56
February2020 | Heineken N.V. | Heineken Holding N.V. HEINEKEN Investor Presentation
February 2020 | Heineken N.V. | Heineken Holding N.V.
HEINEKENInvestor Presentation
1
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.
2
Approach to long-term value creation
1 Return on Sales - Operating profit (beia) divided by revenue; based on consolidated financials2 RONA - Return on Net Assets
HEINEKEN Golden Triangle
Revenue & Market Share
Growth
Return onSales1 RONA2
Focus on efficient deploymentof capital and working capitalefficiencies
Continuous improvement of operating profit margin, driving costs and efficiencies throughout the business
Focus on premium segment to drive superior top line growth and market share
3
Global balanced footprint with growth potential
18%
36%13%
34%
Cons. Beer volumes by region (2019)
AMEEAmericasASPEurope
10%
29%
26%
35%
Operating profit (beia) by region (2019)
AMEEAmericasASPEurope
160+Breweries
70+Countries
300+Brands
241mhlConsolidated Beer Volume
54%Of profit from
developing markets
85,000+Direct Employees
Operating Companies
Joint Ventures/ Associates
Export
Licences
4
Limited reliance on individual markets
Markets Share of operating profit
HEINEKEN operating profit (BEIA)
Two countries have >10% of profits; Mexico & Vietnam
Diversified mix of countries: Established markets with steady improvements Developing markets at different stages of growth
Large collection of small markets with growth potential
100%
~80%
>50
17
5
0 10 20 30 40 50 60 70 80
Asahi
Castle
Amstel
Stella Artois
Corona
Budweiser
Tuborg
Guinness
Carlsberg
Heineken
1-5% 5-10% 10-20% >20%
Heineken®: the most international beer brand
Source: Global data 2018
Top 10 global beer brands by market reach
The beer brand with the widest reach
Present in over 190 markets
Meaningful presence in >70 markets
Brand size (mhl)
38
12
9
17
53
45
12
11
14
23
Number of markets
6
Strong local operations with local portfolios
Top 10 countries by volumes
Mexico Nigeria Russia Poland UK USA Vietnam France Brazil Spain
International& Domestic Premium
Heineken®
StrongbowBohemiaAmstel
Heineken®
TigerGulder
Heineken®
MillerAmstel
Krusovice
Heineken®
DesperadosNamyslow
Zywiec
Heineken®
Birra MorettiDesperados
Strongbow CiderBulmers Cider
Old Mout Cider
Heineken®
Amstel LightStrongbowLagunitasDos EquisRed StripeNewcastle
Heineken®
TigerStrongbow
Amstel
Heineken®
Desperados Affligem
Edelweiss
Heineken®
EisenbahnSol
Baden Baden
Heineken®
DesperadosAmstel OroCruzcampo
EspecialAguila
Upper Mainstream & Mainstream
CoorsDos Equis
SolIndio
Tecate
’33’ ExportStar
Amstel
OkhotaAmstel
WarkaKrolewskie
SpecjalLezajsk
Kronenbourg 1664Amstel Tecate Larue Special Pelforth Amstel
DevassaCruzcampo
Amstel
LowerMainstream & Value
SuperiorCarta Blanca
Kloster
LifeGoldberg
Tri MedvedyaZhigulievskoe
BochkarevTatra Foster’s
John Smith’sLarueBivina
’33’ ExportPanach
SchinKaiserGlacialBavaria
Cruz del Sur
February 2020 | Heineken N.V. | Heineken Holding N.V.
HEINEKENBusiness Priorities
8
Five business priorities to continue driving long term value creation
9
Strong top line growth
Shaping the cider category
Double digit growth outside the UK, led by South Africa and Russia
Encouraging results from new cider markets, including Vietnam and Mexico
High-single digit growth Double digit growth of non-alcoholic The Zero Zone is now being deployed
globally
Leading low- and no-alcohol innovationsDeveloping our international brands
High-single digit growth Double digit growth of Amstel and Tiger
Building international and local craft
Mid-single digit growth Lagunitas in more than 35 markets
Innovating in draught
Double digit growth in proprietary draught systems
The Blade is now available in 32 markets
Note: comments refer to FY 2019 results
10
Heineken® volume +8.3%
Positive performance across all regions
Double digit growth in over 40 markets including Brazil, Mexico, South Africa, Nigeria, the UK, Romania and Germany
12 markets sell more than 1 million hectolitres
Successful roll-out of Heineken® 0.0 continues
Official Beer Partner of UEFA EURO 2020TM and extension of UEFA Champions League partnership for 2021-2024
Note: comments refer to FY 2019 results
11
Drive End-to-End performance
Examples of End2End initiatives
Continuous improvement on New Product Implementation (NPI) process led to faster and more efficient brand and innovation launches (e.g. Heineken® 0.0 rolled out in 57 markets in less than three years).
