Americas Heineken Premium Light "The Americas contributed almost 40 per cent to the volumes of the Heineken brand in the international premium segment. I am proud of the growth achieved by this brand in our region and I am also confident that improvements in the route-to-market we are pursuing in a number of important markets in Latin America, will allow us to capitalise on the preference consumers give to our iconic brand." Jaw-Droppingly Smooth Report of the Executive Board Regional Review continued Revenue €2.0 billion EBIT €267.2 million EBIT (BEIA) €267.2 million Consolidated beer volume 13.2 million hectolitres Heineken group volume 8.6 million hectolitres Consolidated beer volume In millions of hectolitres 2002 7.9 2003 B^^^B^^BI^^MB 10.1 2004 11.5 2005 BM^MB^HB^MBM 11.8 2006 13.2 Massimo vori Wunster, President Heineken Americas The Americas is one of our most profitable regions. The position of the Heineken brand is strong and was further bolstered by the successful launch of Heineken Premium Light, the success of the FEMSA portfolio in the USA and by a strong performance in Latin America. The Americas reported robust revenue growth of 14 per cent. All major markets in the region developed well. The USA, Canada, Chile and Argentina all turned in strong volume growth, up 12 per cent. The Heineken brand grew 17 per cent to 8.6 million hectolitres, supported by the growth in the USA and the excellent performance in Canada and Chile. In the USA, the Heineken brand grew by over 1 million hectolitres, the biggest jump ever. The introduction of Heineken Premium Light in the USA met with resounding success, selling 680,000 hectolitres since its launch in March and helping to lift the growth rate of Heineken Lager. In Canada, Heineken brand volumes enjoyed double-digit growth, reaching 0.4 million hectolitres, benefiting from the sterling efforts of our partner, Molson Coors. Despite the high marketing investment in Heineken Premium Light, the higher costs of packaging and overall supply-chain costs, the region's EBIT was slightly up. This is due to the increased volume and better pricing achieved across the region. Fluctuations in exchange rate had a slightly negative effect at net-profit line. Q/l Heineken N.V. O4* Annual Report 2006 riported beer The Americas remains one of our most profitable regions, aided by popularity of mini-kegs and the 'halo effect' of the ntroduction of Heineken Premium Light. Import and specialty oeers perform strongly in the USA. Americans know that their Heineken beer they drink has been imported. New Heineken Premium Light Heineken Light beer is defined as beer lower in calories, carbohydrates and alcohol content. In 2006 the US light beer market exceeded the regular market in volumes, accounting for 121 million hectolitres. This segment continued to grow in 2006 and offers new opportunities, as consumers seek to trade up, creating a luxury light segment. Heineken Premium Light is positioned as the premium beer in the luxury light segment, offering unique brand image, excellent taste and attractive packaging. After a test marketing campaign in 2005, the nationwide introduction of the 12-ounce bottle took place in March and April 2006. To date, penetration in the supermarket and liquor store channels is high, whilst there is still plenty of room for expansion in the on-trade and convenience stores. Further expansion will also be achieved by the planned introduction of cans and DraughtKeg and by increasing the volume per retail outlet. Since American beer drinkers know Heineken as a full- flavoured European beer only, we placed great emphasis on sampling. In parallel, a new marketing campaign was executed, with broad use of on-site events and online communication, supported by new television commercials in English and Spanish. Heineken estimated total volumes of 400,000 hectolitres for 2006, but results were ahead of our own forecast and actual sales settled at 680,000 hectolitres, 70 per cent ahead of plans. Compared to Heineken Lager, the consumer and geographical profile of Heineken Premium Light shows a higher incidence of females and Hispanic beer drinkers. Geographically, it is more evenly spread across the states, with higher sales in the North East and in the Midwest. Heineken N.V. Q C Annual Report 2006O3

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