Consolidated Cash Flow Statement 82 Heineken N.V. Annual Report 2004 Financial Statements 2004 in millions of euros Cash flow from operating activities Operating profit 1,248 1,222 Results of non-consolidated participating interests 33 30 Amortisation/depreciation and value adjustments 773 644 Movements in provisions - 25 95 Movements in employee benefits - 27 Movements in working capital 93 92 Cash flow from operations 2,095 2,083 Interest paid and received -192 -132 Taxation paid on profits - 383 - 314 Cash flow from operating activities 1,520 1,637 Dividends paid -243 -241 Cash flow from operating activities less dividends paid 1,277 1,396 Cash flow from investing activities Intangible fixed assets -20 -26 Tangible fixed assets -637 -611 Consolidated participating interests -1,051 -1,339 Non-consolidated participating interests 2 -5 Result on participating interests disposed of 17 71 Other financial fixed assets 18 -170 -1,671 -2,080 Cash flow from financing activities Long-term borrowings 201 1,501 Repayment of long-term borrowings -324 -271 Share issue by group companies -2 3 -125 1,233 Net cash flow -519 549 Other cash movements Changes in the consolidation 32 -32 Exchange differences 1 15 Movement in cash -550 532 The net cash position is made up of Cash 628 1,340 Securities 76 76 Bank overdrafts -517; -679 Position as at 31 December 187 737

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2004 | | pagina 87