Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698075150579.pdf (Guyana)
Report and Accounts 1981 CONTENTS Highlights Statutory Information Members of the Management Committee Progress through Planning PAGE 2 3 4-9 Statement of Value Added and its Distribution 10 Revenue Analysis Six Year History at a Glance Chairman's Report Report of the Auditors Consolidated Profit & Loss Account Consolidated Balance Sheet Balance Sheet Consolidated of Funds Application Statement of Source and 11 12 13 -15 Notes on the Accounts 21 -28 HIGHLIGHTS OF 1981 $000 Sales including Duty and Consumption Tax 87,934 1980 $000 81,642 Pre-Tax Profits 13,051 12,854 Profit after Taxation 6,917 7,108 Gross Assets 104,112 70,152 Shareholders' Funds 21,363 18,940 Dividends paid to state 2,171 2,171 Taxation, Duty and Consumption Tax 30,053 27,634 Total Direct Payment to State 32,224 29,805 Pre-Tax Profits as% of Sales 14.8 15.7 Sales as% of Gross Assets 84.5 116.4 Pre-Tax Profit as% of Shareholders' Funds 61.1 Pre-Tax Profit as% of Gross Assets 12.5 67.9 18.3 Earnings per share 40.2c.
42.2c.

Dividend Cover (Times) 2.1 2.2 � GUYANA LIQUOR CORPORATION LIMITED STATUTORY INFORMATION Directors Yesu Persaud - Chairman A.D. Webster W. A. Lee C. Hinds K. R. Samaroo I.Bacchus Company Secretary M. S. Farinha Registered Office Solicitors Auditors Bankers 61 Avenue of the Republic, Georgetown.

Clarke & Martin, 7 Brickdam & Manget Place, Georgetown.
& Company Barcellos 106 Lamaha Street North Cummingsburg Georgetown Auditor General, 121 Parade Street, Kingston, Georgetown Royal Bank of Canada, Water Street, Georgetown.

Guyana National 1 Loml1ard & Cornhill Georgetown.
Streets, Bank, Co-operative 2 � GUYANA LIQUOR CORPORATION LIMITED MEMBERS OF THE MANAGEMENT COMMITTEE G. L. ROBINSON Administration Diamond Distillery & Operations J. SOOKMANGAL Administration Uitvlugt Distillery & Operations YESU PERSAUD Chairman M. S. FARINHA Company Secretary R. D. WEBSTER Tttehnlcal & Development R. MARTIN Administration Enmore Distillery & Operations & Vinegar Plant J. G. CAMACHO Guyana Distilleries Ltd. Georgetown Operations L BALGOBIN Research & Development G.W.
GOPIE Group Brand Marketing I. BACCHUS Admininration & Operations Shipping Department C. F. WILTSHIRE Administration & Operations Distribution Services Ltd. K, R. SAMAROO Fill8nct1 3 GUYANA LIQUOR CORPORATION LIMITED 'PROCRE�� THROUCH PLAN NI NC' has been able to maintain as a leader both at home and Against what would appear to be over­ whelming odds, the Guyana Liquor Corporation its position abroad in all of its operations.

for the future has always been the way of life with the G LC.
Sometimes well defined plans, the charges are as in the case of the imperceptible Planning through production Sometimes increased Distillery.

dramatic building magnificient Industries and Packing times these changes through long detailed thought-out plans.

as can be observed at Uitvlugt facilities the changes are from the which houses Seals Limited.
But at all have been effected and carefully 1976-1977 MARKET STUDY at facilities Careful reviews of the operations long term predictions that indicated entities Limited at both Guyana Distilleries 1976 was the year when the Guyana Liquor Corporation came into existence.

this point of time, and professional for the future of the operating the bottling and Diamond Liquors Limited had to be significantly expanded to meet the demands from local and CAR ICOM A careful study of the overseas markets.
that for the Corporation indicated area of operations, facilities distilling Distillery the C0rporation spirit required Distillery in such a manner as to make enough to provide any type of must be provided.

capacity had to be increased It was also discovered modern bulk storage to keep on ahead in this both at Uitvlugt and bulk loading in reasonable quantities.
bulk markets and Diamond flexible that the 1977 WHARF at GDL which previously used to move bottled products small vessels large ocean-going The No.

4 sufferance Wharf to accommodate to and from Guyana was earmarked accommodate spirits in and extended facilities exercise dynamiting to provide the necessary of the proposed Bulk Terminal.

involved old wreckages extensive piledriving that blocked the entrance and long hours of to as the Wharf to bulk tankers to move back-up de!

ivery This major bulk.


