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Bowler Metcalf Limited - Unaudited Interim Results
Release Date: 16/02/2004 17:45:01 Code(s): BCF
BOWLER METCALF LIMITED - UNAUDITED INTERIM RESULTS
Bowler Metcalf Limited
REG NO : 1972/005921/06
JSE ALPHA CODE: BCF
ISIN CODE: ZAE000030797
ABRIDGED UNAUDITED RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2003
R000"s 31/12/03 31/12/02
BALANCE SHEET
Fixed Assets
111,046 75,875
Goodwill
3,964 -
Associated Company
- 2,939
Current Assets
92,585 40,446
Total Assets 119,260
207,595
Total Equity 101,856
125,448
Minority Interest
4,404 -
Deferred Tax
7,857 7,275
Long Term
Liabilities 11,763 -
Current
Liabilities 58,123 10,129
Tot. Equity & 119,260
Liabilities 207,595
CHANGES IN EQUITY
Opening balance
101,856 80,490
Net profit
32,512 28,619
Dividends paid -
-9,120 7,253
Shares issued
200 -
Total Equity 101,856
125,448
Share Capital
10,785 10,585
Non. Dist. Reserve
280 280
Distributable
Reserve 114,383 90,991
CASH FLOW
Operating
Activities 35,054 29,804
Investing -
Activities -38,672 18,483
Financing -
Activities 2,786 217
Net Cash Flow
-832 11,104
Opening balance -
3,228 7,876
Closing balance
2,396 3,228
01/01/03 01/01/02 % 01/07/03 01/07/02
to to to to
31/12/03 31/12/02 31/12/03 31/12/02
R000"s
INCOME STATEMENT
Revenue 142,598 +55
220,641 140,008 75,278
Other income
2,257 1,963 1,720 1,407
Operating costs - - -
-159,819 95,329 103,564 48,284
Depreciation - - -
-14,599 10,330 7,832 4,610
Net interest - -
38 178 462 63
Net profit before +25
tax 48,518 38,724 29,870 23,854
Income tax expense - - -
-15,648 10,544 9,398 5,876
Net profit after +17
tax 32,870 28,180 20,472 17,978
Assoc. Co. Loss -
-268 439 429 275
Minority interest
-90 - -90 -
Atributable Profit
32,512 28,619 19,953 18,253
Earnings/share (c) 37.42 32.95 +14
23 21
Headline 37.42 32.95 22.97 21.01
earn/share (c)
Dividends/share 10.50 8.35 +26 10.50 3.60
paid (c)
Div/share proposed 11.20 9.80 +14 4.30 6.20
(c)
Dividend cover 3.34 3.36 5.34 3.39
(times)
Shares in issue 86,882 86,861 86,882 86,861
(mil)
CHANGE OF YEAR END
The financial year end of the company and group has been changed to 30 June
2004. Consequently this report is a second interim report for the period 1 July
to 31 December 2003.
DIVIDEND DECLARATION
A second interim dividend of 6.90c per share has been declared (2003 : 6.20c)
and is payable to shareholders on 15 March 2004. The last day to trade will be
5 March 2004. "Ex" dividend trading begins on 8 March 2004 and the record date
will be 12 March 2004. Share certificates may not be dematerialised or re-
materialised between 8 March 2004 and 12 March 2004, both days inclusive.
COMMENT
The 2003 year was pivotal in the development of the Bowler Metcalf group. Our
traditional packaging business was grown, and our stake in Quality Beverages
(Pty) Ltd was increased, thereby improving our foothold in the bottled beverage
market.A strategic stake was acquired in Amcos Cosmetics International (Pty)
Ltd. This will facilitate our entry into the contract filling of toiletries and
cosmetics and more particularly, improve our competitiveness in the
international packaged goods arena. Our year-end was changed to June to
accommodate the new group structure.
The 55% revenue increase was primarily due to acquisitions. Traditional
business increased by 9%, considered healthy, given that the deflationary
effects of the PPI caused a net effective selling price decrease. Currency
strength dented export volumes, but the concomitant reduction in raw material
prices ensured that margins were maintained and a 25% increase in pre-tax
profitwas recorded. Tax paid increased by 48%, reducing after tax profit growth
to 17%.
Quality Beverages undertook a R16m factory relocation, inclusive of new
processing equipment, in the last quarter. Significant teething problems
occurred in the critical high volume months to year-end and the resultant out
of stock situation caused a loss to be incurred. The complete re-engineering of
the company bodes well for the return to profitability in 2004 and beyond.
Amcos returned a small profit. Time and energy will be devoted to it during the
course of 2004 with a view to building it into a significant contributor.
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 M. BRAIN
Chairman Managing Director
Cape Town
12 February 2004
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