Company Announcements

Heineken Holding N.V. reports 2020 half year results

Source: OMX
Heineken Holding N.V. reports 2020 half year results

Amsterdam, 3 August 2020 – 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 2020 amounts to €-149 million
  • 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 


IFRS Measures€ millionTotal growth  BEIA Measures  € million  Organic growth2
Revenue11,156  -18.0 % Revenue (beia)11,156  -15.5 %
Net revenue9,243  -19.2 % Net revenue (beia)9,243  -16.4 %
Operating profit85  -94.8 % Operating profit (beia)827  -52.5 %
    Operating profit (beia) margin8.9 % 
Net profit of
Heineken Holding N.V.
-149  -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)33.5x   

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.

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.

In the first half of 2020, HEINEKEN’s markets and businesses were materially impacted by the COVID-19 pandemic. There are no changes vs HEINEKEN's announcement of 16 July.


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

In view of those principles, on 8 April 2020, HEINEKEN outlined its commitment to its people, customers, suppliers and communities in which HEINEKEN operates.

Significant efforts have been made within HEINEKEN to support its 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 HEINEKEN employees in these trying times, HEINEKEN has committed to not carry out structural lay-offs as a consequence of COVID-19 in 2020.

HEINEKEN has supported its 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. HEINEKEN's Back the Bars initiative was launched to support on-trade customers in 21 countries and has raised over €10 million.

HEINEKEN continued to pay all suppliers on time and has 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. 


The COVID-19 pandemic constitutes a major negative macroeconomic development and as such it is having a significant impact on HEINEKEN's markets and on its business in 2020. On 8 April, HEINEKEN withdrew all guidance for 2020 given the lack of visibility on the end date of the pandemic and the duration of its impact. Although HEINEKEN observes a gradual recovery since the trough in April across most markets, the situation continues to be volatile and uncertain. As a consequence, HEINEKEN is only able to share directional information for the remainder of the year.

Product and channel mix is expected to continue to adversely impact results, especially in Europe, as the on-trade continues to be more affected than the off-trade. As a consequence, input costs per hectolitre are expected to continue to be significantly higher than last year.

HEINEKEN has taken mitigating actions and will further intensify its focus on costs, balancing the reduction of discretionary expenses with providing sufficient support behind its brands and route to market. Non-committed supply chain CAPEX will continue to be suspended, while commercial CAPEX will resume if and when required to support HEINEKEN's current and future top-line growth.

Significant uncertainty remains on the impact of the COVID-19 pandemic, including risks related to containment measures, supply chain continuity, cyber-security incidents and macro economic downturn in general.

Given the circumstances, HEINEKEN expects to continue to provide incremental disclosures of the material effects of the COVID-19 crisis on HEINEKEN's markets and businesses. The next update will come with the third quarter trading update.


Media Heineken Holding N.V. 
Kees Jongsma 
Tel. +31-6-54798253 
Tim van der ZandenJosé Federico Castillo Martinez
Director of Global CommunicationInvestor Relations Director
Michael FuchsJanine Ackermann / Robin Achten
Financial Communications ManagerInvestor Relations Manager / Senior Analyst
E-mail: pressoffice@heineken.comE-mail:
Tel: +31-20-5239355Tel: +31-20-5239590


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

Trading Update for Q3 202028 October 2020
Full Year 2020 Results10 February 2021



HEINEKEN will host an analyst and investor conference call in relation to its 2020 HY results today at 10:00 CET/ 9:00 GMT. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the website: 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:

United Kingdom (Local): 020 3936 2999
Netherlands (Local): 085 888 7233
USA: 1 646 664 1960
All other locations: +44 20 3936 2999 
Participation password for all countries: 239940

Editorial information:
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.

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. 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. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN employs over 85,000 employees and operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Heineken Holding N.V. and Heineken N.V. shares trade on the Euronext in Amsterdam. Prices for the ordinary shares may be accessed on Bloomberg under the symbols HEIO NA and HEIA NA and on Reuters under HEIO.AS and HEIN.AS . HEINEKEN has two sponsored level 1 American Depositary Receipt (ADR) programmes: Heineken Holding N.V. (OTCQX: HKHHY) and Heineken N.V. (OTCQX: HEINY). Most recent information is available on the websites: and and follow HEINEKEN on Twitter via @HEINEKENCorp.

Market Abuse Regulation:
This press release contains price-sensitive information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

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, developments in the ongoing COVID-19 pandemic and related government measures, 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.