13
Capital employed:
(in millions of guilders) 1988 1987
Amount Amount
Fixed assets 4,482 68 4,020 66
Current assets 2,058 32 2,031 34
6,540 100 6,051 100
Changes in the financing:
(in millions of guilders)
share of minority interests in Group funds
changed owing to their participations in
share issues of consolidated participa
tions of N.fl. 73 million, and by - N.fl. 137
million on account of changes in the
extent of the consolidation. In regard to
the latter, the acquisition of the remaining
shares of Sogebra S.A. caused the
1988
1987
Source less application
Long-term borrowings
Repayments on long-term borrowings
Other financing
Movements in cash and securities
and indebtedness to bankers
-280
155
-137
103
-101
121
-193
29
-159
-144
Net profit
(in millions of guilders)
1984 1985 1986 1987 1988
greatest change. The most important
issue of shares took place at El Aguila,
Spain and amounted to N.fl. 143 million,
of which N.fl. 70 million was placed with
minority shareholders.
In 1988, the ratio between Group funds
and other capital employed was 0.93,
compared to 0.92 in the previous financial
year.
The shareholders' equity per share rose
from N.fl. 95.94 in 1987 to N.fl. 107.91
in 1988.
The proportion of fixed assets financed
by Group funds amounted to 0.70, com
pared to 0.72 in the previous financial
year. The ratio between current assets
and current liabilities was 1.27. In 1987,
the ratio for this was 1.31
During the financial year, long-term debts,
on balance, rose by N.fl. 18 million. New
debts to an amount of N.fl. 155 million
were contracted, whilst long-term debts
to an amount of N.fl. 137 million were
repaid. An amount of N.fl. 32 million was
received in the form of investment
facilities.
The liquidity position, consisting of the
sum of cash at bank and in hand and
securities less the short-term indebted
ness to credit institutions, fell by N.fl. 159
million to N.fl. 288 million. This was due
to the high level of investment in tangible
fixed assets and the acquisition of parti
cipations including the purchase, at a
sum of N.fl. 200 million, of the remaining
49% of the share capital of Sogebra
S.A., France.
Appropriation of profit
According to the Profit and Loss Account
of Heineken N.V. the net profit is
N.fl. 290,787,000.
In accordance with Article 12 of the Com
pany's Articles of Association it is pro
posed that an amount of N.fl. 89,911,000
shall be appropriated for payment of
dividend. This proposal corresponds to
a dividend of N.fl. 3.50 per share of
N.fl. 25.-, of which an amount of
N.fl. 1.50 per share was already made
payable as interim dividend on Septem
ber 16, 1988. It is proposed that the
remainder of N.fl. 200,876,000 shall be
added to the General Reserve.
If the above proposal is approved by the
General Meeting of Shareholders to be
held on April 27, 1989, the final dividend
for the year of N.fl. 2.- per share of
N.fl. 25.- will be made payable on divi
dend coupon No. 41 on May 16, 1989.
Bonus issue
It will be proposed that one bonus share
be issued for every four old shares
against the revaluation reserve and that
a cash dividend of N.fl. 0.694 per old
share, equal to the Netherlands tax to
be withheld in respect of this bonus is
sue, be paid against the general reserve.
Consequently coupons 39 and 40 may
be utilized as from May 12, 1989.
The new shares will fully qualify for divi
dend for 1989.
