Netherlands: Heineken N.V. reports strong organic net profit growth of 13.7% for 1H 2006

Heineken N.V. announced September 06 strong organic net profit growth of 13.7% for the first six months of 2006, a clear acceleration compared with the 5.4%-growth rate reported for the same period in 2005. Heineken confirms its increased full-year forecast of an organic net profit growth of ‘slightly above 10%` (recently upgraded from ‘mid-single digit`).
Heineken achieved accelerated organic growth across all key metrics: +6.3% in revenues, +10.4% in EBIT (beia) and +13.7% in net profit (beia). Group beer volume grew 11.6%, to 62.8 million hl of which organic growth accounted for 6.6%. Consolidated beer volume amounted to 53.3 million hl.

Net profit (beia) grew 10.5% to €410 million mainly driven by strong topline growth. Net profit was 25.5% higher reflecting in part €28 million in exceptional net book gains in the first half-year against costs of €23 million in the same period in 2005.

Volume of the Heineken® brand in the global premium segment rose 12.7% to 11 million hl, increasing the brand’s share of the segment. The Heineken® brand performed strongly in the Americas, Central and Eastern Europe and Africa, driven by engaging new marketing campaigns and consumer-driven innovations.

The introduction of Heineken Premium Light in the USA exceeded expectations with sales of over 300,000 hl by the end of June. Heineken expects that Heineken Premium Light will achieve more than 600,000 hl sales in 2006, 50% above the original forecast. The introduction has also had a positive impact on the volume growth of Heineken® lager with depletions up 8% in the first six months.

In Russia, the integration of the breweries acquired in 2005 is proceeding on schedule, and the findings of the brand portfolio optimisation review and the production allocation studies are now being implemented. We reiterate our full-year sales forecast of 13 million hl beer volume, representing a high single-digit organic growth rate.

The programme to reduce the fixed cost base by €200 million net of inflation by the end of 2008, named Fit 2 Fight, is on track. The expected inflation on the fixed cost base over the period amounts to €160 million. Therefore Heineken has identified concrete projects to achieve total savings of €360 million before tax by the end of 2008. For the full-year 2006, Heineken expects to achieve 10-15% of the gross savings in fixed costs. The related exceptional one-off costs before tax in 2006 are estimated at €60-75 million.

CEO’s Statement
“We have made a strong start to the year. Our performance over the first six months demonstrates that we are beginning to deliver against the four priorities I have set for the business: accelerating top-line growth, increasing efficiency, speeding up implementation and focusing on selected market opportunities.

“At the heart of our improved performance has been the acceleration in top-line growth. One of the key drivers is the excellent performance of the Heineken® brand in all regions, and most notably the successful launch of Heineken Premium Light in the USA, and the accelerated rollout of DraughtKeg.

“At the same time, we have made progress towards our ambitious target to reduce fixed cost by €200 million by the end of 2008. We have completed the identification and benchmarking phase and have already announced reorganisations in France and the Netherlands.

“Our focus on Russia remains strong. Our volume performance, combined with our positive progress towards integration and our brand portfolio optimisation review, is a clear indication that we are on track to achieve our objectives for the market.

“We recognize though that there is much we still have to do. However, I see that the changes at Heineken are taking root and that the company is becoming more focused and competitive. We are confident that the effectiveness of our renewed marketing and commercial activities, coupled with our focus on driving down costs will provide a solid platform on which we will deliver future growth.”

2006 full-year profit outlook

On 18 July 2006, Heineken raised its forecast of organic net profit growth for the full-year 2006 to “slightly above 10%” (from “mid-single digit”). The upgrade reflected the good performance of the Heineken® brand, strong volume growth in Central and Eastern Europe, the Americas, Africa and South East Asia, the better than expected volume performance of the expanded business in Russia and the successful introduction of Heineken Premium Light in the USA. Heineken expects the positive trend in its key markets and the strong growth of the Heineken® brand to continue. However, in the second half of 2006 the comparison with prior year will be more challenging than in the first half.

Heineken intends to increase the marketing investment in Heineken Premium Light in the USA. The effect of higher sales volumes and increased marketing investments is expected to reduce the forecast negative impact of the launch on EBIT in the USA by €7 million to an estimated €18 million in 2006.

