2002 2001 Change
2002
2001
Financial Review
Operating profit and net profit
in millions of euros
Operating profit
Income of non-consolidated participating interests
Interest
Profit before tax
Taxation
Profit after tax
Minority interests
Net profit on ordinary activities
Extraordinary result after tax
Net profit
1,282
1,125
14
48
45
7
-109
-71
54
1,221
1,099
11
-364
-327
11
857
772
11
-62
-57
14
795
715
11
52
795 767 4
the first time, also contributed to the higher operating
profit. The net effect of exchange rate movements was
minor. The operating profit as a proportion of net turnover
amounted to 12.5% compared with 12.1% in 2001. Income
from non-consolidated participating interests increased
by €3 million to €48 million, chiefly as a result of our share
in the profits of Florida Bebidas in Costa Rica. This compa
ny, in which we acquired a 25% interest in 2002, was car
ried at net asset value. Interest charges rose by €38 million
overall, to Ciog million, owing to the financing of acquisi
tions. The tax burden remained unchanged at 31.0%.
Minority interests in the result were higher, reflecting
the strong performance in Poland in particular. Net profit
rose by 11.2% to €795 million. The net profit on ordinary
activities per share of €2.00 nominal value increased from
€1.82 to €2.03.
Cash flow
in millions of euros
Cash flow from operating activities 1,184
Dividends paid -187
Cash flow from investing activities - 1,973
-976
Borrowings 484
Repayments on loans -56
Other financing -1
-549
Cash flow and investments
The cash flow from operating activities rose by €ig million
to€i,i84 million, but most of the increase in operating
profit and depreciation charges was offset by an increase
in working capital. Gross investments in tangible fixed
assets amounted to €756 million, set against which were
disposals totalling €60 million. Significant net investments
were made in Nigeria (€171 million), the Netherlands (€89
million), France (€74 million), Spain (€72 million), Poland
(€46 million) and Italy (€40 million). An amount of €1,222
million was invested in new acquisitions and expanding
existing interests. The acquisitions related to Bravo Inter
national in Russia, Al Ahram Beverages Company in Egypt,
Almaza in Lebanon and Barn in Panama, as well as bever
age wholesalers in Italy, France and Switzerland. Existing
1,165
-168
-783
214
86
-182
57
175
HEINEKEN N.V. ANNUAL REPORT2002
42
