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Bowler Metcalf Limited - Audited Results For The 18 Months Ended 30 June 2004
BOWLER METCALF LIMITED
REG NO : 1972/005921/06
ALPHA CODE : BCF
ISIN CODE : ZAE000030797
AUDITED RESULTS FOR THE 18 MONTHS ENDED 30 JUNE 2004
R000"s 30/06/04 31/12/02
BALANCE SHEET
Property, plant & equipment 133,815 75,875
Goodwill 5,448 -
Associated Company - 2,939
Current Assets 85,944 40,446
Total Assets 225,207 119,260
Total Equity 137,658 101,856
Minority Interest 4,625 -
Deferred Tax 8,594 7,275
Long Term Liabilities 12,331 -
Current Liabilities 61,999 10,129
Tot. Equity & Liabilities 225,207 119,260
CHANGES IN EQUITY
Opening balance 101,856 80,490
Net profit 50,760 28,619
Dividends paid -15,118 -7,253
Shares issued 160 -
Total Equity 137,658 101,856
Stated Capital 11,025 10,865
Distributable Reserve 126,633 90,991
CASH FLOW
Operating Activities 52,593 29,804
Investing Activities -70,216 -18,483
Financing Activities 13,996 -217
Net Cash Flow -3,627 11,104
Opening balance 3,228 -7,876
Closing balance -399 3,228
01/01/03 01/01/02
To to
30/06/04 31/12/02
INCOME STATEMENT
Revenue 366,662 142,598
Other income 5,146 1,963
Operating costs -272,144 -95,329
Depreciation -21,963 -10,330
Net interest -1,114 -178
Net profit before tax 76,587 38,724
Income tax expense -24,795 -10,544
Net profit after tax 51,792 28,180
Assoc. Co. profit/(loss) -267 439
Minority interest -765 -
Atributable Profit 50,760 28,619
Earnings/share (cents) 58.50 32.95
Goodwill amortised 2.60 -
Profit on sale of assets (cents) -1.87 -
Headline earn/share (cents) 59.23 32.95
Dividends/share paid (cents) 17.40 8.35
Div/share proposed (cents) 17.80 9.80
Dividend cover (times) 3.33 3.36
Shares in issue (weighted avg. mil) 86.763 86.861
CHANGE OF YEAR END
The financial year end of the company and group has been changed to 30 June 2004
Consequently this report is for the eighteen month period 1 January 2003 to 30
June 2004.
DIVIDEND DECLARATION
A final dividend of 6.60c per share has been declared (30/06/03 : 4.30c) and is
payable to shareholders on Monday, 11 October 2004. The last day to trade will
be Friday, 1 October 2004. "Ex" dividend trading begins on Monday, 4 October 200
and the record date will be Friday, 8 October 2004. Share certificates
may not be dematerialised or re-materialised between Monday, 4
October 2004 and Friday, 8 October 2004, both days inclusive.
COMMENT
Increases of 157% and 78% in revenue and attributable profit respectively reflec
both the eighteen month accounting period and sound trading. Our vertical
intergration into the carbonated soft drink and cosmetic businesses is still in
it"s development stage, but gratifyingly returned a small profit. Continued
currency strength severely affected several export orientated customers and
rendered the entire industry vulnerable to cheap imports. Fortunately, lower
concomitant raw material prices allowed margins to be maintained. Having
weathered the worst, we do believe that this trend will not prevail indefinitely
Despite a 135% taxation increase, comparative attributable profits on a rolling
twelve month cycle were consistent with our ten year growth rate of circa 25%.
Given static selling prices, dictated by a lowly 1,9% Producer Price Index
increase environment, our performance is considered satisfactory. The 53%
increase in final dividend to 6.6c, measured on a 12 month basis, was achieved
while maintaining prudent cover.
To consolidate our industry leadership position, R44m was invested in new
plastic facilities and a further R21m on upgrading Quality Beverages.
Construction of a 7000m2 custom built cosmetic factory for Amcos Cosmetics
in Midrand has commenced. This anticipated R27m investment will first
impact the 2006 results.
The group will strive to grow our traditional plastic packaging business
while devoting the requisite energy and resources to make the recent
acquisitions significant contributors to future profitability.
Accounting policies are consistant with the previous reporting period and
conform to SA Statements of Generally Accepted Accounting Practice. An
unqualified audit report is available for inspection at the registered
office of the company.
H.W. SASS (Chairman)
M. BRAIN (Managing Director)
Cape Town, 13 September 2004
AUDITORS
Moores Rowland
Registered Auditors and Accountants
Chartered Accountants (SA)
27th Floor, 1 Thibault Square, Cape Town
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Limited
P O Box 61051, Marshalltown, 2107
SPONSOR
LPC Manhattan Sponsors (Pty) Limited
4th Floor, Hyde Park Corner, Jan Smuts Avenue, Hyde Park, 2196
Date: 14/09/2004 08:11:07 AM Supplied by www.sharenet.co.za
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