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Spanjaard Audited Results For The Year Ended 28 February 1999

Release Date: 17/05/1999 16:03:08      Code(s): SPA
SPANJAARD LIMITED AND ITS SUBSIDIARIES
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
REGISTRATION NO. 60/04393/06
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 1999
                                                1999           1998
CONSOLIDATED INCOME STATEMENT                   R'000          R'000
TURNOVER                                        45,613         46,221
OPERATING PROFIT                                3,369          4,246
FINANCIAL COSTS                                 1,781          1,212
DEPRECIATION                                    622            691
PROFIT BEFORE TAXATION                          966            2,343
TAXATION                                        513            772
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS    453            1,571
ORDINARY DIVIDEND                               399            684
RETAINED PROFIT FOR THE PERIOD                  54             887
TRANSFER FROM/(TO) NON-DISTRIBUTABLE RESERVES   1,593          (1,593)
RETAINED PROFIT AT BEGINNING OF YEAR            3,207          3,913
RETAINED PROFIT AT END OF PERIOD                4,854          3,207
HEADLINE EARNINGS PER SHARE (CENTS)             10.9           30.5
EARNINGS PER ORDINARY SHARE (CENTS)             7.9            27.6
DIVIDEND PER ORDINARY SHARE (CENTS)             7              12
CONSOLIDATED BALANCE SHEET
EMPLOYMENT OF CAPITAL
FIXED ASSETS                                    7,651          6,696
INTANGIBLE FIXED ASSETS                         2,139          2,307
OTHER INVESTMENTS                               17             -
CURRENT ASSETS                                  14,669         12,858
TOTAL ASSETS                                    24,476         21,861
CURRENT LIABILITIES AND PROVISIONS              (15,298)       (13,389)
INTEREST BEARING                                (6,293)        (4,339)
NON-INTEREST BEARING                            (9,005)        (9,050)
                                                9,178          8,472
CAPITAL EMPLOYED
SHARE CAPITAL AND PREMIUM                       520            520
NON-DISTRIBUTABLE RESERVES                      1,752          3,097
DISTRIBUTABLE RESERVES                          4,854          3,207
SHAREHOLDERS' INTEREST                          7,126          6,824
LONG-TERM LIABILITIES                           1,809          1,449
DEFERRED TAXATION                               243            199
                                                9,178          8,472
NUMBER OF ORDINARY SHARES IN ISSUE ('000)       5,700          5,700
NET ASSET VALUE PER SHARE (CENTS)               125            120
CAPITAL EXPENDITURE DURING THE PERIOD (R'000)   1,646          788
OVERDRAFTS AND ACCEPTANCES                      5,846          4,112
CONSOLIDATED BORROWINGS
LONG-TERM LIABILITIES
LOANS                                           1,401          1,020
SUSPENSIVE SALE AGREEMENTS                      408            429
                                                1,809          1,449
SHORT-TERM BORROWINGS                           6,293          4,339
                                                8,102          5,788
GENERAL REVIEW
GROUP TURNOVER IS MARGINALLY DOWN. AS IS TO BE EXPECTED, FINANCIAL COSTS ARE
47% UP LARGELY AS A RESULT OF THE VERY HIGH INTEREST RATES IN THE SECOND HALF
OF THE FINANCIAL YEAR. THE EFFECTIVE TAX RATE AMOUNTS TO 53% (1998 33%)
PRIMARILY DUE TO THE FACT THAT THE AMORTISATION OF GOODWILL AND TRADEMARKS ARE
NOT DEDUCTIBLE FOR TAX PURPOSES.
NET INCOME AFTER TAXATION IS R453 000 (1998 R1 571 000).
PROSPECTS
PROSPECTS FOR THE YEAR ENDING FEBRUARY 2000 ARE MOST POSITIVE. THE METAL POWDER
OPERATION HAS BROUGHT A NEW FURNACE INTO PRODUCTION ENABLING THE MANUFACTURE OF
A COMPLETELY NEW PRODUCT LINE FOR WHICH SUBSTANTIAL EXPORT ORDERS HAVE ALREADY
BEEN RECEIVED. WHILST THE SOUTH AFRICAN MARKET HAS BEEN SLUGGISH, INTERNATIONAL
MARKETS IN MANY OF THE GROUP'S EXPORT AREAS ARE BUOYANT. THE RETURN OF INTEREST
RATES TO MORE NORMAL LEVELS WILL HAVE A DIRECT IMPACT ON PROFITS. IN THE LIGHT
OF THE ABOVE, THE DIRECTORS HAVE DECLARED A DIVIDEND OF 7 CENTS PER SHARE.
YEAR 2000 COMPLIANCE
ALL SYSTEMS ARE YEAR 2000 COMPLIANT.
DIVIDEND ANNOUNCEMENT
NOTICE IS HEREBY GIVEN THAT THE DIRECTORS HAVE DECLARED DIVIDEND NO.7 OF 7
CENTS PER ORDINARY SHARE PAYABLE TO SHAREHOLDERS REGISTERED IN THE BOOKS OF THE
COMPANY AT THE CLOSE OF BUSINESS ON 18 JUNE 1999. DIVIDEND CHEQUES WILL BE
POSTED ON OR ABOUT 2 JULY 1999.
DIRECTORS:
R.J.W. SPANJAARD (CHAIRMAN), A.M. MARTINGANO (DEPUTY CHIEF EXECUTIVE), T.S.
GIEN, V. KORINEK, R.G. NICHOLSON (NON-EXECUTIVE), D.H. PETERSEN.
BY ORDER OF THE BOARD:
R.J.W. SPANJAARD - EXECUTIVE CHAIRMAN
17 MAY 1999.
REGISTERED OFFICE:
748-750 FIFTH STREET,
WYNBERG,
SANDTON 2090.
TRANSFER SECRETARIES:
MERCANTILE REGISTRARS LIMITED,
11 DIAGONAL STREET,
JOHANNESBURG 2001.



                                        
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