Deployment of BASE in small and medium size operations in ASP and AMEE to standarize core business processes and build new capabilites at scale to increase the level of service to customers.
SellMake Support
ConsumerCustomer
Revenuemanagement
Sell more for more
ZBC
Elliminate bad costs
Note: comments refer to FY 2019 results
12
Engage and develop our people
Develop great business driven leaders
Grow our talent pipeline at all levels
Build critical capabilities and strengthen functional excellence
Leverage diversity & our culture
Female role models in HEINEKEN Supply Chain
February 2020 | Heineken N.V. | Heineken Holding N.V.
Brewing a Better World
14
FY 2019 update
Brewing a Better World
29% decline in rate of accidents vs 2018, but with 11 fatalities
3.4 hl per hl of water use on average, 3.1 hl per hl in water scarce areas. Ahead of 2020 targets, so launched water ambition ‘Every Drop’ in March 2019
19% of electric and thermal energy in production from renewables (2018: 15%; 2030 target: 70%)
Aiming to reduce plastic use
44% of agricultural supplies in Africa locally sourced (2018: 39%; 2020 target: 60%)
Over 10% of Heineken® media spend on responsible consumption awareness campaigns in over 60 markets
Note: comments refer to FY 2019 results
15
Brewing a Better World
16
Every Drop: protecting water resources
33% decrease in water consumption (hl/hl) compared with 2008
3.1 hl/hl average in water-stressed areas surpassing the 2020 target
15 brewery sites now started water balancing projects, incl. nature-based solutions like reforestation and wetland restoration
97% of wastewater volume treated before discharge
Launched Every Drop, the 2030 water ambition supporting watershed health in water-stressed areas
Water balancing in Mexico through reforestationSince the end of 2018, we have achieved our water balancing target for the Monterrey Brewery, returning 1.15 million cubic meters of water per year to the local watershed. By 2020, 1,300,000 trees will be planted.
Source: Last reported results
17 Source: Last reported results
18
Drop the C: reducing CO2 emissions
Exceeded target with 49% decrease in CO2 emissions in production compared to 2008
Increased renewable energy in our breweriesto 19%. 2030 ambition = 70%
>150,000 Green Fridges: 50% less emissions compared to 2010
13% decrease in emissions from distribution compared to 2010/2011
Developed regional strategies to manage impacts of plastic* packaging
Source: Last reported results
* 6% of our total packaging by volume
19
Growing with Communities
Creating economic and social impact 85,000 employees in more than 70 countries €12 billion total tax contribution 27.6% effective income tax rate
Investing in our communities Local sourcing projects support > 140,000 farmer
households. Providing access to new crops, improved varieties, agricultural and business skills training
Since 2007, the Heineken Africa Foundation committed to over 119 projects with a focus on Mother & Child care and Water, Sanitation and Hygiene (WASH)
Source: Last reported results
20
Sourcing sustainably
37% of raw materials sourced sustainably (target: 50% by 2020)
Increased local sourcing of agricultural raw materials in Africa to 44%, supporting smallholder farmers. More to do to reach 60% target, investing in malting capacity in SA and Ethiopia.
97% compliance with HEINEKEN’s 4 step Supplier Code Procedure across operating companies, ahead of target
We enhanced the supplier screening process to identify high-risk suppliers
Source: Last reported results
21
Advocating responsible consumption
63 markets (95%) worldwide dedicated at least 10% of Heineken® media spend to Responsible Drinking campaigns.
