Net profit
New construction and installations
The interest expense amounted to N.fl. 36-million,
N.fl. 1million less than in 1976/1977. Despite the
increased credit requirement these costs were lo
wer, mainly in consequence of the on average lower
rate of interest.
Taxation on profit was N.fl. 105.- million, compared
with N.fl. 106.9 million last year.
The dividends received in the Netherlands from
non-consolidated participations were nearly
N.fl. 1.2 million lower than in the previous financial
year. The size of this item was influenced, amongst
other things, by the transfer possibilities in the
countries where the affiliated enterprises were es
tablished.
Appropriation of profit
According to the Profit and Loss Account published
on page 32,
the net profit amounts to N.fl. 118,694,000-
It is proposed that there be
made available for payment of
dividend N.fl. 40,460,000
(corresponding to N.fl. 3.50 per
share of N.fl. 25 - par value)
and that the remainder
amounting to N.fl. 78,234,000.—
be added to the General reserve.
The proposed appropriation of profit has already
been incorporated in the Consolidated Balance
Sheet and in the Balance Sheet of Heineken NV.
In the appropriation of profit as shown above no
allowance has been made for possible consequen
ces of the passing of the Capital Growth Sharing
bill submitted to parliament in the Netherlands.
After approval of this proposal by the General
Meeting of Shareholders to be held on January 9,
1979, the dividend for the financial year 1977/1978
will be made payable on dividend coupon No. 13
on January 18, 1979.
During the year under review it was decided to
transfer the production of the brewery on the
Mauritskade in Amsterdam gradually to Zoeter-
woude. It is expected that this will be completed
around 1982. The future extension at Zoeterwoude
will therefore also serve to replace the production
capacity of the Mauritskade brewery.
In view of the foregoing, the installation for the pu
rification of waste water from the brewery at
Zoeterwoude is being enlarged.
A new wing of the office building at Zoeterwoude,
to accommodate the nation-wide commercial and
administrative departments, was almost com
pleted.
With a view to future expansion of the brewery at
's-Hertogenbosch we were able to acquire three
sites adjoining the brewery complex. In that con
nection we received constructive support from the
municipal authorities.
The building of the distillery at Zoetermeer is pro
ceeding satisfactorily. In the second half of 1979 it
will be possible to take the installations into use.
In the establishment at Mutzig, France, a start was
made on the installation of a barrel-filling line in
connection with the modernization of the stock of
barrels.
The new bottling department at Schiltigheim was
taken into operation.
In the breweries at Pedavena and Massafra, Italy, a
start was made on the construction of a waste wa
ter purification plant. At Massafra a line for the filling
of beer in cans also came into use.
At the brewery in Athens, Greece, the installing of
a new bottling line and a filling plant for canned
beer was commenced. At Thessalonika a start was
made on the extension of the brewhouse and the
storage capacity.
In Curagao, Netherlands Antilles, a new bottling
line was similarly installed.
As regards the new construction activities in non-
consolidated participations, it can be stated that the
new brewery at N'Djamena, Chad, has in the
meantime been completed. In Nigeria the building
of a fourth brewery, namely at Ibadan. is being pre
pared.
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