12
Statement of source and application of funds:
(in millions of guilders) 1 1987
Cash flow 705 678
Investments
Other funds applied
Dividends paid
Funds applied
682 517
26 114
98 130
806 761
affiliates concerned, and changes in the
extent of the consolidation.
Expressed as a percentage of share
holders' equity, net profit was 11.6%,
compared with 12.7% in 1986.
Net profit per share was N.fl. 11.16, which
represents a slight increase over the
previous year, when net profit per share
was N.fl. 11.11.
Financing structure as at December 31:
(in millions of guilders) 1987
Amount
Amount
Group funds
2.895
48
2.641
46
Equalization account and Deferred taxes
712
12
666
11
Other provisions
278
4
270
5
Debts
2,166
36
2,204
38
6.051
100
5.781
100
Source and Application of Funds
Cash flow
(in millions of guilders)
499
588
598
678
705
1983
1984 1985 1986 1987
Cash flow - Group profits after taxes
plus depreciation and value adjustments,
and plus or minus the movements in the
provisions - was N.fl. 705 million, com
pared with N.fl. 678 million in the previous
financial year, an increase of 4.0%. Tak
ing into account the part allocable to
minority interests in the Group cash flow,
cash flow per share was N.fl. 23.67, com
pared with N.fl. 23.98 in 1986.
The total funds applied rose from N.fl. 761
million in 1986 to N.fl. 806 million in 1987,
exceeding the 1987 cash flow by N.fl. 101
million. Investments in tangible fixed
assets were N.fl. 596 million, which rep
resents an increase of N.fl. 166 million
over the previous year. The principal
investments in tangible fixed assets were
in the Netherlands N.fl. 171 million, Spain
N.fl. 150 million, France N.fl. 69 million,
Italy N.fl. 46 million and the African
breweries N.fl. 87 million.
Investments net of disinvestments in
financial fixed assets amounted to N.fl. 63
million, of which N.fl. 57 million relates
to non-consolidated participations.
Investments in extension of the consoli
dated interests were N.fl. 23 million.
Net working capital, excluding the balance
of cash at bank and in hand, securities
and short-term indebtedness to credit
institutions, rose by N.fl. 26 million.
The dividends paid, which include the
dividends paid to minority interests, were
N.fl. 98 million.
Financing and liquidity
Group funds rose from N.fl. 2,641 million
to N.fl. 2,895 million. The main reasons
for the increase were the profit retention
of N.fl. 197 million, net revaluations of
N.fl. 31 million and the rise in minority
interests by N.fl. 37 million.
The ratio between Group funds and other
capital employed improved from 0.84 in
1986 to 0.92 in 1987.
The shareholders' equity per share was
N.fl. 95.94, compared with N.fl. 87.51 in
the previous year.
The proportion of fixed assets financed
by Group funds was 0.72, compared with
0.76 in 1986. The change in this ratio is
due to the presentation in 1987 of return
able bottles as tangible fixed assets,
whereas these assets were previously
included under stocks. The ratio between
current assets and current liabilities de
clined from 1.45 to 1.31. This ratio, too,
has been affected by the fact that return
able bottles are no longer included under
stocks.
During the year new debts to an amount
of N.fl. 121 million were contracted, whilst
long-term debts to an amount of N.fl. 193
million were repaid. Consequently the
long-term debts declined by N.fl. 72 mil
lion. In 1987 the existing Euro-guilder
Notes loan of N.fl. 100 million,
10% interest was repaid. An amount of