35 markets have partnerships in place to address alcohol-related harm
5.7% of total global volume contributed bylow- and no-alcohol options
Ingredients and nutrition information on labels: 91% of beer and cider brands include information on pack or online
When You Drive, Never DrinkFormula 1® is the global platform to promote ‘When You Drive, Never Drink’ message. Nico Rosberg, 2016 FIA Formula 1 Drivers’ World Champion starred in the latest film: No Compromises
Source: Last reported results
22
Safety first
38% reduction in accident frequency since 2015.
But 11 fatalities in 2019 (of which 6 on the road).
Our focus will remain on Life Saving Rules 92% compliance level in breweries
95% compliance level in projects, commerce, distribution and logistics
Delivery now nearing completion
We installed Telematics in all vehicles worldwide to reduce driving-related accidents. This contributed to a reduction in road accidents by 27% compared to 2018.
Source: Last reported results
23
Values and Behaviours
We launched a new mandatory Code of Business Conduct training, on how to deal with business conduct dilemmas. In six months, more than 53,000 employees completed this training (online or classroom)
We embedded Brand Promoters safety across our business and significant progress has been made. Training delivered to 23,000 Brand Promoters, agencies and own employees.
Source: Last reported results
24
Respecting Human Rights
We continue working on human rights due diligence process to better understand and address the human rights risks across operations and value chains. For this we follow the UN Guiding Principles on Business and Human Rights.
To date, we have completed risk assessments and workshops in 15 operating companies around the world.
Additional we conducted internal in-depth audit reviews and external 3rd party audits, on topics like outsourcing, fair wages and non-discrimination. Outcomes enable us to address areas for improvement
Source: Last reported results
25
Inclusion & Diversity
61 nationalities among our senior managers
Female representation at senior levels increased to 23%
900 leaders attended inclusive leadership workshops.
Operating companies and global functions integrating I&D into their people plans and everyday business practices.
Launch of HEINEKEN Open & Proud (HOP), our global internal platform supporting the LGBT+ community.
Source: Last reported results
The women@ Heineken network of 29 ambassadors in Mexico work together with one simple purpose: bringing women together to help other women.
26 February 2020 | Heineken N.V. | Heineken Holding N.V.
Heineken N.V.
2019 Full Year Earnings Release
Jean-François van Boxmeer, CEOLaurence Debroux, CFO
27
2019 FY Key Highlights
Net revenue (beia) OG +5.6%
Net revenue (beia) OG per hectolitre +3.3%
Consolidated beer volume OG +3.1%
Heineken® volume +8.3%
Operating profit (beia) OG +3.9%
Operating profit (beia) margin 16.8% (-12 bps)
Net profit (beia) €2,517 million, +4.3% organically
Diluted EPS (beia) €4.38 (2018: €4.18)
28
Regional Review
2019 FY Organic Growth %
Heineken NV Africa, Middle East & Eastern Europe Americas Asia Pacific Europe
Consolidated beer volume 3.1 4.6 2.6 11.8 -0.2
Price mix on a constant geographic basis 3.4 2.9 7.1 0.8 1.8
Net revenue (beia) 5.6 8.9 7.5 10.9 2.0
Operating profit (beia) 3.9 -0.2 4.6 12.1 -0.8
29
Financial Overview
Key Financials€m unless otherwise stated 2019 FY Total Growth (%) Organic Growth (%)*
Revenue 28,521 6.4
Net revenue (beia) 23,894 6.3 5.6
Operating profit (beia) 4,020 5.5 3.9
Operating profit (beia) margin 16.8% -12 bps
Net profit (beia) 2,517 5.5 4.3
Net profit 2,166 13.2
Diluted EPS (beia) in € 4.38 4.9
Free operating cash flow 2,228 -0.8
Net Debt/EBITDA (beia) ratio 2.6x 0.3x
* The impact of IFRS 16 is excluded from organic growth calculations in all metrics and is treated as a consolidation impact.
