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BCF
BCF
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 Produced by the JSE SENS Department.
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