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BCF
BCF
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 Produced by the JSE SENS Department.
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