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