Financial Review (continued)
Reported to beia1
-
-
-
Capital expenditure and cash flow
Financial structure and liquidity
O O Qs
Report of the Executive Board
Report of the Supervisory Board
Financial Statements
Sustainability Review
Heineken N.V. Annual Report 2019
Other Information
Reported
Eia
Beia
Reported
Eia
Beia
In millions of
2019
2019
2019
20182
2018'
20182
Revenue
28,521
(78)
28,443
26,811
26,811
Excise tax expense
(4,552)
2
(4,550)
(4,322)
(18)
(4,340)
Net revenue
23,969
(75)
23,894
22,489
(18)
22,471
Other income
95
(95)
75
(75)
Total other expenses
(20,431)
557
(19,874)
(19,443)
780
(18,663)
Operating profit
3,633
387
4,020
3,121
687
3,808
Share of net profit of assoc./JVs
164
64
228
210
(50)
161
Net interest income/(expenses)
(454)
19
(435)
(421)
17
(404)
Other net finance income/(expenses)
(59)
(3)
(62)
(64)
7
(57)
Income tax expense
(910)
(64)
(974)
(741)
(138)
(880)
Non-controlling interests
(208)
(52)
(260)
(192)
(52)
(244)
Net profit
2,166
351
2,517
1,913
472
2,385
1 Due to rounding, this table will not always cast.
2 Restated for IAS 37.
In millions of
2019
20181
Cash flow from operations before changes in working
capital and provisions
5,669
4,858
Total change in working capital
8
713
Change in provisions and post-retirement obligations
(121)
(31)
Cash flow from operations
5,556
5,540
Cash flow related to interest, dividend and income tax
(1,219)
(1,152)
Cash flow from operating activities
4,337
4,388
Cash flow (used in)/from operational investing activities
(2,109)
(2,142)
Free operating cash flow
2,228
2,246
Cash flow (used in)/from acquisitions and disposals
(2,764)
(213)
Cash flow (used in)/from financing activities
(1,106)
(967)
Net cash flow
(1,552)
1,066
Cash conversion ratio
80%
85%
Capital expenditure related to Property, plant and equipment amounted to €1,915 million in 2019
(2018: €1,888 million) representing 8.0% of net revenue (beia). This includes investments in capacity expansions
in Vietnam, Brazil and South Africa and a step-up in investment to refurbish the pub estate in the UK.
Free operating cash flow amounted to €2,228 million (2018: €2,246 million), including the one-off positive
impact of the adoption of IFRS 16 (refer to note 4). Cash flow from trade and other payables has continued
to improve, although less than the previous year.
In millions of
2019
20181
Total equity
17,311
37
15,708
37
Deferred tax liabilities
1,422
3
1,431
3
Post-retirement obligations
1189
3
954
2
Provisions
940
2
997
2
Gross debt
17,052
37
14,986
36
Other liabilities
8,590
18
8,075
20
Total equity and liabilities
46,504
100
42,151
100
1 Restated for IAS 37.
1 Restated for IAS 37.