Profitability will be increased due to the implementation of the Fit 2 Fight cost-saving programme despite the increasing pressure on input costs and the costs of integrating and upgrading the Russian operations. In the second half of 2006 exceptional charges of €60 75 million before tax are expected in relation with Fit 2 Fight reorganisations. As announced previously, Heineken will also report an exceptional net gain of €279 million on the sale of land in Seville, Spain, in the second half.

Interim dividend
An interim dividend of €0.16 per share of €1.60 nominal value will be paid on 20
September 2006. The ex-dividend date for Heineken N.V. shares is 7 September 2006.

Group beer volume grew 6.6% organically

Group beer volumes in the first six months of 2006 grew by 11.6% from 56.2 million hl to 62.8 million hl. Consolidated beer volumes totalled 53.3 million hl. Organic growth in consolidated beer volumes amounted to 5.7%. Volumes were higher in all regions, including Western Europe. First-time consolidations added 2.8 million hl to Group beer volume, and are related to the acquisitions in Russia in 2005 (Ivan Taranov, Baikal, Stepan Razin and Patra).

Brand portfolio optimisation and rationalisation translated into improved profitability and better volumes. Heineken will continue to conduct regular reviews and optimization of its brand portfolio.

Volume generated by recent innovative beer systems such as DraughtKeg, BeerTender and the David draught system grew more than 30% albeit from what is still a low base. Our decision to invest substantially in DraughtKeg filling-line capacity will enable us to meet the consumer demand in full. New activities in the first half of 2006 included the rollout of Heineken Premium Light in the USA and the launch of Amstel Pulse in Australia and Greece following the introduction in Russia in December 2005.

Strong performance by Heineken® and Amstel®
Volume of the Heineken® brand in the premium segment grew 12.7% to 11 million hl, whilst total Heineken® volume (including the Netherlands) rose to 12.6 million. Volume of Heineken®, the world’s leading international premium beer brand, grew strongly in all regions with Western Europe up 4.5%, Central and Eastern Europe 14.5% higher and the Americas up almost 20%. In the USA, depletions (sales by distributors to the retailer trade) of the Heineken® brand including Heineken Premium Light grew 18%.

Heineken announced several new global marketing programmes for the Heineken® brand in the first half of 2006, including the renewal of Rugby World Cup sponsorship contract for the tournament in France in 2007 and a worldwide promotional campaign for the 21st James Bond film, ‘Casino Royale`. These investments are designed to further increasing Heineken® brand equity and accelerate the growth of the brand.

Heineken launched the Xtreme Draught, an innovative mobile draught beer system, using 20-litre kegs for the on-trade, in July of this year. Amstel volume grew 9.9% to 5.8 million hl, driven by a good performance in Africa and the Middle East and Europe. Amstel Pulse was introduced in Russia, Australia and Greece.

Revenues up 11.6%
Revenues increased by 11.6% to €5,738 million with organic growth accounting for €322 million (6.3%). Higher volumes added 4.7%, while the overall price and sales mix contributed 1.6%. A better price and sales mix was achieved in the mature markets. Volume growth in the developing beer markets more than compensated the effect of lower volumes in the wholesale operations.

First-time consolidation added €172 million (3.3%) to revenues. The most important consolidation changes relate to the acquisitions in Russia and the divestment of two wholesale units in France and the real estate business in Austria. Currency movements, notably in the Chilean peso, the Nigerian naira and the Singapore dollar contributed a total of €100 million (+2.0%) to revenues.

Cost-saving programme: Fit 2 Fight
Heineken is committed to reducing its fixed cost base by €200 million net of inflation by the end of 2008. The expected inflation on the fixed cost base over the period amounts to €160 million. Therefore Heineken aims to achieve total savings of €360 million before tax by the end of 2008. The company has now fully identified a portfolio of definitive projects to this amount. This ambitious cost-saving programme, named Fit 2 Fight, is on track.

After completing the initial phase of the programme, Heineken has identified and targeted savings in three business streams, to be delivered over 3 years. Supply chain savings are expected to contribute approximately 50% of the total, wholesale activities and commerce will represent around 20% of the savings, while support functions will contribute the remaining 30%.

At the geographical level, Western Europe is expected to deliver approximately 55% of the €360 million of gross cost-saving programmes, Central and Eastern Europe 25%, Africa 10% and the remaining 10% will be realised in the Americas, Asia-Pacific regions and at Head Office.

