tiï O A
Consolidated Statement of Cash Flows
Profit
(241)
-
-
Introduction Report of the Executive Board Report of the Supervisory Board
For the year ended 31 December
In millions of
Note
2018
2017
Operating activities
2,095
2,153
Adjustments for:
Amortisation, depreciation and impairments
6.6
1,693
1,587
Net interest expenses
11.1
431
396
Other income
6.2
(75)
(141)
Share of profit of associates and joint ventures and dividend
income on fair value through OCI investments
(228)
(84)
Income tax expenses
12.1
757
755
Other non-cash items
179
314
Cash flow from operations before changes in working
capital and provisions
4,852
4,980
Change in inventories
(129)
(185)
Change in trade and other receivables
(66)
Change in trade and other payables
and returnable packaging deposits
908
495
Total change in working capital
713
69
Change in provisions and post-retirement obligations
(25)
(125)
Cash flow from operations
5,540
4,924
Interest paid
(555)
(463)
Interest received
118
98
Dividends received
109
109
Income taxes paid
(824)
(786)
Cash flow related to interest, dividend and income tax
(1,152)
(1,042)
Cash flow from operating activities
4,388
3,882
Financial Statements
Sustainability Review
Heineken N.V. Annual Report 2018 l6
Other Information
In millions of Note
2018
2017
Investing activities
Proceeds from sale of property, plant and equipment and
intangible assets
111
187
Purchase of property, plant and equipment
(1,888)
(1,696)
Purchase of intangible assets
(167)
(137)
Loans issued to customers and other investments
(239)
(259)
Repayment on loans to customers
41
54
Cash flow (used in)/from operational investing
activities
(2,142)
(1,851)
Free operating cash flow
2,246
2,031
Acquisition of subsidiaries, net of cash acquired
(70)
(1,047)
Acquisition of/additions to associates, joint ventures and
other investments
(159)
(93)
Disposal of subsidiaries, net of cash disposed of
15
10
Disposal of associates, joint ventures and other investments
1
16
Cash flow (used in)/from acquisitions and disposals
(213)
(1,114)
Cash flow (used in)/from investing activities
(2,355)
(2,965)
Financing activities
Proceeds from borrowings
1,694
3,268
Repayment of borrowings
(1,545)
(3,205)
Dividends paid
(1,090)
(1,011)
Purchase own shares and shares issued
(20)
Acquisition of non-controlling interests
(2)
(18)
Other
(4)
Cash flow (used in)/from financing activities
(967)
(966)
Net cash flow
1,066
(49)
Cash and cash equivalents as at 1 January
1,177
1,366
Effect of movements in exchange rates
5
(140)
Cash and cash equivalents as at 31 December 11.2
2,248
1,177