In 1977 the No.

4 Wharf was modernised the Wharf.

Today the No.

4 Wharf performs quietly testimony and efficiently, of sound strategic planning.

and sits on the Waterfront in silent its functions Wharf 4 PROGRESS THROUGH PLANNING (Cont'd) 1978 · BULK TERMINAL Today it would be unthought Corporation ago, the Bulk Terminal up" stage.

In 1978, the Bulk Terminal provided, without the facilities was not in sight.
and handling loading of to carry on the main business of the of a Bulk Terminal, However, and yet just four years it was at a carefully "drawn was completed.

were installed.

Transport New selling facilities were facilities systems were of drawn up, and the marketing our bulk rums became a modern and very sophisticated technique walls of the Within the southern at 8/11 Water Street premises is housed a step into the future brought about by careful plan­ ning in the past.

Bulk Tanker and Prime Mover.


1978: BARREL FURNITURE which was primarily the need for the barrels in which rums were almost negligible.

of the Bulk Terminal, shipped, had diminished However, With the installation for the Cooperage Department responsible packaged before being a point considered planning stage had already men equally Today the comfort from the use of household and in addition office furniture that these emplo,,ees are producing have to be e><perienced to be believed.
due consideration was given to this and the been set to have these fine Crafts­ gainfully occupied.

to in to the barrel furniture Bulk Terminal Barn,/ Furniturr, PROGRESS TI-iROUGH PLANNING (Cont'd) 1978 -1979 VINEGAR PLANT The Vinegar Plant Building Vinegar Plant Equipment into other uses for alrohol led the Corporation Still at home, studies a modern Vinegar Plant at the Enmore Complex.

Importation vinegar was no longer necessary consumers time and place.
with the best at the best price, in sufficient since the Corporation quantities, to install and of vinegar provided substitutes at the right 1979 -1980 NEW BOTTLING LINES Diamond Liquors Limited Bottling Line Guyena Distilleries Line Bottling Limited 6 These were the years when the plans for local m.-:.rket came into fruition.

bottling facilities installation was able to meet its local and overseas High Speed Bottling bottled at GDL was considerably products requirements.

The with the Line.
The with the Line.

For the first time GDL of a new complete enlc>rged capacity The bottling first time, able to capitalise at DLL was also increased, on the full potential capacity of all its products.

and the Company was for the � GUYANA LIQUOR CORPORATION LIMITED PROGRESS lliROUGH PLANNING (Cont'd) 1979-1980 -ADDITIONAL AT UITVLUGT STILL COLUMN overseas was left incomplete.

of the No.
of the No.

2 Still at Uitvlugt Years ago the installation Distillery investigating meet the requirements efficiently the capacity Still had to be increased.

Project, provided and the increased has opened many new and rewarding The GLC after carefully that in order to decided 1980 saw the completion which this has productivity markets.

markets, of th is of the No.


2 Additional at Uitvlugt Column 1980 -1981 DISTRIBUTION SERVICES LTD. Distribution Services Limited -Providence the companies' This Company which has undertaken of the operating distribution bottled locally products in 1980.

It is now operating tions at Providence Demerara Amsterdam, and at Stanleytown, Berbice.
from two main loca­ on the East Bank was incorporated New 7 Distribution Stanleytown, Berbice Services Limited P ROGRESS 11-tROUGH PLANNING (Cont'd) 1981 -1982 JOHN DORE/TRI-CANADA & TRI-CANADA FERMENTATION STILLS PLANT such as this that led to the combined installa­ must be on going, the way it is at market and we know the on rums that for a distilling must not be centred and to remain healthy throughout have indicated to be effective Planning the G LC.
We are in the alcohol future of the Corporation alone.

Market studies to be vibrant operation the years, it must enter the Neutral It is planning tion of the John Dore and Tri-Canada and these may be considered They have enlarged Caribbean.

Neutral Spirits the major spirit Stills the fermentation the addition of a New Fermentation in full production, Spirits Plant.

to the point where we can compete in all markets of the world.
To keep the new of with were increased both the quality unit at the Distillery and capacity Stills among the finest in the at Diamond our capacity for finest Market.

