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Spanjaard Limited - Audited Results For The Year Ended 28 February 2005

Release Date: 22/04/2005 07:00:01      Code(s): SPA
Spanjaard Limited - Audited Results For The Year Ended 28 February 2005         
Spanjaard Limited                                                               
(Incorporated in the Republic of South Africa)                                  
Registration number 1960/004393/06                                              
Share code: SPA  ISIN: ZAE000006938                                             
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2005                             
CONSOLIDATED INCOME STATEMENT                                                   
Year ended     Year ended     
                                                 28 February    29 February     
                                                        2005           2004     
                                                    (Audited)      (Audited)    
R"000          R"000     
Sales                                                 67 423         65 778     
Cost of goods sold                                    51 270         47 655     
Gross profit                                           6 153         18 123     
Profit on disposal of trademark                            -          3 157     
Selling and marketing costs                            6 700          7 650     
Administrative expenses                                7 538          6 894     
Depreciation and amortisation                          1 159          1 309     
Operating profit                                         756          5 427     
Finance income - net                                    (106)         (148)     
Profit before income tax                                 862          5 575     
Income tax expense                                       334            970     
Profit for the year                                      528          4 605     
Number of ordinary shares                                                       
in issue (`000)                                        5 700          5 700     
Earnings per ordinary share                                                     
-basic and diluted (cents)                               9,3           80,8     
Headline earnings per                                                           
ordinary share - basic                                                          
and diluted (cents)                                     10,3           29,0     
Dividends declared per                                                          
ordinary share (cents)                                   7,0           10,0     
Net asset value per share (cents)                      234,1          232,7     
CONSOLIDATED BALANCE SHEET                                                      
As at          As at     
                                                 28 February    29 February     
                                                        2005           2004     
                                                   (Audited)      (Audited)     
R"000           R"000     
Assets                                                                          
Non-current assets                                    6 967           5 838     
Property, plant and                                                             
equipment                                             4 636           4 402     
Intangible assets                                         -              72     
Holding company loan                                  1 607             777     
Deferred income tax asset                               724             587     
Current assets                                       21 311          21 227     
Total assets                                         28 278          27 065     
Equity and liabilities                                                          
Total equity                                         13 346          13 266     
Ordinary shares and                                                             
share premium                                           520             520     
Other reserves                                          559             608     
Retained earnings                                    12 267          12 138     
Non-current liabilities                               1 798           1 474     
Borrowings                                            1 448           1 122     
Deferred income tax                                                             
liabilities                                             350             352     
Current liabilities                                  13 134          12 325     
Interest bearing                                        506           1 280     
Non-interest bearing                                 12 628          11 045     
Total equity and liabilities                         28 278          27 065     
CONSOLIDATED CASH FLOW STATEMENT                                                
                                                 Year ended      Year ended     
                                                28 February     29 February     
                                                       2005            2004     
(Audited)        Audited)    
                                                      R"000           R"000     
Cash flows from operating                                                       
activities                                             (302)          3 940     
Cash flows from investing                                                       
activities                                           (1 308)          4 908     
Cash flows from financing                                                       
activities                                              (15)         (1 944)    
Net (decrease)/increase in                                                      
cash and bank overdrafts                             (1 625)          6 904     
CONSOLIDATED STATEMENT OF CHANGES                                               
IN EQUITY                                                                       
Year ended      Year ended    
                                                 28 February     29 February    
                                                        2005            2004    
                                                    (Audited)      (Audited)    
R"000           R"000    
Share capital                                            285             285    
Share premium                                            235             235    
Retained earnings                                     12 267          12 138    
Retained earnings at                                                            
beginning                                                                       
of year                                               12 138           8 103    
Profit for the year                                      528           4 605    
Ordinary dividend                                       (399)           (570)   
Other reserves                                           559             608    
Reserves at beginning of                                                        
year                                                     608             746    
Currency translation                                                            
differences                                             (49)           (138)    
RECONCILIATION OF HEADLINE EARNINGS                                             
                                                  Year ended      Year ended    
28 February     29 February    
                                                        2005            2004    
                                                    (Audited)       (Audited)   
                                                       R"000           R"000    
Profit for the year                                      528           4 605    
Amortisation of goodwill                                  72              78    
Profit on disposal of trademark                            -          (3 028)   
Profit on disposal of                                                           
property, plant and equipment                            (13)              -    
Headline earnings                                        587           1 655    
COMMENTARY                                                                      
GENERAL REVIEW                                                                  
We have made good on our expectations mentioned in the half year interim        
results. Quite frankly, a better turnaround was expected but two non-recurring  
factors worked against us.The lubricants operation has been reorganised and a   
much stronger team is now in place. Particular attention is being given to      
improving international sales, which is where we believe the real growth        
potential lies.                                                                 
The metal powder operation has seen a turnaround. The challenge for the current 
year is to ensure an adequate return on investment. The majority of sales in    
this division are exports and whilst the market is buoyant it remains extremely 
competitive. The challenge is to keep costs right down and maximise             
productivity.                                                                   
As can be seen, there was a net decrease of funds in the consolidated cash flow.
However, due to the positive outlook for the current financial year and the     
company"s ungeared position, it was decided to declare a dividend of 7 cents per
share.                                                                          
DIVIDEND ANNOUNCEMENT                                                           
Notice is hereby given that the board of directors have declared a final        
dividend (No. 12) of 7 cents per ordinary share. The last day to trade cum      
dividend is Friday 20 May 2005, payable to all shareholders of Spanjaard Limited
recorded in the books of the company at the close of business on Friday 27 May  
2005. Shares will commence trading ex dividend from Monday 23 May 2005. The     
dividend is payable on Monday 30 May 2005.  Share certificates may not be       
dematerialised or rematrialised between Monday, 23 May 2005 and Friday, 27 may  
2005, both days inclusive.                                                      
ACCOUNTING POLICIES                                                             
The accounting policies are consistent with those applied for the financial year
ended 28 February 2004. The audited results have been prepared in accordance    
with South African Statements of Generally Accepted Accounting Practice.        
AUDIT OPINION                                                                   
The financial statements have been audited by PricewaterhouseCoopers Inc, whose 
opinion is available for inspection at the registered office of Spanjaard       
Limited.                                                                        
By order of the Board                                                        
   R Sack - Company Secretary                                                   
   22 April 2005                                                                
Directors: R J W Spanjaard (Executive Chairman),                                
C J Kairuz (Managing Director), 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: 22/04/2005 07:00:05 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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