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BCF - Bowler Metcalf - Provisional audited results for the year ended 30 June 2007 BOWLER METCALF LIMITED CONDENSED UNAUDITED INTERIM RESULTS Bowler Metcalf Limited REG NO : 1972/005921/06 ALPHA CODE : BCF ISIN CODE : ZAE000030800 Revenue + 7% Adjusted Headline Earnings + 9% PROVISIONAL AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2007 Rmil 30 June % 30 June 2007 change 2006 BALANCE SHEET Property, plant and equipment 175.8 181.4 Deferred tax 0.5 1.5 Goodwill 11.6 5.4 Current assets 168.2 130.7 Non-current classified as held 16.0 - for sale TOTAL ASSETS 372.1 +17 319.0
Total equity 248.3 209.9 Deferred tax 18.8 16.7 Long term liabilities 17.8 11.8 Current liabilities 85.8 80.6 Liabilities directly 1.4 - associated with non-current assets classified as held for sale TOTAL EQUITY & LIABILITIES 372.1 319.0 CHANGES IN EQUITY Opening balance 201.4 169.5 Share issue 10.5 - Net profit 46.8 46.1 Dividends paid -15.2 -14.2 Closing balance 243.5 201.4 Minority interest 4.8 8.5 Total equity 248.3 209.9 Share capital 21.5 11.0 Retained earnings 222.0 190.3 Minority interest 4.8 8.6 CASH FLOW Operating activities 42.4 46.0 Investing activities -39.5 -41.3 Financing activities 12.6 4.7 Net cash flow 15.5 9.4 Opening balance -29.2 -38.6 Closing balance -13.7 -29.2 INCOME STATEMENT Revenue 427.2 +7 401.1 Other income 2.1 4.7 Operating costs -321.7 -308.4 Depreciation =32.9 24.7 Net interest -6.0 -4.6 Net profit before tax 68.7 68.1 Income tax expense -21.3 -21.7 Net profit after tax 47.4 46.4 Minority interest -0.6 -0.3 Attributable to parent 46.8 46.1 EARNINGS PER SHARE Earnings (cents) 53.42 53.08 Sale of assets -0.17 -0.39 Headline earnings (cents) 53.25 +1 52.69 Losses arising from export - 0.87 claims Losses arising from disposal 5.95 0.69 group Adjusted headline earnings 59.20 +9 54.25 (cents) ADDITIONAL INFORMATION Div/share paid (cents) 17.25 16.40 Dividend cover (times) 3.43 3.1 Shares in issue (millions) 87.537 86.794 COMMENT The Group`s continuing operations, consisting of packaging, beverages and property, turned the first half EPS decrease f 2% into a full year increase of 9%. The comparative EPS growth for the second half was 22.5%. Amcos was disposed of on 1 July 2007 because cash and manpower it needed to operate profitably could be better utilized elsewhere in the Group. It was sold for net asset value and the attributable trading loss of R5.2m was taken against Group income for the year. The Amcos land and buildings remain within the Group at a book value of R19m versus a market value of R37m, leaving an imbedded but unrealized profit of R18m to offset against accumulative loss, making this investment positive overall. Bowler Plastics weathered both the 34% raw material price hike and the competitive environment to produce satisfying results, particularly in the last six months. Positive factors were new manufacturing technologies, our entry into other packaging markets and the industry`s shift from a "revenue only", to a "profit" mentality. Capital expenditure of R25m was incurred, increasing depreciation cost by 35% to R21m. Cash flow from operating activities was R47m on a revenue rise of 13,1%. The market indications are that the tough trading conditions of the last fifteen months are easing. Quality Beverages produced sparkling results, despite the continued CO2 shortage. Product line extensions introduced in 2006, including water, powdered drinks and fruit juices contributed well and capacity in the Cape Town factory is now being tested. Capital expenditure of R18m for additional bottling capacity has been budgeted for. Strong consumer demand indicates that Quality Beverages are very well positioned for the following period. BASIS OF PREPARATION The Financial statements are prepared in accordance with IFRS and the Companies Act in South Africa, the condensed financial statements with IAS 34. The non-current assets and related liabilities of subsidiary, Amcos Cosmetics International (Pty) Ltd, are classified as being held for sale following the disposal of the company effective 1 July 2007. Headline earnings have been adjusted for the losses incurred by this disposal group. AUDIT REPORT The report of the auditors is available for inspection at the company`s registered office. DIVIDEND DECLARATION The board of directors will meet in October 2007 to consider the declaration a final dividend in respect of the 2007 financial year. H.W. SASS (Chairman) M. BRAIN (Managing Director) Cape Town, 25 September 2007 SPONSOR Arcay Moela (Pty) Ltd 3 Anerley Road, Parktown, 2193 AUDITORS Mazars 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 Date: 27/09/2007 07:59:52 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
