Heineken Has Steady 2011, But　Mexico Not Yet Delivering

摘要

Netherlands-based brewer Heineken had reported steady resultsnfor 2011. Organic revenue growth came in at 3.6%, with volumesnup by 2.1% and prices up 1.5%. Earnings also improved, with netnprofits up by 9.2% on an organic basis. However, earnings beforeninterest and taxes (EBIT) increased by only 1.4% on an organicnbasis, below revenue growth, implying that operating margins fellnduring the year. This was attributed to the benefits from cost savingsnbeing partly offset by increased marketing expense, higher inputncosts and investments.