喜力(ADR) 2024年度报告

Staying the course while navigating a challenging quarter Key Quarterly Highlights •Revenue €8,712 million for the quarter, €25,636 million year to date•Net revenue (beia) organically down 0.3% for the quarter, up 1.3% year to date•Beer volume organically down 4.3% for the quarter, down 2.3% year to date•Premium beer volume organically down 2.2% for the quarter, up 0.4% year to date•Heineken®volume down 0.6% for the quarter, up 2.7% year to date•2025 organic operating profit (beia) growth anticipated to be towards the lower end of the 4% to 8% guidance CEO Statement Dolf van den Brink, Chairman of the Executive Board / CEO, commented: "Macroeconomic volatility persisted as anticipated and became more pronounced in the third quarter, creating achallenging environment, resulting in a mixed performance. We expect consumer confidence and demand to recoverwhen conditions normalise. Our advantaged geographical footprint helped us adapt, amongst others with solid beer volume growth in SouthernAfrica, gains across the portfolio in Vietnam, and continued strong growth for Heineken®and Amstel in China, partiallyoffsetting some of the weakness in Europe and the Americas. We are also excited about the announced FIFCOtransaction in Central America, which will further strengthen our growth footprint and be earnings accretive. Staying the course on our EverGreen strategy, our portfolio continues to evolve positively, with market share gains in asubstantial majority of our markets, and Heineken®and premium volume growing year-to-date. Furthermore, we arefuture-proofing the business by accelerating digital investments and reshaping our organisation. Taking into account the challenging quarter, we remain confident in delivering €0.5 billion gross savings for 2025, andanticipate our full year organic operating profit (beia) growth to be towards the lower end of our 4% to 8% guidance." Driving Superior Growth Revenuein the quarter1was €8.7 billion (YTD: €25.6 billion).Net revenue (beia)decreased organically by 0.3% (YTD:up 1.3%). Total consolidated volume decreased by 3.8% (YTD: down 2.1%) and net revenue (beia) per hectolitre was up3.6% (YTD: up 3.4%). Price-mix on a constant geographic basis was up 3.3% (YTD: up 3.6%), led by pricing to mitigateinflationary pressures, and by a positive mix effect from portfolio premiumisation. Currency translation reduced net revenue (beia) by €304 million (YTD: €1,222 million), mainly due to the strengtheningof the Euro vis-à-vis the Mexican Peso, Ethiopian Birr, and Brazilian Real. Consolidation changes reduced net revenue(beia) by €22 million (YTD: €55 million). Through ourbusiness-to-business digital (eB2B) platforms, we captured €9.7 billion in gross merchandise value yearto date, an organic increase of 13% versus last year. We are now connecting 730 thousand active customers infragmented, traditional channels. Beer volumefor the quarter decreased organically by 4.3% (YTD: down 2.3%), with growth in Africa & Middle East morethan offset by lower volume in Europe and the Americas. We are gaining or holding volume market share in asubstantial majority of our markets, with notable gains in Mexico, Brazil, India, Vietnam, Nigeria, and Ethiopia. Licensed beer volume3in the third quarter increased 19.8% (YTD: 21.0%), led by the double-digit growth of Heineken®and the doubling of Amstel volume at China Resources Beer (CRB) in China, as well as by strong performances in certainAfrican markets. Driving premiumisation at scale, led by Heineken® Premium beervolume decreased by 2.2% (YTD: up 0.4%) as growth in Vietnam, India, Nigeria, and South Africa wasmore than offset by lower volume in Brazil and the USA.Heineken®volume fell slightly by 0.6% (YTD: up 2.7%) asdouble-digit growth in 21 markets did not offset contraction in Brazil and the USA.Heineken®0.0declined by 1.8%(YTD: down 0.6%), similarly driven by Brazil and the USA.Heineken®Silvergrew in the high-twenties (YTD: up 31.6%),with continued strong growth in China and Vietnam. Strengthen mainstream beer Mainstream beervolume decreased by 3.5% (YTD: down 0.9%), mostly due to weakness in Brazil and Cambodia,partially offset by stronger performances of our brandsLaruein Vietnam,Cruzcampoin the UK andBedeleandHararin Ethiopia.Amstelgrew strongly in South Africa, India, Romania, Tunisia, and Ecuador. Regional Overview Africa & Middle East •Net revenue (beia)grew 14.9% (YTD: up 18.1%) organically, with total consolidated volume increasing1.3% (YTD: flat) and net revenue (beia) per hectolitre up 13.0% (YTD: up 18.0%). Price-mix on a constant geographicbasis was up 13.6% (YTD: up 18.3%). Inflation-led pricing compensated for the impact of currency devaluations.The region continued to show steady momentum, underpinned by a disciplined focus on profitable growth, withnotable progress in Nigeria, South Africa, and Ethiopia. •Beer volumegrew organically by 2.0% (YTD: up 1.4%) with strong performances in Ethiopia, South Africa, Namibi