Spanjaard Limited - Unaudited Results For The Six Months Ended 31 August 2002 Release Date: 15/11/2002 17:15:28 Code(s): SPA 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
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