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Share Name | Share Symbol | Market | Type |
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Cover 50 SPA | BIT:COV | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:7396Q Canadian Overseas Packaging Ind Ld 09 October 2003 CANADIAN OVERSEAS PACKAGING INDUSTRIES LIMITED (incorporated under the laws of Canada) EARNINGS ANNOUNCEMENT Audited results for the fiscal year to June 30, 2003 (all funds expressed in thousands of Canadian dollars except for the common share data) CONSOLIDATED STATEMENT OF EARNINGS 2003 2002 (C$000) (C$000) _______ _______ Revenues Sales 167,925 172,214 Investment income 7,305 33,136 _______ _______ 175,230 205,350 _______ _______ Expenses Cost of sales 125,832 123,019 Selling and administrative expenses 37,945 39,800 Interest Current 1,406 1,645 Long term 80 82 Foreign currency losses 3,511 370 _______ _______ 168,774 164,916 _______ _______ Earnings from operations before income taxes and minority 6,456 40,434 interest _______ _______ Income taxes Current 701 1,787 Future 406 853 _______ _______ 1,107 2,640 _______ _______ Earnings from operations before minority interest 5,349 37,794 Minority interest 414 32 _______ _______ Net earnings 5,763 37,826 ======= ======= Basic earnings per common share (17,578,125 shares) C$0.33 C$2.15 ======= ======= CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (in thousands of Canadian dollars) Capital Retained Appraisal Cumulative Total Stock Earnings Increment Translation Adjustments __________ _________ _________ __________ ________ $ $ $ $ $ Balance, June 30, 2001 47,984 360,658 1,833 (7,318) 403,157 Realization of appraisal increment 27 (27) Effect of exchange rate changes 11 1,278 1,289 Net earnings 37,826 37,826 Dividend ($0.95 per share) (16,699) (16,699) __________ _________ _________ __________ ________ Balance, June 30, 2002 47,984 381,812 1,817 (6,040) 425,573 Realization of appraisal increment 25 (25) Effect of exchange rate changes (310) (2,667) (2,977) Net earnings 5,763 5,763 Dividend ($1.00 per share) (17,578) (17,578) __________ _________ _________ __________ ________ Balance, June 30, 2003 47,984 370,022 1,482 (8,707) 410,781 ========== ========= ========= ========== ======== 2003 2002 (C$000) (C$000) _______ _______ CONSOLIDATED BALANCE SHEET Assets Current assets Cash 13,739 26,360 Term deposits, at cost, 3.2% (2.4% to 5.3% in 2002), maturing in July 2003 37,876 43,035 Accounts receivable 30,966 35,992 Inventories 12,372 14,850 _______ _______ 94,953 120,237 Investments 312,318 316,888 Property, plant and equipment 40,307 34,186 _______ _______ 447,578 471,311 ======= ======= Liabilities Current liabilities Bank indebtedness 10,487 14,659 Accounts payable and accrued liabilities 19,712 24,755 Income taxes payable 737 697 Current portion of long-term debt 251 651 _______ _______ 31,187 40,762 Long-term debt 907 Future income taxes 4,350 4,289 Minority interest 353 687 _______ _______ 36,797 45,738 _______ _______ Shareholders Equity Capital stock 47,984 47,984 Retained earnings 370,022 381,812 Appraisal increment 1,482 1,817 Cumulative translation adjustments (8,707) (6,040) _______ _______ 410,781 425,573 _______ _______ 447,578 471,311 ======= ======= 2003 2002 (C$000) (C$000) _______ _______ CONSOLIDATED STATEMENT OF CASH FLOWS Operating Activities Net earnings 5,763 37,826 Non-cash items 2,587 (22,134) _______ _______ 8,350 15,692 Changes in non-cash working capital items 2,501 (3,032) _______ _______ Cash flows from operating activities 10,851 12,660 _______ _______ Investing Activities Purchase of marketable securities (90,712) (211,123) Proceeds on sale of marketable securities 97,892 226,712 Purchase of property, plant and equipment (13,401) (6,317) Proceeds on disposal of property, plant and equipment 149 965 _______ _______ Cash flows from investing activities (6,072) 10,237 _______ _______ Financing Activities Bank indebtedness (4,172) (5,965) Long-term debt 1,550 Repayment of long-term debt (835) (645) Dividend (17,578) (16,699) _______ _______ Cash flows from financing activities (21,035) (23,309) _______ _______ Foreign exchange loss on cash and cash equivalents held in Foreign currency (1,524) (193) _______ _______ Net decrease in cash and cash equivalents (17,780) (605) Cash and cash equivalents, beginning of year 69,395 70,000 _______ _______ Cash and cash equivalents, end of year 51,615 69,395 ======= ======= The Directors have today declared a regular dividend on the 17,578,125 common shares N.P.V. payable to Shareholders registered at the close of business on November 14, 2003 at the rate of $1.00 per share (2002: $1.00 per share). The payment date for this dividend is December 5, 2003. The equivalent dividend rate and exchange rate in # sterling currency will be announced on October 31, 2003. The audited financial results have been prepared using accounting policies consistent with those of the annual financial statements for the year ended June 30, 2002, and conform with Canadian generally accepted accounting principles. Under International Accounting Standards unrealized losses on marketable securities of ($6,207) and unrealized change in fair value of foreign exchange contracts of $1,560 would have been recorded resulting in net earnings and earnings per common share being $1,116 and $0.06 respectively for the year ended June 30, 2003. The headline earnings per common share (excluding gain on sale of fixed assets) is $0.32 ($2.15 for 2002). The Annual Report and Accounts for the fiscal year ended June 30, 2003, together with the Notice of the Forty Second Annual Meeting, will be mailed to shareholders on the October 24, 2003. The Forty Second Annual Meeting of Shareholders will be held on December 2, 2003. Full details will be circulated with the Notice of the Meeting. Auditors: Raymond Chabot Grant Thornton Montreal, Quebec, Canada October 9, 2003 By Order of the Board Suite 1500, One Brunswick Square, Germain Street D. M. Eramian St. John, New Brunswick, Canada E2L 4H8 Company Secretary This information is provided by RNS The company news service from the London Stock Exchange END FR MLBATMMIMBAJ
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