Explanatory notes to the Balance Sheet and the Profit and Loss Account for the financial year 1980
Profit and Loss Account
This item relates to the shares in and claims on subsi
diary 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. 662,997,000 are valued at par.
Emoluments for members of the Supervisory Council
Eight members of the Supervisory Council were in offi
ce throughout the financial year.
All the members have received emoluments aggrega
ting N.fl. 240,000, consisting of N.fl. 160,000 in share of
profit and N.fl. 80,000 in fixed remuneration, which
amounts have already been deducted from the profit.
This item comprises bank, cash and clearing balances.
This item comprises:
7% debenture loan of N.fl. 6,718,000, 2 annual repay
ments of approx. N.fl. 3,400,000 from October 11982;
10% Euro-guilder notes of N.fl. 100,000,000, re
deemable on July 15, 1987;
10V4% private loan of N.fl. 69,334,000, 13 annual re
payments of approx. N.fl. 5,300,000 from June 11982.
Appropriation of profit
The proposal for allocation of the profit, already included
in the annual accounts, is based on Article 12, para
graph 2, of the Articles of Association, the text of which
'From the net profit there shall in the first place be distri
buted, 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.'
This item includes, inter alia, taxes payable amounting
to N.fl. 4,131,000, indebtedness to bankers amounting
to N.fl. 169,740,000 and the repayment instalments due
in the next financial year on the Long-term debts men
Amsterdam, April 3, 1981
The Supervisory Council
Wittert van Hoogland
The Board of Managing Directors
Van der Werf
Van de Vijver