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Spanjaard - Abridged Audited Group Results For The Year Ended 28 February 2006

Release Date: 31/05/2006 10:52:03      Code(s): SPA
Spanjaard - Abridged Audited Group Results for the Year Ended 28 February 2006  
Spanjaard Limited                                                               
(Incorporated in the Republic of South Africa)                                  
Registration number 1960/004393/06                                              
Share code: SPA                                                                 
ISIN: ZAE000006938                                                              
ABRIDGED AUDITED GROUP RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2006              
CONSOLIDATED INCOME STATEMENT                                                   
                                       Year ended  Year ended                   
                                               28          28                   
                                         February    February                   
2006        2005                   
                                                     Restated                   
                                                     for IFRS                   
                                            R"000       R"000                   
Revenue                                    71 130      67 423                   
Cost of sales                              54 017      51 270                   
Gross profit                               17 113      16 153                   
Operating expenses                         15 776      14 242                   
Depreciation and amortisation               1 194       1 087                   
Finance income - net                          186         106                   
Profit before tax                             329         930                   
Income tax expense                          (114)       (334)                   
Net profit                                    215         596                   
Number of ordinary shares in issue          5 700       5 700                   
("000)                                                                          
Earnings per ordinary share - basic           3,8        10,5                   
and diluted (cents)                                                             
Dividend declared per ordinary share            -         7,0                   
(cents)                                                                         
CONSOLIDATED CASH FLOW STATEMENT                                                
Year ended  Year ended                   
                                               28          28                   
                                         February    February                   
                                             2006        2005                   
Restated                   
                                                     for IFRS                   
                                            R"000       R"000                   
Cash flows from operating activities        1 551         528                   
Cash flows from investing activities      (1 283)     (1 308)                   
Cash flows from financing activities      (3 167)       (845)                   
Net decrease in cash and cash             (2 899)     (1 625)                   
equivalents                                                                     
Cash and cash equivalents at                2 219       3 844                   
beginning of year                                                               
Cash and cash equivalents at end of         (680)       2 219                   
year                                                                            
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     
                                       Year ended  Year ended                   
                                               28          28                   
                                         February    February                   
2006        2005                   
                                                     Restated                   
                                                     for IFRS                   
                                            R"000       R"000                   
Ordinary shares                               285         285                   
Share premium                                 235         235                   
Retained earnings                          13 158      12 943                   
  Retained earnings at beginning of        12 943      12 138                   
year                                                                            
  Foreign currency translation                  -         608                   
reserve                                                                         
  Net profit for the year                     215         596                   
Ordinary dividend                             -       (399)                   
Total shareholders" equity                 13 678      13 463                   
SEGMENTAL INFORMATION                                                           
                                       Year ended  Year ended                   
28          28                   
                                         February    February                   
                                             2006        2005                   
                                                     Restated                   
for IFRS                   
                                            R"000       R"000                   
Segment sales                                                                   
Lubricants                                 48 414      48 970                   
Metal powders                              19 405      18 453                   
Other                                       3 311           -                   
                                           71 130      67 423                   
Segment result (before finance                                                  
income - net)                                                                   
Lubricants                                  (778)       1 009                   
Metal powders                                 408       (185)                   
Other                                         513           -                   
143         824                   
SUPPLEMENTARY INFORMATION                                                       
                                       Year ended  Year ended                   
                                               28          28                   
February    February                   
                                                     Restated                   
                                                     for IFRS                   
                                             2006        2005                   
R"000       R"000                   
Capital expenditure                         1 366       1 320                   
Capital commitments                             -         542                   
