Good prospects for Autocrat

Press, 30 May 1981, Page 19

Good prospects for Autocrat

PA Auckland Shareholders in Autocrat Sanyo Holdings (N.Z.), Ltd, have the prospect of tax-free bonus issues as a result of the company transferring $3 million to the revaluation of assets reserves. The .$3 million comes available by the revaluation of Autocrat Sanyo Holdings (N.Z.), Ltd’s, investment in Autocrat Sanyo, Ltd. In the latest annual report the chairman (Mr R. H. Walker) says that the valuation placed on the shares was supported by a revaluation of the assets of Autocrat Sanyo,, Ltd, and Fisher and Blundell, Ltd, since the dates the investments were made. As previously reported, the company is recommending a tax-free one-for-five bonus issue for the second year running. The annual report shows this will require the

capitalisation of $723,000 from the assets revaluation reserve. Profit for the year to February 28 rose 54 per cent to $1,877*000, on sales 48.8 per cent higher at $24.6 million. Mr Walker says expansion into new business areas is progressing as planned. He says the acquisition of Champion Appliances, Ltd, will greatly strengthen the company’s position in the home appliance market and avail it of the opportunity to utilise Sanyo technical resources to introduce Sanyo whitegoods in the New Zealand market. The consolidated balance sheet shows shareholders funds $2,061,000 higher at $8,584,000. The earnings rate on average shareholders’ funds is 24.8 per cent compared with 19.6 per cent a year earlier. Current assets are up $2,085,000 at $11,880,000 and current liabilities are $390,000 higher at $6,879,000. The current ratio is 1.7 to one Compared with 1.5 to one a year earlier.