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