Tri -Canada Still l John Dore Still New Fermentation Plant at Diamond 8 PROGRESS THROUGH PLANNING (Cont'd) 1982 -SEALS AND PACKAGING LTD. INDUSTRIES Architect's impression of Seals and Packaging Industries Ltd. Building.
was started 1982 will see the completion which Project will be producing in the world, Seals and Packaging business that needs packaging packaging of Seals and Packaging Industries in 1981.

Now for the first time, the country Using the materials.

finest equipment Ltd. materials with its requirements.

Industries Ltd. will provide every Ltd. will supply the CAR ICOM and lnaustries markets.

The men at Seals and Pack:\qing The concept of Seals and Packagin\1 Ltd. are pioneers.
Ltd. is a brave innovative Seals and Packaging any other neighbouring Industries Industries from the idea of a good carton to protect and advertise Corporation's corrugated and local industries all this through careful the country in its progress for both the export market carton enterprise bottled products, one.

What started thus assisting and inspiring producing planning by the GLC.
- and the will blossom into a full-fledged Seals and Packaging Industries as it is really a Co-operative Insurance Companies augurs well for development and Financial plans.
Ltd. is unique in its Capital Venture among the G LC, Private Structure Users, Institutions which type of structure 9 STATEMENT OF VALUE ADDED AND ITS DISTRIBUTION FOR 1981 1980 Turnover $000 $000 $000 87,934 81,642 Deduct': Purchases of Goods and Services 36)07 36,408 TOTAL VALUE ADDED 51,227 45,234 -- Distributed as follows: To Central Government: Company Taxes 6,134 5.746 D.Jty and Consumption Taxes 23,919 -- 21,888 To employees Emoluments and Benefits To Suppliers of Capital Interest on Borrowed Funds 30,053 27,634 9,139 7,292 3,509 1.706 Dividends to Shareholders 3,330 3,171 6,839 4,877 Retained for Business: D!preciation 1,689 1,494 Retained Profits 3,507 :3,937 5,196 5.431 51,227 45,234 10 REVENUE ANALYSIS (SALES: 100%) 1981 Materials (33.6%) 1980 Materials (35.5%) 11 SIX· YEAR HISTORY AT A GLANCE $1\1 KEY OPERATING PROFITS DUTY AND CONSUMP- TION TAX 90 80 70 EXPENSES 60 LABOUR 50 MATERIALS 40 30 20 10 0 Sales 1976 1977 1978 1979 1980 1981 KEY RETAINED PROFITS MINORITY INTERESTS DIVIDENDS TAXATION INTEREST $M Operating Profits 18 16 14 12 10 8 6 4 2 0 12 1976 1977 1978 1979 1980 1981 GUYANA LIQUOR CORPORATION LIMITED CHAIRMAN'S REPORT THE YEAR UNDER REVIEW The world recession resulting the restricted a share of a smaller alcohol market.
has created havoc in the demand for commodities including alcohol, in very low uneconomic prices, in addition to which the recession market even further and so competition is greater ha& reduced than ever for The GLC's policy of 'on the spot' marketing enabled profitability at all times has the Group to hold its own in the market and I am happy to report that our of the Corporation.
the best of service in the history is the highest and giving Y.Persaud PROFITABILITY R-e-Tax Profit for the year was $13.051M compared profitability Demerara Limited, in 1981. sitisfactory Companies, Limited Distilleries of the Operating and Demerara with $12.854M in 1980.
The Guyana Distilleries Food Products Limited, Limited were very Diamond Liquors DUTY, TAXATION AND CONSUMPTION TAX DIVIDENDS, Dividends, $32.244M, Duty, Taxation compared with $29.805M in 1980. and Consumption Tax paid during the year amounted to RETURN ON INVESTMENT The return on gross assets rates of return, especially was 12.5%, and Net Capital employed in the light of the fact that the returns 19.5%-very are on current reasonable values.
PRODUCTION Distilleries' in the light of the Fire at Enmore Distillery at Diamond Distillery.

production marginally increased in 1980, and this is noteworthy especially and the major Rehabilitation Programme BULK TERMINAL The Bulk Terminal Terminal operated very effectively is now the hub of our export operations.
and efficiently during the vear and the DISTRIBUTION SERVICES LIMITED This Company was incorporated bottled products have a fleet of vehicles service in 1981. of the operating on the roads, distribution in 1980 and provides companies.

of constraints, but the Company was able to maintain Because it is difficult to a satisfactory services locally for MARKETS (a) Bulk There is still an over-supply for markets; Caribbean the recession.

