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Spanjaard Limited - Interim Report

Release Date: 20/11/1998 16:20:02      Code(s): SPA
SPANJAARD LIMITED
AND ITS SUBSIDIARIES
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
REGISTRATION NO. 60/04393/06
INTERIM REPORT - SIX MONTHS TO 31 AUGUST 1998
CONSOLIDATED INCOME STATEMENT
                           SIX MONTHS     SIX MONTHS     TWELVE
                           TO 31.8.98     TO 31.8.97     MONTHS TO
                           (UNAUDITED)    (UNAUDITED)    28.2.98
                           R'000          R'000          (AUDITED)
                                                         R'000
TURNOVER                   20,519         21,677         46,221
OPERATING PROFIT           1,086          1,438          4,246
FINANCIAL COSTS            543            670            1,212
DEPRECIATION               282            392            691
PROFIT BEFORE TAXATION     261            376            2,343
TAXATION                   124            -              772
PROFIT ATTRIBUTABLE TO
ORDINARY SHAREHOLDERS      137            376            1,571
ORDINARY DIVIDEND          -              -              684
RETAINED PROFIT FOR THE
PERIOD                     137            376            887
TRANSFER TO NON
DISTRIBUTABLE RESERVE      -              -              1,593
RETAINED PROFIT AT
BEGINNING OF YEAR          3,207          3,913          3,913
RETAINED PROFIT AT END
OF PERIOD                  3,344          4,289          3,207
HEADLINE EARNINGS PER
SHARE (CENTS)              3,9            8,1            30,5
EARNINGS PER ORDINARY
SHARE (CENTS)              2,4            6,6            27,6
DIVIDEND PER ORDINARY
SHARE (CENTS)              -              -              12
CONSOLIDATED BALANCE SHEET
EMPLOYMENT OF CAPITAL
FIXED ASSETS               7,104          6,808          6,696
INTANGIBLE FIXED ASSETS    2,223          2,391          2,307
OTHER INVESTMENTS          17             -              -
CURRENT ASSETS             12,892         11,573         12,858
TOTAL ASSETS               22,236         20,772         21,861
CURRENT LIABILITIES AND
PROVISIONS                 -13,981        -12,929        -13,389
INTEREST BEARING           -5,714         -4,952         -4,339
NON-INTEREST BEARING       -8,267         -7,977         -9,050
                           8,255          7,843          8,472
CAPITAL EMPLOYED
SHARE CAPITAL AND PREMIUM  520            520            520
NON-DISTRIBUTABLE RESERVES 2,943          1,430          3,097
DISTRIBUTABLE RESERVES     3,344          4,289          3,207
SHAREHOLDERS' INTEREST     6,807          6,239          6,824
LONG-TERM LIABILITIES      1,249          1,604          1,449
DEFERRED TAXATION          199            -              199
                           8,255          7,843          8,472
NUMBER OF ORDINARY SHARES
IN ISSUE ('000)            5,700          5,700          5,700
NET ASSET VALUE PER SHARE
(CENTS)                    119            109            120
CAPITAL EXPENDITURE DURING
THE PERIOD (R'000)         430            205            788
OVERDRAFTS AND ACCEPTANCES 5,260          5,346          4,112
CONSOLIDATED BORROWINGS
LONG-TERM LIABILITIES
LOANS                      730            1,034          1,020
SUSPENSIVE SALE AGREEMENTS 519            280            429
                           1,249          1,314          1,449
SHORT-TERM BORROWINGS      5,714          5,888          4,339
                           6,983          7,202          5,788
GENERAL REVIEW
THE RESULTS FOR THE FIRST SIX MONTHS OF THE FINANCIAL YEAR REPRESENT A
SUBSTANTIAL REDUCTION IN NET PROFIT AFTER TAX (NO TAX PAYABLE FOR THE FIRST SIX
MONTHS OF THE PREVIOUS FINANCIAL YEAR). IN OUR INTERNATIONAL MARKETS SOME ASIAN
CUSTOMERS HAVE BEEN HARD HIT BY THE TURMOIL IN THEIR COUNTRIES, RESULTING IN
INTENSIFIED COMPETITION IN INTERNATIONAL MARKETS AS A WHOLE. UNPREDICTABILITY
OF EXCHANGE AND INTEREST RATES ARE HAVING AN UNSETTLING EFFECT ALSO IN RESPECT
OF THE LOCAL MARKET.
AS USUAL, THE SECOND HALF OF THE FINANCIAL YEAR IS EXPECTED TO YIELD BETTER
RESULTS THAN THE FIRST.
YEAR 2000 COMPLIANCE
ALL SYSTEM CONVERSIONS HAVE BEEN INSTALLED AND ARE CURRENTLY IN A TWO-MONTH
PERIOD OF TESTING.
DIRECTORS: R.J.W. SPANJAARD (CHAIRMAN), A.M. MARTINGANO (DEPUTY CHIEF
EXECUTIVE), T.S. GIEN, R.G. NICHOLSON*, D.H. PETERSEN, W.P. SCHVLTZ
*(NON-EXECUTIVE)
BY ORDER OF THE BOARD
R J W SPANJAARD - EXECUTIVE CHAIRMAN
20 NOVEMBER 1998
REGISTERED OFFICE                 TRANSFER SECRETARIES
748-750 FIFTH STREET              MERCANTILE REGISTRARS LIMITED
WYNBERG                           11 DIAGONAL STREET
2090 SANDTON                      2001 JOHANNESBURG



                                        
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