At the end of the financial year the capital structure was as follows (in millions
of guilders)
Shareholders' equity
Minority interests
Group funds
Long-term liabilities
Short-term liabilities
Total liabilities
Total capital
This capital was
employed as follows
Fixed assets 1,589.1 70.— 1,324 1
Current assets 681.2 30.-
2,270.3 100.- 1,865.2 100-
The following ratios can be derived from this tabulation
1977 1976
Group funds: Total liabilities 0.7
Group funds: Fixed assets 0.6
Current assets: Short-term liabilities 0.9
In the past year we have invested N.fl. 197 million in plants and installations.
Special mention may be made of the expenditure on the enlargement of
brewing capacity at Zoeterwoude (N.fl. 76 million), on land purchase for the
construction of a distillery together with a grain alcohol plant at Zoetermeer
(N.fl. 8 million) and on expansion of the capacity of the Albra brewery at
Schiltigheim in France (N.fl. 18 million).
Early in the financial year the original shareholders of the firms in Zaire,Bras
series, Limonaderies et Malteries du Zaïre 'Bralima' S.A.R.L. and Bouteillerie
de Kinshasa 'Boukin' S.A.R.L., were restored to their rights by the authorities
in Zaire.
The participations are again included in the consolidated annual accounts.
When these firms were removed from our control in 1975, we charged the
consequent capital loss to the Provisions.
An amount corresponding to the net asset value at the time of return of these
participations has been added to the Provisions in these annual accounts.
In view of the fact that our interest in the Italian Dreher group was increased
during the financial year to 90%, as stated on page 24, the annual figures
of this group are now included as fully consolidated.
Previously the consolidation of this participation was done pro rata.
In the wholesale sector our participations were increased.
1976/1977
amount amount
927.7 40.9 815- 43.7
37.6 1.7 27.5 1.5
965.3 42.6 842.5 45.2
575.3 25.3 454.1 24.3
729.7 32.1 568.6 30.5
1,305.- 57.4 1,022.7 54.8
2,270.3 100.- 1,865.2 100-
12