Company Announcements

Heineken Holding N.V. reports 2022 full year results

Source: OMX
Heineken Holding N.V. reports 2022 full year results

Amsterdam, 15 February 2023 – 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 2022 amounts to €1,343 million
  • Revenue growth 30.4%
  • Net revenue (beia) 21.2% organic growth; per hectolitre 13.9%
  • Beer volume 6.9% organic growth; premium beer volume 11.4%; Heineken® volume 12.5%
  • Gross savings at €1.7 billion, on-track to deliver ahead of €2 billion by 2023
  • Operating profit €4,283 million; operating profit (beia) 24.0% organic growth
  • Operating profit (beia) margin 15.7%
  • Net profit €2,682 million; net profit (beia) 30.7% organic growth
  • Full year 2023 outlook unchanged, operating profit (beia) expected to grow organically mid- to high-single-digit


  Financial Summary1

IFRS Measures € million Total
  BEIA Measures € million Organic
Revenue 34,676 30.4 %   Revenue (beia) 34,643 19.1 %
Net revenue 28,719 30.9 %   Net revenue (beia) 28,694 21.2 %
Operating profit 4,283 -4.5%   Operating profit (beia) 4,502 24.0 %
        Operating profit (beia) margin (%) 15.7 %  
Net profit of Heineken Holding N.V. 1,343     Net profit (beia) 2,836 30.7 %
Diluted EPS (in €) 4.66     Diluted EPS (beia) (in €) 4.92 38.9 %
        Free operating cash flow 2,409  
        Net debt / EBITDA (beia)3 2.1x  

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, as management believes 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 2022 HEINEKEN accelerated the deployment of its EverGreen strategy, designed to future-proof HEINEKEN and deliver superior, balanced growth in a fast-changing world. HEINEKEN's dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is also shaping the future with its ambition to become the best digitally connected brewer, raising the bar on sustainability and responsibility and evolving its culture, operating model and capabilities. At the same time, we are stepping up on productivity to fund the investments required and improve profitability and capital efficiency.

HEINEKEN's superior and balanced growth ambition is grounded in its advantaged geographic footprint, its ability to scale strong premium beer brands, including non-alcoholic variants, and in developing winning beverage propositions in fast-growing segments. 

Revenue for the full year 2022 was €34,676 million (2021: 26,583 million). Net revenue (beia) increased by 21.2% organically, with total consolidated volume growing by 6.4% and net revenue (beia) per hectolitre up 13.9%. The underlying price-mix on a constant geographic basis was up 14.3%, driven by pricing for inflation and by premiumisation. All regions contributed with double-digit organic growth. Currency translation positively impacted net revenue (beia) by €1,582 million or 7.2%, mainly driven by the Mexican Peso, Brazilian Real, Vietnamese Dong and the US Dollar. Consolidation changes positively impacted net revenue (beia) by €570 million or 2.6%, mainly from the consolidation of United Breweries Limited (UBL) in India.

Beer volume grew 6.9% organically for the full year and was ahead of 2019 by 2.7% on an organic basis. The growth was led by the sharp recovery of Asia Pacific in the second half of the year, the reopening of the on-trade in Europe in the first half following the COVID-related restrictions of last year and continued growth in the Americas and Africa, Middle East & Eastern Europe regions.

Beer volume   4Q22       Organic
  FY22       Organic
(in mhl)     4Q21       FY21  
Heineken N.V.   63.3   61.1   3.5 %   256.9   231.2   6.9 %

In the fourth quarter, net revenue (beia) grew organically by 17.4%, with double-digit growth across all regions. Total consolidated volume grew 3.0% and net revenue (beia) per hectolitre was up 14.0%. Price-mix on a constant geographic basis was up 14.5%, again driven by pricing and premiumisation. Beer volume grew 3.5%, driven by Asia Pacific and continued growth in Europe, more than offsetting lower volume in other regions.

Premium beer volume grew 11.4% versus last year and came 15.6% ahead of 2019, organically. HEINEKEN's premium brands outperformed the total portfolio in the majority of its markets and accounted for more than half of our total organic growth in beer volume in 2022.

This growth is led by Heineken®, up 12.5% versus last year (14.5% excluding Russia) and 31.5% relative to 2019, significantly outperforming the total beer market. The growth was broad-based with more than 50 markets growing double-digits in 2022. The strong growth was led by Heineken® Original, bolstered by the remarkable performance of its line extensions. Heineken® Silver more than doubled its volume, driven by excellent performances in Vietnam and China and its global rollout, reaching 28 markets in total by the end of 2022.

Heineken® volume   4Q22   Organic
  FY22   Organic
(in mhl)        
Total   14.8   11.2 %   54.9   12.5 %

  Outlook 2023

For 2023, HEINEKEN expects operating profit (beia) to grow organically mid- to high-single-digit, subject to any significant unforeseen macroeconomic and geopolitical developments. This outlook is based on continued progress on HEINEKEN's EverGreen strategy, a challenging global economic environment and lower consumer confidence in certain markets.

