Regional contrasts

The year was also one of regional contrasts. In Western Europe and the Americas, the impact of the economic crisis on consumer sentiment was felt early and volumes in many markets contracted.

Central and Eastern Europe continued to grow volumes, but experienced much tougher trading conditions in some big markets, such as Russia and Romania, particularly in the fourth quarter, resulting in marginal profit decline.

The picture in our Africa and the Middle East and Asia Pacific markets was completely different. We experienced strong growth, driven by good macro-economic and social developments and by the increasing strength and popularity of our brands. As in 2007, Africa and the Middle East was again our fastest growing region in terms of both volume and profit (Africa and the Middle East EBIT (beia) 42.0 per cent). The Asia Pacific region continued its solid growth record, aided by good results from our own businesses and from Asia Pacific Breweries (APB) our jointly owned venture with Fraser and Neave.