Chief Executive's Statement Celebrating 150 years Report of the Executive Board Contents Overview Report of the Executive Board Reportofthe Financial Supervisory Board statements Other information Left René Hooft Graafland Right Jean-Franqois van Boxmeer Member of the Executive Board/CFO Chairman of the Executive Board/CEO It has been a challenging year, but the fundamentals of our business are strong and we remain committed to delivering long-term value for our stakeholders. Financial performance The last 12 months have been challenging for our business. Our financial results were below expectations having been impacted by tough market conditions in Europe and weaker trading than we had expected in some of our important developing markets. Group revenue grew 1.3 per cent, while group operating profit (beia) increased 2.8 per cent. Revenue management Throughout the year, we have implemented a number of initiatives to improve our top-line performance. Through a continued focus on innovation, stronger pricing, better portfolio planning and execution, we have improved our revenue per hectolitre by 2.7 per cent. Additionally, we have maintained our marketing support behind growth brands. Cost reduction The business has realised cost savings of €1A billion since 2006. 0urTCM2 programme delivered €300m in 2013. We are well on our way to achieving our three-year target of €625m during 2014 We have achieved these results by reducing support function costs and eliminating wasteful practices across our operations. This is an ongoing focus. We have also standardised and simplified the way operating companies benefit from the services provided by HEINEKEN Global Shared Services and HEINEKEN Global Procurement. These actions are helping to make us more competitive. Celebrating 150 years 15 February 2014 marks the 150th anniversary of HEINEKEN. In 1864, Gerard Adriaan Heineken founded the Company with a clear vision: to brew the best beer of his time and to let the world know. He was uncompromising on guality, he was commercially astute and he was a very progressive employer. He never lost sight of the simple rule that beer and enjoyment should go hand in hand. It is an approach that has served the Company well. Fast forward 150 years and those same values guide us today. HEINEKEN is now the world's most international brewer. The Heineken® brand leads the way in the international premium segment. The entrepreneurial spirit and drive of our more than 85,000 employees continues to take us forward. And 150 years on, the Heineken family remains a constant support for the Company. This is what makes HEINEKEN unigue. Each one has helped the Company navigate challenging times and they are what will drive its continued success in the future. Winning through innovation The other enduring feature of our business has been innovation. The beer that Gerard Adriaan set out to brew 150 years ago was a new type of beer - a Pilsener - that he believed would give something more to consumers. Anticipating and meeting consumer needs remains at the core of our success today. In 2013, €1.1 billion of our revenue came from innovations. We increased our innovation rate to 5.9 per cent, up from 5.3 per cent in 2012. Heineken N.V. Annual Report 2013 3

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