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Spanjaard Limited - Unaudited Results For The Six Months Ended 31 August 2003

Release Date: 28/11/2003 16:20:00      Code(s): SPA
SPANJAARD LIMITED - UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003   
SPANJAARD LIMITED                                                               
Share code: SPA                                                                 
ISIN number: ZAE000006938                                                       
(Incorporated in the Republic of South Africa)                                  
Registration No. 1960/004393/06                                                 
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003                       
Unaudited Six    Twelve                          
                                   Months to Months to                          
                                   31 August  28.02.03                          
                                2003    2002 (audited)                          
R"000   R"000     R"000                          
Consolidated balance                                                            
sheet                                                                           
Assets                                                                          
Non-current assets             6,668   6,910     6,565                          
  Property, plant and          4,910   4,918     4,688                          
equipment                                                                       
  Intangible assets            1,758   1,992     1,877                          
Current assets                21,988  22,548    20,250                          
Total assets                  28,656  29,458    26,815                          
Equity and liabilities                                                          
Capital and reserves           9,381   9,686     9,784                          
Share capital and              520     520        520                         
premium                                                                         
  Reserves                       515     813       746                          
  Accumulated profit           8,346   8,353     8,518                          
Non-current liabilities        1,283   1,101     1,111                          
  Long-term liabilities        1,559   1,039       875                          
  Holding company               (86)    (35)       354                          
  Deferred tax                 (190)      97     (118)                          
Current liabilities           17,992  18,671    15,920                          
  Interest bearing             5,789   5,943     3,847                          
  Non-interest bearing        12,203  12,728    12,073                          
Total equity and              28,656  29,458    26,815                          
liabilities                                                                     
Consolidated income                                                             
statement                                                                       
Revenue                       32,978  35,182    72,244                          
Cost of sales                 24,212  23,157    48,604                          
Gross profit                   8,766  12,025    23,640                          
Operating expenses             6,961  10,252    19,991                          
Operating profit               1,805   1,773     3,649                          
Finance costs                    690     436     1,936                          
Depreciation and                 671     661     1,329                          
amortisation                                                                    
Profit before tax                444     676       384                          
Tax                              201     248      (43)                          
Net profit                       243     428       427                          
Number of ordinary             5,700   5,700     5,700                          
shares in issue ("000)                                                          
Earnings per ordinary            4.3     7.5       7.5                          
share - basic and                                                               
diluted (cents)                                                                 
Headline earnings per            5.4     8.6      12.6                          
ordinary share - basic                                                          
and diluted (cents)                                                             
Dividend per ordinary              -     4.0       5.0                          
share (cents)                                                                   
Net asset value per              165     170       172                          
share (cents)                                                                   
Consolidated statement                                                          
of changes in equity                                                            
Balance at Beginning of       9,784    9,374     9,597                          
period                                                                          
 Effect of adopting           (415)        -         -                          
AC133                                                                           
As Restated                   9,369    9,374     9,597                          
 Foreign currency             (231)      112        45                          
translations                                                                    
 Net attributable to            243      428       427                          
shareholders                                                                    
 Ordinary dividend -                   (228)     (285)                          
final for 2003                                                                  
Balance at end of             9,381    9,686     9,784                          
period                                                                          
Consolidated cash flow                                                          
statement                                                                       
Cash flow utilised in       (1,947)  (1,823)     (415)                          
operating activities                                                            
Cash flow utilised in         (772)    (238)     (403)                          
investing activities                                                            
Cash flow utilised              684     (91)     (256)                          
in/(generated by)                                                               
financing activities                                                            
Net decrease in cash        (2,035)  (2,152)   (1,074)                          
and cash equivalents                                                            
Reconciliation of                                                               
headline earnings                                                               
Profit after tax                243      428       427                          
Amortisation of                  67       67       134                          
goodwill                                                                        
(Profit)/loss on                  -      (3)       158                          
disposal of property,                                                           
plant and equipment                                                             
Headline earnings               310      492       719                          
GENERAL REVIEW                                                                  
The allocations to operating expenses and cost of sales were brought into       
line with current practice with effect from February 2002 accounts and have     
continued in these interims. This change has no effect on the bottom line.      
We are satisfied with the turnover achieved, particularly given our large       
proportion of export sales and the well-known effects of Rand appreciation.     
We have also managed to achieve a number of other savings and benefits, which   
have resulted in a significant decline in our overall operating costs.          
PROSPECTS AND CAUTIONARY ANNOUNCEMENT                                           
The company has entered into negotiations, which, if successfully concluded,    
should have a material impact on the company and its share price. Usually the   
results for the second period are disproportionately better than those for      
the first half of the year.                                                     
DIVIDENDS                                                                       
It has been company policy since our listing on the JSE in 1987 to declare      
only one dividend per annum and accordingly no dividend has been declared.      
ACCOUNTING POLICIES                                                             
The unaudited results for the six month period under review have been           
prepared in accordance with accounting statement AC133 - Financial              
Instruments: Recognition and Measurement. Except for the adoption of AC133,     
the accounting policies are consistent with those applied for the financial     
year ended 28 February 2003. The interim statements have been prepared in       
accordance with South African Statements of Generally Accepted Accounting       
Practice.                                                                       
Directors:                                                                      
R.J.W. Spanjaard (Chairman), T.S. Gien, R.G. Nicholson *, D.H. Petersen,        
R. Sack, R.B. Spanjaard *                                                       
(*Non-executive)                                                                
By order of the Board:                                                          
R. Sack CA(SA)                                                                  
Company Secretary                                                               
28 November 2003                                                                
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: 28/11/2003 04:20:04 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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