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Spanjaard Limited - Correction On Condensed Group Audited Results For The Year Ended 28 February 2013 And Dividend Announcement

Release Date: 10/05/2013 16:21:00      Code(s): SPA     
SPANJAARD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1960/004393/06)
Share code: SPA	ISIN: ZAE000006938
("Spanjaard")

CORRECTIONS ON ISSUED RESULTS

Notice is hereby given that minor corrections were made to the Condensed Group Audited Results 
for the year ended 28 February, 2013 issued on SENS on 09 May, 2013. 

The corrections are listed below and are incorporated in the Condensed Group Audited Results 
for the year ended 28 February, 2013 hereunder:   
                                                                       Current           Prior
                                                                         R000           R000
- Movement in foreign currency translation reserve			 (508)             141	
- Total comprehensive income for the year				 3,091           3,102
- Equity attributable to the shareholders of the company                41,860          41,698
- Reserves								34,989          34,827
- Current liabilities							19,218          19,380
- Foreign currency translation reserve					 (601)              48
- Revaluation reserve							 8,296           8,295
- Retained earnings							23,259          23,382
- Total shareholders equity						41,860          41,698
- Segment liabilities							30,115          30,277

The salient dates applicable to the dividend have been changed to agree with the original dates 
issued on 28 February 2013. 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                           Year ended     Year ended
                                          28 February    29 February
                                                 2013           2012
                                                R'000          R'000

Revenue                                       112 213        112 953
Turnover                                      111 045        112 637
Cost of sales                                 (68 403)       (69 620)
Gross profit                                   42 642         43 017
Operating expenses                            (32 540)       (31 790)
Depreciation and amortisation                  (2 660)        (2 427)
Finance (cost)/income  net                    (1 437)        (1 415)
Profit before tax                               6 005          7 385
Income tax expense                             (1 970)        (3 047)
Profit                                          4 035          4 338
Other comprehensive income
 Movement in foreign currency
   translation reserve                           (508)            114
 (Loss) on revaluation on freehold
   land and buildings                            (436)             
 Tax effect                                         -              
Total comprehensive income for the year         3 102          4 452
Earnings per ordinary share
 basic and diluted (cents)                     3 091           53,3

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                                         As at        As at
                                                   28 February  29 February
                                                          2013         2012
                                                         R'000        R'000

Assets
Non-current assets                                      34 680       36 422
 Property, plant and equipment                          34 237       35 978
 Goodwill                                                  437          437
 Intangibles                                                 6            7
Current assets                                          37 295       39 872
Total assets                                            71 975       76 294
Equity and liabilities
Equity attributable to the owners of the Company        41 860       40 805
 Ordinary shares and premium                             6 871        6 871
 Reserves                                               34 989       33 934

Non-current liabilities                                 10 897       11 517
 Borrowings                                              5 873        7 603
 Deferred tax liabilities                                5 024        3 914
Current liabilities                                     19 218       23 972
Total equity and liabilities                            71 975       76 294

CONSOLIDATED STATEMENT OF CASH FLOWS
                                             Year ended     Year ended
                                            28 February    29 February
                                                   2013           2012
                                                  R'000          R'000

Cash flows from operating activities              2 732            547
Cash flows from investing activities              1 811            310
Cash flows from financing activities             (2 703)        (1 752)
Net (decrease)/increase in cash and
 cash equivalents                                 1 840           (895)
Cash and cash equivalents at
 beginning of year                                1 478          2 373
Cash and cash equivalents at end of year          3 318          1 478

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                            Year ended     Year ended
                                           28 February    29 February
                                                  2013           2012
                                                 R'000          R'000

Ordinary shares                                    407            407
Share premium                                    6 464          6 464
Foreign currency translation reserve              (601)           (93)
 Opening balance                                   (93)          (207)
 Movement for the year                            (508)           114
Revaluation reserve                              8 296          9 630
 Opening balance                                 9 630         10 350
 Movement for the year                          (1 334)          (720)
Retained earnings                               23 259         19 945
Total comprehensive income for the year          4 035          4 338
Total shareholders' equity                      41 860         40 805

DIVIDENDS

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

SUPPLEMENTARY INFORMATION
                                                Year ended    Year ended
                                               28 February   29 February
                                                      2013          2012
                                                     R'000         R'000

Capital expenditure                                  1 536         1 533

RECONCILIATION OF HEADLINE EARNINGS
                                                Year ended     Year ended
                                               28 February    29 February
                                                      2013          2012
                                                     R'000         R'000
Profit attributable to shareholders                  4 035         4 338
Loss on disposal of property,
  plant and equipment                                   51             
Income tax effect on disposal                          (14)            
Headline earnings                                    4 072         4 338
Weighted average number of ordinary shares
 in issue ('000)                                     8 143         8 143
Headline earnings per ordinary share
 basic and diluted (cents)                           50,0          53,3

