Consolidated Statement
of Cash Flows
Contents
Overview
Report of the
Executive Board
Report of the
Supervisory Board
Financial
statements
Other
information
Note
2014
2013
For the year ended 31 December
In millions of EUR
Operating activities
Profit
1,708
1,587
Adjustments for:
Amortisation, depreciation and impairments
11
1,437
1,581
Net interest expenses
12
409
532
Gain on sale of property, plant and equipment, intangible assets
and subsidiaries, joint ventures and associates
8
(93)
(226)
Investment income and share of profit and impairments of associates and joint
ventures and dividend income on available-for-sale and held-for-trading investments
(158)
(160)
Income tax expenses
13
732
520
Other non-cash items
244
156
Cash flow from operations before changes in working capital and provisions
4,279
3,990
Change in inventories
(104)
(42)
Change in trade and other receivables
(325)
5
Change in trade and other payables
456
88
Total change in working capital
27
51
Change in provisions and employee benefits
(166)
(58)
Cash flow from operations
4,140
3,983
Interest paid
(522)
(557)
Interest received
60
56
Dividends received
125
148
Income taxes paid
(745)
(716)
Cash flow related to interest, dividend and income tax
(1,082)
(1,069)
Cash flow from operating activities
3,058
2,914
Investing activities
Proceeds from sale of property, plant and equipment and intangible assets
144
152
Purchase of property, plant and equipment
14
(1,494)
(1,369)
Purchase of intangible assets
15
(57)
(77)
Loans issued to customers and other investments
(117)
(143)
Repayment on loans to customers
40
41
Cash flow (used in)/from operational investing activities
(1,484)
(1,396)
Free operating cash flow
1,574
1,518
Acquisition of subsidiaries, net of cash acquired
6
(159)
(17)
Acquisition of/additions to associates, joint ventures and other investments
(7)
(53)
Disposal of subsidiaries, net of cash disposed of
6/7
(27)
460
Disposal of associates, joint ventures and other investments
4
165
Cash flow (used in)/from acquisitions and disposals
(189)
555
Cash flow (used in)/from investing activities
(1,673)
(841)
61
Heineken N.V. Annual Report 2014
