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Bowler Metcalf Limited
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2001
2001 2000 Change
R000's R000's %
BALANCE SHEET
Shareholders' Equity 80,490 64,128
Deferred Tax 5,019 4,549
Long Term Liabilities 217 447
Current liabilities 16,797 7,858
Total Capital & Reserves 102,523 76,982
Fixed Assets 70,222 50,123
Current assets 32,301 26,859
Total Assets 102,523 76,982
INCOME STATEMENT
Revenue 113,630 91,961 +24
Other operating income 3,459 2,695
Operating expenses (78,952) (64,436)
Depreciation (8,237) (7,328)
Interest and fin. Charges 247 (89)
Profit before tax 30,147 22,803 +32
Income tax expense (7,878) (6,878)
Profit for the year 22,269 15,925 +40
No of Shares (millions) 86,861 86,861
Earnings/share (cents) 25.64 18.33 +40
Headline earnings/share (cents) 25.64 18.33 +40
Dividends/share (cents) 7.75 6.10 +27
Dividends paid/share (cents) 6.80 5.25 +30
CHANGES IN EQUITY
Opening balance 52,841 41,476
Net profit 22,269 15,925
Dividends paid (5,907) (4,560)
Distributable reserve 69,203 52,841
Share capital 10,585 10,585
Non-distributable reserve 702 702
Total Equity 80,490 64,128
CASH FLOW STATEMENT
Operating activities 17,667 7,791
Investing activities (28,179) (9,817)
Financing activities (230) (4,219)
Net cash flow (10,742) 3,755
Opening balance 2,866 (889)
Closing balance (7,876) 2,866
COMMENT
Strong trading was experienced despite a national overall economic growth
rate of less than 3% and zero increase in non-durable expenditure. Growth in
revenue came partly from increased market share and partly from greater
sales to core customers. Polarization of the plastic packaging industry
continued with two more liquidations reducing the number of serious
competitors to six.
All five operating divisions performed on budget with revenue increasing by
24% to R114m. Capital expenditure of R28,3m was paid out of cash flow and
own resources and a further R17m expenditure is earmarked for 2002. Tax
concessions reduced effective rate to 26%. The 40% increase in bottom-line
earnings to R22,3m is considered satisfactory.
Exceptional exchange rate driven raw material hikes at year end will be
recovered in the first quarter of 2002.
The deterioration of the rand is viewed positively, as recently the company
has invested heavily in new equipment. Selling prices and therefore margins
will inevitably rise. Significant financial barriers to entry will also
inhibit new ventures. Lastly, South Africa has a realistic chance of
entering the global procurement arena, via both multinational companies and
direct South African exporters.
The company has entered into a joint venture agreement with Quality
Beverages 2000 (Pty) Ltd to erect a carbonated soft drink bottling plant in
the Western Cape, with further expansion to Gauteng planned for 2003. This
venture should add 1.25 cents per share to earnings in the year end December
2003.
The board of directors have declared a final dividend of 4.75 cents per
share payable to shareholders on 8 April 2002. Last day to trade "Cum"
dividend will be 27 March 2002. "Ex" dividend trade commences on 28 March
2002 and the record date will be 5 April 2002. Declared dividends for the
full year amount to 7,75 cents per share (2000 - 6,1 cents), giving a
dividend cover of 3,3 times.
Share certificates may not be dematerialised or re-materialised from 20
March 2002 to 5 April 2002, both days inclusive.
H.W. Sass (Chairman)
Cape Town, 22 Feb 2002
REG NO : 1972/005921/06
ALPHA CODE : BCF
ISIN CODE : ZAE000030797
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