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Consolidated Statement of Cash Flows
Amortisation, depreciation and impairments
Q Heineken N.V. Report of the Report of the Financial Sustainability Other
v-J s Annual Report 2020 Introduction Executive Board Supervisory Board Statements Review Information
For the year ended 31 December
In millions of
Note
2020
2019
Operating activities
Profit/(Loss)
(88)
2,374
Adjustments for:
6.6
2,874
1,959
Net interest expenses
11.1
447
454
Other income
6.2
(56)
(95)
Share of (profit)/loss of associates and joint ventures and dividend
21
(173)
income on fair value through OCI investments
Income tax expenses
12.1
245
910
Other non-cash items
231
240
Cash flow from operations before changes in working capital
and provisions
3,674
5,669
Change in inventories
(18)
(257)
Change in trade and other receivables
1,124
(245)
Change in trade and other payables and returnable packaging
(759)
510
deposits
Total change in working capital
347
8
Change in provisions and post-retirement obligations
211
(121)
Cash flow from operations
4,232
5,556
Interest paid
(481)
(528)
Interest received
45
52
Dividends received
89
181
Income taxes paid
(749)
(924)
Cash flow related to interest, dividend and income tax
(1,096)
(1,219)
Cash flow from operating activities
3,136
4,337
In millions of Note
2020
2019
Investing activities
Proceeds from sale of property, plant and equipment and
150
177
intangible assets
Purchase of property, plant and equipment
(1,501)
(1,915)
Purchase of intangible assets
(139)
(186)
Loans issued to customers and other investments
(177)
(249)
Repayment on loans to customers and other investments
44
64
Cash flow (used in)/from operational investing activities
(1,623)
(2,109)
Free operating cash flow
1,513
2,228
Acquisition of subsidiaries, net of cash acquired
(26)
(183)
Acquisition of/additions to associates, joint ventures and other
(9)
(2,875)
investments
Disposal of subsidiaries, net of cash disposed of
(29)
244
Disposal of associates, joint ventures and other investments
249
50
Cash flow (used in)/from acquisitions and disposals
185
(2,764)
Cash flow (used in)/from investing activities
(1,438)
(4,873)
Financing activities
Proceeds from borrowings
6,037
2,288
Repayment of borrowings
(3,714)
(2,150)
Payment of lease commitments
(281)
(259)
Dividends paid
(811)
(1,223)
Purchase own shares and shares issued
11
428
Acquisition of non-controlling interests
(4)
(103)
Other
3
Cash flow (used in)/from financing activities
1,238
(1,016)
Net cash flow
2,936
(1,552)
Cash and cash equivalents as at 1 January
687
2,248
Effect of movements in exchange rates
(104)
(9)
Cash and cash equivalents as at 31 December 112
3,519
687
