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Spanjaard Limited - Audited Results For The Financial Year

Release Date: 08/05/2001 15:23:56      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 28 FEBRUARY 2001
                                      2001        2000
                                      R'000       R'000
Consolidated balance sheet
Assets
Non-current assets                    9,726       9,440
Property, plant and equipment         7,365       7,469
Intangible assets                     2,361       1,971
Other investments                     -           -
Current assets                        17,176      17,817
Total assets                          26,902      27,257
Equity and liabilities
Capital and reserves                  8,202       6,401
Share capital and premium             520         520
Reserves                              1,511       1,385
Accumulated profit                    6,171       4,496
Non-current liabilities               2,214       2,085
Long-term liabilities                 1,548       1,890
Holding company                       499         -
Deferred tax                          167         195
Current liabilities                   16,486      18,771
Interest bearing                      6,153       6,316
Non-interest bearing                  10,333      12,455
Total equity and liabilities          26,902      27,257
Consolidated income statement
Revenue                               63,854       53,369
Cost of sales                         38,725       35,815
Gross profit                          25,129       17,554
Operating expenses                    20,461       14,766
Operating profit                      4,668        2,788
Finance costs                         1,249        1,844
Depreciation and amortisation         1,203        1,174
Profit/(loss) before taxation         2,216        (230)
Tax                                   370          128
Net profit/(loss) for the year        1,846        (358)
Earnings/(loss) per ordinary share
 - basic and diluted (cents)          32.4         (6.3)
Headline earnings/(loss) per
ordinary share - basic and diluted
(cents)                               36.4         (3.3)
Dividend per ordinary share (cents)   3.0          -
Consolidated statement of changes in equity
Accumulated profit                    6,171        4,496
Accumulated profit at beginning
of year                               4,496        4,854
Net profit/(loss) for the year        1,846        (358)
Ordinary dividend                     (171)        -
Reserves                              1,511        1,385
Reserves at beginning of year         1,385        1,752
Foreign currency translations         113          8
Surplus/(deficit) on revaluation
of property                           13           (352)
Reserve realised on sale
of subsidiary                         -            (23)
Consolidated cash flow statement
Cash flow from operating activities   2,331         1,459
Cash flow from investing activities   (1,490)       (1,397)
Cash flow from financing activities   (342)         81
Net increase in cash and equivalents  499           143
Number of ordinary shares in issue
('000)                                5,700         5,700
Net asset value per share (cents)     144           112
Capital expenditure during the year
(R'000)                               968           1,891
Overdrafts and acceptances (R'000)    5,482         5,729
Consolidated borrowings
Long-term liabilities
Loans                                 904           946
Instalment sale agreements            644           944
                                      1,548         1,890
Short-term borrowings                 6,153         6,316
                                      7,701         8,206
GENERAL REVIEW
It gives the management of Spanjaard Limited great pleasure to report on a
positive year.
Revenue increased by 20% fom R53,4 million to R63,8 million mainly as a result
of an increase in export sales which comprised 32% of total revenue compared to
26% in the previous year.
The group's gross margin improved from 33% in 2000 to 39% in 2001.
Lower finance costs resulting from reduced borrowings, foreign exchange profits
and improved cash flow management, together with tightly controlled costs
contributed to record earnings of 32,4 cents per share.
Turnover is nearly 20% up from R53 million to R63,8 million. Financial costs
are 32% down from R1,8 million to R1,2 million. Costs were very tightly
controlled during the financial year and the overall result is record earnings
per share of 32,4 cents. Export sales have increased to 32% of total sales
compared to 26% in 2000.
DIVIDEND ANNOUNCEMENT
Notice is hereby given that the directors have declared dividend No. 8 of 3
cents per ordinary share payable to shareholders registered in the books of the
company at the close of business on 18 June 2001. Dividend cheques will be
posted on or about 2 July 2001.
Directors : R.J.W. Spanjaard (Chairman), T.S. Gien, V. Korinek, R.G. Nicholson
(non-executive), D.H. Petersen, R. Sack, R.B. Spanjaard (non-executive)
By order of the Board : R.Sack - Company Secretary, 7 May 2001
Registered Office : 748-750 Fifth Street, Wynberg, Sandton, 2090
Transfer Secretaries : Mercantile Registrars Limited, 11 Diagonal Street,
Johannesburg, 2001



                                        
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