33 Heineken N.V. Annual Report 2004 Report of the Executive Board Operational Review In addition to research into product, packaging and dispense systems, we continue to explore ways of achieving greater operational efficiency and environmental improvements across production and the supply chain. The INEX Innovation Experience In 2004, much of our ongoing R&D work was showcased at a new one-day annual innovation event: INEX - the Heineken Innovation Experience. The event drew more than 300 participants from around the Heineken world, all of whom came to share ideas and witness innovation in action. The event ended with a presentation to launch the 2004 Innovation Contest, aimed at fostering an innovative and competitive spirit throughout the company. Markets will present their innovation ideas at INEX 2005 in March, and a jury will select the first winner of the Heineken Innovation Award. Knowledge management: the brewery brain bank Over our company's 140-year history, we have built a wealth and depth of technical knowledge relating to the business of brewing and packaging beer. We value this knowledge very highly, but only in the last ten years have we made a concerted effort to document and share it throughout the company. At the end of 2004, the Heineken knowledge management system comprised a highly sophisticated digital database accessible to all technical staff worldwide. It brings together the experiences, the problems and the solutions of generations of technical staff at our breweries worldwide. Investor Relations Heineken takes a proactive role in maintaining an open dialogue with shareholders and bondholders, providing accurate and complete information in a timely and consistent way. We do this through presentations, webcasts, press releases, regular briefings and open days with analysts, fund managers and shareholder associations. In 2004, we gave several business and financial presentations and improved audience access by webcasting them live from London and New York. One of these presentations was directed solely at sustainable investment portfolio managers. In addition, Heineken took part in a number of inter national conferences organised by third parties and other activities for institutional investors. For retail investors, who are mainly based in the Netherlands, Heineken organised company visits and gave presentations. In 2005 we plan to increase the number of direct webcasts and presentations to analysts and fund managers. To improve further our dialogue with financial audiences we make significant and increasing use of the website www.heinekeninternational.com Sustainability As a company we aim to achieve more than just superior financial results. We are committed to sustainability in the broadest sense. Our definition covers economic sustainability, the working conditions and general health, safety and well-being of our employees and the support of the local communities in which we operate. Sustainability covers everything from the quality of our products to protecting the environment. We expect to be judged on all these elements and we invest great time and resources in meeting our ever-rising standards and targets. Sustainability reporting In 2004 we published the first comprehensive Sustainability Report. This publication 'Towards Sustainability' analyses the period 2002-2003, presenting a thorough and broad overview of our activities worldwide and how they score according to three dimensions of sustainability: economy, ecology and society. The report was well received both internally and externally, winning the prestigious Dutch ACC

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