Heineken N.V. 2018 full year BEIA measures
05 August 2019 - 5:00PM
Heineken N.V. 2018 full year BEIA measures
Amsterdam, 5 August 2019 – Heineken N.V. (EURONEXT: HEIA; OTCQX:
HEINY) issues the following technical announcement:
2018 FULL YEAR BEIA METRICS (RESTATED FOR IAS 37)1
HEINEKEN published its half year results on 29 July 2019,
including a restatement of its half year 2018 beia financial
metrics as well as of the balance sheet as of 31 December 2018 due
to changes in accounting policies related to IAS 37. The present
announcement includes the impact on the corresponding beia
financial metrics for the full year of 2018 due to the restatement
for IAS 37. These changes do not impact cash or free operating cash
flow. For an explanation of the changed accounting policy on
payments relating to contingent liabilities please refer to page
2.
Impact of restatement for IAS 37 on full
year 2018 beia metrics
In €million unless otherwise stated & consolidated figures
unless otherwise stated |
FY18 |
IAS 37 |
FY18 restated |
Africa, Middle East & Eastern Europe |
|
|
|
Net revenue (beia) |
3,051 |
|
|
3,051 |
|
Operating profit (beia) |
411 |
|
|
411 |
|
Operating profit (beia) margin |
13.5% |
|
|
13.5% |
|
|
|
|
|
Americas |
|
|
|
Net revenue (beia) |
6,781 |
|
|
6,781 |
|
Operating profit (beia) |
1,178 |
|
-60 |
|
1,118 |
|
Operating profit (beia) margin |
17.4% |
|
-88
bps |
|
16.5% |
|
|
|
|
|
Asia Pacific |
|
|
|
Net revenue (beia) |
2,919 |
|
|
2,919 |
|
Operating profit (beia) |
943 |
|
|
943 |
|
Operating profit (beia) margin |
32.3% |
|
|
32.3% |
|
|
|
|
|
Europe |
|
|
|
Net revenue (beia) |
10,348 |
|
|
10,348 |
|
Operating profit (beia) |
1,452 |
|
|
1,452 |
|
Operating profit (beia) margin |
14.0% |
|
|
14.0% |
|
|
|
|
|
Head Office & Eliminations |
|
|
|
Net revenue (beia) |
-628 |
|
|
-628 |
|
Operating profit (beia) |
-116 |
|
|
-116 |
|
|
|
|
|
Heineken N.V. |
|
|
|
Net revenue (beia) |
22,471 |
|
|
22,471 |
|
Total
expenses (beia) |
-18,603 |
|
-60 |
|
-18,663 |
|
Operating profit (beia) |
3,868 |
|
-60 |
|
3,808 |
|
Operating profit (beia) margin |
17.2% |
|
-26 bps |
|
16.9% |
|
Share of
net profit of associates /JVs (beia) |
161 |
|
|
161 |
|
Net
Interest income / (expenses) (beia) |
-405 |
|
1 |
|
-404 |
|
Other
net finance income / (expenses) (beia) |
-57 |
|
|
-57 |
|
Income
tax expense (beia) |
-900 |
|
20 |
|
-880 |
|
Minority
Interests (beia) |
-244 |
|
|
-244 |
|
Net profit (beia) |
2,424 |
|
-39 |
|
2,385 |
|
Diluted
EPS (beia) (in €) |
4.25 |
|
-0.07 |
|
4.18 |
|
|
|
|
|
Note: due to rounding, this table will not always cast |
1 Please refer to the glossary for an explanation of non-GAAP
measures
Payments relating to contingent
liabilities (IAS 37)Following the IFRS Interpretations
Committee agenda decision in January 2019 regarding tax deposits,
HEINEKEN has changed its accounting policy with regards to payments
relating to contingent liabilities.
Payments relating to contingent liabilities are now, in
accordance with the conceptual framework, recognised as an asset on
the balance sheet when it is probable (>50%) that HEINEKEN will
recover the payment. Previously, these payments were contingent
assets under IAS 37, and recognized if the recovery was virtually
certain (>95%). In all other cases, they were accounted for
directly in the profit and loss statement, if and when cash was
actually recovered.
Significant judgement is applied for identifying and accounting
for payments relating to contingent liabilities. The change in
accounting policy in relation to estimating the likelihood,
determining the timing of potential cash inflows and the
recoverability is complex and requires significant judgement.
Glossary
Acquisition-related intangible
assetsAcquisition-related intangible assets are assets
that HEINEKEN only recognises as part of a purchase price
allocation following an acquisition. This includes, among others,
brands, customer-related and certain contract-based
intangibles.
BeiaBefore exceptional items and amortisation
of acquisition-related intangible assets.
Earnings per share (EPS)Basic Net profit
divided by the weighted average number of shares – basic – during
the year. DilutedNet profit divided by the weighted average
number of shares – diluted – during the year.
EiaExceptional items and amortisation of
acquisition-related intangible assets.
Exceptional items Items of income and expense
of such size, nature or incidence, that in the view of management
their disclosure is relevant to explain the performance of HEINEKEN
for the period.
Free operating cash flowThis represents the
total of cash flow from operating activities and cash flow from
operational investing activities.
Net profitProfit after deduction of
non-controlling interests (profit attributable to shareholders of
the Company).
Net revenueRevenue as defined in IFRS 15 (after
discounts) minus the excise tax expense for those countries where
the excise is borne by HEINEKEN.
Weighted average number of sharesBasicWeighted
average number of outstanding shares. DilutedWeighted average
number of outstanding shares and the weighted average number of
ordinary shares that would be issued on conversion of the dilutive
potential ordinary shares into ordinary shares as a result of
HEINEKEN's share-based payment plans.
ENQUIRIES
Media |
Investors |
John-Paul Schuirink |
Jose
Federico Castillo Martinez |
Director of
Global Communication |
Director of
Investor Relations |
Michael Fuchs |
Janine
Ackermann / Aris Hernández |
Financial
Communication Manager |
Investor
Relations Manager / Analyst |
E-mail:
pressoffice@heineken.com |
E-mail:
investors@heineken.com |
Tel:
+31-20-5239355 |
Tel:
+31-20-5239590 |
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
portfolio of more than 300 international, regional, local and
specialty beers and ciders. We are 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. HEINEKEN has a well-balanced
geographic footprint with leadership positions in both developed
and developing markets.We employ over 85,000 employees and operate
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 HEINEKEN's website:
www.theHEINEKENcompany.com and follow us on Twitter via
@HEINEKENCorp.
Disclaimer:This press release may contain 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.
- Heineken N.V. 2018 full year BEIA measures
Heineken (EU:HEIA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Heineken (EU:HEIA)
Historical Stock Chart
From Apr 2023 to Apr 2024