Heineken Annual Report & Accounts 2008

2009: a tough year ahead

Looking ahead, we must be realistic. Our core business is robust but not immune from the near-term challenges posed by the global economic downturn. The recession in many parts of the world will continue to negatively impact consumer confidence and spending. In the light of this new reality, we have identified clear priorities for our business:

Cash generation

Our entire leadership of more than 500 senior managers has a clear target linked to cash generation and cost reduction in order to reduce our debt levels. In addition, we have introduced a Company-wide programme aimed to restore cash conversion rates to more than 100 per cent by 2011.

Making new markets deliver

We will ensure that our 11 new markets deliver value to the Group in as short a time as possible. We have a proven ability to make new acquisitions value-accretive, particularly also in mature markets.

Reinforce market positions

At the same time, we will continue to focus on increasing our value share in all markets where we operate by increasing the efficiency and effectiveness of our marketing investments.

Despite the challenges we face, we will remain true to our long-held values: Passion for Quality, Respect for People, Enjoyment of Life. We will continue to create a stronger, more sustainable company and will not compromise on our Corporate Responsibility agenda.

When taken together, I believe that the combination of our actions, our commitments and our people will ensure that Heineken will emerge as an even stronger and more competitive company.