Heineken, the world’s third-largest brewer¹, reported better than expected sales growth in the first quarter, thanks to strong demand in China and Vietnam over the lunar new year.

世界上第三大啤酒酿造商喜力(Heineken)报告第一季度销售增长高于预期，得益于中国和越南在农历新年期间的强劲需求。

Beer volumes grew 11 per cent in the first three months of the year or 7 per cent excluding currency effects — well ahead of analysts²’ expectations of a 2.3 per cent rise in organic volumes.

今年前三个月啤酒销量增长11%（扣除汇率影响后增幅为7%）——远高于分析师们2.3%的有机增长预测。

Shares in the company jumped 4.7 per cent in the early minutes of trading to hit a record high of 86.80, before paring the gain to about 2 per cent.

周三开盘后的最初几分钟里，该公司股价跃升4.7%，至每股86.8欧元的最高纪录，此后涨幅收窄至2%左右。

However, the Dutch brewer cautioned that the Nigerian market was getting tougher as people traded down to cheaper beers, while the possibility of a devaluation of the naira “continues to impact the business adversely³”.

尽管如此，该荷兰啤酒商告诫称，尼日利亚市场面临更大困难，因为当地人转而购买更便宜的啤酒，同时当地货币奈拉贬值的可能性“对业务具有持续的负面影响”。

Nigeria, Africa’s largest oil producer and Heineken’s second-largest market, has been hard hit by the sharp fall in oil prices and consumers face higher food and fuel bills, leaving less to spend on beer.

作为非洲最大产油国和喜力第二大市场的尼日利亚，受到石油价格大幅下跌的重创，消费者面临更高昂的食品和燃油账单，可用于啤酒消费的支出减少了。

Although Nigeria performed strongly in the first quarter — driving all the growth in beer volumes in Africa and the Middle East — the Dutch brewer warned that this growth had been “flattered” by a low base for comparison last year and that “forthcoming quarters will be more difficult”.

虽然尼日利亚市场在第一季度表现强劲（推动了整个非洲和中东地区的啤酒销量增长），但这家荷兰制酒商警告称，这一增长因去年的基数较低而看上去较高，“未来几个季度将更加困难”。

Jean-Fran漀椀猀 van Boxmeer, chairman and chief executive, said: “This has been a good first quarter supported by a strong Vietnamese and Chinese new year period and the earlier timing⁴ of Easter.”

喜力董事长和首席执行官让-弗朗索瓦范博克斯米尔(Jean-Fran漀椀猀 van Boxmeer)表示：“第一季度业绩良好，受到越南和中国新年和复活节日期较早的有力支持。”

He stuck to the group’s full-year targets — of growth in sales and profits and an improvement in operating profit margins⁵ of 0.4 percentage points — but warned that currency volatility⁶ “continues to weigh on results”.

他重申了集团的全年目标（实现销售和利润增长，以及营业利润率上升0.4个百分点），但警告说汇率波动会“持续拖累业绩”。

Net profits for the quarter fell to 265m from 579m in the same period last year, but last year’s figure included an exceptional gain of 379m from the sale of Empaque, its former Mexican packaging business.

该季度净利润从去年同期5.79亿欧元降至2.65亿欧元，但去年的数字包含了出售墨西哥包装业务Empaque所得的3.79亿欧元额外收益。

Heineken said it expected an 80m currency hit on full-year operating profits — up from 60m — and a 50m hit to net profits, previously⁷ 35m.

喜力称，预计汇率对全年营业利润的的打击将从6000万欧元增加到8000万欧元，对净利润的打击从3500万欧元增加到5000万欧元。

Describing the results as “strong”, analysts at Canaccord Genuity highlighted the robust⁸ performance of Brazil, where many consumer companies have reported a slowdown as the economy weakens but where sales of premium⁹ lagers are still holding up.

投资银行Canaccord Genuity的分析师以“强劲”描述喜力业绩，他们着重指出了巴西市场的稳健表现，随着巴西经济趋弱，许多消费品公司报告该市场放缓，但优质拉格啤酒的销量仍然保持良好。