|
BCF
BCF
Bowler Metcalf - Unaudited Results For The 6 Months Ended 31 December 2005
Bowler Metcalf Limited
REG NO: 1972/005921/06
ALPHA CODE : BCF
ISIN CODE: ZAE000030797
Revenue + 24%
Headline Earnings + 13%
Net Asset Value + 23%
Proposed Dividends + 13%
CONDENSED UNAUDITED RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2005
Rmil 31 December 31 December 30 June 2005
2005 2004
BALANCE SHEET
Property, plant and 181.8 139.9 164.4
equipment
Goodwill 5.4 5.4 5.4
Current assets 47.5 122.2 114.7
Total assets 334.7 267.5 284.5
Total equity 198.2 161.3 178.4
Deferred tax 15.4 8.0 13.0
Long term liabilities 22.2 10.7 8.8
Current liabilities 98.9 87.5 84.3
Total equity and 334.7 267.5 284.5
liabilities
CHANGES IN EQUITY
Opening balance 169.6 137.7 137.7
Net profit - IFRS 25.6 22.7 44.4
Net profit - SA GAAP 22.4 43.8
IFRS adjustment 0.3 0.6
business combination
Dividends paid -6.6 -5.7 -12.5
Closing balance 188.6 154.7 169.9
Minority interest 9.6 6.6 8.8
Total equity 198.2 161.3 178.4
Share capital 11.0 11.0 11.0
Retained earnings 177.6 143.7 158.6
Minority interest 9.6 6.6 8.8
CASH FLOW
Operating activities 19.2 -4.3 23.0
Investing activities -28.0 -15.9 -49.8
Financing activities 13.5 - -11.4
Net cash flow 4.7 -20.2 -38.2
Opening balance -38.6 -0.4 -0.4
Closing balance -33.9 -20.6 -38.6
INCOME STATEMENT
Revenue 213.3 172.5 352.5
Other income 2.9 2.0 6.9
Operating costs -164.2 -127.3 -266.4
Depreciation -10.8 -9.8 -19.7
Net interest -2.0 -1.1 -3.1
Net profit before tax 39.2 36.3 70.2
Income tax expense -12.3 -11.6 -21.6
Net profit after tax 26.9 24.7 48.6
Minority interest -1.3 -2.0 -4.2
Net profit 25.6 22.7 44.4
EARNINGS PER SHARE
Earnings (SA GAAP) 25.81 50.38
(cents)
IFRS adjustment - 0.35 0.70
business combination
Earnings (IFRS) 29.5 26.16 51.08
(cents)
Sale of assets - - -0.46
Headline earnings 29.5 26.16 50.62
(cents)
ADDITIONAL
INFORMATION
Div/share paid 7.6 6.6 14.4
(cents)
Div/share proposed 8.8 7.8 15.4
Dividend cover 3.35 3.35 3.29
(times)
Shares in issue 86.794 86.794 86.794
(millions)
COMMENT
A 13% increase in group earnings was satisfactory, given the trading climate and
the reduced performance of subsidiaries. The 24% rise in revenue was on budget
and accurately reflects the greater group critical mass. Gearing marginally
increased to 34% to take advantage of the low interest environment and R28m was
invested in group activities, primarily to finance the additional assets of the
subsidiaries.
Bowler Plastics maintained their solid performance, recording a 16% earnings
rise, despite the continued margin squeeze caused by high raw material prices
and the resistance of customers to accept price increases. These price increases
were settled at year-end and this augers well for the second half of the year.
Factory output at Quality Beverages was at record levels but unfortunately, the
wet and windy summer weather reduced demand for carbonated soft drinks and the
inevitable price reductions followed. This radically reduced margins, resulting
in Quality Beverages recording a drop in earnings of 35%. Thankfully, price
relief came in mid January 2006 and the second six months is likely to be
stronger than the first.
Amcos Cosmetics operated from their new factory for the six months and increased
their revenue by a commendable 220%. However, the associated commissioning costs
and bedding in of the new plant meant that they achieved no more than a near
breakeven situation. This was budgeted for and an improved second half is
anticipated.
Group results for the full year are expected to be stranger than for the first
half, provided that that electricity outages in the Western Cape are contained.
BASIS OF PREPARATION
The Financial statements are prepared in accordance with IFRS (transition date 1
July 2004) and the Companies Act in South Africa, the condensed interim
financial statements with IAS 34.
The first time adoption of IFRS has resulted in a change in accounting policy of
intangible assets. Previously goodwill arising on business combinations was
amortised on a straight-line basis over the useful life. Under IFRS 3, IAS 36 &
38, these assets are not amortised, but subject to an annual impairment review.
The resultant adjustments are reflected in the Changes In Equity and Earnings
Per Share Statements above. Other accounting policies are consistent with the
previous reporting period.
DIVIDEND DECLARATION
An interim dividend of 8.8c per share has been declared (31/12/04 : 7.8c) and is
payable to shareholders on Monday, 3 April 2006. The last day to trade will be
Friday, 24 March 2006. "Ex" dividend trading begins on Monday, 27 March 2006 and
the record date will be Friday, 31 March 2006. Share certificates may not be
dematerialised or re-materialised between Monday, 27 March 2006 and Friday, 31
March 2006, both days inclusive.
H.W. SASS (Chairman)
M. BRAIN (Managing Director)
Cape Town, 6 March 2006
SPONSOR
LPC Manhattan Moela (Pty) Ltd
4th Floor, Hyde Park Corner
Jan Smuts Avenue, Hyde Park
Johannesburg, 2196
AUDITORS
Moores Rowland
Registered Auditors and Accountants
Chartered Accountants (SA)
27th Floor, 1 Thibault Square
Cape Town, 8001
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Ltd
P.O. Box 61051, Marshalltown, 2107
Date: 03/03/2006 04:00:09 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
