4.11 Lantau Beer (A): European Sales. Lantau Beer is a Hong Kong-based brewery and files all of its financial statements in Hong Kong dollars (HK$). The company's European sales director, Phillipp...

Extracted text: 4.11 Lantau Beer (A): European Sales. Lantau Beer is a Hong Kong-based brewery and files all of its financial statements in Hong Kong dollars (HK$). The company's European sales director, Phillipp Bosse, has been criticized for his performance. He disagrees, arguing that sales in Europe have grown steadily in recent years. Who is correct? 2010 2011 2012 Total net sales, HK$ 171,275 187,500 244,900 Percent of total sales from Europe 48% 44% 39% Total European sales, HK$ Average exchange rate, HK$/€ 11.5 11.7 10.3 Total European sales, euros Growth rate of European sales