Trading profit
Financing and liquidity
The increase in selling prices was not enough to offset
the rise in costs of raw materials, etc. and the increase
in fixed costs. For 1980 the Trading profit was N.fl. 197
million, 20.1% lower than in 1979.
Expressed as a percentage of turnover it was 6.1%,
compared with 8.6% in the previous year.
Net profit
The interest expenses was N.fl. 63 million in 1980, as
against N.fl. 40 million in the previous calendar year.
The increase was to a considerable extent due to the
raising of more interest-bearing outside funds, both
short-term and long-term, in order to meet the further
increase in the financing requirement.
Taxation on profit was about N.fl. 34 million lower, due in
substantial measure to the fall in profit before tax.
The dividends received from non-consolidated partici
pations were over N.fl. 7 million in 1980, N.fl. 3 million
more than in the previous year.
Net profit fell by 33.9% to N.fl. 83 million in 1980. This is
5.9% of Shareholders' equity as at December 31,1980,
compared with 9.9% for 1979.
Per share of N.fl. 25.this corresponds to a profit of
N.fl. 5.75 for 1980 compared with N.fl. 8.70 for the pre
vious calendar year.
Appropriation of profit
According to the Profit and Loss Account published on
page 46, the net profit amounts to N.fl. 83,139,000
It is proposed that there be made
available for payment of dividend N.fl. 50,575,000
(corresponding to N.fl. 3.50 per
share of N.fl. 25.of which
N.fl. 1.50 has already been paid
as interim dividend)
and that the remainder
amounting to N.fl. 32,564,000
be added to the General reserve.
The appropriation of profit shown above has already
been incorporated in the Consolidated Balance Sheet
and in the Balance Sheet of Heineken NV.
Shareholders' equity increased during the year under
review by N.fl. 128 million to N.fl. 1,404 million as a re
sult of:
profit to be retained in
accordance with proposal 33
addition to Special reserve
(mainly revaluation) 115
cash dividend equal to Netherlands
income tax payable on bonus
distribution - 18
goodwill paid (net) - 2
128
At the end of the financial year the capital structure was
as follows (in millions of guilders):
this
previous
year
year
amount
amount
Shareholders' equity
1,404
45
1,276
47
Minority interests
34
1
24
1
Group funds
1,438
46
1,300
48
Investment facilities
equalization account
91
3
49
2
Provision for deferred
tax liabilities
427
13
307
11
518
16
356
13
Long-term debts
331
11
227
8
Current liabilities
863
27
853
31
1,194
38
1,080
39
Total capital
3,150
100
2,736
100
This capital was employed as follows:
Fixed assets
2,286
73
1,965
72
Current assets
864
27
771
28
3,150
100
2,736
100
If this proposal is approved by the General Meeting of
Shareholders to be held on April 28, 1981, the final
dividend for the financial year 1980, amounting to
N.fl. 2.will be made payable on dividend coupon
No. 19 on May 12, 1981.
17