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SPA
SPA
SPA - Spanjaard Limited - Unaudited interim group results for the six months
ended 31 August 2010 and declaration of dividend
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 SIX MONTHS ENDED 31 AUGUST 2010 AND
DECLARATION OF DIVIDEND
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months to Twelve months to
31 August 28 February
2010 2009 2010
R`000 R`000 R`000
Revenue 48 478 40 834 92 106
Turnover 47 179 40 290 90 222
Cost of sales (29 278) (25 968) (59 080)
Gross profit 17 901 14 322 31 842
Operating expenses (13 373) (13 209) (26 677)
Depreciation and amortisation (795) (827) (1 730)
Profit from operations 3 733 286 3 435
Finance (cost)/income - net (442) (67) (91)
Profit before tax 3 291 219 3 344
Income tax expense (1 053) (102) (1 001)
Profit 2 238 117 2 343
Other comprehensive income
Movement in foreign currency 1 (154) (4)
translation reserve
Tax effect - 32 1
Total comprehensive income 2 239 (5) 2 340
for the year
Earnings per ordinary share
- basic and diluted (cents) 27,5 1,4 28,8
Dividend declared per
ordinary share (cents)
- interim 15,0 - -
- final - - -
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Six months to Twelve months to
31 August 28 February
2010 2009 2010
R`000 R`000 R`000
Assets
Non-current assets 34 204 19 414 22 848
Property, plant and equipment 33 762 18 965 22 406
Goodwill 437 437 437
Intangibles 5 12 5
Current assets 38 257 32 388 38 764
Total assets 72 461 51 802 61 612
Equity and liabilities
Equity attributable to the 36 007 31 836 34 182
owners of the company
Ordinary shares and premium 6 871 6 871 6 871
Reserves 29 136 24 965 27 311
Non-current liabilities 13 808 5 730 6 236
Borrowings 10 362 2 464 2 865
Deferred tax liabilities 3 446 3 266 3 371
Current liabilities 22 646 14 236 21 194
Interest bearing 4 728 346 867
Non-interest bearing 17 918 13 890 20 327
Total equity and liabilities 72 461 51 802 61 612
Number of ordinary shares in 8 143 8 143 8 143
issue (`000)
Net asset value per share 442,2 390,9 419,8
(cents)
CONSOLIDATED STATEMENT OF CASH FLOW
Six months to Twelve months to
31 August 28 February
2010 2009 2010
R`000 R`000 R`000
Cash flows from operating (3 871) (3 902) 1 459
activities
Cash flows from investing (11 781) (1 268) (8 428)
activities
Cash flows from financing 10 431 (1 002) 1 260
activities
Net (decrease) in cash and (5 221) (6 172) (5 709)
cash equivalents
Cash and cash equivalents at 5 861 11 570 11 570
beginning of year
Cash and cash equivalents at 640 5 398 5 861
end of year
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months to Twelve months to
31 August 28 February
2010 2009 2010
R`000 R`000 R`000
Ordinary shares 407 407 407
Share premium 6 464 6 464 6 464
Reserves 29 136 24 965 27 311
Total shareholders` equity 36 007 31 836 34 182
SUPPLEMENTARY INFORMATION
Six months to Twelve months to
31 August 28 February
2010 2009 2010
R`000 R`000 R`000
Capital expenditure 11 873 1 268 5 634
OPERATING SEGMENTS
Six months to Twelve months to
31 August 28 February
2010 2009 2010
R`000 R`000 R`000
Segment revenue
Special lubricants and allied 41 693 32 234 72 138
chemicals
External customers 3 961 4 817 10 548
Local customers 37 732 27 417 61 590
Metal powders 6 225 8 951 19 604
External customers 2 961 3 626 8 703
Local customers 3 264 5 325 10 901
Other 2 345 4 322 7 409
External customers 2 345 4 322 7 409
Reconciling items (3 084) (5 217) (8 229)
External customers (1 189) (729) (2 315)
Local customers (1 895) (4 488) (5 914)
47 179 40 290 90 922
Segment result
Special lubricants and allied 3 955 211 2 708
chemicals
Metal powders 25 25 749
Other (248) 51 20
Reconciling items 1 (1) (42)
3 733 286 3 435
Segment assets
Special lubricants and allied 52 787 42 289 41 635
chemicals
Metal powders 16 361 11 927 15 378
Other 25 268 15 019 11 315
Reconciling items (21 955) (17 433) (6 716)
