To view the PDF file, sign up for a MySharenet subscription.

SPA - Spanjaard Limited - Condensed Group Audited results for the year ended 29

Release Date: 10/05/2012 07:05
Code(s): SPA
Wrap Text

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 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Share This Story