Consolidated Statement of Cash Flows Financial statements 2011 For the year ended 31 December Operating activities Profit 1,560 1,579 Adjustments for: Amortisation, depreciation and impairments 11 1,168 1,118 Net interest expenses 12 424 490 Gain on sale of property, plant equipment, intangible assets and subsidiaries, joint ventures and associates 8 (64) (239) Investment income and share of profit and impairments of associates and joint ventures and dividend income on AFS and HFT investments (252) (200) Income tax expenses 13 465 403 Other non-cash items 244 163 Cash flow from operations before changes in working capital and provisions 3,545 3,314 Change in inventories (145) 95 Change in trade and other receivables (21) 515 Change in trade and other payables 417 (156) Total change in working capital 251 454 Change in provisions and employee benefits (76) (220) Cash flow from operations 3,720 3,548 Interest paid (485) (554) Interest received 65 15 Dividend received 137 91 Income taxes paid (526) (443) Cash flow related to interest, dividend and income tax (809) (891) Cash flow from operating activities 2,911 2,657 Investing activities Proceeds from sale of property, plant equipment and intangible assets 101 113 Purchase of property, plant equipment 14 (800) (648) Purchase of intangible assets 15 (56) (56) Loans issued to customers and other investments (127) (145) Repayment on loans to customers 64 72 Cash flow (used in)/from operational investing activities (818) (664) Free operating cash flow 2,093 1,993 Acquisition of subsidiaries, net of cash acquired 6 (806) 17 Acquisition/Additions of associates, joint ventures and other investments (166) (77) Disposal of subsidiaries, net of cash disposed of (9) 270 Disposal of associates, joint ventures and other investments 44 47 Cash flow (used in)/from acquisitions and disposals (937) 257 Cash flow (used in)/from investing activities (1,755) (407) Comparatives have been adjusted due to the accounting policy change in employee benefits (see note 2e) 70 Heineken N.V. Annual Report 2011

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2011 | | pagina 72