30
Net Revenue: +5.6% Organic Growth
22,471
23,894-0.5%
+1.2%
+2.2%
+3.3%
2018 FY Net revenue (beia)
Consolidationimpact
Currencytranslation
Total volume Net rev/hl 2019 FY Net revenue (beia)
€m
Organic growth +5.6%
€m
31
Operating Profit (beia): +3.9% Organic Growth
3,808 4,020
-0.6%
+2.1%+3.9%
2018 FY Operating profit(beia)
Consolidationimpact
Currencytranslation
Organicgrowth
2019 FY Operating profit(beia)
€m€m
32
Diluted EPS (beia): €4.38, +4.9%
€4.184.38 € 4.38
-0.7%
1.9%4.3%
-0.7%
2018 FY Diluted EPS(beia)
Consolidation impact
Currencytranslation
Organicgrowth
Shares sold to CRE 2019 FY Diluted EPS(beia)
+4.9%
-€0.03 €0.08 €0.18 -€0.03
33
Free Operating Cash Flow of €2,228 million
€m unless otherwise stated 2019 FY 2018 FY¹ Vs. LYCash flow from operations (before changes in working capital) 5,669 4,858 811
Change in inventories -257 -129 -128
Change in trade and other receivables -245 -66 -179
Change in trade and other payables and returnable packaging deposits 510 908 -398
Change in working capital 8 713 -705
Capital expenditure² -1,915 -1,888 -27
Free operating cash flow 2,228 2,246 -18
¹ 2018 FY restated for IAS 37² Related to purchase of property plant and equipment
34
Net debt/EBITDA (beia) was 2.6x at 2019 FY
Long term issuer ratings BBB+/Baa1, currently on stable outlook
Committed to long term target <2.5x A well balanced maturity profile
*Includes acquisitions, excludes disposals on a 12 month pro-forma basis.**Also includes first time impact of IFRS 16 on a 12 month pro-forma basis.
35
Full Year Outlook For 2020, we anticipate our business to deliver:
A superior top-line growth driven by volume, price and premiumisation
A low-single digit increase of input costs per hectolitre
Continued cost management initiatives and productivity improvements to fuel investment
behind our brands, innovation, e-commerce platforms, technology upgrades and sustainability
programmes.
As a result, we expect operating profit (beia) to grow by mid-single digit on an organic
basis, barring major negative macro economic or political developments. In particular it
is at this stage not possible to assess the extent and duration of the impact of
Coronavirus on the economy and on our business.
We also anticipate:
An average interest rate (beia) broadly in line with 2019 (2019: 2.9%)
An effective tax rate (beia) broadly in line with 2019 (2019: 27.6%)
Capital expenditures related to property, plant and equipment of around €2 billion
(2019: €1.9 billion)
36
“Our strategic focus continues to be growth oriented with an ever-increasing emphasis on the
sustainability of this growth, both socially and environmentally. We invest in innovation and
operational excellence so our consumers enjoy our brands and we exceed our customers'
expectations, whilst seeking productivity improvements and constantly reassessing our
spending behaviour.”Jean-François van BoxmeerChairman Executive Board / CEO
36
HEINEKEN Leadership
February 2020 | Heineken N.V. | Heineken Holding N.V.
Regional Update
38
A long standing presence
Africa Middle East & Eastern Europe
OpCo’sConsolidated
AlgeriaBurundi
DRCEgypt
EthiopiaIvory Coast
KenyaLa Reunion
LebanonMozambique
NigeriaRussia
RwandaSierra LeoneSouth Africa
TanzaniaTunisia
UgandaZambia
Joint VenturesNon-consolidated
Congo-BrazzavilleIsrael
NamibiaUAE
LicenseOperations
CameroonGhanaJordan
Morocco
Consolidated
Joint Ventures/ Associates
Export
Licences
39
Leadership position, committed for the long term
Nigerian Breweries
Source: Global data, Company data
9 breweries and 2 malting plants#1 or #2 brands in all segments
Key Facts The Nigerian beer market remains
very attractive given its high growth potential and the macroeconomic environment is starting to show improving trends
2019 performance is still being affected by low consumer confidence, excise increase and cost pressure
Nigerian Breweries is uniquely positioned to capture the most value from this growth and its strategy to Win with Nigeria! will further solidify market leadership
Segment Core brands
International premium
National premium
Mainstream
Discount
Comprehensive brand portfolio
Aba Malting Plant
Kudenda Malting Plant
Onitsha
Makurdi
Lagos
KakuriKudenda
Ota
ibadan
Ama
Aba
Awo-Omamma
Ljebu-Ode
40
#1Jamaica
#1St. Lucia
#1Bahamas
Operating Companies
Joint Ventures
Export
HEINEKEN’s position in premium segment
Americas: A collection of highly diverse markets
Source: Global data 2018Premium beer segment defined by Canadean as >= 115 price index.
