1、Heineken N.V. Annual Report 2019 Further information online at: theHEINEKEN Download the Annual Report Find out about HEINEKENs history Explore our countries and brands Read more about our sustainability journey In this years report 03 Introduction We are HEINEKEN 03 0447 Report of the Executive Boa

2、rd Chief Executives Statement 04 Performance highlights 05 Key figures 06 Our impact from Barley to Bar 07 Executive Team 08 Our business priorities 09 Deliver top line growth 10 Drive end2end performance 16 Brew a Better World 17 Engage and develop our people 19 Connect in a digital world 21 Region

3、al Review 22 Africa, Middle East and Eastern Europe 23 Americas 24 Asia Pacific 25 Europe 26 Risk Management 27 Financial Review 34 Corporate Governance Statement 39 4861 Report of the Supervisory Board To the Shareholders 48 Remuneration Report 54 63120 Financial Statements Contents 63 Consolidated

4、 Income Statement 64 Consolidated Statement of Comprehensive Income 64 Consolidated Statement of Financial Position 65 Consolidated Statement of Cash Flows 66 Consolidated Statement of Changes in Equity 67 Notes to the Consolidated Financial Statements 68 Heineken N.V. Income Statement 114 Heineken

5、N.V. Balance Sheet 115 Heineken N.V. Shareholders equity 116 Notes to the Heineken N.V. Financial Statements 117 121157 Sustainability Review Our focus areas 121 Our sustainable development focusareas 122 Focus area commitments measuring our progress 123 Every Drop protecting water resources 124 Dro

6、p the C reducing CO2 emissions 128 Sourcing sustainably 134 Advocating responsible consumption 137 Promoting health and safety 141 Growing with communities 143 Values and behaviours 145 Inclusion and diversity 146 Respecting Human Rights 147 Reporting basis and governance of non-financial indicators

7、 148 Footnotes 157 158175 Other Information Appropriation of Profit 158 Independent Auditors Report 159 Assurance Report of the Independent Auditor 165 Shareholder Information 167 Bondholder Information 170 Historical Summary 171 Glossary 173 Disclaimer and Reference Information 175 Brewing a Better

8、 World Read more about Brewing a Better World, our sustainability performance, starting from page 121 Follow us on Twitter: HEINEKENCorp Follow us on LinkedIn: Heineken N.V. Annual Report 201902Heineken N.V. Annual Report 201902 Introduction Heineken N.V. Annual Report 201902 Report of the Executive

9、 BoardReport of the Supervisory BoardFinancial StatementsSustainability ReviewOther Information We are HEINEKEN We build true human connections and break down barriers, because we believe great moments of shared experiences are the best in life. We are inspired by consumers to brew the best beers an

10、d extend that same passion to all of our brands, products and activities. We are proud of our family history and Dutch heritage and derive from them our entrepreneurial spirit that takes us to every corner of the world. We are brand builders. The Heineken brand defines and unites us while our many l

11、ocal, regional and global brands make our portfolio diverse and unique. People are at the heart of our company. We see our strength in trust, diversity and progress. We stand by our values: passion forquality, enjoyment of life, respect forpeople and for the planet. We always advocate responsible co

12、nsumption. We are committed to our communities and strive to consistently improve the impact wemake on the planet. We work with our customers and partners to grow together and seek to win with integrity and fairness. And we are convinced that by staying true to these commitments, we create value for

13、 our shareholders. We are HEINEKEN. Heineken N.V. Annual Report 201903Heineken N.V. Annual Report 201903 IntroductionReport of the Executive BoardReport of the Supervisory BoardFinancial StatementsSustainability ReviewOther Information Chief Executives Statement In 2019, we delivered another year of

14、 superior top-line growth. Net revenue (beia) organic growth was up 5.6%, well balanced with an increase of 3.1% in consolidated beer volume and net revenue (beia) per hectolitre up 3.3%. Brazil, Mexico, South Africa, Vietnam and Cambodia were the fastest growing markets. The Heineken brand posted t

15、he best performance in over a decade with volumes increasing by 8.3%. More than 40 countries grew double-digit, with Brazil in the lead. Today 12 markets sell more than one million hectolitres of Heineken annually, now including the UK and Nigeria. Heineken0.0 continues to expand and is now availabl

16、e in 57 markets. Our premium portfolio was up high single-digit, led by our international brands: Amstel, Desperados, Tiger and Birra Moretti. In the craft segment, our volume grew mid single- digit overall, with a double-digit expansion in Europe compensating for lower volume in the Americas. Lagun

