HEINEKEN Holding NV : Heineken Holding N.V. Trading Update - First Quarter 2013

  HEINEKEN Holding NV : Heineken Holding N.V. Trading Update - First Quarter
                                     2013

Amsterdam, 24 April 2013 - Heineken Holding N.V. today announced its trading
update for the first quarter of 2013. In the quarter:

· Group beer volume declined 2.7% organically, following strong growth
of 4.7% in the comparative prior year period and one less selling day in the
quarter. This performance also reflects volatile global economic conditions,
unfavourable weather conditions and destocking in France and the USA;

· HEINEKEN's* revenue grew 8.1% mainly reflecting the first time
consolidation of Asia Pacific Breweries (ABP) and Asia Pacific Investment Pte
Ltd (APIPL). Revenue declined 2.7% organically with lower volume only partly
offset by revenue per hectolitre growth of 1.8%;

· Strong performance of APB with low-double digit volume and revenue
growth. The integration of APB is progressing well and is expected to complete
by June 2013;

· Heineken® volume in the international premium segment was 4.7% lower
(declined in the low single digits after adjusting for one less selling day
and destocking);

· EBIT (beia)^1 increased in the mid-teens and declined organically by
mid-single digits.

The first quarter is seasonally less significant in terms of volume and profit
contribution. In 2012, the first quarter represented 21% of consolidated beer
volume and considerably less in terms of profit contribution.

Heineken Holding N.V. engages  in no activities  other than its  participating 
interest in Heineken N.V. and the management and supervision of and  provision 
of services to that company.

Financial results

Revenue of HEINEKEN increased 8.1% to  €4,145 million in the first quarter  of 
2013. First time consolidations added €449 million (+11.7%) with  unfavourable 
currency translation movements reducing revenues by €34 million (-0.9%). On an
organic basis,  revenue  declined  2.7% reflecting  lower  total  consolidated 
volume of  4.5%, partly  offset  by revenue  per  hectolitre growth  of  1.8%. 
Planned price increases  contributed to revenue  per hectolitre growth  across 
all regions.

EBIT (beia) grew in the mid-teens  including a net positive consolidation  and 
negative foreign currency impact. On an organic basis, EBIT (beia) declined in
the mid-single digits reflecting lower revenue only partly offset by the lower
phasing of marketing expense and the realisation of TCM2 cost savings.

Reported net profit of Heineken N.V. in the quarter was €227 million  compared 
with €166 million^2 in the first quarter of 2012

* HEINEKEN means Heineken  Holding N.V., Heineken  N.V., its subsidiaries  and 
interests in joint venture and associates.

1 The calculation of EBIT (beia) organic growth assumes HEINEKEN's joint
venture share of 41.9% of APB and 50% of APIPL prior to consolidation is
maintained through to 15 November 2013.
2 Restated for revised accounting standard IAS19.

IAS19 Impact on financials

The implementation of  the revised  accounting standard IAS19  is expected  to 
result in  an increase  in pre-tax  pension expense  of €98  million in  2013, 
spread equally over each quarter. This comprises an increase of €41 million in
personnel expense  (which will  reduce EBIT  (beia)) and  an increase  of  €57 
million in other  net finance costs.  For the  full year 2013,  the impact  of 
IAS19 is expected to reduce net profit (beia) by €75 million and EPS (beia) by
€0.13. In 2013, the first  time impact on EBIT  (beia), net profit (beia)  and 
EPS (beia) will be treated as a non-organic item.

Further assessment of the impact of  IAS19 on 2012 (for restatement  purposes) 
resulted in  an increase  in pre-tax  pension  expense of  €45 million  and  a 
reclassification from  personnel expense  to other  net finance  costs of  €51 
million. This results in  a restated 2012 EBIT  (beia) of €2,918 million,  net 
profit (beia) of €1,661 million and EPS (beia) of €2.89.

Changes in consolidation

The main consolidation scope changes impacting financial results include:

·The acquisition of a controlling stake (58.1%) in APB and APIPL (50%), both
consolidated from 15 November 2012;
·The acquisition of Efes Breweries International's 28% stake in Central
Europe Beverages, Serbia, now a wholly owned subsidiary, and disposal of a 28%
stake in Efes Kazakhstan on 8 January 2013;
· The divestment of Pago International, a wholly owned subsidiary, on 15
February 2013;

Full year outlook

Global market  conditions  remain  volatile, contributing  to  a  weaker  than 
expected first quarter. Challenging  trading conditions in austerity  affected 
markets in  Europe  and inflationary  pressures  in Nigeria  are  expected  to 
continue to impact volume  development for the balance  of year, leading to  a 
moderation in organic growth expectations for the full year. Overall, HEINEKEN
still anticipates organic volume  and revenue growth for  the full year  2013, 
with higher growth  regions offsetting  volume weakness  in certain  developed 
countries. HEINEKEN reaffirms all other elements of its full year outlook  for 
2013 as stated in its full year 2012 earnings release dated 13 February 2013.

