Amsterdam, 19 April 2017 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) today announces its trading update for the first quarter of 2017.

  • Consolidated beer volume +0.6% organically, with growth in Asia Pacific and Europe offsetting slightly lower volume in Americas and Africa, Middle East & Eastern Europe 
  • Heineken® volume +2.5% 

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

CEO STATEMENTJean-François van Boxmeer, Chairman of the Executive Board & CEO, commented:"Performance in the first quarter was in line with expectations, delivering volume growth against strong comparatives last year. Asia Pacific continued to outperform and volume in Europe was solid. In Africa, Middle East & Eastern Europe market conditions remain challenging, adversely impacting volume. In Americas, whilst Mexican volume was good this was more than offset by weaker volume in Brazil. Our full year expectations remain unchanged."

Consolidated beer volume 1 (in mhl or %) 1Q17 Total  growth % Organic growth % 1Q16
Heineken N.V. 44.0   1.0   0.6   43.5  
Africa, Middle East & Eastern Europe 9.0   -0.4   -0.4   9.0  
Americas 13.5   -0.5   -0.7   13.5  
Asia Pacific 6.2   8.3   5.4   5.8  
Europe 15.3   0.5   0.5   15.2  

Heineken® 2 (in mhl or %) 1Q17 Organicgrowth  %
Heineken® 7.8   2.5  
Africa, Middle East & Eastern Europe 1.0   2.7  
Americas 2.5   7.8  
Asia Pacific 1.6   -7.9  
Europe 2.7   4.3  

Heineken® volume 2 grew organically by 2.5% in the first quarter. Key markets contributing to this growth included South Africa, Brazil, the US and Italy, which more than offset weaker volume in Vietnam due to the earlier Tet timing (Vietnamese New Year). 

Refer to the Definitions section for an explanation of organic growth.  2 Heineken volume is now total Heineken® volume including the  Netherlands. 


Africa, Middle East & Eastern Europe

  • Organic consolidated beer volume declined by 0.4%.
  • In Nigeria volume declined mid single digit with underlying trading conditions still difficult, and consumers continue to trade down. Although there are some signs of improved liquidity it remains difficult to secure hard currency.
  • In Russia the temporary delisting with a modern trade customer and deliberate destocking led to volume down high single digit. Heineken® was up double digit.
  • In South Africa and Ethiopia volume was up double digit. In Ivory Coast performance since the opening of the new brewery has been promising.

  • Organic consolidated beer volume declined by 0.7%, with good growth in Mexico more than offset by declines in Brazil, and to a lesser extent in the US and Panama.
  • In Mexico volume was up mid single digit with Tecate, Tecate Light and Heineken® all having performed strongly.
  • In Brazil volume declined double digit reflecting continued macroeconomic weakness and competition in the mainstream and economy segment. The premium brand portfolio outperformed with continued double digit Heineken® growth. Amstel also delivered strong growth.
  • In the US volume declined low single digit, with growth in Heineken® offset by lower Tecate and Dos Equis volume.

Asia Pacific
  • Organic consolidated beer volume was up 5.4%.
  • In Vietnam earlier timing of the Tet new year resulted as expected in a slower start to the year, and low single digit volume growth. The Tiger brand continues to drive growth.
  • In Cambodia volume was up double digit benefiting from the additional capacity added last year.

  • Organic consolidated beer volume growth of 0.5% reflected continued improved consumer confidence across most of the region, slightly offset by a tougher winter in some markets of Central & Eastern Europe and later timing of Easter.
  • In France, Spain, Netherlands, Italy, and Austria volume development was positive.
  • In the UK volume was down low single digit due to a partial de-listing by a large customer. Premium volumes continued to grow double digit.
  • Volumes declined mid single digit in Poland following reduced promotional activity.

REPORTED NET PROFIT Reported net profit in the quarter was €293 million (2016:€265 million).

TRANSLATIONAL CURRENCY UPDATE  Using spot rates as at 13 April 2017 for the remainder of this year, the calculated negative currency translational impact would be approximately €30 million at consolidated operating profit (beia), and no impact at net profit (beia). Foreign exchange markets remain very volatile.

ACQUISITION OF BRASIL KIRIN HOLDING S.A. UPDATE  On 13 February 2017 HEINEKEN announced that it had entered into an agreement with Kirin Holdings Company Limited ("Kirin") to acquire Brasil Kirin Holding S.A. The release also stated that HEINEKEN was in the process of reviewing its future route to market for its Brazilian operation. HEINEKEN Brasil products are currently distributed by the Coca Cola bottlers in Brazil. In light of the size and requirements of the proposed future combined portfolio, HEINEKEN now confirms that it intends to leverage Kirin's existing route to market with the Heineken portfolio in the future. Completion of the acquisition is subject to customary regulatory approval and is expected in the first half of 2017.

NEW FINANCING On 23 February 2017, HEINEKEN privately placed SGD 150 million of 5 year floating Notes under its Euro Medium Term Note Programme. On 21 March 2017, HEINEKEN announced it had issued USD 1.1 billion of long 10 year 144A/RegS US Notes with a coupon of 3.50%, and USD 650 million of 30 year 144A/RegS US Notes with a coupon of 4.35%.  

On 20 March 2017, HEINEKEN extended and amended its EUR 2.5 billion revolving credit facility maturing in May 2021. The facility has been increased to EUR 3.5 billion and is now set to mature in May 2022. The facility is committed by a group of 19 banks and has two further one-year extension options. 

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


Media Investors
John-Paul Schuirink Sonya Ghobrial
Director of Global Communication Director of Investor Relations
Michael Fuchs Chris MacDonald / Gabriela Malczynska
Corporate & Financial Communication Manager Investor Relations Manager / Senior Analyst
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Tel: +31-20-5239355 Tel: +31-20-5239590

Editorial information:HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium beer and cider brands. Led by the Heineken® brand, the Group has a powerful portfolio of more than 250 international, regional, local and specialty beers and ciders. We are committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brewing a Better World", sustainability is embedded in the business and delivers value for all stakeholders. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. We employ over 73,500 employees and operate more than 165 breweries, malteries, cider plants and other production facilities in more than 70 countries. Heineken N.V. and Heineken Holding N.V. shares trade on the Euronext in Amsterdam. Prices for the ordinary shares may be accessed on Bloomberg under the symbols HEIA NA and HEIO NA and on Reuters under HEIN.AS and HEIO.AS. HEINEKEN has two sponsored level 1 American Depositary Receipt (ADR) programmes: Heineken N.V. (OTCQX: HEINY) and Heineken Holding N.V. (OTCQX: HKHHY). Most recent information is available on HEINEKEN's website: and follow us on Twitter via @HEINEKENCorp.

Market Abuse RegulationThis press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer:This press release contains forward-looking statements with regard to the financial position and results of HEINEKEN's activities. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed 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 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, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, 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 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 outside sources, such as specialised research institutes, in combination with management estimates.