Costs and profit as a percentage of net turnover 1985
Raw materials, other Excise
materials and services duties
The Net turnover relates to
(in millions of
Soft drinks and shandy
Spirits and wine
Merchandise and other
Proceeds from services
Net turnover rose by N.fl. 267 million to N.fl. 6,402 million,
which was substantially due to a further extension of the
The influence of autonomous increases in volume was
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.
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
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 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
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
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