2003 2003 2002 Change Financial Review 2002 Change Turnover and costs in millions of euros Net turnover 9,255 8,482 9 Raw materials, consumables and services 5,557 5,029 10 Staff costs 1,832 1,642 12 Amortisation/depreciation and value adjustments 644 529 22 Total operating expenses 8,033 7,200 12 Operating profit 1,222 1,282 -5 of these acquisitions which have been included in the consolidation and lower interest income on the reduced cash position. Net profit rose by 0.4% to €798 million and net profit per share increased from €2.03 to €2.04. The average tax burden decreased from 31.0% in 2002 to 29.5% in 2003, due mainly to several non-recurring tax assets in Greece and elsewhere. Cash flow and investments The cash flow from operating activities increased sharply from €1,184 million to €1,637 million, the net effect of higher amortisation charges and a significant improvement in working capital manage ment. Net investments in tangible fixed assets in 2003 amounted to €611 million, com pared with €696 million in 2002. In 2003, in addition to the substantial expenditure on the new brewery in Nigeria in 2002, another €95 million was invested. Furthermore major investments were made in Poland (€52 million), the Nether lands (€77 million), Spain (€75 million), France (€74 million) and Italy (€39 million). A total of €1,344 million was invested in new acquisitions and expanding existing interests, compared with €1,222 million in 2002. This related to BBAG (60%) in Austria, CCU (31%) in Chile, via the IRSA joint venture, the interest in Karlsberg (22.5%) in Germany, via the Brau Holding International joint venture, and Karlovacka (94%) in Croatia and the acquisition of several beverage wholesalers in Europe. Fieineken N.V. advanced a subordinated loan of €160 million to Stichting Fieineken Pensioenfonds to enable it to comply with the more onerous funding ratio require ments imposed by the Pensions and Insurance Supervisory Authority (PVK) in the Netherlands. 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 1,222 1,282 -5 101 48 110 -140 - 109 28 1,183 1,221 -3 -319 -364 4 864 857 1 -66 -62 6 798 795 0 HEINEKEN N.V. ANNUAL REPORT 2003 48

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2003 | | pagina 54