74 Heineken N.V. Annual Report 2004 Report of the Executive Board Financial Review
Tangible fixed assets, net investments and depreciation
in millions of euros
investments
depreciation
2000
2001
2002
2003
2004
418
445
578
465
696
481
611
560
637
645
of GAR Guideline 271 Employee Remuneration of €187 million. Minority interests in group equity
decreased sharply from €732 million to €483 million, mainly due to the buy-out of minority
shareholders in BBAG in Austria and Dinal in Kazakhstan.
Net interest-bearing debt increased by €523 million to €2,867 million in 2004, largely reflecting
reduced cash balances due to acquisitions.
Profit appropriation
Heineken N.V's net profit amounted to €537 million in 2004. In accordance with Article 12 of the
Articles of Association, the Annual General Meeting of Shareholders will be invited to appropriate
an amount of €196 million for distribution as dividend. This proposed appropriation corresponds to
a dividend of €0.40 per share of €1.60 nominal value, on account of which an interim dividend of
€0.16 was paid on 22 September. The final dividend thus amounts to €0.24 per share. Netherlands
withholding tax will be deducted from the final dividend at 25%. It is proposed that the remaining
€341 million be added to the retained profits reserve.
Share split
Heineken has maintained a consistent dividend policy over many years, carrying out a review every
three years to ascertain whether there is scope for increasing the dividend paid to shareholders by
increasing the number of shares in issue by 25%. Consequently, a proposal to split the Heineken shares,
by issuing five new shares of €1.60 nominal value for every four existing shares of €2.00 nominal value,
was approved by the Annual General Meeting of Shareholders on 29 April 2004. These shares have
participated fully in the profits as from 1 January 2004.
2004
Financing structure
in millions of euros
Group equity
3,862
37
3,899
36
Deferred taxation
227
2
415
4
Employee benefits
680
7
0
0
Other provisions
341
3
952
9
Liabilities
5,308
51
5,631
51
10,418
100
10,897
100
2003