Prospects In the near future, too, a number of more structural fac tors on which we can exert little or no influence will leave their mark on the development of Group earnings. In various countries where the Group operates it will be impossible to pass on cost increases in prices, or not to a sufficient extent. On the one hand this is the consequen ce of government measures, and on the other of greater and keener competition. This situation does not create an optimum investment climate. The investments of the Group will nevertheless amount to about N.fl. 260 million in 1981compared with N.fl. 327 million in the past financial year. These invest ments are mainly for purposes of replacement and for completion of projects already started. The good results from the past and the- in the light of the world-wide recession - reasonable profit level in 1980 have provided our enterprise with a financially sound starting position to bridge over less easy times. In the years ahead, however, an even more vigorous policy will have to be followed for that purpose in the commercial and production engineering field in order to maintain our position in numerous markets. It is essential in that connection to achieve effective and substantial economies. Projects aimed at cost control wili therefore be considerably intensified. We accordingly believe that in our short-term predictions - given the present economic, political and social situa tion in the world - we must exercise the necessary reserve. Amsterdam, April 3, 1981 Heineken Van der Werf Van Schaik Van de Vijver 26

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 1980 | | pagina 27