Strong performance delivering on strategy

Amsterdam, 10 February 2016 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) today announces:
Organic revenue +3.5% with revenue per hectolitre up +1.3%
Consolidated beer volume +2.3% with positive growth in Americas, Asia Pacific and Europe offsetting weaker volume in Africa Middle East & Eastern Europe
Heineken® volume in premium segment +3.5%
Innovation rate of 9.2%, contributing €1.9 billion of revenue
Operating profit (beia) +6.9% organically
Net profit (beia) of €2,048 million, up 16% organically
Diluted EPS (beia) of €3.57 (2014: €3.05)
Proposed 2015 total dividend up 18% at €1.30 per share (2014: €1.10)

CEO STATEMENT
Jean-François van Boxmeer, CEO, Chairman of the Executive Board, commented:
"Our strong performance in 2015 reflects the successful execution of our strategy, as well as the relevance of our unique geographic diversity and our portfolio of premium brands, led by Heineken®. In 2015, top and bottom line growth was supported by increased investment in our brands, sustained innovation, and cost efficiencies. We improved operating margin by 46bps before the impact of the dilution from the Empaque disposal.
At the same time we have continued to invest for future growth, by entering or expanding our presence in markets including Myanmar, Ivory Coast, East Timor, Jamaica, Malaysia, Slovenia and South Africa. We are also particularly excited by our new partnership with Lagunitas, one of the leading craft brewers in the US. Whilst we expect further volatility in emerging markets and deflationary pressures in 2016, we are confident that we will again deliver top and bottom line growth, as well as margin expansion in line with our guidance."

FINANCIAL SUMMARY
Key financials1
(in mhl or € million unless otherwise stated)
FY15 FY14 Totalgrowth % Organic growth%
Revenue 20,511 19,257 6.5 3.5
Revenue/hl (in €) 95 92 2.7 1.3
Operating profit (beia) 3,381 3,129 8.1 6.9
Operating profit (beia) margin 16.5 % 16.2 % 23 bps3
Net profit (beia) 2,048 1,758 16 16
Net profit 1,892 1,516 25
Diluted EPS (beia) (in €) 3.57 3.05 17
Free operating cash flow 1,692 1,574 7.5
Net debt/ EBITDA (beia)2 2.4 2.5

1 Consolidated figures are used throughout this report, unless otherwise stated; please refer to the Glossary section for an explanation of non-IFRS measures and other terms used throughout this report
2 Includes acquisitions and excludes disposals on a 12 month pro-forma basis
3 Comprises of 46 basis points underlying improvement less 23 basis points dilution from Empaque

OUTLOOK STATEMENT

In 2016 HEINEKEN expects to deliver further organic revenue and profit growth despite an increasingly challenging external environment, with margin expansion in line with the medium term margin guidance of a year on year improvement in operating profit (beia) margin of around 40bps.
Assuming spot rates as of 4 February 2016 the calculated negative currency translational impact would be approximately €60 million at consolidated operating profit (beia), and €35 million at net profit (beia). Foreign exchange markets remain very volatile.
We expect an average interest rate of c.3.3%, and an effective tax rate (beia) broadly in line with 2015.
Capital expenditure related to property, plant and equipment should be slightly above €2 billion (2015: €1.6 billion).

OPERATIONAL REVIEW

In line with prior guidance, volume growth was weighted to the second half of the year, reflecting a strong third quarter, particularly in Europe. Revenue per hectolitre improved despite limited pricing and deflationary pressures in a number of our key markets. Furthermore, the organisational changes announced in March 2015 allowed HEINEKEN to better focus on growth opportunities, be more agile in responding to consumer needs in the marketplace and more cost effective in doing so.

HEINEKEN continues to invest in key developing growth markets, and during the year announced plans to build new breweries in the Ivory Coast, East Timor, Mexico and Brazil and to expand capacity in Ethiopia. A new brewery opened in Myanmar in July 2015.

Revenue increased 3.5% organically, with a 2.2% increase in total volume and a 1.3% increase in revenue per hectolitre. Adjusting for negative country mix, revenue per hectolitre would have grown 1.7%. In the fourth quarter revenue grew 2.5% on an organic basis with revenue per hectolitre up 1.2% (1.6% adjusted for negative country mix).

