BOWLER METCALF LIMITED - UNAUDITED INTERIM RESULTS

BOWLER METCALF LIMITED - UNAUDITED INTERIM RESULTS                              
Bowler Metcalf Limited                                                          
REG NO : 1972/005921/06                                                         
JSE ALPHA CODE: BCF                                                             
ISIN CODE: ZAE000030797                                                         
ABRIDGED UNAUDITED RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2003                
R000"s                31/12/03  31/12/02                                        
BALANCE SHEET                                                                   
Fixed Assets                                                                    
                       111,046    75,875                                        
Goodwill                                                                        
3,964         -                                        

Associated Company                                                              
                             -     2,939                                        
Current Assets                                                                  
92,585    40,446                                        

Total Assets                     119,260                                        
                       207,595                                                  
Total Equity                     101,856                                        
125,448                                                  

Minority Interest                                                               
                         4,404         -                                        
Deferred Tax                                                                    
7,857     7,275                                        

Long Term                                                                       
Liabilities             11,763         -                                        
Current                                                                         
Liabilities             58,123    10,129                                        
Tot. Equity &                    119,260                                        
Liabilities            207,595                                                  
CHANGES IN EQUITY                                                               
Opening balance                                                                 
                       101,856    80,490                                        
Net profit                                                                      
                        32,512    28,619                                        
Dividends paid                         -                                        
                        -9,120     7,253                                        
Shares issued                                                                   
                           200         -                                        
Total Equity                     101,856                                        
                       125,448                                                  
Share Capital                                                                   
                        10,785    10,585                                        
Non. Dist. Reserve                                                              
                           280       280                                        
Distributable                                                                   
Reserve                114,383    90,991                                        
CASH FLOW                                                                       
Operating                                                                       
Activities              35,054    29,804                                        
Investing                              -                                        
Activities             -38,672    18,483                                        
Financing                              -                                        
Activities               2,786       217                                        
Net Cash Flow                                                                   
-832    11,104                                        

Opening balance                        -                                        
                         3,228     7,876                                        
Closing balance                                                                 
2,396     3,228                                        

                      01/01/03  01/01/02     %  01/07/03 01/07/02               
                            to        to              to       to               
                      31/12/03  31/12/02        31/12/03 31/12/02               
R000"s                                                                          
INCOME STATEMENT                                                                
Revenue                          142,598   +55                                  
                       220,641                   140,008   75,278               
Other income                                                                    
                         2,257     1,963           1,720    1,407               
Operating costs                        -               -        -               
                      -159,819    95,329         103,564   48,284               
Depreciation                           -               -        -               
                       -14,599    10,330           7,832    4,610               
Net interest                           -               -                        
                            38       178             462       63               
Net profit before                          +25                                  
tax                     48,518    38,724          29,870   23,854               
Income tax expense                     -               -        -               
                       -15,648    10,544           9,398    5,876               
Net profit after                           +17                                  
tax                     32,870    28,180          20,472   17,978               
Assoc. Co. Loss                                        -                        
                          -268       439             429      275               
Minority interest                                                               
                           -90         -             -90        -               
Atributable Profit                                                              
                        32,512    28,619          19,953   18,253               
Earnings/share (c)       37.42     32.95   +14                                  
                                                      23       21               
Headline                 37.42     32.95           22.97    21.01               
earn/share (c)                                                                  
Dividends/share          10.50      8.35   +26     10.50     3.60               
paid (c)                                                                        
Div/share proposed       11.20      9.80   +14      4.30     6.20               
(c)                                                                             
Dividend cover            3.34      3.36            5.34     3.39               
(times)                                                                         
Shares in issue         86,882    86,861          86,882   86,861               
(mil)                                                                           
CHANGE OF YEAR END                                                              
The financial year end of the company and group has been changed to 30 June     
2004. Consequently this report is a second interim report for the period 1 July 
to 31 December 2003.                                                            
DIVIDEND DECLARATION                                                            
A second interim dividend of 6.90c per share has been declared (2003 : 6.20c)   
and is payable to shareholders  on 15 March 2004. The last day to trade will be 
5 March 2004. "Ex" dividend trading begins on 8 March 2004 and the record date  
will be 12 March 2004. Share certificates may not be dematerialised or re-      
materialised between 8 March 2004 and 12 March 2004, both days inclusive.       
COMMENT                                                                         
The 2003 year was pivotal in the development of the Bowler Metcalf group. Our   
traditional packaging business was grown, and our stake in Quality Beverages    
(Pty) Ltd was increased, thereby improving our foothold in the bottled beverage 
market.A strategic stake was acquired in Amcos Cosmetics International (Pty)    
Ltd. This will facilitate our entry into the contract filling of toiletries and 
cosmetics and more particularly, improve our competitiveness in the             
international packaged goods arena. Our year-end was changed to June to         
accommodate the new group structure.                                            
The 55% revenue increase was primarily due to acquisitions. Traditional         
business increased by 9%, considered healthy, given that the deflationary       
effects of the PPI caused a net effective selling price decrease. Currency      
strength dented export volumes, but the concomitant reduction in raw material   
prices ensured that margins were maintained and a 25% increase in pre-tax       
profitwas recorded. Tax paid increased by 48%, reducing after tax profit growth 
to 17%.                                                                         
Quality Beverages undertook a R16m factory relocation, inclusive of new         
processing equipment, in the last quarter. Significant teething problems        
occurred in the critical high volume months to year-end and the resultant out   
of stock situation caused a loss to be incurred. The complete re-engineering of 
the company bodes well for the return to profitability in 2004 and beyond.      
Amcos returned a small profit. Time and energy will be devoted to it during the 
course of 2004 with a view to building it into a significant contributor.       
This report has been prepared in conformity with South African Statements of    
Generally Accepted Accounting Practice and on a basis consistent with the       
previous year.                                                                  
H.W. SASS                               M. BRAIN                                
Chairman                                Managing Director                       
Cape Town                                                                       
12 February 2004                                                                
Date: 16/02/2004 05:45:05 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department