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SPA
SPA
SPA - Spanjaard Limited - Condensed group audited results for the year ended
28 February 2010
Spanjaard Limited
(Incorporated in the Republic of South Africa)
Registration number 1960/004393/06
Share code: SPA ISIN: ZAE000006938
DECEMBER 2010 MARKS OUR 50th ANNIVERSARY
CONDENSED GROUP AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2010
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Revenue 92 106 98 278
Turnover 90 922 97 216
Cost of sales (59 080) (61 159)
Gross profit 31 842 36 057
Operating expenses (26 677) (26 144)
Depreciation and amortisation (1 730) (1 797)
Profit from operations 3 435 8 116
Finance (cost)/income - net (91) 447
Profit before tax 3 344 8 563
Income tax expense (1 001) (3 095)
Profit 2 343 5 468
Other comprehensive income
Movement in foreign currency translation (4) 1
reserve
Tax effect 1 -
Total comprehensive income for the year 2 340 5 469
Earnings per ordinary share
- basic and diluted (cents) 28,8 68,0
Dividend declared per ordinary share (cents)
- interim - 15,0
- final - 70,0
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Assets
Non-current assets 22 848 19 049
Property, plant and equipment 22 406 18 607
Goodwill 437 437
Intangibles 5 5
Current assets 38 764 45 098
Total assets 61 612 64 147
Equity and liabilities
Equity attributable to the owners of the 34 182 31 842
company
Ordinary shares and premium 6 871 6 871
Reserves 27 311 24 971
Retained earnings 18 617 15 561
Foreign currency translation reserve 98 101
Revaluation reserve 8 596 9 309
Non-current liabilities 6 236 5 176
Borrowings 2 865 1 968
Deferred tax liabilities 3 371 3 208
Current liabilities 21 194 27 129
Interest bearing 867 402
Non-interest bearing 20 327 26 727
Total equity and liabilities 61 612 64 147
Number of ordinary shares in issue (`000) 8 143 8 143
Net asset value per share (cents) 419,8 391,7
CONSOLIDATED STATEMENT OF CASH FLOW
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Cash flows from operating activities 1 459 155
Cash flows from investing activities (8 428) (1 975)
Cash flows from financing activities 1 260 979
Net (decrease)/increase in cash and cash (5 709) (841)
equivalents
Cash and cash equivalents at beginning of 11 570 12 411
year
Cash and cash equivalents at end of year 5 861 11 570
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Ordinary shares 407 407
Share premium 6 464 6 464
Foreign currency translation reserve 98 101
Total comprehensive income 2 340 5 469
Movement in reserves 3 (1)
Revaluation reserve 8 596 9 309
Realisation of revaluation reserve 713 713
Ordinary dividend - (6 921)
Retained earnings at beginning of year 15 561 16 301
Total shareholders` equity 34 182 31 842
SUPPLEMENTARY INFORMATION
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Capital expenditure 5 634 2 460
OPERATING SEGMENTS
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Segment revenue
Special lubricants and allied chemicals 72 138 81 133
External customers 10 548 12 383
Local customers 61 590 68 750
Metal powders 19 604 21 994
External customers 8 703 9 669
Local customers 10 901 12 325
Other 7 409 10 269
External customers 7 409 10 269
Reconciling items (8 229) (16 180)
External customers (2 315) (5 483)
Local customers (5 914) (10 697)
90 922 97 216
Segment result
Special lubricants and allied chemicals 2 708 5 952
Metal powders 749 1 680
Other 20 931
Reconciling items (42) (447)
3 435 8 116
Segment assets
Special lubricants and allied chemicals 41 635 50 513
Metal powders 15 378 9 552
Other 11 315 13 649
Reconciling items (6 496) (9 567)
61 832 64 147
Segment liabilities
Special lubricants and allied chemicals 19 858 18 357
Metal powders 9 565 4 261
Other 4 629 5 552
Reconciling items (6 402) 4 135
27 650 32 305
RECONCILIATION OF HEADLINE EARNINGS
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Profit attributable to shareholders 2 343 5 468
(Profit) on disposal of property, plant and (74) (8)
equipment
Income tax effect on disposal 21 -
Headline earnings 2 290 5 460
Weighted average number of ordinary shares in 8 143 8 143
issue (`000)
Headline earnings per ordinary share
- basic and diluted (cents) 28,1 67,1
BASIS OF PREPARATION
The audited condensed consolidated results have been prepared in accordance
with the Framework concepts and the measurement and recognition requirements
of the International Financial Reporting Standards and containing information
required by the IAS 34 Interim Financial Reporting and in the manner required
by the Companies Act.
