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Heineken N.V. — Earnings Release 2013
Aug 6, 2013
3848_iss_2013-08-06_48cbc1b9-9dca-45e5-95e2-610595c4e81d.pdf
Earnings Release
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HEINEKEN introduces new disclosure in earnings release
Amsterdam, 6 August 2013 – Heineken N.V. ('HEINEKEN') announced today the introduction of new reporting metrics (non-IFRS) to provide greater transparency on Group performance. This new information will be disclosed for the first time in HEINEKEN's release on the first half of 2013 to be announced on 21 August 2013.
The key new metrics being introduced are:
-
- New volume and financial Group metrics to provide better insight into the contribution of HEINEKEN's joint venture and associate businesses to overall group performance. Group figures are calculated as the sum of all consolidated operations and HEINEKEN's attributable share in joint ventures and associates. New Group figures will be reported for total volume, beer volume, revenue and operating profit (beia). Consequently, the previously reported Group beer volume metric (defined as consolidated beer volume plus 100% of the beer volume sold by joint venture companies) will no longer be reported.
-
- An analysis of total growth split by consolidation impact, currency translation and organic growth at consolidated level.
-
- A breakdown of total volume into the following categories: beer, licensed & non-beer and third party products volume.
To help the market understand how these changes will impact on HEINEKEN's 2013 results, Appendix 1 provides an analysis of 2012 results under the new reporting metrics. The 2012 financial information presented in Appendix 1 has been restated for the implementation of the previously announced revised accounting standard IAS19, which is treated as an inorganic item. Appendix 2 includes a glossary of all relevant reporting metrics.
Press enquiries Investor and analyst enquiries John Clarke George Toulantas E-mail: [email protected] E-mail: [email protected] Tel: +31-20-5239-355 Tel: +31-20-5239-590
John-Paul Schuirink Aarti Narain E-mail: [email protected] E-mail: [email protected] Tel: +31-20-5239-355 Tel. +31-20-5239-590
Editorial information:
HEINEKEN is a proud, independent global brewer committed to surprise and excite consumers with its brands and products everywhere. The brand that bears the founder's family name – Heineken® - is available in almost every country on the globe and is the world's most valuable international premium beer brand. The Company's aim is to be a leading brewer in each of the markets in which it operates and to have the world's most valuable brand portfolio. HEINEKEN wants to win in all markets with Heineken® and with a full brand portfolio in markets of choice. The Company is present in over 70 countries and operates more than 165 breweries. HEINEKEN is Europe's largest brewer and the world's third largest by volume. HEINEKEN is committed to the responsible marketing and consumption of its more than 250 international premium, regional, local and specialty beers and ciders. These include Heineken®, Amstel, Anchor, Biere Larue, Bintang, Birra Moretti, Cruzcampo, Desperados, Dos Equis, Foster's, Newcastle Brown Ale, Ochota, Primus, Sagres, Sol, Star, Strongbow, Tecate, Tiger and Zywiec. Our leading joint venture brands include Cristal and Kingfisher. The number of people employed is over 85,000. Heineken N.V. and Heineken Holding N.V. shares are listed on the NYSE Euronext in Amsterdam. Prices for the ordinary shares may be accessed on Bloomberg under the symbols HEIA NA and HEIO NA and on the Reuter Equities 2000 Service under HEIN.AS and HEIO.AS. HEINEKEN has two sponsored level 1 American Depositary Receipt (ADR) programmes: Heineken N.V. (OTC: HEINY) and Heineken Holding N.V. (OTC: HKHHY). Most recent information is available on HEINEKEN's website: www.theHEINEKENcompany.com.
