Financial Review
-
-
-
Net revenue
Total other expenses (beia)
Operating profit
Main changes in consolidation
Revenue
O O Qs
Report of the Executive Board
Report of the Supervisory Board
Financial Statements
Sustainability Review
Heineken N.V. Annual Report 2019 O
Other Information
Key figures1
In millions of
2018*
Currency
translation
Consolidation
impact and
IFRS16
Organic
growth
2019
Organic growth
Revenue
26,811
28,521
Eia -
78
Revenue (beia)
26,811
326
(89)
1,395
28,443
5.2
Excise tax expense (beia)
(4,340)
(48)
(31)
(131)
(4,550)
(3.0)
Net revenue (beia)
22,471
278
(119)
1,264
23,894
5.6
Total other expenses (beia)
(18,663)
(198)
98
(1,112)
(19,874)
(6.0)
Operating profit (beia)
3,808
80
(21)
153
4,020
3.9
Net interest income/(expenses) (beia)
(404)
(4)
(66)
40
(435)
9.7
Other net finance income/(expenses) (beia)
(57)
(6)
(62)
(7.9)
Share of net profit of assoc./JVs (beia)
161
56
10
228
6.1
Income tax expense (beia)
(880)
(20)
14
(87)
(974)
(9.7)
Non-controlling interests (beia)
(244)
(9)
(3)
(5)
(260)
(2.0)
Net profit (beia)
2,385
47
(20)
105
2,517
4.3
Eia
(472)
(351)
Net profit
1,913
2,166
1 Due to rounding, this table will not always cast.
Restated for IAS 37.
Net revenue grew 6.6% to €23,969 million. Net revenue (beia) increased by 5.6% organically to
€23,894 million, with total consolidated volume growth of 2.2% and an increase in net revenue (beia) per
hectolitre of 3.3%. Currency developments had a positive impact of €278 million, mainly driven by favourable
development versus the Euro of the Mexican Peso, the Vietnamese Dong and the US Dollar. The negative
impact of consolidation changes was €119 million, mainly related to China.
Total other expenses (beia) were €19,874 million, up 6.0% on an organic basis. Input costs increased
5% on a per hectolitre basis, due to inflation in commodities and adverse transactional currency impacts.
Marketing and selling (beia) expenses increased organically by 4.2% to €2,618 million, representing
11.0% of net revenue (beia) (2018:11.1%).
Operating profit grew by 16.4% to €3,633 million driven by the underlying growth and lower impact from
exceptional items. Operating profit (beia) was €4,020 million, up 3.9% organically. Growth was driven by
- On 1 April 2019 Grupa Zywiec S.A., a HEINEKEN subsidiary, completed the acquisition of 100% of the
share capital of Browar Namystów Sp. z o.o.
- On 29 April 2019 HEINEKEN completed all transactions to form a long-term strategic partnership with
China Resources Enterprise, Limited and China Resources Beer (Holdings) Co. Ltd. (CR Beer), including the
transfer of its operating entities in China to CR Beer. HEINEKEN's share of CR Beer's profits is reported with
a two month delay, starting on 1 July 2019.
- On 2 May 2019 HEINEKEN acquired a majority stake in Biela y Bebidas del Ecuador S.A. BIELESA.
- HEINEKEN has implemented IFRS 16 per 1 January 2019 by applying the modified retrospective method,
meaning that the 2018 comparative numbers are not restated. The impact from IFRS 16 on the contracts
in scope as per 1 January 2019 is excluded from the organic growth and is shown as a consolidation
impact in the financial review and consolidated metrics tables. Refer to note 4 for further details.
Revenue was €28,521 million, a growth of 6.4% (2018: €26,811 million). Revenue (beia) increased
organically 5.2% to €28,443 million (2018: €26,811 million).
