i52 20 Financing and liquidity Group funds rose by NLG 283 million to NLG 4,212 million. The shareholders' equity increased by NLG 322 million to NLG 3,973 million. This increase came about through a profit retention of NLG 378 million, against which there was a goodwill write-off of NLG 20 million and a negative revaluation of NLG 36 million. The share of minority interests in Group funds decreased by NLG 39 million to NLG 239 million. The solvency ratio, i.e. the ratio between Group funds and other capital employed, improved from 1.01 to 1.07. Group funds expressed as a percentage of total capital employed amounted to 52%. During the financial year NLG 125 million was repaid in loans and new borrowings were NLG 203 million, including a private loan of NLG 150 million, at an interest rate of 6.77%, redeemable on June 2, 2000. The cash holdings, consisting of cash at bank and in hand and securities less the short-term indebtedness to banks, increased by NLG 565 million. This increase was due to a net cash flow of NLG 546 million and positive translation rate changes amounting to NLG 19 million. The current ratio, i.e. the ratio between current assets and current liabilities, was 1.58 compared with 1.46 in the previous year. Financing structure in millions of guilders 1993 amount 1992 Group funds Equalization account and deferred taxes Other provisions Debts 4,212 52 3,929 50 714 9 713 9 697 8 584 8 2,509 31 2,608 33 8,132 100 7,834 100 O O 1 C4 CD CC O O O C> Os O On O O Group funds as percentage of total capital employed Appropriation of profit According to the Profit and Loss Account of Heineken N.V. for 1993, the net profit is NLG 518,746,000. In accordance with Article 12 of the Company's Articles of Association it is proposed that an amount of NLG 140,486,000 be appropriated for payment of dividend. This proposal corresponds to a dividend of NLG 3.50 per share of NLG 25.-, of which an amount of NLG 1.50 per share was already made payable as interim dividend on September 15, 1993. It is proposed that the remainder of NLG 378,260,000 be added to the general reserve. If the proposal is approved by the General Meeting of Shareholders to be held on April 28, 1994, a final dividend of NLG 2.- per share will be made payable on dividend coupon No. 53 on May 10,1994. 19

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 1993 | | pagina 27