Amsterdam, 20 April 2022 – Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) publishes its trading update for the first quarter of 2022.
Revenue growth 35.9%
Net revenue (beia) organic growth 24.9%; per hectolitre 18.3%
Beer volume 5.2% organic growth; premium volume 6.3% organically
Heineken® volume growth 12.9%
Outlook for full year 2022 unchanged
Dolf van den Brink, Chairman of the Executive Board / CEO, commented:
"We had a solid start to the year, in line with our expectations, especially benefitting from strong channel mix from the partial on-trade recovery of Europe and assertive pricing across all regions. We continue to make progress on EverGreen and launched Heineken® Silver in Europe to drive premiumisation at scale. Looking ahead, we see more macro-economic uncertainty and expect significant additional inflationary headwinds putting further pressure on our cost base. We will take additional actions including pricing to manage these challenges whilst we continue to invest in superior, balanced growth and sustainable value creation."
Driving Superior Growth
Revenue for the first quarter of 2022 was €6,989 million (2021: €5,145 million). Net revenue (beia) was €5,753 million and increased by 24.9% organically, with total consolidated volume growing by 5.7% and net revenue (beia) per hectolitre up 18.3%. The latter was driven by assertive pricing and premiumisation across all regions, as well as a positive channel mix effect, particularly in Europe. Currency translation positively impacted net revenue (beia) by €186 million or 4.3%, mainly driven by the Brazilian Real, the Mexican Peso and the Vietnamese Dong. The consolidation of United Breweries Limited (UBL) in India positively impacted net revenue (beia) by €200 million or 4.6%.
(in € million or %)
Net revenue (beia)
Beer volume grew 5.2% organically versus last year and came 2.8% ahead of 2019 on an organic basis. All regions contributed to the growth, especially Europe, given the low base last year due to the COVID-related restrictions in the on-trade. Asia Pacific returned to growth following the lockdown in the second part of last year. The Americas region recorded modest growth whilst Africa, Middle East & Eastern Europe continued its positive momentum.
(in mhl or %)
Africa, Middle East & Eastern Europe
José Federico Castillo Martinez
Director of Global Communication
Director of Investor Relations
Robin Achten / Anna Nawrocka
Corporate & Financial Communication Manager
Senior Investor Relations Analysts
HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 300 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 82,000 employees, we brew the joy of true togetherness to inspire a better world. Our dream is to shape the future of beer and beyond to win the hearts of consumers. We are committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. We operate breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on our Company's website and follow us on LinkedIn, Twitter and Instagram.
Market Abuse Regulation
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
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, developments in the ongoing COVID-19 pandemic and related government measures, 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.
1 Refer to the Glossary for an explanation of organic growth and other terms used throughout this report.