We are - Heineken
Transcription
We are - Heineken
We are HEINEKEN Company Presentation 2013 | Heineken NV | Heineken Holding NV HEINEKEN: A leading global brewer with excellent growth platforms Second largest brewer in the world by revenue1 A highly diversified emerging market footprint Heineken®, the world’s leading international premium beer Heineken® available in 178 countries Highest beer brand equity in the world2 Diverse product portfolio More than 250 international, regional, local and specialty beers and ciders Leading brewer and largest beverage distributor in Europe A broad geographic footprint Excellent spread of profits and cash flow 2 1 Inclusive of APB Pro-forma 2012 2 Millward Brown: BrandzTM Global Equity Study 2012 HEINEKEN through the years A proud, independent global brewer 1864 1939 Gerard Adriaan Heineken acquires his first brewery in Amsterdam, Netherlands HEINEKEN is listed on the Dutch Stock Exchange 1865 – 1938 Import to Africa and USA, expansion in Western Europe and entry into Asia Pacific 3 2002 – 2007 2009 Expansion in Central and Eastern Europe 1940 – 2001 Expansion in Africa, and Americas 2008 Acquisition of Scottish & Newcastle 2010 The Heineken Africa Foundation is launched 2012 Acquisition of FEMSA beer business in Mexico and Brazil 2009 Joint ownership of India’s No. 1 brewer United Breweries Limited 2011 Acquisition of five breweries in Nigeria and two in Ethiopia Gained full control of Asia Pacific Breweries Diverse and balanced geographic footprint Increasing exposure to developing markets 70+ 250+ COUNTRIES 165 BREWERIES 50% BRANDS Group beer volume1 by region (2012) OF GROUP 196mhl OPERATING PROFIT (BEIA) 85,000 GROUP BEER FROM DIRECT VOLUME DEVELOPING EMPLOYEES AME 13% WE 22% MARKETS Americas 29% CEE 25% Asia Pac 11% Group Operating profit (beia)2 by region (2012) Operating Companies WE 29% AME 20% Joint Venture Export CEE 11% Licences Americas 24% Asia Pac 16% 4 1 Group beer volume is consolidated beer volume plus attributable share of volume from joint ventures and associates 2 Group operating profit (beia) is consolidated operating profit (beia) plus attributable share of operating profit (beia) from joint ventures and associates. Excludes Head Office. 2012FY proforma (including APB from 1 January 2012) Strong track record of growth Consolidated Revenue (beia) in €m CAGR: +6.4 % Consolidated beer volume in mhl CAGR: +8.1% 2012 172 2011 165 2010 18,383 2011 17,123 2010 146 16,133 2009 125 2009 14,701 2008 126 2008 14,319 Consolidated operating profit (beia)* in €m CAGR: +9.8% 2012 Diluted EPS (beia)* in € CAGR: +8.7 % 2,666 2012 2011 2,456 2011 2010 2,430 2010 2009 2008 5 2012 * 2010 and 2012 restated 1,967 1,834 2009 2008 2.89 2.70 2.58 2.15 2.07 Vision, mission and values We are We value We want A proud, independent, global brewer committed to surprising and exciting consumers everywhere. A passion for quality, enjoyment of life, respect for people and respect for our planet. To win in all markets with Heineken®, and with a full brand portfolio in markets where we choose. Business priorities 6 1 2 3 4 5 6 Grow Heineken® Brand Consumerinspired, customeroriented, brand-led Capture the opportunities in emerging markets Leverage the benefits of HEINEKEN’s global scale Drive personal leadership Embed and integrate sustainability Heineken® brand: Truly global reach Heineken®: Celebrating 140 years in 2013 Heineken® share of IPS* in 2012 Heineken® outperforms (Volume Growth, CAGR 2005-2012F) 4.7% 20% 5.4% 10% 3.0% Beer Market 10% 6% IPS* 5% 4% 3% Heineken® ‘Open Your World’: Strong global activation Design 7 Engagement Source: Plato, July & August 2012 Beer market & IPS estimates for 2011 and 2012 *IPS = International Premium Segment (volume sold outside home market) Innovation Communication 3% Other global brands driving value Margin enhancing global brands Global Brands Portfolio Indicative price vs. Mainstream beer (Index = 100) 8 Over 60% of Group beer volume from developing markets Profit from developing markets grew 7% organically in 2013HY 2013HY Developing markets: Group beer volume split 2013HY: % of total Group Latin America & 63% Caribbean 49% 50% 35% Asia Pacific 15% Europe Africa Middle 28% 51% 50% Group beer Group Group volume revenue operating 37% East 22% profit (beia) Developing 9 Organic growth calculations assume HEINEKEN’s joint venture share of 41.9% of APB and 50% of APIPL prior to consolidation is maintained through to 15 November 2013. Organic growth