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Condensed Group Audited Results as at 28 February 2013 and Declaration of Dividend
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 28 FEBRUARY 2013
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended
28 February 29 February
2013 2012
R000 R000
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 141 114
(Loss) on revaluation on freehold
land and buildings (1 321)
Tax effect 247
Total comprehensive income for the year 3 102 4 452
Earnings per ordinary share
basic and diluted (cents) 50,0 53,3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at
28 February 29 February
2013 2012
R000 R000
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 41 698 40 805
Ordinary shares and premium 6 871 6 871
Reserves 34 827 33 934
Non-current liabilities 10 897 11 517
Borrowings 5 873 7 603
Deferred tax liabilities 5 024 3 914
Current liabilities 19 380 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
R000 R000
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
R000 R000
Ordinary shares 407 407
Share premium 6 464 6 464
Foreign currency translation reserve 48 (93)
Opening balance (93) (207)
Movement for the year 141 114
Revaluation reserve 8 295 9 630
Opening balance 9 630 10 350
Movement for the year (1 335) (720)
Retained earnings 23 382 19 945
Total comprehensive income for the year 3 102 4 452
Total shareholders equity 41 698 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
R000 R000
Capital expenditure 1 536 1 533
RECONCILIATION OF HEADLINE EARNINGS
Year ended Year ended
28 February 29 February
2013 2012
R000 R000
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
R000 R000
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 (11 356) (11 151)
30 277 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 9 May 2013.
COMMENTARY
POINTS OF INTEREST
Turnover is down by 1% resulting in a NPAT decline of 7%
A marginal 2% increase in net asset value to 512 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 years all-time high of R112 million.
Net profit after tax is down from R4,3 million to R4,04 million. Net asset value per ordinary share increased
marginally by 2%.
A downward revaluation arising from our Accounting Policy of having our property investments professionally
revalued every two years had a negative effect on the Groups 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
Spanjaards 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, 24 May 2013.
Shares will trade ex-dividend from Monday, 27 May 2013.
The record date will be Friday, 31 May 2013 and payment will be made on Monday, 3 June 2013.
Share certificates may not be dematerialised/rematerialised between Monday, 27 May 2013 and Friday,
31 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 Companys registered office.
By order of the Board
Ms SF Venter
Company Secretary
9 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: 09/05/2013 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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