Heineken Holding Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	926	498	1,174	1,343	1,663	-102
Depreciation & Amortization	2,190	2,159	1,975	1,899	1,736	1,761
Other Amortization	134	134	128	114	104	112
Loss (Gain) From Sale of Assets	-30	-30	-109	17	-55	-56
Asset Writedown & Restructuring Costs	305	305	773	-220	108	963
Loss (Gain) From Sale of Investments	-	-	-23	-76	-1,270	-
Loss (Gain) on Equity Investments	-181	687	-226	-230	-256	21
Other Operating Activities	1,241	905	916	2,336	2,178	-121
Change in Accounts Receivable	-	347	-42	-668	-697	1,124
Change in Inventory	-81	-39	-4	-793	-308	-18
Change in Accounts Payable	779	543	-100	981	1,268	-759
Change in Other Net Operating Assets	-35	-6	-32	-207	-290	211
Operating Cash Flow	5,248	5,503	4,430	4,496	4,181	3,136
Operating Cash Flow Growth	-1.74%	24.22%	-1.47%	7.53%	33.32%	-27.69%
Capital Expenditures	-2,257	-2,184	-2,434	-1,791	-1,324	-1,501
Sale of Property, Plant & Equipment	172	152	154	112	86	150
Cash Acquisitions	-4	-4	-806	-171	54	-26
Divestitures	-2	14	257	9	3	-29
Sale (Purchase) of Intangibles	-316	-281	-243	-220	-273	-139
Investment in Securities	-34	-	-356	-37	-667	240
Investing Cash Flow	-2,628	-2,435	-3,576	-2,286	-2,277	-1,438
Long-Term Debt Issued	-	3,076	6,751	644	1,571	6,037
Long-Term Debt Repaid	-	-4,446	-5,004	-2,238	-3,660	-3,995
Net Debt Issued (Repaid)	-1,105	-1,370	1,747	-1,594	-2,089	2,042
Issuance of Common Stock	-	-	-	-	12	-
Repurchase of Common Stock	-153	-5	-942	-43	-	-
Common Dividends Paid	-1,326	-1,199	-1,335	-1,099	-796	-811
Other Financing Activities	-2	-	-286	-391	-10	7
Financing Cash Flow	-2,586	-2,574	-816	-3,127	-2,883	1,238
Foreign Exchange Rate Adjustments	-203	-166	-231	-21	16	-104
Net Cash Flow	-169	328	-193	-938	-963	2,832
Free Cash Flow	2,991	3,319	1,996	2,705	2,857	1,635
Free Cash Flow Growth	-2.38%	66.28%	-26.21%	-5.32%	74.74%	-32.49%
Free Cash Flow Margin	10.25%	11.13%	6.57%	9.42%	13.02%	8.29%
Free Cash Flow Per Share	10.58	11.73	7.03	9.39	9.92	5.68
Cash Interest Paid	625	668	624	439	456	481
Cash Income Tax Paid	1,049	1,051	1,160	948	717	749
Levered Free Cash Flow	2,641	2,690	627	2,223	2,303	1,403
Unlevered Free Cash Flow	3,036	3,115	1,027	2,510	2,592	1,714
Change in Working Capital	663	845	-178	-687	-27	558

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.