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BCF
BCF
BCF - Bowler Metcalf Limited - Condensed Unaudited Results for the six
months ended 31 December 2006
Bowler Metcalf Limited
REG NO: 1972/005921/06
SHARE CODE: BCF & ISIN CODE: ZAE000030797
CONDENSED UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2006
R mil 31 31 % 30
December December Change June
2006 2005 2006
BALANCE SHEET
Property, plant and 194.3 181.8 181.4
equipment
Deferred tax 1.8 0.6 1.5
Goodwill 11.6 5.4 5.4
Current assets 178.9 147.5 130.7
TOTAL ASSETS 386.6 335.3 +15 319.0
Total equity 234.6 198.2 209.0
Deferred tax 17.4 16.0 16.7
Long term liabilities 25.7 22.2 11.8
Current liabilities 108.9 98.9 80.5
TOTAL EQUITY AND 386.6 335.3 319.0
LIABILITIES
INCOME STATEMENT
Revenue 222.8 213.3 +4 417.8
Other income 4.3 2.9 7.2
Operating costs -171.3 -164.2 -327.6
Depreciation -16.0 -10.8 -24.7
Net interest -3.1 -2.0 -4.6
Net profit before tax 36.7 39.2 68.1
Income tax expense -11.0 -12.3 -21.7
Net profit for the year 25.7 26.9 46.4
Attributable to -1.1 -1.3 -0.3
minorities
Attributable to parent 24.6 25.6 -4 46.1
EARNINGS PER SHARE
Earnings (c) 28.09 29.5 53.08
Disposal of assets 0.68 -0.39
Headline earnings (c) 28.77 29.5 -2 52.69
Exceptional items 0.87
Adjusted headline 28.77 29.5 -2 53.56
earnings (c)
CHANGES IN EQUITY
Opening balance 201.4 169.6 169.5
Net profit - IFRS 24.6 25.6 46.1
Shares issued 10.5
Dividends paid -7.1 -6.6 -14.2
Closing balance 229.4 188.6 201.4
Minority interest 5.2 9.6 8.5
Total equity 234.6 198.2 209.9
Share capital 21.5 11.0 11.0
Retained earnings 207.9 177.6 190.3
Minority interest 5.2 9.6 8.6
CASH FLOW
Operating activities 5.7 19.2 46.0
Investing activities -29.0 -28.0 -41.3
Financing activities 11.6 13.5 4.7
Net cash flow -11.7 4.7 9.4
Opening balance -29.2 -38.6 -38.6
Closing balance -40.9 -33.9 -29.2
SEGMENTAL ANALYSIS
Net profit
- plastic operations 19.9 23.1 -14 41.7
- filling operations 3.3 1.3 +154 0.4
- property investment 1.4 1.2 +17 4.0
24.6 25.6 -4 46.1
ADDITIONAL INFORMATION
Dividend per share paid 8.0 7.6 16.4
(c)
Dividend per share 9.1 8.8 +3 16.8
proposed (c)
Dividend cover (times) 3.09 3.35 3.16
Shares in issue (million) 87.465 86.794 86 794
COMMENT
The half year trading was marred by two major extraordinary events. Bowler
Plastics was subjected to unprecedented raw material price increases of
approximately 40%, while Quality Beverages suffered under the national
shortage in CO2 in the peak November and December trading months.
Intense industry pressure and refusal by customers to accept meaningful
price increases caused Bowler Plastics to absorb the majority of the raw
material increases, taking R5m off the bottom-line. Depreciation increased
by R5,2m further reducing operating profits. Other than for this
extraordinary loss, the business unit performed on budget and grew revenue
in a competitive environment. Equipment purchases of R29m were commissioned
in November, minimally affecting the half year figures.
Profits of the filling operation increased by 154% and would have been
greater but for Quality Beverages being seriously inhibited by the critical
nationwide shortage of CO2. The greatest effect was in Gauteng, where a
loss was sustained, making the overall increase noteworthy. The Amcos
return to profitability was anticipated. Plant additions of R3,5m were
made, mainly on Quality Beverages.
Great focus will be placed on plastic packaging margin recovery for the
balance of the 2007 year at an industry level, which should be helped by a
softening raw material price. Filling operations are well positioned for
the balance of the year, which we believe will contribute to an overall
growth.
BASIS OF PREPARATION
The financial statements are prepared in accordance with IFRS and the
Companies Act, 1973, and the condensed financial statements in accordance
with IAS 34. Accounting policies are consistent with the previous reporting
period.
DIVIDEND DECLARATION
An interim dividend of 9.1c per share has been declared (31 December 2005 -
8.8c) and is payable to shareholders on Monday, 2 April 2007. The last day
to trade will be Friday, 23 March 2007. "Ex" dividend trading begins on
Monday, 26 March 2007 and the record date will be Friday, 30 March 2007.
Share certificates may not be dematerialised or rematerialised between
Monday, 26 March 2007 and Friday 30 March 2007, both days inclusive
HW Sass (Chairman) M Brain (Managing Director)
Cape Town
2 March 2007
Sponsor:
Vunani Corporate Finance (Pty) Limited
Auditors:
Moores Rowland
Registered Auditors and Accountants
Transfer Secretaries:
Computershare Investor Services 2004 (Pty) Limited
Date: 02/03/2007 17:05:01 Produced by the JSE SENS Department.
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