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2016-02-10

HEINEKEN NV: Heineken N.V. reports 2015 full year results

Strong performance delivering on strategy

Amsterdam, 10 February 2016 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY)
today announces:

* Organic revenue +3.5% with revenue per hectolitre up +1.3%
* Consolidated beer volume +2.3% with positive growth in Americas, Asia
Pacific and Europe offsetting weaker volume in Africa Middle East&Eastern
Europe
* Heineken® volume in premium segment +3.5%
* Innovation rate of 9.2%, contributing €1.9 billion of revenue
* Operating profit (beia) +6.9% organically
* Net profit (beia) of €2,048 million, up 16% organically
* Diluted EPS (beia) of €3.57 (2014: €3.05)
* Proposed 2015 total dividend up 18% at €1.30 per share (2014: €1.10)

CEO STATEMENT

Jean-François van Boxmeer, CEO, Chairman of the Executive Board, commented:
"Our strong performance in 2015 reflects the successful execution of our
strategy, as well as the relevance of our unique geographic diversity and our
portfolio of premium brands, led by Heineken®. In 2015, top and bottom line
growth was supported by increased investment in our brands, sustained
innovation, and cost efficiencies. We improved operating margin by 46bps
before the impact of the dilution from the Empaque disposal.
At the same time we have continued to invest for future growth, by entering or
expanding our presence in markets including Myanmar, Ivory Coast, East Timor,
Jamaica, Malaysia, Slovenia and South Africa. We are also particularly
excited by our new partnership with Lagunitas, one of the leading craft
brewers in the US. Whilst we expect further volatility in emerging markets
and deflationary pressures in 2016, we are confident that we will again
deliver top and bottom line growth, as well as margin expansion in line with
our guidance."

FINANCIAL SUMMARY

----------------------------------------------------------------------------------------
| Key financials FY15 FY14 Total Organic |
|1 |
| growth growth |
| % % |
|(in mhl or € million unless otherwise stated) |
| Revenue 20,511 19,257 6.5 3.5 |
| Revenue/hl (in €) 95 92 2.7 1.3 |
| Operating profit (beia) 3,381 3,129 8.1 6.9 |
| Operating profit (beia) margin 16.5 % 16.2 % 23 bps3 |
| Net profit (beia) 2,048 1,758 16 16 |
| Net profit 1,892 1,516 25 |
| Diluted EPS (beia) (in €) 3.57 3.05 17 |
| Free operating cash flow 1,692 1,574 7.5 |
| Net debt/ EBITDA (beia)2 2.4 2.5 |
----------------------------------------------------------------------------------------
1Consolidated figures are used throughout this report, unless otherwise
stated; please refer to the Glossary section for an explanation of non-IFRS
measures and other terms used throughout this report

2Includes acquisitions and excludes disposals on a 12 month pro-forma basis

3Comprises of 46 basis points underlying improvement less 23 basis points
dilution from Empaque

OUTLOOK STATEMENT

* In 2016 HEINEKEN expects to deliver further organic revenue and profit
growth despite an increasingly challenging external environment, 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.
* Assuming spot rates as of 4 February 2016 the calculated negative currency
translational impact would be approximately €60 million at consolidated
operating profit (beia), and €35 million at net profit (beia). Foreign
exchange markets remain very volatile.
* We expect an average interest rate of c.3.3%, and an effective tax rate
(beia) broadly in line with 2015.
* Capital expenditure related to property, plant and equipment should be
slightly above €2 billion (2015: €1.6 billion).

OPERATIONAL REVIEW

In line with prior guidance, volume growth was weighted to the second half of
the year, reflecting a strong third quarter, particularly in Europe. Revenue
per hectolitre improved despite limited pricing and deflationary pressures in
a number of our key markets. Furthermore, the organisational changes
announced in March 2015 allowed HEINEKEN to better focus on growth
opportunities, be more agile in responding to consumer needs in the
marketplace and more cost effective in doing so.

HEINEKEN continues to invest in key developing growth markets, and during the
year announced plans to build new breweries in the Ivory Coast, East Timor,
Mexico and Brazil and to expand capacity in Ethiopia. A new brewery opened in
Myanmar in July 2015.

Revenue
increased 3.5% organically, with a 2.2% increase in total volume and a 1.3%
increase in revenue per hectolitre. Adjusting for negative country mix,
revenue per hectolitre would have grown 1.7%. In the fourth quarter revenue
grew 2.5% on an organic basis with revenue per hectolitre up 1.2% (1.6%
adjusted for negative country mix).

