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Historical Summary
O Q,
Introduction Report of the Executive Board Report of the Supervisory Board
2018 2017 2016 2015 2014
Revenue and profit
In millions of
Revenue1
26,811
25,843
20,792
20,511
19,257
Net revenue2
22,471
21,609
N/A
N/A
N/A
Operating profit
3,137
3,352
2,755
3,075
2,780
Operating profit (beia)
3,868
3,759
3,540
3,381
3,129
as of net revenue2
17.2
17.4
17.0
16.5
16.2
as of total assets
9.2
9.2
9.0
00
!r>
9.0
Net profit
1,903
1,935
1,540
1,892
1,516
Net profit (beia)
2,424
2,247
2,098
2,048
1,758
as of shareholders' equity
16.9
16.9
15.8
15.1
14.2
Dividend (proposed)
912
838
763
741
632
as of net profit (beia)
37.6
37.3
36.4
36.2
35.9
Per share
In
Cash flow from operating activities
7.70
6.81
6.53
6.10
5.32
Net profit (beia) - basic
4.25
3.94
3.68
3.58
3.06
Net profit (beia) - diluted
4.25
3.94
3.68
3.57
3.05
Dividend (proposed)
1.60
1.47
1.34
1.30
1.10
Shareholders' equity
25.18
23.37
23.24
23.65
21.58
Heineken N.V. Annual Report 2018
Financial Statements
Sustainability Review
Other Information
2018 2017 2016 2015 2014
Cash flow statement
In millions of
Cash flow from operations
5,540
4,924 4,720 4,486 4,140
Cash flow related to interest, dividend
and income tax
(1,152)
(1,042) (1,002) (997) (1,082)
Cash flow from operating activities
4,388
3,882 3,718 3,489 3,058
Cash flow (used in)/from operational
investing activities
(2,142)
(1,851) (1,945) (1,797) (1,484)
Free operating cash flow
2,246
2,031 1,773 1,692 1,574
Cash flow (used in)/from acquisitions
and disposals
(213)
(1,114) (62) (267) (189)
Dividends paid
(1,090)
(1,011) (1,031) (909) (723)
Cash flow (used in)/from financing
activities, excluding dividend
123
45 359 (264) (1,730)
Net cash flow
1,066
(49) 1,039 252 (1,068)
Cash conversion ratio
84.2%
81.1% 75.0% 73.3% 78.9%
Financing ratios
Net debt/EBITDA (beia)
2.3
2.5 2.3 2.4 2.54
1 2017 revenue has been restated due to changes in accounting policy on revenue (IFRS 15).
2 'Net revenue' was introduced in 2017 due to changes in accounting policy on revenue (IFRS 15).
3 Comparative figure for 2015 has been revised to reflect the change in accounting policy on netting cash and overdraft balances in cash pooling
arrangements with legally enforceable rights to offset.
4 Revised for the change in definition of net debt in 2015.
