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