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BCF - Bowler Metcalf Limited - Unaudited Interim Results For The Six Months Ended 31 December 2007 and dividend declaration Bowler Metcalf Limited REG NO : 1972/005921/06 ALPHA CODE : BCF ISIN CODE: ZAE000030797 Revenue + 7% Adjusted Headline Earnings + 9% CONDENSED UNDUAITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2007 R mil 31 December 31 December 2007 2006 % change 30 June 2006
BALANCE SHEET Property, plant and 175.5 194.3 175.8 equipment Deferred tax 0.5 1.8 0.5 Goodwill 11.1 11.6 11.5 Investments 12.0 - - Current assets 167.5 178.9 168.2 Non-current assets - - 16.1 for sale TOTAL ASSETS 366.6 386.6 372.1
Total equity 269.0 234.6 248.3 Deferred tax 17.5 17.4 18.8 Long term 13.7 25.7 17.8 liabilities Current liabilities 66.4 108.9 85.8 Liabilities iro - - 1.4 assets for sale
TOTAL EQUITY & 366.6 386.6 372.1 LIABILITIES CHANGES IN EQUITY Opening balance 243.5 201.3 201.3 Net profit 26.5 24.6 46.8 Shares issued - 10.5 10.5 Disposal of 2.7 - - subsidiary Dividends paid -8.8 -7.0 -15.1 Closing balance 263.9 229.4 243.5 Minority interest 5.1 5.2 4.8 Total equity 269.0 234.6 +15 248.3 Share capital 21.5 21.5 21.5 Retained earnings 242.3 207.9 222.0 Minority interest 5.2 5.2 4.8 CASH FLOW Operating activities 20.1 5.7 42.4 Investing activities -15.9 -29.0 -39.5 Financing activities 4.5 11.6 12.6 Net cash flow 8.7 -11.7 15.5 Opening balance -13.7 -29.2 -29.2 Closing balance -5.0 -40.9 -13.7 INCOME STATEMENT Revenue - continuing 216.0 193.9 +11 376.8 Revenue - disposal - 28.9 50.3 group Other income 2.2 4.3 2.1 Operating costs -195.1 -171.3 -321.7 Depreciation 16.3 -16.0 -32.9 Net interest -2.0 -3.1 -5.9 Net profit before 37.4 36.7 68.7 tax Income tax expense -10.3 -11.0 -21.3 Net profit for the 27.1 25.7 47.4 year Attributable to -0.6 -1.1 -0.6 minorities Attributable to 26.5 24.6 +8 46.8 parent EARNINGS PER SHARE Earnings (cents) 30.01 28.09 +7 53.42 Disposal of assets - 0.68 -0.17 Headline earnings 30.01 28.77 +4 53.25 (cents) Exceptional items - - 5.95 Adjusted headline 30.01 28.77 +4 59.20 earnings (cents)
ADDITIONAL INFORMATION Div/share paid 9.30 8.00 17.25 (cents) Div/share proposed 10.00 9.10 +10 17.90 (cents) Dividend cover 3.00 3.09 2.98 (times) Shares in issue 88.294 87.465 87.537 (millions) COMMENT A solid performance by Bowler Plastics in a tough market offset the disappointing Quality Beverages results, yielding continuing operations increases of 11% and 8% on revenue and earnings respectively. Operating cash flow, buoyed by the sale of Amcos in July, was up R14m (253%) allowing a 10% increase in dividends. The plastic packaging industry absorbed debilitating power outages and large raw material increases through 2007, continuing into 2008. Selling price increases partially restored margins, but significant further rises are unavoidable in order to afford the industry a fair return. Equipment to the value of R16m was purchased at favourable exchange rates and a further R18m is earmarked for expansion into areas of organic growth. Bowler Plastics should continue to be the industry performance leader. Despite Quality Beverages` strong market presence, unprecedented windy and wet weather dramatically reducing the early demand. The advent of warm weather was negated by a nationwide CO2 shortage, causing continuous out of stock situations. These factors caused a 37% decrease in Quality Beverages` earnings and also blunted Bowler Plastics` bottle sales. The current conditions will have to be absorbed and a return to normality will deliver good results. Efforts are being focused in the Gauteng market which is some 60% of the national. Capital purchases of R36m are planned and a CO2 plant is being evaluated. 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. DIVIDEND DECLARATION An interim dividend of 10.0c per share has been declared (31/12/06: 9.10c) and is payable to shareholders on Monday, 7 April 2008. The last day to trade will be Friday, 28 March 2008. "Ex" dividend trading begins on Monday, 31 March 2008 and the record date will be Friday, 4 April 2008. Share certificates may not be dematerialised or re-materialised between Monday, 31 March 2008 and Friday, 4 April 2008, both days inclusive. H.W. SASS (Chairman) M. BRAIN (Managing Director) Cape Town, 7 Mach 2008 SPONSOR Arcay Moela Sponsors (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 7 February 2008 Date: 10/03/2008 07:29:44 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.
