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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): SPASpanjaard 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