11 OpCos7 JVs
Export business to more than 40 markets
Key Facts
#3United States
#1Central America & Caribbean
#2Mexico
#1Argentina
#1Puerto Rico
#1Haiti
#1Suriname
#1Costa Rica
#1Panama
#1French West Indies
#3Canada
#2Brazil
#1Chile
41
Attractive growth prospects for beer
Heineken Mexico
Source: Global data, Company data
7 Breweries#2 Position
Key Facts HEINEKEN’s largest beer operation
Positive underlying market fundamentals, including population growth, urbanisation, growing middle class
Meoqui brewery, the largest greenfield in HEINEKEN’s history, opened in February 2018 contributing to the efficiency of local operations
Exciting premium segment potential
Targeted regional strategy to drive growth
Segment Core brands
Premium
Affordable-Premium
Mainstream
Below Mainstream
Value
Comprehensive portfolio
42
Portfolio strategy driving improved market share
Heineken Brazil
Source: Global data, Company data
15 breweriesc.20% Market share
#2 Position in market
Key Facts Marked acceleration of premium in
2019
Heineken® complemented by premium portfolio holding >30% market share in the premium segment
Schin provides increased scale to further develop premium volumes, especially in the North / North East
Synergies of Brazil Kirin transaction from brewery footprint optimisation, procurement, logistical, and SG&A savings
Segment Core brands
Premium andSuper Premium
Upper Mainstream & Mainstream
Lower Mainstream & Value
Strong portfolio
São Paulo HQ
43
Relevant presence in premium segment
Heineken USA
Source: Global data, Company data
9 Distribution Centres8 Offices
#2 Premium Position
Key Facts Economic indicators are improving
Premium segment outperforming led by Mexican brands and craft
Segment Core brands
Premium & Super Premium
Mainstream
Strong portfolio
White Plains HQ
44
14HEINEKEN
Carlsberg
ABI
Kirin
Asahi
Best placed to access regional growth opportunities
Asia Pacific: a unique footprint in the region
Source: Global data, Company data 2018
Number of #1 and #2 market positions in Asia-Pacific (by volume)
Heineken has leadership in the largest number of markets1
HEINEKEN market leadership
HEINEKEN market presence
#1 PositionIndiaChina
IndonesiaMalaysia
CambodiaNew Caledonia
Papua New GuineaSingapore
Solomon IslandsTimor-Leste
LaosMyanmar
New ZealandSri LankaTaiwan
Vietnam
#2 Position
45
An attractive beer market
Heineken Vietnam
Source: Global data, Company data
6 Breweries#2 Position
#1 position in premium segment
Key Facts
Favourable beer market volume trends, with CAGR +4.4% expected by Canadean 2018-2023
Premium volume outperformance due to growing middle class
Continue to fuel the growth of Tiger (within premium)
Accelerate mainstream and economy via Larue and Bivina
Developing Cider category with game changer ambition
Segment Core brands
Premium
Mainstream
Economy
Strong portfolio
46
Strong potential for growth
United Breweries Limited
Source: World Bank population estimates, Global data, Company data PCC: Per Capita Consumption
HEINEKEN’s stake in UBL 46.52%
India beer PCC is slightly above 2L
2018 beer market size 28mhl
Strict regulations on the production, transportation, distribution, promotion, pricing and sale of alcohol
UBL has the leading beer brand with Kingfisher (UBL market share 48%)
Heineken®: rolled-out in key cities
21 breweries
12 contract breweries
21 Breweries12 contract breweries
#1 Market position
Key Facts
Segment Core brands
Super Premium
Premium and Premium Plus
Value
Strong portfolio
47
Unlocking premium potential
China Resources Beer Holdings
Source: World Bank population estimates, Global data, Company data PCC: Per Capita Consumption
HEINEKEN’s stake in CR Beer 20.6%
PCC 35L, with signficant growth potential
Snow, No. 1 beer brand by volume in the world
Market leader with MS ~ 21%
Best-in-class, nationwide distribution network
3rd player in the premium segment
Started distribution of Heineken®
in May 2019
Premium segment expected to outgrow the beer industry
80 BreweriesPresent in 25 out of 34 regions in China
#1 Market position
Key Facts Strategic collaboration
(1) CRH (CRE) Limited and Commotra Company Limited are beneficially wholly-owned subsidiaries of CRH.
