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Change Statement and Notice of Annual General Meeting
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
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