Investor calendar Heineken Holding N.V.

Annual General Meeting of Shareholders (AGM)25 April 2013
What's Brewing Seminar (Sustainability), Paris28 June 2013
Half Year 2013 Results21 August
2013
What's Brewing Seminar (USA), New York6 September 2013
Trading update for Q3 2013 23 October
2013
Financial Markets Conference, Mexico5-6 December 2013

Heineken Holding N.V. will host an analyst and investor conference call in
relation to this trading update today at 9:00 CET/ 8:00 BST. The call will be
audio cast live via the website:
www.heinekeninternational.com/webcasts/investors. An audio replay service will
also be made available after the conference call at the above web address.
Analysts and investors can dial-in using the following telephone numbers:

Netherlands United Kingdom
Local line: +31-(0) 45-631-6902Local line: +44-207-153-2027
Toll-Free: 0800-265-8611Toll-Free: 0800-358-0886

Press enquiries Investor and analyst
enquiries
John Clarke George Toulantas
Head of External Communication Director of Investor Relations
John-Paul SchuirinkAarti Narain
Financial Communications ManagerInvestor Relations Manager
E-mail: pressoffice@heineken.comE-mail: investors@heineken.com
Tel: +31-20-5239355 Tel: +31-20-5239590

Definitions:

Organic growth excludes the effect of foreign currency translational  effects, 
consolidation  changes,  accounting  policy  changes,  exceptional  items  and 
amortisation of  acquisition related  intangibles. Beia  refers to  financials 
before exceptional items and amortisation of acquisition related  intangibles. 
Group beer volume  includes 100 percent  of beer volume  produced and sold  by 
fully consolidated  companies and  joint  venture companies,  as well  as  the 
volume of HEINEKEN's brands produced and sold under license by third  parties. 
Consolidated beer volume includes 100 percent of beer volume produced and sold
by fully consolidated companies (excluding the beer volume brewed and sold  by 
joint venture companies). Total  consolidated volume includes volume  produced 
and sold by fully consolidated  companies (including beer, cider, soft  drinks 
and other beverages), volume of third party products and volume of  HEINEKEN's 
brands produced and sold under license by third parties.

Editorial information:
HEINEKEN is  a proud,  independent  global brewer  committed to  surprise  and 
excite consumers with its brands and products everywhere. The brand that bears
the founder's family name - Heineken®  - is available in almost every  country 
on the  globe and  is the  world's most  valuable international  premium  beer 
brand. HEINEKEN's aim  is to be  a leading brewer  in each of  the markets  in 
which it  operates and  to have  the world's  most valuable  brand  portfolio. 
HEINEKEN wants to  win in all  markets with  Heineken® and with  a full  brand 
portfolio in markets of choice. HEINEKEN  is present in over 70 countries  and 
operates more than  165 breweries with  volume of 221  million hectoliters  of 
group beer sold.  HEINEKEN is Europe's  largest brewer and  the world's  third 
largest by  volume. HEINEKEN  is committed  to the  responsible marketing  and 
consumption of its more  than 250 international  premium, regional, local  and 
specialty beers and  ciders. These  include Heineken®,  Amstel, Anchor,  Biere 
Larue, Bintang,  Birra Moretti,  Cruzcampo, Desperados,  Dos Equis,  Foster's, 
Newcastle Brown Ale,  Ochota, Primus,  Sagres, Sol,  Star, Strongbow,  Tecate, 
Tiger and Zywiec. HEINEKEN's leading joint venture brands include Cristal  and 
Kingfisher. Pro forma  2012 revenue  totaled €19,765 million  and EBIT  (beia) 
€3,151 million. The number  of people employed is  over 85,000. Heineken  N.V. 
and Heineken Holding N.V. shares are  listed on the Amsterdam stock  exchange. 
Prices for the ordinary shares may be accessed on Bloomberg under the  symbols 
HEIA NA and HEIO NA and on the Reuter Equities 2000 Service under HEIN.AS  and 
HEIO.AS.   Most   recent   information   is   available   on   the    website: 
www.theHEINEKENcompany.com.

Disclaimer:
This press  release 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 exchange-rate fluctuations, changes in tax rates, changes in
law,  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  are only relevant  as of the  date of  this 
press release. HEINEKEN does not undertake any obligation to release  publicly 
any revisions  to  these  forward-looking  statements  to  reflect  events  or 
circumstances after  the  date of  these  statements. Market  share  estimates 
contained in  this  press  release  are based  on  outside  sources,  such  as 
specialised research institutes, in combination with management estimates.

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Source: HEINEKEN Holding NV via Thomson Reuters ONE
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