Chief Executive's Statement
"We are proud to have delivered positive growth and -
in parallel - to have transformed our global footprint".
2010 has proved to be a transformational year
in our Company's history. We are proud to have
delivered positive growth, and - in parallel
-to have transformed our global footprint.
Report of the Executive Board
if Jean-Francis van Boxmeer
c Chairman of the Executive Board/CEO
Heineken N.V. Executive Board
Left: Jean-Francois van Boxmeer
Chairman of the Executive Board/CEO
Right: René Hooft Graafland
Member of the Executive Board/CFO
Against the backdrop of an improving but still
challenging economic environment, we have
delivered a robust double-digit organic net profit
growth of 19.7 per cent.
The Heineken® brand continued to demonstrate
its strength. Growing by 3.4 per cent, it
outperformed our broader brand portfolio,
the overall beer market and the growth of the
international premium segment. It is a clear part
of our strategy to continue investing behind the
brand and to further strengthen its position as
the world's reference premium beer.
We again made significant progress with our cash
flow generation and cost savings programmes.
The Hunt for Cash2 programme helped realise
EUR1.993 million of cash and our Total Cost
Management (TCM) programme achieved savings
of EUR280 million in 2010. It enabled us to achieve
our long-term Net debt/EBITDA target ahead
However, trading in many of our European
businesses and in the USA, continued to be
challenging. Especially markets in the Central
and Eastern European region, which were
strongly affected by poor economic conditions
and higher excise duties. Overall, our organic
consolidated volume and our revenue were
impacted and declined by 3.1 per cent and
2.2 per cent respectively.
Heineken N.V. Annual Report 2010