Contents This is an English translation of the original Dutch language report. Both the Dutch and English versions can be downloaded from www.heinekeninternational.com 2 Profile 3 Key Figures 2003 5 Executive Board 6 Supervisory Board 7 Report of the Supervisory Board 9 Corporate Governance Code REPORT OF THE EXECUTIVE BOARD 12 Foreword by the Chairman Charts 15 Outlook for 2004 Net profit 16 2003 in Retrospect Total beer volume 16 Brand Policy Total Heineken sales 16 Heineken Total Amstel sales 18 Amstel Geographical distribution of personnel 19 Research and Development Group volume Europe 20 Investor Relations Group volume in Europe 2003 20 Safety, Health and Environment Beer consumption in Europe 2002 21 Alcohol and Society Group volume Americas 22 Personnel and Organisation Group volume Africa/Middle East 25 Risk Profile and Internal Governance Group volume Asia/Pacific 26 Regional Review Net turnover 26 Europe Operating profit 36 The Americas Tangible fixed assets, 40 Africa/Middle East net investments and depreciation 44 Asia/Pacific Group equity 47 Financial Review FINANCIAL STATEMENTS 2003 52 Consolidated Balance Sheet 53 Consolidated Profit and Loss Account 54 Consolidated Cash Flow Statement 55 Notes to the Consolidated Balance Sheet, Profit and Loss Account and Cash Flow Statement for 2003 58 Notes to the Consolidated Balance Sheet 68 Notes to the Consolidated Profit and Loss Account 72 Segmented Information 75 Notes to the Consolidated Cash Flow Statement 76 Participating Interests 78 Balance Sheet of Heineken N.V. 79 Profit and Loss Account of Heineken N.V. 80 Notes to the Balance Sheet and Profit and Loss Account of Heineken N.V. for 2003 OTHER INFORMATION 86 Auditors' Report 86 Appropriation of Profit 86 Special Rights pursuant to the Articles of Association 86 Authorised Capital 86 Events after Balance Sheet Date SUPPLEMENTARY INFORMATION 87 Information for Shareholders Dividend per share 90 Historical Summary Heineken N.V. share price 92 Operating Companies and Participating Interests Heineken Holding N.V. share price 12 13 16 19 23 27 27 27 37 41 45 47 49 49 50 87 87 88

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2003 | | pagina 7