i 1 2003 2002 i E Financial Review Cash flow in millions of euros Cash flow from operating activities 1,637 1,184 Dividends paid - 241 -187 Cash flow from investing activities -2,080 -1,973 -684 -976 Borrowings 1,501 484 Repayments on loans -271 -56 Other financing 3 -1 549 - 549 Financing and liquidity Group equity increased from €3,030 million as at 31 December 2002 to €3,899 million as at 31 December 2003. Shareholders' equity increased by €530 million, consisting of net profit of €798 million and revaluations of €41 million, Operating profit in millions of euros 1,350 ,200 ,050 900 750 600 450 300 150 in to s co 01 Of Of Of Of Of Ot Of Ol Of Of Of Of O H CM fO 0000 0000 CM CM CM CM less exchange effects of €152 million and dividend of €157 million. As from 2003, goodwill is no longer charged against shareholders' equity. Minority interests in group equity increased significantly, from €393 million to €732 million, largely due to the first-time consolidation of BBAG in Austria and CCU in Chile. There was also a sharp increase in the net debt position in 2003, which rose €951 million to €2,341 million, mainly reflecting the issue of two bond loans for a total of €1,100 million. Both loans were issued on 4 November 2003, one for €600 million with a coupon of 5.00% maturing in November 2013 and the other for €500 million with a coupon of 4-375% maturing in November 2010. A credit facility was also agreed with a syndicate of banks at an interest rate of 0.225 points over Euribor, which will expire in December 2008. As at 31 December 2003, none of this credit facility had been drawn down. Profit appropriation Fleineken N.V.'s net profit in 2003 amount ed to €798 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 700 630 560 490 420 Tangible fixed assets, net investments and depreciation in millions of euros investments depreciation kO at _oo_ r- u-) "=t 350 I 280 210 140 70 o o O EPORT OF THE EXECUTIVE BOARD 49

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2003 | | pagina 55