Go Back Email this Link to a friend


Release Date: 05/04/2004 16:00:01      Code(s): SPA
SPANJAARD LIMITED                                                               
Share code : SPA      ISIN number : ZAE000006938                                
(Incorporated in the Republic of South Africa)                                  
Registration No. 1960/004393/06                                                 
REVIEWED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004                            
                                           Year ended   Year ended              
February     February                
                                           2004         2003                    
                                           (Reviewed)   (Audited)               
                                           R"000        R"000                   
Consolidated balance sheet                                                      
Non-current assets                         5,129        6,795                   
  Property, plant and equipment            4,402        4,688                   
Intangible assets                        72           1,877                   
  Deferred tax asset                       655          230                     
Other investments                          -            -                       
Current assets                             21,901       20,250                  
Total assets                               27,030       27,045                  
Equity and liabilities                                                          
Capital and reserves                       13,266       9,784                   
  Share capital and premium                520          520                     
Other Reserves                           608          746                     
  Retained earnings                        12,138       8,518                   
Non-current liabilities                    1,542        1,341                   
  Borrowings                               1,122        875                     
Holding company loan                     -            354                     
  Deferred tax liabilities                 420          112                     
Current liabilities                        12,222       15,920                  
  Interest bearing                         1,280        3,847                   
Non-interest bearing                     10,942       12,073                  
Total equity and liabilities               27,030       27,045                  
Consolidated income statement                                                   
Sales                                      65,778       72,244                  
Cost of sales                              47,655       48,604                  
Gross profit                               18,123       23,640                  
Profit on disposal of trademark            3,157                                
Operating expenses                         14,543       19,991                  
Depreciation and amortisation              1,310        1,329                   
Profit from operations                     5,427        2,320                   
Finance (income) / costs - net             (148)        1,936                   
Profit before tax                          5,575        384                     
Tax                                        970          (43)                    
Net profit                                 4,605        427                     
Number of ordinary shares in issue ("000)  5,700        5,700                   
Earnings per ordinary share -                                                   
basic and diluted (cents)                  80.8         7.5                     
Headline earnings per ordinary                                                  
share - basic and diluted (cents)          29.0         12.6                    
Dividends declared per ordinary                                                 
share (cents)                              10.0         5.0                     
Net asset value per share (cents)          232.7        171.6                   
Consolidated statement of changes in equity                                     
Share capital                              285          285                     
Share premium                              235           235                    
Accumulated profit                         12,138        8,518                  
  Accumulated profit at beginning                                               
of year as previously reported             8,518         8,526                  
Effect of adoption of AC133            (415)                                
    Effect of adoption of AC135                          (150)                  
  Accumulated profit at beginning of year  8,103         8,376                  
  Net profit for the year                  4,605         427                    
Ordinary dividend                        (570)         (285)                  
Reserves                                   608           746                    
  Reserves at beginning of year                                                 
as previously reported                     746           1,366                  
Effect of adoption of AC135                          (665)                  
  Reserves at beginning of year            746           701                    
  Foreign currency translation movements   (138)         45                     
Consolidated cash flow statement                                                
Cash flows from operating activities       3,422         (415)                  
Cash flows from investing activities       3,553         (403)                  
Cash flows from financing activities       (71)          (256)                  
Net increase / (decrease) in cash                                               
and equivalents                            6,904         (1,074)                
Segment information                                                             
Segment revenue                                                                 
  Lubricants                               48,100        51,540                 
Metal powders                            16,612        20,518                 
  Other                                    1,066         186                    
                                           65,778        72,244                 
Segment result                                                                  
Lubricants                               6,094         1,998                  
  Metal powders                            18            87                     
  Other                                    (685)         235                    
                                           5,427         2,320                  
Reconciliation of headline earnings                                             
Profit after tax                           4,605         427                    
Amortisation of goodwill                   78            134                    
Profit on disposal of trademark            (3,028)                              
Loss on disposal of property, plant                                             
and equipment                              -             158                    
Headline earnings                          1,655         719                    
GENERAL REVIEW                                                                  
The highlight of the year has been the sale of the Cook "n Bake trademark which 
has allowed us to retire a major portion of our interest-bearing borrowings.    
Overall performance from our operations has been satisfactory particularly in   
the light of the negative effect that the strong Rand has had on our export     
sales. In order to retain and expand upon our existing international business,  
strict control has been applied over expenses and any non-essential items       
removed, combined with an all-out effort to improve productivity on an ongoing  
basis. Our success in this regard will enable us to exploit new markets which   
should have a positive effect on results for the new financial year.            
DIVIDEND ANNOUNCEMENT                                                           
Notice is hereby given that the board of directors have declared a dividend of  
ten cents per ordinary share. The last day to trade cum dividend is Friday 14   
May 2004, payable to all shareholders of Spanjaard Limited recorded in the books
of the company at the close of business on Friday 21 May 2004. Shares will      
commence trading ex dividend from Monday 17 May 2004. The dividend is payable on
Monday 24 May 2004. Share certificates may not be dematerialised or             
rematerialised between Monday 17 May 2004 and Friday 21 May 2004, both days     
ACCOUNTING POLICIES                                                             
During the year the group has adopted 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 reviewed results have been prepared in accordance   
with South African Statements of Generally Accepted Accounting Practice.        
AUDIT REVIEW                                                                    
The year-end financial results have been reviewed in terms of Paragraph 3.18 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.                              
By order of the Board : R.Sack - Company Secretary, 5 April 2004                
Full results are available on our website.                                      
Directors : R.J.W. Spanjaard (Executive Chairman), T.S. Gien, R.G. Nicholson    
(non-executive), D.H. Petersen, R. Sack, R.B. Spanjaard (non-executive)         
Registered Office : 748-750 Fifth Street, Wynberg, Sandton, 2090                
Transfer Secretaries : Computershare Limited, 70 Marshall Street, Johannesburg, 
E-mail: info@spanjaardltd.com      Website: www.spanjaardltd.com                
Date: 05/04/2004 04:00:12 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2018 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.