Appendix 1
| Consolidated (A) | Attributable share of joint ventures / assoc (B) |
Group* (C) = A + B | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (in mhl or €million unless otherwise stated) |
FY11 | Currency Translation |
Consolidation impact |
Organic Growth |
FY12 | Organic Growth % |
FY11 | FY12 | FY11 | FY12 | Organic Growth % |
| Africa Middle East | |||||||||||
| Revenue | 2.223 | 115 | 26 | 275 | 2.639 | 12 | 490 | 548 | 2.713 | 3.187 | |
| Operating profit (beia) | 534 | 21 | 8 | 55 | 618 | 10 | 55 | 48 | 589 | 666 | |
| Operating profit (beia) margin | 24.0% | 23.4% | -43bps | 11.1% | 8.7% | 21.7% | 20.8% | ||||
| Total volume | 28.5 | 0.5 | 1.3 | 30.3 | 5 | 4.8 | 5.1 | 33.3 | 35.4 | 5 | |
| Beer volume | 22.0 | 0.5 | 0.8 | 23.3 | 4 | 3.3 | 3.5 | 25.3 | 26.8 | 4 | |
| Licensed & non-beer volume | 6.4 | - | 0.5 | 6.9 | 8 | 1.3 | 1.4 | 7.7 | 8.3 | 8 | |
| Third party products volume | 0.1 | - | - | 0.1 | 6 | 0.2 | 0.2 | 0.3 | 0.3 | -11 | |
| Americas | |||||||||||
| Revenue | 4.029 | 76 | 89 | 329 | 4.523 | 8 | 600 | 726 | 4.629 | 5.249 | |
| Operating profit (beia) | 577 | 16 | 31 | 54 | 678 | 9 | 123 | 126 | 700 | 804 | |
| Operating profit (beia) margin | 14.3% | 15.0% | +14bps | 20.5% | 17.4% | 15.1% | 15.3% | ||||
| Total volume | 50.8 | 1.4 | 2.1 | 54.3 | 4 | 6.6 | 6.7 | 57.4 | 61.0 | 4 | |
| Beer volume | 50.5 | 0.5 | 2.1 | 53.1 | 4 | 3.8 | 3.8 | 54.3 | 56.9 | 4 | |
| Licensed & non-beer volume | 0.2 | 0.9 | - | 1.1 | 3 | 2.8 | 2.9 | 3.0 | 4.0 | 11 | |
| Third party products volume | 0.1 | - | - | 0.1 | 12 | - | - | 0.1 | 0.1 | 12 | |
| Asia Pacific | |||||||||||
| Revenue | 216 | 17 | 287 | 7 | 527 | 3 | 944 | 967 | 1.160 | 1.493 | |
| Operating profit (beia) | 64 | 3 | 88 | 1 | 156 | 2 | 192 | 236 | 257 | 393 | |
| Operating profit (beia) margin | 29.9% | 29.7% | -48bps | 20.2% | 24.5% | 22.1% | 26.3% | ||||
| Total volume | 1.3 | 2.9 | - | 4.2 | 2 | 13.7 | 13.2 | 15.0 | 17.4 | 5 | |
| Beer volume | 1.3 | 2.4 | - | 3.7 | 2 | 13.7 | 13.2 | 15.0 | 16.9 | 5 | |
| Licensed & non-beer volume | - | 0.4 | - | 0.5 | 19 | - | - | - | 0.5 | 1 | |
| Third party products volume | - | - | - | - | - | - | - | - | - | - | |
| Central & Eastern Europe | |||||||||||
| Revenue | 3.229 | -74 | - | 125 | 3.280 | 4 | 381 | 360 | 3.610 | 3.640 | |
| Operating profit (beia) | 331 | -3 | 8 | -3 | 333 | -1 | 24 | 30 | 355 | 363 | |
| Operating profit (beia) margin | 10.3% | 10.1% | -47bps | 6.3% | 8.3% | 9.8% | 10.0% | ||||
| Total volume | 48.3 | - | 1.6 | 49.9 | 3 | 5.2 | 4.9 | 53.5 | 54.8 | 3 | |
| Beer volume | 45.4 | - | 1.9 | 47.3 | 4 | 3.6 | 3.7 | 49.0 | 51.0 | 4 | |
| Licensed & non-beer volume | 1.4 | - | -0.1 | 1.3 | -8 | 0.6 | 0.6 | 2.0 | 1.9 | -6 | |
| Third party products volume | 1.5 | - | -0.2 | 1.3 | -10 | 1.0 | 0.5 | 2.5 | 1.9 | -6 |
*Group financial reporting metrics are non-IFRS and unaudited
| Consolidated (A) | Attributable share of joint ventures / assoc (B) |
Group* (C) = A + B | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (in mhl or €million unless otherwise stated) |
