Consolidated Statement of Cash Flows
2012
For the year ended 31 December
Operating activities
Profit
3,109
1,560
Adjustments for:
Amortisation, depreciation and impairments
11
1,316
1,168
Net interest expenses
12
489
424
Gain on sale of property, plant equipment, intangible assets
and subsidiaries, joint ventures and associates 8
(1,510)
(64)
Investment income and share of profit and impairments of associates and joint
ventures and dividend income on AFS and HFT investments
(238)
(252)
Income tax expenses
13
525
465
Other non-cash items
(110)
244
Cash flow from operations before changes in working capital and provisions
3,581
3,545
Change in inventories
(52)
(145)
Change in trade and other receivables
(64)
(21)
Change in trade and other payables
217
417
Total change in working capital
101
251
Change in provisions and employee benefits
(164)
(76)
Cash flow from operations
3,518
3,720
Interest paid
(490)
(485)
Interest received
82
65
Dividends received
184
137
Income taxes paid
(599)
(526)
Cash flow related to interest, dividend and income tax
(823)
(809)
Cash flow from operating activities
2,695
2,911
Investing activities
Proceeds from sale of property, plant equipment and intangible assets
131
101
Purchase of property, plant equipment
14
(1,170)
(800)
Purchase of intangible assets
15
(78)
(56)
Loans issued to customers and other investments
(143)
(127)
Repayment on loans to customers
50
64
Cash flow (used in)/from operational investing activities
(1,210)
(818)
Free operating cash flow
1,485
2,093
Acquisition of subsidiaries, net of cash acquired
6
(3,311)
(806)
Acquisition/additions of associates, joint ventures and other investments
6
(1,246)
(166)
Disposal of subsidiaries, net of cash disposed of
-
(9)
Disposal of associates, joint ventures and other investments
142
44
Cash flow (used in)/from acquisitions and disposals
(4,415)
(937)
Cash flow (used in)/from investing activities
(5,625)
(1,755)
70
Heineken N.V. Annual Report 2012
