Investments 534
Depreciation 514
result of substantial rate increases in several European
countries within the framework of the harmonization of rates
for excise duty on beer within the European Union.
As a result of lower personnel numbers and changes in
translation rates the personnel costs fell by 1% to
NLG 1,643 million.
During the financial year agreement was reached in principle
on the sale of the brewery at Zaragoza, Spain. The
completion of the sale is expected in 1994, after the carrying-
out of a due diligence investigation by the buyer. This will
largely complete the extensive restructuring of our Spanish
operating company.
The programmes for cost-saving and efficiency-enhancing
measures are continuing unabated - especially in Europe and
the Far East. In this connection the emphasis is no longer on
a specific country, as was the case in the past. In 1993 the
effect of these restructuring measures on net profit was
almost the same as in 1992.
Trading profit and net profit
The trading profit, based on replacement value, rose by
NLG 65 million to NLG 798 million. Better selling prices
and a shift in the mix to higher-margin beers made the biggest
contribution to this. Translation rates had a positive effect on
the trading profit. Lower restructuring costs similarly
improved the trading profit, but on the other hand did not
contribute to the increase in net profit. These positive factors,
however, were partly offset by the trend of sales in Europe.
Expressed as a percentage of net turnover, the trading profit
increased from 8.2% to 8.8%.
As a percentage of the total capital employed, the trading
profit was 9.8% compared with 9.4% in 1992.
The earnings of non-consolidated participations were
NLG 19 million, compared with NLG 26 million in the
Investments and depreciation
tangible fixed assets
in millions of guilders
Trading profit and net profit
in thousands of guilders
Trading profit
Earnings of non-consolidated
participations
Interest
percentage
1992 increase
1993
798,067 733,212
18,610 25,613 -27.3
2,383 - 34,482 -93.1
Profit on ordinary activities before
taxation
Taxation
814,294 724,343 12.4
- 319,869 - 320,854 - 0.3
Group profit on ordinary activities
after taxation
Minority interests
494,425 403,489 22.5
24,321 59,124 -58.9
Net profit on ordinary activities
Net extraordinary income
518,746 462,613 12.1
101,650
Net profit
518,746 564,263
17