FY11 | Currency Translation |
Consolidation impact |
Organic Growth |
FY12 | Organic Growth % |
FY11 | FY12 | FY11 | FY12 | Organic Growth % |
| Western Europe | |||||||||||
| Revenue | 7.752 | 112 | -70 | -9 | 7.785 | - | - | - | 7.752 | 7.785 | |
| Operating profit (beia) | 959 | 10 | 40 | -62 | 947 | -6 | - | - | 959 | 947 | |
| Operating profit (beia) margin | 12.4% | 12.1% | -79bps | - | - | 12.4% | 12.1% | ||||
| Total volume | 65.4 | - | -2.2 | 63.2 | -3 | - | - | 65.4 | 63.2 | -3 | |
| Beer volume | 45.4 | -0.2 | -0.9 | 44.3 | -2 | - | - | 45.4 | 44.3 | -2 | |
| Licensed & non-beer volume | 11.1 | 0.1 | -0.6 | 10.6 | -5 | - | - | 11.1 | 10.6 | -5 | |
| Third party products volume | 9.0 | - | -0.7 | 8.3 | -8 | - | - | 9.0 | 8.3 | -8 | |
| Head Office & Eliminations | |||||||||||
| Revenue | -326 | 9 | 5 | -58 | -370 | -18 | - | - | -326 | -370 | |
| Operating profit (beia) | -9 | 1 | - | -57 | -65 | > 100 | - | - | -9 | -65 | |
| Heineken N.V. | |||||||||||
| Revenue | 17.123 | 254 | 336 | 670 | 18.383 | 4 | 2.416 | 2.601 | 19.539 | 20.984 | 5 |
| Total expenses (beia) | -14.667 | -205 | -163 | -683 | -15.717 | -5 | -2.022 | -2.161 | -16.691 | -17.878 | |
| Operating profit (beia) | 2.456 | 49 | 174 | -13 | 2.666 | -1 | 395 | 440 | 2.851 | 3.106 | 1 |
| Operating profit (beia) margin | 14.3% | 14.5% | -61bps | 16.3% | 16.9% | 14.6% | 14.8% | ||||
| Share of net profit of associates / JVs | 240 | 15 | -3 | - | 252 | - | |||||
| Net Interest income/ (expenses) | -424 | -2 | -86 | 23 | -489 | 5 | |||||
| Other net finance income/(expenses) | -20 | 2 | -43 | 23 | -38 | 115 | |||||
| Income tax expense (beia) | -539 | -9 | -22 | 1 | -569 | - | |||||
| Minority interests | -129 | -5 | -17 | -10 | -161 | -8 | |||||
| Net profit (beia) | 1.584 | 50 | 1 | 26 | 1.661 | 2 | 0 | 0 | 1.585 | 1.662 | |
| Total volume | 194.4 | 4.7 | 2.9 | 202.0 | 1 | 30.4 | 29.8 | 224.8 | 231.9 | 2 | |
| Beer volume | 164.6 | 3.2 | 3.9 | 171.7 | 2 | 24.5 | 24.2 | 189.1 | 195.9 | 3 | |
| Licensed & non-beer volume | 19.2 | 1.4 | -0.1 | 20.5 | -1 | 4.6 | 4.9 | 23.8 | 25.5 | 1 | |
| Third party products volume | 10.6 | 0.1 | -0.9 | 9.8 | -8 | 1.3 | 0.7 | 11.9 | 10.5 | -8 |
| 2012 H1 | 2012 H2 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| (in mhl or €million unless otherwise stated) |
Consolidated | Attributable share of JV / assoc |
Group* | Consolidated | Attributable share of JV / assoc |
Group* | |||
| Africa Middle East | |||||||||
| Revenue | 1.292 | 241 | 1.532 | 1.347 | 308 | 1.655 | |||
| Operating profit (beia) | 317 | 22 | 339 | 301 | 27 | 328 | |||
| Operating profit (beia) margin | 24.5% | 9.1% | 22.1% | 22.4% | 8.8% | 19.8% | |||
| Total volume | 14.8 | 2.3 | 17.1 | 15.5 | 2.8 | 18.3 | |||
| Beer volume | 11.6 | 1.6 | 13.2 | 11.7 | 1.9 | 13.6 | |||
| Licensed & non-beer volume | 3.2 | 0.6 | 3.8 | 3.8 | 0.7 | 4.5 | |||
| Third party products volume | - | 0.1 | 0.1 | - | 0.1 | 0.1 | |||
| Americas | |||||||||
| Revenue | 2.169 | 329 | 2.498 | 2.353 | 397 | 2.751 | |||
| Operating profit (beia) | 301 | 50 | 351 | 376 | 76 | 452 | |||
