0
37
Financial review
Reported to beia1
-
-
-
Capital expenditure and cash flow
Financial structure and liquidity
In millions of
Heineken N.V.
Annual Report 2020
Introduction
Report of the
Executive Board
Report of the
Supervisory Board
Financial
Statements
Sustainability
Review
Other
Information
Reported
Eia
Beia
Reported
Eia
Beia
In millions of
2020
2020
2020
2019
2019
2019
Revenue
23,770
23,770
28,521
(78)
28,443
Excise tax expense
(4,055)
8
(4,046)
(4,552)
2
(4,550)
Net revenue
19,715
8
19,724
23,969
(75)
23,894
Other income
56
(56)
95
(95)
Total other expenses
(18,993)
1,690
(17,303)
(20,431)
557
(19,874)
Operating profit
778
1,643
2,421
3,633
387
4,020
Share of profit/(loss) of associates and joint ventures
(31)
178
147
164
64
228
Net interest income/(expenses)
(447)
(23)
(470)
(454)
19
(435)
Other net finance expenses
(143)
(3)
(146)
(59)
(3)
(62)
Income tax expense
(245)
(347)
(593)
(910)
(64)
(974)
Non-controlling interests
(116)
(89)
(205)
(208)
(52)
(260)
Net profit/(loss)
(204)
1,358
1,154
2,166
351
2,517
1 Due to rounding, this table will not always cast.
In millions of
2020
2019
Cash flow from operations before changes in working
capital and provisions
3,674
5,669
Total change in working capital
347
8
Change in provisions and post-retirement obligations
211
(121)
Cash flow from operations
4,232
5,556
Cash flow related to interest, dividend and income tax
(1,096)
(1,219)
Cash flow from operating activities
3,136
4,337
Cash flow (used in)/from operational investing activities
(1,623)
(2,109)
Free operating cash flow
1,513
2,228
Cash flow (used in)/from acquisitions and disposals
185
(2,764)
Cash flow (used in)/from financing activities
1,238
(1,016)
Net cash flow
2,936
(1,552)
Cash conversion ratio
111%
80%
Capital expenditure related to property, plant and equipment and intangible assets amounted to
€1,640 million in 2020 (2019: €2,101 million) including payments for projects in 2020 for CAPEX realised in
2019. The investments of the year amounted to €1,389 million (2019: 2,215 million), reducing 37% as most non-
committed CAPEX was suspended as from late March, unless necessary for safety and business continuity.
The investments in 2020 include capacity expansions in Brazil and refurbishment of pubs in the UK.
Free operating cash flow amounted to €1,513 million (2019: €2,228 million) mainly due to lower cash flow
from operating activities.
2020
2019
Total equity
14,392
34
17,311
37
Deferred tax liabilities
999
2
1,422
3
Post-retirement obligations
938
2
1,189
3
Provisions
1,104
3
940
2
Gross debt
18,196
43
17,052
37
Other liabilities
7,003
16
8,590
18
Total equity and liabilities
42,632
100
46,504
100
