BCF - Bowler Metcalf Limited - Provisional audited results for the year ended 30

BCF - Bowler Metcalf Limited - Provisional audited results for the year ended 30
June 2008                                                                       
Bowler Metcalf Limited                                                          
REG NO : 1972/005921/06                                                         
ALPHA CODE : BCF                                                                
ISIN CODE :  ZAE000030797                                                       
Earnings  +5.3%                                                                 
Dividends paid +13.7%                                                           
PROVISIONAL AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2008                     
Rmil                            30 June     %        30 June                    
                               2008        change   2007                        


BALANCE SHEET                                                                   
Property, plant and equipment   172.2                175.8                      
Deferred tax                    0.6                  0.5                        
Goodwill                        11.1                 11.6                       
Investments                     6.3                  -                          
Current assets                  167.5                168.2                      
Non-current classified as held  -                    16.0                       
for sale                                                                        
                                                                                
TOTAL ASSETS                    357.7       -4       372.1                      
                                                                                
Total equity                    265.7                248.3                      
Deferred tax                    17.9                 18.8                       
Long term liabilities           7.7                  17.8                       
Current liabilities             66.4                 85.8                       
Liabilities directly            -                    1.4                        
associated with non-current                                                     
assets classified as held for                                                   
sale                                                                            


TOTAL EQUITY & LIABILITIES      357.7                372.1                      
                                                                                
CHANGES IN EQUITY                                                               
Opening balance                 243.5                201.4                      
Share issue                     -                    10.5                       
Net profit                      49.3                 46.8                       
Dividends paid                  -17.0                -15.2                      
Closing balance                 275.8                243.5                      
Treasury shares                 -16.2                -                          
Minority interest               6.1                  4.8                        
Total equity                    265.7                248.3                      
Share capital                   21.5                 21.5                       
Retained earnings               254.2                222.0                      
Minority interest               6.1                  4.8                        
Treasury shares                 -16.1                -                          


CASH FLOW                                                                       
Operating activities            66.3                 42.4                       
Investing activities            -30.3                -39.5                      
Financing activities            -27.7                12.6                       
Net cash flow                   8.3                  15.5                       
Opening balance                 -13.7                -29.2                      
Closing balance                 -5.4                 -13.7                      


INCOME STATEMENT                                                                
Revenue                         405.7       -5       427.2                      
Other income                    4.3                  2.1                        
Operating costs                 -304.2               -321.7                     
Depreciation                    -33.2                -32.9                      
Net interest                    -3.1                 -6.0                       
Net profit before tax           69.5                 68.7                       
Income tax expense              -20.0                -21.3                      
Net profit after tax            49.5                 47.4                       
Minority interest               -0.2                 -0.6                       
Attributable to parent          49.3        +5       46.8                       


EARNINGS PER SHARE                                                              
Earnings (cents)                56.18                53.42                      
Disposal of assets              0.01                 -0.17                      
Disposal of subsidiary          -0.79                -                          
Headline earnings (cents)       55.4        +4       53.25                      
                                                                                
ADDITIONAL INFORMATION                                                          
Div/share paid (cents)          19.45       +14      17.25                      
Dividend proposed (cents)       19.30                18.40                      
Dividend cover (times)          2.87                 3.43                       
Shares in issue (millions)      87.693               87.537                     


SEGMENTAL ANALYSIS                                                              
Net profit                                                                      
- plastic operations            44.1        +5       42.0                       
- filling operations            0.7         -88      5.7                        
- property investment           3.8         -12      4.3                        
- disposal group                -                    -5.2                       
- unallocated                   0.7                  -                          
49.3        +5       46.8                        

                                                                                
COMMENT                                                                         
A 5.3% growth in attributable income to R49,3m was achieved, despite the        
poor performance of Quality Beverages, which took 10.3% off the bottom-line.    
Adjusted for the discontinuation of Amcos, revenue increased by 8% to R406m,    
confirming that the FMCG market is less susceptible to high interest rates or   
credit restrictions. R8,2m cash was generated after  capital purchases of       
R30m, a R2,5m increase in paid dividends and a share buyback spend of R16.1m    
(representing 4,4% of issue shares). NAV per share increased to 315 cents (457  
cents on estimated market values of properties). The 13.7% increase in paid     
dividends to 19.45 cents yields 4.6% on the year end share price.               
Plastic Operations                                                              
Against the backdrop of a 35% raw material price rise, debilitating power       
outages and over competitive pricing, all evidenced by the poor financial       
performances of the plastics packaging market in general, Bowler Plastics