7:1%.
7:1%.

looking situation of over 16 millfon and competition gallons of spirits in the than ever because of is greater well and exports increased by The GLC however did remarkably (b) Caricom The GLC Companies have maintained constraints quite a reasonable in obtaining increase in sales.

certain raw materials, and Richemond Brandy their own in Caricom, the despite showed 13 GUYANA LIQUOR CORPORATION LIMITED CHAIRMAN'S REPORT (cont'd.)
(c) Local (i) The Local Market for rum increased only marginally been a substantial However, picked up some of the Gin Sales and did remarkably to 1980. drop of 80% in Gin Sales.

but there has Smirnoff Vodka well in comparison (ii) Our EHP Vinegar and Three Counties have been well accepted the Enmore during the year despite in the market and there was no shortage Fire.

(iii)Heritage Rose is doing reasonably well and stocks have been set aside for ageing to meet demands.
CAPITAL EXPENDITURE (i) The Rehabilitation and Expansion Programme at Diamond was completed in March 1982, the total cost of which is $11.776M.

Industries in April 1981, but the inclement (SAPIL) weather and Limited of cement hindered (ii)· Seals and Packaging This Project started shortage weather had improved went full speed ahead and the Project operations in September for the local and export markets.
and a boost to the Agricultural available markets Industry, to market our agricultural in addition progress for several weeks, but once the work and cement was available, is expected construction to commence 1982.

This Plant would be producing packages There will be import substitution as pockaging would now be produce in Caricom and other to which there is a tremendous export potential.

OTHER PROJECTS B�cause to be shelved strictly at developmental level.
of the foreign and Balata Project had for the time being.

There is still some work going on in these areas, but constraints, the Yeast Project exchange CARIBBEAN BASIN INITIATIVE It is very difficult in the form it has been proposed.

to say at this time whether the C.B.

I. will have approval in Corgress INDUSTRIAL RELATIONS The Industrial and'We hope this would continue in the operating in 1982.
Relations climate companies were extremely good in 1981 STAFF The success of any organisation staff at all levels the objectives Basic skills as something applied of the Group.

themselves depends on its staff, and I am very happy to report that very well during the year and contributed in attaining however are in short supply and this may create will have to be done to retain tangible skills in the country.
some problems in the future, 14 GUYANA LIQUOR CORPORATION LIMITED CHAIRMAN'S REPORT (cont'd) "' PROSPECTS 1982 is expected to be a most difficult l::l!ing felt and there has been many cancellations confident row has greater v..hich will be pushed to the maximum in 1982. flexibility in shifting from Rum to Neutral that we can retain our share of an even more restricted of orders.
However, year as the full impact of the recession market as the Group for the export trade · Spirit is now we are still new business Spirit is a totally supplier Neutral as a reliable market will be determined Promotional rreintain our market share during this difficult product at a competitive to deliver to Buyers and Distributors by our ability of a quality visits period.

price.

Our success in this new where, when and how it is wanted.
will have to be intensified in 1982 to to the Group and we have to establish ourselves The Group can only remain a viable entity by producing competitive this, and that every thereby prices and I am certain that our employees effort would be made to increase unit costs and improving reducing overall profitability.
at all levels are conscious production and productivity, high quality products at of ACKNOWLEDGEMENTS I would like to thank all employees the year, the Board of Directors all, our customers· have been possible.
at all levels for the contribution they made during for their continued support and guidance, and above would not at home and abroad without whose support these results 15 GUYANA LIQUOR CORPORATION LIMITED REPORT OF THE AUDITORS To the Members Guyana Liquor of Corporation Limited the accounts We have examined of the Company, the revaluation information of the fixed assets and explanations and have been prepared on pages 17 to 28 which are in agreement under the historical with the books in Note 6.
We have obtained cost convention, all the including as explained we have required.

