Asia Australia Oceania
Singapore
27
Sogebra S.A., France, from 51% to 100%
will involve a sum of about N.fl. 200 mil
lion.
No substantial changes are expected in
the total number of employees.
It is not possible to make a concrete
prediction with regard to the earnings in
1988. There are in fact numerous external
factors on which the enterprise cannot
exert any influence and which may affect
the earnings in the short term. Important
in this context are the macro-economic
developments, including the strong guilder
which amongst other things has a detri
mental effect on the position of the
Netherlands as an exporting nation. There
are also political developments, govern
ment measures and the weather to be
considered.
In addition, we shall again be faced in
1988 by increasing competition and costs
of restructuring.
With regard to the longer-term prospects
we take a positive view. Heineken has
a broad organization and can rely upon
a range of quality products and strong
brands. The financial position enables
us to expand our interests whenever
opportunities arise to do so. Furthermore,
the wide international spread of our
activities has a stabilizing effect, as a
result of which adverse developments in
one country can be offset by favourable
developments in other countries.
Amsterdam. March 25. 1988
Heineken
Van Schaik
Van der Werf
Van de Vijver
Coebergh