i52
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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.
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