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Annual Report 2017 WorldReginfo - 3aa52abd-b1d5-49b8-b015-fc7e5ceed8e8 - WorldReginfo Annual Report 2017 Heineken N.V. Annual Report 2017 Report of the Report of the Financial Sustainability Other Introduction Executive Board Supervisory Board Statements Review Information Heineken N.V. Annual Report 2017 In this year’s report 01 41–56 133–154 Introduction Report of the Supervisory Board Sustainability Review We are HEINEKEN 01 To the Shareholders 41 Brewing a Better World: our sustainability performance Remuneration Report 48 133 Focus on areas where we can make a difference 134 02–40 ‘Every drop’: protecting water resources 136 Report of the Executive Board 57–132 ‘Drop the C’: reducing CO emissions 138 Chief Executive’s Statement 02 Financial Statements 2 Sourcing sustainably 140 Strong performance and progress 04 Consolidated Income Statement 57 Advocating responsible consumption 142 Key figures 05 Consolidated Statement of Promoting health and safety 144 Our impact on society: Comprehensive Income 58 From Barley to Bar 06 Consolidated Statement Growing with communities 145 of Financial Position Executive Team 08 59 Values and behaviours 146 Consolidated Statement Reporting basis and governance of Cash Flows 60 Our business priorities 09 of non-financial indicators 148 Consolidated Statement Deliver top line growth 10 of Changes in Equity 62 Drive end2end performance 11 Notes to the Consolidated Brew a Better World 12 Financial Statements 64 155–170 Other Information Engage and develop our people 13 Heineken N.V. Balance Sheet 122 Appropriation of Profit 155 Heineken N.V. Income Statement 123 Independent Auditor’s Report 156 Regional Review 14 Notes to the Heineken N.V. Africa, Middle East and Eastern Europe 15 Financial Statements 124 Assurance Report of the Independent Auditor 160 Americas 16 Shareholder Information 162 Asia Pacific 17 Bondholder Information 166 Europe 18 Historical Summary 167 Glossary 169 Risk Management 19 Disclaimer 170 Financial Review 26 Reference Information 170 Corporate Governance Statement 31 Further information online at: theHEINEKENcompany.com – Download the Annual Report – Find out about HEINEKEN’s history – Explore our countries and brands – Read more about our sustainability journey Follow us on Twitter for news and updates: @HEINEKENCorp WorldReginfo - 3aa52abd-b1d5-49b8-b015-fc7e5ceed8e8 Report of the Report of the Financial Sustainability Other Introduction Executive Board Supervisory Board Statements Review Information 01 Heineken N.V. Annual Report 2017 We are HEINEKEN We build true human connections and break down barriers, because we believe great moments of shared experiences are the best in life. We are inspired by consumers to brew the best beers and extend that same passion to all of our brands, products and activities. We are proud of our family history and Dutch heritage and derive from them our entrepreneurial spirit that takes us to every corner of the world. We are brand builders. The Heineken® brand defines and unites us while our many local, regional and global brands make our portfolio diverse and unique. People are at the heart of our company. We see our strength in trust, diversity and progress. We stand by our values: passion for quality, enjoyment of life, respect for people and for the planet. We always advocate responsible consumption. We are committed to our communities and strive to consistently improve the impact we make on the planet. We work with our customers and partners to grow together and seek to win with integrity and fairness. And we are convinced that by staying true to these commitments, we create value for our shareholders. We are HEINEKEN. WorldReginfo - 3aa52abd-b1d5-49b8-b015-fc7e5ceed8e8 Report of the Report of the Financial Sustainability Other Introduction Executive Board Supervisory Board Statements Review Information 02 Heineken N.V. Annual Report 2017 Chief Executive’s Statement HEINEKEN delivered a strong performance in 2017, in spite of continued challenges in the external environment, including geopolitical instability and volatile currencies. All of our regions contributed to organic volume, revenue and profit growth. We have a broad, balanced geographic footprint which provides stability from mature markets paired with faster growth from emerging economies. During 2017, we significantly expanded our operations in Ethiopia, Mexico, Cambodia, Vietnam and Haiti, and we opened our first brewery in Ivory Coast. The acquisition of Brasil Kirin makes us the second largest beer company in Brazil and better equips us to capture future profitable growth in this exciting beer market. Another key investment during 2017 was our acquisition of approximately 1,900 pubs from Punch Taverns, making us the owners of the third largest pubs business in the UK. The Heineken® brand continued to benefit from its position as a progressive and innovative leader in the premium segment, delivering its strongest performance in recent years. As the premium segment continues to outpace the overall beer market, the brand power of Heineken® is more important