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

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

Amsterdam, 24 April 2013 - Heineken 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;

  *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.

Financial results

Revenue 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  in the  quarter  was  €227 million  compared  with  €166 
million^2 in the first quarter of 2012.

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.

Total Consolidated Volume^3

Regions                  Q1 2013 Q1 2012 Change (%) Organic Change (%)
                           (mhl)   (mhl)
Africa & the Middle East     7.0     7.2       -3.4               -3.4
Americas                    11.9    11.8        0.5               -2.0
Asia Pacific                 4.1     0.3       >100               -1.4
Central & Eastern Europe     9.2     9.6       -4.3               -3.5
Western Europe              12.0    13.1       -8.0               -8.3
Total                       44.2    42.0        5.2               -4.5

Total consolidated volume declined organically  by 4.5% in the first  quarter. 
This reflects lower consolidated  beer, third party  product and cider  volume 
and growth in soft drinks volume.

Consolidated Beer Volume^3

Regions                  Q1 2013 Q1 2012 Change (%) Organic Change (%)
                           (mhl)   (mhl)
Africa & the Middle East     5.5     5.7       -4.6               -4.6
Americas                    11.5    11.8       -1.7               -2.4
Asia Pacific                 4.0     0.3       >100               -1.4
Central & Eastern Europe     8.7     9.0       -3.7               -3.7
Western Europe               8.3     9.1       -8.6               -8.8
Total                       38.0    35.9        5.8               -4.7

Group Beer Volume (mhl) ^ 4

Regions                  Q1 2013 Q1 2012 Change (%) Organic Change (%)
                           (mhl)   (mhl)
Africa & the Middle East     6.9     7.3       -4.3               -4.3
Americas                    14.3    14.6       -1.7               -2.4
Asia Pacific                 6.9     7.0       -2.1                8.0
Central & Eastern Europe    10.1    10.4       -3.0               -3.0
Western Europe               8.5     9.2       -8.6               -8.7
Total                       46.7    48.5       -3.8               -2.7

3 Total consolidated volume and consolidated  beer volume in the Asia  Pacific 
region includes the  first time consolidation  of APB /  APIPL acquired on  15 
November 2012. Accordingly,  APB /  APIPL are excluded  from the  consolidated 
beer volume organic growth calculation until 15 November 2013.
4 Group beer volume organic growth  calculation in the Asia Pacific region  is 
adjusted for the  previous 3-month delay  reported by APB  / APIPL, without  a 
restatement to Q1 2012 volume.

Group beer volume development in the first quarter 2013

In Africa  & the  Middle East,  group beer  volume declined  by 4.3%,  against 
strong growth in  the comparable  prior year period,  continued soft  consumer 
demand in Nigeria and the effect of a significant excise duty increase in  the 
Democratic Republic of Congo in the fourth quarter of 2012. Volume in  Nigeria 
declined in  the  mid-single  digits  as high  inflation  places  pressure  on 
household disposable  incomes  and  continues to  inhibit  consumer  spending. 
Volume in South Africa  grew in the  mid-single digits, led  by growth of  the 
Amstel and Heineken® brands, with a resulting gain in market share. Volume  in 
Ethiopia grew strongly in the double digits.

In the  Americas, group  beer volume  declined by  2.4%. In  Mexico,  domestic 
volumes grew marginally, primarily reflecting softer beer category consumption
from unfavourable  weather. In  the US,  sales to  retailers declined  in  the 
low-single digits, outperforming  the overall  market and  leading to  further 
market share gains.  Volume in Brazil  declined in the  mid-single digits,  in 
line with the beer market.

In Asia Pacific, group beer volume grew 8% organically, driven by a low-double
digit growth  of APB,  led  by accelerated  volume  gains in  Vietnam,  China, 
Malaysia and Indonesia. Volume  of United Breweries  Limited (UBL), our  joint 
venture operation in India, increased in the low-single digits. Following  the 
consolidation of APB from 15 November 2012, the business has been successfully
integrated within HEINEKEN.

