S Financial Review (continued) Reported to beia1 - - - - - - Capital expenditure and cash flow Financial structure and liquidity O Q, Heineken N.V. Annual Report 2018 Report of the Executive Board Report of the Supervisory Board Financial Statements Sustainability Review Other Information Reported Eia Beia Reported2 Eia Beia2 In millions of 2018 2018 2018 2017 2017 2017 Revenue 26,811 26,811 25,843 20 25,863 Excise tax expense (4,340) (4,340) (4,234) (4,234) Net revenue 22,471 22,471 21,609 20 21,629 Other income 75 (75) 141 (141) Total other expenses (19,409) 806 (18,603) (18,398) 529 (17,869) Operating profit 3,137 731 3,868 3,352 407 3,759 Share of net profit of association/JVs 210 (50) 161 75 78 153 Net interest income/(expenses) (431) 27 (405) (396) 22 (374) Other net finance income/(expenses) (64) 7 (57) (123) (13) (136) Income tax expense (757) (142) (899) (755) (142) (897) Non-controlling interests (192) (52) (244) (218) (40) (258) Net profit 1,903 521 2,424 1,935 312 2,247 1 Due to rounding, this table will not always cast. 2 Restated to reflect the impact of adopting IFRS 15. In millions of 2018 2017 Cash flow from operations before changes in working capital and provisions 4,852 4,980 Total change in working capital 713 69 Change in provisions and post-retirement obligations (25) (125) Cash flow from operations 5,540 4,924 Cash flow related to interest, dividend and income tax (1,152) (1,042) Cash flow from operating activities 4,388 3,882 Cash flow (used in)/from operational investing activities (2,142) (1,851) Free operating cash flow 2,246 2,031 Cash flow (used in)/from acquisitions and disposals (213) (1,114) Cash flow (used in)/from financing activities (967) (966) Net cash flow 1,066 (49) Cash conversion ratio 84% 81% Capital expenditure related to property, plant and equipment amounted to €1,888 million in 2018 (2017: €1,696 million) representing 8.4% of net revenues. The investments include additional capacity in Mexico, Vietnam, Ethiopia, Brazil, Cambodia, Haiti and South Africa, and the construction of a new brewery in Mozambique. Free operating cash flow amounted to €2,246 million (2017: €2,031 million), increasing by €215 million or 10.6% driven by improvements in working capital related to payables. In millions of 2018 2017 Total equity 15,540 37 14,521 35 Deferred tax liabilities 1,370 3 1,495 4 Post-retirement obligations 954 2 1,289 3 Provisions 1,010 2 1,148 3 Gross debt 14,986 37 15,378 38 Other liabilities 8,096 19 7,203 17 Total equity and liabilities 41,956 100 41,034 100

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2018 | | pagina 35