been around 25%. Expressed as a percentage of net turnover,
the trading profit rose from 9.0% in 1994 to 9.6%.
The earnings of non-consolidated participations rose as a
result of higher dividends received and the inclusion for a full
year of our share in the earnings of Zywiec, Poland.
Net interest income was the consequence of the increased
investment yield on the higher cash deposits.
Trading profit and net profit
in millions of guilders
Trading profit
1995
1,006
percentage
1994 increase
895
12.4
300
Depreciation 584
Investments 563
Investments and depreciation
tangible fixed assets
in millions of guilders
Earnings of non-consolidated
participations
Interest
49
24
Profit on ordinary activities before
taxation
Taxation
Net profit on ordinary activities
Net extraordinary income
664
Net profit
664
38
16
59
662
28.9
50.0
1,079 949 13.7
384 - 318 20.8
Group profit on ordinary activities
after taxation 695 631 10.1
Minority interests - 31- 28 10.7
603 10.1
The tax burden was 37.3% compared with 34.9% in 1994.
This increase was to a considerable extent attributable to
losses which could not be offset for tax purposes within the
financial year and withholding tax on higher profits of several
consolidated participations abroad.
Net profit on ordinary activities for 1995 rose from NLG 603
million to NLG 664 million. This represents an increase of
10.1%. Net profit on ordinary activities per share was
NLG 13.24. In 1994, restated for the bonus share issue in
1995, it was NLG 12.03.
Expressed as a percentage of shareholders' equity, net profit
on ordinary activities was 14.0% compared with 13.9% in
1994.
The net extraordinary income of NLG 59 million in 1994
related to non-recurring income as a result of the sale of the
50% interest in Bols Benelux B.V.
18
