HEINEKEN Holding NV reports on 2024 third-quarter trading
Heineken Holding NV reports Q3 2024 results with revenue of €9,072 million and net revenue organic growth of 3.3%. Beer volume grew organically by 0.7%, while premium beer volume increased by 4.5%. The Heineken® brand showed strong performance with 8.7% volume growth and double-digit growth in 30 markets.
The company maintains its full-year 2024 guidance of 4-8% operating profit organic growth. Currency translation impacts were negative, primarily due to devaluation of Nigerian Naira, Mexican Peso, Brazilian Real, and Ethiopian Birr. Digital B2B platforms captured €9.3 billion in gross merchandise value year-to-date, growing 26% organically.
Heineken Holding NV riporta i risultati del terzo trimestre 2024 con un fatturato di 9.072 milioni di euro e una crescita organica del fatturato netto del 3,3%. Il volume della birra è cresciuto organicamente dello 0,7%, mentre il volume della birra premium è aumentato del 4,5%. Il marchio Heineken® ha mostrato una forte performance con una crescita del volume dell'8,7% e una crescita a doppia cifra in 30 mercati.
L'azienda mantiene la previsione per l'intero anno 2024 di una crescita organica del profitto operativo compresa tra il 4% e l'8%. Gli impatti delle conversioni valutarie sono stati negativi, principalmente a causa della svalutazione della Naira nigeriana, del Peso messicano, del Real brasiliano e del Birr etiope. Le piattaforme digitali B2B hanno catturato 9,3 miliardi di euro in valore lordo delle merci dall'inizio dell'anno, con una crescita organica del 26%.
Heineken Holding NV informa sobre los resultados del tercer trimestre de 2024, con ingresos de 9.072 millones de euros y un crecimiento orgánico del ingreso neto del 3,3%. El volumen de cerveza creció orgánicamente un 0,7%, mientras que el volumen de cerveza premium aumentó un 4,5%. La marca Heineken® mostró un sólido rendimiento con un crecimiento en volumen del 8,7% y crecimiento de dos dígitos en 30 mercados.
La compañía mantiene su guía para todo el año 2024 de un crecimiento orgánico del beneficio operativo entre el 4% y el 8%. Los impactos de la traducción de divisas fueron negativos, principalmente debido a la devaluación del Naira nigeriano, el Peso mexicano, el Real brasileño y el Birr etíope. Las plataformas digitales B2B capturaron 9,3 mil millones de euros en valor bruto de mercancías hasta la fecha, creciendo un 26% de forma orgánica.
하이네켄 홀딩 NV는 2024년 3분기 실적을 보고하며 매출이 90억 7200만 유로이고 순매출 유기적 성장률이 3.3%라고 전했습니다. 맥주 판매량은 유기적으로 0.7% 증가했으며, 프리미엄 맥주 판매량은 4.5% 증가했습니다. 하이네켄® 브랜드는 8.7%의 판매량 증가와 30개 시장에서 두 자리 수 성장률을 보이며 강력한 성과를 보였습니다.
회사는 2024년 전체 연도에 대한 운영 이익 유기적 성장 가이던스를 4%에서 8%로 유지합니다. 통화 변환 영향은 부정적이었으며, 이는 주로 나이지리아 나이라, 멕시코 페소, 브라질 레알 및 에티오피아 비르의 평가 절하로 인한 것입니다. 디지털 B2B 플랫폼은 연초부터 93억 유로의 총 상품 가치를 차지하며, 유기적으로 26% 성장했습니다.
Heineken Holding NV présente les résultats du troisième trimestre 2024 avec un chiffre d'affaires de 9 072 millions d'euros et une croissance organique du chiffre d'affaires net de 3,3 %. Le volume de bière a augmenté organiquement de 0,7 %, tandis que le volume de bière premium a crû de 4,5 %. La marque Heineken® a montré des performances solides avec une croissance en volume de 8,7 % et une croissance à deux chiffres sur 30 marchés.
