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Spanjaard Limited - Unaudited Group Results For The Six Months Ended 31

Release Date: 17/10/2006 17:02:01      Code(s): SPA
Spanjaard Limited - Unaudited group results for the six months ended 31         
August 2006                                                                     
Spanjaard Limited                                                               
(Incorporated in the Republic of South Africa)                                  
Registration number 1960/004393/06                                              
Share code: SPA & ISIN: ZAE000006938                                            
UNAUDITED GROUP RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2006                 
CONSOLIDATED INCOME STATEMENT                                                   
                                  Six months      Twelve                        
                                  to 31 August    months to                     
                                                  28                            
February                      
                                  2006    2005    2006                          
                                  R"000   R"000   R"000                         
Revenue                           42 058  36 571  71 130                        
Cost of sales                     31 402  28 401  54 017                        
Gross profit                      10 656  8 170   17 113                        
Operating expenses                8 852   8 000   15 776                        
Depreciation and amortisation     582     567     1 194                         
Finance (cost)/income - net       (250)   187     186                           
Profit before tax                 972     (584)   329                           
Income tax expense                358     164      (114)                        
Net profit                        614     (420)   215                           
Number of ordinary shares in      5 700   5 700   5 700                         
issue ("000)                                                                    
Earnings/(loss) per ordinary                                                    
share                                                                           
- basic and diluted (cents)     10,1    (7,4)   3,8                           
Dividend declared per ordinary     -      -        2,0                          
share (cents)                                                                   
Declared 2 June 2006 in respect of the 12 month period ended                    
28 February 2006.                                                               
CONSOLIDATED CASH FLOW STATEMENT                                                
                                  Six months      Twelve                        
                                  to 31 August    months to                     
28                            
                                                  February                      
                                  2006    2005    2006                          
                                  R"000   R"000   R"000                         
Cash flows from operating         (815)   (3      1 551                         
activities                                659)                                  
Cash flows from investing         (427)   (968)   (1 283)                       
activities                                                                      
Cash flows from financing         351     803     (3 167)                       
activities                                                                      
Net decrease in cash and cash     (891)   (3      (2 899)                       
equivalents                               824)                                  
Cash and cash equivalents at      (680)   2 219   2 219                         
beginning of period                                                             
Cash and cash equivalents at end  (1      (1      (680)                         
of period                         571)    605)                                  
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     
                                  Six months      Year                          
                                  ended           ended                         
                                  31 August       28                            
February                      
                                  2006    2005    2006                          
                                  R"000   R"000   R"000                         
Ordinary shares                   285     285     285                           
Share premium                     235     235     235                           
Retained earnings                 13 658  12 523  13 158                        
  Retained earnings at beginning  13 158  12 943  12 943                        
of year                                                                         
Net profit/(loss) for the       614     (420)   215                           
period                                                                          
  Ordinary dividend               (114)   -       -                             
Total shareholders" equity        14 178  13 043  13 678                        
SEGMENTAL INFORMATION                                                           
                                  Six months      Twelve                        
                                  to 31 August    months to                     
                                                  28                            
February                      
                                  2006    2005    2006                          
                                  R"000   R"000   R"000                         
Segment sales                                                                   
Lubricants                        27 333  22 332  48 414                        
Metal powders                     14 171  12 498  19 405                        
Other                             554     1 741   3 311                         
                                  42 058  36 571  71 130                        
Segment result                                                                  
Lubricants                        353     (1      (778)                         
                                          167)                                  
Metal powders                     682     45      408                           
Other                             187     725     513                           
                                  1 222   (397)   143                           
CONSOLIDATED BALANCE SHEET                                                      
                                  31 August       28                            
February                      
                                  2006    2005    2006                          
                                  R"000   R"000   R"000                         
Assets                                                                          
Non-current assets                5 354   5 918   5 615                         
Property, plant and equipment     4 688   5 038   4 766                         
  Goodwill                        72      72      72                            
  Deferred tax assets             594     808     777                           
Current assets                    28 462  19 659  21 851                        
Total assets                      33 816   25     27 466                        
                                          577                                   
Equity and liabilities                                                          
Shareholders" equity              14 178  13 043  13 678                        
  Ordinary shares and premium      520     520    520                           
  Retained earnings               13 658  12 523  13 158                        
Non-current liabilities           1 910   2 687   2 013                         
Borrowings                      1 550   2 629   1 636                         
  Deferred tax liabilities        360     58      377                           
Current liabilities               17 728  9 847   11 775                        
  Interest bearing                2 573   129     2 197                         
Non-interest bearing            15 155  9 718   9 578                         
Total equity and liabilities      33 816  25 577  27 466                        
RECONCILIATION OF HEADLINE EARNINGS                                             
                                  Six months      Twelve                        
to 31 August    months to                     
                                                  28                            
                                                  February                      
                                  2006    2005    2006                          
R"000   R"000   R"000                         
Net profit attributable to        614     (420)   215                           
shareholders                                                                    
Profit on disposal of property,   (38)    -       (41)                          
plant and equipment                                                             
Headline earnings                 576     (420)   174                           
Number of ordinary shares in      5 700   5 700   5 700                         
issue ("000)                                                                    
Headline earnings per ordinary                                                  
share                                                                           
  - basic and diluted (cents)     10,1    (7,4)   3,1                           
COMMENTARY                                                                      
Financial results                                                               
Headline earnings have improved to R576 000 compared with a loss of R420        
000 for the corresponding period last year, off an increase of 17% in           
total revenue against an increase of only 11% in operating expenses.            
Operations                                                                      
As can be seen both divisions are operating profitably.                         
Accounting policies                                                             
These interim financial statements have been prepared in accordance with        
International Financial Reporting Standards (IFRS) as was the case for          
the interim results for the six months ended 31 August 2005. The first          
adoption date of IFRS was 1 March 2005.                                         
Prospects                                                                       
Historically the second half of the financial year produces better              
results than the first.In addition, the management changes that have been       
effected since the beginning of the year as well as the investment in the       
export division infrastructure are beginning to pay off. The resulting          
spirit of optimism that is present amongst our top management is expected       
to result in a better performance for the entire year to February 2007          
compared to the previous period.                                                
Directorate                                                                     
During the period under review the directorate remained unchanged. As           
previously announced, Mr R G Nicholson passed away.on 15 September 2006         
Dividends                                                                       
In keeping with the company"s policy of declaring only one dividend, no         
dividend has been declared at half year-end.                                    
By order of the Board                                                           
R J W Spanjaard - executive chairman                                            
G S le Roux - Chief Operating Officer                                           
17 October 2006                                                                 
Directors:                                                                      
R J W Spanjaard (Executive Chairman), 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: 17/10/2006 05:02:05 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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