not audited based on our examination by us, these accounts In our opinion, sidiaries above, a true and correct December 1981, and of the net income, with generally ended, in accordance year.
consistent with that of the preceding source accepted and the reports give under the accounting of the auditors convention of the Company and Group at 31st cf funds for the year then applied and application accounting principles view of the state of affairs of the sub­ on a basis stated BARCELLOS & CO. Certified Accountants R. P. FARNUM, A.A.
Auditor General 106 Lamaha Street North Cummingsburg Georgetown Guyana 1982 31st August, 121 Parade Street Kingston Georgetown Guyana 31st August 1982 16 CONSOLIDATED PROF IT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 1981 Notes $000 $000 1980 Turnover 2 87,934 81,642 Profit before interest and taxation 3 Interest 16,560 14,560 3,509 1,706 Profit before taxation 13,051 12,854 Taxation 4 6,134 5,746 Net profit after taxation Minority Interest to group Net profit attributable Dividend Proposed Retained profit for year 6,917 7,108 2,323 2,283 4,594 4,825 2,171 2,171 2,423 2,654 Earnings per share in cents 5 40.2 42.2 17 �.
� � :c Ao/ GUYANA LIQUOR CORPORATION LIMITED CONSOLIDATED BALANCE SHEET AT 31 DECEMBER, 1981 Notes $000 $000 $000 $000 1980 FIXED ASSETS INVESTMENTS 6 7 FORMATION EXPENSES CURRENT ASSETS 60,274 28,913 75 57 75 57 Stocks and work-in-progress 24,289 Debtors and prepayments 13,085 External Cash on hand and at bank Payment Deposit 8 5,552 780 22,361 12,381 2,348 4,017 and accruals CURRENT LIABILITIES Creditors Loans due in 1982 Proposed dividends Taxation Bank overdraft 43,706 41,107 21.720 9 3,554 2,171 2,522 7,136 15,347 3.463 2,171 4,291 8,377 37,103 33,649 NET CURRENT ASSETS 6,603 7,458 67,009 36,503 FINANCED BY: 15,000,000 ordinary $1 and fully paid 11,427,086 Share Capital Authorised shares Issued ordinary Capital Retained $1 shares reserves earnings SHAREHOLDERS' FUNDS for shares interests taxation Application Minority Deferred Loan� due after 1982 Pension provision 10 11 12 13 9 15,000 --- 11,427 403 9,533 15,000 --- 11,427 403 7,110 21,363 18,940 13,530 3,053 29,026 37 845 10,606 2,014 4,052 46 67,009 36,503 Y.Persaud K. R. Samaroo Directors 18 BALANCE SHEET AT 31 DECEMBER 1981 Notes $000 $000 $000 $000 1980 FIXED ASSETS 6 652 633 INTEREST IN SUBSIDIARIES 14 22,548 •15,643 CURRENT ASSETS Stocks Debtors Dividends Owing by subsidiaries External Cash on hand and at bank payment deposit receivable CURRENT LIABILITIES and accruals Creditors Loans due after 1982 Proposed Owing to subsidiaries Bank overdraft dividends 55 1,265 6,265 1 8 61 138 1,265 1,016 16 1,808 7,587 4,304 742 9 1,656 2,171 2,931 2,406 385
 2,208 2,171 1,678 189 9,906 6,631 NET CURRENT LIABILITIES (2,319) (2,327) 20,881 13,949 FINANCED BY: Share Capital Authorised ordinary $1 shares 15,000,000 Issued and fully paid 11,427,086 ordinary $1 shares Capital reserves 10 SHAREHOLDERr FUNDS Loans due after 1982 9 15,000 11,427 84 11,511 9,370 20,881 15,000 = 11,427 84 11,511 2,438 -- 13,949 -- Y. Persaud K. R. Samaroo Directors 19 GUYANA LIQUOR CORPORATION LIMITED CONSOLIDATED STATEMENT OF SOURCE AND APPLICATION SOURCE OF FUNDS OF FUNDS FOR 1981 $000
 $000 $000 $000 1980 less minority before taxation Profit interests Adjustments the movement of funds: for items not involving on sale of Fixed Assets Expenses (Profit)/Loss Formation Depreciation Minority interests in retained profits for the year 10,728 10,571 8 1,689 1, 164 (8) 10 1,494 1,561 TOTAL GENERATED FROM OPERATIONS 13,589 13,628 FUNDS FROM OTHER SOURCES for new shares Sale of Fixed Assets Application Issue of shares to minorit y Loans Sale of investments APPLICATION OF FUNDS of fixed assets Purchase Formation expenses Loans repayments paid Dividends Tax paid Pension 255 915 28,147 8 845 2,078 442 2 42,906 17,003 33,313 3,082 2,171 6,864 9 5,977 <5 1,454 2,077 5,839 9 45,439 15,401 INCREASE/(DECREASE) IN WORKING CAPITAL 1,602 (2,533) --- REPRESENTED BY: in stocks and work-in-p Increase in debtors Increase in external Increase Increase in creditors Movement in net liquid rogress ard prepayments payment deposit and accruals funds: Investment -T reasury Bills 1,928 704 3,204 (6,373) 3,855 1,637 827 (3,533) lncrease/(Decrease) in cash balances (3,237) (1,021) 2,608 ( lncrease)/Decrease in bank overdraft 1,241 (2,771) (1,996) (2,533) --- (1,184) 1,602 20 NOTES ON THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 1981 1.
ACCOUNTING POLICIES (a I Basis of Consol id at ion (i) The consolidated accounts incorporate accounts the accountsof the of the subsidiaries, Guyana Company, the consolidated Limited, Distilleries of its subsidiaries, Packaging Industries and Diamond Liquors Demerara Food Products Limited and Distribution Limited, and the accounts Seals and Services Limited.

