CHIEF EXECUTIVE'S STATEMENT I'M 8 REPORT OF THE EXECUTIVE BOARD HEINEKEN N.V. ANNUAL REPORT 2008 Regional contrasts The year was also one of regional contrasts. In Western Europe and the Americas, the impact of the economic crisis on consumer sentiment was felt early and volumes in many markets contracted. Central and Eastern Europe continued to grow volumes, but experienced much tougher trading conditions in some big markets, such as Russia and Romania, particularly in the fourth quarter, resulting in marginal profit decline. The picture in our Africa and the Middle East and Asia Pacific markets was completely different. We experienced strong growth, driven by good macro-economic and social developments and by the increasing strength and popularity of our brands. As in 2007, Africa and the Middle East was again our fastest growing region in terms of both volume and profit (Africa and the Middle East EBIT (beia) 42.0 per cent). The Asia Pacific region continued its solid growth record, aided by good results from our own businesses and from Asia Pacific Breweries (APB) our jointly owned venture with Fraser and Neave. Our brands made the difference Once again, the Heineken brand has been at the heart of our growth, and confirmed its status as our Company's flagship brand and key differentiator. With volume growth of 4.7 per cent, the brand again outperformed the international premium segment, growing in almost all of our European and African markets. The brand also showed double-digit growth in markets like the UK, Canada, Chile, Argentina, Indonesia, Taiwan and South Korea. Alongside this, many of our local brands performed strongly. In Nigeria, Star and Gulder grew by 12 per cent and 15 per cent respectively. In Rwanda, Congo and Burundi the Primus brand grew by more than 18 per cent. Strongbow cider in the UK grew and in America, the FEMSA portfolio grew more than 8 per cent. Kelt in Slovakia, Warka in Poland, Bintang in Indonesia, Desperados in France and Poland, Karlovacko in Croatia, Three Bears and Dr. Diesel in Russia also grew well, demonstrating the strength and depth of our portfolio. A stronger footprint, a clear advantage During the year, we entered 11 new markets, and completed the largest acquisition in our history when we acquired the Scottish Newcastle businesses in the UK, Portugal, Finland, Belgium, Ireland, India and the USA. In addition, we acquired breweries across Europe in markets such as Belarus, Serbia, Romania, the Czech Republic and Switzerland. In Africa, we acquired Algeria's leading brewer, completed greenfield expansion in Tunisia and Lubumbashi and began construction of a brewery in South Africa, on schedule to be operational in the second half of 2009. In Asia, we completed greenfield projects in Laos and Mongolia. the ultimate beer

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