To view the PDF file, sign up for a MySharenet subscription.

Bowler Metcalf Limited - Audited results for the year ended 30 June 2005

Release Date: 12/09/2005 07:05
Code(s): BCF
Wrap Text

Bowler Metcalf Limited - Audited results for the year ended 30 June 2005 Bowler Metcalf Limited Reg No: 1972/005921/06 Alpha Code: BCF ISIN Code: ZAE000030797 AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2005 R000"s 30/06/05 30/06/04 BALANCE SHEET Property, plant & equipment 164,357 133,815 Goodwill 4,840 5,448 Current Assets 114,573 85,944 Total Assets 283,770 225,207 Total Equity 168,867 137,658 Minority Interest 8,849 4,625 Deferred Tax 12,959 8,594 Long Term Liabilities 10,297 12,331 Current Liabilities 82,798 61,999 Total Equity & Liabilities 283,770 225,207 CHANGES IN EQUITY Opening balance 137,658 101,856 Net profit 43,725 50,760 Dividends paid -12,516 -15,118 Shares issued - 160 Total Equity 168,867 137,658 Stated Capital 11,025 11,025 Distributable Reserve 157,842 126,633 CASH FLOW Operating Activities 23,018 52,593 Investing Activities -49,822 -70,216 Financing Activities -11,360 13,996 Net Cash Flow -38,164 -3,627 Opening balance -399 3,228 Closing balance -38,563 -399 Audited Pro-forma Audited 12 Months 12 Months 8 Months 1/07/04 - 1/07/03 - % 1/01/03 -
R000"s 30/06/05 30/06/04 Change 30/06/04 INCOME STATEMENT Revenue 352,482 286,029 + 23 366,662 Other income 6,869 4,609 5,146 Operating costs -266,938 -215,888 -272,144 Depreciation -19,683 -15,196 -21,963 Net finance costs -3,149 -1,615 -1,114 Net profit before tax 69,581 57,939 + 20 76,587 Income tax expense -21,632 -18,545 + 17 -24,795 Net profit after tax 47,949 39,394 + 22 51,792 Assoc. Co. profit/(loss) - -428 -267 Minority interest -4,224 -765 -765 Attributable Profit 43,725 38,201 + 14 50,760 Dividends/share paid (c) 14.40 11.20 17.40 Div/share proposed (cents) 15.40 13.50 + 14 17.80 Dividend cover (times) 3.29 3.30 3.33 Shares in issue (weighted avg. mil) 86.793 86.793 86.763 EARNINGS/SHARE (cents) 50.38 44.01 58.50 Goodwill amortised (cents) 0.70 2.38 2.60 Profit on sale of assets(c)-0.46 -1.87 -1.87 HEADLINE EARNINGS/SHARE (c)50.62 44.52 + 14 59.23 COMPARATIVES The audited figures for the different periods are not comparable because of a change of year end in the previous period. Pro-forma 12 month figures to June 2004, computed by subtracting the interim figures to June 2003 from the audited 18 month figures to June 2004, are included for comparative purposes only and are the responsibility of the directors. The pro-forma figures have been reviewed by our auditors who report that they conform to the above basis of computation, are consistent with the company"s accounting policies and are appropriate to a more meaningful understanding of the audited results. The review opinion is available for inspection at the company"s registered office. COMMENT Viewed against the previous 12 months, our 23% increase in revenue and 14% in earnings per share accurately reflect the strategic plans of the group. Bowler Plastics increased revenue by 21% and continued to perform positively despite the combined effect of high raw material prices, increased transport costs and the strong resistance by the market to accept any selling price increases. Capital expenditure of R30m and considerable effort were assigned to Quality Beverages and Amcos Cosmetics in order to improve the overall customer service offering. Quality Beverages delivered robust results while Amcos turned the half year loss into a breakeven situation as predicted. Concomitant with our R51m capital expenditure in this growth period, earnings per share were further dented by a 30% increase in depreciation charges, a 20% increase in finance costs, and a 17% increase in taxation costs. Capital expenditure for the 2006 year will be below R35m. The new 7500m2 Amcos factory became operational in June and is already running at a high capacity. Quality Beverages is increasing their footprint in the Gauteng area while initiating a pilot foray into the Eastern Cape. Bowler Plastics will be expanding their PET facility in Johannesburg during 2006. All divisions of the Group are well positioned for the opportunities in the forthcoming year. Accounting policies are consistent 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. M. BRAIN (Managing Director) H.W. SASS (Chairman) Cape Town, 9 September 2004 TRANSFER SECRETARIES Computershare Investor Services 2004 (Pty) Ltd P.O. Box 61051, Marshalltown, 2107 SPONSOR LPC Manhattan Sponsors Moela (Pty) Ltd 4th Flr, Hyde Park Corner, Jan Smuts Avenue, Hyde Park, 2196 AUDITORS Moores Rowland Registered Auditors and Accountants Chartered Accountants (SA) 27th Floor, 1 Thibault Square, Cape Town, 8001 Date: 12/09/2005 07:05:29 AM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

Share This Story