Appropriation of profit According to the Profit and Loss Account for 1985 the Net profit is N.fl. 265,411,000. In accordance with Article 12 of the Articles of Association it is proposed that N.fl. 67.433,000 be appropriated for payment of dividend - 3.50 per share of N.fl. 25-, of which an amount of N.fl. 1.50 per share of N.fl. 25 - was already made payable on September 20. 1985 - and that the remainder of N.fl. 197,978,000 be added to the General reserve. If this proposal is approved by the General Meeting of Shareholders to be held on April 25. 1986. the final dividend of N.fl. 2 - per share of N.fl. 25.- for the financial year will be made payable on dividend coupon No. 33 on May 15. 1986. Bonus issue It will be proposed that one bonus share be issued for every three old shares against the Revaluation reserve and that a cash dividend of N.fl. 2.083 per old share, equal to the Netherlands tax to be withheld in respect of this bonus issue, be paid against the General reserve. The new shares will fully qualify for dividend for 1986. Financing and liquidity At December 31, 1985, the financing structure was (in millions of guilders): amount 1985 amount 1984 Group funds 2,467 47 2,372 48 Deferred taxation and Equalization account 616 12 610 12 Other provisions 202 4 127 2 Debts 1,965 37 1,873 38 5.250 100 4.982 100 The principal reasons for the change in Group funds were profit retention (N.fl. 198 million) and a net revaluation (- N.fl. 83 million.) The ratio between Group funds and other capital employed was 0.89, compared with 0.91 in 1984. The shareholders equity per share rose by N.fl. 5.96 to N.fl. 114.18. The capital was employed as follows (in millions of guilders): 1985 1984 amount amount Fixed assets 3.243 62 3,149 63 Current assets 2,007 38 1,833 37 5,250 100 4,982 100 Of the fixed assets. 0.76 was financed by Group funds, compared with 0.75 in 1984. The ratio between current assets and current liabilities improved from 1.31 to 1.40 in the past financial year. Source and application of funds Cash flow - Group profit after tax plus depreciation and the other items which are not cash movements - was N.fl. 598 mil lion. compared with N.fl. 588 million in 1984, Taking into account the part allocable to minority interests, the cash flow per share was N.fl. 28.83, compared with N.fl. 28 - in the previous financial year. The total funds generated rose from N.fl. 760 million to N.fl. 827 million. The investments in tangible fixed assets amounted to N.fl. 461 million, which was virtually the same as the 1984 level (N.fl. 473 million). The investments related mainly to the Netherlands with N.fl. 132 million, Greece N.fl. 92 mil lion, France N.fl. 79 million and Italy N.fl. 42 million. Our share in the investments in Spain was N.fl. 11 million. As regards financial fixed assets, net investment in parti cipations was N.fl. 12 million and net investment in loans and other financial assets was N.fl. 24 million. The long-term debts rose by N.fl. 70 million through the contracting of new debts to an amount of N.fl. 181 million and the repayments of N.fl. 111 million. An amount of N.fl. 73 million was paid in dividend in respect of the financial year. The net working capital, excluding the balance of cash at bank and in hand, securities and indebtedness to credit institutions, rose by N.fl. 12 million. The total funds applied were N.fl. 693 million, compared with N.fl. 820 million in 1984. The liquidity position, consisting of the sum of cash at bank and in hand and securities less the indebtedness to credit institutions, rose by N.fl. 134 million to N.fl. 423 million. Early in 1986 the liquidity position was further strengthened by the issue of a 61/2% Euro-guilder Notes loan amounting to N.fl. 150 million. 17

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 1985 | | pagina 17