| Wed 31 Oct 2001, 0:00 | | Spanjaard Limited - Unaudited Interim Results |
|
August 2001
and its subsidiaries
(Incorporated in the Republic of South Africa)
Registration No. 1960/004393/06
Share Code: SPA ISIN: ZAE000006938
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2001
Unaudited Six Months Twelve months to
to 31 August 28.02.01
2001 2000 (audited)
R'000 R'000 R'000
Consolidated balance sheet
Assets
Non-current assets 9,339 9,003 9,726
Property, plant and equipment 7,101 7,116 7,365
Intangible assets 2,238 1,887 2,361
Other investments - - -
Current assets 18,041 25,151 17,176
Total assets 27,380 34,154 26,902
Equity and liabilities
Capital and reserves 8,522 6,858 8,202
Share capital and premium 520 520 520
Reserves 1,461 1,356 1,511
Accumulated profit 6,541 4,982 6,171
Non-current liabilities 2,198 2,562 2,214
Long-term liabilities 1,546 2,206 1,548
Holding company 409 - 499
Deferred tax 243 356 167
Current liabilities 16,660 24,734 16,486
Interest bearing
- Overdrafts and acceptances 6,451 6,489 5,482
- Other 325 440 671
Non-interest bearing 9,884 17,805 10,333
Total equity and liabilities 27,380 34,154 26,902
Consolidated income statement
Revenue 29,060 32,544 63,854
Cost of sales 20,647 21,585 38,725
Gross profit 8,413 10,959 25,129
Operating expenses 6,924 8,761 20,461
Operating profit 1,489 2,198 4,668
Finance costs 425 830 1,249
Depreciation and amortisation 588 525 1,203
Profit before taxation 476 843 2,216
Tax 106 357 370
Net profit 370 486 1,846
Number of ordinary
shares in issue ('000) 5,700 5,700 5,700
Earnings per ordinary
share - basic and
diluted (cents) 6.5 8.5 32.4
Headline earnings per
ordinary share - basic and
diluted (cents) 8.1 10.0 36.4
Dividend per ordinary - - 3.0
share (cents)
Net asset value per
share (cents) 150 120 144
Consolidated statement
of changes in equity
Accumulated profit 6,541 4,982 6,171
Accumulated profit at
beginning of year 6,171 4,496 4,496
Net profit for the year 370 486 1,846
Ordinary dividend - - (171)
Reserves 1,461 1,356 1,511
Reserves at beginning of year 1,511 1,385 1,385
Foreign currency translations (50) (29) 126
Surplus/(deficit) on revaluation
of property - - -
Reserve realised on
sale of subsidiary - - -
Consolidated cash flow
statement
Cash flow from operating
Activities (816) (468) 1,711
Cash flow from investing
Activities (198) (610) (870)
Cash flow from financing
Activities (2) 316 (342)
Net increase in cash and
Equivalents (1,016) (762) 499
Reconciliation of Earnings Per Share
Profit after tax 370 486 1,846
Amortisation of goodwill and
trade marks 92 84 230
Headline earnings 462 570 2,076
GENERAL REVIEW
The disappointing results are largely attributable to the difficult trading
conditions in the international markets of the metal powder operations.
Turnover is 11% down and net profit after tax is 24% down on the comaprable
6 month period of last year.
Trading conditions in the Group's special lubricants, automotive and food
divisions have been satisfactory.
PROSPECTS
Current international conditions make it very difficult to make predictions
about the second half of the financial year, except that historically it is
normally the better trading period.
DIVIDENDS
It has been company policy since our listing on the JSE in 1987 to declare
one dividend per annum and therefore no interim dividend has been declared.
ACCOUNTING POLICIES
Accounting policies are consistent with those for the financial year ended
February 2001.
Directors : R.J.W. Spanjaard (Chairman), T.S. Gien, R.G. Nicholson (non-
executive), D.H. Petersen, R. Sack, R.B. Spanjaard (non-executive)
By order of the Board : R.Sack CA(SA) - Company Secretary, 31 October 2001
Registered Office : 748-750 Fifth Street, Wynberg, Sandton, 2090
Transfer Secretaries : Mercantile Registrars Limited, 11 Diagonal Street,
Johannesburg, 2001
E-mail: info@spanjaardltd.com Website: www.spanjaardltd.com
