KEY HIGHLIGHTS
Net revenue (beia) organic growth -16.4%; net revenue (beia) per hectolitre -3.6%
Consolidated beer volume -11.5%
Heineken® volume -2.5%
Operating profit (beia) organic growth -52.5%
Net profit (beia) €227 million, -75.8% organically
Diluted EPS (beia) €0.39 (2019: €1.84).

FINANCIAL SUMMARY1
IFRS Measures € million Total growth BEIA Measures € million Organic growth2
Revenu 11,156 -18.0 %
Revenue (beia) 11,156 -15.5 %
Net revenu 9,243 -19.2 %
Net revenue (beia) 9,243 -16.4 %
Operating profit 85 -94.8 %
Operating profit (beia) 827 -52.5 %
Operating profit (beia) margin 8.9 %
Net profit -297 -131.7 %
Net profit (beia) 227 -75.8 %
Diluted EPS (in €) -0.52 -131.5 %
Diluted EPS (beia) (in €) 0.39 -78.6 %
Free operating cash flow -809
Net debt / EBITDA (beia)3 3.5x

1 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. 2 Organic growth shown, except for Diluted EPS (beia) which is total growth. 3 Includes acquisitions and excludes disposals on a 12 month pro-forma basis.

In the first half of 2020, HEINEKEN’s markets and businesses were materially impacted by the COVID-19 pandemic. Given the unprecedented nature of the situation, HEINEKEN has increased its disclosures. There are no changes vs the announcement of 16 July.


UPDATE ON OUR RESPONSE TO COVID-19

Since the beginning of the COVID-19 crisis, we have been adhering to three guiding principles. First, the health, safety and trust of our people is of paramount importance. Second, we do everything we can to safeguard the continuity of our business and protect the appeal of our brands. This includes supporting the business continuity of our customers and suppliers. And, third, we offer our support to communities that are most impacted by the pandemic.

In view of those principles, on 8 April 2020, we outlined our commitment to our people, customers, suppliers and communities in which we operate.

Significant efforts have been made within the organisation to support our employees in doing their jobs safely, by working from home where possible, and applying the standard COVID-19 preventive measures, including physical distancing, personal hygiene and disinfection protocols and providing sufficient personal protective equipment. In addition, to provide some security for our employees in these trying times, we have committed to not carry out structural lay-offs as a consequence of COVID-19 in 2020.

We have supported our on-trade customers across all regions with advice and tools to safely reopen, helping them set up home delivery and on-line businesses and supporting them financially, for example by waiving rental payments. Our Back the Bars initiative was launched to support on-trade customers in 21 countries and has raised over €10 million.

We continued to pay all suppliers on time and have also provided advanced payments to suppliers who were heavily impacted by COVID-19.

Pandemic relief totalling over €23 million has been deployed to front-line medical facilities, including donations of water, non-alcoholic beverages, hand sanitiser and monetary contributions.


TOP-LINE PERFORMANCE

Top-line performance was materially impacted as multiple countries took far-reaching measures to mitigate the spread of COVID-19 including restricted movement of populations, outlet closures and mandatory lockdown of production facilities. At this moment, none of our breweries are closed due to government restrictions.

Net revenue (beia) declined 16.4% organically driven by a 13.4% decline in total consolidated volume and a 3.6% decline in net revenue (beia) per hectolitre due to adverse channel, product and country mix effects. The underlying price mix on a constant geographic basis was down 1.3%.

Consolidated beer volume declined 11.5% organically. As expected, the impact of the COVID-19 crisis deepened in the second quarter when beer volume declined 19.4%. After a low point in April, volume started to gradually recover into June as lockdowns were lifted around the world and customers restored depleted inventories. Premium volume declined high-single digits, outperforming the rest of the portfolio, mainly driven by the resilience of Heineken®.

see & read more on
https://www.theheinekencompany.com/newsroom/heineken-nv-reports-2020-half-year-results/

tijd 09.09
De AEX 547,47 +2,18 +0,40% Heineken EUR 80,48 -1,76 vol. 42.000