Notes to the Consolidated Cash Flow Statement The consolidated cash flow statement has been drawn up using the indirect method. The various consolidated profit and loss account and balance sheet items have been adjusted for changes which have no effect on the receipts and payments during the year. Working capital comprises stocks, receivables and current liabilities (excluding bank overdrafts and repayment commit ments on long-term borrowings). The cash flow from investing activities relates to the net amount of invest ments and disposals. The net cash position consists of cash in hand and at bank, securities and bank overdrafts. Provisions Long-term Repayment borrowings commitments Position as at 1 January 2003 981 1,215 205 Revaluation/exchange differences -58 -20 -11 Changes in the consolidation 365 235 32 Other non-cash-flow movements -17 - 210 219 Cash flow movements 95 1,501 -271 Position as at 31 December 2003 1,367 2,721 174 Working capital Position as at 1 January 2003 400 Revaluations/exchange differences - 36 Changes in the consolidation 88 Other non-cash-flow movements - 57 Cash flow movements - 92 Position as at 31 December 2003 303 FINANCIAL STATEMENTS 2003 75

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2003 | | pagina 81