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WOOLWORTHS LTD.

NET PROFITS UE

CONTRIBUTIONS TO CHARITIES

Wdolwdrths Ltd., Sydney, report that the profits for the year after deducting all working expenses and making adequate provision for depreciation were £303,693. From this amount is deducted the transfer to tax-free reserve of dividends £49,899 received from. Woolworths (New Zealand), Ltd., I during the year arid included in the above profits, leaving £253,794. After setting aside as provision for taxation £32,000, the net profit for the i year from Australian sources amounts to £221,794, leaving a balance available for appropriation of £194,714. Interim dividends on preference and ordinary shares amounting fo £133,454 have beexi paid, to which' is added the amount brought forward from taxfree reserve, being dividends received from Woolworths (New Zealand), Ltd., as follows: —Balance undistributed as at January 31, 1938, £11,361, and amount received as at January 31, j 1939. £49,899, totalling £61,260, amounting to £194,714. The directors recommend ttiat this balance be dealt with as follows: — Declaration of a dividend iri respect of the year on the paid-up ordinary share capital of the company of 7| per cent, payable out of profit from Australian sources, £83,550; declaration ofa dividend of 4 per cent, on the paidup ordinary share capital of the company payable wholly and exclusively out of the tax-free reserve as above. £44,560, in all £128,110. Also appropriation to staff provident fund, £2500. and N.S.W. charities, £2500; transferring to general reserve, £61,604. After making the above transfer to general reserves the company's reserves (excluding depreciation reserves) will aggregate £400,409, which are used entirely within the business. It is to be rioted that it is recommended that a dividend of 4 per cent, on the ordinary share capital be declared, payable wholly and ' exclusively out of the tax-free reserve of dividends received from the company's investment in Woolworths (New Zealand), Ltd. The directors are advised that this dividend payment is free from New South Wales State (excluding special income tax) arid Federal income taxes in the hands of shareholders in New South Wales. The directors report that the affairs of the company have progressed favourably, including riew stores' that were opened during the year, and that all branches and subsidiaries are operating successfully. The dividends received .from the company's investments in subsidiary companies have been included in the accounts under review. During the'year a separate company known as Woolworths Properties, Ltd., was formed for the purpose of taking over the freehold properties owned by the company other than the bulk store. This company is now in full operation and will undertake any further purchase of freehold property that may be required. The balance-sheet now under review does riot therefore include any freehold properties previously heid other than the bulk store.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/EP19390314.2.120

Bibliographic details

Evening Post, Volume CXXVII, Issue 61, 14 March 1939, Page 11

Word Count
453

WOOLWORTHS LTD. Evening Post, Volume CXXVII, Issue 61, 14 March 1939, Page 11

WOOLWORTHS LTD. Evening Post, Volume CXXVII, Issue 61, 14 March 1939, Page 11