Consolidated statement
of cash flows
74 Annual Report 2009 - Heineken N.V.
Financial Statements
For the year ended 31 December 2009
In millions of EUR
Note
2009
2008
Operating activities
Profit
1,142
347
Adjustments for:
Amortisation, depreciation and impairments
11
1,083
1,206
Net interest (incomej/expenses
12
543
378
Gain on sale of property, plant equipment, intangible
assets and subsidiaries, joint ventures and associates
8
(41)
(32)
Investment income and share of profit and impairments
of associates and joint ventures
(138)
108
Income tax expenses
13
286
248
Other non-cash items
1
74
Cash flow from operations before changes in working
capital and provisions
2,876
2,329
Change in inventories
202
(157)
Change in trade other receivables
337
(184)
Change in trade and other payables
(319)
294
Total change in working capital
220
(47)
Change in provisions and employee benefits
(67)
(114)
Cash flow from operations
3,029
2,168
Interest paid and received
(467)
(309)
Dividend received
62
52
Income taxes paid
(245)
(251)
Cash flow related to interest, dividend and income tax
(650)
(508)
Cash flow from operating activities
2,379
1,660
