1200
100
1000
700
600
Cash flow from
operating activities
1,239
Investing
activities 613
previous year. The lower level is attributable to book losses
upon the disposal of non-beverage activities by the DB Group
in New Zealand.
The net interest charge fell from NLG 34 million to
NLG 2 million, particularly through the higher amount of
interest received. This was mainly due to the increased cash
deposits as a result of the high positive net cash flow. The
interest cover was 343 times, compared with 22 times in 1992.
At NLG 320 million, taxation was virtually unchanged. The
average tax burden decreased from 45.9% to 40.2% as a
result of lower write-downs and other losses which cannot be
offset for tax purposes within the financial year against
positive earnings.
The positive share of minority interests fell from
NLG 59 million to NLG 24 million, partly owing to the
absence of substantial restructuring costs at our operating
company El Aguila in Spain.
Net profit on ordinary activities rose from NLG 463 million
to NLG 519 million, which represents a 12.1% increase.
Expressed as a percentage of shareholders' equity, net profit
on ordinary activities rose from 12.7% to 13.1%. The net
profit excluding extraordinary income per share was
NLG 12.92, compared with NLG 11.53 in 1992.
Cash flow and investments
The cash flow from operating activities increased from
NLG 1,127 million to NLG 1,239 million. Excluding the
extraordinary Group income of NLG 120 million in 1992, the
cash flow from operating activities per share was NLG 30.86,
compared with NLG 25.09 in the previous financial year.
The investments totalled NLG 613 million, compared with
NLG 643 million in the previous financial year.
Of that total, NLG 534 million related to tangible fixed
assets, with the principal investments being in the
Netherlands NLG 173 million, France NLG 82 million,
the Far East NLG 50 million, Greece NLG 49 million,
Spain NLG 40 million, Hungary NLG 39 million and
Italy NLG 37 million.
During the financial year NLG 159 million was paid in
dividends, including the payments to minority shareholders
of Group companies.
Statement of Cash Flows
in millions of guilders
1993
1992
300
Cash flow from operating activities 1,238,705 1126,856
Dividends paid - 159,226 - 170,265
Investment activities - 613,187 - 643,347
200
466,292
313,244
Borrowings
203,193
226,194
Repayments on loans
- 124,789
- 266,643
Other financing
1,630
- 3,060
Net cash flow
546,326 269,735
CO o-
Cash flow from operating activities
in relation to investing activities
in millions of guilders
18
