<Zï O Q,
Financial Review
-
Main changes in consolidation
Revenue and revenue (beia)
Net revenue (beia)
Total other expenses (beia)
Heineken N.V. Annual Report 2018
Report of the Executive Board
Report of the Supervisory Board
Financial Statements
Sustainability Review
Other Information
Key figures1
In millions of
20172
Currency
translation
Consolidation
impact
Organic growth
2018
Organic growth
Revenue
25,843
26,811
Eia
20
Revenue (beia)2
25,863
(1,131)
500
1,579
26,811
5.9
Excise tax expense
(4,234)
123
14
(242)
(4,340)
(4.8)
Net revenue (beia)2
21,629
(1,008)
514
1,337
22,471
6.1
Total other expenses (beia)
(17,869)
832
(470)
(1,096)
(18,603)
(6.0)
Operating profit (beia)
3,759
(176)
43
241
3,868
6.4
Net interest income/(expenses) (beia)
(374)
9
(42)
2
(405)
0.4
Other net finance income/(expenses) (beia)
(136)
3
(5)
82
(57)
59.9
Share of net profit of assoc./JVs (beia)
153
(9)
5
13
161
8.2
Income tax expense (beia)
(897)
43
8
(54)
(900)
(6.0)
Non-controlling interests (beia)
(258)
14
4
(3)
(244)
(1.2)
Net profit (beia)
2,247
(116)
14
280
2,424
12.5
Eia
(312)
(521)
Net profit
1,935
1,903
1 Due to rounding, this table will not always cast.
2 Restated to reflect the impact of adopting IFRS 15.
- On 4 May 2017 HEINEKEN acquired all the remaining shares in Lagunitas Brewing Company.
- On 31 May 2017 HEINEKEN completed the acquisition of Brasil Kirin Holding S.A. from Kirin Holdings
Company Limited.
- On 29 August 2017 HEINEKEN completed, through HEINEKEN UK, a back-to-back deal to acquire Punch
Securitisation A ('Punch').
- On 1 September 2017 HEINEKEN transferred HEINEKEN Belarus to Oasis Group who now owns and
operates the business and has entered into licence and distribution agreements with HEINEKEN.
- On 30 November 2017 HEINEKEN completed, through HEINEKEN Asia Pacific, the merger of its business
in Mongolia with APU JSC. HEINEKEN retains 25% of the merged business.
- On 1 December 2017 HEINEKEN Nederland B.V. entered into a strategic partnership for its Beer Cider
logistics in the Dutch Out-of-Home market with Sligro Food Group N.V. Simultaneously, HEINEKEN
Nederland B.V. divested its wholesale operations for the other (non-Beer Cider) product categories
to Sligro Food Group N.V.
Revenue (beia) increased organically 5.9% to €26,811 million (2017: €25,863 million). Reported revenue was
€26,811 million (2017: €25,843 million).
Net revenue (beia) increased by 6.1% organically to €22,471 million, with total consolidated volume growth
of 4.0% and a 2.0% increase in net revenue (beia) per hectolitre. Currency developments had a negative
translational impact of €1,008 million, mainly driven by the adverse development versus the Euro of the
Brazilian Real, the Mexican Peso, the Nigerian Naira and the Vietnamese Dong. The positive impact of
consolidation changes was €514 million mainly related to Brazil.
Total other expenses (beia) were €18,603 million, up by 6.0% on an organic basis. Input costs increased
organically by 8.1% and by 3.6% on a per hectolitre basis, mainly in packaging materials (commodities
inflation and adverse transactional currency impact). Marketing and selling (beia) expenses increased
organically by 1.5% to €2,494 million, representing 11.1% of net revenues (2017 restated: 11.6%).