of consolidated volume, consolidated revenue and consolidated operating profit (beia) excludes any impact from APB/APIPL. Organic growth on group volume and group financials includes an impact from APB/APIPL. Developed Drive personal leadership Leverage Global Talent Pool 64 nationalities in senior management Women represent 14% of senior management Foster an entrepreneurial and accountability culture New HEINEKEN Leadership model 140 nominated leaders completed leadership development programmes in 2012 10 Embed and integrate sustainability PROTECTING WATER RESOURCES REDUCING CO2 EMISSIONS Reducing specific water In the brewery by 40% consumption by 25% From fridges by 50% Aiming for water compensation From distribution by 20% in water scarce and distressed areas SOURCING SUSTAINABLY ADVOCATING RESPONSIBLE Deliver 60% of raw materials CONSUMPTION in Africa via local sourcing Aim for at least 50% of our main raw materials supplied from commitments sustainable sources Ongoing compliance to supplier code procedure Delivering on industry Making responsible consumption aspirations through Heineken® Every market in scope has and reports publicly on a measurable partnership aimed at addressing alcohol abuse 11 Africa Middle East Thirteen #1 and four #2 positions Beer market growth drivers: Supportive demographics and economic growth 6 of the top 10 fastest growing economies globally are in Africa1 Emerging, brand-conscious middle class A well balanced portfolio with strong local and regional brands and growth in international premium Heineken®, the leading IPS* brand (CAGR of 17% in past 5 years) Strong market positions in large and growing markets across the region 47% of raw materials locally sourced with a target to reach 60% by 2020 HEINEKEN Africa Foundation underpins a passion and commitment to responsible growth in the region 12 Plato July and November 2012 (1) IMF, world economic outlook database *IPS = International Premium Segment (volume outside home market) 44 41 9 29mhl 14,900 BREWERIES EXPORT MARKETS JV’S/ ASSOC. GROUP DIRECT BEER VOLUME EMPLOYEES Regional beer market dynamics: Beer market Growth CAGR % (201120) Per Capita Consumption Litres (2011) IPS* CAGR% (2011-20) Population CAGR % (2011-20) 4% 9 7% 2% Regional financial performance: 2012FY (mhl/€m) Organic growth CAGR 2007-2012 Consolidated beer volume Revenue EBIT (beia) Operating profit (beia) margin 23.3 2,639 652 23.3% +10% +15% +17% Key beer brands Americas Attractive growth potential in a large profit pool Americas region represents the largest global beer profit pool Operate under a range of business models Aim is to win in key markets and drive value growth Strongly leverage on global marketing expertise 20 38 4 63mhl BREWERIES EXPORT MARKETS JV’S/ ASSOC. GROUP DIRECT BEER VOLUME EMPLOYEES Regional beer market dynamics: Beer market Growth CAGR % (201120) Per Capita Consumption Litres (2011) IPS* CAGR% (2011-20) Population CAGR % (2011-20) 2% 61 4% 1% Regional financial performance: Focus on premiumisation and innovation Mexico is the largest market for HEINEKEN in terms of both volume and profitability Value creation strategy delivering results in Mexico Dos Equis, one of the fastest growing import brands in USA Heineken® brand in Brazil (CAGR of 59% in past 5 years) 13 Plato July and November 2012 *IPS = International Premium Segment (volume outside home market) 23,400 2012FY (mhl/€m) Organic growth CAGR 2007-2012 Consolidated beer volume Revenue EBIT (beia) Operating profit (beia) margin 53.1 4,523 748 14.7% +1.4% +3.6% +12% Key beer brands Asia Pacific Growing, dynamic beer market with increasing premiumisation Beer market growth drivers: Young and growing population Aspirational consumers and a growing middle class Strong economic growth A premium-led portfolio comprising strong local mainstream brands Heineken® brand volume of 6.5mhl in 2012, growing at a CAGR of 29% in last 5 years Unparalleled opportunity in IPS: Heineken® and Tiger® brands represent 34% of IPS* Maximise international potential of the Tiger® brand Capture potential of the developing and profitable IPS in China and India 14 Plato July and November 2012 *IPS = International Premium Segment (volume outside home market) 25 7 4 29mhl 8,000 BREWERIES EXPORT MARKETS JV’S/ ASSOC. GROUP DIRECT BEER VOLUME EMPLOYEES Regional beer market dynamics: Beer market Growth CAGR % (201120) Per Capita Consumption Litres (2011) IPS* CAGR% (2011-20) Population CAGR % (2011-20) 3% 18 7% 