L'entreprise maintient ses prévisions pour l'année entière 2024 d'une croissance organique du bénéfice d'exploitation de 4 à 8 %. Les impacts de la traduction de devises ont été négatifs, principalement en raison de la dévaluation du Naira nigérian, du Peso mexicain, du Real brésilien et du Birr éthiopien. Les plateformes B2B numériques ont capturé 9,3 milliards d'euros en valeur brute de marchandises depuis le début de l'année, avec une croissance organique de 26 %.
Heineken Holding NV berichtet über die Ergebnisse des dritten Quartals 2024 mit Einnahmen von 9.072 Millionen Euro und einem organischen Wachstum des Nettoumsatzes von 3,3%. Das Biervolumen wuchs organisch um 0,7%, während das Volumen von Premium-Bier um 4,5% anstieg. Die Marke Heineken® zeigte eine starke Leistung mit einem Volumenwachstum von 8,7% und zweistelligem Wachstum in 30 Märkten.
Das Unternehmen hält an seiner Gesamteinschätzung für das Jahr 2024 fest, die ein organisches Wachstum des Betriebsergebnisses zwischen 4% und 8% vorsieht. Die Auswirkungen der Währungsumrechnung waren negativ, hauptsächlich aufgrund der Abwertung des nigerianischen Naira, des mexikanischen Pesos, des brasilianischen Real und des äthiopischen Birr. Digitale B2B-Plattformen haben bis heute einen Bruttowarenwert von 9,3 Milliarden Euro erfasst, mit einem organischen Wachstum von 26%.
- Net revenue organic growth of 3.3% for Q3 and 5.1% YTD
- Premium beer volume grew 4.5% in Q3
- Heineken® brand volume increased 8.7% with double-digit growth in 30 markets
- Digital B2B platforms showed 26% organic growth YTD
- Company gaining or holding market share in over half of its markets
- Currency translation reduced net revenue by €471 million in Q3
- Slight volume declines in Americas and Asia Pacific regions
- Expected negative translational currency impact of €1,570 million for full year net revenue
Heineken Holding N.V. reports on 2024 third-quarter trading
Amsterdam, 23 October 2024 – Heineken Holding N.V. (HEIO; HKHHY) publishes its third quarter 2024 trading update.
| Key Quarterly Highlights | |||
- Revenue
€9,072 million for the quarter,€26,895 million year to date - Net revenue (beia) organic growth
3.3% for the quarter,5.1% year to date - Beer volume organic growth
0.7% for the quarter,1.6% year to date - Premium beer volume organic growth
4.5% for the quarter,4.9% year to date - Heineken® volume growth
8.7% for the quarter,9.0% year to date - 2024 full year expectations of
4% to8% operating profit (beia) organic growth confirmed and reiterated
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.
| Financial Summary | |||
Throughout this report figures refer to quarterly performance unless otherwise indicated.
Revenue in the quarter was
Currency translation reduced net revenue (beia) by
In HEINEKEN's business-to-business digital (eB2B) platforms, HEINEKEN captured
| IFRS Measures | € million | Total growth | BEIA Measures1 | € million | Organic growth | |
| Revenue | 9,072 | - | Revenue (beia) | 9,234 | | |
| Net revenue | 7,557 | - | Net revenue (beia) | 7,679 | |
Beer volume increased organically by
| Beer volume | 3Q24 | Organic growth | YTD 3Q24 | Organic growth | |||||||
| (in mhl) | 3Q23 | YTD 3Q23 | |||||||||
| Heineken N.V. | 63.2 | 61.9 | 0.7 % | 183.3 | 180.1 | |
Premium beer volume increased by
| Heineken® volume | 3Q24 | Organic growth | YTD 3Q23 | YTD 3Q24 | Organic growth | |||||||
| (in mhl) | 3Q23 | |||||||||||
| Heineken N.V. | 14.6 | 15.8 | 8.7 % | 40.9 | 44.5 | |
| Business Outlook | |||
HEINEKEN confirms and reiterates the key financial indicators of its 2024 guidance, including the full year expectations of
| Translational Currency Calculated Impact | |||
Based on the impact to date, and applying spot rates of 21 October 2024 to the 2023 financial results as a baseline for the remainder of the year, the calculated negative translational impact for the full year would be approximately
