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