Notes to the Consolidated Cash Flow Statement
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103 Heineken N.V. Annual Report 2004 Financial Statements 2004
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 commitments on long-
term borrowings). The cash flow from investing activities relates to the net amount of investments and
disposals. The net cash position consists of cash in hand and at bank, securities and bank overdrafts.
Provisions Employee Long-term Repayment
benefits borrowings commitments
Position as at 1 January 2004
1,367
-
2,721
174
Change in accounting policies
-646
708
-31
Revaluation/exchange differences
-4
-1
2
Changes in the consolidation
-94
-1
28
Other non-cash-flow movements
-30
-276
291
Cash flow statement
-25
-27
201
-324
Position as at 31 December 2004
568
680
2,642
143
Working capital
Position as at 1 January 2004
303
Revaluations/exchange differences
-18
Changes in the consolidation
-16
Other non-cash-flow movements
-10
Cash flow movements
-93
Position as at 31 December 2004
166