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SPA
SPA
SPA - Spanjaard Limited - Condensed group audited results for the year ended 28
February 2009
Spanjaard Limited
(Incorporated in the Republic of South Africa)
Registration number: 1960/004393/06
Share code: SPA
ISIN: ZAE000006938
SPANJAARD LIMITED > ANOTHER RECORD YEAR
CONDENSED GROUP AUDITED RESULTS
FOR THE YEAR ENDED 28 FEBRUARY 2009
CONDENSED CONSOLIDATED INCOME STATEMENT
Year ended Year ended
28 February 29 February
2009 2008
R`000 R`000
Revenue 98 278 85 415
Turnover 97 216 84 457
Cost of sales 61 159 53 208
Gross profit 36 057 31 249
Operating expenses 26 144 24 982
Depreciation and amortisation 1 797 1 536
Profit from operations 8 116 4 731
Net finance income 447 273
Profit before tax 8 563 5 004
Income tax expense (3 095) (1 656)
Net profit 5 468 3 348
Earnings per ordinary share
- basic and diluted (cents) 67,1 45,2
Dividend declared per ordinary share
(cents)
- interim 15,0 5,0
- final 70,0 10,0
CONDENSED CONSOLIDATED BALANCE SHEET
28 February 29 February
2009 2008
R`000 R`000
Assets
Non-current assets 19 049 18 239
Property, plant and equipment 18 607 18 052
Goodwill 437 -
Deferred tax asset - 187
Intangibles 5 -
Current assets 45 098 34 614
Total assets 64 147 52 853
Equity and liabilities
Shareholders` equity 31 842 33 294
Ordinary shares and premium 6 871 6 871
Reserves 24 971 26 423
Retained earnings 15 561 16 301
Foreign currency translation 101 100
reserve
Revaluation reserve 9 309 10 022
Non-current liabilities 5 176 4 760
Borrowings 1 968 950
Deferred tax liabilities 3 208 3 810
Current liabilities 27 129 14 799
Interest bearing 402 277
Non-interest bearing 26 727 14 522
Total equity and liabilities 64 147 52 853
Number of ordinary shares in issue 8 143 8 143
(`000)
Net asset value per share (cents) 391,7 408,9
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
28 February 29 February
2009 2008
R`000 R`000
Cash flows from operating activities 157 7 037
Cash flows from investing activities (2 449) (1 289)
Cash flows from financing activities 1 451 4 963
Net (decrease)/increase in cash and (841) 10 711
cash equivalents
Cash and cash equivalents at 12 411 1 700
beginning of year
Cash and cash equivalents at end of 11 570 12 411
year
CONDENSED SEGMENTAL PROFITS FROM OPERATIONS
Year ended Year ended
28 February 29 February
2009 2008
R`000 R`000
Segment sales
Lubricants 70 436 60 009
Metal powders 21 803 22 640
Other 4 977 1 808
97 216 84 457
Segment result
Lubricants 5 960 2 044
Metal powders 2 048 2 636
Other 108 51
8 116 4 731
CONDENSED SUPPLEMENTARY INFORMATION
Year ended Year ended
28 February 29 February
2009 2008
R`000 R`000
Capital expenditure 2 452 1 396
Capital commitments - -
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended Year ended
28 February 29 February
2009 2008
R`000 R`000
Ordinary shares 407 407
Share premium 6 464 6 464
Reserves 24 971 26 423
Retained earnings at beginning of 16 301 14 052
year
Foreign currency translation 101 100
reserve
Net profit for the year 5 468 3 348
Revaluation reserve 9 309 10 022
Realisation of reserve 713 -
Ordinary dividend (6 921) (1 099)
Total shareholders` equity 31 842 33 294
CONDENSED RECONCILIATION OF HEADLINE EARNINGS
Year ended Year ended
28 February 29 February
2009 2008
R`000 R`000
Net profit attributable to 5 468 3 348
shareholders
Profit/(loss) on disposal of 8 (50)
property, plant and equipment
Total tax effect of adjustments - -
Headline earnings 5 476 3 298
Weighted average number of ordinary 8 143 7 410
shares in issue (`000)
Headline earnings per ordinary share 67,2 44,5
- basic and diluted (cents)
BASIS OF PREPARATION
The audited condensed consolidated Group financial statements for the year ended
28 February 2009 have been prepared in accordance with IAS 34 Interim Financial
Reporting and in compliance with the Companies Act of South Africa, 1973. The
audited condensed consolidated Group financial statements are prepared under the
historical cost convention as modified by the revaluation of land and buildings,
investment property, financial assets and financial liabilities held-for-
trading. These audited condensed consolidated Group financial statements should
be read in conjunction with the audited annual financial statements for the year
ended 28 February 2009.
