N.Z. Breweries Profit Exceeds £1 Million

Press, Volume CII, Issue 30172, 2 July 1963, Page 17

N.Z. Breweries Profit Exceeds £1 Million

(Nsw ZSstemi Press AssSeiotem)

AUCKLAND, June 80. Tb» wmiMtaMl net £1 aSHartar OMtaM tian fi 8m g«Br <m«M March 3L tiriEg tar £209460, or SU seat. The record reault reflected a higher groafi Wtatt, oaring to expanded manufacturing and botal activities, and a substantial tnCttaM ta cwri* dends received from other companies. Reached attar deduciioo at minority intereote totalling £l9£sf (£18,732 teat year), the net prom rapCeoMited an earning rate of 8 per cont. on shareholders’ funds of £12,038,383. fta 1968 profit Was equal to 7.7 per cent, on funds of £10,799483. The sbarebokters* funds exclude minority interests of £259455 an I £344423 respectively. New Subsidiaries The acquisition of D. J. Barry, Ud., and Midland Hotel (Wellington). Ltd., during the year resulted in gross trading profit rising from £3,831,396 to £3.073,629 For the first time, a dividend was received from Consolidated Hotels, Ltd., in which the company last year purchased a 50 per cent interest. Total dividend receipts for the year were £72.241 higher at £100,780. lifting total earnings by £426,007 to £4,239,901.

Expenses rose by £10,722 to £1,151,038. Tax provision required £ 123,250 more at

was 15 pte ceot higher than the majuwwwt deductibte toe tax pttepoaesi. Tha directors aaid they con* atdered tbs totelSepreclation aarerj* 0 Tbs ont*for<ten premium dtare'^taMa' the taMW of Nweaa in the D. J. Brery The dividend, as previously announced, has been mein--ssu**«as>“a£S After the ' transfer of redemption reserve (£160,060 and £50,000 test year rameetivtfyl. the carry-forward was raised from £578,690 to £660,133. Share issues made during the year are reflected in the consolidated balance-sheet by an increase in share premium reserve by £583,648 to £1,065485. Motel Interest Sold In addition, the disposal of assets, including the major portion of the Trans-Tasman Hotel property in Auckland, has increased assets realisation reserve by £238,603 to £733,481.

The amount outstanding at balance date in respect of this sale is included in current assets under debtors, which are shown at £2,127361 (£1,698,254 last year). Stocks £442,940 higher al £1,966,538 include a shortterm advance of £300,000 to assist in the purchase of malt supplies. Total current assets are up from £3421,852 to £4.003,899.

Current ' liabilities have been reduced by £180,259 to £3,272338, with net bank overdrafts down from £1,117306 to £772457. Creditors have risen by £119459 to £2,025,676. Term liabilities reflect the additional loan arranged with the Australasian Temperance and General Mutual Life Assurance Society, having risen by £614331 to £3,615,126.

Investments £498,942 higher at £5,148464 include the sum of £350,600 invested on the short-term money market. Fixed assets are shown at £9,694,892, against £8,804,649 a year ago. The acquisition of the new subsidiaries has resulted in an increase in net premium on consolidation from £822,875 to £1,039,697. The directors propose to examine the matter with a view to reducing the apparent net premium.