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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 worlds 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

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

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
Indias 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%

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

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

Grow
Heineken
Brand

Consumerinspired,
customeroriented,
brand-led

Capture the
opportunities
in emerging
markets

Leverage the
benefits of
HEINEKENs
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

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)

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

Organic growth calculations assume HEINEKENs 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

29mhl

14,900

BREWERIES

EXPORT
MARKETS

JVS/
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%

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

63mhl

BREWERIES

EXPORT
MARKETS

JVS/
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

29mhl

8,000

BREWERIES

EXPORT
MARKETS

JVS/
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

55mhl

BREWERIES

EXPORT
MARKETS

JVS/
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

Radler1 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 HEINEKENs 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

45mhl

18,600

BREWERIES

EXPORT
MARKETS

JVS/
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

HEINEKENs 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%

LArche 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: adr@db.com
ADR website: www.adr.db.com

Depositary Banks 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: investors@heineken.com
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 HEINEKENs 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 HEINEKENs
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 HEINEKENs 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