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Heineken Financial Markets Conference 2013 Mexico City HEINEKEN FINANCIAL MARKETS CONFERENCE 2013 MEXICO CITY Winning in Mexico! MARC BUSAIN Managing Director, Cuauhtémoc Moctezuma Mexico City | December 5-6, 2013 | Heineken NV AGENDA Winning . A SUCCESSFUL ACQUISITION in Mexico! . OVERVIEW OF MEXICAN BEER MARKET . OUR STRATEGY TO WIN 2 CUAUHTÉMOC MOCTEZUMA: A RICH HISTORY IN MEXICO Serving consumer SCYF TEC DE EXPORTS TECATE inspired brands 1918 1973 Foundation of Sociedad MONTERREY Exported to the LIGHT for over 120 years 1992 Cuauhtémoc y Famosa, the 1943 USA since 1973 Cuauhtémoc Moctezuma pioneer institution for Leading University in Latin America is launches Tecate Light, the Mexican Social Security founded by Don first light beer in Mexico Institution preceded Mexico’s Eugenio Garza Sada IMSS and INFONAVIT 1890 1910 1920 1940 1950 1970 1980 1990 2010 FOUNDATION EMPAQUE TECATE MOCTEZUMA HEINEKEN 1890 1920 1954 1985 2010 Foundation of Ice Factory CM creates “Fábricas de Cervecería Cervecería Cuauhtémoc HEINEKEN and Cerveza Cuauhtémoc Monterrey” to have its own Cuauhtémoc acquires acquires Cervecería acquires FEMSA Monterrey, N.L.” supplier of packaging materials, Cervecería Tecate in Moctezuma Cerveza cans and bottles Baja California Introduction of Carta Heineken® Blanca to the national launch in the market Mexican market 3 SUCCESSFUL INTEGRATION PROCESS Seamless integration of . CULTURAL AWARENESS AS A INTEGRATION FEMSA Cerveza into CRITICAL SUCCESS FACTOR PROCESS PLAN HEINEKEN in 2010 whilst driving ongoing business growth . IMPLEMENTED NEW RTM STRUCTURE . Heineken® LOCAL PRODUCTION . STRONG INVESTMENT BEHIND BRANDS . ROLL-OUT OF CM’S ‘SIX’ BEER ORIENTED RETAIL STORES 4 STRONG DELIVERY OF COST SYNERGIES Expected cumulative . ~€220M OF COST SYNERGIES TO COST SYNERGY 320 cost savings of €320m BE GENERATED BY END 2013 PROGRESSION by end 2016 € MILLION 100 . ACHIEVED SAVINGS PRIMARILY FROM SUPPLY CHAIN AND ROUTE 220 TO MARKET RECONFIGURATION 58 . CONTRIBUTING ~20% OF HEINEKEN 57 TCM2 GLOBAL SAVINGS IN 1H13 72 . FURTHER OPTIMISING COST BASE: . ~€100M ADDITIONAL COST SAVINGS IDENTIFIED 33 . EXPECT TO REALISE APPROX. HALF IN 2014 (PART OF PREVIOUSLY ANNOUNCED TCM2 TARGETED SAVINGS) . BALANCE OF SAVINGS IN 2015 AND 2016 5 CM DELIVERING IMPRESSIVE TOP-LINE AND PROFIT GROWTH Operating profit REVENUE1 OPERATING PROFIT OPERATING PROFIT (beia) margin 2010-2013F (BEIA)1 2010-2013F (BEIA) MARGIN2 expansion of 520 basis points since €M €M 2010-2013F 2010 CAGR CAGR €M +6% +21% 18.1% 12.9% 2010 2013F 2010 2013F 2010 2013F 1 Includes domestic beer operations only 6 2 Includes domestic beer and export operations MEXICO IS HEINEKEN’S LARGEST MARKET HEINEKEN GROUP HEINEKEN GROUP HEINEKEN GROUP BEER VOLUME1 (2012) REVENUE1 (2012) OPERATING PROFIT (BEIA)1,2 (2012) Mexico Mexico Mexico 14% 11% 11% 1 Group beer volume and financials based on is consolidated business plus attributable share of joint ventures and associates; 2 Group operating profit (beia) excludes Head Office; Based on 2012FY proforma (including APB from 1 January 2012) 7 Mexico includes both domestic and export operations CUAUHTÉMOC MOCTEZUMA ORGANIZATION Local management team structure 1 MARKETING 2 SALES 3 LOGISTICS LEANDRO JOSEP AND CUSTOMER BERRONE FERRER SERVICE FRANCISCO CEO GARZA MARC BUSAIN 4 SUPPLY 5 HUMAN 6 CORPORATE . 