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BCF
BCF
Bowler Metcalf Limited - Audited results for the year ended 30 June 2006
and dividend declaration
Bowler Metcalf Limited
REG NO : 1972/005921/06
SHARE CODE : BCF
ISIN CODE :ZAE000030797
Audited results for the year ended 30 June 2006 and dividend declaration
R mil 30 June % 30
2006 Change June
2005
BALANCE SHEET
Property, plant and equipment 181.4 164.4
Deferred tax 1.5 0.5
Goodwill 5.4 5.4
Current assets 130.7 114.5
TOTAL ASSETS 319.0 +12 284.8
Total equity 209.0 178.3
Deferred tax 16.7 13.4
Long term liabilities 13.2 10.3
Current liabilities 79.2 82.8
TOTAL EQUITY AND LIABILITIES 319.0 284.8
INCOME STATEMENT
Revenue 417.8 +19 352.5
Other income 7.2 6.9
Operating costs -327.6 -266.4
Depreciation -24.7 -19.7
Net interest -4.6 -3.1
Net profit before tax 68.1 70.2
Income tax expense -21.7 -21.6
Net profit for the year 46.4 48.6
Attributable to minorities -0.3 -4.2
Attributable to parent 46.1 +4 44.4
EARNINGS PER SHARE
Earnings (SA GAAP) (c) 50.38
IFRS adjustment - business combination 0.70
Earnings (IFRS) (c) 53.08 51.08
Sale of assets -0.39 -0.46
Headline earnings (c) 52.69 +4 50.61
Exceptional items 0.87 -
Adjusted headline earnings (c) 53.56 +6 50.62
CHANGES IN EQUITY
Opening balance 169.5 137.6
Net profit - IFRS 46.1 44.4
- Net profit SA GAAP 43.8
- IFRS adjustment business combination 0.6
Dividends paid -14.2 -12.5
Closing balance 201.4 169.5
Minority interest 8.5 8.8
Total equity 209.9 178.3
Share capital 11.0 11.0
Retained earnings 190.3 158.5
Minority interest 8.6 8.8
CASH FLOW
Operating activities 46.0 23.0
Investing activities -41.3 -49.8
Financing activities 4.7 -11.4
Net cash flow 9.4 -38.2
Opening balance -38.6 -0.4
Closing balance -29.2 -38.6
SEGMENTAL ANALYSIS
Net profit
- plastic operations 41.7 +14 36.5
- filling operations 0.4 -93 4.7
- property investment 4.0 +26 3.2
46.1 +4 44.4
ADDITIONAL INFORMATION
Dividend per share paid (c) 16.4 14.4
Dividend per share proposed (c) 16.8 +9 15.4
Dividend cover (times) 3.16 3.32
Shares in issue (million) 86 794 86 794
COMMENT
Despite significant underperformance from two subsidiaries, the Group
maintained the 20 year unbroken revenue and profit growth record. The 19%
revenue increase to R418m accurately reflects our growth strategy, despite
adjusted headline earnings growth per share being curtailed at 6% due to a
drop in Quality Beverages income and a loss at Amcos Cosmetics.
The income from the core business of Bowler Plastics increased by 14% in a
disruptive environment. Unprecedented raw material price hikes (driven
well above 20% by spiraling crude oil costs), margin pressure, industry
over-capacity and non-recoverable power outage losses of some R450 000 made
this performance more creditworthy. All factories operated efficiently and
the recent expansion in the Pet division has borne fruit.
After a robust 2005, Quality Beverages struggled in the soft drink market,
enduring persistent adverse weather conditions and pricing pressures by
retailers. Together with high sugar prices, this resulted in a 66% decline
in earnings from R8.5m to R2.9m. the new bottling lines have greatly
improved factory efficiencies and the introduction in May 2006 of a new
range of bottled waters has proved promising, making Quality well
positioned for 2007.
First year start up problems at Amcos Cosmetics" new plant including
several once off costs and an exceptional item export claim of R1.3m
contributed to a loss of R3.7m. Strong remedial action has yielded a
marked improvement over the last four months and this trend is expected to
continue for the balance of the financial year.
Capital expenditure of R42m was incurred during the year and a further R40m
has been budgeted for, all on plant upgrades and expansion, mainly in our
plastics division.
Given the lower base for the filling divisions and the peaking of polymer
prices for the plastics division, I believe that 2007 will produce a
meaningful improvement in earnings.
BASIS OF PREPARATION
The financial statements are prepared in accordance with IFRS (transition
date 1 July 2004) and the Companies Act, 1973, and the condensed financial
statements in accordance 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 amortized on a straight-line basis over the useful life.
Under IFRS3, IAS 36 and 38, these assets are not amortized, but subject to
an annual 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.
AUDIT REPORT
The unqualified Audit Report of the Auditors, Moores Rowland
is available at the company"s registered office.
DIVIDEND DECLARATION
A final dividend of 8.0c per share has been declared (30 June 2006 - 7.6c)
and is payable to shareholders on Monday, 23 October 2006. The last day to
trade will be Friday, 13 October 2006. "Ex" dividend trading begins on
Monday, 16 October 2006 and the record date will be Friday, 20 October
2006. Share certificates may not be dematerialised or re-materialised
between Monday, 16 October 2006 and Friday 20 October 2006, both days
inclusive
HW Sass (Chairman) M Brain (Managing Director)
Cape Town
22 September 2006
Sponsor:
Vunani Corporate Finance (Pty) Limited
Auditors:
Moores Rowland
Registered Auditors and Accountants
Transfer Secretaries:
Computershare Investor Services 2004 (Pty) Limited
Date: 22/09/2006 05:18:36 PM Produced by the JSE SENS Department
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