The condensed financial statements should be read in conjunction with the 2010
financial statements.
IAS 1 Presentation of Financial Statements and IFRS 8 Operating Segments have
been applied effective 1 March 2009.
COMMENTARY
POINTS OF INTEREST
- Net asset value has increased from 391,7 cents to 419,8 cents per share
- Group turnover is down by 7%
- Net profit is down from 6% to 3%
GENERAL REVIEW
In the final analysis the performance in the second half of the financial year
was better than expected. Performance for the full year was down due to weaker
market conditions in some of the local and international markets.
The increase in administrative expenses from 27% to 30% was due to expenditure
incurred bringing the additional facilities in terms of manufacturing capacity
and warehousing to a state of readiness. The new factory will lead to an
increase in production capacity and has so far led to an investment of R6
million in new plant and equipment.
SEGMENTAL ANALYSIS
The special lubricants and allied chemicals division contributed 79% to total
turnover of the Group, fairly consistent with the 2009 financial year.
Metal powder sales ended down 11% from the 2009 financial year, but a slight
improvement of gross margin led to the division contributing consistently to
the overall result of the Group.
AUDIT OPINION
Mazars (formerly Mazars Moores Rowland) have audited the annual financial
statements (and Group annual financial statements) for the year ended 28
February 2010 and their unqualified audit report, together with their audit
report on these financial statements, is available for inspection at the
company`s registered office.
By order of the Board
ML Bond
Company Secretary
26 May 2010
Directors:
RJW Spanjaard (Executive Chairman)
E Nepgen (Financial Director)
GF CortBL Montgomery*CKT PalmerDr 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 5 Anerley Road, Parktown, 2193
E-mail: info@spanjaardltd.com
Website: www.spanjaardltd.com
Date: 26/05/2010 07:05:04 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
SPA
SPA - Spanjaard Limited - Condensed group audited results for the year ended
28 February 2010
Spanjaard Limited
(Incorporated in the Republic of South Africa)
Registration number 1960/004393/06
Share code: SPA ISIN: ZAE000006938
DECEMBER 2010 MARKS OUR 50th ANNIVERSARY
CONDENSED GROUP AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2010
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Revenue 92 106 98 278
Turnover 90 922 97 216
Cost of sales (59 080) (61 159)
Gross profit 31 842 36 057
Operating expenses (26 677) (26 144)
Depreciation and amortisation (1 730) (1 797)
Profit from operations 3 435 8 116
Finance (cost)/income - net (91) 447
Profit before tax 3 344 8 563
Income tax expense (1 001) (3 095)
Profit 2 343 5 468
Other comprehensive income
Movement in foreign currency translation (4) 1
reserve
Tax effect 1 -
Total comprehensive income for the year 2 340 5 469
Earnings per ordinary share
- basic and diluted (cents) 28,8 68,0
Dividend declared per ordinary share (cents)
- interim - 15,0
- final - 70,0
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Assets
Non-current assets 22 848 19 049
Property, plant and equipment 22 406 18 607
Goodwill 437 437
Intangibles 5 5
Current assets 38 764 45 098
Total assets 61 612 64 147
Equity and liabilities
Equity attributable to the owners of the 34 182 31 842
company
Ordinary shares and premium 6 871 6 871
Reserves 27 311 24 971
Retained earnings 18 617 15 561
Foreign currency translation reserve 98 101
Revaluation reserve 8 596 9 309
Non-current liabilities 6 236 5 176
Borrowings 2 865 1 968
Deferred tax liabilities 3 371 3 208
Current liabilities 21 194 27 129
Interest bearing 867 402
Non-interest bearing 20 327 26 727
Total equity and liabilities 61 612 64 147
Number of ordinary shares in issue (`000) 8 143 8 143
Net asset value per share (cents) 419,8 391,7
CONSOLIDATED STATEMENT OF CASH FLOW
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Cash flows from operating activities 1 459 155
Cash flows from investing activities (8 428) (1 975)
Cash flows from financing activities 1 260 979
Net (decrease)/increase in cash and cash (5 709) (841)
equivalents
Cash and cash equivalents at beginning of 11 570 12 411
year
Cash and cash equivalents at end of year 5 861 11 570
