N.Z. Refrigerating Profit £426,035

Press, Volume CVI, Issue 31279, 27 January 1967, Page 14

N.Z. Refrigerating Profit £426,035

The New Zealand Refrigerating Company, Ltd’s profit of £426,035 in the 11 months to October 1 was the result of satisfactory realisations of stock brought forward from the previous year and profitable trading by all subsidiaries, says the chairman (Mr C. S. Peate) in the annual accounts.

The profit, which : an annual basis, com £121,054 the year befoi As announced, dividend has been maintained at 7j per cent on capital of £2.5 million and requires an unchanged £187,500. This is covered 2.3 times by profit. Ordinary deferred capital of £1,634,802 does not qualify for dividends until after March 3 of next year. The profit of the parent

company in the latest year is up from £24,765 to £411,821. The group profit is after providing £5518 less for depreciation at £366,508 than in the previous 12 months of trading and £9336 more for interest on fixed term liabilities at £59,589. Interest on notes, converting at par to ordinary shares on November 1, was £1227 less at £14,500.

is equal to £464,766 on ipares with a loss of re. The accounts show shareholders’ funds £238,655 higher at £5,985,506. Ordinary capital is steady at £4,134,802. Term liabilities are £80,804 higher at £1,035,035, while fixed assets are £211,064 higher at £5,508,700. Investments are £38,155 higher at £554,566. Shares in subsidiary companies includes

Meat Packers (N.Z.), Ltd., at £224,670. However, the value of this investment will be finally determined after the outcome of litigation, says a note to the accounts.

Current assets are £115,184 lower at £2,568,142, and include debtors down £304,122 to £635,088, and stocks and consignments ' unrealised £260,061 higher at £1,935,054. Current liabilities are

£185,411 less at £1,816,749. Overdrafts are £204,174 higher at £470,776, and creditors and provisions £389,585 less at £1,158,473.

(£000s) 1962 1963 1964 1965 1966t PROFIT 680 540 666 •121 426 ORD. DIV. 8% 10 9 7i AMOUNT 160 200 225 188 188 COVER .... 4.2 2.7 3.0 — 2.3 CAPITAL .... 2000 2000 2500 4135 4135 E.R. 34.0% 27.0 26.7 — 17.1 FUNDS .. 5032 5375 6056 5747 5586 E.R. 14.3% 10.4 11.6 — 7.3 j • Loss t 11 months