| Operating profit (beia) margin | 13.9% | 15.3% | 14.1% | 16.0% | 19.2% | 16.4% | |||
| Total volume | 26.0 | 3.2 | 29.2 | 28.4 | 3.5 | 31.9 | |||
| Beer volume | 25.5 | 1.8 | 27.3 | 27.7 | 2.0 | 29.7 | |||
| Licensed & non-beer volume | 0.5 | 1.4 | 1.9 | 0.6 | 1.5 | 2.1 | |||
| Third party products volume | - | - | - | 0.1 | - | 0.1 | |||
| Asia Pacific | |||||||||
| Revenue | 113 | 554 | 667 | 414 | 413 | 826 | |||
| Operating profit (beia) | 31 | 145 | 176 | 125 | 91 | 217 | |||
| Operating profit (beia) margin | 27.5% | 26.2% | 26.4% | 30.3% | 22.2% | 26.2% | |||
| Total volume | 0.6 | 7.6 | 8.2 | 3.6 | 5.6 | 9.2 | |||
| Beer volume | 0.6 | 7.6 | 8.2 | 3.1 | 5.6 | 8.7 | |||
| Licensed & non-beer volume | - | - | - | 0.5 | - | 0.5 | |||
| Third party products volume | - | - | - | - | - | - | |||
| Central Eastern Europe | |||||||||
| Revenue | 1.587 | 168 | 1.755 | 1.692 | 192 | 1.885 | |||
| Operating profit (beia) | 109 | 10 | 119 | 224 | 19 | 243 | |||
| Operating profit (beia) margin | 6.9% | 6.2% | 6.8% | 13.2% | 10.1% | 12.9% | |||
| Total volume | 24.6 | 2.3 | 26.9 | 25.3 | 2.5 | 27.8 | |||
| Beer volume | 23.2 | 1.8 | 25.0 | 24.0 | 1.9 | 25.9 | |||
| Licensed & non-beer volume | 0.7 | 0.3 | 1.0 | 0.6 | 0.3 | 0.9 | |||
| Third party products volume | 0.7 | 0.2 | 0.9 | 0.7 | 0.3 | 1.0 |
| 2012 H1 | 2012 H2 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| (in mhl or €million unless otherwise stated) |
Consolidated | Attributable share of JV / assoc |
Group* | Consolidated | Attributable share of JV / assoc |
Group* | |||
| Western Europe | |||||||||
| Revenue | 3.815 | - | 3.815 | 3.970 | - | 3.970 | |||
| Operating profit (beia) | 418 | - | 418 | 528 | - | 528 | |||
| Operating profit (beia) margin | 11.0% | - | 11% | 13.3% | - | 13.3% | |||
| Total volume | 30.8 | - | 30.8 | 32.4 | - | 32.4 | |||
| Beer volume | 21.6 | - | 21.6 | 22.6 | - | 22.6 | |||
| Licensed & non-beer volume | 5.1 | - | 5.1 | 5.5 | - | 5.5 | |||
| Third party products volume | 4.1 | - | 4.1 | 4.2 | - | 4.2 | |||
| Head office Eliminations | |||||||||
| Revenue | -197 | - | -197 | -172 | - | -172 | |||
| Operating profit (beia) | -27 | - | -27 | -38 | - | -38 | |||
| Heineken NV | |||||||||
| Revenue | 8.778 | 1.292 | 10.070 | 9.604 | 1.310 | 10.914 | |||
| Total expenses (beia) | -7.628 | -1.064 | -8.692 | -8.088 | -1.097 | -9.185 | |||
| Operating profit (beia) | 1.150 | 228 | 1.378 | 1.516 | 213 | 1.729 | |||
| Operating profit (beia) margin | 13.1% | 17.7% | 13.7% | 15.8% | 16.2% | 15.8% | |||
| Share of net profit of associates / JVs | 118 | -6 | 134 | 0 | |||||
| Net Interest income/ (expenses) | -234 | -255 | |||||||
| Other net finance income/(expenses) | -22 | -16 | |||||||
| Income tax expense (beia) | -262 | -52 | -308 | -47 | |||||
| Minority interests | -63 | -38 | -98 | -27 | |||||
| Net profit (beia) | 688 | 118 | 806 | 974 | 124 | 1099 | |||
| Total volume | 96.9 | 15.4 | 112.3 | 105.2 | 14.4 | 119.6 | |||
| Beer volume | 82.6 | 12.7 | 95.3 | 89.1 | 11.5 | 100.6 | |||
| Licensed & non-beer volume | 9.4 | 2.3 | 11.7 | 11.0 | 2.6 | 13.6 | |||
