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SPA
SPA
SPA - Spanjaard Limited - Abridged Audited Group Results For The Year
Ended 28 February 2007 and dividend declaration
Spanjaard Limited
(Incorporated in the Republic of South Africa)
Registration number 1960/004393/06
Share code: SPA & ISIN: ZAE000006938
ABRIDGED AUDITED GROUP RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2007
CONSOLIDATED INCOME STATEMENT
Year ended Year ended
28 February 28 February
2007 2006
R`000 R`000
Revenue 78 874 71 130
Cost of sales 55 060 51 055
Gross profit 23 814 20 075
Operating expenses 21 106 18 738
Depreciation and amortisation 867 1 194
Profit from operations 1 841 143
Finance (cost)/income - net (275) 186
Profit before tax 1 566 329
Income tax expense (558) (114)
Net profit 1 008 215
Number of ordinary shares in 5 700 5 700
issue (`000)
Earnings per ordinary share - 17,7 3,8
basic and diluted (cents)
Dividend declared per ordinary 2,0 -
share (cents)
Net asset value per share (cents) 443,6 240,0
CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
28 February 28 February
2007 2006
R`000 R`000
Cash flows from operating 1 050 1 156
activities
Cash flows from investing (773) (1 283)
activities
Cash flows from financing 2 103 (2 772)
activities
Net increase/(decrease) in cash 2 380 (2 899)
and cash equivalents
Cash and cash equivalents at (680) 2 219
beginning of year
Cash and cash equivalents at end 1 700 (680)
of year
SEGMENTAL INFORMATION
Year ended Year ended
28 February 28 February
2007 2006
R`000 R`000
Segment sales
Lubricants 55 979 48 414
Metal powders 21 696 19 405
Other 1 199 3 311
78 874 71 130
Segment results
Lubricants 1 698 (778)
Metal powders (225) 408
Other 368 513
1 841 143
SUPPLEMENTARY INFORMATION
Year ended Year ended
28 February 28 February
2007 2006
R`000 R`000
Capital expenditure 825 1 366
Capital commitments 460 -
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended Year ended
28 February 28 February
2007 2006
R`000 R`000
Ordinary shares 285 285
Share premium 235 235
Reserves 24 764 13 158
Retained earnings at beginning 13 158 12 943
of year
Foreign currency translation 190 -
reserve
Net profit for the year 1 008 215
Revaluation reserve 10 522 -
Ordinary dividend (114) -
Total shareholders` equity 25 284 13 678
CONSOLIDATED BALANCE SHEET
28 February 28 February
2007 2006
R`000 R`000
Assets
Non-current assets 20 195 5 654
Property, plant and equipment 19 567 4 805
Goodwill - 72
Deferred tax assets 628 777
Current assets 23 250 21 851
Total assets 43 445 27 505
Equity and liabilities
Shareholders` equity 25 284 13 678
Ordinary shares and premium 520 520
Reserves 24 764 13 158
Retained earnings 14 052 13 158
Foreign currency translation 190 -
reserve
Revaluation reserve 10 522 -
Non-current liabilities 5 683 2 013
Borrowings 954 1 636
Deferred tax liabilities 4 729 377
Current liabilities 12 478 11 814
Interest bearing 938 2 420
Non-interest bearing 11 540 9 394
Total equity and liabilities 43 445 27 505
RECONCILIATION OF HEADLINE EARNINGS
Year ended Year ended
28 February 28 February
2007 2006
R`000 R`000
Net profit attributable to 1 008 215
shareholders
Loss on disposal of property,
plant and equipment (38) (41)
Impairment loss 72 -
Headline earnings 1 042 174
Number of ordinary shares in 5 700 5 700
issue (`000)
Headline earnings per ordinary
share
- basic and diluted (cents) 18,3 3,1
BASIS OF PREPARATION
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS). The financial
statements have been prepared under the historical cost convention as
modified by the revaluation of land and buildings, plant and machinery,
financial assets and financial liabilities held-for-trading.
COMMENTARY
GENERAL REVIEW
Overall
We are pleased to report a strong performance for the year under review,
delivering a turnover of R78 million, resulting in an 11% increase over
the previous year and net profit after tax of R1 008 000 (2006: R215
000).
The resources dedicated to create an infrastructure for potential growth
in foreign markets have started to contribute to this increase in
revenue. Revenue in foreign markets amounts to R23 million (2006: R18
million).
The group achieved a 2% increase in gross profit percentage and is
reaching economies of scale where increased revenue and efficiency in
manufacturing are contributing directly to net profit.
The metal powder operation has regained business lost in the second half
of the year under review, and the division is expected to trade
profitably again in the new financial year.
During the financial year, the group adopted the revaluation model in
terms of IAS 16, in respect of Property, Plant and Equipment.
Previously, Property, Plant and Equipment were shown at cost less
subsequent depreciation.
As a result of the adoption of the revaluation model the company will
show land and buildings and plant and machinery at fair value, based on
periodic valuations by external independent valuers, less subsequent
depreciation for buildings, plant and machinery.
It is the first time that the company will be adopting the revaluation
model under IAS 16 and has therefore elected not to adjust for this
change in accounting policy retrospectively as allowed by IAS 16.
The group reassessed the useful life and residual values of their
Property, Plant and Equipment at year-end resulting in a decrease in the
depreciation charge.
DIVIDENDS
Notice is hereby given that the board of directors has declared a final
dividend (No. 14) of 5 cents per ordinary share. The last day to trade
cum dividend is Friday, 15 June 2007, payable to all shareholders of
Spanjaard Limited recorded in the books of the company at the close of
business on Friday, 22 June 2007. Shares will commence trading ex
dividend from Monday, 18 June 2007. The dividend is payable on Monday,
25 June 2007. Share certificates may not be dematerialised or
rematerialised between Monday, 18 June 2007 and Friday, 22 June 2007,
both days inclusive.
AUDIT OPINION
The annual financial statements, from which the abridged audited group
results contained herein are derived, have been audited by Moores
Rowland. Their unqualified Audit Report on the annual financial
statements and the abridged audited group results are available for
inspection at the company`s registered office.
By order of the Board
ABM Wilson - Company Secretary
18 May 2007
Directors:
RJW Spanjaard (Executive Chairman), BL Montgomery*, Dr DP vd Nest*), GF
Cort, GS le Roux, DH Petersen, ARJ Spanjaard. *Non-executive
Transfer Secretaries:
Computershare Investor Services 2004 (Pty) Limited,
70 Marshall Street, Johannesburg, 2001
E-mail: info@spanjaardltd.com
Website: www.spanjaardltd.com
Sponsor
Arcay Moela Sponsors (Pty) Ltd
Date: 18/05/2007 17:05:01 Produced by the JSE SENS Department.
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