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

Release Date: 10/05/2012 07:05:02      Code(s): SPA
SPA - Spanjaard Limited - Condensed Group Audited results for the year ended 29 
February 2012                                                                   
Spanjaard Limited                                                               
(Incorporated in the Republic of South Africa)                                  
Registration number 1960/004393/06                                              
Share code: SPA ISIN: ZAE000006938                                              
("Company" or "Group")                                                          
CONDENSED GROUP AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012             
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                  
                                              Year ended    Year ended          
                                              29 February   28 February         
2012          2011                
                                              R`000         R`000               
Revenue                                        112 953       102 421            
Turnover                                       112 637       102 068            
Cost of sales                                  (69 620)      (61 585)           
Gross profit                                   43 017        40 483             
Operating expenses                             (31 790)      (29 528)           
Depreciation and amortisation                  (2 427)       (1 859)            
Profit from operations                         8 800         9 096              
Finance cost - net                             (1 415)       (1 483)            
Profit before tax                              7 385         7 613              
Income tax expense                             (3 047)       (2 785)            
Profit                                         4 338         4 828              
Other comprehensive income                                                      
Movement in foreign currency translation       114           (305)              
reserve                                                                         
Gain on revaluation on freehold land and       -             2 851              
buildings                                                                       
Tax effect                                     -             (399)              
Total comprehensive income for the year        4 452         6 975              
Earnings per ordinary share                                                     
- basic and diluted (cents)                    53,3          59,3               
CONSOLIDATED STATEMENT OF FINANCIAL POSITION                                    
                                              As at         As at               
29 February   28 February         
                                              2012          2011                
                                              R`000         R`000               
Assets                                                                          
Non-current assets                             36 422        37 317             
Property, plant and equipment                  35 978        36 872             
Goodwill                                       437           437                
Intangibles                                    7             8                  
Current assets                                 39 872        34 638             
Total assets                                   76 294        71 955             
Equity and liabilities                                                          
Equity attributable to the owners of the       40 805        38 633             
Company                                                                         
Ordinary shares and premium                    6 871         6 871              
Reserves                                       33 934        31 762             
Non-current liabilities                        11 517        12 304             
Borrowings                                     7 603         8 792              
Deferred tax liabilities                       3 914         3 512              
Current liabilities                            23 972        21 018             
Interest-bearing                               3 355         3 925              
Non-interest-bearing                           20 617        17 093             
Total equity and liabilities                   76 294        71 955             
Number of ordinary shares in issue (`000)      8 143         8 143              
Net asset value per share (cents)              501,1         474,4              
CONSOLIDATED STATEMENT OF CASH FLOW                                             
                                              Year ended    Year ended          
                                              29 February   28 February         
                                              2012          2011                
R`000         R`000               
Cash flows from operating activities           547           3 748              
Cash flows from investing activities           310           (16 462)           
Cash flows from financing activities           (1 752)       9 226              
Net decrease in cash and cash equivalents      (895)         (3 488)            
Cash and cash equivalents at beginning of      2 373         5 861              
year                                                                            
Cash and cash equivalents at end of year       1 478         2 373              
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     
                                                As at        As at              
                                                29 February  28 February        
                                                2012         2011               
R`000        R`000              
 Ordinary shares                                407          407                
 Share premium                                  6 464        6 464              
 Reserves                                       33 934       31 762             
Foreign currency translation reserve           (93)         (207)              
 Revaluation reserve                            9 630        10 350             
 Retained earnings                              24 397       21 619             
 Total shareholders` equity                     40 805       38 633             

 DIVIDENDS                                                                      
 Dividend declared per ordinary share (cents)                                   
 - interim                                      10,0         15,0               
- final                                        18,0         16,0               
                                                                                
