70 FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
HEINEKEN N.V. ANNUAL REPORT 20C
FOR THE YEAR ENDED 31 DECEMBER 2008
2007
In millions of EURNote2008 Restated*
Operating activities
Profit
347
929
Adjustments for:
Amortisation, depreciation and impairments
11
1,206
638
Net interest (incomej/expenses
12
378
91
Gain on sale of property, plant equipment, intangible
assets and subsidiaries, joint ventures and associates
8
(32)
(28)
Investment income and share of profit and impairments
of associates and joint ventures
16
108
(70)
Income tax expenses
13
248
394
Other non-cash items
74
106
Cash flow from operations before changes in working
capital and provisions
2,329
2,060
Change in inventories
(157)
(130)
Change in trade and other receivables
(184)
(159)
Change in trade and other payables
294
244
Total change in working capital
(47)
(45)
Change in provisions and employee benefits
(114)
(71)
Cash flow from operations
2,168
1,944
Interest paid and received
(309)
(87)
Dividend received
52
47
Income taxes paid
(251)
(375)
Cash flow related to interest, dividend and income tax
(508)
(415)
Cash flow from operating activities
1,660
1,529
Refer to change in accounting policies as described in note 3(b).