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Spanjaard Limited - Unaudited Interim Results As At 31 August 2012 And Dividend Declaration

Release Date: 24/10/2012 07:05:00      Code(s): SPA     
Spanjaard Limited
(Incorporated in the Republic of South Africa)
Registration number 1960/004393/06
Share code: SPA ISIN: ZAE000006938
("Company" or "Group")

UNAUDITED INTERIM GROUP RESULTS
FOR THE SIX MONTHS ENDED
31 AUGUST 2012 AND
DECLARATION OF DIVIDEND

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                Six months   Six months    Twelve months
                                        to           to               to
                                 31 August    31 August      29 February
                                      2012         2011             2012
                                     R'000        R'000            R'000

Revenue                             55 067       50 507          112 953
Turnover                            54 072       49 992          112 637
Cost of sales                     (33 096)     (30 492)         (69 620)
Gross profit                        20 976       19 500           43 017
Operating expenses                (16 455)     (15 386)         (31 790)
Depreciation and amortisation      (1 303)        (984)          (2 427)
Profit from operations               3 218        3 130            8 800
Finance cost  net                   (591)        (697)          (1 415)
Profit before tax                    2 627        2 433            7 385
Income tax expense                   (745)        (855)          (3 047)
Profit                               1 882        1 578            4 338
Other comprehensive
income
 Movement in foreign currency
  translation reserve                   51            2              114
Total comprehensive
 income for the period               1 933        1 580            4 452
Earnings per ordinary
share
 basic and diluted (cents)           23,1         19,4             53,3

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                Six months   Six months    Twelve months
                                        to           to               to
                                 31 August    31 August      29 February
                                      2012         2011             2012
                                     R'000        R'000            R'000
Assets
Non-current assets                  36 240       37 293           36 422
Property, plant and equipment       35 796       36 848           35 978
Goodwill                               437          437              437
Intangibles                              7            8                7
Current assets                      49 985       38 671           39 872
Total assets                        86 225       75 964           76 294
Equity and liabilities
Total shareholders' equity          42 638       40 213           40 805
Ordinary shares and premium          6 871        6 871            6 871
Reserves                            35 767       33 342           33 934
Non-current liabilities             12 886       11 636           11 517
Borrowings                           8 462        8 210            7 603
Deferred tax liabilities             4 424        3 426            3 914
Current liabilities                 30 701       24 115           23 972
Total equity and liabilities        86 225       75 964           76 294

CONSOLIDATED STATEMENT OF CASH FLOWS

                                Six months   Six months    Twelve months
                                        to           to               to
                                 31 August    31 August      29 February
                                      2012         2011             2012
                                     R'000        R'000            R'000
Cash flows from operating
 activities                        (4 874)        (581)              547
Cash flows from investing 
 activities                            797        (930)              310
Cash flows from financing
 activities                        (2 209)      (2 264)          (1 752)
Net decrease in cash and
 cash equivalents                  (6 286)      (3 775)            (895)
Cash and cash equivalents
 at beginning of period              1 478        2 373            2 373
Cash and cash equivalents
 at end of period                  (4 808)      (1 402)            1 478

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

                                Six months   Six months    Twelve months
                                        to           to               to
                                 31 August    31 August      29 February
                                      2011         2011             2012
                                     R'000        R'000            R'000

Ordinary shares                        407          407              407
Share premium                        6 464        6 464            6 464
Foreign currency translation
 reserve                             (144)        (214)             (93)
Revaluation reserve                  9 514       10 001            9 630
Retained earnings                   26 397       23 555           24 397
Total shareholders' equity          42 638       40 213           40 805

 DIVIDENDS
Dividend declared
 per ordinary share
 (cents)
 interim                             15,0         10,0             10,0
 final                                                           18,0

SUPPLEMENTARY INFORMATION
                                Six months   Six months    Twelve months
                                        to           to               to
                                 31 August    31 August      29 February
                                      2012         2011             2012
                                     R'000        R'000            R'000

Capital expenditure                  1 121          960            1 533

RECONCILIATION OF HEADLINE EARNINGS

                                Six months   Six months    Twelve months
                                        to           to               to
                                 31 August    31 August      29 February
                                      2012         2011             2012
                                     R'000        R'000            R'000
Profit attributable
 to shareholders                     1 882        1 578            4 338
Headline earnings                    1 882        1 578            4 338
Weighted average number
 of ordinary shares
 in issue ('000)                     8 143        8 143            8 143
Headline earnings
 per ordinary share
 (cents)
 basic and diluted                   23,1         19,4             53,3

