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BCF - Bowler Metcalf - Condensed unaudited results for the six months ended 31 December 2009 Bowler Metcalf Limited (Registration number 1972/005921/06) Share code: BCF ISIN: ZAE000030797. ("Bowler" or "the company") CONDENSED UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2009 %
R mil 31/12/09 31/12/08 Change 30/06/09 FINANCIAL POSITION Property , plant & equipment 163.4 187.6 164.2 Deferred tax 3.9 3.3 3.9 Goodwill 15.9 15.1 15.9 Investments 1.5 3.3 2.3 Current Assets 235.9 196.4 201.3 Total Assets 420.6 405.7 +4 387.6 Total Equity 319.2 280.4 + 14 302.3 Deferred Tax 17.3 18.8 17.8 Long Term Liabilities 5.1 5.9 5.6 Current Liabilities 79.0 100.6 61.9 Total Equity & Liabilities 420.6 405.7 387.6 COMPREHENSIVE INCOME Revenue 242.8 241.4 + 1 458.0 Other income 0.1 8.2 34.8 Operating costs -181.0 -193.1 -348.8 Depreciation -16.7 -16.0 -31.3 Impairments -2.8 -3.0 -9.2 Net interest 0.4 -2.1 -3.3 Net profit before tax 42.8 35.4 + 21 100.2 Income tax expense -14.0 -10.6 -27.7 Total comprehensive income 28.8 24.8 72.5 Attributable to minorities -0.7 - -0.2 Attributable to parent 28.1 24.8 + 13 72.3 EARNINGS PER SHARE Earnings & diluted earnings (c) 34.92 29.37 + 19 86.33 Disposal of assets - - -24.64 Impairments 2.80 3.55 11.03 Headline earnings (c) 37.72 32.92 + 15 72.72 = = = ADDITIONAL INFORMATION Div/share paid (c) 14.90 9.30 + 60 20.30 Div proposed (c) 13.00 11.00 + 18 25.90 Dividend cover (times) 2.90 2.67 3.33 Weighted shares in issue (mil) 80.345 84.454 87.693 Capital Expenditure (Rmil) 17.84 26.92 38.20 CHANGES IN EQUITY Share Retained Treasury Share based Total Capital Earnings Shares Payments Minorities Equity June 08 21.5 254.2 -16.1 - 6.1 265.7 Com. Income - 24.8 - - - 24.8 Divs/Other - -7.9 -2.2 - - -10.1 Dec 08 21.5 271.1 -18.3 - 6.1 280.4 Com. Income - 47.5 - - 0.2 47.7 Divs/Other - -10.1 -16.2 0.5 - -25.8 June 09 21.5 308.5 -34.5 0.5 6.3 302.3 Com. Income - 28.1 - 0.3 0.7 29.1 Divs/Other - -12.2 - - - -12.2 Dec 09 21.5 324.4 -34.5 0.8 7.0 319.2 SEGMENTAL ANALYSIS Plas Filling Prop Unallo Elimi Total tic erty cated nated Revenue Jul-Dec 08 152.8 113.1 6.0 - -30.5 241.4 Jan-Jun 09 322.7 214.5 12.2 - -91.4 458.0 Jun-Dec 09 143.5 125.5 5.9 - -32.1 242.8 Profits Jul-Dec 08 24.8 -0.1 3.1 -3.0 - 24.8 Jan-Jun 09 45.3 0.8 25.3 0.9 - 72.3 Jun-Dec 09 24.1 2.0 2.8 -0.8 - 28.1 Tot. Assets Dec 08 291.7 112.0 65.6 15.1 -78.7 405.7 Jun 09 280.6 90.8 70.8 15.9 -70.5 387.6 Dec 09 283.9 134.7 72.5 15.9 -86.4 420.6 CASH FLOW 31/12/09 31/12/08 30/06/09 Operating Activities 40.2 7.8 55.0 Investing Activities -19.8 -26.9 5.5 Financing Activities -4.2 -12.9 -31.7 Net Cash Flow 16.2 -32.0 28.8 Opening balance 23.4 -5.4 -5.4 Closing balance 39.6 -37.4 23.4 COMMENT In a somewhat gloomy economic environment, the 15% increase in headline earnings per share to 37.7 cents is considered satisfactory. The smaller percentage rise in revenue (to R243 million) was largely attributable to a decrease in the unit selling price, brought about by a further softening in the raw material price. It is improbable that this trend will persist. The results include certain impairments which the directors consider prudent and takes into account the weighted number of shares in issue, pursuant to the purchase of treasury shares made by the group up to the end of the period under review. The Group Is currently in a strong cash position. Plastic Operations The stronger rand and global polymer oversupply served to keep the raw material prices at a stable level, allowing the entire industry to retain reasonable operating margins. The new management team at Bowler Plastics was able to further contain operating costs, which contributed significantly to the bottom-line. The division is currently undertaking the construction of a further 4500m2 factory in Philippi to house expansion planned in the injection moulding field. The PET division has recently achieved ISO accreditation. Filling Operations Quality Beverages underwent a significant cost reduction campaign and marketing initiative, and was well positioned for this half year. These, coupled with highly favourable weather conditions and a well established brand identity, resulted in very pleasing results for the half year, with bottom-line rising to R2million from a loss for the corresponding period. Revenue rose by 11% to R126 million. While the Gauteng/Mpumalanga operation remains problematic, the initiatives put in place there have resulted in significant turnaround and an insignificant loss was recorded. Prospects Despite troubled economic times, the directors remain quietly confident that the Group is well positioned to prospur in the current economic situation and more so, from any upturn. As previously stated, the FMCG market is less vulnerable to the vagaries of the economy and we believe that a satisfactory second half will also be achieved. 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. Accounting policies are consistent with the previous reporting period. DIVIDEND DECLARATION A final dividend of 13.0c per share has been declared (2008: 11.0c) and is payable to shareholders on Monday, 19 April 2010. The last day to trade will be Friday, 9 April 2010. "Ex" dividend trading begins on Monday, 12 April 2010 and the record date will be Friday, 16 April 2010. Share certificates may not be dematerialised or re-materialised between Monday, 12 April 2010 and Friday, 16 April 2010, both days inclusive. H.W. SASS (Non-Exec Chairman) M. BRAIN (Managing & Financial Director) Cape Town, 4 March 2010 Sponsor Arcay Moela Sponsors (Pty) Limited Auditors Mazars Moores Rowland Date: 04/03/2010 08:47:02 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. 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