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Unaudited Interim Results as at 31 August 2012 and Dividend Declaration
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 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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