62
Consolidated Statement of Cash Flows
For the year ended 31 December
-
Heineken NV.
Report of the
Report of the
Financial
Sustainability
Other
Annual Report 2016
Introduction
Executive Board
Supervisory Board
Statements
Review
Information
In millions of EUR
Note
2016
2015
Operating activities
Profit
1,739
2,141
Adjustments for:
Amortisation, depreciation and impairments
11
1,817
1,594
Net interest expenses
12
359
352
Gain on sale of property, plant and equipment, intangible assets
and subsidiaries, joint ventures and associates
8
(46)
(411)
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
(161)
(182)
Income tax expenses
13
673
697
Other non-cash items
332
89
Cash flow from operations before changes in working capital and provisions
4,713
4,280
Change in inventories
(20)
27
Change in trade and other receivables
(228)
(59)
Change in trade and other payables
328
403
Total change in working capital
80
371
Change in provisions and employee benefits
(73)
(165)
Cash flow from operations
4,720
4,486
Interest paid
(441)
(446)
Interest received
70
87
Dividends received
118
159
Income taxes paid
(749)
(797)
Cash flow related to interest, dividend and income tax
(1,002)
(997)
Cash flow from operating activities
3,718
3,489
Investing activities
Proceeds from sale of property, plant and equipment and intangible assets
116
83
Purchase of property, plant and equipment
(1,757)
(1,638)
Purchase of intangible assets
(109)
(92)
Loans issued to customers and other investments
(219)
(195)
Repayment on loans to customers
24
45
Cash flow (used in)/from operational investing activities
(1,945)
(1,797)
Free operating cash flow
1,773
1,692
Acquisition of subsidiaries, net of cash acquired
(9)
(757)
Acquisition of/additions to associates, joint ventures and other investments
(68)
(543)
Disposal of subsidiaries, net of cash disposed of
6/7
15
979
Disposal of associates, joint ventures and other investments
54
Cash flow (used in)/from acquisitions and disposals
(62)
(267)
Cash flow (used in)/from investing activities
(2,007)
(2,064)