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SPA
SPA
SPA - Spanjaard Limited - Condensed Audited Group Results For The Year Ended 29
February 2008
Spanjaard Limited
(Incorporated in the Republic of South Africa)
Registration number 1960/004393/06
Share code: SPA
ISIN: ZAE000006938
CONDENSED AUDITED GROUP RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008
CONSOLIDATED INCOME STATEMENT
Year ended Year ended
29 February 28 February
2008 2007
R`000 R`000
Revenue 84 457 78 874
Cost of sales 56 419 55 060
Gross profit 28 038 23 814
Operating expenses 21 373 21 106
Depreciation and amortisation 1 536 867
Profit from operations 5 129 1 841
Finance (cost)/income - net (125) (275)
Profit before tax 5 004 1 566
Income tax expense (1 656) (558)
Net profit 3 348 1 008
Number of ordinary shares in issue (`000) 8 143 5 700
Earnings per ordinary share
- Based on a weighted average for the
year of 7 410 million shares
- basic and diluted (cents) 45,2 17,7
Dividend declared per ordinary share
(cents)
- dividend relating to the 2007 5,0 -
financial year
- final 10,0 2,0
Net asset value per share (cents) 408,9 443,6
CONSOLIDATED BALANCE SHEET
29 February 28 February
2008 2007
R`000 R`000
Assets
Non-current assets 18 052 20 195
Property, plant and equipment 18 052 19 567
Deferred tax assets - 628
Current assets 34 614 23 250
Total assets 52 666 43 445
Equity and liabilities
Shareholders` equity 33 293 25 284
Ordinary shares and premium 6 871 520
Reserves 26 422 24 764
Retained earnings 16 300 14 052
Foreign currency translation reserve 100 190
Revaluation reserve 10 022 10 522
Non-current liabilities 4 649 5 683
Borrowings 1 026 954
Deferred tax liabilities 3 623 4 729
Current liabilities 14 724 12 478
Interest bearing 202 938
Non-interest bearing 14 522 11 540
Total equity and liabilities 52 666 43 445
CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
29 February 28 February
2008 2007
R`000 R`000
Cash flows from operating activities 7 037 1 050
Cash flows from investing activities (1 289) (773)
Cash flows from financing activities 4 963 2 103
Net increase/(decrease) in cash and cash 10 711 2 380
equivalents
Cash and cash equivalents at beginning of 1 700 (680)
year
Cash and cash equivalents at end of year 12 411 1 700
SEGMENTAL INFORMATION
Year ended Year ended
29 February 28 February
2008 2007
R`000 R`000
Segment sales
Lubricants 60 009 55 979
Metal powders 22 640 21 696
Other 1 808 1 199
84 457 78 874
Segment result
Lubricants 2 442 1 698
Metal powders 2 636 (225)
Other 51 368
5 129 1 841
SUPPLEMENTARY INFORMATION
Year ended Year ended
29 February 28 February
2008 2007
R`000 R`000
Capital expenditure 1 396 825
Capital commitments - 453
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended Year ended
29 February 28 February
2008 2007
R`000 R`000
Ordinary shares 407 285
Share premium 6 464 235
Reserves 26 422 24 764
Retained earnings at beginning of year 14 051 13 158
Foreign currency translation reserve 100 190
Net profit for the year 3 348 1 008
Revaluation reserve 10 022 10 522
Ordinary dividend (1 099) (114)
Total shareholders` equity 33 293 25 284
RECONCILIATION OF HEADLINE EARNINGS
Year ended Year ended
29 February 28 February
2008 2007
R`000 R`000
Net profit attributable to shareholders 3 348 1 008
Profit/(loss) on disposal of property, (50) (38)
plant and equipment
Impairment loss - 72
Headline earnings 3 298 1 042
Weighted average number of ordinary 7 410 5 700
shares in issue (`000)
Headline earnings per ordinary share - 44,5 18,3
basic and diluted (cents)
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 our highest ever net profit before tax of R5 million
from ongoing operations.
This year Purple Capital Limited subscribed for 30% of the issued share capital
in Spanjaard, which not only increased capital but brought significant
experience into the Boardroom.
The appointment of Anthony Spanjaard as Managing Director in conjunction with
our young, competent and motivated management team has resulted in significant
benefits in the form of increased operating efficiency, improved working capital
management, more stringent financial reporting and ultimately increased
profitability for shareholders.
Robert Spanjaard continues as Executive Chairman with a primary focus on major
development projects and acquisition opportunities.
HIGHLIGHTS
- Revenues up by 7% from R78,9 million to R84,5 million.
- Gross profit margins up from 30% to 33%.
- Net profit margins up from 1% to 4% of turnover.
- Headline earnings have increased more than 2,4 times from the previous year
from 18,3 cents per share to 44,5 cents per share.
- Earnings per share have increased from 17,7 to 45,2 cents.
- Cash and cash equivalents improved from R1,7 million to R12,4 million. Of
this increase R6,4 million represents the issue of the new shares to Purple
Capital Limited, the remainder is the result of increased operating
efficiencies and working capital management.
Our future focus is on growth, both organic and by way of appropriate
acquisitions whilst maintaining the disciplined operating efficiency that the
new management achieved.
Local sales have increased by 51% over the past two years, and the weakening
Rand together with new distributor appointments bode well for the future of our
international sales.
DIVIDEND
Final dividend (No. 15) of 10 cents per ordinary share was declared on 29
February 2008. The final dividend is payable to all shareholders of Spanjaard
Limited recorded in the books of the company at the close of business on Friday
16 May 2008. The last day to trade cum dividend will be Friday 09 may 2008.
Shares will commence trading ex-dividend from Monday, 12 May 2008. The dividend
is payable on Monday, 19 May 2008. Shares may not be dematerialised/
rematerialised between Monday, 12 May 2008 and Friday, 16 May 2008, both days
inclusive.
AUDIT OPINION
Mazars Moores Rowland have audited the annual financial statements (and group
annual financial statements) for the year ended 29 February 2008 and their
unmodified audit report, together with their audit report on these condensed
financial statements, is available for inspection at the company`s registered
office.
By order of the Board
ML Bond - Company Secretary
25 April 2008
Directors:
RJW Spanjaard (Executive Chairman), ARJ Spanjaard (Managing Director), MA
Barnes*, BL Montgomery*, Dr DP van der Nest*, GF Cort, CA Gordon-Bennett
*Non-executive
Transfer Secretaries:
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
E-mail: info@spanjaardltd.com
Website: www.spanjaardltd.com
Hierdie advertensie is ook in Afrikaans beskikbaar.
Date: 24/04/2008 17:14:01 Produced by the JSE SENS Department.
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