17、itas is now available in more than 35 markets and is produced locally outside the United States, inthe Netherlands and Brazil. Our cider volume increased double digit outside the UK, with South Africa and Russia in the lead. We now produce cider in 18 markets and we are seeing encouraging results in

18、 new cider markets such as Vietnam and Mexico. In the UK, volume declined mainly due to a challenging comparable versus last year. Volume of our low- and no-alcohol segment reached 14.1 million hectolitres. Our no-alcohol portfolio was up double digit, driven by Heineken0.0. We are responding to con

19、sumer demand for low and no products with a broadening portfolio of 348 line extensions in 123 brands. Throughout Europe, we promote the category through the Zero Zone, which provides greater visibility of 0.0 beers in on- and off-trade outlets. Revenue growth in 2019 was essentially organic as we a

20、cquired only a few companies including Namysw in Poland, Biela in Ecuador and Agua Castello in Portugal. We also took a minority stake in craft breweries, Gallia in France and Oedipus in the Netherlands. In 2019 the major strategic event for the year was the start of our new venture with China Resou

21、rces Enterprise. We are pleased to have joined forces with the largest beer producer in China and very encouraged by the potential for growth ofHeineken. Recognising the increasing importance of connecting in a digital world with consumers and customers, in 2019 we added a 5th pillar to our strategi

22、c priorities to provide the right focus within our organisation. How we achieve results is as important as achieving them. This is why Brewing a Better World is one of our top strategic priorities. On health and safety, although the rate of accidents declined by 26% versus 2018, we need to continue

23、to embed our Life Saving Rules into daily practice. Over the past decade, we have lowered our water usage by almost a third to 3.4 hectolitres of water per hectolitre produced and 3.1 hectolitres in water scarce areas in 2019. As we were ahead of our 2020 targets, in March 2019 we introduced our 203

24、0 water ambition Every Drop. Next to continuous improvement in water consumption, we aim to improve the water catchment areas surrounding our production sites. Today, 15 of these breweries in water scarce areas have started water balancing projects, including nature-based solutions like reforestatio

25、n and wetland restoration. In 2018 we set out our Drop the C programme to reduce CO2 emissions, with an ambitious target to power our production facilities with 70% electric and thermal renewable energy by 2030. This matters because thermal energy accounts for nearly 80% oftotal energy consumption i

26、n a brewery. We are at the onset of this journey and reached 19% in 2019. In 2019 we increased our local sourcing percentage of agricultural products in Africa to 44%. Although we made progress, we still have much more to do to reach our ambition of 60%. To that effect, we are working with partners

27、to increase processing capacity in the region, for example with new malting facilities in Ethiopia. We spent over 10% of Heineken media budgets on “When You Drive Never Drink” or other responsible consumption awareness campaigns in over 60 markets. We aim to reduce our plastic use and contribute to

28、increased collection and recycling of plastic where possible. To have the biggest positive impact, we use regional strategies that take into account the maturity of each region, the local use of plastic, and the current availability of recycling infrastructure. We closed the year with an operating p

29、rofit (beia) organic growth of 3.9%. In a context of increased input costs, we have continued working on the efficiency of our operations whilst steadily investing behind our brands, our sustainability agenda and our digital transformation. Looking ahead to 2020, we anticipate our business to delive

30、r a superior top-line growth driven by volume, price and premiumisation. We expect a low-single digit increase of input costs per hectolitre, with the benefit of lower prices in some commodities largely offset by transactional currency headwinds. We will continue our productivity measures and cost m

31、anagement initiatives to fuel our investment behind our brands, innovation, e-commerce platforms, technology upgrades and sustainability programmes. As a result, we currently expect operating profit (beia) to grow by mid-single digit on an organic basis, barring major negative macro-economic or poli

32、tical developments. We have the right geographical footprint, strategy and capabilities to deliver superior top-line growth. Our exposure is well balanced between developed and developing markets. There is strong momentum behind Heineken and our portfolio of premium, non-alcoholic, craft and cider b

33、rands. We leverage our global scale while maintaining local relevance. This allows us to replicate success at scale and with speed. We are committed to grow sustainably and will not compromise on our Brewing a Better World programmes. I end this letter by expressing my heartfelt gratitude to my coll

34、eagues as well as to our customers, partners and suppliers. I am looking forward to 2020 being another year of progress for HEINEKEN. Jean-Franois van Boxmeer Chairman of the Executive Board and CEO Amsterdam, 11 February 2020 Heineken N.V. Annual Report 201904 Report of the Executive BoardReport of

35、 the Supervisory BoardFinancial StatementsSustainability ReviewOther InformationIntroduction Performance highlights Consolidated beer volume (in millions of hectolitres) 241.4mhl Heineken volume (in millions of hectolitres) 41.8mhl Financial summary highlights Net revenue (beia) (in millions of ) 23

