Bowler Metcalf Limited-Audited Results

Bowler Metcalf Limited-Audited Results                                          
Bowler Metcalf Limited                                                          
(REG NO :  1972/005921/06)                                                      
ALPHA CODE : BCF                                                                
ISIN CODE : ZAE000030797                                                        
UNQUALIFIED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002                 
HEADLINE EARNINGS        +29%           10 YEAR EPS GROWTH RATE       +27%      
DIVIDENDS                +27%           REVENUE                       +26%      
                                2002            2001            Change          
                                R000`s          R000`s          %               
BALANCE SHEET                                                                   
Shareholders` Equity            101,856         80,490                          
Deferred Tax                    7,275           5,019                           
Long Term Liabilities           -               217                             
Current liabilities             10,129          16,797                          
Total Capital & Reserves        119,260         102,523                         
Fixed Assets                    75,875          70,222                          
Associated company              2,939            -                              
Current assets                  40,446          32,301                          
Total Assets                        119,260     102,523                         
INCOME STATEMENT                                                                
Revenue                         142,598          113,630        +26             
Other operating income          1,963            3,459                          
Operating expenses              (95,329)         (78,952)                       
Depreciation                    (10,330)         (8,237)                        
Interest and fin. Charges       (178)            247                            
Profit before tax                                               +29             
38,724          30,147                            

Income tax expense                                                              
                              (10,544)        (7,878)                           
Associated co. income                                                           
439             -                                 

Profit for the year                                             +29             
                              28,619          22,269                            
No of Shares                    86,861       m   86,861      m                  
Earnings/share                  32.95        c   25.64       c   +29            
Headline earnings/share         32.95        c   25.64       c   +29            
Dividends/share                 9.80         c   7.75        c   +27            
Dividends paid/share            8.35         c   6.80        c   +23            
CHANGES IN EQUITY                                                               
Opening balance                 69,625           53,263                         
Net profit                      28,619           22,269                         
Dividends paid                  (7,253)          (5,907)                        
Distributable reserve           90,991           69,625                         
Share capital                   10,585           10,585                         
Non-distributable reserve       280              280                            
Total Equity                    101,856          80,490                         
CASH FLOW STATEMENT                                                             
Operating activities            29,804           17,667                         
Investing activities            (18,483)         (28,179)                       
Financing activities            (217)            (230)                          
Net cash flow                   11,104           (10,742)                       
Opening balance                 (7,876)          2,866                          
Closing balance                 3,228            (7,876)                        
COMMENT                                                                         
The 1.9% increase in non-durable expenditure, spurred by a 4.7% increase in     
total retail sales, was the strongest since 1997, helping Bowler to increase    
revenue by 26%. After provision for inflation, this represents a real growth    
rate of some 14%, much of which came from an increased market share. Our 29%    
rise in profit is satisfactory, considering the inhibiting effects of an        
extraordinary exchange rate driven raw material price hike and an exceptional   
12% increase in the cost of labour. Selling price increases in the second       
half year reduced the pressure on margins and recoveries were made.             
Accounting policies are consistent with 2001 and conform to SA Statements of    
Generally Accepted Accounting Practice. Cash of R37m was generated from         
trading operations, of which R16m was spent on capital equipment. A nominal     
exchange rate loss of R267 000 was made, as the exchange rate variations        
proved impossible to predict. Planned capital expenditure for 2003 is R29m,     
which will be spent on both equipment and buildings. Gearing is zero, long-     
term liabilities are zero and the current ratio is 4.                           
Exchange rate driven export opportunities have presented themselves and we      
have successfully completed a small foray into this market. Expansion into      
the carbonated soft drink market has similarly been successful. Seasonal        
pressures forced us to delay the carbonated soft drink bottling plant and       
this is now planned for 2003. Continued polarization within the plastic         
packaging industry has resulted in the company being well positioned to         
continue profitably in the coming year.                                         
The unqualified audit report is available for inspection at the registered      
office of the Company.                                                          
DIVIDEND DECLARATION                                                            
The board of directors have declared a final dividend of 6.20 cents per share   
payable to shareholders on 14 April 2003. Last day to trade "Cum" dividend      
will be 4 April 2003. "Ex" dividend trade commences on 7 April 2003 and the     
record date will be 11 April 2003. Declared dividends for the full year         
amount to 9.80 cents per share (2001 - 7.75 cents), giving a dividend cover     
of 3,36 times. Share certificates may not be dematerialised or re-              
materialised from 7 April 2003 to 11 April 2003, both days inclusive.           
H.W. Sass (Chairman)               Cape Town                                    
M. Brain (Managing Director)       25 February 2003                             
Date: 25/02/2003 05:16:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department