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Spa - Spanjaard Limited - Abridged Audited Group Results For The Year

Release Date: 18/05/2007 17:05:01      Code(s): SPA
SPA - Spanjaard Limited - Abridged Audited Group Results For The Year           
                        Ended 28 February 2007 and dividend declaration         
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 2007              
CONSOLIDATED INCOME STATEMENT                                                   
                                  Year ended     Year ended                     
                                  28 February    28 February                    
                                  2007           2006                           
R`000          R`000                          
Revenue                            78 874         71 130                        
Cost of sales                      55 060         51 055                        
Gross profit                       23 814         20 075                        
Operating expenses                 21 106         18 738                        
Depreciation and amortisation      867            1 194                         
Profit from operations             1 841          143                           
Finance (cost)/income - net        (275)          186                           
Profit before tax                  1 566          329                           
Income tax expense                 (558)          (114)                         
Net profit                         1 008          215                           
Number of ordinary shares in       5 700          5 700                         
issue (`000)                                                                    
Earnings per ordinary share -      17,7           3,8                           
basic and diluted (cents)                                                       
Dividend declared per ordinary     2,0            -                             
share (cents)                                                                   
Net asset value per share (cents)  443,6          240,0                         
CONSOLIDATED CASH FLOW STATEMENT                                                
                                  Year ended     Year ended                     
28 February    28 February                    
                                  2007           2006                           
                                  R`000          R`000                          
Cash flows from operating          1 050          1 156                         
activities                                                                      
Cash flows from investing          (773)          (1 283)                       
activities                                                                      
Cash flows from financing          2 103          (2 772)                       
activities                                                                      
Net increase/(decrease) in cash    2 380          (2 899)                       
and cash equivalents                                                            
Cash and cash equivalents at       (680)          2 219                         
beginning of year                                                               
Cash and cash equivalents at end   1 700          (680)                         
of year                                                                         
SEGMENTAL INFORMATION                                                           
Year ended     Year ended                     
                                  28 February    28 February                    
                                  2007           2006                           
                                  R`000          R`000                          
Segment sales                                                                   
 Lubricants                       55 979         48 414                         
 Metal powders                    21 696         19 405                         
 Other                            1 199          3 311                          
78 874         71 130                         
Segment results                                                                 
 Lubricants                       1 698          (778)                          
 Metal powders                    (225)          408                            
Other                            368            513                            
                                  1 841          143                            
SUPPLEMENTARY INFORMATION                                                       
                                  Year ended     Year ended                     
28 February    28 February                    
                                  2007           2006                           
                                  R`000          R`000                          
Capital expenditure                825            1 366                         
Capital commitments                460            -                             
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     
                                  Year ended     Year ended                     
                                  28 February    28 February                    
2007           2006                           
                                  R`000          R`000                          
Ordinary shares                    285            285                           
Share premium                      235            235                           
Reserves                           24 764         13 158                        
 Retained earnings at beginning   13 158         12 943                         
of year                                                                         
 Foreign currency translation     190            -                              
reserve                                                                         
 Net profit for the year          1 008          215                            
 Revaluation reserve              10 522         -                              
 Ordinary dividend                (114)          -                              
Total shareholders` equity         25 284         13 678                        
CONSOLIDATED BALANCE SHEET                                                      
                                  28 February    28 February                    
                                  2007           2006                           
R`000          R`000                          
Assets                                                                          
Non-current assets                 20 195         5 654                         
 Property, plant and equipment    19 567         4 805                          
Goodwill                         -              72                             
 Deferred tax assets              628            777                            
Current assets                     23 250         21 851                        
Total assets                       43 445         27 505                        
Equity and liabilities                                                          
Shareholders` equity               25 284         13 678                        
 Ordinary shares and premium      520            520                            
 Reserves                         24 764         13 158                         
Retained earnings                14 052         13 158                         
 Foreign currency translation      190           -                              
reserve                                                                         
 Revaluation reserve              10 522         -                              
Non-current liabilities            5 683          2 013                         
 Borrowings                       954            1 636                          
 Deferred tax liabilities         4 729          377                            
Current liabilities                12 478         11 814                        
Interest bearing                 938            2 420                          
 Non-interest bearing             11 540         9 394                          
Total equity and liabilities       43 445         27 505                        
RECONCILIATION OF HEADLINE EARNINGS                                             
Year ended     Year ended                     
                                  28 February    28 February                    
                                  2007           2006                           
                                  R`000          R`000                          
Net profit attributable to         1 008          215                           
shareholders                                                                    
 Loss on disposal of property,                                                  
   plant and equipment            (38)           (41)                           
Impairment loss                  72             -                              
Headline earnings                  1 042          174                           
Number of ordinary shares in       5 700          5 700                         
issue (`000)                                                                    
Headline earnings per ordinary                                                  
share                                                                           
 - basic and diluted (cents)      18,3           3,1                            
BASIS OF PREPARATION                                                            
The financial statements have been prepared in accordance with                  
International Financial Reporting Standards (IFRS). The financial               
statements have been prepared under the historical cost convention as           
modified by the revaluation of land and buildings, plant and machinery,         
financial assets and financial liabilities held-for-trading.                    
