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HY PR 2017 Heineken Holding NV MEDIA RELEASE Heineken Holding N.V. reports 2017 half year results Amsterdam, 31 July 2017 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) today announces: • The net result of Heineken Holding N.V.'s participating interest in Heineken N.V. for the first half year of 2017 amounts to €440 million • Organic revenue +5.7% with revenue per hectolitre up +3.4%1 • Consolidated beer volume +2.6% with growth in all regions • Heineken® volume +3.9% • Operating profit (beia) +11.8% organically and operating margin +34bps1 • Net profit (beia) of €1,036 million, up 10.5% organically • FY expectations unchanged FINANCIAL SUMMARY Key financials1,2,3 HY17 HY16 Total Organic (in mhl or € million unless otherwise stated) growth growth % % Revenue 10,475 10,094 3.8 5.7 Revenue/hl (in €) 91 91 -0.8 3.4 Operating profit (beia) 1,805 1,705 5.9 11.8 Operating profit (beia) margin 17.2% 16.9% 34 bps Net profit (beia) 1,036 977 6.0 10.5 Net profit of Heineken Holding N.V. 440 296 48.6 EPS (in €) 1.53 1.03 48.6 Free operating cash flow 746 541 37.9 Net debt/ EBITDA (beia)4 2.5 2.4 1 Excluding an accounting adjustment in the UK with no impact on operating profit, HEINEKEN organic revenue growth would have been +5.3%, organic revenue per hl +3.0%, and operating margin (beia) +41 bps. 2 Consolidated figures are used throughout this report, unless otherwise stated; please refer to the Glossary section for an explanation of terms used throughout this report. 3 A reconciliation between non-GAAP measures and IFRS measures is included in note 5 on page 17. 4 Includes acquisitions and excludes disposals on a 12 month pro-forma basis. Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company. Tweede Weteringplantsoen 5 - 1017 ZD Amsterdam Page 1 of 27 Registered Office at Amsterdam - Trade Register Amsterdam No. 33078624 MEDIA RELEASE FULL YEAR 2017 OUTLOOK STATEMENT ▪ Economic conditions are expected to remain volatile and HEINEKEN continues to assume a negative impact from currency comparable to 2016. ▪ Heineken expects further organic revenue and profit growth. ▪ Excluding major unforeseen macro economic and political developments as well as the impact of Brasil Kirin, Lagunitas and the proposed Punch acquisition, HEINEKEN expects continued margin expansion in 2017 in line with the medium term margin guidance of a year on year improvement in operating profit (beia) margin of around 40bps. ▪ Heineken expects an average interest rate broadly in line with 2016 (2016: 3.1%), and an effective tax rate (beia) also broadly in line with 2016 (2016: 28.3%). ▪ Capital expenditure related to property, plant and equipment should be slightly below €2 billion (2016: €1.8 billion). INTERIM DIVIDEND According to the Articles of Association of Heineken Holding N.V. both Heineken Holding N.V. and Heineken N.V. pay an identical dividend per share. In accordance with its dividend policy, HEINEKEN fixes the interim dividend at 40% of the total dividend of the previous year. As a result, an interim dividend of €0.54 per share of €1.60 nominal value will be paid on 10 August 2017. Both the Heineken Holding N.V. ordinary shares and the Heineken N.V. shares will trade ex-dividend on 2 August 2017. ENQUIRIES Media Heineken Holding N.V. Kees Jongsma Tel: +31 6 54 79 82 53 E-mail: [email protected] Media Heineken N.V. John-Paul Schuirink Michael Fuchs Director of Global Communication Financial Communication Manager E-mail: [email protected] Tel: +31-20-5239355 Investors Sonya Ghobrial Chris MacDonald / Aris Hernández Director of Investor Relations Investor Relations Manager / Analyst E-mail: [email protected] Tel: +31-20-5239590 Tweede Weteringplantsoen 5 - 1017 ZD Amsterdam Page 2 of 27 Registered Office at Amsterdam - Trade Register Amsterdam No. 33078624 MEDIA RELEASE INVESTOR CALENDAR HEINEKEN N.V. (events also accessible for Heineken Holding N.V. shareholders) Trading Update for Q3 2017 25 October 2017 What's Brewing Seminar, London 11 December 2017 Full Year 2017 Results 12 February 2018 Conference call details Heineken N.V. will host an analyst and investor conference call in relation to its 2017 HY results today at 10:00 CET/ 9:00 BST. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the website: www.theheinekencompany.com/investors/webcasts. An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers: Netherlands United Kingdom Local line: +31(0)20 716 8257 Local line: +44(0)20 3427 1914 National free phone: 0800 020 2576 National free phone: 0800 279 5736 United States of America Local line: +1212 444 0895 National free phone: 1877 280 1254 Participation/ confirmation code for all countries: 7694218 Editorial information: HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium beer and cider brands. Led by the Heineken® brand, the Group has a powerful portfolio of more than 250 international, regional, local and speciality beers and ciders. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brewing a Better World", sustainability is embedded in the business and delivers value for all stakeholders. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN employs over 80,000 employees and operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Heineken N.V. and Heineken Holding N.V. shares trade on the Euronext in Amsterdam. Prices for the ordinary shares may be accessed on Bloomberg under the symbols HEIA NA and HEIO NA and on Reuters under HEIN.AS and HEIO.AS. HEINEKEN has two sponsored level 1 American Depositary Receipt (ADR) programmes: Heineken N.V. (OTCQX: HEINY) and Heineken Holding N.V. (OTCQX: HKHHY). Most recent information is available on the website: www.theHEINEKENcompany.com and follow HEINEKEN via @HEINEKENCorp. Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company. Market Abuse Regulation This press release may contain price-sensitive information within the meaning of Article 7(1) of the EU Market Abuse Regulation. Tweede Weteringplantsoen 5 - 1017 ZD Amsterdam Page 3 of 27 Registered Office at Amsterdam - Trade Register Amsterdam No. 33078624 MEDIA RELEASE Disclaimer: 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, 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. Tweede Weteringplantsoen 5 - 1017 ZD Amsterdam Page 4 of 27 Registered Office at Amsterdam - Trade Register Amsterdam No. 33078624 MEDIA RELEASE INTRODUCTION This report contains the interim financial report of Heineken Holding N.V., headquartered in Amsterdam, the Netherlands. The interim financial report for the six months ending 30 June 2017 consists of the report of the Board of Directors, the statement of the Board and the condensed consolidated interim financial statements. REPORT OF THE BOARD OF DIRECTORS Heineken Holding N.V. has a 50.005% interest in the issued share capital (being 50.515% of the outstanding share capital) of Heineken N.V. Standing at the head of the HEINEKEN group, Heineken Holding N.V. is not an ordinary holding company. Since its formation in 1952, Heineken Holding N.V.’s object pursuant to its Articles of Association has been to manage or supervise the management of the HEINEKEN group and to provide services for Heineken N.V. Within the HEINEKEN group, the primary duties of Heineken N.V.’s Executive Board are to initiate and implement corporate strategy and to manage Heineken N.V. and its related enterprise. It is supervised in the performance of its duties by Heineken N.V.’s Supervisory Board. Because Heineken N.V. manages the HEINEKEN group companies, Heineken Holding N.V., unlike Heineken N.V., does not have an internal risk management and control system. Heineken Holding N.V. does not engage in any operational activities and employs no staff. Further information regarding the developments during the financial half year 2017 of Heineken N.V. and its related companies, and the material risks Heineken N.V. is facing is given in Heineken N.V.’s half year report. Pursuant to Article 5:25d Paragraph 4 Dutch Financial Markets Supervision Act (“Wet op het financieel toezicht”) we mention that Heineken Holding N.V.’s half year report has not been audited nor reviewed.
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