 OPERATING SEGMENTS
                                Six months   Six months    Twelve months
                                        to           to               to
                                 31 August    31 August      29 February
                                      2012         2011             2012
                                     R'000        R'000            R'000
Segment revenue
Special lubricants and
 allied chemicals                   50 265       42 987          102 912
 External customers                  9 242        5 091            6 844
 Local customers                    41 023       37 896           96 068
Metal powders                        6 140        6 826           14 346
 External customers                  2 721        3 249            6 603
 Local customers                     3 419        3 577            7 743
Other                                  638        2 465            4 620
 External customers                    638        2 465            4 620
Reconciling items                  (2 971)      (2 286)          (9 241)
 External customers                (1 013)        (476)          (1 848)
 Local customers                   (1 958)      (1 810)          (7 393)

                                    54 072       49 992          112 637
Segment result
 Special lubricants and
  allied chemicals                   2 687        2 327            4 253
 Metal powders                         325          523            1 097
 Other                                 398          280            (524)
 Reconciling items                   (192)                        3 974
                                     3 218        3 130            8 800
Segment assets
 Special lubricants and
  allied chemicals                  63 929       52 353           52 004
 Metal powders                       9 735        8 696            9 641
 Other                              26 935       27 613           26 619
 Reconciling items                (14 374)     (12 698)         (11 970)
                                    86 225       75 964           76 294
Segment liabilities
 Special lubricants and
  allied chemicals                  35 411       26 325           25 437
 Metal powders                       2 004        2 074            2 347
 Other                              19 009       19 327           18 856
 Reconciling items                (12 837)     (11 975)         (11 151)
                                    43 587       35 751           35 489
BASIS OF PREPARATION
The condensed consolidated interim results have been prepared in accordance with IAS 34:
Interim Financial Reporting, AC 500 standards as issued by the Accounting Practises Board
and in the manner required by the South African Companies Act, 2008. 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 methods of computation are consistently applied as in the 2012
audited annual financial statements.

Condensed consolidated interim financial statements are prepared by HJ van Heerden,
B.Com (Acc).

Condensed consolidated interim financial statements date of publication  24 October 2012.

COMMENTARY

POINTS OF INTEREST TO THE CORRESPONDING PERIOD LAST YEAR

- Net profit after tax has increased by 19%
- Net asset value has increased from 493,8 cents to
  523,6 cents per share
- Group turnover is up by 8%

EXECUTIVE CHAIRMAN'S STATEMENT
We are pleased to report a strong start to the 2013 financial year.

The re-launch of the well-known Molyslip brand has so far had an enthusiastic reception
from the market. The local industrial and consumer/automotive divisions are showing positive
signs of improvement.

We are excited to report a 12% increase in our international sales. Likewise the decrease in
administration costs also contributed positively to our results. This good news resulted in an
increase in NPAT of 19% over the corresponding period last year.

The increase in interest-bearing liabilities was brought about by the timing difference between
the production and completion of a very large international division order.

There have been no material related party transactions during the period under review.

SEGMENTAL ANALYSIS
The special lubricants and allied chemicals division has performed exceptionally well showing
a 15% increase in its profit from operations compared to the corresponding period last year.

This was mainly due to an improvement in our international markets.

The metal powders segment showed a decline of 38% in its profit from operations to the
corresponding period last year. This was mainly due to difficult world-wide market conditions
which led to a 10% decline in revenue.

INTERIM DIVIDEND
Notice is hereby given that Dividend No. 22 of 15 (fifteen) cents per ordinary share has been
declared for the six months ended 31 August 2012.

The dividend will be subject to the Dividends Tax that was introduced with effect from
1 April 2012. In accordance with the provisions of the Listings Requirements of the
Johannesburg Stock Exchange, the following additional information is disclosed:
  
 the dividend has been declared out of profits available for distribution;
 the local Dividends Tax rate is 15%;
 the gross local dividend amount is 15 cents per share for shareholders exempt from
  Dividends Tax;
 no Secondary Tax on Companies' credits have been utilised;
 the net local dividend amount is 12,75 cents per share for shareholders liable for Dividends
  Tax;
 Spanjaard has 8 142 850 ordinary shares in issue; and
 Spanjaard's income tax reference number is 9543 676 84 6.

The following dates are applicable to the dividend:

The last date to trade in order to be eligible for the dividend will be Friday, 16 November 2012.

Shares will trade ex-dividend from Monday, 19 November 2012.

The record date will be Friday, 23 November 2012 and payment will be made on Monday,
26 November 2012.

Share certificates may not be dematerialised/rematerialised between Monday, 19 November
2012 and Friday, 23 November 2012, both days inclusive.

By order of the Board

Ms SF Venter
Company Secretary

24 October 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

Sponsor:
Arcay Moela Sponsors (Pty) Limited, Arcay House, Number 5 Anerley Road, Parktown, 2193

Email: sales@spanjaard.biz

Website: www.spanjaard.biz
Date: 24/10/2012 07:05:00 Supplied by www.sharenet.co.za                     
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