Resultados do 1º Semestre de 2021 da Heineken N.V.

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Amsterdam | August 2, 2021 | Heineken N.V.
Heineken N.V.
2021 Half Year Results
Dolf van den Brink, CEO
Harold van den Broek, CFO
1
Disclaimer
This presentation 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, prices of commodities and other goods 
and services, 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 presentation. 
HEINEKEN does not undertake any obligation to update these forward-looking statements contained in this 
presentation. Market share estimates contained in this press release are based on outside sources, such as specialised
research institutes, in combination with management estimates.
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Dolf van den Brink
CEO and Chairman of the Executive Board
2
4
HEINEKEN growth algorithm
Our unique strengths 
& opportunities
Continuous 
productivity 
improvements
Superior growth
Raise the bar on 
Sustainability & 
Responsibility and 
People strategy 
Long-term value creation 
Accelerated
investments 
& sharper 
resource
allocation
NAVIGATETHE CRISIS BUILD THE FUTURE
5
HY 2021 Highlights
Consolidated Beer Volume OG
+9.6%
Heineken® Volume
+19.6%
Net Revenue (beia) OG
+14.1%
Net Revenue (beia) OG per hl
+5.5%
Operating Profit (beia) OG
+109.3%
Operating Profit Margin (beia)
16.3%
Net Profit (beia) OG
+320.3%
5
Very strong performance, seizing the 
opportunity as restrictions lifted and 
adapting swiftly where restrictions renewed.
Operating profit more than doubled driven 
by top-line leverage, continued cost 
mitigations, structural cost savings, and 
phasing of marketing and sales into H2
Diluted EPS (beia) EUR
1.56
Heineken® performance remarkably 
strong, double-digit growth in >50 markets
6
AMEE Region
Volume recovery ahead of 2019 driven by Nigeria, the DRC, Ivory Coast, 
Burundi, Rwanda and Lebanon. 
Strong recovery in NIGERIA, ahead of the market. Premium grew c.60%, led 
by Heineken®, Tiger and Desperados. 
SOUTH AFRICA recovering, c50% growth and ahead of the market. Alcohol 
ban during July. 
Net Revenue (beia) OG
+30.4%
Operating Profit (beia) OG
+190.2%
Price Mix on constant geographic 
basis
+9.5%
Beer Volume OG
+16.8%
6
7
Americas Region
MEXICO grew mid-thirties, ahead of 2019. Launched Dos Equis Ultra Lager. 
SIX accelerated its growth.
In BRAZIL outperforming in premium and mainstream. Heineken® #1 brand 
in value in the off-trade. Started RTM transition and launched Tiger. 
HEINEKEN USA grew ahead of the market, driven by Heineken® and Dos 
Equis benefiting from innovations and on-trade reopening.
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Net Revenue (beia) OG
+25.7%
Operating Profit (beia) OG
+85.7%
Price Mix on constant geographic 
basis
+9.4%
Beer Volume OG
+16.7%
8
APAC Region
VIETNAM grew slightly, but strongly impacted last months. Mainstream 
grew mid-teens led by Larue and Bia Viet. 
CHINA strong double-digit Heineken® growth, led by Heineken® Silver. 
Encouraging initial volume and coverage of Amstel in first few months. 
INDONESIA up more than 40%, still significantly behind 2019. Launched 
Bintang Crystal. Restrictions remain nationwide, including Bali and Java. 
Net Revenue (beia) OG
+5.4%
Operating Profit (beia) OG
+15.9%
Price Mix on constant geographic 
basis
+3.0%
Beer Volume OG
-1.0%
8
Exciting news from India!
A market with huge potential!
 1.4 billion people consuming <2 litres per capita
 Fast growing middle-class
UBL – the market leader in India
 Century old legacy
 Iconic brands, led by Kingfisher 
 Robust production and distribution network
A top OpCo @ HEINEKEN
• Integration process starting
10
Europe Region
ON-TRADE showing signs of recovery in Q2, but still c.50% below 2019 in 
H1. 
OFF-TRADE growing ahead of 2019, driven by premium. Outperformed the 
market in Italy, France and Spain. 
PREMIUM portfolio grew in the low-teens driven by Heineken®, Desperados 
and Birra Moretti
LOW- AND NON-ALCOHOLIC portfolio grew c.10% led by Heineken® and 
Desperados Virgin 0.0
Net Revenue (beia) OG
+3.0%
Operating Profit (beia) OG
+359.1%
Price Mix on constant geographic 
basis
+0.8%
Beer Volume OG
+3.2%
10
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Double-digit growth markets
>50
Heineken® volume
+19.6% vs 2020
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Heineken®: Remarkable performance
Heineken® sponsored the EURO 2020
Heineken® Silver more than quadrupled its 
volume, driven by strong growth in Vietnam 
and China
Heineken® 0.0 grew c.40% and is now 
available in 95 markets
Heineken® volume
+16.7% vs 2019
1212
Big strides to become the Best Connected Brewer
B2B PLATFORMS
D2C PLATFORMS
 € 1 billion in digital sales value in H1, more than 2x last year
 >200k customers connected from traditional channels, >4x vs LY
 Now spanning 30 countries
 Beerwulf c.60% net revenue growth, driven by strong 
growth of home draught with The Sub and Blade.
