Company Announcements

Heineken Holding N.V. reports 2021 full year results

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

Amsterdam, 16 February 2022 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) announces:

    Key Highlights  
  • The net result of Heineken Holding N.V.'s participating interest in Heineken N.V. for 2021 amounts to €1.663 million
  • Net revenue (beia) organic growth 12.2%; per hectolitre 8.3%
  • Consolidated beer volume 4.6% organic growth
  • Heineken® volume growth 17.4%, well ahead of 2019
  • Gross savings close to €1.3 billion, on-track to deliver €2 billion by 2023
  • Operating profit (beia) organic growth 43.8%, margin 15.6% (+331 bps)
  • Net profit (beia) €2,041 million, 80.2% organic growth
  • Diluted EPS (beia) €3.54 (2020: €2.00)
    Financial Summary1  

IFRS Measures € million Total
  BEIA Measures € million Organic
Revenue         26,583         11.8%   Revenue (beia)         26,583         11.4%
Net revenue         21,941         11.3%   Net revenue (beia)         21,901         12.2%
Operating profit         4,483         476.2%   Operating profit (beia)         3,414         43.8%
        Operating profit (beia) margin (%)         15.6%  
Net profit of
Heineken Holding N.V.
        1,663     Net profit (beia)         2,041         80.2%
Diluted EPS (in €)         5.77     Diluted EPS (beia) (in €)         3.54         76.8%
        Free operating cash flow         2,514  
        Net debt / EBITDA (beia)3 2.6x  

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. Page 13 includes a reconciliation versus IFRS metrics. These non-GAAP measures are included in internal management reports that are reviewed by the Executive Board of Heineken N.V., as they believe that this measurement is the most relevant in evaluating the results.
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.

During 2021, HEINEKEN deployed its EverGreen strategy across the business, designed to emerge stronger from the COVID-19 crisis and adapt to new external dynamics for superior and balanced growth with enhanced profitability, whilst simultaneously raising the bar on sustainability and responsibility.  

HEINEKEN's superior growth ambition is grounded in building a favourable geographic footprint, its strong premium beer brands, including non-alcoholic variants and developing winning beverage propositions in fast-growing segments.

Net revenue (beia) for the full year 2021 increased by 12.2% organically, with total consolidated volume growing by 3.6% and net revenue (beia) per hectolitre up 8.3%. The underlying price-mix on a constant geographic basis was up 7.1%, driven by assertive pricing and premiumisation, with the regions Americas and Africa, Middle East and Eastern Europe (AMEE) growing double-digits. Currency translation negatively impacted net revenue (beia) by €515 million or 2.6%, mainly driven by the Brazilian Real and the Nigerian Naira. The consolidation of United Breweries Limited (UBL) in India positively impacted net revenue (beia) by €280 million or 1.4%.

In the second half of the year, net revenue (beia) grew 10.6% organically. HEINEKEN took further pricing actions and accelerated net revenue (beia) per hectolitre growth to 11.0%. Underlying price-mix in the second half was up 8.8% primarily driven by Nigeria, Brazil, Mexico and Europe, the latter benefiting from an improved channel mix. Total consolidated volume declined slightly by 0.3%, mainly impacted by the restrictions in the Asia Pacific region.

Beer volume grew 4.6% organically for the full year. In the fourth quarter, beer volume grew 6.2%, benefiting from fewer restrictions in Europe relative to last year, continued momentum in the Americas and AMEE, and a sequential recovery in Asia Pacific (APAC) relative to the third quarter.

Beer volume1   4Q21     


(in mhl)            
Heineken N.V.           61.1           56.2           6.2%           231.2           221.6           4.6%

1 2021 volume reflects the shift of malt-based, unfermented, non-alcoholic drinks from Beer to Non-Beer Volume. Organic growth has been corrected.

Premium beer volume grew 10.0%, outperforming the portfolio in the majority of HEINEKEN's markets, and accounts for more than 60% of the total organic growth in beer volume in 2021. HEINEKEN's growth in premium is led by Heineken®, up 17.4%, significantly outperforming the total beer market and well ahead of 2019. The growth was broad-based with more than 60 markets growing double-digits in 2021.

