Page 20 Advertisements Column 2

Press, 24 October 1978, Page 20

(CERZWQ) From the Directors' Report presented at the forty-ninth annual general meeting of Ceramco Limited held recently in Auckland. APPOI IRITQ : It is proposed that the author- Trust Deed. At balance date making a total ordinary nUUUUIIi I w ised ordinary capital of the total overseas borrowings by dividend of 14 cents per share Company be increased to the Company stood at (14% lin respect of the year The Accounts for the year $20,000,000 by the creation U. 5.54,000,000. Interest ended 31 March 1978 be do not include the results of o f an additional 8,000,000 rates on these overseas loans paid on 24 August 1978 to the Mason Industries Limited ordinary shares. The Directors are currently lower than those shareholders registered as at group which merged with consider that, following the on local borrowings. The 5 p.m. on 14 August 1978. Ceramco after balance date. j ssue of ord j nary shares since assets of the Company's T . „ , The offer to acquire all the balance date in the merger overseas subsidiaries provide st ® a dy final dividend will ordinary shares in Masons w ith Mason Industries substantial protection against gain be tax-free to individual was declared Limited , it wou | d be prudent any adverse effects of move shareholders being paid b-o on 7 April 1978. The offer increase the authorised ments in exchange rates. / wav ° dls,rlb ution from closed on 21 June with fhp Cnmnanv to share premium account and acceptances totalling 99% maintain flexibility 9 ° /o * rorn rea '' sed ca P' lal P ro and the balance of the maintain tiexiointy. MFRRFR WITH (its ' 1,1 accordance with the shares are being acquired IVILnUEn VVII Fl Directors'policy of continuing under the compulsory pur- i OAIU CIAIARIPE ACCtAI t 0 pav dividends ,rom availchase provisions contained in LU/Alw ■ liv/Aiwbt IVIAOUI* fl ble tax free sources. The the Companies Act 1955. ißimio-rnirn total ordinar V dividend pro Private placements of Regist- imiJljS | KjrS vision for the year ered Debenture Stock and amounted to $1,050,633 and SALES and issues to the holders of matur- LIMITED was covered 2.5 times. PRHFITQ $1 9 610.000 for the year. Of T) M a . OUD ta Daid Half yearly dividends of 6 ■ ■■Urll v this amount $1,347,060 was profit for the year ended 31 cents P er share (6%,) making Group sales totalled a PP''ed m repaying Stock March 1978 was $112 1,927 a '° tal '2 cents per share $54,618,819 compared with which matured during this including equity earninos of /0 l he vear $51,539,161 for the previous period. $139,037. The equivalent pa ' d 977 year, an increase of . . , profit last year was and 3 ’ March J 978 °" $3,079,658 or 6%. s^^)l wasananged Taxa,i ° c np '" ;“sh!re S SP The consolidated tax paid through The National Bank S s 2 aoainst profit for the year was of New Zealand Limited and . Since balance date the $2,694,513 including $71,277 secured by an issue of Bank qoi Company has allotted which is the Group's equity Stock under the provisions ,0 's23 672 305 ,n ? 7 38,283 ordinary shares in the retained earnings of of the Company's Debenture p3 ' eo ™ ™ following the merger with associated companies. This . o'dmary share capua, at Mason ,ndustries Lim " ed represents an increase of balance date was $2,767,200 $164,660 or 65% over the Wf and shareholders' funds 7hese sPares ,ank P a " equivalent profit for 1977. w 236 990 passu in all respects with the ... £ ... other issued ordinary capital Provision for Group taxation Hfc S Notional accounts, prepared °* ,he Company and accord amounts to $764,880 against t;W on the basis that a full merger ingly qualify for the final $1,383,066 for the previous ». 't . -J JwthtSa had been completed at dividend. A finai tax free year. Export incentives and IML balance date, show that the dividend of 9% will be paid the effects of stock valuation combined tax paid profit Pv Masolls 10 ,he Company adjustments in New Zealand would have been $3,816,440 ,0 cover ,he f "’ al dividend and Overseas are reflected |H for the year; ordinary share payment on the new shares, in the lower taxation pro- capital $10,271,717, earnings vision. The extent of the per ordinary share 36 cents; Group's involvement in Sfpv a Shareholders' Fund CT AEC export activities continues to $30,908,367; total assets 1 ' increase with export sales by 71 WHS $67:864.566 and combined Te sound performance of the New Zealand subsidiaries ‘ Ji- I turnover $78,600,006. the Company for the year totalling $3,585,000 for the SmarnKSSk SHH T >, under review reflects the 1978 year an increase of ’ ' a cun s 1 ls ‘ efforts of management and $942,400 or 36% over the .. t c ‘ ose k S ’l Ong posltlon ° f staff at all levels The 1977 level. The stock valua- jHR the combined group. Directors warmly acknow tion adjustment in New Zea- iMK edge the contribution made land has reduced the provi- r ’k ? niVinEIURC every Ceramco em sion for taxation by $167,162. UIVIUtIwUO ployee toward this year's The Directors are concerned On December 1977 the achievements. that Government has ABOVE: Mr J. C. Fair, Company paid an interim indicated that the stock chairman of directors of ordinary dividend of 5 cents For the Directors, valuation adjustment intro- Ceramco Limited. per share (5%) from realised John C.Fair, duced in New Zealand in the capital profits. Chairman. 1978 year may not continue BELOW: Ceramco's disas a deduction for taxation tinctive head office 7h ® Directors recommend purposes. Similar adjust- building at New Lynn, a fllaal ordinary dividend ments are allowed each Auckland. of 9 cen,s per share ,9%l “ year in Australia and the /jhmh United Kingdom and it is the t a 4/ opinion of Directors that the | k"L JM adjustments should be conturned u’ New Zealand in Si>. -Jr order to provide companies jgjjESgfe/-Mg . *■ with some form of relief <*, \ 11 against the effects of infla- y--' v> '* Wy The earning rate on average ordinary shareholders funds 9 was 12.63% against 12.65% " — * l ■n the previous year, and .Kwfflr lk|f -4 , i- jut earnings per ordinary share TRPREv-ayir increased from 33 cents to raj-fl 35 cents. W "T The tax paid profit, excluding TRtLI. i equity earnings represents 4 72 c T sales . .jajcMBMlMK* .Art « A 1 w,th4?A'-. 1977 t diversification .by ” ■ Zealand. involvement W"--export activities, and through r £ JHSMBr’ "" 1 S ' . JF vb~~~ ~—<«• subsidiaries. The Company's Xi J Sr" .’*• • • f tv «, prised 23% of total assets at balance date and contributed -J .. ’978 1 jyktX > SHAREHOLDERS' FUNDS Pain constant during trie year and total Shareho'uers Fr.-nos on /' ‘ . an equity basis imreasnd by . $1,377 996 to $22 587 983.