WOOLWORTHS

Press, Volume LXXI, Issue 21424, 16 March 1935, Page 10

WOOLWORTHS

YEAR'S DISTRIBUTION OF 121 CENT. Many changes arc shown in the annual report and balance-sheet of th? directors of Woolworths. Limited (Sydney), for the year ended January 31. 1935, consistent with the reorganisation of capital carried out in July of last year. The report, which will br presented at the annual meeting of shareholders in Sydney on March 26. states that the directors recommend payment of a final dividend on the ordiary capital of 4i per cent, (making 10 per cent, for the year), together with a bonus of 2J per cent. The report states that net profit for the year, after setting aside £50,000 far taxation provision, amounts to £100,418 7s 3d. Interim dividends already paid on both ordinary and preference shares took £37,708 3s Id. leaving a balance for appropriation of £62,710 4s 2d. The final dividends and bonus recommended on ordinary share capital would absorb £29,537 16s 6a. The directors also recommend transfers to staff provident fund of £IOOO and to insurance and building reserve of £5000; leaving a balance which it is proposed to transfer to general reserve of £27,172 7s Bd.

After making the above transfer to general reserve the amount at credit of general reserve, and reserve account will aggregate £202.279 19s lOd. The directors are pleased to report that the affairs of the company have progressed favourably, and that all branches and associated companies are operating successfully. During the year the company opened several new stores in New South Wales, and also transferred several existing stores to better locations and larger and more modern premises.

1931. 1935. £ £ Profit .. .. 125.552 150.413 To taxation .. 40.000 50,000 Dividend— Pref., 10 p.c. .. 7.500 7.500 Pref., 7 p.c. .. v 4.578 7,000 Ord. (per cent.) .. 20 10 Ord. (amount) .. 33.557 12.19" Bonus .. 5.359 To reserve ~ 29.526 27.172 LIABILITIES— Capital: Pref., 10 p.c. .. 75.000 75.000 Pref., 7 p.c. .. 100,000 100.000 Ord. .. 167.783 *421.95-1 General reserve .. 38.140 117.66 7 Reserve account .. -11.353 57.44! Depreciation . . 59,984 K7.46J Creditors .. 741525 77.035 Res. taxation .. 113,941 105.8«1 ASSETS— Land and buildings 143.326 142.040 Leasehold .. 86,421 95.75W Furniture and plant 130.302 197.315 Stock .. 190.968 264.621 Debtors .. 26.709 15.64* Cash 1.185 3.669 Shares other companies . . 116,550 304.60_. Goodwill . 87.495 163.2-1 *To January 31, 1934. tlncluding new capital issue. The most marked change in the bal-ance-sheet figures is the increase in ordinary share capital, brought aj- cu J by the distribution last July of 'hrcc shares for every two already held. At the same time it was announced dividends on ordinary share «• ;irwould be reduced accordingly. Actually the rate has been halved. has entailed a larger total r*. vn "» o |j. than for the previous year. B<mhjs w'* smaller at 2£. per cent, but a?n:n the increased capital this meant larger total sum going to the shar 1 -'; holders. Ordinary dividend? P :!: J since the last annual report were wJuly 1, 1934 (33 per cent, on the p" capital, equivalent to lj per cent, on the new capital); two amounts of - per cent, each on October 3, 1934, ana I January 2, 1935, which, together, witn the final one of 4i per cent., 10 per cent, for the year. General reserve, and reserve account, have been added to consiuerably; and an amount greater °- £IO,OOO has been set aside f° r , ation provision. On the assets stoe othe accounts, stock on hand a nQ transit increased by £73,653: siina-. debtors and prepayments account h-_ a smaller amount: and shares in companies have more than doupl et '