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Spa - Spanjaard Limited - Condensed Audited Group Results For The Year Ended 29

Release Date: 24/04/2008 17:14:01      Code(s): SPA
SPA - Spanjaard Limited - Condensed Audited Group Results For The Year Ended 29 
February 2008                                                                   
Spanjaard Limited                                                               
(Incorporated in the Republic of South Africa)                                  
Registration number 1960/004393/06                                              
Share code: SPA                                                                 
ISIN: ZAE000006938                                                              
CONDENSED AUDITED GROUP RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008             
CONSOLIDATED INCOME STATEMENT                                                   
                                          Year ended   Year ended               
                                          29 February  28 February              
2008         2007                     
                                          R`000        R`000                    
Revenue                                    84 457       78 874                  
Cost of sales                              56 419       55 060                  
Gross profit                               28 038       23 814                  
Operating expenses                         21 373       21 106                  
Depreciation and amortisation              1 536        867                     
Profit from operations                     5 129        1 841                   
Finance (cost)/income - net                 (125)        (275)                  
Profit before tax                          5 004        1 566                   
Income tax expense                         (1 656)       (558)                  
Net profit                                 3 348        1 008                   
Number of ordinary shares in issue (`000)  8 143        5 700                   
Earnings per ordinary share                                                     
 - Based on a weighted average for the                                          
year of 7 410 million shares                                                    
- basic and diluted (cents)              45,2         17,7                     
Dividend declared per ordinary share                                            
(cents)                                                                         
 - dividend relating to the 2007          5,0          -                        
financial year                                                                 
 - final                                  10,0         2,0                      
Net asset value per share (cents)          408,9        443,6                   
CONSOLIDATED BALANCE SHEET                                                      
29 February  28 February                
                                        2008         2007                       
                                        R`000        R`000                      
Assets                                                                          
Non-current assets                       18 052       20 195                    
 Property, plant and equipment          18 052       19 567                     
 Deferred tax assets                    -            628                        
Current assets                           34 614       23 250                    
Total assets                             52 666       43 445                    
Equity and liabilities                                                          
Shareholders` equity                     33 293       25 284                    
 Ordinary shares and premium            6 871        520                        
Reserves                               26 422       24 764                     
 Retained earnings                      16 300       14 052                     
 Foreign currency translation reserve   100          190                        
 Revaluation reserve                    10 022       10 522                     
Non-current liabilities                  4 649        5 683                     
 Borrowings                             1 026        954                        
 Deferred tax liabilities               3 623        4 729                      
Current liabilities                      14 724       12 478                    
Interest bearing                       202          938                        
 Non-interest bearing                   14 522       11 540                     
Total equity and liabilities             52 666       43 445                    
CONSOLIDATED CASH FLOW STATEMENT                                                
Year ended   Year ended               
                                          29 February  28 February              
                                          2008         2007                     
                                          R`000        R`000                    
Cash flows from operating activities       7 037        1 050                   
Cash flows from investing activities        (1 289)      (773)                  
Cash flows from financing activities       4 963        2 103                   
Net increase/(decrease) in cash and cash   10 711       2 380                   
equivalents                                                                     
Cash and cash equivalents at beginning of  1 700         (680)                  
year                                                                            
Cash and cash equivalents at end of year   12 411       1 700                   
SEGMENTAL INFORMATION                                                           
                                          Year ended   Year ended               
                                          29 February  28 February              
                                          2008         2007                     
R`000        R`000                    
Segment sales                                                                   
 Lubricants                               60 009       55 979                   
 Metal powders                            22 640       21 696                   
Other                                    1 808        1 199                    
                                          84 457       78 874                   
Segment result                                                                  
 Lubricants                               2 442        1 698                    
Metal powders                            2 636         (225)                   
 Other                                    51           368                      
                                          5 129        1 841                    
SUPPLEMENTARY INFORMATION                                                       
Year ended    Year ended               
                                         29 February   28 February              