OPERATING SEGMENTS
                                            Year ended     Year ended
                                           28 February    29 February
                                                  2013           2012
                                                 R'000          R'000
Segment revenue
Special lubricants and allied chemicals        103 404        102 912
 External foreign customers                     13 780          6 844
 External local customers                       89 624         96 068
Metal powders                                   11 249         14 346
 External foreign customers                      4 636          6 603
 External local customers                        6 613          7 743
Other                                            3 011          4 620
 External foreign customers                      3 011          4 620
Reconciling items                               (6 619)        (9 241)
 External foreign customers                     (3 149)        (1 848)
 External local customers                       (3 470)        (7 393)

                                               111 045        112 637
Segment result
 Special lubricants and allied chemicals         4 105          4 253
 Metal powders                                      17          1 097
 Other                                          (1 192)          (524)
 Reconciling items                               4 512          3 974
                                                 7 442          8 800
Segment assets
 Special lubricants and allied chemicals        50 312         52 004
 Metal powders                                   9 951          9 641
 Other                                          24 790         26 619
 Reconciling items                             (13 078)       (11 970)
                                                71 975         76 294
Segment liabilities
 Special lubricants and allied chemicals        21 602         25 437
 Metal powders                                   1 702          2 347
 Other                                          18 329         18 856
 Reconciling items                             (11 518)       (11 151)
                                                30 115         35 489
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 audited condensed consolidated results are in
compliance with the requirements of the AC 500 standards, the accounting policies in terms of IFRS are
consistent with those of the Annual Financial Statements and the methods of computation are the same as
those per the Annual Financial Statements.

The condensed financial statements should be read in conjunction with the 2013 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 2013.

COMMENTARY

POINTS OF INTEREST

- Turnover is down by 1% resulting in a NPAT decline of 7%
- A marginal 3% increase in Net asset value to 514 cents
- Gross profit remained consistent with the previous year at 38%

We have had a very interesting year. No particular records, but new directions, much progress and some
aspirations realised, others not.

LIABILITIES

More effective working capital management has enabled us to decrease non-current and current liabilities
resulting in a reduced level of borrowings.

CHANGES IN CASH FLOW

- Improved cash management of international debtors led to a decrease in our debtors at financial year-end.
- Repayment of loans led to a positive increase in cash flow from investing activities.
- The decrease in borrowings resulted in an increase in the net cash flow from financing activities.

The above changes in cash flow led to the substantial increase in cash and cash equivalents at the end of
the year.

GENERAL REVIEW

Total turnover for the year was just over R1,6 million short of last year's all-time high of R112 million.

Net profit after tax is down from R 4,3m to R 4,04m. Net asset value per ordinary share increased marginally by 3%.

A downward revaluation arising from our Accounting Policy of having our property investments professionally
revalued every two years had a negative effect on the Group's total comprehensive income for the year, and
led to a decrease in our deferred tax liability.

The relaunch of the Molyslip Automotive Division in South Africa after an absence of 20 years has not
developed as expected. For the South African market, a different approach will be implemented. We also own
the Molyslip trade mark in various international markets and are investigating the possibilities this presents.
Our succession planning is showing that some sound decisions have been made. The appointment of
Ms Elista Nepgen as Managing Director in 2010 has proved to be a great success. The management team is
young and are significant shareholders in the Company.

We are now in our 26th year of being listed on the Johannesburg Stock Exchange and hope to prove that
new opportunities and marketing approaches will result in a material improvement in the new financial year.

SEGMENTAL ANALYSIS

- In the Special Lubricants and Allied Chemical Products Division, local sales for the Automotive/Consumer
  and Industrial Divisions were up 8%. The International Division has exceeded our expectations.
- Turnover of the Metal Powders Division is down 22%.
- A combination of rising input costs and foreign exchange fluctuations, together with competitive market
  conditions, have put pressure on our bottom line.

There have been no material related party transactions during the period under review.
There have been no reportable subsequent events between the date of the annual financial statements
and the date of publication.

DIVIDEND

Notice is hereby given that Dividend No. 23 of 10 (ten) cents per ordinary share has been declared for the
year ended 28 February 2013.

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 10 cents per share for shareholders exempt from Dividends Tax
   
 no Secondary Tax on Companies' credits have been utilised
  
 the net local dividend amount is 8,5 cents per share for shareholders liable for Dividends Tax
   
 Spanjaard has 8 142 850 ordinary shares in issue
   
 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, 17 May 2013.

Shares will trade ex-dividend from Monday, 20 May 2013.

The record date will be Friday, 24 May 2013 and payment will be made on Monday, 27 May 2013.

Share certificates may not be dematerialised/ rematerialised between Monday, 20 May 2013 and Friday, 24 May 2013, 
both days inclusive.

AUDIT OPINION

Mazars has audited the annual financial statements for the year ended 28 February 2013, and the
unqualified audit report is available for inspection at the Company's registered office.

By order of the Board

Ms SF Venter
Company Secretary

10 May 2013

Directors:

RJW Spanjaard (Executive Chairman), Ms E Nepgen (Managing Director), GF Cort
Mrs S Hari*, BL Montgomery*, CKT Palmer, SA Pretorius, Prof DP van der Nest*
HJ van Heerden (Financial Director) * Independent 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, 54 Maxwell Drive, Woodmead, 2054

Email: info@spanjaard.biz

Website: www.spanjaard.biz
Date: 10/05/2013 04:21:00 Supplied by www.sharenet.co.za                     
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