12 Source and application of funds: (in millions of guilders) Cash flow Investments Other funds applied Dividends paid Funds applied Financing structure as at December 31: (in millions of guilders) Group funds Equalization account and deferred taxes Other provisions Debts Cash flow (in millions of guilders) 588 598 678 705 771 1988 1987 771 705 802 682 154 26 95 98 1,051 806 as a whole, the average tax burden, expressed as a percentage of the profit on ordinary activities - excluding dividend from non-consolidated participations and taxes -, amounted to 36.0%, compared with 38.2% in the previous year. The fall of the tax burden is the result of lower nominal tax rates in a number of coun tries and changes in the geographical distribution of taxable profits over coun- 1988 1987 Amount Amount 3.160 48 2,895 48 759 12 712 12 341 5 278 4 2.280 35 2,166 36 6,540 100 6,051 100 1984 1985 1986 1987 1988 tries with higher and lower tax rates. Dividend received from non-consolidated participations in the financial year amounted to N.fl. 22 million, compared with N.fl. 11 million in 1987. The rise can be explained from an income, of an ex ceptional character, of N.fl. 11 million. Minority interests in the Group profit after taxes were N.fl. 16 million, compared with N.fl. 10 million in the previous finan cial year. This change was the result of better earnings in the affiliates concerned; on the other hand, the minority interest in our subsidiary Sogebra S.A. ceased to exist. Expressed as a percentage of share holders' equity, net profit was 10.5%, compared with 11.6% in 1987. Net profit per share was N.fl. 11.32, com pared with N.fl. 11.16 in the previous year. Source and application of funds Cash flow - Group profits after taxes plus depreciation and value adjustments, and plus or minus the movements in the provisions - was N.fl. 771 million, com pared with N.fl. 705 million in the previous financial year, an increase of 9.4%. Taking into account the part allocable to minority interests in the Group cash flow, cash flow per share was N.fl. 27.56 (1987: N.fl. 23.67). The total funds applied rose from N.fl. 806 million in 1987 to N.fl. 1,051 million in 1988. Investments in tangible fixed assets were N.fl. 571 million, meaning that invest ments were slightly lower than the high level of 1987: N.fl. 596 million. The prin cipal investments in tangible fixed assets were in the Netherlands N.fl. 139 million, Spain N.fl. 97 million, France N.fl. 96 million, Italy N.fl. 44 million, Greece N.fl. 43 million, Singapore N.fl. 42 million and the Central African breweries N.fl. 54 million. Investments net of disposals in financial fixed assets amounted to N.fl. 11 million, of which N.fl. 2 million related to non-consolidated participations and N.fl. 9 million to loans to customers and other long-term receivables. Investments in extension of the consoli dated participations were N.fl. 220 million, with the main investment relating to the extension of the participation in Sogebra S.A. (N.fl. 200 million). Net working capital, exluding the balance of cash at bank and in hand, securities and short-term indebtedness to credit institutions, rose by N.fl. 154 million. The dividends paid, which include the divi dends paid to minority interests, were N.fl. 95 million. Financing and liquidity Group funds rose by N.fl. 265 million to N.fl. 3,160 million. The reasons for the increase were the profit retention of N.fl. 201 million, net revaluations of N.fl. 171 million and value differences of - N.fl. 55 million in respect of the acqui sition of participations. In addition, the

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 1988 | | pagina 24