Amsterdam, 29 July 2019 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) announces:

  • The net result of Heineken Holding N.V.’s participating interest in Heineken N.V. for the first half year of 2019 amounts to €471 million
  • Net revenue (beia) organic growth +5.6%; net revenue (beia) per hectolitre +3.0%
  • Consolidated beer volume +3.1%
  • Heineken® volume +6.9%
  • Operating profit (beia) organic growth +0.3%, full year expectation unchanged
  • Operating profit (beia) margin 15.6% (-47 bps)1
  • Net profit (beia) €1,054 million, -1.2% organically


BEIA Measures


€ million Organic growth3 IFRS Measures


Total growth
Revenue (beia) 13,597 5.3 % Revenue 13,597 5.9 %
Net revenue (beia) 11,446 5.6 % Net revenue 11,443 6.0 %
Operating profit (beia) 1,781 0.3 % Operating profit 1,648 13.1 %
Operating profit (beia) margin1 15.6 %
Net profit (beia) 1,054 -1.2 % Net profit of Heineken Holding N.V. 471 -1.7 %
Diluted EPS (beia) (in €) 1.84 -0.8 % Diluted EPS (in €) 1.64 -1.2 %
Free operating cash flow 578
Net debt / EBITDA (beia)4 2.9x


1 Last year restated for IAS 37. Please refer to page 16 for more details.

2 Consolidated figures are used throughout this report, unless otherwise stated; please refer to the Glossary for an explanation of non-GAAP measures and other terms used throughout this report.

3 Organic growth shown, except for Diluted EPS (beia) which is total growth. The impact from IFRS 16 is reflected on all metrics, but is excluded from the organic growth calculation.

4 Includes acquisitions, excludes disposals and includes first time impact of IFRS 16 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.



For 2019, HEINEKEN expects the following:

  • Continued volatility in economic conditions
  • Superior top-line growth driven by volume, price and premiumisation
  • Mid-single digit increase of input and logistic costs per hectolitre
  • Continued cost management initiatives and productivity improvements, together with investment in e-commerce and technology upgrades.


Given this, HEINEKEN expects operating profit (beia) to grow by mid-single digit on an organic basis, excluding any major unforeseen macro economic and political developments.


HEINEKEN also anticipates:

  • An average interest rate (beia) slightly below last year (2018: 3.2%)
  • An effective tax rate (beia) around 28% (2018 restated: 26.3%)
  • Capital expenditure related to property, plant and equipment slightly above €2 billion (2018: €1.9 billion).


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 €0.64 per share (2018: €0.59) will be paid on 8 August 2019. Both the Heineken Holding N.V. shares and the Heineken N.V. shares will trade ex-dividend on 31 July 2019.



Media Heineken Holding N.V.
Kees Jongsma
Tel: +31-6-54798253
Media Heineken N.V. Investors
John-Paul Schuirink Federico Castillo
Director of Global Communication Director of Investor Relations
Michael Fuchs Janine Ackermann / Aris Hernández
Financial Communication Manager Investor Relations Manager / Analyst
E-mail: E-mail:
Tel: +31-20-5239355 Tel: +31-20-5239590



(events also accessible for Heineken Holding N.V. shareholders)

Trading Update for Q3 2019 23 October 2019
Full Year 2019 Results 12 February 2020



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