Prospects
It continues to be our aim to further ex
pand and reinforce our position in the
various markets and market segments.
The implementation of this policy will
lead in the years ahead, too, to a high
level of investment, partly as a result of
the projects for rationalization and reor
ganization in which, inter alia, Sogebra
in France and El Aguila in Spain are
engaged. It is a source of satisfaction
that, as opposed to the charges of this
restructuring, the benefits in the form of
increased efficiency and growth in turn
over are becoming visible more rapidly
than expected.
We anticipate that in 1987 some N.fl. 700
million will be involved in investments to
expand or replace fixed assets. These
investments can be financed from the
cash flow and the liquid funds available.
The number of employees will be virtually
stabilized at the level reached at the end
of 1986.
We have repeatedly stated that short-term
profit forecasts depend on many factors
which are outside our control. These
external circumstances include changes
in currency relationships, the trend of
purchasing power, political developments,
governmental measures and, let it not
be forgotten, the weather.
In the longer term we see good oppor
tunities for further improvement in the
sales and earnings of our enterprise.
Amsterdam. March 27. 1987
Heineken
Van Schaik
Van der Werf
Van de Vijver
Coebergh
