HEINEKEN continues to target a year on year improvement
in consolidated operating profit (beia) margin of around 40bps
in the medium term. This will continue to be supported by tight cost
management, effective revenue management and the anticipated
faster growth of higher margin developing markets. In 2015
consolidated operating profit (beia) margin will be adversely
impacted by approximately 25bps from the disposal of EMPAQUE,
the Mexican packaging business, announced on 1 September 2014
and expected to complete in Q1. HEINEKEN expects to partially but
not fully offset this, such that in 2015 consolidated operating profit
(beia) margin expansion will be somewhat below the 40bps medium
term level.