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