36、,894m 201923,894 201822,471 201721,629 201620,792 201520,511 Water consumption 33% decrease in water consumption (hl/hl) in our breweries since 2008 Operating profit (beia) margin (in percentages) 16.8% 201916.8 201816.91 201717.4 201617.0 201516.5 Safety 39% reduction in accident frequency since 20

37、15 (0.84 accidents per 100 FTE in 2019) Operating profit (beia) (in millions of ) 4,020m 20194,020 20183,8081 20173,759 20163,540 20153,381 Sustainability summary highlights Carbon emissions 49% decrease in carbon emissions (kg CO2-eq/hl) from production since 2008 Net profit (beia) (in millions of

38、) 2,517m 20192,517 20182,3851 20172,247 20162,098 20152,048 Responsible consumption 95% of markets where we sell and advertise Heineken allocated 10%, or more, of Heineken media spend to responsible consumption campaigns 1 Restated for IAS 37. Heineken N.V. Annual Report 201905 Report of the Executi

39、ve Board 200182019 188.3 200.1 218.0 241.4 233.8 33.2 34.4 36.0 41.8 38.7 200182019 Report of the Supervisory BoardFinancial StatementsSustainability ReviewOther InformationIntroduction Key figures1 Consolidated results In millions of 201920182Change in % Revenue28,52126,8116.4

40、% Revenue (beia)28,44326,8116.1% Net revenue23,96922,4896.6% Net revenue (beia)23,89422,4716.3% Operating profit3,6333,12116.4% Operating profit (beia)4,0203,8085.5% Net profit2,1661,91313.2% Net profit (beia)2,5172,3855.5% EBITDA5,7565,02414.6% EBITDA (beia)5,7645,17411.4% Dividend (proposed)967912

41、6.0% Free operating cash flow2,2282,246(0.8)% Balance sheet In millions of 201920182Change in % Total assets46,50442,15110.3% Shareholders equity16,14714,52511.2% Net debt position15,25912,08126.3% Market capitalisation54,50544,05523.7% Employees 20192018Change in % Average number of employees (FTE)

42、85,85385,6100.3% Ratios 201920182Change Operating profit (beia) as a % of net revenue (beia)16.8%16.9%-12bps Net profit as % of average equity attributable toequity holders of the Company14.1%14.7%(0.6) Net debt/EBITDA (beia)2.62.30.3 Dividend % payout38.4%38.2%0.2 Cash conversion ratio80.2%85.4%(5.

43、2) Per share 201920182Change in % Weighted average number of shares basic573,643,551570,146,0690.6% Net profit3.783.3612.5% Net profit (beia)4.394.184.9% Dividend (proposed)1.681.605.0% Free operating cash flow3.883.94(1.5)% Shareholders equity28.1525.4810.5% Share price94.9277.2023.0% Weighted aver

44、age number of shares diluted574,217,111570,663,6320.6% Net profit (beia) diluted4.384.184.9% 1 (beia) is before exceptional items and amortisation of acquisition-related intangible assets. Please refer to the Glossary section for an explanation of non-GAAP measures and other terms used throughout th

45、is report. 2 Restated for IAS 37. Heineken N.V. Annual Report 201906 Report of the Executive BoardReport of the Supervisory BoardFinancial StatementsSustainability ReviewOther InformationIntroduction Our impact from Barley to Bar Our ambition is to make sustainability an integral part of business. T

46、his means looking at Brewing a Better World in every one of our activities from sourcing, producing, marketing and selling our products all the way to how they are consumed, and how we can reuse and recycle waste. We align this ambition to the UN Sustainable Development Goals (UN SDGs). Agriculture

47、We brew beer and make cider from natural ingredients. We support the sustainable cultivation of agricultural raw materials tobrew our drinks. Brewing We operate 165 breweries, malteries, cider plants and other facilities around the world. All are involved in delivering our sustainability programmes

48、such as Every Drop and Drop the C. (seepages 124 and 128). Packaging We aim for our packaging design to stand out from the crowd while we also strive to reduce its environmental footprint. Distribution The majority of our products are produced in the countries where they are consumed, thereby reduci

49、ng distribution needs. We work to reduce the environmental impact throughout our distribution networks. Customers Our drinks are sold in bars, restaurants and through retailers around the world. Because our products are best served cooled, we have programmes aimed at reducing emissions from refrigeration. Consumers We believe our products should be consumed in moderation. We use marketing and sponsorship to promote responsible drinking. Employees HEINEKEN employs more than 85,000 people in over 70countri