53.
Cash flow
2005
2004
Cash flow from operating activities
1,872
1,611
Cash flow from investing activities
(1,194)
(1,795)
Cash flow from financing activities
(592)
(366)
50)
C aerating profit and net profit
Operating profit fell 7.3 percent to €1,249 million mainly due to the aforementioned restructuring costs.
C oerating profit as a proportion of revenue decreased from 13.4 percent to 11.6 percent due to the impact
c lower realised exchange rates, primarily the US Dollar, first time consolidations having a lower operating
argin and previously mentioned restructuring costs of €102 million.
ie negative foreign exchange effects of €48 million on operating profit is, as explained, mainly due
the depreciation of the US Dollar, causing a negative effect of €67 million, partly offset by appreciations
the Polish Zloty, positive effect amounting to €8 million, and Nigerian Naira, positive effect amounting
€5 million, versus the Euro.
•t financing expenses in 2004 included the impairment of Cervejarias Kaiser impairment of €190 million
d the gain on sale of Whitbread of €17 million. Excluding these items, net financing expenses decreased
€43 million reflecting lower interest rates and lower overall level of interest bearing loans and
rowings. The lower overall interest-bearing loans and borrowings level is mainly a result of the strong
04 and 2005 cash flow combined with the renegotiation of financing facilities. The average tax burden
reased from 26.0 percent to 26.6 percent in 2005, mainly as 2004 included some exceptional,
n-recurring tax benefits due to the release of deferred tax liabilities related to brands. Taking into
count consolidation changes, foreign exchange rate impacts and exceptional items, organic increase
operating profit amounts to 1.9 percent and net profit amounts to 7.3 percent.
"nings per share increased from €1.31 to €1.55 as a result of higher net profit.
rating profit Property, plant equipment, investments and depreciation
lillions of EUR in millions of EUR
36 459 2001 578 Investments
546 465 Depreciation
98 tmmammam 059 2002 maw—mm a ii.inifiaw»gBM 696
799 HHHBD 81
921 2003 I 611
1,125 560
02 I 1,282 2004 719
1,222 615
1,348 2005 HHHHBHHHHHKir
15 1,249 647
Heineken N.V. - Annual Report 2005