Limited (ii) All inter-company balances and transactions are eliminated on consolidation.

(b)Depreciation No depreciation progress.


their estimated useful lives as follows: is provided on freehold land and construction work-in­ Other fixed assets are depreciated on the straight-line basis over Building Freehold Plant and Machinery Plant and Machinery Office Equipment Furniture, Fixtures Sundry Equipment Vehicles - Distillery - Others and Fittings 2% 6Y..% 7%% 12%% 1()% 20% 25% (c)Stocks, Stores and Work-in-progress Stocks and Cost includes materials and direct overheads.
stores are valued value.

at the lower of cost and net realisable insurance and freight.

Work-in-progress is valued at cost of (d)Deferred Taxation Taxation Deferred at current book values of these assets which qualify written down values for tax purposes.

is provided rates on the amount by which the for tax allowances exreeded their (e) Foreign Currency Translation transactions Foreign Currency of exchange ruling at the dates of such transactions.
are co1111erted to Guyana Dollars at the rates At balance sheet date all amounts denominated translated at exchange rates ruling to Guyana dollars in foreign at that date.

currencies are Gains and losses arising included in net profit.

from the translation of foreign currencies are (f)Formation Formation Expenses expenses are written-off over a period of five years.

(g) Currency These accounts have been prepared in Guyana dollars.

21 LIMITED NOTES ON THE ACCOUNTS (Cont'd) 2.


TURNOVER Turnover represents the value of goods inclusive of excise duty and services, sold to third parties.

3.

PROFIT BEFORE INTEREST AND TAXATION 1981 $000 1980 $000 , is arrived at after accounting for: Depreciation 1,689 1,494 Auditors remuneration 60 56 Profit/( Loss) on sale of fixed assets (8) 8 Research and Development Expenses 168 5 4.
TAXATION Taxation charge based on profits for the year is made up as follows: Income and Corporation Tax at 45% 4,755 4,985 Prior Year Property Tax Deferred Tax 97 242 243 1,040 518 6,134 5,746 5.
EARNINGS PER SHARE This is based on the net profit to the Group divided issued and fully paid at the end of the year as follows:- by the ordinary attributable shares Net Profit to Group attributable 4,594 4,825 Ordinary shares fully paid of $1 each issued and Earnings per $1 share in cents 11,427 11,427 40.2 42.2 22 NOTES ON THE ACCOUNTS 6.FIXED ASSETS (Conr'd) GROUP COMPANY Lands and Buildings Equipment Total Buildings Equipment Total $000 $000 $000 $000 $000 $000 Lands and Cost or Valuation At 1 Jan. 1981 15,678 22,590 38,268 420 442 862 147 147 Additions 5,887 27,426 33,313 Disposals (27) (400) (427) At 31 Dec. 1981 21,538 49,616 71,154 420 589 1,009 Comprising Valuation 7,965 68 8,033 Cost 13,573 49,548 63,121 420 589 1,009 21,538 49,616 71,154 420 589 1,009 Accumulated Depreciation At 1 Jan. 1981 1,363 7,992 9,356 76 for year 296 1.393 1.689 9 Ftovision on Disposal (3) ( 161) (164) Retired 153 229 11� 128 At 31 Dec. 1981 1,656 9,224 10,880 85 272 357 Net Book Values At31 Dec.1981 19,882 40,392 60,274 335 317 652 At 31 Dec. 1980 14,315 14,598 28,913 344 289 633 (i) Included in Net Book Value of Assets at 31 December 1981 is an amount of at that (1980 -$1,014,000) being construction work-in-progress $31,329,000 date.
(ii)The Free-hold Land and Buildings 1974 and those of Diamond Liquors Limited of Guyana Distilleries were revalued were revalued on Limited advice to reflect with professional market on 9 December 31 December 1977 in accordance values.

