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Bowler Metcalf Limited
Registration 1972/05921/6
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2000
Headline Earnings +27.6% 10 Year EPS growth rate +31.1%
Dividends +27.1% Revenue +25.1%
BALANCE SHEET
2000 1999 Change
R000's R000's %
Capital 10,585 10,585 -
Reserves 53,138 42,178 -
Shareholder's Equity 63,723 52,763
Deferred Tax 4,549 2,832
Long Term Liabilities 447 4,666
Current Liabilities 8,263 8,843
Total Capital & Reserves 76,982 69,104
Fixed Assets 50,123 47,641
Current Assets 26,859 21,463
Total Assets 76,982 69,104
INCOME STATEMENT
Revenue 91,961 73,489 +25.1
Other operating income 2,695 2,408
Operating expenses (64,435) (51,513)
Depreciation (7,328) (5,752)
Interest and fin. charges (89) (1,254)
Profit before tax 22,804 17,378 +31.2
Income tax expenses (6,879) 4,251)
Profit for the year 15,925 13,127 +21.3
No. of shares 86,861 m 86,861 m
Earnings / share 18,33 c 15,11 c +21.3
Headline earnings / share 18.33 c 14.36 c +27.6
Dividends / share 6.10 c 4.80 c +27.1
Dividends paid / share 4.80 c 4.00 c +20.0
COMMENT
2000 produced another "no nonsense" performance, which was particularly
gratifying considering the poor results of some companies trading in the
non-durable market. Vision, stringent attention to detail and an austere
culture has again rewarded us with a 27,6% increase in headline earnings and a
25,1% increase in revenue to R92m. Cash of R27m was generated and all
long-term debt repaid, dropping interest by 65% to R0,46m, and reducing gearing
to zero. Operating margins and return on shareholders funds were steady at 23%
and 25% respectively.
Closer ties with major customers were forged as we grew market share. Bowler
PET and SKS Plastics performed strongly, and the former will move to a new
custom-built factory in Cape Town in June 2001. To accommodate growth for both
SKS Plastics and Bowler PET in Gauteng, we will be adding to the Johannesburg
factory. Capex of R18m is budgeted, with R12m earmarked for the upgrade of our
tube manufacturing facilities, which is already world competitive. Global
sourcing is viewed positively. As partners to multinationals, we plan to
exploit our cost and quality advantages to maximise exports, with the effect
being felt in the 2002 year.
With a full order book, a satisfied customer base and sixteen year of unbroken
growth achieved in the toughest business environment ever, it is difficult not
be bullish. While being reluctant to change our conservative predictions,
Metcalf is in excellent shape and we have an outstanding team ready to take us
to the next level.
The board of director have declared a final dividend of 3.80 cents per share
payable to shareholders, of both ordinary and "N" ordinary shares, registered
in the books of the company at the close of business on Friday, 30 March 2001
for payment on 19 April 2001.
Cape Town
28 February 2001
H W Sass (Chairman)
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