| Fri 19 Apr 2002, 0:00 | | Spanjaard Limited - Audited Results For The Year E |
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Spanjaard Limited
and its subsidiaries
(Incorporated in the Republic of South Africa)
(Registration number 1960/004393/06)
ISIN Code : ZAE000006938
Share Code : SPA
Audited results for the year ended 28 February 2002
2002 2001
R'000 R'000
Consolidated balance sheet
Assets
Non-current assets 8,916 9,726
Property, plant and equipment 6,801 7,365
Intangible assets 2,115 2,361
Current assets 18,273 17,176
Total assets 27,189 26,902
Equity and liabilities
Capital and reserves 10,412 7,917
Share capital and premium 520 520
Reserves 1,366 1,226
Accumulated profit 8,526 6,171
Non-current liabilities 2,118 2,499
Long-term liabilities 1,131 1,548
Holding company 182 499
Deferred tax 805 452
Current liabilities 14,659 16,486
Interest bearing 2,812 6,153
Non-interest bearing 11,847 10,333
Total equity and liabilities 27,189 26,902
Consolidated income statement
Revenue 62,000 63,854
Cost of sales 41,180 42,325
Gross profit 20,820 21,529
Operating expenses 16,039 16,861
Operating profit 4,781 4,668
Finance costs 53 1,249
Depreciation and amortisation 1,215 1,203
Profit before taxation 3,513 2,216
Tax 1,158 370
Net profit for the year 2,355 1,846
Number of ordinary shares in issue 5,700 5,700
(`000)
Earnings per ordinary share 41,3 32,4
- basic and diluted (cents)
Headline earnings per ordinary 43.8 34.8
shares - basic and diluted (cents)
Dividend per ordinary share 0 3.0
(cents)
Net asset value per share (cents) 182.7 138.9
Consolidated statement of changes
in equity
Accumulated profit 8,526 6,171
Accumulated profit at beginning 6,171 4,496
of year
Net profit for the year 2,355 1,846
Ordinary dividend 0 (171)
Reserves 1,366 1,226
Reserves at beginning of year 1,226 1,100
Foreign currency translations 140 126
Consolidated cash flow statement
Cash flow from operating 3,929 1,711
activities
Cash flow from investing (415) (870)
activities
Cash flow from financing (417) (342)
activities
Net increase in cash and 3,097 499
equivalents
Reconciliation of earnings per
share
Profit after tax 2,355 1,846
Amortisation of goodwill 134 134
Loss on disposal of property, 10 1
plant and equipment
Headline earnings 2,499 1,981
General review
Currently in the 42nd year of our existence, the company
has once again produced record results
Revenue -3% NPBT +56% Net interest -28% EPS +28%
NAV +32%
Interest bearing debt has come down from 7,3 million last year to R3,5
million this year, with a reduction in overall debt of R4,1 million. This
gratifying situation is due to tight management control of operations and,
of course, continuing profitability.
The increase in profits despite the small reduction in revenue is the result
of our concentrating on higher margin business during the year.
Prospects
It has been many years since the company made an acquisition. This is a
subject currently receiving attention and which will be implemented when a
suitable opportunity with a positive impact on our operations presents
itself.
Dividend announcement
Notice is hereby given that the directors have declared dividend No. 9 of 4
cents per ordinary share (last date to trade is 24 May 2002) payable to
shareholders registered in the books of the company at the close of business
on 31 May 2002. Dividend cheques will be posted on or about 3 June 2002.
Full results are available on our website
Directors: R J W Spanjaard (Chairman), T S Glen,
R G Nicholson (non-executive), D H Petersen, R Sack,
R B Spanjaard (non executive)
By order of the board: R Sack Company Secretary
11 April 2002
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
Ends.
