2001
2000
Financial Developments
Pic following the disposal of its Pubs Bars Division.
The net profit per share of EUR 2.00 nominal value increa
sed from EUR 1.58 (restated for the share split in April 2001)
to EUR 1.82.
Cash flow and investments
The cash flow from operating activities rose by EUR 130
million to EUR 1,165 million, mainly owing to the increased
operating profit.
Net investments in tangible fixed assets amounted to EUR
579 million. Significant investments were made in Nigeria
(EUR 74 million), Greece (EUR 36 million) and the
Netherlands (EUR 29 million).
A net amount of EUR 170 million was invested in
acquisitions and increases in existing interests. Set against
the acquisition of the 49-9% interest in BrauHolding
International, in Germany, and various increases in
interests, there were disposals in New Zealand and Papua
New Guinea.
Financing and liquidity
Group equity increased from EUR 2,520 million to EUR
3,139 million as at 31 December 2001. Shareholders' equity
rose by EUR 362 million to EUR 2,758 million. Set against
the addition of the net profit of EUR 767 million and
revaluations of EUR 72 million, was a goodwill charge of
EUR 320 million and the proposed dividend distribution
of EUR 157 million. The combined effect of repayments on
long-term borrowings and the increase in cash balances
was to reduce the net debt position from EUR 442 million
to EUR 152 million as at 31 December 2001.
Appropriation profit
Net profit for Heineken N.V. in 2001 amounted to EUR 767
million. In accordance with Article 12 of the Articles of
Association, the Annual General Meeting of Shareholders
will be invited to appropriate an amount of EUR 157 million
for distribution as dividend. This proposed appropriation
corresponds to a dividend of EUR 0.40 per share of EUR
2.00 nominal value, out of which an interim dividend of
EUR 0.16 was paid on 24 September 2001. The final
dividend thus amounts to EUR 0.24 per share. Dutch with
holding tax at 25% will be deducted from the final
dividend. It is proposed to add the remaining amount of
EUR 610 million to the general reserve.
Amsterdam, 26 February 2002
Vuursteen
Ruys
Lubsen
Bolland
Van Boxmeer
Financing structure
in millions of euros
Group equity
Equalisation account and deferred taxation
Other provisions
Liabilities
3,139
379
667
3,032
44
5
9
42
2,520
338
664
2,767
40
5
11
44
7,217
100
6,289
100
REPORT OF THE EXECUTIVE BOARD
47
