Bowler Metcalf Limited - Abridged Unaudited Results For The 6 Months Ended 31

Bowler Metcalf Limited - Abridged Unaudited Results For The 6 Months Ended 31   
December 2004                                                                   
BOWLER METCALF LIMITED                                                          
(Registration number 1972/005921/06)                                            
Share code: BCF     ISIN: ZAE000030797                                          
Revenue             + 23%                                                       
Headline Earnings   + 14%                                                       
Proposed Dividends  + 13%                                                       
Net Asset Value     +24%                                                        
ABRIDGED UNAUDITED RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2004              
Rmil                       31/12/2004    31/12/2003    30/06/2004               
BALANCE SHEET                                                                   
Property, plant and        139.9         111.0         133.8                    
equipment                                                                       
Goodwill                   5.1           4.0           5.5                      
Current assets             122.2         92.6          85.9                     
Total assets               267.2         207.6         225.2                    
Total Equity               154.4         125.4         137.7                    
Minority interest          6.6           4.4           4.6                      
Deferred tax               8.0           7.9           8.6                      
Long term liabilities      12.3          11.8          12.3                     
Current liabilities        85.9          58.1          62.0                     
Total equity and           267.2         207.6         225.2                    
liabilities                                                                     
CHANGES IN EQUITY                                                               
Opening balance            137.7         109.0         101.9                    
Net profit                 22.4          19.9          50.7                     
Dividends paid             -5.7          -3.7          -15.1                    
Shares issued              -             0.2           0.2                      
Total Equity               154.4         125.4         137.7                    
Share capital              11.0          11.1          11.0                     
Distributable reserve      143.4         116.8         126.7                    
CASH FLOW                                                                       
Operating activities       -4.3          35.0          52.6                     
Investing activities       -15.9         -38.6         -72.1                    
Financing activities       -             2.8           15.9                     
Net cash flow              -20.2         -0.8          -3.6                     
Opening balance            -0.4          3.2           3.2                      
Closing balance            -20.6         2.4           -0.4                     
INCOME STATEMENT                                                                
Revenue                    172.5         140.0         366.7                    
Other income               2.0           1.7           5.1                      
Operating costs            -127.6        -103.6        -272.1                   
Depreciation               -9.8          -7.8          -22.0                    
Net interest               -1.1          -0.5          -1.1                     
Net profit before tax      36.0          29.8          76.6                     
Income tax expense         -11.6         -9.4          -24.8                    
Net profit after tax       24.4          20.4          51.8                     
Associated Company loss    -             -0.4          -0.3                     
Minority interest          -2.0          -0.1          -0.8                     
Net profit                 22.4          19.9          50.7                     
EARNINGS PER SHARE                                                              
Earnings (cents)           25.81         22.9          58.44                    
Goodwill amortised         0.35          -             2.6                      
(cents)                                                                         
Sale of assets (cents)     -             -             -1.87                    
Headline earnings (cents)  26.16         22.9          59.17                    
Dividend per share paid    6.6           4.3           17.4                     
(cents)                                                                         
Dividend per share         7.8           6.9           17.8                     
proposed (cents)                                                                
Dividend cover (times)     3.35          3.32          3.32                     
Shares in issue (million)  86.794        86.882        86.763                   
COMPARATIVES                                                                    
Comparative figures are for the eighteen month period 1 January 2003 to 30 June 
2004.                                                                           
DIVIDEND DECLARATION                                                            
A final dividend of 7.80c per share has been declared (31/12/03 : 6.90c) and is 
payable to shareholders on Monday, 11 April 2005.  The last day to trade will be
Friday, 1 April 2005. "Ex" dividend trading begins on Monday, 4 April 2005 and  
the record date will be Friday, 8 April 2005. Share certificates may not be     
dematerialised or re-materialised between Monday, 4 April 2005 and Friday, 8    
April 2005, both days inclusive.                                                
COMMENT                                                                         
The group revenue increase of 23.2% was encouraging, considering that Amcos     
Cosmetics dropped by 42%. Packaging revenue registered a 25% gain, but the      
translation to bottom-line was muted by unprecedented increases in raw material 
prices (average 30%) which were only partially recovered. A reversal of this    
trend has occurred in 2005. Capitalizing on currency strength, R39m of new      
equipment was purchased over the last year for cash, resulting in the           
depreciation expense increasing by 24% to R9.7m and a loss of interest income,  
further eroding operating margins in the short term.                            
The 2003/4 reengineering at Quality Beverages bore fruit and the company traded 
strongly turning the previous loss into a R4m profit. The carbonated soft drink 
market has maintained an encouraging growth as higher levels of disposable      
income are available to abroader band of the population.                        
Amcos Cosmetics is currently in an intense restructuring phase with the         
completion of a new 7500m2 production facility in Midrand scheduled for April   
2005. The half year loss of R600 000 was budgeted for and I do not anticipate   
that the full year will show a profit. The benefits of the changes will however 
be felt in the second half of 2005 and thereafter. Despite Rand strength, some  
encouraging high value added exports have been forthcoming from Amcos Cosmetics.
The group remains well positioned to meet the opportunities of the future.      
H.W. SASS (Chairman)                                                            
M. BRAIN (Managing Director)                                                    
Cape Town, 25 February 2005                                                     
AUDITORS                                                                        
Moores Rowland                                                                  
Registered Auditors and Accountants                                             
Chartered Accountants (SA)                                                      
27th Floor, 1 Thibault Square, Cape Town, 8001                                  
TRANSFER SECRETARIES                                                            
Computershare Investor Services 2004 (Pty) Ltd                                  
P.O. Box 61051, Marshalltown, 2107                                              
SPONSOR                                                                         
LPC Manhattan Sponsors (Pty) Ltd                                                
4th Floor, Hyde Park Corner                                                     
Jan Smuts Avenue, Hyde Park, Johannesburg, 2196                                 
Date: 28/02/2005 04:00:08 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department