Caribbean
Regional Review
Western Hemisphere
The agreement also relates to the acquisition of an indi
rect 8% interest in COCECA, the only brewery in Nicara-
gua.This brewery also has a g8% market share, with its
Victoria andTona brands.
In Panama, Heineken and FIFCOacquired Cervecerias
Bard-Panama, one of the two Panamanian breweries.
Heineken has a 74.5% interest in Baru, which has a 25%
market share with its Soberana, Panama and other brands.
With visitor numbers in the Caribbean still showing no
clear sign of recovery following the tragic events of
September 2001, both the purchasing power of the local
population and the beer market were under pressure.
Sales of Heineken beer increased a little and the result
improved slightly.
In the Bahamas, Commonwealth Brewery's total sales
and results fell short of the 2001 level, but sales of
Heineken beer were higher.
The development of Windward and Leeward Brewery
onSt. Lucia was held back by the weak economy and the
after-effects of Hurricane Lilly, which damaged the local
economy and that of the neighbouring islands. The banana
industry and tourism were particularly badly affected.
These factors depressed our beer exports from St. Lucia
and the brewery's result.
Surinaamse Brouwerij in Surinam, trading in a high-
inflation economy, reported reduced sales and a lower
result.
On Curapao, Antilliaanse Brouwerij's sales and result
were held back by increasing competition. Sales of
Heineken beer were higher and exports of Amstel Bright
from Curagao to the Netherlands recorded steady growth.
The economy ofMartinique had to cope with a
reduced inflow of tourists and depressed banana prices
on the world market. In a contracting beer market,
Brasserie Lorraine's sales were down but its result held
firm. Sales of imported Heineken beer increased.
On Trinidad, the licensing agreement for the produc
tion of Heineken beer was terminated at the end of 2002.
The market will henceforth be supplied with imported
Heineken.
Sales of Heineken beer brewed under licence on
Jamaica failed to rise above the 2001 level, as a result of
natural disasters and unrest surrounding the elections.
Sales of imported Heineken beer on Puerto Rico were
down, reflecting higher import duties.
REPORT OF THE EXECUTIVE BOARD
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