Heineken® volume in the premium segment grew 3.5%, with positive volume performance across all regions. In particular, the brand's volume grew double digit in Brazil, Compañía Cervecerías Unidas S.A. (CCU) markets, the UK, South Africa, and Mexico. Brand growth was also strong in Spain, and there was positive growth in Vietnam and in the US. These results more than offset weaker volume in Nigeria, Cameroon, Greece and Indonesia. Heineken® benefited from the continued association with the UEFA Champions League, its partnership with the James Bond franchise and its sponsorship of the 2015 Rugby World Cup in the second half of the year.

In 2015 Desperados, Affligem and Sol Premium all saw double digit growth, reflecting the continued success of our broader premium portfolio strategy. Desperados, the tequila flavoured beer, delivered particularly strong performance in France, Poland and Spain. Affligem, the Belgian abbey beer brand, saw strong growth in France and the Netherlands. Similar to the first half of the year, Brazil and CCU markets were the key volume growth drivers of Sol Premium, the Mexican beer.

Cider volume increased mid single digit, with double digit volume growth in the second half more than offsetting the slight decline in volume in the first half. This trend was also helped by better weather in some markets in the third quarter. In the UK, positive performance was supported by further innovations, including Strongbow Cloudy Apple and the continued success of Strongbow Dark Fruit, underpinning our leading position in the home base of cider. For the first time our volume outside the UK crossed the 1 million hectolitres threshold. In Europe, Romania, Slovakia and Czech Republic saw particularly strong growth. The US and Mexico were the main drivers of growth in the Americas.

HEINEKEN's focus on innovation delivered €1.9 billion in revenue and our innovation rate increased to 9.2% (2014: 7.7%). Innovation is now firmly embedded in the HEINEKEN company strategy. Our innovation agenda includes promoting moderate consumption, improving the quality of our draught offer, and addressing the craft and variety category. The popularity of 'Radler' beers continued to grow with strong performance in markets including Spain and Poland. The 0.0% variant combined with new flavours also gained positive momentum with consumers. THE SUB®, the at home draught beer appliance, continues to gain traction and is now available in 5 markets. Brewlock, the on premise dispense system is gaining positive momentum in the US.

Operating profit (beia) grew 6.9% organically, primarily reflecting higher revenue and improved cost efficiencies.

TOTAL DIVIDEND FOR 2015

The Heineken N.V. dividend policy is to pay out a ratio of 30% to 40% of full-year net profit (beia). For 2015, payment of a total cash dividend of €1.30 per share (2014: €1.10) will be proposed to the Annual General Meeting. This implies a 36% payout ratio, in line with the payout ratio in 2014. If approved, a final dividend of €0.86 per share will be paid on 4 May 2016, as an interim dividend of €0.44 per share was paid on 12 August 2015. The payment will be subject to a 15% Dutch withholding tax. The ex-final dividend date for Heineken N.V. shares will be 25 April 2016.

SUPERVISORY BOARD COMPOSITION

Mr. Hans Wijers (Chairman) and Mrs. Mary Minnick will resign by rotation from the Supervisory Board at the Annual General Meeting on 21 April 2016 (AGM). Mr. Wijers is eligible for re-appointment for a period of four years, and a non-binding nomination for his re-appointment will be submitted to the AGM. Mrs. Minnick has informed the Supervisory Board that she will not seek a third term as member of the Supervisory Board. The Supervisory Board is grateful for her commitment over the past eight years and for her contributions to the Supervisory Board, the Americas Committee and the Remuneration Committee.



Beperkte cijfers Heineken Holding

Heineken Holding N.V. reports 2015 full year results
Strong performance delivering on strategy

Amsterdam, 10 February 2016 - Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) today announces:

The net result of Heineken Holding N.V.'s participating interest in Heineken N.V. for 2015 amounts to €957 million;
Organic revenue +3.5% with revenue per hectolitre up +1.3%
Consolidated beer volume +2.3% with positive growth in Americas, Asia Pacific and Europe offsetting weaker volume in Africa Middle East & Eastern Europe
Heineken® volume in premium segment +3.5%
Innovation rate of 9.2%, contributing €1.9 billion of revenue
Operating profit (beia) +6.9% organically
Net profit (beia) of €2,048 million, up 16% organically
Proposed 2015 total dividend up 18% at €1.30 per ordinary share (2014: €1.10)

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