Spanjaard Limited - Unaudited results for the six months ended 31 August 2002   
Spanjaard Limited                                                               
Registration number 1960/004393/06                                              
(Incorporated in the Republic of South Africa)                                  
ISIN Number ZAE000006938     Share Code SPA                                     
Unaudited results for the six months ended 31 August 2002                       
                      Unaudited Six Months  Twelve Months                       
to                    to 28                               
                      31 August             February 2002                       
                      2002       2001       (audited)                           
                      R`000      R`000      R`000                               
Consolidated balance                                                            
sheet                                                                           
Assets                                                                          
Non-current assets    6,910      7,772      7,331                               
Property, plant and  4,918      5,534      5,216                               
equipment                                                                       
 Intangible assets    1,992      2,238      2,115                               
Current assets        22,548     18,041     18,273                              
Total assets          29,458     25,813     25,604                              
Equity and                                                                      
liabilities                                                                     
Capital and reserves  9,686      7,212      9,374                               
Share capital and    520        520        520                                 
premium                                                                         
 Reserves             813        511        701                                 
 Accumulated profit   8,353      6,181      8,153                               
Non-current           1,101      1,941      1,571                               
liabilities                                                                     
 Long term            1,039      1,546      1,131                               
liabilities                                                                     
Holding company      (35)       409        182                                 
 Deferred tax         97         (14)       258                                 
Current liabilities   18,671     16,660     14,659                              
 Interest bearing     5,943      6,776      2,812                               
Non-interest         12,728     9,884      11,847                              
bearing                                                                         
Total equity and      29,458     25,813     25,604                              
liabilities                                                                     
Consolidated income                                                             
statement                                                                       
Revenue               35,182     29,060     62,000                              
Cost of sales         23,157     20,647     41,180                              
Gross profit          12,025     8,413      20,820                              
Operating expenses    10,252     6,924      16,039                              
Operating profit      1,773      1,489      4,781                               
Finance costs         436        425        53                                  
Depreciation and      661        624        1,269                               
amortisation                                                                    
Profit before tax     676        440        3,459                               
Tax                   248        95         1,142                               
Net profit            428        345        2,317                               
Number of ordinary    5,700      5,700      5,700                               
shares in issue                                                                 
(`000)                                                                          
Earnings per          7.5        6.1        40.6                                
ordinary share -                                                                
basic and diluted                                                               
(cents)                                                                         
Headline earnings     8.6        7.2        43.2                                
per ordinary share -                                                            
basic and diluted                                                               
(cents)                                                                         
Dividend per          4.0        -          -                                   
ordinary share                                                                  
(cents)                                                                         
Net asset value per   170        127        165                                 
share (cents)                                                                   
Consolidated                                                                    
statement of changes                                                            
in equity                                                                       
Share capital         285        285        285                                 
Share premium         235        235        235                                 
Accumulated profit    8,353      6,181      8,153                               
 Accumulated profit   8,526      6,171      6,171                               
as previously                                                                   
reported                                                                        
 Effect of adoption   (373)      (335)      (335)                               
of AC135                                                                        
Accumulated profit   8,153      5,836      5,836                               
at beginning of year                                                            
 Net profit for the   428        345        2,317                               
year                                                                            
Ordinary dividend -  (228)      -          -                                   
final for 2002                                                                  
Reserves              813        511        701                                 
 Reserves at          1,366      1,226      1,226                               
beginning of year as                                                            
previously reported                                                             
 Effect of adoption   (665)      (665)      (665)                               
of AC135                                                                        
Reserves at          701        561        561                                 
beginning of year                                                               
 Foreign currency     112        (50)       140                                 
translations                                                                    
Consolidated cash                                                               
flow statement                                                                  
Cash flow (utilised   (1,823)    (816)      3,929                               
in)/generated by                                                                
operating activities                                                            
Cash flow utilised    (238)      (198)      (415)                               
in investing                                                                    
activities                                                                      
Cash flow utilised    (91)       (2)        (417)                               
in financing                                                                    
activities                                                                      
Net (decrease) /      (2,152)    (1,016)    3,097                               
increase in cash and                                                            
cash equivalents                                                                
Reconciliation of                                                               
headline earnings                                                               
Profit after tax      428        345        2,317                               
Amortisation of       67         67         134                                 
goodwill                                                                        
(Profit) /loss on     (3)        -          10                                  
disposal of                                                                     
property, plant and                                                             
equipment                                                                       
Headline earnings     492        412        2,461                               
General review                                                                  
Performance is satisfactory compared to the same period last year.  Net profit  
after tax is up 24%.  All divisions within the group have contributed to the    
consolidated results.                                                           
Prospects                                                                       
Our performance for the second six month period is always disproportionately    
better than for the first half of the year.  We expect the full financial year  
to show an improvement over the preceding twelve month period.                  
Dividends                                                                       
It has been our policy since our listing on the JSE in 1987 to declare one      
dividend per annum and accordingly no interim dividend has been declared.       
Accounting policies                                                             
The unaudited results for the six months to 31 August 2002 have been prepared in
accordance with AC127 - Interim Financial Reporting.  Except for the adoption of
accounting statement AC135, the accounting policies are consistent with those   
applied for the financial year ended 28 February 2002.  The interim financial   
statements have been prepared in accordance with South African Statements of    
Generally Accepted Accounting Practice.                                         
Directors : RJW Spanjaard (Chairman), TS Gien, RG Nicholson*, DH Petersen, R    
Sack, RB Spanjaard* (*Non-executive)                                            
By order of the Board : R Sack CA(SA) - Company Secretary, 18 November 2002     
Registered Office : 748 - 750 Fifth Street, Wynberg, Sandton, 2090              
Transfer Secretaries : Computershare Investor Services Limited, 11 Diagonal     
Street, Johannesburg, 2001                                                      
E-mail : info@spanjaardltd.com                                                  
Website : www.spanjaardltd.com                                                  
Date: 15/11/2002 05:15:05 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department