Financial developments Turnover and costs
Net turnover rose by 1.2% to NLG 9,049 million. This
increase was due to better selling prices, with a shift in the
sales mix to beers with higher selling prices playing an
important role. An additional factor was the passing-on of
increases in excise duty in the selling prices. Without the
effect of lower translation rates for foreign currencies, net
turnover would have risen by 4%. As the realised exchange
rate for the dollar applicable to our exports differed little from
that in the previous financial year, this had no effect on net
turnover.
Proceeds from beer sales amounted to 83% of our total sales,
as in 1992. The sales volume to which the proceeds from beer
sales relate was below the previous year's level owing to the
decline in the beer market in our main area of activities,
Europe. Exports to the United States rose considerably, as
did sales in South East Asia. Changes in the consolidation did
not have any significant effect on turnover.
Operating expenditure rose by 0.5% to NLG 8,251 million.
Costs of raw materials, other materials and services rose by
2.5% to NLG 4,908 million. In this connection selling
expenses increased to NLG 1,219 million; expressed as a
percentage of net turnover, this represents 13.5% compared
with 12.2% in 1992. The underlying reasons for this increase
are the intensified competition owing to the economic
Turnover and costs
in thousands of guilders
Net turnover
Raw materials, other materials
and services
Excise duties
Personnel costs
Depreciation and value
adjustments
Total operating expenditure
Trading profit
percentage
1993 1992 increase
9,048,796 8,943,636 1.2
4,908,338 4,788,383 2.5
1,198,189 1,131,328 5.9
1,643,008 1,658,848 - 1.0
501,194 631,865 -20.7
8,250,729 8,210,424
798,067 733,212
0.5
8.8
Dividend
as percentage of the net profit
excl. extraordinary income
recession in Europe, and the undiminished marketing
investments in our brands. The costs of consumption of raw
materials and packaging materials fell as a result of reduced
purchase prices and the trend of sales. The 13.6% increase in
the item Other expenses to NLG 637 million was
substantially due to provisions made for several subsidiaries
in Africa. These provisions are necessary in view of the
worsened economic situation, which is having a detrimental
effect on our activities there.
At NLG 501 million, total depreciation and value
adjustments were considerably below the 1992 level. This was
due to measures to enhance efficiency in the past few years.
In addition, the necessary depreciation in connection with
restructuring, as well as structural overcapacity in Africa, was
low in 1993.
The costs of excise duties rose, despite the lower sales, as a
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