The same accounting policies and methods of computation are followed in the
Condensed Group Audited Results as compared with the most recent annual
financial statements.
COMMENTARY
HIGHLIGHTS
Group revenue is up by 16% from R84,5 million to R97,3 million.
Net profit margins are up from 4% to 6%.
Headline earnings have increased by 66%.
Earnings per share have increased from 45,2 cents to 67,1 cents per share.
GENERAL REVIEW
We are pleased to announce an extraordinary performance for the year under
review, delivering another record profit before tax of R8,6 million, an increase
of 72% on last year`s R5 million.
Management continues to focus on cost efficiency, product profitability and the
managing of working capital, which, together with a competent and motivated
management team, will increase profitability to shareholders.
Our Research and Development work has enabled the launching of several products
into the lubricants market and new innovative aerosol products to be launched in
the new financial year.
We have spent R2,5 million on capital improvements including the acquisition of
new production lines and the upgrading of computer equipment.
There have been no material related party transactions during the financial
year.
ACQUISITION OF SPANJAARD EU BV
On 1 March 2008 Spanjaard EU BV ("BV"), a company incorporated in The
Netherlands, was acquired as a wholly owned subsidiary of Spanjaard Limited at a
purchase price of R1,00.
Management is of the opinion that the carrying amount approximated the fair
value of the assets and liabilities of EU BV purchased at acquisition. There
were no contingent liabilities at that date.
The carrying amount of assets immediately before acquisition was R1 518 000, and
liabilities was R1 955 000 resulting in goodwill of R437 000 being recognised.
The Board of Directors approved the acquisition of Spanjaard EU BV because the
company forms an integral part of the operating activities in Europe and holds
future growth prospects.
Spanjaard EU BV contributed R3,7 million to revenue and R157 000 to profit
before tax of the Group.
SEGMENTAL ANALYSIS
The lubricants division turnover increased by 18% leading to an increase in EBIT
of 192% to R5,9 million. This was brought about by better management of working
capital and strict control over costs.
The "other" division includes turnover and EBIT resulting from the acquisition
of Spanjaard EU BV (Netherlands) on 1 March 2008. Spanjaard EU BV contributed 4%
to Group turnover and 3% to Group net profit after tax.
DIVIDEND
Interim dividend (No. 16) of 15 cents per ordinary share was declared on 29
September 2008. The total actual dividends paid during the financial year
amounted to R1 187 428.
Final dividend (No. 17) of 70 cents per ordinary share was declared on 27
February 2009, payable to all shareholders of Spanjaard Limited recorded in the
books of the company at the close of business on Friday, 15 May 2009. The last
day to trade cum dividend is Friday, 8 May 2009. Shares will commence trading ex
dividend from Monday, 11 May 2009. The dividend is payable on Monday, 18 May
2009. Share certificates may not be dematerialised or rematerialised between
Monday, 11 May 2009 and Friday, 15 May 2009, both days inclusive. Dividend tax
resulting from the final declaration amounts to R570 000.
AUDIT OPINION
Mazars Moores Rowland have audited the annual financial statements (and Group
annual financial statements) for the year ended 28 February 2009 and their
unqualified 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
5 May 2009
Directors:
RJW Spanjaard (Executive Chairman)
CA Gordon-Bennett (Managing Director)
MA Barnes*, GF Cort, BL Montgomery*
CKT Palmer, ARJ Spanjaard*, Dr DP van der Nest*
*Non-executive
Registered Office:
748 - 750 Fifth Street, Wynberg, Sandton, 2090
Transfer Secretaries:
Computershare Investor Services (Pty) Limited,
70 Marshall Street, Johannesburg, 2001
E-mail: info@spanjaardltd.com
Website: www.spanjaardltd.com
Date: 05/05/2009 07:05:02 Produced by the JSE SENS Department.
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