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Spanjaard Limited - Unaudited Interim Results For The Six Months Ended 31

Release Date: 31/10/2001 14:28:51      Code(s): SPA
August 2001
and its subsidiaries
(Incorporated in the Republic of South Africa)
Registration No. 1960/004393/06
Share Code: SPA    ISIN: ZAE000006938
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2001
                           Unaudited Six Months      Twelve months to
                                to 31 August           28.02.01
                                2001      2000         (audited)
                                R'000     R'000        R'000
Consolidated balance sheet
Assets
Non-current assets              9,339     9,003        9,726
Property, plant and equipment   7,101     7,116        7,365
Intangible assets               2,238     1,887        2,361
Other investments               -         -            -
Current assets                  18,041    25,151       17,176
Total assets                    27,380    34,154       26,902
Equity and liabilities
Capital and reserves            8,522     6,858        8,202
Share capital and premium       520       520          520
Reserves                        1,461     1,356        1,511
Accumulated profit              6,541     4,982        6,171
Non-current liabilities         2,198     2,562        2,214
 Long-term liabilities          1,546     2,206        1,548
Holding company                 409       -            499
Deferred tax                    243       356          167
Current liabilities             16,660    24,734       16,486
Interest bearing
- Overdrafts and acceptances    6,451     6,489        5,482
- Other                         325       440          671
Non-interest bearing            9,884     17,805       10,333
Total equity and liabilities    27,380    34,154       26,902
Consolidated income statement
Revenue                         29,060    32,544       63,854
Cost of sales                   20,647    21,585       38,725
Gross profit                    8,413     10,959       25,129
Operating expenses              6,924     8,761        20,461
Operating profit                1,489     2,198        4,668
Finance costs                   425       830          1,249
Depreciation and amortisation   588       525          1,203
Profit before taxation          476       843          2,216
Tax                             106       357          370
Net profit                      370       486          1,846
Number of ordinary
shares in issue ('000)          5,700     5,700        5,700
Earnings per ordinary
 share - basic and
diluted (cents)                 6.5       8.5           32.4
Headline earnings per
ordinary share - basic and
diluted (cents)                 8.1       10.0          36.4
Dividend per ordinary           -         -             3.0
share (cents)
Net asset value per
share (cents)                   150       120           144
Consolidated statement
of changes in equity
Accumulated profit              6,541     4,982         6,171
Accumulated profit at
 beginning of year              6,171     4,496         4,496
Net profit for the year         370       486           1,846
Ordinary dividend               -         -             (171)
Reserves                        1,461     1,356         1,511
Reserves at beginning of year   1,511     1,385         1,385
Foreign currency translations   (50)      (29)          126
Surplus/(deficit) on revaluation
 of property                    -         -             -
Reserve realised on
sale of subsidiary              -         -             -
Consolidated cash flow
statement
Cash flow from operating
 Activities                     (816)     (468)         1,711
Cash flow from investing
Activities                      (198)     (610)         (870)
Cash flow from financing
 Activities                     (2)       316           (342)
Net increase in cash and
Equivalents                     (1,016)   (762)         499
Reconciliation of Earnings Per Share
Profit after tax                 370      486           1,846
Amortisation of goodwill and
trade marks                      92       84            230
Headline earnings                462      570           2,076
GENERAL REVIEW
The disappointing results are largely attributable to the difficult trading
conditions in the international markets of the metal powder operations.
Turnover is 11% down and net profit after tax is 24% down on the comaprable
6 month period of last year.
Trading conditions in the Group's special lubricants, automotive and food
divisions have been satisfactory.
PROSPECTS
Current international conditions make it very difficult to make predictions
about the second half of the financial year, except that historically it is
normally the better trading period.
DIVIDENDS
It has been company policy since our listing on the JSE in 1987 to declare
one dividend per annum and therefore no interim dividend has been declared.
ACCOUNTING POLICIES
Accounting policies are consistent with those for the financial year ended
February 2001.
Directors : R.J.W. Spanjaard (Chairman), T.S. Gien, R.G. Nicholson (non-
executive), D.H. Petersen, R. Sack, R.B. Spanjaard (non-executive)
By order of the Board : R.Sack CA(SA) - Company Secretary, 31 October 2001
Registered Office : 748-750 Fifth Street, Wynberg, Sandton, 2090
Transfer Secretaries : Mercantile Registrars Limited, 11 Diagonal Street,
Johannesburg, 2001
E-mail: info@spanjaardltd.com           Website: www.spanjaardltd.com



                                        
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