Contents
3 Heineken N.V. Annual Report 2004
5 Profile
7 Key Figures 2004
8 Executive Board
10 Supervisory Board
12 Report of the Supervisory Board
Report of the Executive Board
22 Chairman's Message
26 Outlook 2005
28 Operational Review
28 Brand Strategy
29 Heineken
31 Amstel
32 Innovation, Research Development
33 Investor Relations
33 Sustainability
36 Personnel and Organisation
37 The 2004 Heineken Prizes
38 Regional Review
40 Western Europe
48 Central and Eastern Europe
52 The Americas
56 Africa and the Middle East
60 Asia Pacific
66 Governance
71 Financial Review
Financial Statements
80
81
82
83
86
96
Consolidated Balance Sheet
Consolidated Profit and Loss Account
Consolidated Cash Flow Statement
Notes to the Consolidated Balance Sheet,
Profit and Loss Account and Cash Flow
Statement for 2004
Notes to the Consolidated Balance Sheet
Notes to the Consolidated Profit and
Loss Account
100 Segmented Information
103 Notes to the Consolidated Cash Flow
Statement
Participating Interests
Balance Sheet of Heineken N.V.
Profit and Loss Account of Heineken N.V.
Notes to the Balance Sheet and Profit
and Loss Account of Heineken N.V. for 2004
104
106
107
108
Other Information
116 Auditor's Report
116 Appropriation of Profit
116 Special Rights pursuant to the Articles
of Association
116 Authorised Capital
116 Events after Balance Sheet date
117 Information for Shareholders
120 Historical Summary
122 Operating Companies and Participating
Interests
