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fiscal year to 30th June 2002
Canadian Overseas Packaging Industries Limited
(Incorporated under the laws of Canada)
Share code: CAN
ISIN: CA 13642P1018
CANADIAN OVERSEAS PACKAGING INDUSTRIES LIMITED
(incorporated under the laws of Canada)
EARNINGS ANNOUNCEMENT
Audited results for the fiscal year to 30th June 2002
(all funds expressed in thousands of Canadian dollars
except for the common share data)
CONSOLIDATED STATEMENT OF EARNINGS
2002 2001
(C$000) (C$000)
Revenues
Sales 172,214 162,685
Investment income 33,136 52,551
Foreign currency - 178
gains
205,350 215,414
Expenses
Cost of Sales 123,019 131,730
Selling and 39,800 36,039
administrative
expenses
Interest
Current 1,645 1,846
Long-term 82 141
Loss on sale of - 8,685
marketable
securities
Foreign currency 370 -
losses
164,916 178,441
Earnings from 40,434 36,973
operations before
income taxes and
minority interest
Income Taxes
Current 1,787 955
Future 853 731
2,640 1,686
Earnings from 37,794 35,287
operations before
minority interest
Minority interest 32 477
Net Earnings 37,826 35,764
Earnings per common C$ 2.15 C$ 2.03
share (17,578,125
shares)
CONSOLIDATED
STATEMENT OF
RETAINED EARNINGS
Retained earnings, 360,658 324,600
beginning of year
Net earnings 37,826 35,764
Realization of 27 294
appraisal increment
398,511 360,658
Dividends (16,699)
Retained Earnings, 381,812 360,658
end of year
2,002 2,001
CONSOLIDATED (C$000) (C$000)
BALANCE SHEET
Assets
Current assets
Cash 32,460 29,328
Term deposits, at
cost, 2.4% -
5.3%(4.4% - 4.5% in
2001),
maturing in July 43,035 40,672
2002
Accounts receivable 35,992 31,918
Income taxes - 27
receivable
Inventories 14,850 13,749
126,337 115,694
Investments 316,888 305,190
Fixed assets 34,186 31,599
477,411 452,483
Liabilities
Current liabilities
Bank indebtedness 20,759 20,624
Accounts payable 24,755 23,336
and accrued
liabilities
Income taxes 697
payable
Current portion of 651 600
long-term debt
46,862 44,560
Long-term debt - 609
Future income taxes 4,289 3,455
Minority interest 687 702
51,838 49,326
Shareholders Equity
Capital stock 47,984 47,984
Retained earnings 381,812 360,658
Appraisal increment 1,817 1,833
Cumulative (6,040) (7,318)
translation
adjustments
425,573 403,157
477,411 452,483
2,002 2,001
CONSOLIDATED (C$000) (C$000)
STATEMENT OF CASH
FLOWS
Operating
Activities
Net earnings 37,826 35,764
Non-cash items (22,404) (29,763)
15,422 6,001
Changes in non-cash (2,762) 8,680
working capital
items
Cash flows from 12,660 14,681
operating
activities
Investment
Activities
Purchase of (211,123) (203,463)
marketable
securities
Proceeds on sale of 226,712 202,328
marketable
securities
Purchase of fixed (6,317) (4,331)
assets
Proceeds on sale of 965 290
fixed assets
Cash flows from 10,237 (5,176)
investing
activities
Financing
Activities
Bank indebtedness 135 (2,596)
Repayment of long- (645) (801)
term debt
Dividend (16,699) (15,820)
Cash flows from (17,209) (19,217)
financing
activities
Foreign exchange
loss on cash and
cash equivalents
held in
foreign currency (193) (156)
Net increase 5,495 (9,868)
(decrease) in cash
and cash
equivalents
Cash and cash 70,000 79,868
equivalents,
beginning of year
Cash and cash 75,495 70,000
equivalents, end of
year
The Directors have today declared a regular dividend on the 17,578,125
common shares N.P.V. payable to Shareholders registered at the close of
business on 15th November 2002 at the rate of Canadian $1.00 per share
(2001: Canadian $0.95 per share). The payment date for this dividend is
December 6, 2002. The equivalent dividend rate and exchange rate in
South African currency will be announced on November 15, 2002.
Last day to trade, "cum" the dividend on the JSE Securities Exchange
(SA) ("the JSE") in order to participate in the dividend will be Friday,
8 November, 2002. The shares will commence trading on the JSE "ex" the
dividend from the commencement of business on Monday, 11 November 2002.
Share certificates may not be dematerialised or rematerialised, nor can
there be any transfers between registers from Monday, 11 November 2002
to Friday, 15 November 2002, both days inclusive.
The audited financial results have been prepared using accounting
policies consistent with those of the annual financial statements for
the year ended 30 June 2001, and conform with Canadian generally
accepted accounting principles. Under International Accounting
Standards unrealised gains on marketable securities of $906 would have
been recorded resulting in net earnings and earnings per common share
being $38,732 and $2.20 respectively for the year ended June 30, 2002.
The headline earnings per common share (excludes gain on sale of fixed
assets) is $2.15 ($2.02 for 2001).
The Annual Report and Accounts for the fiscal year ended 30th June 2002,
together with the Notice of the Forty First Annual Meeting, will be
mailed to shareholders on the 18th October 2002 with a press
announcement appearing on that day. The audit report will also be
available at the registered office of Deutsche Securities (SA)
(Proprietary) Limited during business hours from the 4th of October
2002.
The Forty First Annual Meeting of Shareholders will be held on December
3, 2002.
Full details will be circulated with the Notice of the Meeting.
Auditors: Raymond Chabot Grant Thornton
Montreal, Quebec, Canada
3rd October 2002 By Order of the Board
Suite 1500, One Brunswick Square, Germain Street D. M. Eramian
St. John, New Brunswick, Canada E2L 4H8 Company Secretary
Date: 03/10/2002 05:30:00 PM Produced by the JSE SENS Department
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