| Tue 8 May 2001, 0:00 | | Spanjaard Limited - Audited Results For The Financ |
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SPANJAARD LIMITED
and its subsidiaries
(Incorporated in the Republic of South Africa)
Registration No. 1960/004393/06
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2001
2001 2000
R'000 R'000
Consolidated balance sheet
Assets
Non-current assets 9,726 9,440
Property, plant and equipment 7,365 7,469
Intangible assets 2,361 1,971
Other investments - -
Current assets 17,176 17,817
Total assets 26,902 27,257
Equity and liabilities
Capital and reserves 8,202 6,401
Share capital and premium 520 520
Reserves 1,511 1,385
Accumulated profit 6,171 4,496
Non-current liabilities 2,214 2,085
Long-term liabilities 1,548 1,890
Holding company 499 -
Deferred tax 167 195
Current liabilities 16,486 18,771
Interest bearing 6,153 6,316
Non-interest bearing 10,333 12,455
Total equity and liabilities 26,902 27,257
Consolidated income statement
Revenue 63,854 53,369
Cost of sales 38,725 35,815
Gross profit 25,129 17,554
Operating expenses 20,461 14,766
Operating profit 4,668 2,788
Finance costs 1,249 1,844
Depreciation and amortisation 1,203 1,174
Profit/(loss) before taxation 2,216 (230)
Tax 370 128
Net profit/(loss) for the year 1,846 (358)
Earnings/(loss) per ordinary share
- basic and diluted (cents) 32.4 (6.3)
Headline earnings/(loss) per
ordinary share - basic and diluted
(cents) 36.4 (3.3)
Dividend per ordinary share (cents) 3.0 -
Consolidated statement of changes in equity
Accumulated profit 6,171 4,496
Accumulated profit at beginning
of year 4,496 4,854
Net profit/(loss) for the year 1,846 (358)
Ordinary dividend (171) -
Reserves 1,511 1,385
Reserves at beginning of year 1,385 1,752
Foreign currency translations 113 8
Surplus/(deficit) on revaluation
of property 13 (352)
Reserve realised on sale
of subsidiary - (23)
Consolidated cash flow statement
Cash flow from operating activities 2,331 1,459
Cash flow from investing activities (1,490) (1,397)
Cash flow from financing activities (342) 81
Net increase in cash and equivalents 499 143
Number of ordinary shares in issue
('000) 5,700 5,700
Net asset value per share (cents) 144 112
Capital expenditure during the year
(R'000) 968 1,891
Overdrafts and acceptances (R'000) 5,482 5,729
Consolidated borrowings
Long-term liabilities
Loans 904 946
Instalment sale agreements 644 944
1,548 1,890
Short-term borrowings 6,153 6,316
7,701 8,206
GENERAL REVIEW
It gives the management of Spanjaard Limited great pleasure to report on a
positive year.
Revenue increased by 20% fom R53,4 million to R63,8 million mainly as a result
of an increase in export sales which comprised 32% of total revenue compared to
26% in the previous year.
The group's gross margin improved from 33% in 2000 to 39% in 2001.
Lower finance costs resulting from reduced borrowings, foreign exchange profits
and improved cash flow management, together with tightly controlled costs
contributed to record earnings of 32,4 cents per share.
Turnover is nearly 20% up from R53 million to R63,8 million. Financial costs
are 32% down from R1,8 million to R1,2 million. Costs were very tightly
controlled during the financial year and the overall result is record earnings
per share of 32,4 cents. Export sales have increased to 32% of total sales
compared to 26% in 2000.
DIVIDEND ANNOUNCEMENT
Notice is hereby given that the directors have declared dividend No. 8 of 3
cents per ordinary share payable to shareholders registered in the books of the
company at the close of business on 18 June 2001. Dividend cheques will be
posted on or about 2 July 2001.
Directors : R.J.W. Spanjaard (Chairman), T.S. Gien, V. Korinek, R.G. Nicholson
(non-executive), D.H. Petersen, R. Sack, R.B. Spanjaard (non-executive)
By order of the Board : R.Sack - Company Secretary, 7 May 2001
Registered Office : 748-750 Fifth Street, Wynberg, Sandton, 2090
Transfer Secretaries : Mercantile Registrars Limited, 11 Diagonal Street,
Johannesburg, 2001
