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Spanjaard Limited - Change Statement And Notice Of Annual General Meeting

Release Date: 24/07/2015 10:54:00      Code(s): SPA     
SPANJAARD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1960/004393/06)
Share Code: SPA          ISIN: ZAE000006938
(?the company?)

CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING

Shareholders are advised that:

- the annual report, incorporating a notice convening the annual general meeting of the company
  (?the AGM?), was posted to shareholders on 23 July 2015 and save for the changes set out
  below contains no material modifications to the reviewed provisional results which were
  published on Friday, 5 June 2015 on SENS.

- These changes are highlighted in the table below:

                                                           Audited    Reviewed        Variance
 Year ended 28 February                                      2015         2015            2015
                                                  Note      R'000        R'000           R'000
 Statement of profit and loss and
 other comprehensive income

 Cost of sales                                        1    (82 650)     (83 750)         1 100
 Gross Profit                                         5      37 182       36 082         1 100
 Depreciation and amortisation (as part               1     (2 568)      (1 468)       (1 100)
 of distribution costs and administrative
 expenses )
 (Loss) / profit before tax                           2     (2 583)      (2 633)            50
 Income tax expense                                3, 4       1 531        1 140           391
 (Loss) / profit from continuing                      5     (1 052)      (1 493)           441
 operations
 (Loss) / profit for the year                         5     (1 052)      (1 493)           441
 Other comprehensive income
 Revaluation on property, plant and                   3      4 871         5 801         (930)
 equipment
 Total comprehensive (loss)/ income for               5      3 630         4 119         (489)
 the year attributable to ordinary
 shareholders

 Earnings and diluted earnings per                    5      (12.9)       (18.3)           5.4
 ordinary share

 Statement of financial position

 Current assets                                  2, 6, 7     42 057       41 102           955
 Current liabilities                                   6   (28 206)     (27 280)         (926)
 Reserves                                           2, 4   (37 032)     (37 521)           489
 Deferred tax liability                             4, 7    (4 947)      (4 429)         (518)

 Statement of cash flow
 Cash flows from operating activities                  8    (4 894)      (3 763)       (1 131)
 Cash flows from investing activities                  8        827        (304)         1 131


 Statement of changes in equity
 Revaluation reserve                                3, 9     10 868        9 266         1 602
 Retained earnings                               2, 4, 9     26 894       28 985       (2 091)


 Operating segments
  Segment result
   Special lubricants                              5, 10     (1 314)     (2 689)         1 375
   Reconciling items                                  10     (2 306)       (981)       (1 325)
   Loss before interest and tax                        5     (1 352)     (1 402)            50


   Segment assets                                     10      80 144      79 189           955
   Special lubricants                                  5      65 607      65 388           219
   Reconciling items                               5, 10    (26 363)    (27 099)           736


   Segment liabilities                                10      36 241      34 797         1 444
   Special lubricants                                  5      38 353      38 181           172
   Reconciling items                               5, 10    (25 214)    (26 486)         1 272

 Reconciliation of headline                          Audited                     Reviewed
 earnings
                                                  Gross            Net         Gross           Net
                                        Note      R'000          R'000         R'000         R'000
 Loss for the year attributable to
 shareholders                             5     (1 052)         (1 052)      (1 493)       (1 493)
 Loss on disposal of property,
 plant and equipment                     11           0               0          302           217

The differences between the audited and the reviewed results arise from the change in disclosure
of the following items:

Note 1: Reclassification of depreciation relating to non-manufacturing equipment to distribution
costs and administrative expenses.
Note 2: Reversal of a provision raised against current assets.
Note 3: Reclassification of deferred tax relating to the revaluation on property, plant and
equipment, which was recorded in Taxation to Other comprehensive income.
Note 4: Recording deferred tax on timing differences which were not previously recognised.
Note 5: Changes resulting from other noted changes.
Note 6: Reclassification of positive cash balances previously set off against the bank overdraft.
Note 7: Reclassification of tax receivable previously reported as a Deferred tax asset.
Note 8: Reclassification of cash flows to reflect the nature of these cash flows.
Note 9: Correction in calculation of the release of the revaluation reserve to retained earnings due
to sale of property.
Note 10: Reclassification between segments to correct the classification within segment reporting.
Note 11: Correcting the classification of an amount recorded as a loss on disposal of Property,
plant and equipment instead of Operating expenses.

Earnings per share previously reported on the face of the Statement of Comprehensive Income,
was incorrectly reported as the Headline Earnings per share value. This has been corrected in the
current year.

- the AGM will be held at 12:00 on Friday 21 August 2015 at The Wanderers Club, 21 North
  Road, Illovo, Johannesburg.

By order of the board.

Johannesburg
24 July 2015

Sponsor
Arbor Capitol Sponsors Proprietary Limited

Date: 24/07/2015 10:54:00 Supplied by www.sharenet.co.za                     
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