Consolidated statement of cash flows
68 Financial statements
For the year ended 31 December 2007
In millions of EUR
Note
2007
2006
Operating activities
Profit
972
1,345
Adjustments for:
Amortisation, depreciation and impairments
11
764
786
Net interest (income)/expenses
12
101
133
Gain on sale of property, plant equipment,
intangible assets and subsidiaries,
joint ventures and associates
8
(30)
(379)
Investment income and share of profit of associates
(41)
(40)
Income tax expenses
13
429
365
Other non-cash items
103
31
Cash flow from operations before changes
in working capital and provisions
2,298
2,241
Change in inventories
(140)
(43)
Change in trade and other receivables
(175)
85
Change in trade and other payables
282
102
Total change in working capital
(33)
144
Change in provisions and employee benefits
(53)
(3)
Cash flow from operations
2,212
2,382
Interest paid and received
(96)
(138)
Dividend received
27
13
Income taxes paid
(413)
(408)
Cash flow used for interest, dividend and income tax
(482)
(533)
Cash flow from operating activities
1,730
1,849
Investing activities
Proceeds from sale of property, plant equipment
and intangible assets
81
182
Purchase of property, plant equipment
14
(1,123)
(844)
Purchase of intangible assets
15
(22)
(33)
Loans issued to customers and other investments
(146)
(166)
Repayment on loans to customers
225
134
Cash flow used in operational investing activities
(985)
(727)
Acquisition of subsidiaries, joint ventures and
minority interests, net of cash acquired
6
(245)
(84)
Acquisition of associates and other investments
(89)
(29)
Disposal of subsidiaries, joint ventures and
minority interests, net of cash disposed of
6
12
17
Disposal of associates and other investments
44
24
Cash flow used for acquisitions and disposals
(278)
(72)
Cash flow used in investing activities
(1,263)
(799)
Heineken N.V. Annual Report 2007