower volume in markets adversely impacted by softer
economic conditions.
Volume of the global brands continued to deliver positive growth,
andSol Premium
volume up double digit, andAffligem
up in the high single digit.Strongbow
volume was up slightly.

Reported net profit
in the quarter was €579 million, materially higher than last year (2014: €143
million) as it includes the post tax book gain of €375 million from the
EMPAQUE sale, which is recorded as an exceptional item.


(Based on consolidated reporting)

HEINEKEN reaffirms all elements of its full year outlook for 2015 as stated in
its full year 2014 earnings release dated 11 February 2015.


Africa Middle East

Consolidated revenue declined 1.1% organically with total volume growth of
1.1% offset by lower revenue per hectolitre of 2.1%, primarily reflecting the
impact of product mix and higher volume growth in the lower revenue per
hectolitre countries. Half of the decline in revenue per hectolitre was due
to faster growth of volume licensed to third parties. Group beer volume
increased 1.8% organically led by particularly strong volume growth in
Ethiopia and South Africa. The successful introduction of Amstel Lite in
South Africa led to strong Amstel volume growth. Burundi, Rwanda and Tunisia
also saw volume growth in the quarter. In Nigeria weaker consumer confidence
due to falling global oil prices continued to contribute to a challenging
trading environment. This combined with strong comparatives and some slight
market share loss led to a high single digit volume decline. This followed an
all time high level of market share at the end of last year.


Consolidated revenue grew 6.8% organically, driven by 5.4% total volume growth
and higher revenue per hectolitre growth of 2.2% from continued effective
revenue management. Group beer volume grew by 5.9% organically in the
quarter, led by continued growth in Mexico and Brazil, positive volume in the
US, and a double digit volume increase in the Caribbean. In Mexico Tecate
Light and Dos Equis continue to be key growth drivers. In Brazil volumes grew
double digit, with continued strong Heineken® volume performance. In the
U.S., both sales and depletions were positive, outperforming the overall
market. This reflects continued solid growth of the Mexican beer portfolio,
with growth of Heineken® lager positive and continuing to improve.

Asia Pacific

Consolidated revenue grew 9.9% organically, with total volume growth of 11%
and revenue per hectolitre down 0.7%. Excluding the impact of adverse country
mix, revenue per hectolitre would have shown a single digit increase. Group
beer volume was up 8.4% organically, with double digit volume growth in
Vietnam, Cambodia, and export markets such as Taiwan, Korea and Hong Kong.
Strong trading during the Vietnamese New Year boosted volumes resulting in
further market share gains. Volume in Indonesia was down double digit on the
back of destocking ahead of the implementation of new regulations banning the
sale of alcohol in minimarts (convenience stores). Heineken® brand volume was
up double digit in Vietnam, China and Laos. Volume of the Tiger brand grew
double digit in the region led by strong growth in Vietnam, Malaysia and

Central&Eastern Europe

Consolidated revenue declined by 0.6% organically, with a total volume decline
of 3.1% partly offset by higher revenue per hectolitre of 1.9%. Group beer
volume declined by 2.6% organically, reflecting continued challenging trading
conditions in Russia, Belarus and Czech Republic, and partially offset by the
earlier timing of Easter across the region. The beer market in Russia
continued to be adversely impacted by a soft economic environment combined
with stock depletion leading to a double digit volume decline. Excluding
Russia, regional volume would have been up 1%. Poland returned to volume
growth, benefiting both from Easter timing and relisting by an important
modern trade customer. In Austria, volume grew slightly due to Easter, with
positive volume growth also in Serbia and Hungary. We continue to execute
against our value growth strategy in the region with a focus on pricing
initiatives, investment in premium brands and innovation and ongoing cost

Western Europe

Consolidated revenue declined by 0.1% organically, reflecting slight volume
decline of 1.1%, and revenue per hectolitre down 0.6%. Group beer volume was
1.7% lower organically, partly reflecting challenging market conditions in
some countries alongside a tough prior year comparison. The loss of export
volume from Portugal to Angola also adversely impacted the regional volume.
Volumes in Spain and the Netherlands remain strong, growing by low single
digit. Volume in Italy was adversely impacted by the excise duty increase at
the start of the year, declining by mid-single digit. The UK and Belgium saw
weaker volumes given challenging market conditions. Volume in France was
marginally positive. Importantly, the Global Brands: Heineken®, Desperados,
Affligem and Sol have all grown by mid-single digit versus last year.
Effective commercial execution and focused innovation continue to underpin
the growth of our brands in these markets.


Below is an update of business development and financing activity since the
release of HEINEKEN's full year 2014 results on 12 February 2015:

* The disposal of the Mexican packaging business, EMPAQUE completed on 18
February 2015 for the value of USD1.225bn (€956 million based on hedged
rate). HEINEKEN will deploy up to €750 million of the proceeds for a share
buyback programme.
* HEINEKEN has launched a €1bn Euro Commercial Paper programme to facilitate

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