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Canadian Overseas Packaging Industries Limited -
CANADIAN OVERSEAS PACKAGING INDUSTRIES LIMITED
(Incorporated under the laws of Canada)
Share Code: CAN
ISIN: CA 13642P1018
EARNINGS ANNOUNCEMENT
Audited results for the fiscal year to June 30, 2003
(all funds expressed in thousands of Canadian dollars except for the common
share data)
CONSOLIDATED STATEMENT OF EARNINGS 2003 2002
(C$000) (C$000)
Revenues
Sales 167,925 172,214
Investment income 7,305 33,136
175,230 205,350
Expenses
Cost of sales 125,832 123,019
Selling and administrative expenses 37,945 39,800
Interest
Current 1,406 1,645
Long term 80 82
Foreign currency losses 3,511 370
168,774 164,916
Earnings from operations before income taxes 6,456 40,434
and minority interest
Income taxes
Current 701 1,787
Future 406 853
1,107 2,640
Earnings from operations before minority 5,349 37,794
interest
Minority interest 414 32
Net earnings 5,763 37,826
Basic earnings per common share (17,578,125 C$0.33 C$2.15
shares)
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS" EQUITY
(in thousands of Canadian dollars)
Capital Retained Appraisal Cumulative Total
Stock Earnings Increment Translation
Adjustments
$ $ $ $ $
Balance, 47,984 360,658 1,833 (7,318) 403,157
June 30,
2001
Realization 27 (27)
of
appraisal
increment
Effect of 11 1,278 1,289
exchange
rate
changes
Net 37,826 37,826
earnings
Dividend (16,699) (16,699)
($0.95 per
share)
Balance, 47,984 381,812 1,817 (6,040) 425,573
June 30,
2002
Realization 25 (25)
of
appraisal
increment
Effect of (310) (2,667) (2,977)
exchange
rate
changes
Net 5,763 5,763
earnings
Dividend (17,578) (17,578)
($1.00 per
share)
Balance, 47,984 370,022 1,482 (8,707) 410,781
June 30,
2003
2003 2002
(C$000) (C$000)
CONSOLIDATED BALANCE SHEET
Assets
Current assets
Cash 13,739 26,360
Term deposits, at cost, 3.2% (2.4% to
5.3% in 2002), maturing
in July 2003 37,876 43,035
Accounts receivable 30,966 35,992
Inventories 12,372 14,850
94,953 120,237
Investments 312,318 316,888
Property, plant and equipment 40,307 34,186
447,578 471,311
Liabilities
Current liabilities
Bank indebtedness 10,487 14,659
Accounts payable and accrued liabilities 19,712 24,755
Income taxes payable 737 697
Current portion of long-term debt 251 651
31,187 40,762
Long-term debt 907
Future income taxes 4,350 4,289
Minority interest 353 687
36,797 45,738
Shareholders Equity
Capital stock 47,984 47,984
Retained earnings 370,022 381,812
Appraisal increment 1,482 1,817
Cumulative translation adjustments (8,707) (6,040)
410,781 425,573
447,578 471,311
2003 2002
(C$000) (C$000)
CONSOLIDATED STATEMENT OF CASH FLOWS
Operating Activities
Net earnings 5,763 37,826
Non-cash items 2,587 (22,134)
8,350 15,692
Changes in non-cash working capital 2,501 (3,032)
items
Cash flows from operating activities 10,851 12,660
Investing Activities
Purchase of marketable securities (90,712) (211,123)
Proceeds on sale of marketable 97,892 226,712
securities
Purchase of property, plant and (13,401) (6,317)
equipment
Proceeds on disposal of property, plant 149 965
and equipment
Cash flows from investing activities (6,072) 10,237
Financing Activities
Bank indebtedness (4,172) (5,965)
Long-term debt 1,550
Repayment of long-term debt (835) (645)
Dividend (17,578) (16,699)
Cash flows from financing activities (21,035) (23,309)
Foreign exchange loss on cash and cash
equivalents held in
Foreign currency (1,524) (193)
Net decrease in cash and cash (17,780) (605)
equivalents
Cash and cash equivalents, beginning of 69,395 70,000
year
Cash and cash equivalents, end of year 51,615 69,395
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
November 14, 2003 at the rate of $1.00 per share (2002: $1.00 per share). The
payment date for this dividend is December 5, 2003. The equivalent dividend
rate and exchange rate in South African currency will be announced on October
31, 2003.
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, November 7, 2003.
The share will commence trading on the JSE "ex" the dividend from the
commencement of business on Monday, November 10, 2003. Share certificates may
not be lodged with the transfer secretaries for
dematerialisation/rematerialisation, nor can there be any transfers between
Monday, November 3, 2003 and Friday, November 14, 2003, 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 June
30, 2002, and conform with Canadian generally accepted accounting principles.
Under International Accounting Standards unrealized losses on marketable
securities of ($6,207) and unrealized change in fair value of foreign exchange
contracts of $1,560 would have been recorded resulting in net earnings and
earnings per common share being $1,116 and $0.06 respectively for the year ended
June 30, 2003. The headline earnings per common share (excluding gain on sale
of fixed assets) is $0.32 ($2.15 for 2002).
The Annual Report and Accounts for the fiscal year ended June 30, 2003, together
with the Notice of the Forty Second Annual Meeting, will be mailed to
shareholders on the October 24, 2003. The audit report will be available for
inspection at the registered office of Rand Merchant Bank from October 10, 2003.
The Forty Second Annual Meeting of Shareholders will be held on December 2,
2003. Full details will be circulated with the Notice of the Meeting.
Auditors: Raymond Chabot Grant Thornton
Montreal, Quebec, Canada
October 9, 2003 By Order of the Board
Suite 1500, One Brunswick Square, Germain D. M. Eramian
Street
St. John, New Brunswick, Canada E2L 4H8 Company Secretary
Date: 09/10/2003 05:00:05 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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