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BCF
BCF
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 Produced by the JSE SENS Department.
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