| Mon 28 Jul 2003, 17:11 | | BOWLER METCALF LIMITED - UNAUDITED INTERIM RESULTS |
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Bowler Metcalf Limited
REG NO: 1972/005921/06
ALPHA CODE: BCF
ISIN CODE: ZAE000030799
ABRIDGED UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2003
Audited
30/06/03 30/06/02 % 31/12/02
R000"s R000"s R000"s
INCOME STATEMENT
Revenue 80,633 67,320 +20 142,598
Other income 537 556 1,963
Operating costs (56,255) (47,045) (95,328)
Depreciation (6,767) (5,720) (10,330)
Net interest 500 (241) (179)
Net profit before tax 18,648 14,870 +25 38,724
Income tax expense (6,250) (4,668) (10,544)
Net profit after tax 12,398 10,202 +22 28,180
Assoc. Co. Income 161 164 439
Atributable Profit 12,559 10,366 28,619
Earnings/share (c) 14 12 +21 33
Headline earn/share (c) 14 12 33
Dividends/share paid (c) 6 5 +31 8
Div/share proposed (c) 4 4 8
Dividend cover (times) 3 3 4
Shares in issue (mil) 86,861 86,861 86,861
CHANGES IN EQUITY
Opening balance 90,991 69,203 69,625
Net profit 12,559 10,366 28,619
Dividends paid (5,385) (4,126) (7,253)
Distributable Reserve 98,165 75,443 90,991
Share Capital 10,585 10,585 10,585
Non. Dist. Reserve 280 702 280
Total Equity 109,030 86,730 101,856
BALANCE SHEET
Fixed Assets 79,663 73,036 75,875
Associated Company 3,100 2,664 2,939
Current Assets 53,747 39,910 40,446
Total Assets 136,510 115,610 119,260
Total Equity 109,030 86,730 101,856
Deferred Tax 7,506 4,896 7,275
Long Term Liabilities - - -
Current Liabilities 19,974 23,984 10,129
Tot. Equity & Liabilities 136,510 115,610 119,260
CASH FLOW
Operating Activities 9,591 13,502 29,804
Investing Activities (10,556) (11,034) (18,483)
Financing Activities - (217) (217)
Net Cash Flow (965) 2,251 11,104
Opening balance 3,228 (7,876) (7,876)
Closing balance 2,263 (5,625) 3,228
DIVIDEND DECLARATION
An interim dividend of 4.30c per share has been declared (2002: 3.60c) and is
payable to shareholders on 1 September 2003. The last day to trade will be 22
August 2003. "Ex" dividend trading begins on 25 August 2003 and the record date
will be 29 August 2003. Share certificates may not be dematerialised or re-
materialised between 25 August 2003 and 29 August 2003, both days inclusive.
COMMENT
Our hard fought 20% revenue increase was achieved despite certain selling price
reductions, driven by the rand"s strength. Concomitant lower raw material prices
helped our pre-tax profit increase to 25%, but a 34% rise in taxation restricted
attributable profit gain to 22%. Tax increases emanate from the end of previous
tax concessions. All divisions performed strongly but the currency"s strength
restricted our export initiative. Interest rate cuts should stimulate the
economy and drive volume growth over the next six months. Further price
increases are improbable but margins will be retained. The company does not
manufacture plastic bags. Our cash position is strong and we will selectively
pursue further business opportunities in the near future.
This report has been prepared in conformity with South African Statements of
Generally Accepted Accounting Practice and on a basis consistent with the
previous year.
H.W. SASS (Chairman)
M. BRAIN (Managing Director)
Cape Town, 28 July 2003
