Report of the Report of the Financial Other Contents Overview Executive Board Supervisory Board statements information Cash flow In millions of EUR 2014 2013 Cash flow from operations before changes in working capital and provisions 4,279 3,990 Total change in working capital 27 51 Change in provisions and employee benefits (166) (58) Cash flow from operations 4,140 3,983 Cash flow related to interest, dividend and income tax (1,082) (1,069) Cash flow from operating activities 3,058 2,914 Cash flow (used in)/from operational investing activities (1,484) (1,396) Free operating cash flow 1,574 1,518 Cash flow (used in)/from acquisitions and disposals (189) 555 Cash flow (used in)/from financing activities (2,453) (1,752) Net cash flow (1,068) 321 Cash conversion ratio 79% 84% Capital expenditure and cash flow Capital expenditure related to property, plant and equipment increased to EUR1,494 million in 2014 (2013: EUR1,369 million) representing 7.8 per cent of revenue (2013: 7.1 percent). This primarily reflected capacity expansion in several markets, including Vietnam, and a greenfield in Ethiopia as well as a soft drinks plant in Indonesia. Free operating cashflow increased to EUR1,574 million (from EUR1,518 million) primarily due to higher cash flow from operations only partly offset by higher capex and a reduced benefit from working capital. Financial structure In millions of EUR 2014 2013 Total equity 13,452 39 12,356 37 Deferred tax liabilities 1,503 4 1,444 4 Employee benefits 1,443 4 1,202 4 Provisions 563 2 538 2 Interest-bearing loans and borrowings 11,757 34 12,170 36 Other liabilities 6,112 17 5,627 17 Total equity and liabilities 34,830 100 33,337 100 Total equity Net debt/EBITDA (beia) ratio as a percentage of total assets 2010 38.3 2010 2.3 2011 37.2 2011 2.3 2012 35.6 2012 3.1 2013 37.1 2013 2.6 2014 38.6 Financing and liquidity Equity attributable to equity holders of the Company increased by EUR1,007 million to EUR12,409 million, mainly driven by net profit of EUR1,516 million being partly offset by dividends paid of EUR512 million. 31 Heineken N.V. Annual Report 2014

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2014 | | pagina 33