                                         2008          2007                     
                                         R`000         R`000                    
Capital expenditure                       1 396         825                     
Capital commitments                       -             453                     
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     
                                         Year ended    Year ended               
29 February   28 February              
                                         2008          2007                     
                                         R`000         R`000                    
Ordinary shares                           407           285                     
Share premium                             6 464         235                     
Reserves                                  26 422        24 764                  
 Retained earnings at beginning of year  14 051        13 158                   
 Foreign currency translation reserve    100           190                      
Net profit for the year                 3 348         1 008                    
 Revaluation reserve                     10 022        10 522                   
 Ordinary dividend                       (1 099)        (114)                   
Total shareholders` equity                33 293        25 284                  
RECONCILIATION OF HEADLINE EARNINGS                                             
                                         Year ended    Year ended               
                                         29 February   28 February              
                                         2008          2007                     
R`000         R`000                    
Net profit attributable to shareholders   3 348         1 008                   
Profit/(loss) on disposal of property,    (50)           (38)                   
plant and equipment                                                             
Impairment loss                           -             72                      
Headline earnings                         3 298         1 042                   
Weighted average number of ordinary       7 410         5 700                   
shares in issue (`000)                                                          
Headline earnings per ordinary share -    44,5          18,3                    
basic and diluted (cents)                                                       
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 our highest ever net profit before tax of R5 million   
from ongoing operations.                                                        
This year Purple Capital Limited subscribed for 30% of the issued share capital 
in Spanjaard, which not only increased capital but brought significant          
experience into the Boardroom.                                                  
The appointment of Anthony Spanjaard as Managing Director in conjunction with   
our young, competent and motivated management team has resulted in significant  
benefits in the form of increased operating efficiency, improved working capital
management, more stringent financial reporting and ultimately increased         
profitability for shareholders.                                                 
Robert Spanjaard continues as Executive Chairman with a primary focus on major  
development projects and acquisition opportunities.                             
HIGHLIGHTS                                                                      
-    Revenues up by 7% from R78,9 million to R84,5 million.                     
-    Gross profit margins up from 30% to 33%.                                   
-    Net profit margins up from 1% to 4% of turnover.                           
-    Headline earnings have increased more than 2,4 times from the previous year
from 18,3 cents per share to 44,5 cents per share.                          
-    Earnings per share have increased from 17,7 to 45,2 cents.                 
-    Cash and cash equivalents improved from R1,7 million to R12,4 million. Of  
    this increase R6,4 million represents the issue of the new shares to Purple 
Capital Limited, the remainder is the result of increased operating         
    efficiencies and working capital management.                                
Our future focus is on growth, both organic and by way of appropriate           
acquisitions whilst maintaining the disciplined operating efficiency that the   
new management achieved.                                                        
Local sales have increased by 51% over the past two years, and the weakening    
Rand together with new distributor appointments bode well for the future of our 
international sales.                                                            
DIVIDEND                                                                        
Final dividend (No. 15) of 10 cents per ordinary share was declared on 29       
February 2008. The final dividend is payable to all shareholders of Spanjaard   
Limited recorded in the books of the company at the close of business on Friday 
16 May 2008. The last day to trade cum dividend will be Friday 09 may 2008.     
Shares will commence trading ex-dividend from Monday, 12 May 2008. The dividend 
is payable on Monday, 19 May 2008. Shares may not be dematerialised/            
rematerialised between Monday, 12 May 2008 and Friday, 16 May 2008, both days   
inclusive.                                                                      
AUDIT OPINION                                                                   
Mazars Moores Rowland have audited the annual financial statements (and group   
annual financial statements) for the year ended 29 February 2008 and their      
unmodified audit report, together with their audit report on these condensed    
financial statements, is available for inspection at the company`s registered   
office.                                                                         
By order of the Board                                                           
ML Bond - Company Secretary                                                     
25 April 2008                                                                   
Directors:                                                                      
RJW Spanjaard (Executive Chairman), ARJ Spanjaard (Managing Director), MA       
Barnes*, BL Montgomery*, Dr DP van der Nest*, GF Cort, CA Gordon-Bennett        
*Non-executive                                                                  
Transfer Secretaries:                                                           
Computershare Investor Services (Pty) Limited                                   
70 Marshall Street, Johannesburg, 2001                                          
E-mail: info@spanjaardltd.com                                                   
Website: www.spanjaardltd.com                                                   
Hierdie advertensie is ook in Afrikaans beskikbaar.                             
Date: 24/04/2008 17:14:01 Supplied by www.sharenet.co.za                     
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