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