| Reconciliation of non-GAAP measures |
| These tables contain a reconciliation between IFRS reported and certain Non-GAAP measures1 | ||||||||
| 3Q22 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
| Revenue | 9,414 | | — | 9,414 | 605 | 137 | 1,290 | |
| Excise tax expense | -1,627 | - | — | -1,627 | -75 | -101 | -96 | - |
| Net revenue | 7,788 | | — | 7,788 | 530 | 36 | 1,194 | |
| 3Q23 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
| Revenue | 9,604 | | -37 | 9,567 | -519 | 371 | 301 | |
| Excise tax expense | -1,559 | | 7 | -1,552 | 123 | -95 | 47 | |
| Net revenue | 8,044 | | -30 | 8,015 | -397 | 276 | 347 | |
| 3Q24 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
| Revenue | 9,072 | - | 162 | 9,234 | -487 | -182 | 337 | |
| Excise tax expense | -1,515 | | -40 | -1,554 | 16 | 50 | -69 | - |
| Net revenue | 7,557 | - | 122 | 7,679 | -471 | -132 | 268 | |
| YTD 3Q22 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
| Revenue | 25,816 | | — | 25,816 | 1,299 | 1,196 | 3,967 | |
| Excise tax expense | -4,543 | - | — | -4,543 | -132 | -706 | -352 | - |
| Net revenue | 21,273 | | — | 21,273 | 1,168 | 490 | 3,615 | |
| YTD 3Q23 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
| Revenue | 27,040 | | -51 | 26,989 | -707 | 675 | 1,206 | |
| Excise tax expense | -4,471 | | 10 | -4,461 | 220 | -168 | 30 | |
| Net revenue | 22,569 | | -41 | 22,529 | -488 | 507 | 1,236 | |
| YTD 3Q24 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
| Revenue | 26,895 | - | 151 | 27,046 | -1,159 | -149 | 1,364 | |
| Excise tax expense | -4,514 | - | -38 | -4,552 | 62 | 68 | -221 | - |
| Net revenue | 22,381 | - | 113 | 22,493 | -1,097 | -81 | 1,143 | |
1. Due to rounding, this table will not always cast
2. HEINEKEN applies hyperinflation accounting in Ethiopia and Haiti. Fixed assets are revalued for the inflation from the time of acquisition to date. The prior year impact from depreciation resulting from the revaluation of previous years is recorded as a change in consolidation and is excluded from the organic growth calculation. At the same time, all metrics in the income statement are restated to reflect the inflation level as per the reporting date. These impacts are recorded as exceptional items.
| Enquiries | |||
| Media Heineken Holding N.V. | ||
| Kees Jongsma | ||
| tel. +31 6 54 79 82 53 | ||
| E-mail: cjongsma@spj.nl | ||
| Media | Investors | |
| Christiaan Prins | Tristan van Strien | |
| Global Communications Director | Investor Relations Director | |
| Marlie Paauw | Lennart Scholtus / Chris Steyn | |
| Corporate Communications Lead | Investor Relations Manager / Senior Analyst | |
| E-mail: pressoffice@heineken.com | E-mail: investors@heineken.com | |
| Tel: +31-20-5239355 | Tel: +31-20-5239590 |
| Conference Call Details | |||
HEINEKEN will host an analyst and investor conference call with Harold van den Broek, Chief Financial Officer of Heineken N.V., in relation to its Third Quarter 2024 Trading Update today at 14:00 CET/13:00 GMT. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the company’s website: www.theheinekencompany.com. 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:
United Kingdom (Local): 020 3936 2999
Netherlands (Local): 085 888 7233
USA (Local): 646 664 1960
For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers
Participation password for all countries: 702767
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 350 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 85,000 employees, HEINEKEN brews the joy of true togetherness to inspire a better world. HEINEKEN's dream is to shape the future of beer and beyond to win the hearts of consumers. 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 operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on the websites: www.heinekenholding.com and www.theHEINEKENcompany.com and follow HEINEKEN on LinkedIn, Twitter and Instagram.
