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Spanjaard Limited - Audited Results For Year Ended 29 February 2000

Release Date: 31/05/2000 16:42:00      Code(s): SPA
SPANJAARD LIMITED
AND ITS SUBSIDIARIES
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
REGISTRATION NO. 1960/004393/06
AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2000
                                                     2000          1999
CONSOLIDATED INCOME STATEMENT                        R'000         R'000
TURNOVER                                             53,369        45,613
OPERATING PROFIT                                     2,620         3,369
FINANCIAL COSTS                                      1,844         1,781
DEPRECIATION                                         1,006         622
(LOSS)/PROFIT BEFORE TAXATION                        (230)         966
TAXATION                                             128           513
(LOSS)/PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS  (358)         453
ORDINARY DIVIDEND                                    -             399
RETAINED (LOSS)/PROFIT FOR THE YEAR                  (358)         54
TRANSFER FROM OTHER RESERVES                         -             1,593
ACCUMULATED PROFIT AT BEGINNING OF YEAR              4,854         3,207
ACCUMULATED PROFIT AT END OF YEAR                    4,496         4,854
HEADLINE (LOSS)/EARNINGS PER ORDINARY SHARE (CENTS)  (3.3)         10.9
(LOSS)/EARNINGS PER ORDINARY SHARE (CENTS)           (6.3)         7.9
DIVIDEND PER ORDINARY SHARE (CENTS)                  -             7.0
CONSOLIDATED BALANCE SHEET
EMPLOYMENT OF CAPITAL
FIXED ASSETS                                         7,469         7,651
INTANGIBLE ASSETS                                    1,971         2,139
OTHER INVESTMENTS                                    -             17
CURRENT ASSETS                                       17,817        14,669
TOTAL ASSETS                                         27,257        24,476
CURRENT LIABILITIES AND PROVISIONS                   (18,771)      (15,298)
  INTEREST BEARING                                   (6,316)       (6,293)
NON-INTEREST BEARING                                 (12,455)      (9,005)
                                                     8,486         9,178
CAPITAL EMPLOYED
SHARE CAPITAL AND PREMIUM                            520           520
OTHER RESERVES                                       1,385         1,752
DISTRIBUTABLE RESERVES                               4,496         4,854
SHAREHOLDERS' INTEREST                               6,401         7,126
LONG-TERM LIABILITIES                                1,890         1,809
DEFERRED TAXATION                                    195           243
                                                     8,486         9,178
CONSOLIDATED CASH FLOW STATEMENT
CASH FLOW FROM OPERATING ACTIVITIES                  1,459         (348)
CASH FLOW FROM INVESTING ACTIVITIES                  (1,397)       (1,630)
CASH FLOW FROM FINANCING ACTIVITIES                  81            360
NET INCREASE/(DECREASE) IN CASH AND EQUIVALENTS      143           (1,618)
NUMBER OF ORDINARY SHARES IN ISSUE ('OOO)            5,700         5,700
NET ASSET VALUE PER SHARE (CENTS)                    112           125
CAPITAL EXPENDITURE DURING THE YEAR (R'000)          1,891         1,646
OVERDRAFTS AND ACCEPTANCES (R'000)                   5,729         5,846
CONSOLIDATED BORROWINGS
LONG-TERM LIABILITIES
LOANS                                                946           1,401
INSTALMENT SALE AGREEMENTS                           944           408
                                                     1,890         1,809
SHORT-TERM BORROWINGS                                6,316         6,293
                                                     8,206         8,102
GENERAL REVIEW
CONSOLIDATED GROUP TURNOVER HAS RISEN BY 17% FROM R45, 613M TO R53, 369M AS A
RESULT OF AN INCREASE IN BOTH LOCAL AND FOREIGN MARKET SHARES, AS WELL AS FROM
THE ADDITIONAL REVENUE STREAMS ARISING FROM THE INVESTMENT IN THE NEW ATOMIZING
PLANT AT THE METAL POWDER OPERATIONS. UNFORTUNATELY THE GROUP HAS ALSO
EXPERIENCED ITS FIRST LOSS IN THE 13 YEARS SINCE LISTING IN DECEMBER 1987. THIS
IS THE DIRECT CONSEQUENCE OF UNEXPECTEDLY LARGE INCREASES IN RAW MATERIAL COSTS
AT THE METAL POWDER OPERATIONS. THIS OCCURRED BECAUSE OF BOTH COMMODITY PRICE
INCREASES AND THE DECLINING RATE OF EXCHANGE OF THE RAND AGAINST THE US DOLLAR.
CONTRACTUAL COMMITMENTS AT THE TIME PREVENTED ANY PRICE ADJUSTMENTS BEING
EFFECTED UNTIL THE NEW FINANCIAL YEAR. TRADING IN THE LUBRICANTS/AUTOMOTIVE
DIVISION HAS REMAINED POSITIVE. THE NECESSARY ADDITIONS TO FIXED ASSETS DURING
THE YEAR HAS ALSO HAD AN ADVERSE EFFECT ON OPERATING INCOME BECAUSE OF THE
ASSOCIATED INTEREST COSTS AS WELL AS THE CONCOMITANT INCREASE IN THE
DEPRECIATION PROVISION. GROUP ACTIVITIES ARE CONSTANTLY BEING MONITORED TO
ENSURE THAT THE BEST RETURNS FROM INVESTMENTS IN ASSETS ARE ACHIEVED WITHOUT
PLACING ANY STRAIN ON CASH FLOW. IN VIEW OF THIS NO MAJOR ASSET ACQUISITIONS
ARE CURRENTLY BEING PLANNED UNLESS CIRCUMSTANCES CHANGE SUFFICIENTLY TO WARRANT
THE NECESSARY EXPENDITURE.
THE GROUP'S POSITION IS NOW BEING CONSOLIDATED TO ENSURE THAT FURTHER EXPECTED
INCREASES IN GROUP TURNOVER AMONG ALL OPERATIONS ARE CASH POSITIVE AND
PROFITABLE.
DIRECTORS : R.J.W. SPANJAARD (CHAIRMAN), T.S. GIEN, V. KORINEK, R. G. NICHOLSON
(NON-EXECUTIVE), D.H. PETERSEN, R. SACK
BY ORDER OF THE BOARD : R. SACK - COMPANY SECRETARY, 29 MAY 2000
REGISTERED OFFICE :  748-750 FIFTH STREET, WYNBERG, SANDTON, 2090
TRANSFER SECRETARIES :  MERCANTILE REGISTRARS LIMITED, 11 DIAGONAL STREET,
JOHANNESBURG, 2001



                                        
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