Financial Review
Key figures
-
Main changes in consolidation
Revenue
Total expenses (beia)
00
Heineken NV.
Report of the
Report of the
Financial
Sustainability
Other
28
Annual Report 2016
Introduction
Executive Board
Supervisory Board
Statements
Review
Information
In millions of EUR
2015
Currency
translation
Consolidation
impact
Organic growth
2016
Organic growth
Revenue (beia)
20,511
(1,150)
441
989
20,792
4.8
Total expenses (beia)
(17,130)
934
(401)
(654)
(17,252)
(3.8)
Operating profit (beia)
3,381
(216)
40
335
3,540
9.9
Share of net profit of assoc./JVs (beia)
177
(3)
(14)
161
(7.8)
EBIT (beia)
3,558
(219)
40
321
3,700
9.0
Net interest income/(expenses) (beia)
(352)
3
(32)
27
(355)
7.6
Other net finance income/(expenses) (beia)
(76)
2
(3)
(38)
(114)
(49.7)
Income tax expense (beia)
(822)
75
2
(125)
(869)
(15.2)
Minority interests (beia)
(261)
14
(6)
(12)
(265)
(4.6)
Net profit (beia)
2,048
(125)
1
174
2,098
8.5
Eia
(156)
(558)
Net profit
1,892
1,540
- On 7 October 2015 HEINEKEN announced the acquisition of Diageo plc's shareholding in Jamaican formerly listed Desnoes Geddes ("D&G").
During 2016 HEINEKEN acquired 22.5% of the floating shares in D&G. HEINEKEN owned a 95.8% stake in D&G as at 31 December 2016.
- As of 7 October 2015 HEINEKEN has full ownership of GAPL Pte Ltd. ("GAPL"). GAPL owns 51% of the issued share capital of HEINEKEN Malaysia
Berhad, which is listed on the Malaysian Stock Exchange.
- On 15 October 2015 HEINEKEN completed the acquisition of a 53.4% stake of Pivovarna Lasko Union, d.o.o. (formerly known as Pivovarrna Lasko
d.d.) in Slovenia. Furthermore, during 2016 HEINEKEN acquired the remaining 46.6% floating shares in Pivovarna Lasko Union, d.o.o.
- On 1 December 2015 HEINEKEN completed the restructuring of its operations in South Africa and Namibia. In South Africa, HEINEKEN holds a
75% stake in both Heineken South Africa (Pty) Limited (formerly known as DHN Drinks (Pty) Limited) and in Sedibeng Brewery (Pty) Limited with
Namibian Breweries Limited ("NBL") holding a 25% stake in both entities.
- On 1 February 2016, HEINEKEN completed the sale of 80% in Distribev Sp. z o.o., Grupa Zywiec S.A.'s local sales and distribution company serving
the traditional trade and horeca market, to the Orbico Group.
- An agreement with Asia Brewery Incorporated to create AB HEINEKEN Philippines Inc, was announced on 27 May 2016. The transaction closed
on 15 November 2016.
Revenue increased by 1.4% to EUR 20,792 million. Currency developments had a negative impact of 5.6% (EUR 1,150 million), largely driven by the
depreciation of the Mexican peso, the Nigerian naira, and the British pound. The impact of consolidation changes was EUR 441 million, adding
2.2%. The organic revenue increase of 4.8% comprised of total consolidated volume growth of 2.6%, and a 2.2% increase in revenue per hectolitre.
Total expenses (beia) were EUR 17,252 million, up by 3.8% organically. On an organic basis, input costs increased by 10.8% and by 7.7% on a per
hectolitre basis predominantly due to adverse currency movements leading to a negative transactional FX impact. Marketing and selling (beia)
expenses increased organically by 4.9% to EUR 2,830 million, representing 13.6% of revenues (2015: 13.4%).
