Cash flow
"ash flow and investments
riancing structure
In millions of EUR 20092008
Cash flow from operations before changes in working capital and provisions
2,876
2,329
Total change in working capital
220
(47)
Change in provisions and employee benefits
(67)
(114)
Cash flow from operations
3,029
2,168
Cash flow related to interest, dividend and income tax
(650)
(508)
Cash flow from operating activities
2,379
1,660
Cash flow used in operational investing activities
(638)
(1,110)
Free operating cash flow
1,741
550
Cash flow used for acquisitions and disposals
(149)
(3,634)
Cash flow from/(used in) financing activities
(1,837)
3,309
Net cash flow
(245)
225
Free operating cash flow of EUR 1,741 million represents a EUR 1,191 million improvement over 2008's
performance mainly due to:
Cash flow from operations before changes in working capital and provisions increased by EUR547 million
Decrease in working capital; resulting in a positive contribution to cash flow of EUR 220 million, an
improvement of EUR267 million
Decrease of EUR472 million cash flow used in operational investing activities as a result of reduced CAPEX.
he cash conversion rate of 148 per cent has significantly improved compared with 2008's cash conversion rate
if 48 per cent.
illions of EUR20092008
al equity 5,647 28 4,752 23
ferred tax liabilities 786 4 661" 3
iployee benefits 634 3 688
ovisions 518 3 502 3
erest-bearing loans and borrowings 8,239 41 9,644 47
'her liabilities 4,356214,340n
20,180 100 20,587100
djusted due to finalisation of the purchase price accounting of the S&N acquisition.
Annual Report 2009 - Heineken N.V.
51