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SPA
SPA
SPA - Spanjaard Limited - Unaudited Interim Group Results For The Period Ended
31 August 2009
Spanjaard Limited
(Incorporated in the Republic of South Africa)
Registration number 1960/004393/06
Share code: SPA
ISIN: ZAE000006938
UNAUDITED INTERIM GROUP RESULTS FOR THE PERIOD ENDED 31 AUGUST 2009
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months Twelve
to months to
31 August 28 February
2009 2008 2009
R`000 R`000 R`000
Revenue 40 834 48 367 98 278
Turnover 40 290 46 782 97 216
Cost of sales 25 968 31 027 61 159
Gross profit 14 322 15 755 36 057
Distribution costs 1 623 2 165 4 514
Administrative expenses 12 547 10 236 23 427
Finance (cost)/income - net 67 227 447
Profit before tax 219 3 581 8 563
Income tax expense 102 1 230 3 095
Profit 117 2 351 5 468
Other comprehensive income
Movement in foreign currency
translation reserve (154) (134) 1
Tax effect 32 38 -
Movement in revaluation reserve - - (990)
Tax effect - - 277
Total comprehensive income for the year (5) 2 255 4 756
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Six months Twelve
to months to
31 August 28 February
2009 2008 2009
R`000 R`000 R`000
Assets
Non-current assets 19 414 20 227 19 049
Property, plant and equipment 18 965 19 279 18 607
Goodwill 437 437 437
Intangibles 12 - 5
Deferred tax assets - 511 -
Current assets 32 388 43 013 45 098
Total assets 51 802 63 240 64 147
Equity and liabilities
Equity attributable to the 31 836 34 328 31 842
owners of the company
Ordinary shares and premium 6 871 6 871 6 871
Reserves 24 965 25 106 24 971
Non-current liabilities 5 730 5 019 5 176
Borrowings 2 366 788 1 831
Deferred tax liabilities 3 266 4 231 3 208
Loans from group companies 98 - 137
Current liabilities 14 236 23 893 27 129
Interest bearing 346 1 688 402
Non-interest bearing 13 890 22 205 26 727
Total equity and liabilities 51 802 63 240 64 147
Number of ordinary shares
in issue (`000) 8 143 8 143 8 143
Net asset value per share (cents) 390,9 421,6 391,7
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months Twelve
to months to
31 August 28 February
2009 2008 2009
R`000 R`000 R`000
Cash flows from operating activities (3 902) (160) 155
Cash flows from investing activities (1 268) (2 021) (2 450)
Cash flows from financing activities (1 002) 1 095 1 454
Net increase/(decrease) in
cash and cash equivalents (6 172) (1 086) (841)
Cash and cash equivalents at
beginning of period 11 570 12 411 12 411
Cash and cash equivalents at end of period 5 398 11 325 11 570
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months Twelve
to months to
31 August 28 February
2009 2008 2009
R`000 R`000 R`000
Ordinary shares 407 407 407
Share premium 6 464 6 464 6 464
Reserves 24 965 27 457 24 971
Total shareholders` equity 31 836 34 328 31 842
Earnings per ordinary share
- basic and diluted (cents) 1,4 28,9 67,1
Dividend declared per
ordinary share (cents)
- interim - 15,0 15,0
- final - - 70,0
SUPPLEMENTARY INFORMATION
Six months Twelve
to months to
31 August 28 February
2009 2008 2009
R`000 R`000 R`000
Capital expenditure 1 268 2 065 2 460
SEGMENTAL INFORMATION
Six months Twelve
to months to
31 August 28 February
2009 2008 2009
R`000 R`000 R`000
Segment sales
Special lubricants and
allied chemical products 29 606 33 227 70 436
External 5 946 5 582 12 383
Local 23 660 27 645 58 053
Metal powders 8 865 12 309 21 803
External 3 626 9 631 9 669
Local 5 239 2 678 12 134
Other 1 819 1 246 4 977
External 1 819 1 246 4 977
40 290 46 782 97 216
Segment result
Special lubricants and allied
chemical products (1 103) 671 5 960
Metal powders 2 036 1 457 2 048
Other (781) 1 226 108
152 3 354 8 116
RECONCILIATION OF HEADLINE EARNINGS
Six months Twelve
to months to
31 August 28 February
2009 2008 2009
R`000 R`000 R`000
Net profit attributable
to shareholders 117 1 325 5 468
Profit/(loss) on disposal
of property, plant and equipment - - (8)
Income tax effect on disposal - - -
Headline earnings 117 1 325 5 460
Weighted average number of ordinary
shares in issue (`000) 8 143 6 514 8 143
Headline earnings per ordinary share
- basic and diluted (cents) 1,4 28,9 67,1
BASIS OF PREPARATION
The condensed consolidated interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting and in compliance with the
South African Companies Act, 1973. The condensed consolidated interim financial
statements are prepared on the historical cost basis, with the exception of
certain financial instruments which are measured at fair value.
Accounting policies and computations are consistently applied as in the 2009
financial statements.
IAS 1 Presentation of Financial Statements and IFRS 8 Operating Segments have
been applied effective 1 March 2009.
COMMENTARY
EXECUTIVE CHAIRMAN`S STATEMENT
Overall, revenue for the six months is almost 16% down partly due to the weak
local industrial market but also as a result of export sales being affected by
weak market conditions.
Turnover is down by just over 14% but gross profit for the six months is only
down by almost 10%.
We have invested R1,3 million in the acquisition of new equipment to improve
normal capacity.
There were no material related party transactions in the period under review.
Historically the second half of the financial year produces better results than
the first and we have the expectation of ending the financial year comfortably
in positive territory.
RJW Spanjaard
SEGMENTAL ANALYSIS
The special lubricants and allied chemical products division turnover is down
approximately 10% as a result of the downturn in the industrial and mining
sectors.
Metal powder sales with a 28% reduction in sales both locally and in the export
markets, reflect the weak conditions in the automotive manufacturing industry
worldwide.
DIVIDEND
Our results do not justify the declaration of an interim dividend for the first
six months of the financial year.
By order of the Board
ML Bond
Company Secretary
8 October 2009
Directors
RJW Spanjaard (Executive Chairman)
CA Gordon-Bennett (Managing Director)
MA Barnes*
GF Cort
BL Montgomery*
E Nepgen
CKT Palmer
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
Sponsors
Arcay Moela Sponsors (Pty) Limited
Arcay House
Number 3
Anerley Road
Parktown
2193
E-mail: info@spanjaardltd.com
Website: www.spanjaardltd.com
Date: 08/10/2009 07:05:05 Produced by the JSE SENS Department.
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