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

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 1987 | | pagina 31