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BOWLER METCALF LIMITED-INTERIM REPORT
Bowler Metcalf Limited
ABRIDGED UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30
JUNE 2002
Audited
Change
R000`s R000`s % R000`s
INCOME STATEMENT
Revenue 67,320 55,703 +21 113,630
Other income 556 347 3,459
Operating costs (47,045 (39,637 (78,952)
) )
Depreciation (5,720) (4,077) (8,237)
Net interest (241) 268 247
Net profit before tax 14,870 12,604 +18 30,147
Income tax expense (4,668) (4,170) (7,878)
Net profit after tax 10,202 8,434 +21 22,269
Assoc. Co. Income 164
Atributable Profit 10,366 8,434 22,269
Earnings/share (cents) 11.93 9.71 +23 25.64
Headline Earn./share (cents) 11.93 9.71 25.64
Dividend/share paid (cents) 4.75 3.80 6.80
Dividend/share proposed 3.60 3.00 7.75
(cents)
Dividend Cover (times) 3.32 3.24 3.31
Shares in issue (mil) 86,861 86,861 86,861
BALANCE SHEET
Fixed Assets 73,036 59,449 70,222
Associated Company 2,664
Current Assets 39,910 35,256 32,301
Total Assets 115,610 94,705 102,523
Total Equity 86,730 69,262 80,490
Deferred Tax 4,896 4,821 5,019
Long Term Liabilities 447 217
Current Liabilities 23,984 20,175 16,797
Tot. Equity & Liabilities 115,610 94,705 102,523
CHANGES IN EQUITY
Opening balance 69,203 52,841 52,841
Net profit 10,366 8,434 22,269
Dividends paid (4,126) (3,300) (5,907)
Distributable Reserve 75,443 57,975 69,203
Share Capital 10,585 10,585 10,585
Non. Dist. Reserve 702 702 702
Total Equity 86,730 69,262 80,490
CASH FLOW
Operating Activities 13,502 14,516 17,667
Investing Activities (11,034 (13,402 (28,179)
) )
Financing Activities (217) (230)
Net Cash Flow 2,251 1,114 (10,742)
Opening balance (7,876) 2,866 2,866
Closing balance (5,625) 3,980 (7,876)
ACCOUNTING POLICIES
This interim report has been prepared in conformity with South African
Statements of Generally Accepted Accounting
Practice and on a basis consistant with the
previous year
COMMENT
Our 21% increase in interim revenue to R67,3m is consistent with our five
year compounded growth rate of 20%.
Operating margins came under pressure due to the decimating effect of the
decline in the rand. This led to
unprecedented raw material price increases and substantial increases also
occurred in the cost of purchasing and
servicing our capital equipment. The 18% increase in pre-tax earnings is
lower than would have been expected given
the increased revenue, but acceptable considering the business
environment. Selling prices have been adjusted upwards
from the 1st of June 2002 to compensate for the cost increases and we
believe that the second half will prove more
satisfactory.
Capital equipment to the value of R8,5m was purchased and a further amount
of R9m has been authorised for the
second half year. Forward cover minimized exchange rate losses. Additional
factory premises has been purchased to
provide for growth in Cape Town. Plans have been finalized for our Cape
Town carbonated soft drink bottling plant and
we anticipate commencing building prior to year end. We will be
investigating further property acquisitions in Gauteng,
both for natural expansion and for possibly housing a further carbonated
soft drink bottling facility, depending on viability.
As a company primarily servicing the FMCG market, we have made
representations to the JSE Securities Exchange S.A.
to be reclassified out of the Chemical Sector as this is
clearly not representative.
DIVIDEND DECLARATION
An interim dividend of 3.60c per share has been declared (2001 : 3.00c)
and is payable to shareholders on Monday,
26 August 2002.
The last day to trade "Cum" the dividend will be Friday, 16 August 2002.
"Ex" dividend trading begins on Monday,
19 August 2002 and the record date will be Friday, 23 August 2002. Share
certificates may not be dematerialised or
re-materialised between Monday, 19 August 2002 and Friday, 23 August 2002,
both days inclusive.
H.W. SASS (Chairman)
Cape Town, 31 July 2002
REGISTERED OFFICE
Harris Drive, Ottery,
CapeTown, 7800
P.O. Box 92, Ottery, 7808
TRANSFER SECRETARIES
Computershare Investor Services
Limited
11 Diagonal Street,
Johannesburg, 2001
Company Registration Number
1972/005921/06
ISIN Code ZAE000030797
Short Name Bowcalf
Share Code BCF
Date: 30/07/2002 05:30:00 PM Produced by the JSE SENS Department
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