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

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2009 | | pagina 48