EBIT (beia) grew substantially, driven by higher profit of APB. In May, Heineken-APB China divested its 21 per cent stake in Kingway Brewery. HEINEKEN's share in the capital gain amounts to EUR19 million and is included in EBIT (beia) organic growth. Excluding this capital gain, EBIT (beia) organic growth would have been 2k percent in 2011. In the reporting period, the Vietnamese dong (a key currency for APB) depreciated by 12 percent. Heineken® grew 15 percent, driven by strong brand growth in Taiwan, South Korea and Vietnam, with the latter market becoming the second largest market for the brand in the world. In India, Heineken® has been brewed locally since August and is now being distributed in five major cities. A further national roll-out of the brand is planned for 2012. Net profit of APB, our joint venture with Fraser Neave, increased substantially. In Vietnam, strong volume growth and higher pricing supported substantial revenue and profit growth. Planned capacity expansion investments at the two breweries in Danang and Ho Chi Minh City were completed in October 2011Volume growth was also strong in Papua New Guinea and Sri Lanka. In Indonesia, revenues and margins improved, driven by increased volume and higher pricing. Profit in Singapore was in line with last year. In China, a shift in strategic focus towards the international premium segment contributed to Heineken® growing 28 per cent. The Guangzhou brewery, where the Heineken®, Tiger and Anchor brands are all brewed will expand its capacity to 1.5 million hectolitres by the end of the first quarter of 2012. The export market of Taiwan grew volume in the double-digits. Organically, EBIT (beia) grew substantially. Volume of UBL, HEINEKEN's joint venture in India, grew 8.2 per cent in 2011resulting in UBL reaching an all-time high market share of 55 per cent. Kingfisher is the undisputed leading beer brand in India, over three times larger than its nearest competitor. UBL had a positive contribution to HEINEKEN's share of net profit from joint ventures in 2011 Heineken N.V. Annual Report 2011 33

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2011 | | pagina 35