Securities Pro forma June 30, 1998 June 30, 1997 Amounts x NLG 1,000 Bonds 23 652 22 924 Investments 75 359 - 99 011 22 924 The bonds concern fixed-interest securities quoted on the stock exchange. The investments concern an investment portfolio held by a bank. The bank manages these investments at the risk and expense of AFC Ajax NV, based on investment guidelines laid down previously. The key provision is that the bank strives for as high a return as possible, but guarantees a minimum return of zero percent for a three-year period. To this end, the bank invests in various investment products. As of balance sheet date, the majority of investments is held in bonds. The investment portfolio is annually converted into a cash amount of NLG 25 million, beginning on May 14, 1999. Cash Pro forma June 30, 1998 June 30, 1997 Amounts x NLG 1,000 Deposits 25 930 12 475 Cash at bank and in hand 6 039 25 652 31 969 38 127 Shareholders' equity For a further break-down of shareholders' equity, reference is made to the notes to the company balance sheet. Provisions Pro forma June 30, 1998 June 30, 1997 Amounts x NLG 1,000 Deferred tax liabilities Deferred tax liabilities 5 776 2 802 5 776 2 802 Virtually all deferred tax liabilities must be considered as being of a long-term nature. 22

AJAX ARCHIEF

Jaarverslagen Ajax NV (vanaf 1997) | 1997 | | pagina 97