Consolidated Cash Flow Statement
2003 2002
in millions of euros
Cash flow from operating activities
Operating profit 1,222 1,282
Results of non-consolidated participating interests 30 48
Amortisation/depreciation and value adjustments 644 529
Movements in provisions 95 - 8
Movements in working capital 92 - 223
Cash flow from operations 2,083 1,628
Interest paid and received -132 -103
Taxation paid on profits - 314 - 341
Cash flow from operating activities 1,637 1,184
Dividends paid - 241 -187
Cashflow from operating activities
less dividends paid 1,396 997
Cash flow from investing activities
Intangible fixed assets - 26 - 35
Tangible fixed assets -611 -696
Consolidated participating interests -1,339 -799
Non-consolidated participating interests - 5 - 423
Result on participating interests disposed of 71 -
Other financial fixed assets -170 -20
-2,080 - 1,973
Cash flow from financing activities
Long-term borrowings 1,501 484
Repayment of long-term borrowings - 271 - 56
Share issue by group companies 3 -1
1,233 427
Net cash flow 549 -549
Other cash movements
Changes in the consolidation -32 -88
Exchange differences 15 - 36
Movement in net cash 532 -673
The net cash position consists of
Cash 1,340 680
Securities 76 98
Bank overdrafts -679 -573
Position as at 31 December 737 205
HEINEKEN N.V. ANNUAL REPORT 2003
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