1% Regional financial performance: 2012FY (mhl/€m) Organic growth CAGR 2007-2012 Consolidated beer volume Revenue EBIT (beia) Operating profit (beia) margin 3.7 527 267 29.7% +4.4% +8.5% +25% Key beer brands Central & Eastern Europe Sustainable value growth focus A large and diverse beer market with high per capita consumption A diverse product range and balanced portfolio of markets HEINEKEN has ten #1 and #2 positions 52 18 3 55mhl BREWERIES EXPORT MARKETS JV’S/ ASSOC. GROUP DIRECT BEER VOLUME EMPLOYEES Regional beer market dynamics: Beer market Growth CAGR % (201120) Per Capita Consumption Litres (2011) IPS* CAGR% (2011-20) Population CAGR % (2011-20) 1% 61 5% 0% Leading in innovation with the most complete ‘Radler’1 portfolio Regional financial performance: Strategic focus on revenue management and 2012FY (mhl/€m) Organic growth CAGR 2007-2012 long term value creation Strong commercial execution through leveraging on sales and brand marketing capabilities Heineken® brand offers an exciting growth opportunity Margin enhancing Desperados brand available in 19 countries (CAGR of 20% past 3 years) 15 Plato – July and November 2012 1 Radler – mix of beer and natural juice, 2% ABV *IPS = International Premium Segment (volume outside home market) 17,700 Consolidated beer volume Revenue EBIT (beia) Operating profit (beia) margin 47.3 3,280 349 9.9% -1.5% +1.5% -2.8% Key beer brands Western Europe Strong market positions and cash generation A large and resilient beer market, with a significant profit pool Strong leading positions across the region Region has realised ~50% of HEINEKEN’s cost savings1 Strong free operating cashflow generation Focus on premiumisation, segmentation and innovation Leading in responsible consumption Driving value in the on-premise channel through innovation, strong local and global brand activation Winning in the off-premise through strong commercial execution and retailer partnerships Proven track record in delivering consistent profit growth 16 Plato May , July and November 2012 1 Fit2Fight (2006-2008) and TCM1 (2009-2011) *IPS = International Premium Segment (volume outside home market) 26 17 0 45mhl 18,600 BREWERIES EXPORT MARKETS JV’S/ ASSOC. GROUP DIRECT BEER VOLUME EMPLOYEES Regional beer market dynamics: Beer market Growth CAGR % (201120) Per Capita Consumption Litres (2011) IPS* CAGR% (2011-20) Population CAGR % (2011-20) 0% 56 1% 0% Regional financial performance: 2012FY (mhl/€m) Organic growth CAGR 2007-2012 Consolidated beer volume Revenue EBIT (beia) Operating profit (beia) margin 44.3 7,785 964 12.4% -3.5% -1.3% +4.3% Key beer brands HEINEKEN’s shareholder structure Heineken N.V. shares held by Heineken Holding N.V. equals the number of shares issued by Heineken Holding N.V. Holding companies Greenfee B.V. of Heineken family 88.55% 11.45% L’Arche Green N.V. 51.083% Heineken Holding N.V. FEMSA Free float 14.935% 33.982% FEMSA Free float 12.532% 37.463% 50.005% Heineken N.V. 17 As at December 2012 Sponsored Level 1 ADR Programmes Heineken N.V. Heineken Holding N.V. Bloomberg ticker: HEINY ISIN: US4230123014 Cusip: 423012301 Exchange: OTC Ratio: 2 ADRs: 1 Ordinary Share Bloomberg ticker: HKHHY ISIN: US4230081014 Cusip: 423008101 Exchange: OTC Ratio: 2 ADRs: 1 Ordinary Share Depositary bank: Deutsche Bank Trust Company Americas ADR broker helpline: +1 212 250 9100 (New York) +44 207 547 6500 (London) E-mail: [email protected] ADR website: www.adr.db.com Depositary Bank’s local custodian: Deutsche Bank, Amsterdam 18 Contact Information If you would like further information about HEINEKEN, please visit our website at: www.theHEINEKENcompany.com HEINEKEN Registered Office: Tweede Weteringplantsoen 21, 1017 ZD Amsterdam P.O. Box 28, 1000 AA Amsterdam, The Netherlands T: 31 (0) 20 523 9777 Investor enquiries: T: +31 (0) 20 523 9590 or by email at: [email protected] Media enquiries T: +31 (0) 20 523 9355 Sustainable development: T: 31 (0) 20 523 9777 19 Disclaimer This presentation 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, 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 foreign exchange fluctuations, change in tax rates, changes in law, changes 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 as of the date of this presentation. HEINEKEN does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials. Market share estimates contained in this presentation are based on outside sources such as specialised research institutes in combination with management estimates. 20