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Ordinary shares 407 407
Share premium 6 464 6 464
Foreign currency translation reserve 98 101
Total comprehensive income 2 340 5 469
Movement in reserves 3 (1)
Revaluation reserve 8 596 9 309
Realisation of revaluation reserve 713 713
Ordinary dividend - (6 921)
Retained earnings at beginning of year 15 561 16 301
Total shareholders` equity 34 182 31 842
SUPPLEMENTARY INFORMATION
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Capital expenditure 5 634 2 460
OPERATING SEGMENTS
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Segment revenue
Special lubricants and allied chemicals 72 138 81 133
External customers 10 548 12 383
Local customers 61 590 68 750
Metal powders 19 604 21 994
External customers 8 703 9 669
Local customers 10 901 12 325
Other 7 409 10 269
External customers 7 409 10 269
Reconciling items (8 229) (16 180)
External customers (2 315) (5 483)
Local customers (5 914) (10 697)
90 922 97 216
Segment result
Special lubricants and allied chemicals 2 708 5 952
Metal powders 749 1 680
Other 20 931
Reconciling items (42) (447)
3 435 8 116
Segment assets
Special lubricants and allied chemicals 41 635 50 513
Metal powders 15 378 9 552
Other 11 315 13 649
Reconciling items (6 496) (9 567)
61 832 64 147
Segment liabilities
Special lubricants and allied chemicals 19 858 18 357
Metal powders 9 565 4 261
Other 4 629 5 552
Reconciling items (6 402) 4 135
27 650 32 305
RECONCILIATION OF HEADLINE EARNINGS
Year ended Year ended
28 February 28 February
2010 2009
R`000 R`000
Profit attributable to shareholders 2 343 5 468
(Profit) on disposal of property, plant and (74) (8)
equipment
Income tax effect on disposal 21 -
Headline earnings 2 290 5 460
Weighted average number of ordinary shares in 8 143 8 143
issue (`000)
Headline earnings per ordinary share
- basic and diluted (cents) 28,1 67,1
BASIS OF PREPARATION
The audited condensed consolidated results have been prepared in accordance
with the Framework concepts and the measurement and recognition requirements
of the International Financial Reporting Standards and containing information
required by the IAS 34 Interim Financial Reporting and in the manner required
by the Companies Act.
The condensed financial statements should be read in conjunction with the 2010
financial statements.
IAS 1 Presentation of Financial Statements and IFRS 8 Operating Segments have
been applied effective 1 March 2009.
COMMENTARY
POINTS OF INTEREST
- Net asset value has increased from 391,7 cents to 419,8 cents per share
- Group turnover is down by 7%
- Net profit is down from 6% to 3%
GENERAL REVIEW
In the final analysis the performance in the second half of the financial year
was better than expected. Performance for the full year was down due to weaker
market conditions in some of the local and international markets.
The increase in administrative expenses from 27% to 30% was due to expenditure
incurred bringing the additional facilities in terms of manufacturing capacity
and warehousing to a state of readiness. The new factory will lead to an
increase in production capacity and has so far led to an investment of R6
million in new plant and equipment.
SEGMENTAL ANALYSIS
The special lubricants and allied chemicals division contributed 79% to total
turnover of the Group, fairly consistent with the 2009 financial year.
Metal powder sales ended down 11% from the 2009 financial year, but a slight
improvement of gross margin led to the division contributing consistently to
the overall result of the Group.
AUDIT OPINION
Mazars (formerly Mazars Moores Rowland) have audited the annual financial
statements (and Group annual financial statements) for the year ended 28
February 2010 and their unqualified audit report, together with their audit
report on these financial statements, is available for inspection at the
company`s registered office.
By order of the Board
ML Bond
Company Secretary
26 May 2010
Directors:
RJW Spanjaard (Executive Chairman)
E Nepgen (Financial Director)
GF CortBL Montgomery*CKT PalmerDr 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 5 Anerley Road, Parktown, 2193
E-mail: info@spanjaardltd.com
Website: www.spanjaardltd.com
Date: 26/05/2010 07:05:04 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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