Heineken NV says its profit doubled to €2.95 billion in 2012, following a reappraisal of its Asian business.
Almost all of the increase was due to a €1.5 billion gain from revaluing its Asian businesses, notably Asia Pacific Breweries.
The company's actual performance was mixed, however, with operating profit by one nonstandard measure "broadly in line" with last year.
Reported revenue grew 7.6% to €18.4 billion but on a like-for-like basis they grew only 3.9%, with volumes up 1.5% and prices up 2.4%.
Despite weakness in Europe, the company sold more beer at a higher price globally.
However earnings were held back by higher investment and commodity costs, offset by lower tax and debt costs.