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