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