COMMENTARY                                                                      
GENERAL REVIEW                                                                  
Overall                                                                         
We are pleased to report a strong performance for the year under review,        
delivering a turnover of R78 million, resulting in an 11% increase over         
the previous year and net profit after tax of R1 008 000 (2006: R215            
000).                                                                           
The resources dedicated to create an infrastructure for potential growth        
in foreign markets have started to contribute to this increase in               
revenue. Revenue in foreign markets amounts to R23 million (2006: R18           
million).                                                                       
The group achieved a 2% increase in gross profit percentage and is              
reaching economies of scale where increased revenue and efficiency in           
manufacturing are contributing directly to net profit.                          
The metal powder operation has regained business lost in the second half        
of the year under review, and the division is expected to trade                 
profitably again in the new financial year.                                     
During the financial year, the group adopted the revaluation model in           
terms of IAS 16, in respect of Property, Plant and Equipment.                   
Previously, Property, Plant and Equipment were shown at cost less               
subsequent depreciation.                                                        
As a result of the adoption of the revaluation model the company will           
show land and buildings and plant and machinery at fair value, based on         
periodic valuations by external independent valuers, less subsequent            
depreciation for buildings, plant and machinery.                                
It is the first time that the company will be adopting the revaluation          
model under IAS 16 and has therefore elected not to adjust for this             
change in accounting policy retrospectively as allowed by IAS 16.               
The group reassessed the useful life and residual values of their               
Property, Plant and Equipment at year-end resulting in a decrease in the        
depreciation charge.                                                            
DIVIDENDS                                                                       
Notice is hereby given that the board of directors has declared a final         
dividend (No. 14) of 5 cents per ordinary share. The last day to trade          
cum dividend is Friday, 15 June 2007, payable to all shareholders of            
Spanjaard Limited recorded in the books of the company at the close of          
business on Friday, 22 June 2007. Shares will commence trading ex               
dividend from Monday, 18 June 2007. The dividend is payable on Monday,          
25 June 2007. Share certificates may not be dematerialised or                   
rematerialised between Monday, 18 June 2007 and Friday, 22 June 2007,           
both days inclusive.                                                            
AUDIT OPINION                                                                   
The annual financial statements, from which the abridged audited group          
results contained herein are derived, have been audited by Moores               
Rowland. Their unqualified Audit Report on the annual financial                 
statements and the abridged audited group results are available for             
inspection at the company`s registered office.                                  
By order of the Board                                                           
ABM Wilson - Company Secretary                                                  
18 May 2007                                                                     
Directors:                                                                      
RJW Spanjaard (Executive Chairman), BL Montgomery*, Dr DP vd Nest*), GF         
Cort, GS le Roux, DH Petersen, ARJ Spanjaard.  *Non-executive                   
Transfer Secretaries:                                                           
Computershare Investor Services 2004 (Pty) Limited,                             
70 Marshall Street, Johannesburg, 2001                                          
E-mail: info@spanjaardltd.com                                                   
Website: www.spanjaardltd.com                                                   
Sponsor                                                                         
Arcay Moela Sponsors (Pty) Ltd                                                  
Date: 18/05/2007 17:05:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  



                                        
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