Costs and profit as a percentage of net turnover 1985 Raw materials, other Excise materials and services duties 51.6% 17.4% Net turnover The Net turnover relates to (in millions of guilders) 1985 1984 increase Sales proceeds Beer 5.141 4,944 4.0 Soft drinks and shandy 680 639 6.5 Spirits and wine 406 383 6.2 Merchandise and other trading income 92 83 9.8 6,319 6,049 45 Proceeds from services 83 86 - 2.7 6.402 6.135 4.4 Net turnover rose by N.fl. 267 million to N.fl. 6,402 million, which was substantially due to a further extension of the consolidation. The influence of autonomous increases in volume was relatively small. The effect on sales proceeds of the change in prices and rates of exchange was ultimately limited. Total operating expenditure The operating expenditure rose from N.fl. 5,722 million to N.fl. 5,947 million. This increase was largely in consequen ce of the greater number of interests consolidated. Trading profit The rise in Trading profit from N.fl. 412 million to N.fl. 454 mil lion was to a considerable extent due to an improvement in the average margin. The autonomous growth in sales was similarly an important factor in the improvement of the trading profit, whilst the newly consolidated interests, including El Aguila, also contributed to the increase. The lower exchange rates for foreign currencies had a depres sing effect. Expressed as a percentage of turnover, trading profit rose from 6.7% in 1984 to 7.1% in 1985. As a percentage of total capital employed, the trading profit rose to 8.7%, compa red with 8.3% in the previous financial year. Net profit Net profit rose by N.fl. 36 million to N.fl. 265 million. In percentage terms the increase was 15.8%. Interest expense rose by N.fl. 7 million, amongst other things as a result of increased debts and new consolida tions, whilst the proceeds on cash deposits fell by N.fl. 5 million, so that the interest charge as a whole increased to N.fl. 62 million. The interest cover - the ratio between Group profit before interest and tax, on the one hand, and interest on the other - fell from 8.6 to 7.7 in 1985. Taxation on profit rose by N.fl. 2 million to N.fl. 151 million. The average tax burden for the Group declined from 40.9% to 38.4%, partly as a result of fiscal offset facilities. Dividends received from non-consolidated participations amounted to N.fl. 19 million, compared with N.fl. 14 million in 1984. Approximately half of the dividends, which are accounted for on the cash basis, related to the period prior to 1984. Expressed as a percentage of shareholders' equity, net profit was 12.1%, which represents an improvement over the previous year of 1.1%. Per share of N.fl. 25 - the net profit rose from N.fl. 11.90 to N.fl. 13.78. This represents an increase of N.fl. 1.88 per share. 16

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 1985 | | pagina 16