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Bowler Metcalf Limited
Co. Reg. No. 1972/005921/06
UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2001
30/06/01 30/06/00 Change 31/12/00
R000's R000's % R000's
INCOME STATEMENT
Revenue 55,703 43,695 +27 91,961
Other income 347 2,695
Operating costs (39,637) (30,420) +30 (65,007)
Depreciation (4,077) (3,887) +5 (7,328)
Net interest received 268 173 483
Net profit before tax 12,604 9,561 +32 22,804
Income tax expense (4,170) (3,168) (6,878)
Net profit 8,434 6,393 +32 15,926
Earnings/share (cents) 9.71 7.36 +32 18.34
Dividend/share (cents) 3.80 2.95 +29 5.25
Dividend Cover 2.56 2.50 3.49
Shares in issue ('000) 86,861 86,861 86,861
BALANCE SHEET
Fixed Assets 59,449 47,831 50,123
Current Assets 35,256 25,585 26,859
Total Assets 94,705 73,416 76,982
Total Equity 69,262 56,594 64,128
Deferred Tax 4,821 3,305 4,549
Long Term Liabilities 447 2,714 447
Current Liabilities 20,175 10,803 7,858
Tot. Equity &
Liabilities 94,705 73,416 76,982
CHANGES IN EQUITY
Opening balance 52,841 41,476 41,476
Net profit 8,434 6,393 15,926
Dividends paid (3,300) (2,562) (4,561)
Distributable Reserve 57,975 45,307 52,841
Share Capital 10,585 10,585 10,585
Non. Dist. Reserve 702 702 702
Total Equity 69,262 56,594 64,128
CASH FLOW
Operating Activities 14,851 10,596 17,791
Investing Activities (13,402) (4,077) (9,817)
Financing Activities (335) (1,952) (4,219)
Net Cash Flow 1,114 4,567 3,755
Opening balance 2,866 (889) (889)
Closing balance 3,980 3,678 2,866
COMMENT
With great pleasure I present to shareholders another excellent six months of
trading. The interim revenue growth of 27% to R55,7m came from a combination of
exports, economic growth, implementation of new technologies and the demise of
competitors. Our 32% rise in net profits is consistent with improved economies
from increased plant utilization.
The well worn "effects of cell phones and gambling on the economy" are now full
discounted and I believe this six months has shown an upturn in both private
consumption and non-durable expenditure. Raw material price increases have
peaked in the second quarter and the industry can expect level prices to the
year end.
The N share structure was collapsed in May and the company is now dematerialise
with a single class of share. The plastic packaging market in RSA continues to
polarise, with another three competitors liquidating in the last six months.
This is good for our industry, as it has long been harmed by reckless pricing.
It is probable that the future will support only five or six main players.
All divisions are on budget and indications to year end are positive. In August
we move into our new PET factory in Cape Town and into our Johannesburg
extension. Capital expenditure to year end of R12.8m has been committed for new
equipment.
I thank our customers for their continued support and congratulate our staff on
a job well done, undoubtedly worth a small ripple of applause.
DIVIDEND DECLARATION
An interim dividend of 3.00c per share has been declared (2000 : 2.30c) and is
payable to shareholders on 27 August 2001. The last day to trade "Cum" the
dividend will be Friday, 17 August 2001. "Ex" dividend trading begins on Monday
20 August 2001 and the record date will be Friday, 24 August 2001.
H W SASS
Chairman
M BRAIN
Managing Director
Cape Town
30 July 2001
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