N.Z. BREWERIES, LTD.

Evening Post, Volume CXXIII, Issue 134, 8 June 1937, Page 12

N.Z. BREWERIES, LTD.

PROFITS AND TAXES

DIRECTORS' REPORT

Net profit of New Zealand Breweries, Ltd., for the year ended March 31 last amounted to £100,559 5s lOd; gross profits after allowing for costs of manufacture and management, rates and taxes, insurance, general incidental expenses, depreciation, and providing tor land and income taxes, are shown in the balance-sheet at £717,409 4s 3r\ From | this is deducted beer duty amounting to £616,849 lbs od, leaving the net prolit—as stawd above—vi £iUO,ooJ as lOd. Tne directors' statement of the company's affairs as ai jViarcn 31 is as toiiows:— Alter writing off depreciation on buildings, piani, machinery, arid rolling stock, ana paying a sum 01 £ 616,84 a 18s 5d as excise auty, and making provision tor land and income taxes and contingencies, there remains a net profit of £100,55y 5s lUd, to which there is to be added the amount brought forward from last year, £17,994 3s lid, making £118,553 9s 9d. From this amount must be deducted the sum of £43,690 4s lid, being interim dividend paid for the period ended September 30, 1936, leaving a sum of £74,863 4s lOd to be. dealt with. The directors recommend, that this amount shall be appropriated as follows:—Payment of dividend of 4i per cent, for the half-year, making SJ per cent, for the year, £49,152 15s yd; to be carried forward, £25,710 9s Id; total, £74,863 4s lOd. . Dividends paid on the company's holding of shares in subsidiary companies have been taken to credit in the profit and loss account. The retiring directors are Messrs. D. W. Madden, H. C. McCoy, and William , Perry, who are eligible for re-election, and offer themselves accordingly.. The retiring auditors, Messrs. Watkins, Hull, Wheeler, and Johnston, also offer themselves for reappointment. Comparative figures are as follows: — , 1935. 1936. 1937. ■•.-.■ £ £ £ Gross profit 564,857 5D4.052 717,400 Beer duty 487,021 508,6,80 616,850 Net profit 77,836 .85,402 100.559 Dividend, per cent. 7 7Va BV2