Certain Equipment the Directors in 1978 to reflect by Guyana Distilleries Limited market values.

current acquired were revalued by The surpluses reserves which has since been partly utilised to issue bonus shares.
created from these revaluations have been transferred to capital 7.

INVESTMENTS GROUP COMPANY 1981 1980 1981 1980 $000 $000 $000 $000 3Y2 % Guyana National in 1987 redeemable Defence Bonds 75 75 23 NOTES ON THE ACCOUNTS (Cont'd} GROUP COMPANY 1981 1980 1981 1980 $000 $000 $000 $000 8.

EXTERNAL PAYMENT DEPOSIT This amount represents banks pending at commercial from the Bank of Guyana for the Company to remit to overseas cash deposits permission suppliers.

9.
9.

LOANS (a) Offshore from Loan (US$2.6M) Guyana State Corporation repayable instalments September 1978 commencing in 3 equal annual 19 (b) Offshore loan (US$0.9M) from Royal Bank of Canada repayable in four equal annual instalments commencing 31 December 1978.

1,027 1,039 1,039 (c) Offshore loan (US$1.132M) from Royal Bank of Canada repayable in six semi-annual instalments commencing April 1981.
2,283 2,905 2,283 2,905 (d) Finance of capital goods from through Co-operative Lloyds Bank Limited Guyana National Bank repayable annual instalments 25 October 1979. in 10 semi- commencing (e) Local loan from GNCB Trust Corporation at interest of 12.5% per annum and principal 1981. commencing repayable in 3 years rate 536 702 536 702 1,260 1,400 (f) Mortga9?
loan from Royal Bank Trust Company (Guyana) at interest in five years commencing Limited rate of 12% repayable 1981 354 442 (g) Offshore loan (US$2.5M) from the Export/Import Bank of the United States repayable annual instalments 10 November 1982. of America in 10 equal semi- commencing 7,330 Sub-total carried forward 11,763 7,515 2,819 4,648 24 NOTES ON THE ACCOUNTS (Cont'd) 9.
(Cont'd) Sub total brought forward 11,763 GROUP COMPANY 1981 1980 1981 1980 $000 $000 $000 $000 7,515 2,819 4,646 (h) Offshore loan (US$2.631M) the Caribbean Development repayable instalments 1985. commencing from Bank 15 June in 22 equal semi.annual 7,944 (i) Offshore loan (US $0.82M) from Bank Development in 18 equal semi·annual commencing 15 April the Caribbean repayable instalments 1983.

1,686 (j) Offshore from loan (Can.


$0.552M) Corporation in 10 equal semi.annual Export Development repayable instalments 1982. commencing 30 June 1,414 1,414 (k) Offshore Canadian ment Agency repayable equal annual instalments mencing in 1983. loan (Can.

$0.7M) from Develop· International in 5 com· 1,793 1,793 (1) Finance of Capital Goods from Lloyds Bank Ltd. through GNCB repayable instalments 1982. in 6 semi·annual April commencing 335 (m) Local loan from Barclays Bank Int.
Ltd. at interest rate of 13.5% per annum and principal repayable 1982. in 4 years commencing 1,145 (n) Local loan from Royal Bank of rate of 13.5 Canada at interest per annum and principal repayable 1982.

