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Spanjaard Limited - Interim Results

Release Date: 29/10/2004 15:51:00      Code(s): SPA
Spanjaard Limited - Interim Results                                             
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 2004                       
CONSOLIDATED INCOME STATEMENT                                                   
Unaudited            Twelve     
                                              Six Months to       Months to     
                                                31 August          29.02.04     
                                              2004       2003      (audited)    
R "000     R "000        R "000     
Sales                                       32 627     32 978        65 778     
Cost of sales                               25 165     24 212        47 655     
Gross profit                                 7 462      8 766        18 123     
Profit on sale of trademark                                           3 157     
Operating expenses                           7 050      6 961        14 543     
Depreciation and amortisation                  575        671         1 310     
(Loss)/profit from operations                (163)      1 134         5 427     
Finance costs - net                            271        690         (148)     
(Loss)/profit before tax                     (434)        444         5 575     
Income tax (benefit)/ expense                 (36)        201           970     
Net profit                                   (398)        243         4 605     
Number of ordinary shares                                                       
in issue ("000)                              5 700      5 700         5 700     
(Loss)/earnings per ordinary share                                              
- basic and diluted (cents)                  (7.0)        4.3          80.8     
Headline (loss)/ earnings per                                                   
ordinary                                                                        
share - basic and diluted (cents)            (6.7)        5.4          29.0     
Dividend declared per ordinary                                                  
share (cents)                                                          10.0     
Net asset value per share (cents)            225.6      164.6         232.7     
CONSOLIDATED CASH FLOW STATEMENT                                                
                                                 Unaudited           Twelve     
Six Months to      Months to     
                                                 31 August         29.02.04     
                                             2004        2003       (audited)   
                                           R "000      R "000        R "000     
Cash flows from operating activities      (4,194)     (1,947)         3,422     
Cash flows from investing activities        (729)       (772)         3,553     
Cash flows from financing activities          363         684          (71)     
Net (decrease)/increase in cash                                                 
and cash equivalents                      (4,560)     (2,035)         6,904     
SEGMENTAL INFORMATION                                                           
                                                 Unaudited           Twelve     
                                               Six Months to      Months to     
31 August         29.02.04     
                                              2004       2003      (audited)    
                                            R "000     R "000        R "000     
Segment sales                                                                   
Lubricants                                  24 499     24 936        48 100     
Metal powders                                8 128      8 042        16 612     
Other                                                                 1 066     
                                            32 627     32 978        65 778     
Segment result                                                                  
Lubricants                                     957      1,191         6,094     
Metal powders                              (1,120)       (63)            18     
Other                                                       6         (685)     
(163)      1,134         5,427     
CONSOLIDATED BALANCE SHEET                                                      
                                                Unaudited                       
                                                    At                   At     
31 August          29.02.04     
                                              2004       2003      (audited)    
                                            R "000     R "000        R "000     
Assets                                                                          
Non-current assets                           6 402      6 984         5 906     
Property, plant and                                                             
equipment                                    4 615      4 910         4 402     
Intangible assets                               36      1 758            72     
Deferred tax assets                            877        230           655     
Amount due by holding                                                           
company                                        874         86           777     
Current assets                              20 390     21 988        21 227     
Total assets                                26 792     28 972        27 133     
Equity and liabilities                                                          
Shareholders equity                         12 860      9 381        13 266     
Ordinary shares and                                                             
premium                                        520        520           520     
Foreign currency                                                                
revaluation reserve                            600        515           608     
Retained earnings                           11 740      8 346        12 138     
Non-current liabilities                      1,673      1,599         1,542     
Borrowings                                   1,550      1,559         1,122     
Deferred tax                                                                    
liabilities                                    123         40           420     
Current liabilities                         12 259     17 992        12 325     
Interest bearing                             1 312      5 789         1 280     
Non-interest bearing                        10 947     12 203        11 045     
Total equity and                                                                
liabilities                                 26 792     28 972        27 133     
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     
                                                Unaudited            Twelve     
                                              Six Months to       Months to     
31 August           29.02.04     
                                              2004       2003      (audited)    
                                            R "000     R "000        R "000     
Ordinary shares                                285        285           285     
Share premium                                  235        235           235     
Retained earnings                           11 740      8 346        12 138     
Retained earnings at beginning                                                  
of year as previously reported              12 138      8 518         8 518     
Effect of adoption of AC135                             (415)         (415)     
Retained earnings at beginning                                                  
of year                                     12 138      8 103         8 103     
Net profit for the period                    (398)        243         4 605     
Ordinary dividend                                                     (570)     
Reserves                                       600        515           608     
Reserves at beginning of year                  608        746           746     
Foreign currency translation                                                    
differences                                    (8)      (231)         (138)     
Total shareholders equity                   12 860      9 381        13 266     
RECONCILIATION OF HEADLINE EARNINGS                                             
                                                   Unaudited         Twelve     
Six Months to     Months to     
                                                  31 August        29.02.04     
                                              2004       2003     (audited)     
                                            R "000     R "000        R "000     
Net (loss)/profit attributable to                                               
shareholders                                 (398)        243         4,605     
Amortisation of goodwill                        39         67            78     
Profit on sale of trademark                                         (3,028)     
Profit on disposal of property,                                                 
plant and equipment                           (24)                        0     
Headline earnings                            (383)        310         1,655     
COMMENTARY                                                                      
GENERAL REVIEW                                                                  
The metal powder operations have been adversely affected by the temporary       
inability to recover the entire increase in raw material costs resulting from   
the unprecedented increases in the international prices of non-ferrous metals.  
Steps have been taken to eliminate the risk involved in fluctuations in         
exchange rates and international non-ferrous metal prices. The major part of    
the production of these products is exported all over the world.                
The special lubricant and allied chemical product operations are performing     
well. Our research and development division has been able to bring about        
significant product improvement and at reduced cost.                            
This is an essential part of our ongoing work to retain our competitive         
position in circumstances of increasing raw material costs especially in        
respect of those raw materials the price of which is directly related to the    
international oil price. Operating costs have been managed very tightly         
resulting in significant reductions. Export sales continue to form a            
significant part of these activities.                                           
The anticipated positive effects of the sale of our South African Food Product  
trademarks have been realized.                                                  
PROSPECTS                                                                       
We believe that an optimistic view of the financial year as a whole is          
justified. Market conditions have improved substantially both in South Africa   
and internationally coupled with the fact that the second half of the financial 
year normally produces better results than the first half.                      
Therefore, we feel confident that your company will have operated profitably    
for the entire 12 month period by the end of the financial year.                
DIVIDENDS                                                                       
It has been the company"s policy since listing on the JSE Securities Exchange   
SA in 1987, to declare only one dividend per annum and accordingly no dividend  
has been declared.                                                              
ACCOUNTING POLICIES                                                             
The unaudited results for the six months under review have been prepared in     
accordance with AC127, Interim Financial Reporting. The accounting policies are 
consistent with those applied for the financial year ended 29 February 2004.    
The interim statements have been prepared in accordance with South African      
Statements of Generally Accepted Accounting Practice.                           
By order of the Board                                                           
R. Sack - Company Secretary                                  29 October 2004    
Directors: R.J.W. Spanjaard (Executive Chairman), C.J. Kairuz                   
           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 Investor Services 2004 (Pty) Ltd            
                      70 Marshall Street                                        
                      Johannesburg, 2001                                        
E-mail: info@spanjaardltd.com                                                   
Website: www.spanjaardltd.com                                                   
Date: 29/10/2004 03:51:06 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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