 In Mexico c.90% volume growth
• 10% of Amstel Brazil’s media 
budget will support the 
LGBTQIA+ community
• Launched the “I am what I am” 
campaign to raise I&D visibility
• Indonesia’s breweries will use 
100% renewable energy by 2025 
• Investment in two rice husk 
biomass facilities and two rooftop 
solar systems
• HUSA partnered with Waze on 
responsible consumption
• Campaign enables greater 
reach with “when you drive 
never drink” messaging
• Brazil’s breweries will reach 
carbon neutrality by 2023
• Brazil will leverage improved 
efficiency, biogas recovery, 
sustainable biomass and PPAs
ENVIRONMENT ENVIRONMENT SOCIAL RESPONSIBLE
Operationalising our 2030 BaBW vision
CARBON IN BRAZIL CARBON IN INDONESIA AMSTEL IN BRAZIL WAZE AT HUSA
1414
Harold van den Broek
CFO/Member of the Executive Board
1515
Consolidation
impact
9,243
9,971
HY 2020 
Net revenue 
(beia)
Net rev/hlTotal volume
6.1%
Currency
translation
HY 2021 
Net revenue 
(beia)
€m
Organic increase 
€1,300m
+8.2%
Volume OG
+5.5%
Net rev/hl OG
Agile in the recovery
Net revenue (beia): 14.1% organic increase
0.1%
16
101
827
HY 2020 
Operating 
profit (beia)
Organic growth
904
Consolidation
impact
Currency
translation
1,628
HY 2021 
Operating 
profit (beia)
1
16
Operating profit (beia): +109.3% organic increase
Profit more than doubled
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Accelerated investments... …Enabled by productivity improvements
DIGITAL & TECHNOLOGY
Accelerated deployment of B2B platforms
Continued standardisation of ERP landscape
SUSTAINABILITY & RESPONSIBILITY
Net zero carbon
Water balancing, circularity & efficiency
MARKETING & SALES
Amplify our strong premium position
Expand our portfolio and innovate
ORGANISATIONAL REDESIGN
More than half of the benefit realised
Head-office redesign implemented April 1
COGS efficiency
SKU reduction
Logistics optimization
COMMERCIAL EFFECTIVENESS
Improved media ROI, led by the US
Reducing non-consumer facing spend
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€m unless otherwise stated - Beia HY 2021 HY 2020 Vs. LY
Operating Profit 1,628 827 +109.3%
Share of profit 96 21 +379.6%
Net Interest income & expenses -201 -232 +9.9%
Other net finance income & expenses -53 -65 +7.0%
Net Profit 896 227 +320.3%
ETR 30.9% 43.2%-1229bps
EPS (€) 1.56 0.39 +1.16
Net Debt/Ebitda 3.0x 3.5x -0.5x
Other key financial metrics
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384
809
213
Working capitalHY 2020 
FOCF
848
Cash flow from 
operations1
Capex2
13
Interest, dividend 
& income tax
650
HY 2021 
FOCF
€m
€m
1. Cash flow from operations before changes in working capital and after provisions and post-retirement obligations
2. Cash flow (used in/)from operational investing activities
Cash flow recovery driven by the cash from operations
2020
Increase our marketing and sales expenses in line with our 
original brand support plans.
Pandemic to continue to impact the rest of this year.
Operating profit margin in the 2nd half will be lower than the 2nd
half of 2020. Full year financial results expected to remain below 
2019.
Headwinds in input costs expected in 2nd half, and a material 
impact from commodity costs in 2022. Assertive pricing, 
revenue and cost management to mitigate.
Outlook
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Theme continues: cautious on outlook, agile in recovery.
On-track with strategic progress and confidence in achieving 
long-term ambitions
	Slide Number 1
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	Slide Number 3
	Slide Number 4
	HEINEKEN growth algorithm
	HY 2021 Highlights
	AMEE Region
	Americas Region
	APAC Region
	Slide Number 10
	Europe Region
	Slide Number 12
	Big strides to become the Best Connected Brewer
	Slide Number 14
	Slide Number 15
	Agile in the recovery
	Profit more than doubled
	Accelerated investments...
	Slide Number 19
	Cash flow recovery driven by the cash from operations
	Slide Number 21