The Dutch brewing force Heineken N.V. reported on February 26 an 11% rise of its net profit for 2002. The company’s operating profit in 2002 increased by 14% to EUR 1,282 million and rose as a percentage of net turnover from 12.1% in 2001 to 12.5% in 2002. Net turnover of Heineken N.V. in 2002 increased by 10.3% (EUR 960 million) to EUR 10,293 million.

“There were several material changes in the scope of the consolidation in 2002,” the company said. The 49.9% interest in BrauHolding International in Germany, which was carried at net asset value in 2002, was proportionally consolidated with effect from 1 January 2002. Bravo International in Russia was fully consolidated with effect from 1 January 2002. Al Ahram in Egypt, Almaza in Lebanon and Barú in Panama were consolidated as from 1 October. “Further, in a few cases, existing interests were extended, and a number of beverage wholesalers were consolidated for the first time.”

In 2002, the world beer market grew by over 2% to approximately 1.4 billion hl, Heineken said. “European beer sales were up by 3%, due mainly to growth in Poland and Russia. The US and African beer markets reported modest growth and sales in Asia were also higher, driven by rising demand in China.”

Group volume rose by almost 4 million hl to 84.8 million hl, an increase of 4.8%. Total beer volume of the Group (Group volume plus sales by affiliated companies) increased to 108.9 million hl from 105.1 million hl.

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