SPANJAARD LIMITED - Change Statement and Notice of Annual General Meeting

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

Note 8: Reclassification of cash flows to reflect the nature of these cash flows.

- Earning 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
23 July 2015

Sponsor
Arbor Capitol Sponsors Proprietary Limited

Date: 23/07/2015 05:05:00 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.