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BCF
BCF
BCF - Bowler Metcalf - Provisional Audited Results For The Year Ended
30 June 2009
BOWLER METCALF LIMITED
"Bowler" or "the Company"
Registration number 1972/005921/06
Share Code: BCF
ISIN Number ZAE000030797
PROVISIONAL AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2009
%
R mil 30-06-09 Change 30-06-08
FINANCIAL POSITION
Property , plant &
equipment 164.2 172.2
Deferred tax 3.9 0.6
Goodwill 15.9 11.1
Investments 2.3 6.3
Current Assets 201.3 167.5
Total Assets 387.6 + 8 357.7
Total Equity 302.3 265.7
Deferred Tax 17.8 17.9
Long term Liabilities 5.6 7.7
Current Liabilities 61.9 66.4
Total Equity &
Liabilities 387.6 357.7
COMPREHENSIVE INCOME
Revenue 458.0 + 13 405.7
Other income 34.8 4.3
Operating costs -348.8 -304.2
Depreciation -31.3 -33.2
Impairments -9.2 -
Net interest -3.3 -3.1
Net profit before tax 100.2 69.5
Income tax expense -27.7 -20.0
Total comprehensive
income 72.5 49.5
Attributable to
minorities -0.2 -0.2
Attributable to parent 72.3 + 47 49.3
EARNINGS PER SHARE
Earnings & diluted
earnings (c) 86.33 + 54 56.18
Disposal of assets -24.64 0.01
Impairments 11.03 -
Disposal of subsidiary - -0.79
Headline earnings (c) 72.72 + 31 55.40
ADDITIONAL INFORMATION
Div/share paid (c) 20.30 + 5 19.30
Div proposed (c) 25.90 + 34 19.30
Dividend cover (times) 3.33 2.87
CHANGES IN EQUITY
Divs pd/
Jun Net Jun Comp other Jun 09
R mil 07 Move 08 Income
Share
capital 21.5 - 21.5 - - 21.5
Retained
earnings 222.0 32.2 254.2 72.3 -18.0 308.5
Minorities 4.8 1.3 6.1 0.2 - 6.3
Treasury
shares - -16.1 -16.1 - -18.4 -34.5
Shares
based
payments - - - - 0.5 0.5
248.3 17.4 265.7 72.5 -35.9 302.3
SEGMENTAL ANALYSIS
2009 Tot 2008 Tot
Revenue Profits Assets Revenue Profits Assets
Plastic 322.7 45.3 280.6 262.2 44.1 229.8
Filling 214.5 0.8 90.8 179.4 0.7 87.7
Property 12.2 25.3 70.8 11.6 3.8 64.4
Un-allocated
- 0.9 15.9 - 0.7 -
Elim-inations
-91.4 - -70.5 -47.5 - -24.2
458.0 72.3 387.6 405.7 49.3 357.7
CASH FLOW 30-06-09 30-06-08
Operating Activities 55.0 66.3
Investing Activities 5.5 -30.3
Financing Activities -31.7 -27.7
Net Cash Flow 28.8 8.3
Opening balance -5.4 -13.7
Closing balance 23.4 -5.4
ADDITIONAL INFORMATION
Weighted shares in issue (mil) 83.723 87.693
Capital expenditure (Rmil) 38.24 29.91
COMMENT
Revenue grew by 13% to R458m while earnings per share and headline earnings
per share increased by 54% and 31% respectively, in line with the prospects
given 12 months ago and reflect a balance between better market conditions and
the benefits of the austere corporate philosophy of the company. R55m cash was
generated from operations. A further 4.2 million shares were repurchased,
making a repurchase total of 8,1m shares at an average price of 428 cents per
share (9,1% of issued share capital; R34,5m cost). This investment has
adversely affected the interest earned.
Proposed ordinary dividends per share have increased by 13% to 21.9 cents and
will be paid simultaneously with a further special dividend of 4 cents per
share which emanates from the sale of the Amcos building.
Plastic Operations
The performance of the plastics division was positive in all departments. Rand
strength and a global glut of polymer resulted in a highly welcomed decrease
in the raw material price with the concomitant improvement in margins. FMCG
suppliers are less adversely affected by the global economic downturn, as when
a consumer "buys down" at the retail level, the volume of plastic packaging
remains similar. Units produced increased by 16%, depreciation cost was steady
at R21m and the company had a positive cash flow of R31.5m. On the negative
side, increases in electricity and labour are challenges for 2010. The
commercial pressure on competitors continued and further plant closures
resulted in a polarization, where Bowler Plastics now finds itself one of the
major players in the market.
On 1 July 2008 the group acquired 100% of the issued shares and related party
claims of Gad-Tek (Pty) Ltd, a KZN based plastic convertor, at an all
inclusive price of R1. Carrying values, which approximated fair values
requiring no IFRS1 adjustments, were R9,3m and R14,1m for assets and
liabilities respectively, giving rise to goodwill of R4,8m. Gad-Tek
contributed R0,6m in after tax profits for the year.
Property Investment
The sale of the Midrand factory produced an exceptional profit of R24.3m.
Rental income for the balance of the properties has slipped slightly below
market related and will be adjusted in the 2010 year. A 5000m2 purpose built
"clean room" factory will be built in Philippi and additional space will be
sought in KZN during the year.
Filling Operations
While the interim results delivered a loss, improved trading in the second
half of the year resulted in an overall profit of R800k being recorded for the
full year. The Western Cape brands of Jive, Dixi Cola, Planet and Aqua Blue
are well established and the division performed reasonably, delivering a R5.3m
profit for the year after a DTI incentive. Gauteng and Mpumulanga were not
able to fully reverse the first half losses and produced a twelve month loss
of R4.5m. The company is investigating alternative strategies for this
division, which includes the installation of the new plant currently on order.
Prospects
The group has minimal gearing and a war chest of some R23m. It is a proven
survivor of tough times and the continued market polarization coupled with the
undoubted boost that will result from the 2010 FIFA World Cup, leads us to
believe that we can approach the next year with cautious optimism.
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.
IFRS 8 (operating segments) and IAS 1 revised, have been early adopted.
AUDIT REPORT
The report of the auditors is available for inspection at the company`s
registered office.
DIVIDEND DECLARATION
A dividend of 14.9c per share (a final dividend of 10.9c and a special
dividend of 4.0c) has been declared (2008: 9.30c) and is payable to
shareholders on Monday, 19 October 2009. The last day to trade will be
Friday, 9 October 2009. "Ex" dividend trading begins on Monday, 12 October
2009 and the record date will be Friday, 16 October 2009. Share certificates
may not be dematerialised or re-materialised between Monday, 12 October 2009
and Friday, 16 October 2009, both days inclusive.
H.W. SASS (Non-Exec Chairman)
M. BRAIN (Managing & Financial Director)
AUDITORS
Mazars Moores Rowland
Registered Auditor
27th Floor
1 Thibault Square
Cape Town
8001
SPONSORS
Arcay Moela
3 Anerley Road
Parktown
2193
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Ltd
P.O. Box 61051
Marshalltown
2108
Cape Town
10 September 2009
Date: 10/09/2009 08:24:01 Produced by the JSE SENS Department.
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