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