consolidation and exchange rate movements.
The current ratio, i.e. the ratio of current
assets to current liabilities, stood at 1.53 compared
with 1.34 in 1996.
Appropriation of profit
The net profit of Heineken N.V. for 1997 totalled
NLG761,386,000. In accordance with Article 12
of the Articles of Association of the company it is
proposed that an amount of NLG 175,607,000
should be appropriated for the payment of divi
dend. This proposal corresponds to a dividend of
NLG 3.50 per issued share of NLG 25.- par value of
which an amount of NLG 1.50 was already made
payable as an interim dividend on September 23,
1997.
It is further proposed that the balance of
NLG 585,779,000 be added to the general reserve.
On approval of this proposal by the General
Meeting of Shareholders on April 23, 1998, a final
dividend of NLG 2.- per share of NLG 25.- par
value, will be made payable as from May 7, 1998
on dividend coupon number 64.
nus share issue
It will be proposed to the General Meeting of
Shareholders to issue, out of the general reserve,
one bonus share for every four shares already
issued and to pay a cash dividend of NLG 0.694 per
existing share of NLG 25.- par value, equal to the
Netherlands withholding tax in respect of this
bonus share issue. On acceptance of this proposal
by the General Meeting of Shareholders on
April 23,1998, the bonus shares and the cash
dividend will be made payable as from May 5,
1998 on dividend coupons 63 and 65 respectively.
The bonus shares will fully qualify to share in the
profit of the year 1998.
Association envisages an increase in authorized
capital to NLG 5,000,000,000.-, the splitting of
every share of NLG 25.- par value in five new
shares each of NLG 5.- par value, alteration of the
form of shares, as well as a change in regards to
the annual discharge of the Executive Board and
the Supervisory Board for the exercise of their
duties. On acceptance of this proposal by the
General Meeting of Shareholders on April 23,
1998, as from May 5, 1998, on every submission
of one Heineken N.V. share of NLG 25.- par value
in the form of a CF or K certificate, the latter with
a coupon (and counterfoil) as from number 66,
shareholders shall receive five new shares of
NLG 5.- par value.
On approval of the proposal on the bonus
share issue and of the proposal to amend the
Articles of Association by the General Meeting of
Shareholders on April 23,1998, the bonus share
issue and the split of the shares will be done in
one single combined transaction which shall in
principle be effected at no bank cost to the share
holders.
Amsterdam March 12, 1998
Vuursteen
Ruys
Drost
Lubsen
endments to the Articles of Association
It will be proposed to the General Meeting of
Shareholders to approve an amendment to the
Articles of Association of the company.
The proposed amendment to the Articles of
HEINEKEN N. V.
REPORT OF THE
EXECUTIVE BOARD
19 9 7
41
