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.
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
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
At the end of the financial year the capital structure was
as follows (in millions of guilders):
Provision for deferred
This capital was employed as follows:
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.