Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) today publishes its trading update for the first quarter of 2018.

▪ Consolidated beer volume +4.3% organically, with growth in Asia Pacific, Americas, and Africa, Middle East & Eastern Europe more than offsetting lower volume in Europe.
▪ Heineken® volume +8.1%.

The first quarter is seasonally less significant in terms of both volume and profit to full year HEINEKEN results.

Jean-François van Boxmeer, Chairman of the Executive Board & CEO, commented: «Performance in the first quarter was in line with expectations, with volume growth benefiting from an earlier timing of Easter this year and a slow start last year. The Heineken® brand grew by 8.1% and we saw continued growth momentum in key markets around the world. In Europe, volumes were negatively impacted by cold weather across the region. Our full year guidance remains unchanged.»


Heineken® volume grew organically by 8.1% in the first quarter. Key markets contributing to this growth included Brazil, South Africa, Russia, Nigeria, Italy, Mexico and Vietnam. This more than offset lower volumes in the US, the Netherlands and China.


• Consolidated beer volume grew organically by 6.1%.
• In Nigeria beer volume declined high single digit, partly due to some destocking at the distributor level.
• In Russia beer volume was up double digit benefiting from a low comparative last year and a positive performance of the Heineken® brand.
• In South Africa total volume showed strong double digit growth mainly driven by Heineken®.
• Ethiopia and Ivory Coast continued to deliver double digit beer volume growth.
• In Egypt, beer volume was up double digit helped by an increase in tourism and favourable comparatives versus last year.
• In the DRC, beer volume declined double digit as the price increases of last year impacted affordability.


• Consolidated beer volume grew organically by 6.8%.
• In Mexico beer volume was up high single digit with Tecate, Dos Equis and Heineken® all having performed strongly.
• In Brazil beer volume grew organically double digit against a low comparable. Heineken®, Amstel, Sol and the beer portfolio acquired from Brasil Kirin continued to deliver double digit volume growth.
• Beer volume at HEINEKEN USA declined high single digit in a declining US beer market.

Asia Pacific

• Consolidated beer volume was up organically 11.3%.
• In Vietnam beer volume was up double digit driven by the strong performance of the Tiger brand and favourable timing of the Tet lunar new year.
• In Cambodia, Malaysia and New Zealand beer volume grew double digit.
• In Indonesia beer volume was down double digit partly due to lingering disruption in tourism following the volcanic eruption in Bali at the end of 2017.


• Consolidated beer volume declined organically by 1.7% as the benefit of an earlier Easter was more than offset by colder weather.
• In the UK total volumes were down mid single digit.
• In Poland and the Netherlands beer volumes were down mid single digit also due to reduced promotional activity.
• In France, Spain, and Austria beer volumes declined low single digit.
• Performance was strong in Italy where beer volume grew double digit, partly supported by increased promotional activity.

Reported net profit in the quarter was €260 million (2017: €293 million). Net profit (beia) was higher than last year.

Using spot rates as at 12 April 2018 for the remainder of this year, the calculated negative currency translational impact would be approximately €200 million at consolidated operating profit (beia), and €115 million impact at net profit (beia).

Organic growth in volume excludes the effect of consolidation changes.
For a full list of definitions see the HEINEKEN N.V. FY2017 results release on 12 February 2018.