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SPA
SPA
SPA - Spanjaard Limited - Abridged Unaudited Group Results For The Six Months
Ended 31 August 2007
Spanjaard Limited
(Incorporated in the Republic of South Africa)
Registration number 1960/004393/06
Share code: SPA
ISIN: ZAE000006938
ABRIDGED UNAUDITED GROUP RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2007
ABRIDGED CONSOLIDATED INCOME STATEMENT
Six months to Twelve
months to
31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Revenue 41 089 42 058 78 874
Cost of sales 28 453 31 402 55 060
Gross profit 12 636 10 656 23 814
Operating expenses 10 689 8 852 21 106
Depreciation and amortisation 567 582 867
Finance income/(cost) - net 483 (250) (275)
Profit before tax 1 863 972 1 566
Income tax expense 538 358 558
Net profit 1 325 614 1 008
Weighted average number of ordinary 6 514 5 700 5 700
shares (`000)
Earnings per ordinary share- basic 20,3 10,8 17,7
and diluted (cents)
Dividend declared per ordinary 5,0 2,0 -
share (cents)
(Relate to prior year: refer note 1.3)
ABRIDGED CONSOLIDATED BALANCE SHEET
31 August 31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Assets
Non-current assets 20 524 5 354 20 195
Property, plant and equipment 19 913 4 688 19 567
Goodwill - 72 -
Deferred tax assets 611 594 628
Current assets 32 040 28 462 23 250
Inventories 8 448 5 520 6 711
Loans receivable 2 930 3 945 2 403
Trade and other receivable 18 136 18 997 12 245
Cash and cash equivalents 2 526 - 1 700
Current income tax prepayments - - 191
Total assets 52 564 33 816 43 445
Equity and liabilities
Shareholders` equity 32 495 14 178 25 284
Ordinary shares and premium 6 679 520 520
Reserves 25 816 13 658 24 764
Retained earnings 15 092 13 658 14 052
Foreign currency translation 202 - 190
reserve
Revaluation reserve 10 522 - 10 522
Non-current liabilities 5 762 1 910 5 683
Borrowings 977 1 550 954
Deferred tax liabilities 4 785 360 4 729
Current liabilities 14 307 17 728 12 478
Interest bearing 457 1 002 938
Non-interest bearing 13 312 15 155 11 540
Taxation 538 - -
Bank overdraft - 1 571 -
Total equity and liabilities 52 564 33 816 43 445
ABRIDGED CONSOLIDATED CASH FLOW STATEMENT
Six months Twelve
to months to
31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Cash flows from operating (3 446) (815) 1 050
activities
Cash flows from investing (914) (427) (773)
activities
Cash flows from financing 5 186 351 2 103
activities
Net increase/(decrease) in cash 826 (891) 2 380
and cash equivalents
Cash and cash equivalents at 1 700 (680) (680)
beginning of six months/year
Cash and cash equivalents at end 2 526 (1 571) 1 700
of six months/year
SEGMENTAL INFORMATION
Six months Twelve
to months to
31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Segment revenue
Lubricants 28 809 27 333 55 979
Metal powders 10 476 14 171 21 696
Other 1 804 554 1 199
41 089 42 058 78 874
EBIT
Lubricants 826 353 1 698
Metal powders 45 682 (225)
Other 509 187 368
1 380 1 222 1 841
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months ended Year ended
31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Ordinary shares 407 285 285
Share premium 6 272 235 235
Reserves 25 816 13 658 24 764
Retained earnings at the
beginning
of year 14 052 13 158 13 158
Foreign currency translation 202 - 190
reserve
Net profit for the six 1 325 614 1 008
months/year
Revaluation reserve 10 522 - 10 522
Ordinary dividend (285) (114) (114)
Total shareholders` equity 32 495 14 178 25 284
RECONCILIATION OF HEADLINE EARNINGS
Six months ended Year ended
31 August 28 February
2007 2006 2007
R`000 R`000 R`000
Net profit attributable to 1 325 614 1 008
shareholders
Profit on disposal of property, - (38) (38)
plant and equipment
Impairment loss - - 72
Headline earnings 1 325 576 1 042
Weighted average number of 6 514 5 700 5 700
ordinary shares (`000)
Headline earnings per ordinary 20,3 10,1 18,3
share - basic and diluted (cents)
COMMENTARY
1.1 Statement of compliance
The abridged consolidated unaudited group results have been prepared in
accordance with the recognition and measurement requirements of International
Financial Reporting Standards (IFRS) and presentation and disclosure
requirements of IAS 34 - Interim Financial Reporting and the South African
Companies Act.
1.2 Basis of preparation
The abridged consolidated unaudited group results have been prepared under the
historical cost convention as modified by the revaluation of buildings, plant
and machinery. The group adopted the revaluation model in terms of IAS 16 -
Property, Plant and Equipment, during the financial year ended 28 February 2007.
Plant and machinery are disclosed at fair value, based on periodic valuations by
external independent valuers, less subsequent depreciation. Effective date of
the valuations was 28 February 2007.
1.3 Dividend
The five cent dividend is based on the earnings achieved for the financial year
ended 28 February 2007. This dividend was declared and paid in June 2007.
The two cent dividend is based on the earnings achieved for the financial year
ended 28 February 2006, which dividend was declared and paid in July 2006.
1.4 Overview
These satisfying results bear testimony to the new focus with which Spanjaard
Limited is operating their business. On 1 May Purple Capital Limited acquired a
strategic stake of approximately 30% in Spanjaard Limited. Purple Capital
Limited has brought further impetus to our growth strategy and a number of
exciting acquisition opportunities which are being considered for the future.
The management has renewed focus on cost efficiency, product profitability and
managing of working capital.
Our Research and Development work has enabled the launching of several
innovative aerosol products aimed at new market segments. A number of these
products will be available to the general consumer market within the next six
months.
1.5 Segmental analysis
Although revenue of R41,089 million is at a comparable level for the six months
ended 31 August 2007, the group has traded more efficiently and has more than
doubled its net profit as a result.
The largest contribution came from the lubricants division, achieved by strong
performance from the local sales division, greater productivity from daily
operations and improved management of financial instruments.
The metal powder division results were disappointing and management is
considering the future role of this division.
Results of the division "other" were mainly attributable to international
commodities trading.
1.6 Cash flows
There was a significant increase in cash utilised which relates directly to
timing issues concerning export debtors with a large contract being the main
reason for the increase in working capital. This should unwind within the next
four months. Despite this situation the group has moved from an overdraft to a
cash position of R2,5 million.
By order of the Board
RJW Spanjaard - Executive Chairman
GS le Roux - Chief Operating Officer
16 October 2007
Directors:
RJW Spanjaard (Executive Chairman), GS le Roux (Chief Operating Officer), MA
Barnes*, GF Cort, CA Gordon-Bennett, BL Montgomery*, ARJ Spanjaard, Dr DP van
der Nest*
*Non-executive
Registered Office:
748 - 750 Fifth Street, Wynberg, Sandton, 2090
Transfer Secretaries:
Computershare Investor Services 2004 (Pty) Limited,
70 Marshall Street, Johannesburg, 2001
E-mail: info@spanjaardltd.com
Website: www.spanjaardltd.com
Date: 16/10/2007 17:00:01 Produced by the JSE SENS Department.
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