m Financial Review continued Contents Overview Report of the Executive Board Report of the Supervisory Board Financial statements Other information Cash flow In millions of EUR 2013 2012* Cash flow from operations before changes in working capital and provisions 3,990 3,581 Total change in working capital 51 101 Change in provisions and employee benefits (58) (164) Cash flow from operations 3,983 3,518 Cash flow related to interest, dividend and income tax (1,069) (823) Cash flow from operating activities 2,914 2,695 Cash flow (used in)/from operational investing activities (1,396) (1,210) Free operating cash flow 1,518 1,485 Cash flow (used in)/from acquisitions and disposals 555 (4,415) Cash flow (used in)/from financing activities (1,752) 3,056 Net cash flow 321 126 Cash conversion ratio 84% 82% *Restated for the revised IAS 19. Capital expenditure and cash flow Capital expenditure related to property, plant and equipment increased to EUR1,396 million (2012: EUR1.170 million) representing 7.1 percent of revenue (2012: 6.4 per cent). This reflects the consolidation of APB/APIPLand higher investments in new capacity, renewal of returnable bottle fleet and commercial investments in several developing markets. Free operating cashflow increased to EUR1,518 million from EUR1,485 million, predominantly due to higher cash flow from operations partly offset by higher capital expenditure and income tax paid. Financing structure In millions of EUR 2013 2012* Total equity 12,356 37 12,805 35 Deferred tax liabilities 1,444 4 1,792 5 Employee benefits 1,202 4 1,575 5 Provisions 538 2 548 2 Interest-bearing loans and borrowings 12,170 36 13,359 37 Other liabilities 5,627 17 5,901 16 Total equity and liabilities 33,337 100 35,980 100 *Restated for the revised IAS 19. Total equity Net debt/EBITDA (beia) ratio as a percentage of total assets 2009 28.0 2009 2.6 2010 38.3 2010 2.3 2011 37.2 2011 2.3 2012 35.6 2012 3.1 2013 37.1 2013 Financing and liquidity Equity attributable to equity holders of the Company decreased by EUR332 million to EUR11,402 million, mainly driven by a negative equity impact of foreign exchange movements of EUR1,282 million and dividends paid of EUR530 million partly offset by net profit of EUR1,364 million. Heineken N.V. Annual Report 2013 30

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2013 | | pagina 31