Explanatory notes to the Balance Sheet and the Profit and Loss Account for the financial year
1977/1978
Balance Sheet
Profit and Loss Account
Subsidiary companies
This item relates to the shares in and claims on
subsidiary companies. The valuation of the shares
is based on the amounts at which the assets and
liabilities are stated in the Consolidated Balance
Sheet; the claims amounting to N.fl. 404,710,000
are valued at par.
Cash
This item comprises bank, cash and clearing ba
lances.
Long-term debts
This item comprises:
7% debenture loan of N.fl. 16,856,000, 5 annual
repayments of approx. N.fl. 3,400,000 from Oc
tober 1, 1979;
10V4% private loan of N.fl. 80,000,000, redeem
able in 15 annual instalments commencing June 1
1980.
Emoluments for members of the Supervisory Council
Six members of the Supervisory Council were in
office throughout the financial year and four mem
bers for part of the year. All the members have
received emoluments aggregating N.fl. 240,000,
consisting of N.fl. 160,000 in share of profit and
N.fl. 80,000 in fixed remuneration, which amount
has already been deducted from the profit.
Appropriation of profit
The proposal for allocation of the profit, already in
cluded in the annual accounts, is based on Ar
ticle 12, paragraph 2, of the Articles of Association,
the text of which reads:
'From the net profit there shall in the first place be
distributed, if possible, six per cent dividend on the
issued share capital. The amount then remaining
shall be at the disposal of the General Meeting of
Shareholders.'
Current liabilities
This item includes, inter alia, taxes payable
amounting to N.fl. 57,866,000, bankers amounting
to N fl. 10,082,000 and the repayment instalment
due in the next financial year of the debenture loan
mentioned above.
Amsterdam, 6 december 1978
The Board of
Managing Directors
Heineken
Van der Werf
Van Schaik
Van de Vijver
Stikker
Orlandini
Maris
Loudon
The Supervisory Council
Wittert van Hoogland
Thyssen-Bornemisza
Jiskoot
Van Doorne
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