48
HEINEKEN Beer Volume Market Share
Europe: Strong market positions driving growth
Source: Global data 2018, BBPA, other
#1 position
#2 position
< #2 position
Export markets
Europe remains an attractive and valuable market for beer, cider and near category growth potential
HEINEKEN is well positioned in the context of economic & market evolution with growth potential in its key markets
HEINEKEN’s diverse local footprint combined with global scale provides unique opportunities to meet fast changing consumer preferences.
#1 PositionAustriaGreece
ItalyFrance
NetherlandsSlovakiaSloveniaHungary
United KingdomSerbia
BelgiumCroatiaBulgariaIrelandPoland
PortugalRomania
SpainSwitzerland
#2 Position
49
Wholesale strategically important in selected markets
Key Facts Business model Wholesale operations focused on on-
trade service and particularly draught
Providing synergies with commercial brewing operations: Higher proximity to customer Better access to broad range of data Reliable and secure access to markets Consumer touchpoints
3rd partyWholesale
Outlets
HNVWholesale
Off Trade
Cash & Carry
Brewery
On Trade
50
Star Pubs & Bars strategicallyimportant in the UK
A highly successful & profitablebusiness model
Strategically important to the UK business
>2,500 leased and tenanted pubs since Punch acquisitionwith a wide UK footprint
Star Pubs & Bars strong investment & performance track-record Attractive returns – Margin, Cashflow & RONA
Hands-on experience & understanding of the On Trade Unique consumer touchpoints Synergies with on trade brewing operations Unique platform for seeding innovations
UK Avg. Beer & Cider Pubs
Operating profit margin(2018)
51
HEINEKEN Executive Team
Jean-François van BoxmeerChief Executive Officer &Chairman of the Executive Board
Laurence DebrouxChief Financial Officer & Member of the Executive Board
Stefan OrlowskiPresident Europe
Marc BusainPresident Americas
Jan Derck van KarnebeekChief Commercial Officer
Marc GrossChief Supply Chain Officer
Dolf van den BrinkPresident Asia Pacific
Roland PirmezPresident Africa Middle East and Eastern Europe
Chris van SteenbergenChief Human Resources Officer
Blanca JutiChief Corporate Affairs Officer
52
HEINEKEN Ownership structure
Heineken N.V. shares held by Heineken Holding N.V. equals the number of shares issued by Heineken Holding N.V.
FEMSA
Public
HEINEKEN Holding N.V.
HEINEKEN N.V.
Supervisory board
Executive board
41.363%
35.139%
L’Arche Green N.V.
52.599%
8.632%
50.005%
Board of directors
12.262%
Public
Legal entities
Public shareholders
Management
53
Sponsored Level 1 ADR Programmes
Heineken Holding N.V.Bloomberg ticker: HKHHY
ISIN: US4230081014Cusip: 423008101Exchange: OTCQX
Ratio: 2 ADRs: 1 Ordinary Share
Bloomberg ticker: HEINYISIN: US4230123014
Cusip: 423012301Exchange: OTCQX
Ratio: 2 ADRs: 1 Ordinary Share
Depositary bank: Deutsche Bank Shareholder Servicesc/o American Stock Transfer & Trust CompanyADR broker helpline: +1 866 249 2593E-mail: [email protected] website: www.astfinancial.comDepositary Bank’s local custodian: Deutsche Bank, Amsterdam
Investor Relations contact details
+31 20 523 9590 (Amsterdam)E-mail: [email protected]
Heineken N.V.
54
Upcoming events
54
Calendar
04 March 2020 — UBS Consumer and Retail Conference, Boston
01 April 2020 — Start silent period Q1 2020
22 April 2020 — Q1 2020 Trading update, Amsterdam ( no conf. Call)
5555
We Are HEINEKEN.