The total amount of restructuring costs associated with Fit 2 Fight will depend on the effective timing of the restructuring activities and the outcome of negotiations with corporate bodies and relevant authorities. At this stage, Heineken’s best estimate of exceptional costs for the 3-year period is €325-375 million before tax. Cash outflows amount to approximately 80% of this amount. We forecast that around two thirds of the one-off costs will be booked before the end of 2007, the rest in 2008. The savings will further reduce the fixed costs ratio, the fixed costs under Fit 2 Fight expressed as a percentage of revenues. The 2005-ratio was 34.9% and has fallen to 34% in the first half of 2006.

The outcome of the external benchmarking study of support functions was completed in the second quarter and plans for implementing the findings at operating company level are being developed. The study indicates that material cost savings can be achieved by centralising activities and introducing shared services. In France and in the Netherlands new reorganisations were announced. In the Netherlands, the top of the company structure will be simplified. In France, the plan is integrating the organisations of Brasserie Heineken and Brasserie Fischer, and centralising certain services. In Slovakia the closure of the Rimavska Sobota brewery was announced.

Fit 2 Fight is now fully in its implementation phase. We expect to deliver about 10-15% of the gross savings in 2006, around 30-35% in 2007 and the remainder in 2008. Programmes initiated before 2006 delivered €15 million in the first half of 2006.

Review by region

Western Europe
Regional beer volumes in Western Europe grew organically by 0.7% to 16.0 million hl. The positive performance was helped by good weather in May and June. Heineken® volume in the premium segment grew by 4.5% in the first half with growth in all countries except Italy where the brand’s volumes held firm in a declining market. To provide a better insight into operating performance in Western Europe, Head Office results are now excluded from the region’s results (see appendix 5). Revenues in the region grew 3.4% to €2,653 million and EBIT (beia) totalled €296 million (+2.0%). The growth was driven by higher volumes, a slight improvement in the price and sales mix and a better contribution from the production of export beer turning out higher than planned. Profitability of the wholesale operations was slightly lower reflecting the challenging situation in the on-trade. EBIT grew 22% to €328 million, partly reflecting an exceptional gain of €32 million in the first half as against exceptional costs of €22 million in the same period in 2005.

Introducing innovations such as extra-cold beer, shaped cans and new draught beer systems, drives top-line growth in the profitable Western European markets. The region will also contribute substantially to the Fit 2 Fight cost-saving programme. In this regard, reorganisations in the French and Dutch operations were announced recently.

The Netherlands
Revenues increased 2% as a result of volume growth fuelled by successful Soccer World Cup promotions and favourable weather. Volume of the Heineken® brand decreased 1.3% in the first half as the brand scaled down its participation in price promotions. The brands Amstel and Brand recorded excellent volume growth and the market share of Heineken Brouwerijen increased. EBIT was lower due to the ongoing price war in the off-trade and continuing competitive pressure in the on-trade. Good revenue growth at Vrumona (+3.4%), our soft drinks operation, drove a substantial increase in of its EBIT.

France
The Heineken® brand grew 2.4% in a challenging market environment largely due to the success of new pack types, such as DraughtKeg, which grew 70% compared with the same period in last year. This positive development combined with a better price and sales mix helped to offset the effect of lower volumes (-2.8%) on revenue. EBIT (beia) increased as a result of cost savings.

Spain
Heineken España increased revenues by high single-digit thanks to strong volume growth, driven by the Heineken®, Amstel and Cruzcampo brands. Owing to timing differences in selling and marketing costs and higher personnel costs, however, EBIT (beia) was lower.

Italy
The beer market was adversely affected by the weak economy and competition intensified. Heineken Italia’s domestic beer volumes declined by 3%. Volume of the Heineken® brand was stable and Moretti volume was only marginally lower. The implementation of stringent cost control resulted in a stable EBIT (beia), despite lower revenues.
Heineken Italia has launched Moretti Zero, a non-alcohol version of Moretti lager.

Other markets
Group beer volumes were higher in all other Western European markets. In the UK, in particular, the brand portfolio again achieved strong growth (+27%), with the Heineken® brand volume up almost 20%. This reflects an increase in distribution and the consumers growing acceptance of the brand’s premium positioning. Heineken entered into a four year agreement with Chelsea Football Club to serve Heineken in al bars and restaurants at Stamford Bridge and is now available on board of all British Airways flights. In Ireland, we reinforced our No. 1 position in the lager segment, increasing market share to over 30%.

