annu al accounts The participations are included in the consolidated annual accounts as follows:
- Full consolidation has taken place of those participations in which Heineken N.V.
has a direct or indirect interest of more than 50%.
The interests of third parties in the group assets and in the profit are shown
separately.
- The participations in which Heineken has an interest of 50% or less have been
partially consolidated if in these participations we exert an influence on manage
ment policy which is at least equal to that exerted by the other partners combined.
The amounts of assets and liabilities and of items in the statement of income,
respectively, have been stated in proportion to our interest in the total issued
capital.
- The other participations are stated under Participations. These also include the
100% participation in B.V. Bestuurs-Maatschappij J. A. van Olffen, of Hattem,
and the majority interest in the holding company Brasserie de l'Espérance, of
Strasbourg. Consolidation has not taken place in view of the fact that the trans
actions with regard to these participations were not concluded until towards the
end of the financial year.
In the consolidation the assets and liabilities in the participations have now been
valued according to the rules of valuation valid in our concern. The amount of
N.fl. 43 million becoming available as a result of this revaluation has been added
to the General reserve, whilst provisions already deducted for participations,
amounting to N.fl. 44 million, have been included under Other provisions.
A survey of the consolidated participations, stating the percentage of the holding,
is included on page 3 8 of this Report. In the survey it is indicated which participations
have been included in the consolidated accounts for the first time in this financial
year. The non-consolidated participations, similarly stating the percentage of the
holding, are shown on page 39.
In view of the extension of the consolidation, the consolidated Statement of Financial
Condition as at the end of the financial year 1971/197215 not automatically comparable
with that for the financial year 1970/1971. The effect of the consolidation is indicated,
where necessary, in the explanatory notes.
The Consolidated Statement of Income for 1971/1972 closes with a balance of profit
of over N.fl. 75 million, which is about N.fl. 18 million (more than 31 higher than
the figure for 1970/1971. Approximately N.fl. 9 million (more than 15%) of the in
crease is due to the further consolidation already mentioned of foreign companies.
The share capital has increased through the 10% bonus distribution from the Share
Premium Account pursuant to the resolution by the General Meeting of Shareholders
on February 24, 1972, and also through a 25% recapitalization pursuant to the
resolution by the Extraordinary General Meeting of Shareholders on June 19, 1972.
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