112 Heineken N.V. Annual Report 2004 Financial Statements 2004 Notes to the Balance Sheet and Profit and Loss Account of Heineken N.V. for 2004 Shareholders' equity Issued Statutory Revaluation Retained Total capital reserve reserve profits Position as at 1 January 2003 784 103 414 1,336 2,637 Exchange differences -14 -22 -116 -152 Revaluations - - 41 - 41 Realised revaluations - - -35 35 - Net profit for the year - 37 - 761 798 Released - -12 - 12 - Dividend - - - -157 -157 Position as at 31 December 2003 784 114 398 1,871 3,167 Position as at 1 January 2004 784 114 398 1,871 3,167 Change in accounting policies - - - -187 -187 Exchange differences - -4 2 4 2 Revaluations - - 33 - 33 Realised revaluations - - -19 19 - Net profit for the year - 49 - 488 537 Released - -28 - 28 - Dividend - - -173 -173 Position as at 31 December 2004 784 131 414 2,050 3,379 The total result in 2004, consisting of changes in accounting policies, exchange differences, revaluations (realised and unrealised) and the net profit for the year, amounts to €385 million (2003: €687 million).

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2004 | | pagina 117