50 Report of the Executive Board
Financial review
A net amount of €278 million in 2007 was invested in acquisitions and expansion of existing interests,
compared with €72 million in 2006. Heineken acquired Kralovsky Pivovar Krusovice a.s. in the Czech
Republic and CJSC Brewing Company 'Syabar', in Bobruysk, Belarus for a total amount of €241 million
Net cash flow decreased significantly to - €189 million compared to €401 million in 2006. This decline
was mainly attributable to a lower operating cash flow and an increase in cash flow used for acquisitions.
Although the cash flow used in financing activities is stable compared with last year, lower repayments
of net borrowings of €132 million are offset by higher dividend payments of €153 million.
EBIT performance
In millions of EUR
Property, plant equipment
In millions of EUR
1998 I
1999 I
2000 I
2001 I
2002 I
2003 I
2004 I
2005 I
2006 I
2007 I
703
850
980
1,170
■I 1,330
1,323
H 1,369
1,283
1,832
2003
2004
2005
2006
2007
1,528
611
560
719
615
853
705
844
706
Investments
Depreciation
1,123
694
Financing structure
In millions of EUR
2007
2006
Total equity
5,946
46
5,520
42
Deferred tax liabilities
478
4
471
4
Employee benefits
646
5
665
5
Provisions
327
3
364
3
Loans and borrowings
2,394
18
2,585
20
Other liabilities
3,177
24
3,392
26
12,968
100
12,997
100
Total equity
as a percentage of total assets
Net debt/EBITDA (beia)
2003 I
2004 I
2005 I
2006 I
2007 I
I 35.8*
34.6
38.2
42.5
45.9
2003 I
2004 I
2005 I
2006 I
2007 I
MÊ 1.91*
1.41
1.26
(Dutch GAAP)
(Dutch GAAP)
Heineken N.V. Annual Report 2007