--------------------------------------------------------------------------
| Consolidated beer volumes 4Q15 Organic FY15 Organic |
| |
|(in mhl) growth growth |
| % % |
| Heineken N.V. 47.2 1.5 188.3 2.3 |
| Africa Middle East& Eastern Europe 9.2 -3.8 35.9 -2.0 |
| Americas 15.1 7.2 56.0 5.1 |
| Asia Pacific 5.7 2.8 19.8 6.3 |
| Europe 17.1 -0.7 76.6 1.3 |
--------------------------------------------------------------------------
Consolidated beer volume
grew 2.3% organically in 2015, with slightly positive growth in the first half
and 3.5% growth in the second half. After a particularly strong third quarter
helped by comparatives and favourable weather in key markets, beer volume
growth was more moderate in the fourth quarter, up 1.5%. There were market
share gains in several of our key markets including Vietnam, Poland, US and
Brazil.

------------------------------------------------------------------------
| Heineken® volume 4Q15 Organic FY15 Organic |
| |
|(in mhl) growth growth |
| % % |
| Heineken® volume in premium segment 7.6 0.9 30.5 3.5 |
| Africa Middle East& Eastern Europe 1.2 -4.8 4.6 1.1 |
| Americas 2.5 6.9 9.4 6.4 |
| Asia Pacific 1.7 -2.0 6.4 2.4 |
| Europe 2.2 0.2 10.2 2.8 |
------------------------------------------------------------------------
Heineken®
volume in the premium segment grew 3.5%, with positive volume performance
across all regions. In particular, the brand's volume grew double digit in
Brazil, Compañía Cervecerías Unidas S.A. (CCU) markets, the UK, South Africa,
and Mexico. Brand growth was also strong in Spain, and there was positive
growth in Vietnam and in the US. These results more than offset weaker volume
in Nigeria, Cameroon, Greece and Indonesia. Heineken® benefited from the
continued association with the UEFA Champions League, its partnership with
the James Bond franchise and its sponsorship of the 2015 Rugby World Cup in
the second half of the year.

In 2015Desperados
,Affligem
andSol Premium
all saw double digit growth, reflecting the continued success of our broader
premium portfolio strategy. Desperados, the tequila flavoured beer, delivered
particularly strong performance in France, Poland and Spain. Affligem, the
Belgian abbey beer brand, saw strong growth in France and the Netherlands.
Similar to the first half of the year, Brazil and CCU markets were the key
volume growth drivers of Sol Premium, the Mexican beer.

Cider
volume increased mid single digit, with double digit volume growth in the
second half more than offsetting the slight decline in volume in the first
half. This trend was also helped by better weather in some markets in the
third quarter. In the UK, positive performance was supported by further
innovations, including Strongbow Cloudy Apple and the continued success of
Strongbow Dark Fruit, underpinning our leading position in the home base of
cider. For the first time our volume outside the UK crossed the 1 million
hectolitres threshold. In Europe, Romania, Slovakia and Czech Republic saw
particularly strong growth. The US and Mexico were the main drivers of growth
in the Americas.

HEINEKEN's focus oninnovation
delivered €1.9 billion in revenue and our innovation rate increased to 9.2%
(2014: 7.7%). Innovation is now firmly embedded in the HEINEKEN company
strategy. Our innovation agenda includes promoting moderate consumption,
improving the quality of our draught offer, and addressing the craft and
variety category. The popularity of 'Radler' beers continued to grow with
strong performance in markets including Spain and Poland. The 0.0% variant
combined with new flavours also gained positive momentum with consumers. THE
SUB®, the at home draught beer appliance, continues to gain traction and is
now available in 5 markets. Brewlock, the on premise dispense system is
gaining positive momentum in the US.

Operating profit (beia)
grew 6.9% organically, primarily reflecting higher revenue and improved cost
efficiencies.

TOTAL DIVIDEND FOR 2015

The Heineken N.V. dividend policy is to pay out a ratio of 30% to 40% of
full-year net profit (beia). For 2015, payment of a total cash dividend of
€1.30 per share (2014: €1.10) will be proposed to the Annual General Meeting.
This implies a 36% payout ratio, in line with the payout ratio in 2014. If
approved, a final dividend of €0.86 per share will be paid on 4 May 2016, as
an interim dividend of €0.44 per share was paid on 12 August 2015. The
payment will be subject to a 15% Dutch withholding tax. The ex-final dividend
date for Heineken N.V. shares will be 25 April 2016.

SUPERVISORY BOARD COMPOSITION

Mr. Hans...

Författare WKR

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