Company Announcements

Heineken Holding N.V. reports 2021 half year results

Source: OMX
Heineken Holding N.V. reports 2021 half year results

Amsterdam, 2 August 2021 – 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 2021 amounts to €517 million
  • Net revenue (beia) €9,971 million, +14.1% organic growth
  • Net revenue (beia) organic growth per hectolitre +5.5%
  • Consolidated beer volume organic growth +9.6%
  • Heineken® volume +19.6%
  • Operating profit (beia) organic growth +109.3%
  • Net profit (beia) €896 million, +320.3% organic growth
  • EverGreen strategy deployment at HEINEKEN has started
  • Full year expectations unchanged: financial results to remain below 2019.


IFRS Measures € million Total
  BEIA Measures € million Organic growth2
Revenue 11,970    7.3  %   Revenue (beia) 11,970 13.1  %
Net revenue 10,010    8.3  %   Net revenue (beia) 9,971 14.1  %
Operating profit 1,717    1,920.0  %   Operating profit (beia) 1,628 109.3  %
        Operating profit (beia) margin 16.3%  
Net profit of
Heineken Holding N.V.
517    448.1  %   Net profit (beia) 896 320.3  %
Diluted EPS (in €) 1.80    446.2  %   Diluted EPS (beia) (in €) 1.56 295.5  %
        Free operating cash flow 650  
        Net debt / EBITDA (beia)3 3.0x  

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.


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. In 2020, HEINEKEN by exception deviated from this policy, as no interim dividend was paid in August 2020.

For 2021, HEINEKEN will apply its regular policy and pay an interim dividend of €0.28 per share (2020: nil) on 11 August 2021. Both the Heineken Holding N.V. shares and the Heineken N.V. shares will trade ex-dividend on 4 August 2021.


The COVID-19 pandemic continues to present challenges for the world with the biggest impact for HEINEKEN's business currently in Asia. HEINEKEN expects the rest of the year will continue to be volatile, with some markets gradually recovering while others continue to implement restrictions until vaccinations are more broadly rolled out.

Furthermore, HEINEKEN expects headwinds in input costs in the second half of 2021 and a material impact from commodity costs in 2022. HEINEKEN will be assertive on pricing and drive revenue and cost management to face this challenge; however HEINEKEN expects margin pressure to intensify in the second half. In addition, HEINEKEN will increase its marketing and sales expenses investment behind growth initiatives versus last year, fully in line with HEINEKEN's original full year brand plans.

As a consequence, HEINEKEN expects operating profit margin (beia) to be lower in the second half compared with the second half of last year, and as indicated before, full year financial results are expected to remain below 2019.

HEINEKEN also anticipates:

  • An average effective interest rate (beia) of around 2.7% (2020: 3.0%)
  • Capital expenditure related to property, plant and equipment and intangible assets of around €1.8 billion (2020: €1.6 billion)
  • The effective tax rate (beia) to stay above 2019 level due to the effect of fixed cost components in the tax line.


Based on the impact to date, and applying spot rates of 28 July 2021 to the 2020 financial results as a baseline for the remainder of the year, the calculated negative currency translational impact would be approximately €450 million in net revenue (beia), €90 million at consolidated operating profit (beia), and €40 million at net profit (beia).


Media Heineken Holding N.V.  
Kees Jongsma  
Tel. +31-6-54798253  
Media Investors
Sarah Backhouse José Federico Castillo Martinez
Director of Global Communication Investor Relations Director
Michael Fuchs Janine Ackermann / Robin Achten
Global Corporate and Financial
Communications Manager
Investor Relations Manager / Senior 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 2021 27 October 2021
Full Year 2021 Results 16 February 2022


HEINEKEN will host an analyst and investor conference call in relation to its 2021 HY results today at 14:00 CET/ 13:00 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: +44 203 936 2999
Participation password for all countries: 241538

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 80,000 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.