| Third party products volume | 4.9 | 0.3 | 5.2 | 5.0 | 0.4 | 5.4 |
2012 by Quarter
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in mhl or €million unless otherwise stated) |
Consolidated | Attributable share of joint ventures / assoc |
Group* Consolidated | Attributable share of joint ventures / assoc |
Group* | Consolidated | Attributable share of joint ventures / assoc |
Group* | Consolidated | Attributable share of joint ventures / assoc |
Group* | |
| Africa Middle East | ||||||||||||
| Revenue | 622 | 119 | 741 | 669 | 122 | 791 | 645 | 150 | 795 | 703 | 158 | 860 |
| Total volume | 7.2 | 1.1 | 8.3 | 7.6 | 1.2 | 8.8 | 7.5 | 1.3 | 8.8 | 8.0 | 1.5 | 9.5 |
| Beer volume | 5.7 | 0.7 | 6.4 | 5.9 | 0.8 | 6.7 | 5.5 | 0.8 | 6.3 | 6.2 | 1.1 | 7.3 |
| Licensed & non-beer volume | 1.5 | 0.3 | 1.8 | 1.7 | 0.3 | 2.0 | 2.0 | 0.4 | 2.4 | 1.8 | 0.4 | 2.2 |
| Third party products volume | - | - 0.1 |
- | - | 0.1 | - | 0.1 | 0.1 | - | - | - | |
| Americas | ||||||||||||
| Revenue | 983 | 181 | 1.164 | 1.186 | 148 | 1.334 | 1.201 | 174 | 1.375 | 1.152 | 223 | 1.375 |
| Total volume | 11.8 | 1.9 | 13.7 | 14.2 | 1.3 | 15.5 | 13.9 | 1.5 | 15.4 | 14.4 | 2.0 | 16.4 |
| Beer volume | 11.7 | 1.1 | 12.8 | 13.7 | 0.7 | 14.4 | 13.6 | 0.8 | 14.4 | 14.1 | 1.2 | 15.3 |
| Licensed & non-beer volume | 0.1 | 0.8 | 0.9 | 0.5 | 0.6 | 1.1 | 0.3 | 0.7 | 1.0 | 0.3 | 0.8 | 1.1 |
| Third party products volume | - | - | - | - | - | - | - | - | - | - | - | - |
| Asia Pacific | ||||||||||||
| Revenue | 48 | 282 | 330 | 65 | 272 | 337 | 78 | 248 | 326 | 336 | 165 | 501 |
| Total volume | 0.3 | 3.9 | 4.2 | 0.4 | 3.7 | 4.1 | 0.4 | 3.4 | 3.8 | 3.1 | 2.2 | 5.3 |
| Beer volume | 0.3 | 3.9 | 4.2 | 0.4 | 3.7 | 4.1 | 0.4 | 3.4 | 3.8 | 2.7 | 2.2 | 4.9 |
| Licensed & non-beer volume | - | - | - | - | - | - | - | - | - | 0.4 | - | 0.4 |
| Third party products volume | - | - | - | - | - | - | - | - | - | - | - | - |
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in mhl or €million unless otherwise stated) |
Consolidated | Attributable share of joint ventures / assoc |
Group* Consolidated | Attributable share of joint ventures / assoc |
Group* | Consolidated | Attributable share of joint ventures / assoc |
Group* | Consolidated | Attributable share of joint ventures / assoc |
Group* | |
| Central & Eastern Europe | ||||||||||||
| Revenue | 621 | 70 | 691 | 966 | 98 | 1.064 | 980 | 112 | 1.092 | 712 | 80 | 792 |
| Total volume | 9.6 | 1.0 | 10.6 | 15.0 | 1.4 | 16.4 | 15.0 | 1.5 | 16.5 | 10.3 | 1.0 | 11.3 |
| Beer volume | 9.1 | 0.7 | 9.8 | 14.2 | 1.1 | 15.3 | 14.2 | 1.2 | 15.4 | 9.8 | 0.8 | 10.6 |
| Licensed & non-beer volume | 0.2 | 0.2 | 0.4 | 0.4 | 0.2 | 0.6 | 0.4 | 0.2 | 0.6 | 0.3 | 0.1 | 0.4 |
| Third party products volume | 0.3 | 0.1 | 0.4 | 0.4 | 0.1 | 0.5 | 0.4 | 0.1 | 0.5 | 0.3 | 0.1 | 0.4 |
| Western Europe | ||||||||||||
| Revenue | 1.642 | - 1.642 | 2.173 | - | 2.173 | 2.166 | - | 2.166 | 1.804 | - | 1.804 | |
| Total volume | 13.1 | - 13.1 |
17.7 | - | 17.7 | 17.8 | - | 17.8 | 14.6 | - | 14.6 | |