The outstanding growth of Heineken® Original was further supported by the strong performance of its line extensions. Heineken® Silver more than doubled its volume, driven by excellent performances in China and Vietnam. Building on this success, HEINEKEN will roll-out Heineken® Silver internationally to reach more than 20 markets in 2022.

Heineken® volume   4Q21    Organic
  FY21    Organic
(in mhl)        
Total Heineken N.V.           13.3           24.1%           48.8           17.4%

    Outlook Statements  

HEINEKEN launched its EverGreen strategy in February 2021 to future-proof its business and deliver superior, balanced growth for sustainable, long-term value creation. It requires HEINEKEN to constantly navigate the long-term transformation with the short-term financial delivery under fast-changing external circumstances. HEINEKEN is encouraged by the progress made, witnessed by the strong performance of its business in 2021 and how EverGreen is taking shape.

In 2022, HEINEKEN will continue to navigate an uncertain environment and expect COVID-19 to still have an impact on revenues. HEINEKEN's plans assume markets in APAC to progressively bounce back during the year, yet full recovery of the on-trade in Europe may take longer.

HEINEKEN also expects to be significantly impacted by inflation and supply chain resilience pressures. More specifically, HEINEKEN expects its input cost per hectolitre (beia) to increase in the mid-teens, given its hedged positions and the sharp increase in the prices of commodities, energy and freight. HEINEKEN will offset these input cost increases through pricing in absolute terms, which may lead to softer beer consumption.

Reflecting HEINEKEN's confidence in the long-term, it intends to reverse the cost mitigation actions undertaken in 2021 and to further step up its investments in brand support and its digital and sustainability initiatives. This investment will be partially offset by further delivery of gross savings from our productivity programme. These changes are expected to have a greater impact in the first half of the year.

Overall, HEINEKEN expects a stable to modest sequential improvement in operating profit margin (beia) in 2022. Whilst continuing to target 17% operating margin (beia) in 2023 and operating leverage beyond, there is increased uncertainty given current and evolving economic and input cost circumstances. Therefore, HEINEKEN will update the 2023 guidance later in the year.

HEINEKEN also anticipates:

  • An average effective interest rate (beia) broadly in line with 2021 (2021: 2.7%)
  • Capital expenditure related to property, plant and equipment and intangible assets of around €2 billion (2021: €1.6 billion)
  • An effective tax rate (beia) of around 28% (2021: 29.9%), back to the level of 2019
    Total Dividend For 2021  

The Heineken N.V. dividend policy is to pay a ratio of 30% to 40% of full year net profit (beia). For 2021, a total cash dividend of €1.24 per share, representing an increase of 77.1% (2020: €0.70), and a payout ratio of 35.0%, in the middle of the range of the policy, will be proposed to the Annual General Meeting of Shareholders of Heineken N.V. on 21 April 2022 ("2022 AGM"). If approved, a final dividend of €0.96 per share will be paid on 3 May 2022, as an interim dividend of €0.28 per share was paid on 11 August 2021.

If Heineken N.V. shareholders approve the proposed dividend, Heineken Holding N.V. will, according to its Articles of Association, pay an identical dividend per share. A final dividend of €0.96 per share of €1.60 nominal value will be payable as of 3 May 2022.

Both the Heineken Holding N.V. shares and the Heineken N.V. shares will trade ex-dividend on 25 April 2022. The dividend payment will be subject to a 15% Dutch withholding tax.

    Translational Calculated Currency Impact  

The translational currency impact for 2021 was negative, amounting to €515 million on net revenue (beia), €98 million at operating profit (beia) and €43 million at net profit (beia).

Applying spot rates as of 14 February 2022 to the 2021 financial results as a base, the calculated currency translational impact would be positive, approximately €465 million in net revenue (beia), €65 million at operating profit (beia), and €45 million at net profit (beia).