In Central & Eastern Europe, group beer volume declined by 3% organically. The
implementation of  recent price  increases contributed  to solid  revenue  per 
hectolitre and slight revenue growth in the quarter. Volume in Russia declined
in the  mid-single  digits  following  new legislation  banning  the  sale  of 
alcoholic products in  kiosks and a  further excise duty  increase. Volume  in 
Poland declined in the mid-single digits, impacted by adverse weather and  low 
consumer confidence.  Volume in  the  Czech Republic  grew in  the  low-single 
digits, whilst volumes in Austria and Romania were in line with the prior year
quarter.  In  Greece,  despite  the  ongoing  difficult  economic  conditions, 
domestic beer volume was stable supported  by the launch of Amstel Radler  and 
growth of the Alfa brand.

In Western Europe, group beer volume declined by 8.7% organically. Severe cold
and wet weather conditions across key markets were compounded by the difficult
economic conditions and government-imposed austerity measures which  continued 
to impede consumer spending.  Volume in the UK,  Italy, Netherlands and  Spain 
all declined in the mid- to high-single digits. In France, volume declined  as 
expected following destocking related to the significant excise duty  increase 
announced  in  December  2012.  In  the  first  quarter,  new  'Radler'  brand 
extensions were  launched  under  the  Amstel  (Spain  and  the  Netherlands), 
Foster's  (UK  and  Finland),  Dreher  (Italy),  Sagres  (Portugal)  and  Maes 
(Belgium) and Calanda (Switzerland) brands.

Heineken® volume in the international premium segment^5

Regions                  Q1 2013 Organic Change (%)
                          (mhl)
Africa & the Middle East     0.8                0.9
Americas                     1.8               -5.8
Asia Pacific                 1.5                1.9
Central & Eastern Europe     0.4                0.0
Western Europe               1.3              -13.6
Total                        5.8               -4.7

Volume of the Heineken®  brand in the  international premium segment  declined 
4.7% in the first quarter. As part  of the Heineken® 'Open Your World'  global 
marketing campaign,  'The Final'  went on-air  in over  35 markets,  with  the 
brand's sponsorship of the UEFA Champions League being activated in around 100
markets.

5 Heineken®  premium volume  organic growth  calculation in  the Asia  Pacific 
region is adjusted  for the previous  3-month delay reported  by APB /  APIPL, 
without a restatement to Q1 2012 volume.

Financial structure
The issuance of 8-year  Notes for a  principal amount of  €500 million with  a 
coupon of  2.0% on  4 April  2013 was  followed by  the private  placement  of 
various Notes  with a  weighted average  yield  of 2.75%.  On 15  April  2013, 
HEINEKEN issued 20-year Notes  for a principal amount  of €180 million. On  16 
April 2013, 2-year Notes were issued for a principal amount of SGD75  million. 
On 18 April 2013, HEINEKEN issued 5-year Notes for a principal amount of  €100 
million. On  19 April  2013, HEINEKEN  issued 20-year  Notes for  a  principal 
amount of €100 million.  The proceeds of  the Notes will  be used for  general 
corporate purposes. The Notes have been issued under the Company's Euro Medium
Term Note Programme  and the euro  denominated Notes have  been listed on  the 
Luxembourg Stock Exchange.

Investor calendar Heineken 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 York 6 September 2013
Trading update for Q3 2013       23
October 2013
Financial Markets Conference, Mexico    5-6 December
2013

HEINEKEN 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 Company's 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) 45-631-6902            Local line:
+44-207-153-2027
Toll-Free: 0800-265-8611                Toll-Free:
0800-358-0886

Press enquiries      Investor and
analyst enquiries
John Clarke                        George
Toulantas
Head of External CommunicationDirector of Investor
Relations
John-Paul Schuirink                    Aarti Narain
Financial Communications Manager Investor Relations Manager
E-mail:pressoffice@heineken.com E-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. The Company'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. The Company 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. Our 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 HEINEKEN's 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 NV via Thomson Reuters ONE
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