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

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