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 based on current expectations and assumptions with regard to the financial position and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information in HEINEKEN’s non-financial reporting, such as HEINEKEN’s emission reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. These forward-looking statements, while based on management's current expectations and assumptions, are not guarantees of future performance since they are subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results to differ materially from those expressed or implied 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 but not limited to 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 and other goods and services, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, environmental and physical risks, 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 assumes no duty to and 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 external sources, such as specialised research institutes, in combination with management estimates. HEINEKEN undertakes no responsibility for the accuracy or completeness of such external sources.
| GLOSSARY | |||
®
All brand names mentioned in this report, including those brand names not marked by an ®, represent registered trademarks and are legally protected.
Beia
Before exceptional items and amortisation of acquisition-related intangible assets. Whenever used in this report, the term “beia” refers to performance measures before exceptional items and amortisation of acquisition related intangible assets. Next to the reported figures, management evaluates the performance of the business on a beia basis across several performance measures as it considers this enhances their understanding of the underlying performance. Managerial incentives are set mostly on beia performance measures and the dividend is set relative to the net profit (beia).
Consolidation changes
Changes as a result of acquisitions, disposals, internal transfer of businesses or other reclassifications.
Depletions
Sales by third-party distributors to the retail trade.
Eia
Exceptional items and amortisation of acquisition-related intangible assets.
Exceptional items
Items of income and expense of such size, nature or incidence, that in the view of management their disclosure is relevant to explain the performance of HEINEKEN for the period.
Gross merchandise value
Value of all products sold via our eB2B platforms. This includes our own and third party products, including all duties and taxes. As part of its objective to become the best connected brewer, management has set as a key priority to scale up its eB2B platforms to better serve customers and improve sales force productivity. External stakeholders can assess the progress relative to this ambition and to the scale of other eB2B platforms.
HEINEKEN
Heineken Holding N.V., Heineken N.V., its subsidiaries and interests in joint ventures and associates.
Net revenue
Revenue as defined in IFRS 15 (after discounts) minus the excise tax expense for those countries where the excise is borne by HEINEKEN.
Net revenue per hectolitre
Net revenue divided by total consolidated volume, excluding inter-company transactions.
Organic growth
Growth excluding the effect of foreign currency translational effects, consolidation changes, exceptional items and amortisation of acquisition-related intangible assets. Whenever used in this report, the term refers to the organic growth of the related performance measures. Management evaluates the organic performance of operating companies as it reflects their performance in local currency. External stakeholders can separately assess the performance in local currency, the translational effects into euros and the consolidation changes.
Organic growth %
Organic growth divided by the related prior year beia amount. Whenever used in this report, the term “organically” refers to the organic growth % of the related performance measures.
Organic volume growth
Growth in volume, excluding the effect of consolidation changes.
Price mix on a constant geographic basis
Refers to the different components that influence net revenue per hectolitre, namely the changes in the absolute price of each individual sku and their weight in the portfolio. The weight of the countries in the total revenue in the base year is kept constant. The metric allows management and external stakeholders a clearer understanding of the underlying development of price-mix, a lever of value creation, which can be affected at a segment-level when combining operations that have structurally different net revenue per hectolitre, due to differences in value chains, business models and economic conditions.
Region
A region is defined as HEINEKEN’s managerial classification of countries into geographical units.
Volume (all volume metrics exclude inter-company transactions)
Beer volume
Beer volume produced and sold by consolidated companies.
Brand specific volume (Heineken® volume, Amstel® volume, etc.)
Brand volume produced and sold by consolidated companies plus
Group beer volume
The sum of beer volume, licensed beer volume and attributable share of beer volume from joint ventures and associates.
Licensed volume
Non-beer volume
Cider, soft drinks and other non-beer volume produced and sold by consolidated companies.
Premium beer
Beer sold at a price index equal or greater than 115 relative to the average market price of beer.
Third-party products volume
Volume of third-party products (beer and non-beer) resold by consolidated companies.
Total consolidated volume
The sum of beer volume, non-beer volume and third-party products volume.
1Consolidated 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 2 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 management believes that this measurement is the most relevant in evaluating the results and in performance management.
Attachment
FAQ
What was Heineken's (HKHHY) revenue in Q3 2024?
How much did Heineken's (HKHHY) beer volume grow in Q3 2024?
What is Heineken's (HKHHY) operating profit guidance for 2024?
How did Heineken's (HKHHY) premium beer segment perform in Q3 2024?
