Statement of cash flows
in millions of guilders 1995 1994
Cash flow from operating activities
Dividends paid -
Investing activities -
1,410
205 -
758 -
1,550
169
735
447
646
Borrowings
79
43
Repayments on loans -
254 -
446
Other financing
21
8
Net cash flow 293 251
1600
1500
1400
1300
Cash flow from
operating activities
1,410
Cash flow from operating activities and investments
The cash flow from operating activities was NLG 28.10 per
share. In 1994, excluding net extraordinary income and
restated for the bonus share issue, it was NLG 29.73.
The cash flow was used for dividend payment, investments
and repayment of debts. The remainder of NLG 293 million
was added to the cash resources. The investments in tangible
fixed assets were NLG 563 million and in participations
NLG 167 million. The principal acquisitions related to the
purchase of Interbrew Italia and the obtaining of a 66%
interest in Zlaty Bazant in Slovakia. In addition, the
participation in a number of existing holdings was increased
and a number of drinks wholesalers were purchased.
1000
800
700
Investing
activities 758
Financing and liquidity
Group funds rose by 7.9% to NLG 5,080 million. The ratio
between Group funds and other capital employed was 1.11
compared with 1.12 in the previous year. Shareholders' equity
increased from NLG 4,354 million to NLG 4,734 million.
This is the result of the addition of the proposed profit
retention for 1995 (NLG 489 million) and of the charging to
shareholders' equity of the cash dividend in connection with
500
400
300
Financing structure
in millions of guilders
1995 1994
amount amount
Group funds
5,080
52
4,708
53
Equalization account and
deferred taxes
743
8
701
8
Risk-bearing capital
5,823
60
5,409
61
Other provisions
779
8
780
8
Debts
3,039
32
2,730
31
9,641
100
8,919
100
CM CO
Cash flow from operating activities
in relation to investing activities
in millions of guilders
the bonus share issue (NLG 28 million), goodwill (NLG 72
million) and revaluation (NLG 9 million). Shareholders'
equity per share was NLG 94.35 compared with NLG 86.78
in 1994 after restatement for the bonus share issue.
The current ratio, i.e. the ratio between current assets and
current liabilities, was 1.60 compared with 1.61 in the
previous year.
19