18,000 EMPLOYEES CHAIN RESOURCES AFFAIRS JORGE JAVIER ARNULFO . 5 EXPATS MEILLÓN CASTAÑO TREVIÑO . 10 NATIONALITIES . 30 MEXICANS EXPATRIATED 7 GLOBAL 8 FINANCE INFORMATION MARC SERVICES GOUMANS CICERO 8 WILLIS AGENDA Winning . A SUCCESSFUL ACQUISITION in Mexico! . OVERVIEW OF MEXICAN BEER MARKET . OUR STRATEGY TO WIN 9 WELCOME TO MÉXICO! Attractive growth . POPULATION: 115 MILLION prospects for HEINEKEN . POSITIVE ECONOMIC OUTLOOK . GROWING MIDDLE CLASS . 4TH LARGEST BEER PROFIT POOL . +1 MILLION NEW CONSUMERS PER YEAR . #1 BEER EXPORTER IN THE WORLD 10 A POSITIVE ECONOMIC OUTLOOK An acceleration MEXICO FORMAL in economic growth GDP EMPLOYMENT in Mexico to be GROWTH GROWTH underpinned by 5.3% 5.2% ‘000 Number of new employees structural reforms 4.9% 4.7% 911 868 883 3.9% 3.9% 779 3.5% 699 639 591 393 0.9% 2011 2012 2013F 2014F 2015F 2016F 2017F 2018F 2011 2012 2013F 2014F 2015F 2016F 2017F 2018F 11 Source: Harbor International DYNAMIC DEMOGRAPHICS By 2017, Mexico will POPULATION POPULATION have >7 million new +18 AND BEER PYRAMID consumers of Millions by age bracket legal drinking age CONSUMPTION 83 76 73 70 MALE 0.1 90+ 0.1 FEMALE 67 65 63 0.6 80-89 0.7 59 60 56 58 70-79 1.7 52 1.5 2.8 60-69 3.2 4.7 50-59 5.2 6.8 40-49 7.5 8.2 30-39 9.2 9.6 20-29 10.2 11.3 10-19 11.0 11.4 0-9 10.9 2004 2006 2008 2010 2012 2017F Population +18 (LDA) (Millions) Per Capita (Liters) 12 Source: Canadean and CONAPO Source: CONAPO, 2012 RISING URBANIZATION & AN EMERGING MIDDLE CLASS Demographic TIJUANA . MEXICO CITY IS THE SECOND and Economic 2m population LARGEST CITY IN THE WESTERN changes signal opportunities HEMISPHERE to develop . 11 CITIES WITH >1 MILLION the premium PEOPLE segment MONTERREY . 86% URBANIZATION LEVEL 4m population EXPECTED BY 2020 (VS. 61% IN 1980) Urbanization . PURCHASING POWER AND level PUEBLA CONSUMPTION OF MIDDLE 90-100% 3m population CLASS HAS BEEN INCREASING 80-90% GUADALAJARA 60-80% 4.5m population OVER THE LAST 10 YEARS 50-60% 30-50% MEXICO CITY 20m population 13 Source: INEGI BEER IS THE ALCOHOLIC BEVERAGE OF CHOICE IN MEXICO Beer represents17% TOTAL BEVERAGE ALCOHOLIC of total beverage CONSUMPTION BEVERAGES consumption and 94% of alcoholic beverage DISTRIBUTION DISTRIBUTION consumption in Mexico 2013F 2013F Non- Beer Spirits Flavoured alcoholic beverages Wines & cider alcoholic 2% 1% 9% 3% Alcoholic 18% Carbonates 58% Water 15% 94% 14 Source: Canadean ATTRACTIVE GROWTH PROSPECTS FOR MEXICAN BEER Mexican beer market . €7.5BN BEER INDUSTRY VALUE BEER MARKET projected to grow at PROJECTIONS +2.6% an annualized rate of 2.6% through to 2020 . 60K DIRECT EMPLOYMENT 82 78 75 +2.5% 71 . 67 800K INDIRECT EMPLOYMENT 64 64 61 55 . 4% OF GOVERNMENT TAX INCOME 50 52 . >20 MHL EXPORTED 2000 2002 2004 2006 2008 2010 2012F 2014F 2016F 2018F 2020F 15 Source: Plato AGENDA Winning . A SUCCESSFUL ACQUISITION in Mexico! . OVERVIEW OF MEXICAN BEER MARKET . OUR STRATEGY TO WIN 16 CM STRATEGY TO WIN 1 BUILDING 2 CONSOLIDATE OUR 3 LEVERAGE STRATEGIC A WINNING SHARE IN STRONGHOLDS CHANNELS TO DRIVE NATIONAL WHILST ADVANCING IN VOLUME AND VALUE PORTFOLIO SELECTED CHALLENGER MARKETS Capabilities Cost Leadership Culture Sustainability 17 BUILDING A NATIONAL WINNING PORTFOLIO Consolidating . TECATE A LARGE AND GROWING SUPER PREMIUM our mainstream BRAND WITH CLEAR LEADERSHIP offering whilst developing IN LIGHT SEGMENT PREMIUM premium . IGNITING ADDITIONAL SOURCES OF GROWTH THROUGH ABOVE MAINSTREAM DOS EQUIS