Consolidated Statement of Cash Flows
in thousands of guilders
1997
Cash flow from operating activities
Operating profit
Earnings of non-consolidated
participations
Depreciation and value adjustments
Changes in provisions
Working capital changes
Cash flow from operations
1,203,073
62,949
744,151
78,436
19,642
1996
1,011,662
68,173
625,535
61,947
-31,575
2,108,251
1,735,742
Interest paid and received
Taxation paid on profit
Cash flow from operating activities
Dividends paid
Cash flow from operating activities
less dividends paid
Cash flow from investing activities
Tangible fixed assets
Consolidated participations
Non-consolidated participations
Other financial fixed assets
-816,896
-72,417
-69,261
- 9,668
-26,732
-422,707
1,658,812
-207,159
1,451,653
-871,983
-820,091
-66,715
-92,664
-26,651
-521,297
1,187,794
-206,111
981,683
-968,242
-1,851,453
Cash flow from financing activities
Long-term borrowings
Repayment of long-term debts
Investment facilities
Net cash flow
Other movements in funds:
Changes in the consolidation
Changes in exchange rates
Movement in balance of funds
332,653
-272,387
19,114
79,380
562,791
-46,498
-5,951
510,342
375,745
-149,666
17,983
244,062
-625,708
-84,567
37,551
- 672,724
The balance offunds consists of:
Cash at bank and in hand
Securities
Indebtedness to credit institutions
Position on December 31
1,759,022
112,442
-384,201
1,487,263
1,402,940
225,404
-651,423
976,921
HEINEKEN N. V.
ANNUAL ACCOUNTS
19 9 7
49