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Bowler Metcalf Limited - Audited results for the year ended 30 June 2005
Bowler Metcalf Limited
Reg No: 1972/005921/06
Alpha Code: BCF
ISIN Code: ZAE000030797
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2005
R000`s 30/06/05 30/06/04
BALANCE SHEET
Property, plant & equipment 164,357 133,815
Goodwill 4,840 5,448
Current Assets 114,573 85,944
Total Assets 283,770 225,207
Total Equity 168,867 137,658
Minority Interest 8,849 4,625
Deferred Tax 12,959 8,594
Long Term Liabilities 10,297 12,331
Current Liabilities 82,798 61,999
Total Equity & Liabilities 283,770 225,207
CHANGES IN EQUITY
Opening balance 137,658 101,856
Net profit 43,725 50,760
Dividends paid -12,516 -15,118
Shares issued - 160
Total Equity 168,867 137,658
Stated Capital 11,025 11,025
Distributable Reserve 157,842 126,633
CASH FLOW
Operating Activities 23,018 52,593
Investing Activities -49,822 -70,216
Financing Activities -11,360 13,996
Net Cash Flow -38,164 -3,627
Opening balance -399 3,228
Closing balance -38,563 -399
Audited Pro-forma Audited
12 Months 12 Months 8 Months
1/07/04 - 1/07/03 - % 1/01/03 -
R000`s 30/06/05 30/06/04 Change 30/06/04
INCOME STATEMENT
Revenue 352,482 286,029 + 23 366,662
Other income 6,869 4,609 5,146
Operating costs -266,938 -215,888 -272,144
Depreciation -19,683 -15,196 -21,963
Net finance costs -3,149 -1,615 -1,114
Net profit before tax 69,581 57,939 + 20 76,587
Income tax expense -21,632 -18,545 + 17 -24,795
Net profit after tax 47,949 39,394 + 22 51,792
Assoc. Co. profit/(loss) - -428 -267
Minority interest -4,224 -765 -765
Attributable Profit 43,725 38,201 + 14 50,760
Dividends/share paid (c) 14.40 11.20 17.40
Div/share proposed (cents) 15.40 13.50 + 14 17.80
Dividend cover (times) 3.29 3.30 3.33
Shares in issue
(weighted avg. mil) 86.793 86.793 86.763
EARNINGS/SHARE (cents) 50.38 44.01 58.50
Goodwill amortised (cents) 0.70 2.38 2.60
Profit on sale of assets(c)-0.46 -1.87 -1.87
HEADLINE EARNINGS/SHARE (c)50.62 44.52 + 14 59.23
COMPARATIVES
The audited figures for the different periods are not comparable because of a
change of year end in the previous period. Pro-forma 12 month figures to June
2004, computed by subtracting the interim figures to June 2003 from the audited
18 month figures to June 2004, are included for comparative purposes only and
are the responsibility of the directors.
The pro-forma figures have been reviewed by our auditors who report that they
conform to the above basis of computation, are consistent with the company`s
accounting policies and are appropriate to a more meaningful understanding of
the audited results. The review opinion is available for inspection at the
company`s registered office.
COMMENT
Viewed against the previous 12 months, our 23% increase in revenue and 14% in
earnings per share accurately reflect the strategic plans of the group. Bowler
Plastics increased revenue by 21% and continued to perform positively despite
the combined effect of high raw material prices, increased transport costs and
the strong resistance by the market to accept any selling price increases.
Capital expenditure of R30m and considerable effort were assigned to Quality
Beverages and Amcos Cosmetics in order to improve the overall customer service
offering. Quality Beverages delivered robust results while Amcos turned the half
year loss into a breakeven situation as predicted. Concomitant with our R51m
capital expenditure in this growth period, earnings per share were further
dented by a 30% increase in depreciation charges, a 20% increase in finance
costs, and a 17% increase in taxation costs. Capital expenditure for the 2006
year will be below R35m.
The new 7500m2 Amcos factory became operational in June and is already running
at a high capacity. Quality Beverages is increasing their footprint in the
Gauteng area while initiating a pilot foray into the Eastern Cape. Bowler
Plastics will be expanding their PET facility in Johannesburg during 2006. All
divisions of the Group are well positioned for the opportunities in the
forthcoming year.
Accounting policies are consistent with the previous reporting period and
conform to SA Statements of Generally Accepted Accounting Practice. An
unqualified audit report is available for inspection at the registered office of
the company.
M. BRAIN (Managing Director)
H.W. SASS (Chairman)
Cape Town, 9 September 2004
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Ltd
P.O. Box 61051, Marshalltown, 2107
SPONSOR
LPC Manhattan Sponsors Moela (Pty) Ltd
4th Flr, Hyde Park Corner,
Jan Smuts Avenue, Hyde Park, 2196
AUDITORS
Moores Rowland
Registered Auditors and Accountants
Chartered Accountants (SA)
27th Floor, 1 Thibault Square, Cape Town, 8001
Date: 12/09/2005 07:05:29 AM
