Consolidated Statement
of Cash Flows
Reportofthe Reportofthe Financial Other
Contents Overview Executive Board Supervisory Board Statements Information
2015
For the year ended 31 December
In millions of EUR
Operating activities
Profit
2,141
1,708
Adjustments for:
Amortisation, depreciation and impairments 11
1,594
1,437
Net interest expenses 12
352
409
Gain on sale of property, plant and equipment, intangible assets
and subsidiaries, joint ventures and associates 8
(411)
(182)
697
89
(93)
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)
Income tax expenses 13
732
Other non-cash items
244
Cash flow from operations before changes in working capital and provisions
4,280
4,279
Change in inventories
27
(104)
Change in trade and other receivables
(59)
(325)
Change in trade and other payables
403
456
Total change in working capital
371
27
Change in provisions and employee benefits
(165)
(166)
Cash flow from operations
4,486
4,140
Interest paid
(446)
(522)
Interest received
87
60
Dividends received
159
125
Income taxes paid
(797)
(745)
Cash flow related to interest, dividend and income tax
(997)
(1,082)
Cash flow from operating activities
3,489
3,058
Investing activities
Proceeds from sale of property, plant and equipment and intangible assets
83
(1,638)
(92)
(195)
45
144
Purchase of property, plant and equipment
(1,494)
Purchase of intangible assets
(57)
Loans issued to customers and other investments
(117)
Repayment on loans to customers
40
Cash flow (used in)/from operational investing activities
(1,797)
(1,484)
Free operating cash flow
1,692
1,574
(757)
(543)
979
54
Acquisition of subsidiaries, net of cash acquired 6
(159)
Acquisition of/additions to associates, joint ventures and other investments
(7)
Disposal of subsidiaries, net of cash disposed of 6/7
(27)
Disposal of associates, joint ventures and other investments
4
Cash flow (used in)/from acquisitions and disposals
(267)
(189)
Cash flow (used in)/from investing activities
(2,064)
(1,673)
63 Heineken N.V. Annual Report 2015
