Analysis

Heineken Q1 2017 by region - results data

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Earlier today, Heineken reported a 0.6% increase in sales from the brewer's first quarter. Here, just-drinks takes a closer look at the group's performance in the three months to the end of March by region.

Heineken First-Quarter 2017 - Net Volumes by Region

Source: Company results

  • Africa, Middle East & Eastern Europe - -0.4%

Having posted growth in the first quarter of last year, Nigeria saw its volumes fall by mid single-digits in Q1 2017, due to "difficult" underlying trade conditions and a trading-down trend among consumers. A temporary de-listing at a "modern trade customer" coupled with "deliberate destocking" drove a high single-digit fall in group volumes in Russia. Brand Heineken did well in the country, however, growing volumes by double digits.

In Africa, the brewer credited South Africa and Ethiopia as having done well, while in Ivory Coast, where Heineken opened its first brewery earlier this month, performance "has been promising".

  • Americas - -0.7%

The US delivered a low single-digit dip in volumes, with Mexican brands Tecate and Dos Equis proving a drag. Mexico was up by mid single-digits, although a double-digit fall in Brazil was the main reason for Heineken's flat Americas performance last quarter. While the group's premium offerings - brand Heineken and Amstel - did well, "continued macroeconomic weakness and competition in the mainstream and economy segment" hit Brazilian volumes.

  • Asia Pacific - +5.4%

The earlier Tet (Lunar New Year) holiday - falling on 28 January this year versus 8 February last year - contributed to a "slower start" for Heineken in Vietnam: Group volumes in the country were up by only low single-digits. In Cambodia, however, the brewer had a strong quarter thanks to the additional capacity installed in 2016.

  • Europe - +0.5%

Easter came late this year - mid-April versus late-March in 2016 - which, coupled with a "tougher winter" across Central & Eastern Europe, pulled on Heineken's Q1 performance in Europe. That said, "improved consumer confidence" across most of Europe" helped drive volumes.

France, Spain, The Netherlands, Italy and Austria were positive, although Tesco's SKU reset last month resulted in UK volumes falling by low single-digits. Reduced promotional activity in Poland also prompted in a dip in volumes.


Sectors: Beer & cider, Company results

Companies: Heineken

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