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Spanjaard Interim Report For The Six Months To 31 August 1999

Release Date: 15/11/1999 07:41:25      Code(s): SPA
SPANJAARD LIMITED
AND ITS SUBSIDIARIES
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
REGISTRATION NO. 60/04393/06
INTERIM REPORT - SIX MONTHS 31 AUGUST 1999
CONSOLIDATE INCOME STATEMENT
                              SIX MONTHS     SIX MONTHS     TWELVE MONTHS
                              TO 31.8.99     TO 31.8.98     TO 28.2.99
                              (UNAUDITED)    (UNAUDITED)    (AUDITED)
                              R'000          R'000          R'000
TURNOVER                      24,035         20,519         45,613
OPERATING PROFIT              1,332          1,086          3,369
FINANCIAL COSTS               729            543            1,781
DEPRECIATION                  357            282            622
PROFIT BEFORE TAXATION        246            261            966
TAXATION                      123            124            513
PROFIT ATTRIBUTABLE TO
ORDINARY SHAREHOLDERS         123            137            453
ORDINARY DIVIDEND             -              -              399
RETAINED PROFIT FOR THE
PERIOD                        123            137            54
TRANSFER FROM NON-
DISTRIBUTABLE RESERVES        -              -              1,593
RETAINED PROFIT AT BEGINNING
OF YEAR                       4,854          3,207          3,207
RETAINED PROFIT AT END OF
PERIOD                        4,977          3,344          4,854
HEADLINE EARNINGS PER SHARE
(CENTS)                       3.7            3.9            10.9
EARNINGS PER ORDINARY SHARE
(CENTS)                       2.2            2.4            7.9
DIVIDEND PER ORDINARY SHARE
(CENTS)                       -              -              7.0
CONSOLIDATED BALANCE SHEET
EMPLOYMENT OF CAPITAL
FIXED ASSETS                  8,698          7,104          7,651
INTANGIBLE FIXED ASSETS       2,055          2,223          2,139
OTHER INVESTMENTS             17             17             17
CURRENT ASSETS                17,399         12,892         14,669
TOTAL ASSETS                  28,169         22,236         24,476
CURRENT LIABILITIES AND
PROVISIONS                    -17,938        -13,981        -15,298
INTEREST BEARING              -7,763         -5,714         -6,293
NON-INTEREST BEARING          -10,175        -8,267         -9,005
                              10,231         8,255          9,178
CAPITAL EMPLOYED
SHARE CAPITAL AND PREMIUM     520            520            520
NON-DISTRIBUTABLE RESERVES    1,801          2,943          1,752
DISTRIBUTABLE RESERVES        4,977          3,344          4,854
SHAREHOLDERS' INTEREST        7,298          6,807          7,126
LONG-TERM LIABILITIES         2,691          1,249          1,809
DEFERRED TAXATION             242            199            243
                              10,231         8,255          9,178
NUMBER OF ORDINARY SHARES
IN ISSUE ('000)               5,700          5,700          5,700
NET ASSET VALUE PER SHARE
(CENTS)                       128            119            125
CAPITAL EXPENDITURE DURING THE
PERIOD                        1,479          430            1,646
OVERDRAFTS AND ACCEPTANCES    7,228          5,260          5,846
SUSPENSIVE SALE AGREEMENTS    1,228          519            408
GENERAL REVIEW
TURNOVER AND OPERATING INCOME ARE BOTH HIGHER THAN THAT FOR THE SAME PERIOD
LAST YEAR AS A RESULT OF BOTH INCREASED SALES FLOWING FROM THE NOW ATOMISING
PLANT AT THE METAL POWDER OPERATION AS WELL AS FROM INCREASED PENETRATION OF
EXISTING MARKETS. THE EFFECTS OF LAST YEAR'S TURMOIL IN SOUTH EAST ASIA ARE
CONTINUING TO BE FELT, ALTHOUGH EXPORTS TO THE REGION ARE BEGINNING TO SHOW
SIGNS OF IMPROVEMENT AND ARE EXPECTED TO PICK UP FURTHER IN THE SECOND HALF OF
THE YEAR. THE GROUP HAS ALSO SUCCESSFULLY IMPLEMENTED A NEW INFORMATION
TECHNOLOGY SYSTEM WHICH IS ALSO EXPECTED TO IMPROVE OPERATING EFFICIENCIES
THROUGHOUT THE GROUP. THIS, TOGETHER WITH THE OTHER CAPITAL PROJECTS UNDERTAKEN
BY THE GROUP OVER THE LAST YEAR, IS EXPECTED TO ENHANCE REVENUE STREAMS.
AS USUAL, THE SECOND HALF OF THE YEAR IS EXPECTED TO YIELD BETTER RESULTS THAN
THE FIRST.
YEAR 2000 COMPLIANCE
ALL SYSTEMS ARE YEAR 2000 COMPLIANT.
BY ORDER OF THE BOARD
R. SACK CA(SA) - COMPANY SECRETARY
15 NOVEMBER 1999
DIRECTORS: R.J.W. SPANJAARD (CHAIRMAN), A.M. MARTINGANO (DEPUTY CHIEF
EXECUTIVE), T.S. GLEN, V. KORINEK, R.G. NICHOLSON (NON-EXECUTIVE), D.H.
PETERSON (GERMAN).
REGISTERED OFFICE                   TRANSFER SECRETARIES
748-750 FIFTH STREET                MERCANTILE REGISTRARS LIMITED
WYNBERG, SANDTON 2090               11 DIAGONAL STREET, JOHANNESBURG 2001



                                        
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