Current value
In order to provide an insight into the effects on stockholders' equity, earnings and returns of applying
the current value as a basis for determining capital and earnings instead of the historic cost, some rough
calculations have been made for the tangible fixed assets. In these calculations, the cross-participations
are stated at historic cost, whereas the other unconsolidated subsidiaries are stated at current value. The
current value has been based upon the replacement value, taking into account the economic life of the
asset.
(x Dfl 1 million)
Intangible and tangible fixed assets
Cross-participations
Other unconsolidated subsidiaries
Deferred income taxes
Stockholders' equity
Net earnings
Return on average stockholders' equity
Historic
Current
Historic
Current
cost
value
cost
value
1989
1989
1988
1988
1,872
2,134
1,837
2,146
232
232
-
-
371
401
319
351
55
132
76
161
1,442
1,658
1,025
1,280
195
162
146
126
15.8%
11.0%
15.4%
10.9%
-
s
47
Net earnings
x Dfl 1.000.000
Stockholders' equity
x Dfl 1.000.000
180
160
140
120
100
80
60
40
20
1600
1400
1200
1000
800
600
400
200
8
1
8
_8
1
8
8
9
Return on average
stockholders' equity
J8
17
16
15
14
13
12
11
10
9
85 86 87
Historic cost
□l Current value
Historic
Current value
Historic Cost
Current value
