2000 1999 2000 1999 Financial review Cash flow and investments Cash flow from operating activities rose from EUR 936 million in 1999 to EUR 1,035 million in 2000. This rise was due to a higher operating profit, higher depreciation and a reduction of working capital. Gross investments in tangible fixed assets amounted to EUR 484 million, while disposals accounted for EUR 66 million. Important net investments were made in the Netherlands (EUR 85 million), France (EUR 77 million), Poland (EUR 53 million), Spain (EUR 41 million) and Greece (EUR 35 million). An amount of EUR 1,046 million was spent on acquisitions and increasing our interests. In particular, this related to the acquisition of Cruzcampo in Spain, as well as beverage wholesalers in Poland, and the expansion of our interests in Slovakia and Nigeria. Cash flow statement in millions of euros Cash flow from operating activities 1,035 936 Dividends paid -160 -113 Investing activities -1,503 -527 -628 296 Borrowings 480 83 Repayments on loans -187 -97 Other financing 42 1 -293 283 Group funds fell from EUR 2,866 million as at 31 December 1999 to EUR 2,520 million in 2000. Shareholders' equity decreased from EUR 2,618 million to EUR 2,396 million. The addition of net profit of EUR 621 million and a revaluation of EUR 60 million was offset by amortisation of goodwill amounting to EUR 778 million and a proposed dividend payout of EUR 125 million. Provisions rose by EUR 206 million. This increase was largely due to providing for restructuring and integration of the two Spanish brewery groups. The net cash position as at 31 December 1999 (EUR 246 million) changed to a net debt of EUR 443 million in 2000, mainly as a result of financing acquisitions with cash on the one hand and long-term debts on the other hand. Financing structure in millions of euros Group funds 2,520 40 2,866 48 Equalization account and deferred taxes 338 5 326 5 Risk-bearing capital 2,858 45 3,192 53 Other provisions 664 11 475 8 Debts 2,767 44 2,350 39 6,289 100 6,017 100 HEINEKEN N.V. ANNUAL REPORT 2000 45

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2000 | | pagina 55