Central and Eastern Europe
Regional beer volumes grew 18.8% to 25.1 million hl. First-time consolidations contributed 2.8 million hl. Organic growth was 5.3%, driven by a strong performance in Poland, Germany, Greece, Russia and Romania.
The Heineken® brand posted a healthy 14.5% growth throughout the region, exceeding the 1 million hl mark for the first-time. In particular Greece, Russia, Poland and Hungary contributed to the growth of the brand.
Revenue grew 24.4% with an organic growth rate of 8.1%. First-time consolidations accounted for a 14.2%-increase. EBIT (beia) grew 40% to €155 million fuelled by higher volumes, better prices and sales mix and a positive contribution from changes in currency-rates, mainly the zloty and the rouble.

Poland
Total beer volume increased 4.5%, driven by the excellent growth of Warka Jasne Pelne, and by the sustained strong performance of Heineken® and Zywiec, Poland’s leading premium brand. Revenues and EBIT (beia) improved on the back of higher volumes and better prices.

Russia
Beer volume in Russia grew strongly and Heineken now forecasts sales of 13 million hl by the year-end. Strong growth was recorded by the Heineken® brand (+23%), Zlaty Bazant, Amstel, PIT and Guinness. Sales volume of the Ochota brand passed the 1.5 million hl mark but Botcharev brand volumes were lower. EBIT increased mainly due to the first-time consolidation of the newly acquired breweries. The higher costs related to the integration activities and increased marketing and sales efforts are expected to limit the full-year organic EBIT growth.

Austria
Although lower sales in the on-trade, a refocusing of the brand portfolio and higher selling prices translated into lower group beer volumes (-1.5%), there was a substantial increase in EBIT (beia). Heineken® and Puntigamer volume was higher.

Greece
Good weather and increased tourist traffic contributed to low-single digit beer volume growth in Greece. The two leading brands in Greece, Heineken® and Amstel, grew 7.4% and 1.5% respectively. EBIT also improved, reflecting better prices and tighter cost control.

Germany
The beer market in Germany increased helped by the Soccer World Cup and favourable weather conditions. Brau Holding International increased beer volume by 5.8% and also EBIT (beia) improved.

The Americas
Volumes grew in most countries in the region, with particularly strong progress in the USA. Across the region, the Heineken® brand grew strongly by 19.6%, fuelled by strong sales in South America (+21.7%), the good performance of Heineken® lager in the USA, and the successful introduction of Heineken Premium Light. Regional beer volume grew 13.4% to 8.1 million hl. Revenues grew 17.4% to €964 million and EBIT (beia) increased 6.5% to €127 million.

In the first half of 2006 Heineken realised an average exchange rate of USD/€1.28, compared with USD/€ 1.24 in the first half of 2005. Impact on EBIT is negligible.

USA
Overall beer market conditions in the USA improved only slightly, but import and speciality beers performed strongly. According to the Beer Institute, the import segment grew by 10.6% in the first 6 months and Heineken’s depletions excluding the Femsa brands grew 15%.

Revenues increased 20.1% to which organic growth contributed 18.6%, driven by higher volumes of the Heineken® brand and the Femsa portfolio of Mexican beers. Group beer volume of Heineken USA (excluding the Femsa brands) grew by 19.1% to 3.7 million hl, boosted by the success of Heineken Premium Light. Despite the substantial incremental marketing investments, EBIT was marginally higher. Total Heineken® brand volume in the USA grew 23% to 3.2 million hl.

Heineken® lager benefited from the successful introduction of DraughtKeg and from the halo effect of the introduction of Heineken Premium Light. Heineken® lager volume grew 11%, while depletions (sales by distributors to the retail trade) increased 8%. Heineken Premium Light volume sold to distributors up to the end of June exceeded 300,000 hl, well ahead of forecast. This volume includes the ‘pipeline filling` by the distributors and retail trade. Depletions in July and August have continued at a high level and Heineken forecasts sales of more than 600,000 hl of Heineken Premium Light in 2006. Heineken intends to increase the marketing investment in Heineken Premium Light. The effect of higher sales volumes and increased marketing investments are expected to reduce the forecast negative impact of the launch on EBIT by €7 million to €18 million in 2006.