AND INDIO MAINSTREAM . STRENGTHENING REGIONAL MARKET POSITIONS THROUGH BELOW MAINSTREAM INVESTMENTS IN CARTA BLANCA AND SOL ECONOMY . LEADING THE DEVELOPMENT OF THE PREMIUM SEGMENT WITH Heineken® 18 EXCITING POTENTIAL FOR PREMIUM SEGMENT IN MEXICO Developing . DOUBLED VOLUME IN SUPER PREMIUM % SHARE and winning AND DOUBLE DIGIT GROWTH IN OF UPSCALE in the premium segment ABOVE MAINSTREAM BEER 0 5 10 15 20 25 30 35 40 . STRONG INVESTMENT BEHIND Heineken® DELIVERING SOLID France GROWTH FOR LONG TERM VALUE Italy USA . PROMISING START TO STRONGBOW GOLD Canada Brazil . STRONG INNOVATION PIPELINE FROM LOCAL / GLOBAL BRAND Mexico INITIATIVES India 19 Source: Canadean A TARGETED REGIONAL GROWTH STRATEGY Growing our MEXICO BEER CM MARKET SHARE market share in MARKET SHARE BY REGION stronghold regions, whilst OTHERS advancing in key challenger cities 1% >65% 35%-65% <35% 41% 58% GRUPO MODELO 20 Source: Canadean Source: Company Information WINNING IN CHALLENGER MARKETS Sustainable market CM CHALLENGER STRONG share gains in MARKETS OUTPERFORMANCE IN challenger markets through a strong CHALLENGER MARKETS brand portfolio, Volume CAGR (2011-2013F) quality penetration and a passionate +2.7x 6.2% team 2.3% Challenger Markets Total Domestic Challenger Markets 21 A SEGMENTED CHANNEL APPROACH Leveraging CM CHANNEL SPLIT capabilities in (2012 VOLUME) Deliver growth and strategic channels value from CM’s to drive volume SIX beer oriented and value growth Develop quality retail stores numerical distribution in the traditional off-trade Win in mixed accounts Capture market in the modern and share leveraging traditional off-trade OXXO expansion footprint in CM On Premise: Develop challenger markets premium and drive growth in profitable sub-segments 22 STRONG STRATEGIC PARTNERSHIPS Strategic alignment OXXO STORES GROWTH . BENEFITTING FROM OXXO with OXXO enabling (NO. OF OUTLETS) EXPANSION IN CHALLENGER brand penetration 10,568 and growth as retail MARKETS chain expands 9,543 nationally 8,400 . BUILDING BRANDS 7,374 6,374 . DEVELOP PREMIUM SEGMENT 5,563 . INCREASED OUTLET PRODUCTIVITY 2007 2008 2009 2010 2011 2012 23 SIX: OUR BEER ORIENTED RETAIL BUSINESS Beer oriented stores SIX . 30-50 SQUARE METERS OFF-PREMISE OUTLETS differentiated by service and a fun . CM DETERMINES LOCATION AND FORMAT shopping environment . BEER IS DESTINATION CATEGORY . LAND IS LEASED; ENTREPRENEURS MANAGE THE STORE INCENTIVIZED BY COMMISSIONS FOR BEER AND OTHER KEY CATEGORIES . TYPICAL CONSUMER - MALE 35-45 YEARS OLD; MONTHLY INCOME OF US$500 24 SIX IS A HIGHLY PROFITABLE RETAIL BUSINESS MODEL SIX: NUMBER . A UNIQUE PLATFORM OF OUTLETS TO DEVELOP THE BEER 11,289 CATEGORY 10,225 9,289 9,270 . 25% OF OUTLETS ARE LOCATED IN CENTER AND WEST MEXICO . IN 2013, OTHER KEY CATEGORIES ALSO CONTRIBUTED TO INCREASED PROFITABILITY 2010 2011 2012 2013F 25 FEDERAL TRADE COMMISSION AGREEMENTS We are committed KEY HOW CUSTOMER to full compliance COMMITMENTS AGREEMENTS WORK of the resolution 1 Open exclusive on-premise accounts . Written agreements in on- or off-premise to local microbrewers clients for exclusive sale of beer 2 Use a new format of exclusivity agreements . Most of the time through a pre-payment of for traditional channel and restaurants the expected margin to be earned by the client 3 Allow exclusive clients without a written agreement in traditional channel .
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