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Spanjaard Limited - Audited Results For The Year Ended 28 February 2002

Release Date: 19/04/2002 17:06:07      Code(s): SPA
Spanjaard Limited
and its subsidiaries
(Incorporated in the Republic of South Africa)
(Registration number 1960/004393/06)
ISIN Code    :  ZAE000006938
Share Code   :  SPA
Audited results for the year ended 28 February 2002
                                    2002        2001
                                    R'000       R'000
Consolidated balance sheet
Assets
Non-current assets                  8,916       9,726
  Property, plant and equipment     6,801       7,365
  Intangible assets                 2,115       2,361
Current assets                      18,273      17,176
Total assets                        27,189      26,902
Equity and liabilities
Capital and reserves                10,412      7,917
  Share capital and premium         520         520
  Reserves                          1,366       1,226
  Accumulated profit                8,526       6,171
Non-current liabilities             2,118       2,499
  Long-term liabilities             1,131       1,548
  Holding company                   182         499
  Deferred tax                      805         452
Current liabilities                 14,659      16,486
  Interest bearing                  2,812       6,153
  Non-interest bearing              11,847      10,333
Total equity and liabilities        27,189      26,902
Consolidated income statement
Revenue                             62,000      63,854
Cost of sales                       41,180      42,325
Gross profit                        20,820      21,529
Operating expenses                  16,039      16,861
Operating profit                    4,781       4,668
Finance costs                       53          1,249
Depreciation and amortisation       1,215       1,203
Profit before taxation              3,513       2,216
Tax                                 1,158       370
Net profit for the year             2,355       1,846
Number of ordinary shares in issue  5,700       5,700
(`000)
Earnings per ordinary share         41,3        32,4
- basic and diluted (cents)
Headline earnings per ordinary      43.8        34.8
shares - basic and diluted (cents)
Dividend per ordinary share         0           3.0
(cents)
Net asset value per share (cents)   182.7       138.9
Consolidated statement of changes
in equity
Accumulated profit                  8,526       6,171
  Accumulated profit at beginning   6,171       4,496
of year
  Net profit for the year           2,355       1,846
  Ordinary dividend                 0           (171)
Reserves                            1,366       1,226
  Reserves at beginning of year     1,226       1,100
  Foreign currency translations     140         126
Consolidated cash flow statement
Cash flow from operating            3,929       1,711
activities
Cash flow from investing            (415)       (870)
activities
Cash flow from financing            (417)       (342)
activities
Net increase in cash and            3,097       499
equivalents
Reconciliation of earnings per
share
Profit after tax                    2,355       1,846
Amortisation of goodwill            134         134
Loss on disposal of property,       10          1
plant and equipment
Headline earnings                   2,499       1,981
General review
Currently in the 42nd year of our existence, the company
has once again produced record results
Revenue -3% NPBT +56% Net interest -28%  EPS +28%
NAV +32%
Interest bearing debt has come down from 7,3 million last year to R3,5
million this year, with a reduction in overall debt of R4,1 million.  This
gratifying situation is due to tight management control of operations and,
of course, continuing profitability.
The increase in profits despite the small reduction in revenue is the result
of our concentrating on higher margin business during the year.
Prospects
It has been many years since the company made an acquisition.  This is a
subject currently receiving attention and which will be implemented when a
suitable opportunity with a positive impact on our operations presents
itself.
Dividend announcement
Notice is hereby given that the directors have declared dividend No. 9 of 4
cents per ordinary share (last date to trade is 24 May 2002) payable to
shareholders registered in the books of the company at the close of business
on 31 May 2002.  Dividend cheques will be posted on or about 3 June 2002.
Full results are available on our website
Directors: R J W Spanjaard (Chairman), T S Glen,
R G Nicholson (non-executive), D H Petersen, R Sack,
R B Spanjaard (non executive)
By order of the board:    R Sack    Company Secretary
11 April 2002
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
Ends.



                                        
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