| Tue 25 Feb 2003, 17:28 | | Bowler Metcalf Limited-Audited Results |
|
Bowler Metcalf Limited
(REG NO : 1972/005921/06)
ALPHA CODE : BCF
ISIN CODE : ZAE000030797
UNQUALIFIED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002
HEADLINE EARNINGS +29% 10 YEAR EPS GROWTH RATE +27%
DIVIDENDS +27% REVENUE +26%
2002 2001 Change
R000`s R000`s %
BALANCE SHEET
Shareholders` Equity 101,856 80,490
Deferred Tax 7,275 5,019
Long Term Liabilities - 217
Current liabilities 10,129 16,797
Total Capital & Reserves 119,260 102,523
Fixed Assets 75,875 70,222
Associated company 2,939 -
Current assets 40,446 32,301
Total Assets 119,260 102,523
INCOME STATEMENT
Revenue 142,598 113,630 +26
Other operating income 1,963 3,459
Operating expenses (95,329) (78,952)
Depreciation (10,330) (8,237)
Interest and fin. Charges (178) 247
Profit before tax +29
38,724 30,147
Income tax expense
(10,544) (7,878)
Associated co. income
439 -
Profit for the year +29
28,619 22,269
No of Shares 86,861 m 86,861 m
Earnings/share 32.95 c 25.64 c +29
Headline earnings/share 32.95 c 25.64 c +29
Dividends/share 9.80 c 7.75 c +27
Dividends paid/share 8.35 c 6.80 c +23
CHANGES IN EQUITY
Opening balance 69,625 53,263
Net profit 28,619 22,269
Dividends paid (7,253) (5,907)
Distributable reserve 90,991 69,625
Share capital 10,585 10,585
Non-distributable reserve 280 280
Total Equity 101,856 80,490
CASH FLOW STATEMENT
Operating activities 29,804 17,667
Investing activities (18,483) (28,179)
Financing activities (217) (230)
Net cash flow 11,104 (10,742)
Opening balance (7,876) 2,866
Closing balance 3,228 (7,876)
COMMENT
The 1.9% increase in non-durable expenditure, spurred by a 4.7% increase in
total retail sales, was the strongest since 1997, helping Bowler to increase
revenue by 26%. After provision for inflation, this represents a real growth
rate of some 14%, much of which came from an increased market share. Our 29%
rise in profit is satisfactory, considering the inhibiting effects of an
extraordinary exchange rate driven raw material price hike and an exceptional
12% increase in the cost of labour. Selling price increases in the second
half year reduced the pressure on margins and recoveries were made.
Accounting policies are consistent with 2001 and conform to SA Statements of
Generally Accepted Accounting Practice. Cash of R37m was generated from
trading operations, of which R16m was spent on capital equipment. A nominal
exchange rate loss of R267 000 was made, as the exchange rate variations
proved impossible to predict. Planned capital expenditure for 2003 is R29m,
which will be spent on both equipment and buildings. Gearing is zero, long-
term liabilities are zero and the current ratio is 4.
Exchange rate driven export opportunities have presented themselves and we
have successfully completed a small foray into this market. Expansion into
the carbonated soft drink market has similarly been successful. Seasonal
pressures forced us to delay the carbonated soft drink bottling plant and
this is now planned for 2003. Continued polarization within the plastic
packaging industry has resulted in the company being well positioned to
continue profitably in the coming year.
The unqualified audit report is available for inspection at the registered
office of the Company.
DIVIDEND DECLARATION
The board of directors have declared a final dividend of 6.20 cents per share
payable to shareholders on 14 April 2003. Last day to trade "Cum" dividend
will be 4 April 2003. "Ex" dividend trade commences on 7 April 2003 and the
record date will be 11 April 2003. Declared dividends for the full year
amount to 9.80 cents per share (2001 - 7.75 cents), giving a dividend cover
of 3,36 times. Share certificates may not be dematerialised or re-
materialised from 7 April 2003 to 11 April 2003, both days inclusive.
H.W. Sass (Chairman) Cape Town
M. Brain (Managing Director) 25 February 2003
Date: 25/02/2003 05:16:00 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
