DOMINION BREWERIES

Dominion, Volume 33, Issue 226, 19 June 1940, Page 12

DOMINION BREWERIES

Expansion In Gross Profit LOWER NET EARNINGS A net profit of £56,660, against £65,477 last time, is shown in the accounts of Dominion Breweries, Limited, for the year ended March 31. . I ho result is struck after making provision for land, income, and social security taxes, and writing off adequate sums for depreciation of buildings and plant, including obsolete brewery plant. As announced, the directors propose to maintain the dividend at 12 per cent, (final, 61 per cent.). This will absorb £37,441, against £32,600 hist year, owing to an increase of capital, while £l3,it>o is to bo placed to reserve, increasing it. to £120,000, leaving £10.487 to lie carried forward, against £5OlB brought in. Three years’ results are: —

Gross profit: from trading and_ other sources was £329,705, against £252,438. Expenses, including £141.286 lor sales tax and provision for duty and all other taxes, were £273,046, compared with £186,961 in 1939. Variations in the balance-sheet are:— LIABILITIES.

•fPlus. ’Minus. Some material changes have been made in the form of presentation of the accounts. Shareholders’ funds are totalled at £501,428. Taxation reserve (is now included iij. creditors and accompanying the reduction in bunk overdraft is a new liability of £256,014 under mortgage secured over land and buildings. Fixed assets total £776,172, and floating items £182.664, the balance-sheet total of £958,836 showing an increase of £336,723.

1938. 1939. 1940. £ £ £ Bl. forward . . 963 4,707 5,018 Net profit ,. . . 41,257 05,477 50,000 £42,220 £70.244 £01.078 To reserve . . . 15,000 13,520 13,750 Off goodwill 19,100 •i / •' — Dividend, p.e. 10 12 X 1Amount 22,453 32,000 37,441 Car. . forward £4,707 £5,018 £10,487

Variation £ Pnid ch pi (ill 350.000 150.000 Reserve 106,250 Appropriation a/c. 45,178 Mortgage 256.014 119,776 *11.190 1256,014 *2S.718 Creditors ........ .189.027 1-50,841 ASSETS. Land, buildings, ete. 546.696 Plant and machinery 219,004 D'ases, invest., ete. . 10,472 Stock 93.810 1'298,061 1'24,919 *4.068 19,661 Debtors 79.197 117,593 Cash 9,657 19.657 Goodwill — *19,100