Heineken Annual Report & Accounts 2008

The import segment of the US beer market was affected by lower consumer confidence. Heineken’s other important markets in the region showed a positive performance. Consolidated beer volume grew 4.1 per cent, driven by the good performances of local and import operations in the Caribbean and Latin America, which more than offset lower volume in the USA. Heineken® volume in South America and Canada continued to perform well, but lower sales in the USA caused a 3 per cent decline of Heineken volume. Revenue in local currency increased, thanks to higher prices and the first-time consolidation of the S&N operations, but revenue in euros was lower partially due to exchange rate fluctuations.

The negative currency impact on EBIT (beia), mostly the effect of the lower dollar/euro hedge rate, amounted to €56 million.

The integration of S&N’s US import operation into Heineken USA went smoothly and Newcastle Brown Ale became part of  the sales portfolio immediately after the summer.