Consolidated Statement of Cash Flows
-
O O Qs
Introduction Report of the Executive Board Report of the Supervisory Board
For the year ended 31 December
In millions of
Note
2019
2018*
Operating activities
Profit
2,374
2,105
Adjustments for:
Amortisation, depreciation and impairments
6.6
1,959
1,693
Net interest expenses
11.1
454
421
Other income
6.2
(95)
(75)
Share of profit of associates and joint ventures and dividend
income on fair value through OCI investments
(173)
(228)
Income tax expenses
12.1
910
741
Other non-cash items
240
201
Cash flow from operations before changes in working
capital and provisions
5,669
4,858
Change in inventories
(257)
(129)
Change in trade and other receivables
(245)
(66)
Change in trade and other payables and returnable
packaging deposits
510
908
Total change in working capital
8
713
Change in provisions and post-retirement obligations
(121)
(31)
Cash flow from operations
5,556
5,540
Interest paid
(528)
(555)
Interest received
52
118
Dividends received
181
109
Income taxes paid
(924)
(824)
Cash flow related to interest, dividend and income tax
(1,219)
(1,152)
Cash flow from operating activities
4,337
4,388
Restated for IAS 37. Refer to note 4 for further details.
Financial Statements
Sustainability Review
Heineken N.V. Annual Report 2019
Other Information
In millions of Note
2019
2018*
Investing activities
Proceeds from sale of property, plant and equipment and
intangible assets
177
111
Purchase of property, plant and equipment
(1,915)
(1,888)
Purchase of intangible assets
(186)
(167)
Loans issued to customers and other investments
(249)
(239)
Repayment on loans to customers and other investments
64
41
Cash flow (used in)/from operational investing activities
(2,109)
(2,142)
Free operating cash flow
2,228
2,246
Acquisition of subsidiaries, net of cash acquired
(183)
(70)
Acquisition of/additions to associates, joint ventures and
other investments
(2,875)
(159)
Disposal of subsidiaries, net of cash disposed of
244
15
Disposal of associates, joint ventures and other investments
50
1
Cash flow (used in)/from acquisitions and disposals
(2,764)
(213)
Cash flow (used in)/from investing activities
(4,873)
(2,355)
Financing activities
Proceeds from borrowings
2,288
1,694
Repayment of borrowings
(2,150)
(1,545)
Payment of lease commitments
(259)
Dividends paid
(1,223)
(1,090)
Purchase own shares and shares issued
428
(20)
Acquisition of non-controlling interests
(103)
(2)
Other
3
(4)
Cash flow (used in)/from financing activities
(1,016)
(967)
Net cash flow
(1,552)
1,066
Cash and cash equivalents as at 1 January
2,248
1,177
Effect of movements in exchange rates
(9)
5
Cash and cash equivalents as at 31 December 11.2
687
2,248
