Heineken's pessimistic prognosis fails to materialise in 2022 - results data

12-month sales jump 21.2% to EUR28.69bn [US$30.81bn]
Final quarter boasts top-line rise of 17.4%
Group keeps pace with first nine months of 2022 [+22.6%]

Heineken’s warning four months ago that “softness” was on its horizon appears to have been navigated, with the brewer posting 20%+ sales growth for the full year.

The brewer prompted investor concern in October, when the announcement of third-quarter and year-to-date figures was accompanied by a downbeat prognosis for the rest of 2022. However, in its results to the end of December, announced today, Heineken saw its FY top-line climb 21.2% on the year prior.

For the final quarter, sales remained healthy, increasing by 17.4% year-on-year and not far behind Q3's +19.8% performance.

Brands-wise, the namesake lager delivered a 12.5% lift in volumes in 2022, which included a "remarkable performance" by the Heineken Silver extension. By the end of the year, the lower-abv version had been rolled out to 28 markets. Fellow international brand Amstel was up in volume terms by "mid-twenties" with Birra Moretti up by "mid-teens". According to the company, the Italian beer "became the market leader of the premium segment by value" in the UK last year.

Leading the way regionally speaking was 'Asia Pacific', which was up in FY sales terms by 37.4%. Aided by a bleak 2021, which resulted in softer comparables, Heineken was able to absorb the localised Covid-related restrictions in China - The country is now the third largest market for brand Heineken - thanks to bumper sales in Vietnam and Malaysia.

Elsewhere, 'Europe', the main subject of last year's softening concerns, was described as home to "significant short-term challenges" yet still ripe for a premium focus for beer. Full-year sales in the region increased 19.2% on a 6.6% volumes rise, backing Heineken's premiumisation view.

Over in the 'Americas', the rate of growth [+15.2%] may have been slower than for Europe, but brings the region into play as potentially becoming the group's largest in the coming years. That said, the implementation of pricing as a result of rising costs played a big part in the rise as volumes inched up by only 1.3%.

Also today, the group highlighted its enthusiasm for its 'Beyond Beer' portfolio, described collectively as "flavoured, innovative, natural and moderate propositions". Citing the Tequila-flavoured Desperados as an example, Heineken said it intends to strengthen its focus on the segment, though did not expand on how.

Following this morning's announcement, CEO Dolf Van Den Brink spoke to CNBC about the results.