 SUPPLEMENTARY INFORMATION                                                      
                                                Year ended   Year ended         
29 February  28 February        
                                                2012         2011               
                                                R`000        R`000              
 Capital expenditure                            1 533        13 525             
OPERATING SEGMENTS                                                              
                                              Year ended    Year ended          
                                              29 February   28 February         
                                              2012          2011                
R`000         R`000               
Segment revenue                                                                 
Special Lubricants and Allied Chemicals        102 912       91 217             
External foreign customers                     6 844         8 394              
External local customers                       96 068        82 823             
Metal Powders                                  14 346        14 034             
External foreign customers                     6 603         6 824              
External local customers                       7 743         7 210              
Other                                          4 620         7 320              
External foreign customers                     4 620         7 320              
Reconciling items                              (9 241)       (10 503)           
External foreign customers                     (1 848)       (2 450)            
External local customers                       (7 393)       (8 053)            
                                              112 637       102 068             
Segment result                                                                  
Special Lubricants and Allied Chemicals        4 253         5 650              
Metal Powders                                  1 097         436                
Other                                          (524)         (914)              
Reconciling items                              3 974         3 924              
                                              8 800         9 096               
Segment assets                                                                  
Special Lubricants and Allied Chemicals        52 004        47 624             
Metal Powders                                  9 641         9 106              
Other                                          26 619        21 195             
Reconciling items                              (11 970)      (5 970)            
                                              76 294        71 955              
Segment liabilities                                                             
Special Lubricants and Allied Chemicals        25 437        21 456             
Metal Powders                                  2 347         2 967              
Other                                          18 856        15 832             
Reconciling items                              (11 151)      (6 933)            
                                              35 489        33 322              
RECONCILIATION OF HEADLINE EARNINGS                                             
                                              Year ended    Year ended          
                                              29 February   28 February         
                                              2012          2011                
R`000         R`000               
Profit attributable to shareholders            4 338         4 828              
Profit on disposal of property, plant and      -             (54)               
equipment                                                                       
Income tax effect on disposal                  -             15                 
Headline earnings                              4 338         4 789              
Weighted average number of ordinary shares in  8 143         8 143              
issue (`000)                                                                    
Headline earnings per ordinary share                                            
-  basic and diluted (cents)                   53,3          58,8               
BASIS OF PREPARATION                                                            
The audited condensed consolidated results have been prepared in accordance with
the Framework concepts and the measurement and recognition requirements of the  
International Financial Reporting Standards and containing information required 
by IAS 34 - Interim Financial Reporting, and in the manner required by the South
African Companies Act.                                                          
The condensed financial statements should be read in conjunction with the 2012  
financial statements.                                                           
The annual financial statements were audited in terms of the Companies Act.     
Condensed group audited results prepared by: HJ van Heerden - B. Com (Acc).     
Condensed group audited results date of publication - 10 May 2012.              
COMMENTARY                                                                      
POINTS OF INTEREST                                                              
- Net profit after tax is down by 10%                                           
- Net asset value has increased from 474,2 cents to 501,1 cents per share       
- Group turnover is up by 10%                                                   
- Gross profit is up by 6%                                                      
GENERAL REVIEW                                                                  
We are pleased to announce an acceptable performance in a year that has         
presented more challenges than normal.                                          
In respect of the South African market, our main operating segments showed      
improvement. The Industrial Special Lubricants division performed exceptionally 
well with 22% growth in revenue. Our local Automotive division continues to show
growth of 14% for the year.                                                     
The increase in depreciation and amortisation was as a result of the new        
production facilities being in operation for a full year. Cash flows from       
operating activities decreased due to the additional investment in working      
capital while the repayment of the loan to the holding company led to a drop in 
cash flows from investing activities.                                           
In our international markets, competition is fierce and this coupled with the   
strength of the Rand exchange rate against major foreign currencies, the Rand   
value of our export sales was affected negatively.                              
To complete the picture, a 9% increase in operating expenses was also a         
contributor to the 10% reduction in net profit after tax.                       
Under the circumstances we believe that this has been a good year for the       
Company.                                                                        
We are excited to announce that we are on the brink of introducing new products 
to the South African market which should have a positive effect on revenue in   
the future.                                                                     
There have been no material related party transactions during the year under    
review.                                                                         
There have been no unusual subsequent events between the date of the annual     
financial statements and the date of publication.                               
SEGMENTAL ANALYSIS                                                              
The Special Lubricants and Allied Chemicals division has shown a 13% increase in
turnover which is satisfactory, although the decrease in net profit after tax is
disappointing.                                                                  
Metal Powder segment - by paying special attention to containing costs, the     
metal powder segment was able to report a 152% increase in their net profit     
after tax on a turnover improvement of only 2%.                                 
DIVIDENDS                                                                       
Interim dividend (No. 20) of 10 cents per ordinary share was declared on 21     
October 2011. The total actual dividends paid on the interim dividend           
declaration amounted to R814 285. Secondary Tax on Companies resulting from the 
interim declaration amounted to R81 429.                                        
Final dividend (No. 21) of 18 cents per ordinary share was declared on 29       
February 2012. The last day to trade cum dividend is Friday, 18 May 2012,       
payable to all shareholders of Spanjaard Limited recorded in the books of the   
Company at the close of business on Friday, 25 May 2012. Shares will commence   
trading ex dividend from Monday, 21 May 2012. The dividend is payable on Monday,
28 May 2012. Share certificates may not be dematerialised or rematerialised     
between Monday, 21 May 2012 and Friday, 25 May 2012, both days inclusive. This  
dividend amounts to R1 465 713 and the Secondary Tax on Companies resulting from
the final declaration amounts to R146 571.                                      
AUDIT OPINION                                                                   
Mazars have audited the annual financial statements for the year ended 29       
February 2012 and their unqualified audit report is available for inspection at 
the Company`s registered office.                                                
By order of the Board                                                           
Ms Sonia F Venter                                                               
Company Secretary                                                               
10 May 2012                                                                     
Directors:                                                                      
RJW Spanjaard (Executive Chairman)                                              
Ms E Nepgen (Managing Director)                                                 
GF Cort                                                                         
Mrs S Hari*                                                                     
BL Montgomery*                                                                  
CKT Palmer                                                                      
SA Pretorius                                                                    
Dr DP van der Nest*                                                             
HJ van Heerden (Financial Director)                                             
* 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 5 Anerley Road, Parktown, 2193                              
Email: info@spanjaard.biz                                                       
Website: www.spanjaard.biz                                                      
Date: 10/05/2012 07:05:01 Supplied by www.sharenet.co.za                     
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