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Spa - Spanjaard Limited - Unaudited Interim Group Results For The Period Ended

Release Date: 08/10/2009 07:05:05      Code(s): SPA
SPA - Spanjaard Limited - Unaudited Interim Group Results For The Period Ended  
31 August 2009                                                                  
Spanjaard Limited                                                               
(Incorporated in the Republic of South Africa)                                  
Registration number 1960/004393/06                                              
Share code: SPA                                                                 
ISIN: ZAE000006938                                                              
UNAUDITED INTERIM GROUP RESULTS FOR THE PERIOD ENDED 31 AUGUST 2009             
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                        
                                                  Six months        Twelve      
                                                      to         months to      
31 August    28 February      
                                                2009       2008       2009      
                                               R`000      R`000      R`000      
Revenue                                        40 834     48 367     98 278     
Turnover                                       40 290     46 782     97 216     
Cost of sales                                  25 968     31 027     61 159     
Gross profit                                   14 322     15 755     36 057     
Distribution costs                              1 623      2 165      4 514     
Administrative expenses                        12 547     10 236     23 427     
Finance (cost)/income - net                        67        227        447     
Profit before tax                                 219      3 581      8 563     
Income tax expense                                102      1 230      3 095     
Profit                                            117      2 351      5 468     
Other comprehensive income                                                      
Movement in foreign currency                                                    
translation reserve                              (154)      (134)         1     
Tax effect                                         32         38          -     
Movement in revaluation reserve                     -          -      (990)     
Tax effect                                          -          -        277     
Total comprehensive income for the year           (5)      2 255      4 756     
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION                          
                                                   Six months       Twelve      
                                                       to        months to      
                                                   31 August   28 February      
2009       2008       2009      
                                               R`000      R`000      R`000      
Assets                                                                          
Non-current assets                             19 414     20 227     19 049     
Property, plant and equipment                  18 965     19 279     18 607     
Goodwill                                          437        437        437     
Intangibles                                        12          -          5     
Deferred tax assets                                 -        511          -     
Current assets                                 32 388     43 013     45 098     
Total assets                                   51 802     63 240     64 147     
Equity and liabilities                                                          
Equity attributable to the                     31 836     34 328     31 842     
owners of the company                                                           
Ordinary shares and premium                     6 871      6 871      6 871     
Reserves                                       24 965     25 106     24 971     
Non-current liabilities                         5 730      5 019      5 176     
Borrowings                                      2 366        788      1 831     
Deferred tax liabilities                        3 266      4 231      3 208     
Loans from group companies                         98          -        137     
Current liabilities                            14 236     23 893     27 129     
Interest bearing                                  346      1 688        402     
Non-interest bearing                           13 890     22 205     26 727     
Total equity and liabilities                   51 802     63 240     64 147     
Number of ordinary shares                                                       
in issue (`000)                                 8 143      8 143      8 143     
Net asset value per share (cents)               390,9      421,6      391,7     
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS                                  
                                                 Six months         Twelve      
to          months to      
                                                  31 August    28 February      
                                              2009        2008        2009      
                                             R`000       R`000       R`000      
Cash flows from operating activities        (3 902)       (160)         155     
Cash flows from investing activities        (1 268)     (2 021)     (2 450)     
Cash flows from financing activities        (1 002)       1 095       1 454     
Net increase/(decrease) in                                                      
cash and cash equivalents                   (6 172)     (1 086)       (841)     
Cash and cash equivalents at                                                    
beginning of period                          11 570      12 411      12 411     
Cash and cash equivalents at end of period    5 398      11 325      11 570     
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                           
                                                   Six months       Twelve      
                                                       to        months to      
                                                   31 August   28 February      
2009       2008       2009      
                                               R`000      R`000      R`000      
Ordinary shares                                   407        407        407     
Share premium                                   6 464      6 464      6 464     
Reserves                                       24 965     27 457     24 971     
Total shareholders` equity                     31 836     34 328     31 842     
Earnings per ordinary share                                                     
- basic and diluted (cents)                       1,4       28,9       67,1     
Dividend declared per                                                           
ordinary share (cents)                                                          
- interim                                           -       15,0       15,0     
- final                                             -          -       70,0     
SUPPLEMENTARY INFORMATION                                                       
                                                  Six months       Twelve       
                                                      to        months to       
                                                  31 August   28 February       
2009       2008       2009       
                                              R`000      R`000      R`000       
Capital expenditure                            1 268      2 065      2 460      
SEGMENTAL INFORMATION                                                           
Six months         Twelve      
