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

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2004 | | pagina 79