    Board of Directors Composition  

Mr J.A. Fernández Carbajal will have completed his four-year appointment term upon conclusion of the Annual General Meeting of Shareholders of Heineken Holding N.V. on 21 April 2022 ('2022 AGM'). A non-binding nomination for the reappointment of Mr Fernández Carbajal shall be submitted to the 2022 AGM. He is a representative of FEMSA (that (in)directly holds a 14.76% economic interest in the HEINEKEN group), and his (re)appointment is based on the Corporate Governance Agreement, which was concluded between (among others) the Company and FEMSA on 30 April 2010 and which was approved by the Annual General Meeting of Shareholders on 22 April 2010 (in connection with the acquisition by Heineken N.V. of FEMSA’s beer activities). Mr Fernández Carbajal has been a member of the Board of Directors since 2010. The proposed reappointment is a deviation of the maximum number of terms for reappointment set out in the Dutch Corporate Governance Code, but is in accordance with the Articles of Association of the Company.

Mrs A.M. Fentener van Vlissingen and Mrs L.L.H. Brassey will have completed their four-year appointment term upon conclusion of the 2022 AGM. Mrs A.M. Fentener van Vlissingen and Mrs L.L.H. Brassey are eligible for reappointment as non-executive member of the Board of Directors of Heineken Holding N.V. for a period of four years and a non-binding recommendation shall be submitted to the 2022 AGM in this respect.

A non-binding recommendation, drawn up by the Board of Directors, will be submitted to the 2022 AGM to appoint Mr C.A.G. de Carvalho as non-executive member of the Board of Directors, for the maximum period of four years (i.e. until the end of the Annual General Meeting of Shareholders to be held in 2026). The proposed appointment of Mr C.A.G. de Carvalho, the youngest son of Mrs C.L. de Carvalho-Heineken, would continue the tradition of personal involvement in HEINEKEN by successive generations of the Heineken family. Mr C.A.G. de Carvalho (1991) is a national of the Netherlands and the United Kingdom. After graduating from Princeton University, Mr C.A.G. de Carvalho lived and worked in Asia. He worked in e-commerce for Lazada Group and gained experience with the beer sector while working for Schmatz Beer Dining, a German restaurant chain and beer brand. Mr C.A.G. de Carvalho is currently completing his Master of Business Administration at the Wharton School of the University of Pennsylvania.



Media Heineken Holding N.V.    
Kees Jongsma    
tel. +31 6 54 79 82 53    
Media   Investors
Sarah Backhouse   José Federico Castillo Martinez
Director of Global Communication   Investor Relations Director
Michael Fuchs   Robin Achten / Anna Nawrocka
Corporate & Financial Communications Manager   Investor Relations Senior Analysts
E-mail:   E-mail:
Tel: +31-20-5239355   Tel: +31-20-5239590

    Investor Calendar Heineken N.V.  

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

Combined financial and sustainability annual report publication 25 February 2022
Trading Update for Q1 2022 20 April 2022
Annual General Meeting of Shareholders 21 April 2022
Quotation ex-final dividend 2021 25 April 2022
Final dividend 2021payable 3 May 2022
Half Year 2022 Results 01 August 2022
Quotation ex-interim dividend 2022 03 August 2022
Interim dividend payable 11 August 2022
Trading Update for Q3 2022 26 October 2022

    Conference Call Details  

HEINEKEN will host an analyst and investor video webcast about its 2021 FY results combined with an update on the on-going strategic review at 14:00 CET/ 13:00 GMT/ 08.00 EST. This call will also be accessible for Heineken Holding N.V. shareholders. The live video webcast will be accessible via the Heineken N.V.’s website:

An audio replay service will also be made available after the webcast at the above web address. Analysts and investors can dial-in using the following telephone numbers:

United Kingdom (Local): 020 3936 2999
Netherlands: 085 888 7233
USA: 1 646 664 1960
All other locations: +44 20 3936 2999
Participation password for all countries: 589454

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 and non-alcoholic 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 "Brew 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 82,000 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 may contain 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, prices of commodities and other goods and services, 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.