| Beer volume | 9.1 | - | 9.1 | 12.5 | - | 12.5 | 12.4 | - | 12.4 | 10.2 | - | 10.2 |
| Licensed & non-beer volume | 2.2 | - | 2.2 | 2.9 | - | 2.9 | 3.0 | - | 3.0 | 2.5 | - | 2.5 |
| Third party products volume | 1.8 | - | 1.8 | 2.3 | - | 2.3 | 2.4 | - | 2.4 | 1.8 | - | 1.8 |
| Head office & Eliminations | ||||||||||||
| Revenue | -82 | - | -82 | -116 | - | -116 | -96 | - | -96 | -76 | - | -76 |
| Heineken N.V. | ||||||||||||
| Revenue | 3.834 | 652 4.487 | 4.944 | 640 | 5.584 | 4.974 | 684 | 5.658 | 4.630 | 626 | 5.256 | |
| Total volume | 42.0 | 7.8 | 49.8 | 54.9 | 7.6 | 62.5 | 54.7 | 7.7 | 62.4 | 50.4 | 6.8 | 57.2 |
| Beer volume | 35.9 | 6.4 | 42.3 | 46.7 | 6.3 | 53.0 | 46.2 | 6.2 | 52.4 | 43.0 | 5.3 | 48.3 |
| Licensed & non-beer volume | 3.9 | 1.2 | 5.1 | 5.5 | 1.1 | 6.6 | 5.7 | 1.3 | 7.0 | 5.3 | 1.3 | 6.6 |
| Third party products volume | 2.2 | 0.2 | 2.4 | 2.7 | 0.2 | 2.9 | 2.8 | 0.2 | 3.0 | 2.2 | 0.2 | 2.4 |
Appendix 2
GLOSSARY
Beia
Before exceptional items and amortisation of acquisition related intangible assets
Operating profit
Consolidated operating profit Results from operating activities
Group Operating profit (beia) Consolidated operating profit (beia) plus attributable share of operating profit (beia) from joint ventures and associates
Organic growth
Growth excluding the effect of foreign currency translational effects, consolidation changes, exceptional items, amortisation of acquisition-related intangible assets
Organic volume growth
Growth in volume, excluding the effect of consolidation changes
Revenue
Consolidated revenue Net realised sales proceeds
Group revenue (beia)
Consolidated revenue plus attributable share of revenue from joint ventures and associates
Volume
Consolidated beer volume
100 per cent of beer volume produced and sold by consolidated companies
Group beer volume
Consolidated beer volume plus attributable share of beer volume from joint ventures and associates
Group total volume
Total consolidated volume plus attributable share of volume from joint ventures and associates
Heineken® volume
100 per cent of beer volume sold of the Heineken® brand by consolidated companies, joint ventures and associates and produced and sold under license by third parties
Heineken® volume in premium segment
100 per cent of beer volume sold of the Heineken® brand in the premium segment (Heineken® volume in the Netherlands is excluded) by consolidated companies, joint ventures and associates and produced and sold under licence by third parties
Licensed & non-beer volume
Cider, soft drink and non-beer volume sold in consolidated companies, joint ventures and associates, as well as HEINEKEN's brands produced and sold under licence by third parties
Third party products volume
Volume of third party products sold through consolidated companies, joint ventures and associates
Total Consolidated volume
100 per cent of volume produced and sold by consolidated companies (including beer, cider, soft drinks and other beverages), volume of third party products and volume of HEINEKEN's brands produced and sold under licence by third parties