BOWLER METCALF LIMITED-INTERIM REPORT

BOWLER METCALF LIMITED-INTERIM REPORT                                           
Bowler Metcalf Limited                                                          
ABRIDGED UNAUDITED  RESULTS  FOR  THE  HALF YEAR  ENDED  30                     
JUNE  2002                                                                      
                                                          Audited               
                                                 Change                         
                               R000`s  R000`s    %       R000`s                 
INCOME STATEMENT                                                                
Revenue                        67,320  55,703   +21     113,630                 
Other income                      556     347             3,459                 
Operating costs               (47,045 (39,637          (78,952)                 
)       )                                   

Depreciation                  (5,720) (4,077)           (8,237)                 
Net interest                    (241)     268               247                 
Net profit before tax          14,870  12,604   +18      30,147                 
Income tax expense            (4,668) (4,170)           (7,878)                 
Net profit after tax           10,202   8,434   +21      22,269                 
Assoc. Co. Income                 164                                           
Atributable Profit             10,366   8,434            22,269                 
Earnings/share (cents)          11.93    9.71   +23       25.64                 
Headline Earn./share (cents)    11.93    9.71             25.64                 
Dividend/share paid (cents)      4.75    3.80              6.80                 
Dividend/share proposed          3.60    3.00              7.75                 
(cents)                                                                         
Dividend Cover (times)           3.32    3.24              3.31                 
Shares in issue (mil)          86,861  86,861            86,861                 
BALANCE SHEET                                                                   
Fixed Assets                   73,036  59,449            70,222                 
Associated Company              2,664                                           
Current Assets                 39,910  35,256            32,301                 
Total Assets                  115,610  94,705           102,523                 
Total Equity                   86,730  69,262            80,490                 
Deferred Tax                    4,896   4,821             5,019                 
Long Term Liabilities                      447               217                
Current Liabilities            23,984  20,175            16,797                 
Tot. Equity & Liabilities     115,610  94,705           102,523                 
CHANGES IN EQUITY                                                               
Opening balance                69,203  52,841            52,841                 
Net profit                     10,366   8,434            22,269                 
Dividends paid                (4,126) (3,300)           (5,907)                 
Distributable Reserve          75,443  57,975            69,203                 
Share Capital                  10,585  10,585            10,585                 
Non. Dist. Reserve                702     702               702                 
Total Equity                   86,730  69,262            80,490                 
CASH FLOW                                                                       
Operating Activities           13,502  14,516            17,667                 
Investing Activities          (11,034 (13,402          (28,179)                 
)       )                                   

Financing Activities            (217)                      (230)                
Net Cash Flow                   2,251   1,114          (10,742)                 
Opening balance               (7,876)   2,866             2,866                 
Closing balance               (5,625)   3,980           (7,876)                 
ACCOUNTING POLICIES                                                             
This interim report has been prepared in conformity with South African          
Statements of Generally Accepted Accounting                                     
Practice and on a basis consistant with the                                     
previous year                                                                   
COMMENT                                                                         
Our 21% increase in interim revenue to R67,3m is consistent with our five       
year compounded growth rate of 20%.                                             
Operating margins came under pressure due to the decimating effect of the       
decline in the rand. This led to                                                
unprecedented raw material price increases and substantial increases also       
occurred in the cost of purchasing and                                          
servicing our capital equipment. The 18% increase in pre-tax earnings is        
lower than would have been expected given                                       
the increased revenue, but acceptable considering the business                  
environment. Selling prices have been adjusted upwards                          
from the 1st of June 2002 to compensate for the cost increases and we           
believe that the second half will prove more                                    
satisfactory.                                                                   
Capital equipment to the value of R8,5m was purchased and a further amount      
of R9m has been authorised for the                                              
second half year. Forward cover minimized exchange rate losses. Additional      
factory premises has been purchased to                                          
provide for growth in Cape Town. Plans have been finalized for our Cape         
Town carbonated soft drink bottling plant and                                   
we anticipate commencing building prior to year end. We will be                 
investigating further property acquisitions in Gauteng,                         
both for natural expansion and for possibly housing a further carbonated        
soft drink bottling facility, depending on viability.                           
As a company primarily servicing the FMCG market, we have made                  
representations to the JSE Securities Exchange S.A.                             
to be reclassified out of the Chemical Sector as this is                        
clearly not representative.                                                     
DIVIDEND DECLARATION                                                            
An interim dividend of 3.60c per share has been declared (2001 : 3.00c)         
and is payable to shareholders  on Monday,                                      
26 August 2002.                                                                 
The last day to trade "Cum" the dividend will be Friday, 16 August 2002.        
"Ex" dividend trading begins on Monday,                                         
19 August 2002 and the record date will be Friday, 23 August 2002. Share        
certificates may not be dematerialised or                                       
re-materialised between Monday, 19 August 2002 and Friday, 23 August 2002,      
both days inclusive.                                                            
H.W. SASS (Chairman)                                                            
Cape Town, 31 July 2002                                                         
REGISTERED OFFICE                                                               
Harris Drive, Ottery,                                                           
CapeTown, 7800                                                                  
P.O. Box 92, Ottery, 7808                                                       
TRANSFER SECRETARIES                                                            
Computershare Investor Services                                                 
Limited                                                                         
11 Diagonal Street,                                                             
Johannesburg, 2001                                                              
Company Registration Number                                                     
1972/005921/06                                                                  
ISIN Code  ZAE000030797                                                         
Short Name  Bowcalf                                                             
Share Code  BCF                                                                 
Date: 30/07/2002 05:30:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department