37 Despite the increase of 15 per cent in the weighted average number of shares, diluted earnings per share increased from EUR2.08 to EUR2.55. Cash flow 2010 Cash flow from operations before changes in working capital and provisions Total change in working capital Change in provisions and employee benefits 3,299 454 (205) 2,876 220 Cash flow from operations Cash flow related to interest, dividend and income tax 3,548 (891) 3,029 Cash flow from operating activities Cash flow used in operational investing activities 2,657 (664) 2,379 Free operating cash flow Cash flow used for acquisitions and disposals ash flow from/fused in) financing activities 1,993 257 (2,172) 1,741 (149) (1,837) Net cash flow 78 (245) ^ash conversion ratio 126% 148% lash flow and investments The acquisition of the beer operations of FEMSA had a substantial impact on the cash flow and is included for eight months. Higher net profit drove up cash flow from operations. Our Hunt for Cash2 programme continued to be a big success and delivered significant additional cash, mainly from the area of working capital improvement. Additionally, cash flow used for operational nvestment activities remained stable. The cash conversion rate is still above our three-year target of 100 per cent. In 2010, the increase in Net profit (beia) did not result i corresponding higher free operating cash flow mainly due to: Tax restructuring benefits, which have not yet resulted in lower tax paid Interest charged to profit and loss decreased while interest paid increased due to timing of interest payments and related interest swap settlements Payments of restructuring costs, guarantees and claims, which have been provided for in previous years, nancing structure 2010 ital equity 10,517 39 5,647 Jeferred tax liabilities 991 4 786 4 nployee benefits 687 3 634 3 'revisions 598 2 518 3 nterest-bearing loans and borrowings 8,726 33 8,239 41 ther liabilities 5,030 19 4,356 21 Net cash flow 26,549 100 20,180 100 teineken N.V. Annual Report 2010

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2010 | | pagina 34