2002
2001
Financial Review
Financing structure
in millions of euros
Group equity
Deferred taxation
Other provisions
Liabilities
2,936 38
381 5
600 8
3,864 49
7,781 100
3,139 44
357 5
667 9
3,032 42
7,195 100
interests in Kazakhstan, the Slovak Republic and Spain
were also increased, and minority participating interests
were acquired in Costa Rica and Nicaragua. Investments
in intangible fixed assets and other financial fixed assets
amounted to €35 million and €20 million, respectively.
Financing and liquidity
Group equity decreased from €3,139 million as at 31
December 2001 to €2,936 million as at 31 December 2002.
Shareholders' equity fell by €215 million to €2,543 million.
Set against the addition of the net profit of €795 million
and revaluations of €32 million were goodwill charges of
€778 million, adverse exchange differences of €107 million
and a proposed dividend distribution of €157 million.
Owing to the increase in the interest-bearing liabilities and
the reduction in cash, largely as a result of financing acqui
sitions, the net debt position increased from €152 million
to €1,391 million as at 31 December 2002.
Profit appropriation
Net profit for Heineken N.V. in 2002 amounted to €795
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 €157 million
for distribution as dividend. This proposed appropriation
corresponds to a dividend of €0.40 per share of €2.00
nominal value, out of which an interim dividend of €0.16
was paid on 23 September 2002. The final dividend thus
amounts to €0.24 per share. Dutch withholding tax at 25%
will be deducted from the final dividend. It is proposed to
add the remaining amount of €638 million to the general
reserve.
Amsterdam, 25 February 2003
Ruys Van Boxmeer
Bolland Flooft Graafland
REPORT OF THE EXECUTIVE BOARD
43