than ever. The launch of our latest innovation, Heineken® 0.0, has been very promising, in tune with an increasing emphasis on health and wellbeing that is driving changes in consumer behaviour worldwide. Our international brands portfolio volume growth, outperformed our total beer portfolio growth for the third consecutive year. Our local brands are more relevant than ever as local identity and provenance increasingly matters in many markets. These brands also provide scale and route-to-market power to build our premium portfolio and new categories. The craft & variety segment continues to be very dynamic and is a priority area for future growth. In May 2017, we acquired the remaining stake in Lagunitas (having entered a 50/50 partnership in 2015), allowing us to accelerate the roll-out of the brand to many more markets around the world. Our other international craft brands, Affligem and Mort Subite, are performing strongly; and we are successful with our crafty line extensions for brands such as Birra Moretti, Brand and Żywiec. Heineken® 0.0, as well as our other low- and no-alcohol offerings, represent an opportunity to access our existing base of loyal consumers who would prefer an alcohol-free drink at times, as well as new consumers who wouldn’t otherwise drink an alcoholic beer. In 2017 we sold almost 13 million hectolitres of our low- and no-alcohol products and we see growth opportunities in this category. We continue to make inroads in the cider category, which allows us to reach new consumer groups. One in four alcohol drinkers does not drink beer. Cider can provide a great alternative. From our position as the world’s leading cider producer, we have a unique ability to help consumers in new markets to develop an understanding of cider – what it is, when to drink it and the heritage and authenticity that the category represents. The potential of this global opportunity is highlighted by the double digit volume growth of our cider portfolio delivered outside the UK during 2017. WorldReginfo - 3aa52abd-b1d5-49b8-b015-fc7e5ceed8e8 Report of the Report of the Financial Sustainability Other Introduction Executive Board Supervisory Board Statements Review Information 03 Heineken N.V. Annual Report 2017 During the year, HEINEKEN launched new e-commerce initiatives, both Business-to-Business and Business-to-Consumer platforms, such as Beerwulf, which is our new craft & variety online business channel for consumers. We also continued to introduce innovations. In 2017, for instance, we launched The Blade, a countertop draught system with 8 litre kegs that can be ordered online by the trade. We have a clear strategy which is aligned with our commitment to long-term value creation, with four priorities for action: deliver top line growth, drive end2end performance, Brew a Better World, and engage and develop our people. You can read more about each of these priorities in more detail later in the report. We are making good progress with our 2020 Brew a Better World commitments. Climate change is a major societal and environmental threat. We have the responsibility to reduce our usage of fossil fuels and to reduce our CO2 emissions, playing our part in the commitments set by the COP21 Paris Agreement. We are setting a new ambition for 2030 to reduce our carbon emissions through a programme called ‘Drop the C’. Our new commitments will cover not just production, logistics and cooling, but also for the first time packaging as an important component of our carbon footprint. Our aim is to drive an authentic transformation to renewable energy, deliberately excluding the possibility to achieve targets through purchasing unbundled certificates. The name ‘Drop the C’ is inspired by the idea that taking the C out of CO2 leaves Oxygen. The play on words is also about ensuring sea levels do not continue to rise. We strongly believe that by fully integrating sustainability into the way we do business, we are best placed to make a meaningful impact on the world around us. As with last year, for that very reason, this is a joint financial and sustainability report. Looking ahead to 2018, we are committed to long-term value creation and will continue to strive for superior top line growth whilst working on improving our operating profit margin. For 2018, excluding major unforeseen macro economic and political developments, we expect to deliver an operating profit margin expansion of around 25bps. This includes a residual dilutive effect on margins from the acquisition of Brasil Kirin and excludes the one-time benefit of IFRS 15 implementation. With a rigorous focus on our strategic priorities, and with the engagement and energy of all of us working at HEINEKEN, I am looking forward to 2018 being another year of progress for our business. Jean-François van Boxmeer Chairman of the Executive Board/CEO Amsterdam, 9 February 2018 WorldReginfo - 3aa52abd-b1d5-49b8-b015-fc7e5ceed8e8 Report of the Report of the Financial Sustainability Other Introduction Executive Board Supervisory Board Statements Review Information 04 Heineken N.V.
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