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Release Date: 15/04/2003 17:00:02      Code(s): SPA
SPANJAARD LIMITED                                                               
   (Incorporated in the Republic of South Africa)                               
Share code: SPA   ISIN number: ZAE000006938                                  
REVIEWED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003                            
                                                 Year ended    Year ended       
                                                   February      February       
2003          2002       
                                                  (Reviewed)     (Audited)      
                                                      R"000         R"000       
   Consolidated balance sheet                                                   
  Non-current assets                                 6,565          7,648       
      Property, plant and equipment                  4,688          5,533       
      Intangible assets                              1,877          2,115       
Other investments                                    -               -        
  Current assets                                    20,251         18,275       
  Total assets                                      26,816         25,923       
  Equity and liabilities                                                        
Capital and reserves                               9,784          9,597       
      Share capital and premium                        520            520       
      Reserves                                         746            701       
      Accumulated profit                             8,518          8,376       
Non-current liabilities                            1,111          1,665       
      Long-term liabilities                            875          1,131       
      Holding company                                  354            182       
      Deferred tax                                    (118)           352       
Current liabilities                               15,921         14,661       
      Interest bearing                               3,847          2,812       
      Non-interest bearing                          12,074         11,849       
  Total equity and liabilities                      26,816         25,923       
Consolidated income statement                                                 
  Revenue                                           72,244         62,000       
  Cost of sales                                     48,604         41,180       
  Gross profit                                      23,640         20,820       
Operating expenses                                19,991         16,039       
  Operating profit                                   3,649          4,781       
  Finance costs                                      1,935             53       
  Depreciation and amortisation                      1,329          1,255       
Profit before tax                                    385          3,473       
  Tax                                                  (42)         1,146       
  Net profit for the year                              427          2,327       
  Number of ordinary shares in issue ("000)          5,700          5,700       
Earnings per ordinary                                                         
   share - basic and diluted        (cents)            7.5           40.8       
  Headline earnings per ordinary                                                
   share - basic and diluted        (cents)           12.6           43.4       
Dividends declared per ordinary                                               
   share                            (cents)            5.0              -       
  Net asset value per share         (cents)          171.6          168.4       
   Consolidated statement of changes in equity                                  
Share capital                                        285            285       
  Share premium                                        235            235       
  Accumulated profit                                 8,518          8,376       
    Accumulated profit at                                                       
beginning of year as                                                      
      previously reported                            8,526          6,171       
     Effect of adoption of AC135                      (150)          (122)      
    Accumulated profit at beginning                                             
of year                                         8,376          6,049       
    Net profit for the year                            427          2,327       
      Ordinary dividend                               (285)             -       
  Reserves                                             746            701       
Reserves at beginning of year                                             
      as previously reported                         1,366          1,226       
      Effect of adoption of AC135                     (665)          (665)      
      Reserves at beginning of year                    701            561       
Foreign currency translations                     45            140       
  Consolidated cash flow statement                                              
  Cash flow from operating activities                 (416)         3,930       
  Cash flow from investing activities                 (403)          (415)      
Cash flow from financing activities                 (256)          (417)      
  Net (decrease)/increase in cash and                                           
   equivalents                                      (1,075)         3,098       
  Segment information                                                           
Segment revenue                                                               
      Lubricants and metal powders                  72,058         60,062       
      Distribution and other                         9,249          8,886       
      Eliminated                                    (9,063)        (6,948)      
72,244         62,000       
  Segment result                                                                
      Lubricants and metal powders                   1,577          3,627       
      Distribution and other                           933            573       
Eliminated                                      (190)          (674)      
                                                     2,320          3,526       
  Consolidated borrowings                                                       
  Long-term liabilities                                                         
Loans                                             904            946      
      Installment sale agreements                       644            944      
  Short-term borrowings                              20,251         18,275      
                                                     21,799         20,165      
Reconciliation of headline earnings                                           
  Profit after tax                                     427          2,327       
  Amortisation of goodwill                             134            134       
  Loss on disposal of property,                                                 
plant and equipment                                 158             10       
  Headline earnings                                    719          2,471       
  Consolidated borrowings                                                       
  Long-term liabilities                                                         
Loans                                            904            946       
      Installment sale agreements                       644           944       
                                                      1,548         1,890       
  Short-term borrowings                               3,847         2,812       
5,395         4,702       
   GENERAL REVIEW                                                               
   As is to be expected we have had a very difficult year given our large       
percentage of export revenue and the unprecedented strengthening of the Rand    
versus the major international currencies.                                      
   Unfortunately, as we operate in an internationally competitive market, the   
remedy of increasing prices is often an option only to a limited extent. We have
taken steps to increase our productivity and keep strict control on input costs.
Some of our imported raw materials, which are priced in US Dollars, are not  
coming down in cost as there is a worldwide shortage of many oil-based raw      
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 board of directors have declared a dividend  
of one cent per ordinary share. The last day to trade cum dividend is Friday 23 
May 2003, payable to all shareholders of Spanjaard Limited recorded in the books
of the company at the close of business on Friday 30 May 2003. Shares will      
commence trading ex dividend from Monday 26 May 2003. The dividend is payable on
Monday 2 June 2003. Share certificates may not be dematerialised or             
rematerialised between Monday 26 May 2003 and Friday 30 May 2003, both days     
ACCOUNTING POLICIES                                                          
   Except for the adoption of accounting statement AC135, Investment Properties,
the accounting policies are consistent with those applied for the financial year
ended 28 February 2002. The accounting principles and policies used in the      
preparation of this report comply with South African Statements of Generally    
Accepted Accounting Practice.                                                   
   AUDIT REVIEW                                                                 
   The year-end financial results have been reviewed in terms of Rule 3.23 of   
the listing requirements of the JSE Securities Exchange South Africa by the     
company"s auditors, PricewaterhouseCoopers Inc. This review opinion is available
for inspection at the company"s registered office.                              
   Full results are available on our website.                                   
Directors: R.J.W. Spanjaard (Executive  Chairman), R. Sack (Deputy  CEO),       
           T.S.  Gien,  R.G.  Nicholson  (non-executive),  D.H.  Petersen,      
           R.B.  Spanjaard (non-executive)                                      
By order of the Board: R.Sack - Company Secretary, 15 April 2003                
Registered Office : 748-750 Fifth Street                                        
Transfer  Secretaries: Computershare Investor Services Limited                  
                       70 Marshall Street                                       
                       Johannesburg, 2001                                       
E-mail: info@spanjaardltd.com                                                   
Website:  www.spanjaardltd.com                                                  

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