% in 4 years commencing 1,500 (o) Local loan from GNCB Trust Corporation rate of at interest 14% per annum and principal repayable 1983. in 6 years commencing 3,000 3,000 Sub.total carried forward 30,580 7,515 9,026 4,646 25 NOTES ON THE ACCOUNTS (Cont'd) 9.
(Cont'd) Sub-Total brought 1981 1980 1981 1980 $000 $000 $000 forward 30,580 7,515 9,026 4,64G $000 GROUP COMPANY (p) Local loan from Chase Manhattan rate of 13.5% per annum and principal repayable commencing 1983. in 6 years Bank with interest 2,000 2,000 32,580 7,515 11,026 4,646 Repayments due within 12 months classified liabilities as current 3,554 3,463 1,656 2,208 29,026 4,052 9,370 2,438 403 146 84 268 84 10.CAPITAL RESERVE At 1 January Transfer Less: Reduction from Revenue Reserve arising from increased interest minority Share premium (57) 46 At 31 December 403 403 B4 84 11.REVENUE RESERVE At 1 January to Capital Transfer Less: Reduction increased Reserves from arising minority 7,110 5,298 (268) interest (574) Retained profit for year 2,423 2,654 9,533 7,110 12.APPLICATION FOR SHARES cash deposited This sum represents for shares Packaging June 1980. applied Industries for in Seals and on 30 Limited 13.MINORITY INTEREST Share Capital Ordinary Reserves Dividend proposed 7,929 6,169 4,935 3,771 666 666 13,530 10,606 2 GUYANA LIQUOR CORPORATION LIMITED NOTES ON THE ACCOUNTS (Cont'd) GROUP COMPANY 1981 1980 1981 1980 $000 $000 $000 $000 14.INTEREST IN SUBSIDIARIES in subsidiaries Investment Ordinary Liquors $1 shares Limited held in Diamond shares 4,729,968 at cost Guyana Distilleries Limited of $1.35 shates at 1978 valuation 6,601,150 Distribution 10,000 shares Services at $1 at cost Limited Seals and Packaging Limited cost 5,000,000 Industries at $1 at shares Loans to subsidiaries Limited Diamond Liquors
 Limited Guyana Distilleries 2,600 2,600 8,912 8,912 10 10 5,000 16,522 11,522 5,193 2,784 833 1,337 22,548 15,643 In previous Interest account in Subsidiaries.
for this disclosure.

years there was no distinction of current accounts in disclosure The reported figures for 1980 have been restated of to 15.On 1 June 1981 the Guyana Dollar realigned or translation to a basket of Currencies, denominated of amounts which was aligned resulting to the US Dollar was in an increase of 18% upon conversion in Foreign Currencies after this date.

16.On 30 January 1981 shares applied were alloted.

Companies effective the Group's interest 72.3%.
for in Seals and Packaging Industries Limited within the Group were alloted 7,240,000 shares making 17.CAPITAL COMMITMENT Authorised and contracted for 1981 1980 1981 1980 $000 $000 1,104 25,686 $000 $000 Authorised but not contracted for 9,194 12,561 570 783 18.CONTINGENT LIABILITY Bonds in respect of duty on spirits and exportation warehoused of goods 3,199 2,599 Gua-antee other parties in respect of borrowing of 150 54 2,747 16 Bonds in respect of duty on goods imported under the Industries Aid and Encouragement Act Chapter 95:01 467 467 467 467 27 NOTES ON THE ACCOUNTS (Cont'd) 19.PARTICULARS OF SUBSIDIARIES Name of Company Registration Identity Country - Class of Shares held by the of held Incorporation Group of each Proportien issued of Shares Diamond Liquors Guyana Limited 4,729,968 shares of $1.00 each ordinary 55.6% Guyana Distilleries Guyana Limited 6,601,150 shares of $1.00 each ordinary 73.
3"/o Demerara Limited Distilleries Guyana ordinary 1,000,000 shares of $1.00 each held by Guyana Distilleries Limited 73.3% Demera1a Produc1S Limited Food Guyana 250,000 ordinary shares of $1.00 each being held in equal amounts by the above sub- sidiaries 64.5% Distribution Guyana Services Limited 10,000 ordinary 100% shares of $1.00 each.
Seals & Packaging Guyana Industries ltd. 7,240,000 ordinary shares at $1.00 each (see note 12) being held as follows: GLC 5,000,000 72.3% GDL 1,500,000 DLL 740,000 28 SIX YEAR HISTORY Sales 1976 $000 1977 $000 1978 1979 1980 1981 $000 $000 $000 $000 45,796 50,774 57,175 66,456 81,642 87,934 Profit Operating Interest Profit Taxation Tax A-ofit After Before Tax Employed Gross Assets Capital Siareholders' Employed Funds 31,123 20,168 10,229 38,555 23,973 12,397 48,475 57,730 70,152 104,112 27,023 30,377 36,503 67,009 14,058 16,871 18,940 21,363 % % Of iO % % % Profit Profit as % of Sales Operating Operating as% of Capital Employed Return on Gross Assets Return on Shareholders' 20.4 10.7 30.0 Funds 9.0 8.7 18.0 20.1 17.8 18.8 18.4 9.0 20.3 38.1 44.0 39.9 24.7 18.13 20.8 1a3 12.5 47.6-71.3 67.!l 61.1 C Funds per Share Shareholders' Earnings Dividend Per Share Cover (Times) 179.0 11.8 1.
7 217.0 11.1 1.4 1Z3.0 147.6 165.7 187.0 29.7 42.8 42.2 40.2 1.9 2.4 2.2 2.1 C C C C C