CONSOLIDATED BALANCE SHEET                                                      
28          28                   
                                         February    February                   
                                             2006        2005                   
                                                     Restated                   
for IFRS                   
                                            R"000       R"000                   
Assets                                                                          
Non-current assets                          5 654       5 471                   
Property, plant and equipment             4 805       4 675                   
  Goodwill                                     72          72                   
  Deferred tax assets                         777         724                   
Current assets                             21 851      22 933                   
Total assets                               27 505      28 404                   
Equity and liabilities                                                          
Shareholders" equity                       13 678      13 463                   
  Ordinary shares and premium                 520         520                   
Retained earnings                        13 158      12 943                   
Non-current liabilities                     2 013       1 798                   
  Borrowings                                1 636       1 448                   
  Deferred tax liabilities                    377         350                   
Current liabilities                        11 814      13 143                   
  Interest bearing                          2 420         506                   
  Non-interest bearing                      9 394      12 637                   
Total equity and liabilities               27 505      28 404                   
RECONCILIATION OF HEADLINE EARNINGS                                             
                                       Year ended  Year ended                   
                                               28          28                   
                                         February    February                   
2006        2005                   
                                                     Restated                   
                                                     for IFRS                   
                                            R"000       R"000                   
Net profit attributable to                    215         596                   
shareholders                                                                    
Profit on disposal of property,              (41)        (13)                   
plant and equipment                                                             
Headline earnings                             174         583                   
Number of ordinary shares in issue          5 700       5 700                   
("000)                                                                          
Headline earnings per ordinary share          3,1        10,2                   
- basic and diluted (cents)                                                     
BASIS OF PREPARATION                                                            
The financial statements have been prepared in accordance with International    
Financial Reporting Standards (IFRS) and in compliance with the Companies Act of
South Africa of 1973 and the Listing Requirements of the JSE Limited.           
These are the Group"s first IFRS financial statements and comparative figures   
have accordingly been restated. The disclosure requirements by IFRS 1 (First-   
time Adoption of IFRS) reflecting the reconciliation from South African         
Statements of Generally Accepted Accounting Practice (SA GAAP) to IFRS were set 
out in the interim announcement published on 18 November 2005 and will be       
repeated in the annual financial statements.                                    
COMMENTARY                                                                      
GENERAL REVIEW                                                                  
Substantial investment has been made in the special lubricant and allied        
chemical operations creating the infrastructure for growth in foreign markets   
expected to materialise in the forthcoming financial years.                     
Metal powder operations                                                         
The metal powder operations have seen a complete turnaround since the previous  
financial year and there is now a tight control on costs and productivity. The  
business unit is operating profitably.                                          
Overall                                                                         
Spanjaard Limited was positioned to grow its market share resulting in increased
revenue of 5,5%.                                                                
The increase of 11% in administrative and other operating expenses resulted in a
decrease in operating profit from the 2005 financial year.                      
Cash generated from operating activities remained strong at R1 551 000, after   
investment in capital expenditure of R1 366 000.                                
The Group expects to see continued improvement in their operations led by a     
young, enthusiastic and committed team.                                         
DIVIDENDS                                                                       
In keeping with the company"s policy of declaring only one dividend, a dividend 
(No.13) of 2 cents per share was declared after year-end based on the net profit
relating to the financial year ended 28 February 2006 and will reflect in the   
financial statements ending 28 February 2007.                                   
AUDIT OPINION                                                                   
The annual financial statements, from which the abridged Group results contained
herein are derived, have been audited by PricewaterhouseCoopers Inc. Their      
unqualified audit reports on the annual financial statements and the abridged   
Group results are available for inspection at the company"s registered office.  
By order of the Board                                                           
I Spanjaard - Company Secretary                                                 
31 May 2006                                                                     
Directors: R J W Spanjaard (Executive Chairman), R G Nicholson (non-executive), 
B L Montgomery (non-executive), A R J Spanjaard, G S le Roux, G F Cort, D H     
Petersen                                                                        
Registered office: 748-750 Fifth Street, Wynberg, Sandton, 2090                 
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited,       
70 Marshall Street, Johannesburg, 2001                                          
E-mail: info@spanjaardltd.com                                                   
Website: www.spanjaardltd.com                                                   
Date: 31/05/2006 10:52:11 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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