Notes to the Consolidated Cash Flow Statement - - - - 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

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2004 | | pagina 108