Amstel Light depletions were 6% down on last year. Volume was affected by a later than usual start of the marketing campaigns and the refocusing of the brand’s role in the market.

The Femsa brands recorded a 17% growth in first six months of 2006. Volumes increased in all regions of the USA. In particular the premium positioned Dos Equis lager developed strongly with volumes up 27%.

Canada
In Canada, the Heineken® brand volume enjoyed double-digit growth exceeding 200,000 hl benefiting from the sterling efforts of our partner, Molson Coors.

Chile and Argentina
Organic growth in revenues and EBIT at CCU was significant, reflecting substantially higher volumes and a positive exchange-rate effect. The beer market developed well helped by favourable weather conditions in Chile and Argentina. CCU boosted Heineken® brand volume by 12.6%.

The Caribbean
The market environment in the Caribbean is still weak, but Heineken’s overall performance was good. Despite some pressure on revenues, EBIT improved slightly as a result of strict cost control.

Africa and the Middle East
Regional beer volumes grew 15.5% organically to 8.2 million hl. Sales volume was notably strong in Central Africa, whilst volume in the Middle East was affected by the political situation.

Revenues grew 16.7% to €564 million, and EBIT increased 14.7% to €115 million, on the back of a strong volume performance and better prices and sales mix. The improving political and economic environment in Central Africa was a major driver of volume growth.

The Heineken® brand grew 25.5%, with positive performances in all countries except
Lebanon. Growth was particularly strong in South Africa, Egypt, Israel, and Central
Africa.

Nigeria
Nigerian Breweries reported slightly higher beer volumes in the first half-year, but grew at a lower pace than the market. Improved margins and positive exchange-rate effects contributed positively to the significant growth in EBIT.

Egypt
Despite a 6.5% organic growth in revenues, the profitability was lower as a result of higher costs and redundancy payments. At the beginning of the year a new management team was installed with the task to reversing the EBIT trend. The Heineken® brand performed well.

South Africa
Brandhouse, the South-African joint venture between Heineken, Diageo and Namibian Breweries, started its second year with a strong performance. The focus on the Heineken® brand resulted in a volume growth of 45% while volume of Amstel, brewed under licence in South Africa, grew 36%.

Asia Pacific
Regional beer volumes grew 8.2%, with Asia Pacific Breweries (APB), our joint venture with Fraser & Neave in the region, reporting 9.7% higher beer volume. In Australia, beer volume grew double-digit and in Indonesia beer volume increased 2.1%. The Heineken® brand grew more than 10%, and performed particularly well in China and Taiwan.
EBIT increased from €37 million to €47 million. Currency-rates added €3 million to EBIT. Profit levels in the beer market in China overall are adversely affected by continuing pressure on selling prices and overcapacity.

The Asia/Pacific region offers attractive volume growth potential and Heineken is fully committed to exploiting opportunities in the region. The establishment of positions in India and Laos and the expansion of the operations in Vietnam are recent examples. In India, APB bought a 76%-stake in the Aurangabad breweries, and announced an investment in a greenfield brewery in Andhra Pradesh. In Vietnam, APB acquired two breweries from Foster’s establishing a strong No. 2 position in this growing and profitable market.

Organic EBIT (beia) growth of 10.4%
EBIT (beia) grew 13.8% to €726 million, driven by a strong organic volume growth, resulting in an organic EBIT (beia) increase of 10.4%. Currency movements contributed 2.3% to EBIT growth mainly due to the appreciation of the Chilean peso and the Nigerian naira. The effect of the exchange-rate of the American dollar on EBIT was negligible. First-time consolidations contributed €7 million to EBIT (beia). EBIT rose 26.3% to €759 million, partly due to exceptional gains totalling €38 million in the first half of 2006 compared with €34 million of exceptional costs in the same period in 2005.

Development of EBIT
Marketing and selling costs rose organically by 8.5%, partly due to the introduction of Heineken Premium Light in the USA. Marketing and selling costs, as a percentage of revenues, turned out at 13.0%.

The organic growth in raw material costs was 4.4% and was mainly the result of higher sales volumes, mitigated by better purchasing prices compared with last year. The cost of packaging materials increased organically by 10.6%, with higher volumes responsible for half of this growth, and more expensive packaging and new products (DraughtKeg, BeerTender) accounting for the remainder.