                                                      to         months to      
                                                  31 August    28 February      
                                               2009       2008        2009      
R`000      R`000       R`000      
Segment sales                                                                   
Special lubricants and                                                          
allied chemical products                      29 606     33 227      70 436     
External                                       5 946      5 582      12 383     
Local                                         23 660     27 645      58 053     
Metal powders                                  8 865     12 309      21 803     
External                                       3 626      9 631       9 669     
Local                                          5 239      2 678      12 134     
Other                                          1 819      1 246       4 977     
External                                       1 819      1 246       4 977     
                                             40 290     46 782      97 216      
Segment result                                                                  
Special lubricants and allied                                                   
chemical products                            (1 103)        671       5 960     
Metal powders                                  2 036      1 457       2 048     
Other                                          (781)      1 226         108     
                                                152      3 354       8 116      
RECONCILIATION OF HEADLINE EARNINGS                                             
                                                     Six months        Twelve   
to         months to   
                                                     31 August    28 February   
                                                  2009      2008         2009   
                                                 R`000     R`000        R`000   
Net profit attributable                                                         
to shareholders                                     117     1 325        5 468  
Profit/(loss) on disposal                                                       
of property, plant and equipment                      -         -          (8)  
Income tax effect on disposal                         -         -            -  
Headline earnings                                   117     1 325        5 460  
Weighted average number of ordinary                                             
shares in issue (`000)                            8 143     6 514        8 143  
Headline earnings per ordinary share                                            
- basic and diluted (cents)                         1,4      28,9         67,1  
BASIS OF PREPARATION                                                            
The condensed consolidated interim financial statements have been prepared in   
accordance with IAS 34 Interim Financial Reporting and in compliance with the   
South African Companies Act, 1973. The condensed consolidated interim financial 
statements are prepared on the historical cost basis, with the exception of     
certain financial instruments which are measured at fair value.                 
Accounting policies and computations are consistently applied as in the 2009    
financial statements.                                                           
IAS 1 Presentation of Financial Statements and IFRS 8 Operating Segments have   
been applied effective 1 March 2009.                                            
COMMENTARY                                                                      
EXECUTIVE CHAIRMAN`S STATEMENT                                                  
Overall, revenue for the six months is almost 16% down partly due to the weak   
local industrial market but also as a result of export sales being affected by  
weak market conditions.                                                         
Turnover is down by just over 14% but gross profit for the six months is only   
down by almost 10%.                                                             
We have invested R1,3 million in the acquisition of new equipment to improve    
normal capacity.                                                                
There were no material related party transactions in the period under review.   
Historically the second half of the financial year produces better results than 
the first and we have the expectation of ending the financial year comfortably  
in positive territory.                                                          
RJW Spanjaard                                                                   
SEGMENTAL ANALYSIS                                                              
The special lubricants and allied chemical products division turnover is down   
approximately 10% as a result of the downturn in the industrial and mining      
sectors.                                                                        
Metal powder sales with a 28% reduction in sales both locally and in the export 
markets, reflect the weak conditions in the automotive manufacturing industry   
worldwide.                                                                      
DIVIDEND                                                                        
Our results do not justify the declaration of an interim dividend for the first 
six months of the financial year.                                               
By order of the Board                                                           
ML Bond                                                                         
Company Secretary                                                               
8 October 2009                                                                  
Directors                                                                       
RJW Spanjaard (Executive Chairman)                                              
CA Gordon-Bennett (Managing Director)                                           
MA Barnes*                                                                      
GF Cort                                                                         
BL Montgomery*                                                                  
E Nepgen                                                                        
CKT Palmer                                                                      
Dr DP van der Nest*                                                             
*Non-executive                                                                  
Registered office                                                               
748 - 750 Fifth Street, Wynberg, Sandton, 2090                                  
Transfer Secretaries                                                            
Computershare Investor Services (Pty) Limited                                   
70 Marshall Street, Johannesburg, 2001                                          
Sponsors                                                                        
Arcay Moela Sponsors (Pty) Limited                                              
Arcay House                                                                     
Number 3                                                                        
Anerley Road                                                                    
Parktown                                                                        
2193                                                                            
E-mail: info@spanjaardltd.com                                                   
Website: www.spanjaardltd.com                                                   
Date: 08/10/2009 07:05:05 Supplied by www.sharenet.co.za                     
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