72 461 51 802 61 612
Segment liabilities
Special lubricants and allied 28 375 21 292 19 858
chemicals
Metal powders 10 580 6 659 9 565
Other 18 749 7 781 4 629
Reconciling items (21 250) (15 766) (6 402)
36 454 19 966 27 650
RECONCILIATION OF HEADLINE EARNINGS
Six months to Twelve months to
31 August 28 February
2010 2009 2010
R`000 R`000 R`000
Profit attributable to 2 238 117 2 343
shareholders
(Profit) on disposal of - - (74)
property, plant and equipment
Income tax effect on disposal - - 21
Headline earnings 2 238 117 2 290
Weighted average number of 8 143 8 143 8 143
ordinary shares in issue
(`000)
Headline earnings per
ordinary share
- basic and diluted (cents) 27,5 1,4 28,1
BASIS OF PREPARATION
The condensed consolidated interim results have been prepared in accordance with
IAS 34 Interim Financial Reporting and in the manner required by 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 2010
financial statements.
COMMENTARY
POINTS OF INTEREST TO THE CORRESPONDING PERIOD LAST YEAR
- Net asset value has increased from 390,9 cents to 442,2 cents per share
- Group turnover is up by 17%
- Headline earnings is up by 1 813%
EXECUTIVE CHAIRMAN`S STATEMENT
We are pleased to announce a strong performance for the six months ended 31
August 2010.
The recovery in both the local and international markets resulted in turnover
increasing by almost 17% in comparison to the corresponding period last year.
Renewed focus and structure in the industrial division is beginning to reap
rewards. The Consumer/Automotive division continues to grow from strength-to-
strength.
The international division showed some improvement in Asian markets whilst the
rest of the world`s performance was consistent with the corresponding period
last year. The division continues to source new opportunities for expanding our
international footprint. The current strength of the Rand poses quite a
challenge at the moment.
We invested R9 million in the acquisition of an adjoining property at our
Wynberg manufacturing facility and a further R2,9 million in a newly
commissioned manufacturing facility. This together with improved production
planning has resulted in a significant increase in our manufacturing capacity.
We are currently working on several exciting new projects and are hopeful that
they will have a beneficial effect on our results for the second half of the
financial year.
There have been no material related party transactions during the period under
review.
SEGMENTAL ANALYSIS
The special lubricants and allied chemicals made a good recovery. Both local and
international markets showed improvements. The continued strengthening of the
Rand continues to have a negative effect on our international sales.
It has been a hard first six months for the metal powder segment. We expect
sales to increase in line with the recovery of the worldwide friction industry.
DIVIDEND
Notice is hereby given that the Board of Directors has declared dividend No. 18
of 15 cents per ordinary share. The last day to trade cum dividend is Friday, 12
November 2010, payable to all shareholders of Spanjaard Limited recorded in the
books of the company at the close of business on Friday, 19 November 2010.
Shares will commence trading ex dividend from Monday, 15 November 2010. The
dividend is payable on Monday, 22 November 2010. Share certificates may not be
dematerialised or rematerialised between Monday, 15 November and Friday, 19
November 2010, both days inclusive.
By order of the Board
ML Bond
Company Secretary
28 October 2010
Directors:
RJW Spanjaard (Executive Chairman),
E Nepgen (Managing Director),
GF Cort,
BL Montgomery*,
CKT Palmer,
Dr DP van der Nest*,
HJ van Heerden (Financial Director).
*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: 28/10/2010 07:05:01 Produced by the JSE SENS Department.
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