HEINEKEN expects further progress towards building great brands, its digital route to consumer, strategic capabilities and HEINEKEN's Brew a Better World activities with commensurate investments. HEINEKEN also expects stable to modestly growing volume, increasing in developing markets and declining in Europe. HEINEKEN will continue the discipline to price responsibly as per local market conditions, aiming to cover most of the absolute impact of inflation in its cost base. HEINEKEN anticipates an increase in its input costs in the high teens per hectolitre and significantly higher energy costs, particularly in Europe. HEINEKEN will deliver on its gross savings ahead of the €2 billion target relative to the cost base of 2019, including an increased ambition of savings in Europe. Overall as a result, net revenue (beia) will grow organically ahead of operating profit (beia). Due to the phasing of marketing and selling expenses and input cost pressures, the operating profit (beia) organic growth will be skewed towards the second half.

HEINEKEN also expects in 2023 an average effective interest rate (beia) of around 3.1% (2022: 2.8%); an effective tax rate (beia) of around 27% (2022: 27.7%) and a significant increase in other net finance expenses, driven by the expected impact from foreign currencies in some emerging markets. As a result, net profit (beia) is expected to grow organically in line or below the operating profit (beia).

Finally, HEINEKEN expects investments in capital expenditure related to property, plant and equipment and intangible assets to amount to c.9% of net revenue (beia) (2022: c.7%)

  Total Dividend For 2022

The Heineken N.V. dividend policy is to pay a ratio of 30% to 40% of full year net profit (beia). For 2022, a total cash dividend of €1.73 per share, representing an increase of 40% (2021: €1.24), and a payout ratio of 35.1%, in the middle of the range of Heineken N.V.'s policy, will be proposed to the Heineken N.V. Annual General Meeting on 20 April 2023. If approved, a final dividend of €1.23 per share will be paid on 2 May 2023, as an interim dividend of €0.50 per share was paid on 11 August 2022.

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 €1.23 per share of €1.60 nominal value will be payable as of 2 May 2023.

Both the Heineken Holding N.V. shares and the Heineken N.V. shares will trade ex-dividend on 24 April 2023. The dividend payment will be subject to a 15% Dutch withholding tax.

  Translational Calculated Currency Impact

The translational currency impact for 2022 was positive, amounting to €1,582 million on net revenue (beia), €258 million at operating profit (beia) and €198 million at net profit (beia).

Applying spot rates as of 13 February 2023 to the 2022 financial results as a base, the calculated currency translational impact would be negative, approximately €560 million in net revenue (beia), €80 million at operating profit (beia), and €40 million at net profit (beia).

  Board of Directors Composition

Mrs C.L. de Carvalho-Heineken and Mr M.R. de Carvalho will have completed their four-year appointment term upon conclusion of the Heineken Holding N.V. Annual General Meeting on 20 April 2023 ('2023 AGM'). Mrs C.L. de Carvalho-Heineken and Mr M.R. de Carvalho are eligible for reappointment as executive member of the Board of Directors of Heineken Holding N.V. for a period of four years and non-binding recommendations shall be submitted to the 2023 AGM in this respect.

Mrs C.M. Kwist will have completed her four-year appointment term upon conclusion of the 2023 AGM. Mrs Kwist is 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 2023 AGM in this respect.

Mr C.A.G. de Carvalho has informed the Company that he will step down as a non-executive member of the Board of Directors at the end of the 2023 AGM. Mr de Carvalho accepted a job offer at McKinsey that is incompatible with a board position at Heineken Holding N.V. due to potential conflicts of interest with clients that McKinsey serves. The Board of Directors would like to thank Mr de Carvalho for his contribution to the Board of Directors over the past year and wishes him the best in his future business endeavours.


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   Mark Matthews / Chris Steyn
Corporate & Financial Communications Manager   Investor Relations Manager / Senior Analyst
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 23 February 2023
Trading Update for Q1 2023 19 April 2023
Annual General Meeting of Shareholders 20 April 2023
Quotation ex-final dividend 2022 24 April 2023
Final dividend 2022 payable 2 May 2023
Half Year 2023 Results 31 July 2023
Quotation ex-interim dividend 2023 2 August 2023
Interim dividend payable 10 August 2023
Trading Update for Q3 2023 25 October 2023

  Conference Call Details

HEINEKEN will host an analyst and investor video webcast about its 2022 FY results 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. With HEINEKEN’s over 85,000 employees, we brew the joy of true togetherness to inspire a better world. HEINEKEN's dream is to shape the future of beer and beyond to win the hearts of consumers. 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 operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on and and follow HEINEKEN on LinkedIn, Twitter and Instagram.

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 based on current expectations and assumptions with regard to the financial position and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information in HEINEKEN’s non-financial reporting, such as HEINEKEN’s emissions reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. These forward-looking statements, while based on management's current expectations and assumptions, are not guarantees of future performance since they are subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results to differ materially from those expressed or implied 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 but not limited to 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 and other goods and services, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, environmental and physical risks, 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 assumes no duty to and 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.