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% to 8% operating profit (beia) organic growth confirmed and reiterated
Financial Summary | |||
Revenue in the quarter was €9.1 billion (YTD: €26.9 billion). Net revenue (beia) increased organically by 3.3% (YTD: up 5.1%). Total consolidated volume increased by 0.7% (YTD: up 1.3%) and net revenue (beia) per hectolitre was up 2.6% (YTD: up 3.7%). Price-mix on a constant geographic basis was up 3.0% (YTD: up 4.3%), led by pricing to mitigate inflationary pressures and portfolio premiumisation.
Currency translation reduced net revenue (beia) by €471 million (YTD: €1,097 million), mainly from the devaluation of the Nigerian Naira, Mexican Peso, Brazilian Real, and Ethiopian Birr. Consolidation effects reduced net revenue (beia) by €132 million (YTD: €81 million), mainly from the disposal of Russia and Vrumona.
In HEINEKEN's business-to-business digital (eB2B) platforms, HEINEKEN captured €9.3 billion in gross merchandise value year to date, an organic increase of 26% versus last year. HEINEKEN is now connecting 683 thousand active customers in fragmented, traditional channels.
IFRS Measures | € million | Total growth | BEIA Measures1 | € million | Organic growth | |
Revenue | 9,072 | -5.5% | Revenue (beia) | 9,234 | 3.5% | |
Net revenue | 7,557 | -6.1% | Net revenue (beia) | 7,679 | 3.3% |
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 | 1.6% |
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 | 9.0% |
Business Outlook | |||
Translational Currency Calculated Impact | |||
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 | 27.5% | - | 9,414 | 605 | 137 | 1,290 | 17.5% |
Excise tax expense | -1,627 | -20.2% | - | -1,627 | -75 | -101 | -96 | -7.1% |
Net revenue | 7,788 | 29.2% | - | 7,788 | 530 | 36 | 1,194 | 19.8% |
3Q23 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
Revenue | 9,604 | 2.0% | -37 | 9,567 | -519 | 371 | 301 | 3.2% |
Excise tax expense | -1,559 | 4.1% | 7 | -1,552 | 123 | -95 | 47 | 2.9% |
Net revenue | 8,044 | 3.3% | -30 | 8,015 | -397 | 276 | 347 | 4.5% |
3Q24 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
Revenue | 9,072 | -5.5% | 162 | 9,234 | -487 | -182 | 337 | 3.5% |
Excise tax expense | -1,515 | 2.8% | -40 | -1,554 | 16 | 50 | -69 | -4.4% |
Net revenue | 7,557 | -6.1% | 122 | 7,679 | -471 | -132 | 268 | 3.3% |
YTD 3Q22 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
Revenue | 25,816 | 33.4% | - | 25,816 | 1,299 | 1,196 | 3,967 | 20.5% |
Excise tax expense | -4,543 | -37.1% | - | -4,543 | -132 | -706 | -352 | -10.5% |
Net revenue | 21,273 | 32.6% | - | 21,273 | 1,168 | 490 | 3,615 | 22.6% |
YTD 3Q23 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
Revenue | 27,040 | 4.7% | -51 | 26,989 | -707 | 675 | 1,206 | 4.7% |
Excise tax expense | -4,471 | 1.6% | 10 | -4,461 | 220 | -168 | 30 | 0.7% |
Net revenue | 22,569 | 6.1% | -41 | 22,529 | -488 | 507 | 1,236 | 5.8% |
YTD 3Q24 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
Revenue | 26,895 | -0.5% | 151 | 27,046 | -1,159 | -149 | 1,364 | 5.1% |
Excise tax expense | -4,514 | -1.0% | -38 | -4,552 | 62 | 68 | -221 | -5.0% |
Net revenue | 22,381 | -0.8% | 113 | 22,493 | -1,097 | -81 | 1,143 | 5.1% |
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 |