Group beer volume grew organically by 6.2 per cent, reflecting solid volume growth in Vietnam, Indonesia, South Korea and our UBLjoint venture operation in India. Overview Report of the Executive Board Report of the Supervisory Board Financial statements Other information catch up period') is reported as a pre-tax exceptional item in the 'Other Income' line. For comparison purposes, the EBIT (beia) organic growth calculation is based on 12 months of APB and APIPL share of net profit, assuming HEINEKEN's joint venture share of 41.9 per cent of APB and APIPL from the beginning of the year is maintained. This includes corrections for accounting changes and fair value adjustments. The 3-month catch up period is excluded from the calculation of organic volume and EBIT (beia) growth. Volume of APB and APIPL increased 6.7 per cent, driven by strong growth in Vietnam, Indonesia and the export business. Tiger® brand volume increased 32 per cent driven by solid growth in Vietnam, China and export markets. In China, volume grew 27 per cent, led by growth of the Tiger® and Heineken® brands in the international premium segment. Volume in UBL, the Company's joint venture in India, increased 6 per cent, driven by the continued success of the Kingfisher brand family. HEINEKEN's share of net profit of UBL increased by 20 per cent largely due to strong pricing, lower bottle costs and reduced interest costs. Reported financials reflect the first time consolidation of APB and APIPL from 15 November 2012. Prior to consolidation, APB and APIPL financials were reflected in HEINEKEN's EBIT (beia) as share of profit from associates and joint ventures, with a 3-month delay. Since 15 November 2012, HEINEKEN no longer reports the results of APB and APIPL with a delay. H EINEKEN's share of net profit of APB and APIPL from 15 August to 14 November 2012 ('3-month Heineken N.V. Annual Report 2012 35

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2012 | | pagina 37