60
Consolidated Statement of Cash Flows
For the year ended 31 December
Report of the
Report of the
Financial
Sustainability
Other
Introduction
Executive Board
Supervisory Board
Statements
Review
Information
Heineken N.V. Annual Report 2017
In millionsof Note 2017 2016
Operating activities
Profit 2,153 1,739
Adjustments for:
Amortisation, depreciation and impairments 11 1,587 1,817
Net interest expenses 12 396 359
Gain on sale of property, plant and equipment, intangible assets
and subsidiaries, joint ventures and associates 8 (141) (46)
Investment income and share of profit and impairments of associates and joint ventures and
dividend income on available-for-saleand held-for-trading investments (84) (161)
Income tax expenses 13 755 673
Other non-cash items 314 332
Cash flow from operations before changes in working capital and provisions 4,980 4,713
Change in inventories (185) (20)
Change in trade and other receivables (241) (228)
Change in trade and other payables 495 328
Total change in working capital 69 80
Change in provisions and employee benefits (125) (73)
Cash flow from operations 4,924 4,720
Interest paid (463) (441)
Interest received 98 70
Dividends received 109 118
Income taxes paid (786) (749)
Cash flow related to interest, dividend and income tax (1,042) (1,002)
Cash flow from operating activities 3,882 3,718
Investing activities
Proceeds from sale of property, plant and equipment and intangible assets 187 116
Purchase of property, plant and equipment (1,696) (1,757)
Purchase of intangible assets (137) (109)
Loans issued to customers and other investments (259) (219)
Repayment on loans to customers 54 24
Cash flow (used in)/from operational investing activities (1,851) (1,945)
Free operating cash flow 2,031 1,773
Acquisition of subsidiaries, net of cash acquired (1,047) (9)
Acquisition of/additions to associates, joint ventures and other investments (93) (68)
Disposal of subsidiaries, net of cash disposed of 10 15
Disposal of associates, joint ventures and other investments 16 -
Cash flow (used in)/from acquisitions and disposals (1,114) (62)
Cash flow (used in)/from investing activities (2,965) (2,007)
