|
SPANJAARD LIMITED
(Incorporated in the Republic of South Africa)
Share code: SPA ISIN number: ZAE000006938
REVIEWED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
Year ended Year ended
February February
2003 2002
(Reviewed) (Audited)
R"000 R"000
Consolidated balance sheet
Assets
Non-current assets 6,565 7,648
Property, plant and equipment 4,688 5,533
Intangible assets 1,877 2,115
Other investments - -
Current assets 20,251 18,275
Total assets 26,816 25,923
Equity and liabilities
Capital and reserves 9,784 9,597
Share capital and premium 520 520
Reserves 746 701
Accumulated profit 8,518 8,376
Non-current liabilities 1,111 1,665
Long-term liabilities 875 1,131
Holding company 354 182
Deferred tax (118) 352
Current liabilities 15,921 14,661
Interest bearing 3,847 2,812
Non-interest bearing 12,074 11,849
Total equity and liabilities 26,816 25,923
Consolidated income statement
Revenue 72,244 62,000
Cost of sales 48,604 41,180
Gross profit 23,640 20,820
Operating expenses 19,991 16,039
Operating profit 3,649 4,781
Finance costs 1,935 53
Depreciation and amortisation 1,329 1,255
Profit before tax 385 3,473
Tax (42) 1,146
Net profit for the year 427 2,327
Number of ordinary shares in issue ("000) 5,700 5,700
Earnings per ordinary
share - basic and diluted (cents) 7.5 40.8
Headline earnings per ordinary
share - basic and diluted (cents) 12.6 43.4
Dividends declared per ordinary
share (cents) 5.0 -
Net asset value per share (cents) 171.6 168.4
Consolidated statement of changes in equity
Share capital 285 285
Share premium 235 235
Accumulated profit 8,518 8,376
Accumulated profit at
beginning of year as
previously reported 8,526 6,171
Effect of adoption of AC135 (150) (122)
Accumulated profit at beginning
of year 8,376 6,049
Net profit for the year 427 2,327
Ordinary dividend (285) -
Reserves 746 701
Reserves at beginning of year
as previously reported 1,366 1,226
Effect of adoption of AC135 (665) (665)
Reserves at beginning of year 701 561
Foreign currency translations 45 140
Consolidated cash flow statement
Cash flow from operating activities (416) 3,930
Cash flow from investing activities (403) (415)
Cash flow from financing activities (256) (417)
Net (decrease)/increase in cash and
equivalents (1,075) 3,098
Segment information
Segment revenue
Lubricants and metal powders 72,058 60,062
Distribution and other 9,249 8,886
Eliminated (9,063) (6,948)
72,244 62,000
Segment result
Lubricants and metal powders 1,577 3,627
Distribution and other 933 573
Eliminated (190) (674)
2,320 3,526
Consolidated borrowings
Long-term liabilities
Loans 904 946
Installment sale agreements 644 944
Short-term borrowings 20,251 18,275
21,799 20,165
Reconciliation of headline earnings
Profit after tax 427 2,327
Amortisation of goodwill 134 134
Loss on disposal of property,
plant and equipment 158 10
Headline earnings 719 2,471
Consolidated borrowings
Long-term liabilities
Loans 904 946
Installment sale agreements 644 944
1,548 1,890
Short-term borrowings 3,847 2,812
5,395 4,702
GENERAL REVIEW
As is to be expected we have had a very difficult year given our large
percentage of export revenue and the unprecedented strengthening of the Rand
versus the major international currencies.
Unfortunately, as we operate in an internationally competitive market, the
remedy of increasing prices is often an option only to a limited extent. We have
taken steps to increase our productivity and keep strict control on input costs.
Some of our imported raw materials, which are priced in US Dollars, are not
coming down in cost as there is a worldwide shortage of many oil-based raw
materials.
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 board of directors have declared a dividend
of one cent per ordinary share. The last day to trade cum dividend is Friday 23
May 2003, payable to all shareholders of Spanjaard Limited recorded in the books
of the company at the close of business on Friday 30 May 2003. Shares will
commence trading ex dividend from Monday 26 May 2003. The dividend is payable on
Monday 2 June 2003. Share certificates may not be dematerialised or
rematerialised between Monday 26 May 2003 and Friday 30 May 2003, both days
inclusive.
ACCOUNTING POLICIES
Except for the adoption of accounting statement AC135, Investment Properties,
the accounting policies are consistent with those applied for the financial year
ended 28 February 2002. The accounting principles and policies used in the
preparation of this report comply with South African Statements of Generally
Accepted Accounting Practice.
AUDIT REVIEW
The year-end financial results have been reviewed in terms of Rule 3.23 of
the listing requirements of the JSE Securities Exchange South Africa by the
company"s auditors, PricewaterhouseCoopers Inc. This review opinion is available
for inspection at the company"s registered office.
Full results are available on our website.
Directors: R.J.W. Spanjaard (Executive Chairman), R. Sack (Deputy CEO),
T.S. Gien, R.G. Nicholson (non-executive), D.H. Petersen,
R.B. Spanjaard (non-executive)
By order of the Board: R.Sack - Company Secretary, 15 April 2003
Registered Office : 748-750 Fifth Street
Wynberg
Sandton
2090
Transfer Secretaries: Computershare Investor Services Limited
70 Marshall Street
Johannesburg, 2001
E-mail: info@spanjaardltd.com
Website: www.spanjaardltd.com
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