Energy and water costs increased 23.2% organically mainly due to the higher energy prices. Higher oil prices also affected transportation costs, which increased by around
15%.

Personnel costs increased organically 3.9%, mainly due to the growth of the business.
Interest costs increased slightly from €72 million to €78 million. While the net debt level was lower, the average interest rate increased, reflecting general market developments and notably higher interest rates of the existing debt at companies consolidated for the first-time. Ongoing integration activities will reduce this effect.
The effective tax rate is 29% (2005: 30%). For the full-year, Heineken forecasts an effective tax rate of around 27%, in line with 2005. Minority interests amounted to €62 million, up from last year’s €44 million, driven by the strong performances in Poland and Nigeria, and CCU’s strong results in Latin America.

Development of Net Profit
Organic growth in Net profit (beia) amounted to 13.7% or €51 million. Net profit was 25.5% higher at €433 million, as a result of strong organic profit growth, which was only partially offset by a negative first-time consolidation effect of €10 million. Exchange-rate movements had a limited negative effect.
Basic earnings per share (EPS) amounted to €0.88 compared with €0.70 in the same period in 2005.

Exceptional items
In 2006 Heineken recorded €38 million in book gains before tax on the sale of non-core assets. In the first half of 2005 Heineken reported a €34 million exceptional charge before tax in respect of restructuring.
In the second half of 2006, Heineken will record an exceptional net book gain of €279 million on the sale of the land of the existing brewery in Seville, Spain. In 2005, Heineken reported costs of €69 million before tax in respect of redundancies at the same brewery.
Heineken also expects to report exceptional costs before tax of €60-75 million in the second half of 2006 relating to the implementation of the Fit 2 Fight cost-saving programmes.

Exchange-rate movements
The effect of movements in exchange rates on EBIT (beia) was €15 million positive, but the impact on Net profit (beia) of €2 million negative. Heineken delays the impact on the group’s results of fluctuations in the USD/€ exchange-rate by hedging its dollar exposure resulting from export activities, 12-18 months in advance. The effects of these hedging activities must be accounted for partly at EBIT level and partly as Other net financing income, complying with IAS 32/39 accounting policies.
The average USD-rate realised in the first half of 2006 was €/USD1.28, compared with €/USD1.24 in the same period in 2005. The effect of the USD (after hedging) on EBIT was negligible and €7 million negative on Net profit (beia). Heineken expects a net dollar inflow of USD870 million in 2006, 91% of which was already hedged on 1 September at €/USD1.26, including hedging costs. For 2007, the net dollar inflow is forecast at USD890 million and has been hedged for USD656 million (74%) on 1 September at USD/€1.26.

Balance sheet and cash flow
Cash flow from operating activities increased to €632 million from €566 million in the first half of 2005, due to the better operating performance. Investments in working capital absorbed €307 million of cash flow reflecting the seasonality of the business and in line with the €303 million in same period in 2005.
Gross capital expenditures on fixed assets at €400 million, represented 7.0% of revenues compared with 8.0% at the end of June 2005. The capital expenditure forecast for 2006 is €875 million, including €110 million relating to the construction of the new brewery in Seville, Spain. The consideration for the Spanish real estate sale will be received in tranches: 20% in 2006, 40% in 2007 and 40% in 2008. The tax related with the capital gain will be paid in full in 2006.
Cash and securities at the end of June amounted to €477 million, while interest-bearing debt totalled €3,060 million. The net debt position improved further to €2,583 million, from €2,862 million at the end of June 2005 and €2,647 million on 31 December 2005. Equity attributable to equity holders of the parent amounted to €4,251 million, equating to a book value per share of €8.68 compared with €8.10 at the end of 2005.

Heineken N.V. is the most international brewer in the world. The Heineken brand is sold in almost every country in the world and the company owns over 115 breweries in more than 65 countries. With group beer volume of 119 million hl Heineken ranks fourth in the world beer market by volume. Heineken strives for an excellent sustainable financial performance through marketing a portfolio of strong local and international brands with the emphasis on the Heineken brand, through a carefully selected combination of broad and segment leadership positions and through a continuous focus on cost control. In 2005, revenues amounted to €11 billion and net profit before exceptional items and amortisation of brands amounted to €840 million. Heineken employs 64,000 people. Heineken N.V. and Heineken Holding N.V. shares are listed on the Amsterdam stock exchange.

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