2001 2001 2000 Financial Developments 2000 Change Operating profit and net profit in millions of euros Operating profit 1,125 921 22 Earnings of non-consolidated participating interests 45 59 -24 Interest -71 -66 8 Profit before tax 1,099 914 20 Taxation -327 -277 18 Profit after tax 772 637 21 Minority interests -57 -16 256 Net profit on ordinary activities 715 621 15 Extraordinary result after tax 52 - - Net profit 767 621 24 Operating profit and net profit The operating profit rose by 22% to EUR 1,125 million. Roughly half of this increase was due to first-time consoli dations. The effect of new consolidations on the net profit, however, was considerably less. The appreciation of the US dollar against the euro also contributed to the increase in the operating profit. In addition, the higher sales volume, the improvement in the sales mix and the higher selling pri ces all played a part in the increase. The operating profit as a proportion of net turnover improved from 11.4% to 12.3%. Income from non-consolidated participating interests decreased owing to the full consolidation of Nigerian Breweries. In 2000, our share of the profits of this compa ny was recognised under the above heading. Interest charges rose by EUR 5 million to EUR 71 million. The increase in the amount of interest paid, which was mainly due to first-time consolidations, was partially offset by higher interest income on cash balances. The interest cover ratio improved from 15 in 2000 to 16.5 in 2001. The tax burden, expressed relative to the operating profit including interest, fell from 32.4% to 31.0%. This reduction was largely the effect of utilising tax losses carried forward in Spain. There was also incidental income from the relea se of taxation provisions formed in the past. Minority interests in the result were higher, mainly owing to the consolidation of Nigerian Breweries. The net profit on ordinary activities increased by 15% in 2001 to EUR 715 million. An extraordinary result after tax of EUR 52 million was also posted. This relates to the book profit of EUR 36 million on the disposal of the 2% interest in the Spanish hotel group NH HotelesSAand an exceptional cash dividend of EUR 16 million distributed by Whitbread Cash flow in millions of euros Cash flow from operating activities 1,165 1,035 Dividends paid -168 -160 Cash flow from investing activities - 784 - 1,503 213 -628 Borrowings 86 480 Repayments on loans -182 -187 Other financing 58 42 175 -293 HEINEKEN N.V. ANNUAL REPORT 2001 46

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2001 | | pagina 52