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SPANJAARD LIMITED - UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003
SPANJAARD LIMITED
Share code: SPA
ISIN number: ZAE000006938
(Incorporated in the Republic of South Africa)
Registration No. 1960/004393/06
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003
Unaudited Six Twelve
Months to Months to
31 August 28.02.03
2003 2002 (audited)
R"000 R"000 R"000
Consolidated balance
sheet
Assets
Non-current assets 6,668 6,910 6,565
Property, plant and 4,910 4,918 4,688
equipment
Intangible assets 1,758 1,992 1,877
Current assets 21,988 22,548 20,250
Total assets 28,656 29,458 26,815
Equity and liabilities
Capital and reserves 9,381 9,686 9,784
Share capital and 520 520 520
premium
Reserves 515 813 746
Accumulated profit 8,346 8,353 8,518
Non-current liabilities 1,283 1,101 1,111
Long-term liabilities 1,559 1,039 875
Holding company (86) (35) 354
Deferred tax (190) 97 (118)
Current liabilities 17,992 18,671 15,920
Interest bearing 5,789 5,943 3,847
Non-interest bearing 12,203 12,728 12,073
Total equity and 28,656 29,458 26,815
liabilities
Consolidated income
statement
Revenue 32,978 35,182 72,244
Cost of sales 24,212 23,157 48,604
Gross profit 8,766 12,025 23,640
Operating expenses 6,961 10,252 19,991
Operating profit 1,805 1,773 3,649
Finance costs 690 436 1,936
Depreciation and 671 661 1,329
amortisation
Profit before tax 444 676 384
Tax 201 248 (43)
Net profit 243 428 427
Number of ordinary 5,700 5,700 5,700
shares in issue ("000)
Earnings per ordinary 4.3 7.5 7.5
share - basic and
diluted (cents)
Headline earnings per 5.4 8.6 12.6
ordinary share - basic
and diluted (cents)
Dividend per ordinary - 4.0 5.0
share (cents)
Net asset value per 165 170 172
share (cents)
Consolidated statement
of changes in equity
Balance at Beginning of 9,784 9,374 9,597
period
Effect of adopting (415) - -
AC133
As Restated 9,369 9,374 9,597
Foreign currency (231) 112 45
translations
Net attributable to 243 428 427
shareholders
Ordinary dividend - (228) (285)
final for 2003
Balance at end of 9,381 9,686 9,784
period
Consolidated cash flow
statement
Cash flow utilised in (1,947) (1,823) (415)
operating activities
Cash flow utilised in (772) (238) (403)
investing activities
Cash flow utilised 684 (91) (256)
in/(generated by)
financing activities
Net decrease in cash (2,035) (2,152) (1,074)
and cash equivalents
Reconciliation of
headline earnings
Profit after tax 243 428 427
Amortisation of 67 67 134
goodwill
(Profit)/loss on - (3) 158
disposal of property,
plant and equipment
Headline earnings 310 492 719
GENERAL REVIEW
The allocations to operating expenses and cost of sales were brought into
line with current practice with effect from February 2002 accounts and have
continued in these interims. This change has no effect on the bottom line.
We are satisfied with the turnover achieved, particularly given our large
proportion of export sales and the well-known effects of Rand appreciation.
We have also managed to achieve a number of other savings and benefits, which
have resulted in a significant decline in our overall operating costs.
PROSPECTS AND CAUTIONARY ANNOUNCEMENT
The company has entered into negotiations, which, if successfully concluded,
should have a material impact on the company and its share price. Usually the
results for the second period are disproportionately better than those for
the first half of the year.
DIVIDENDS
It has been company policy since our listing on the JSE in 1987 to declare
only one dividend per annum and accordingly no dividend has been declared.
ACCOUNTING POLICIES
The unaudited results for the six month period under review have been
prepared in accordance with accounting statement AC133 - Financial
Instruments: Recognition and Measurement. Except for the adoption of AC133,
the accounting policies are consistent with those applied for the financial
year ended 28 February 2003. The interim statements have been prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice.
Directors:
R.J.W. Spanjaard (Chairman), T.S. Gien, R.G. Nicholson *, D.H. Petersen,
R. Sack, R.B. Spanjaard *
(*Non-executive)
By order of the Board:
R. Sack CA(SA)
Company Secretary
28 November 2003
Registered Office:
748-750 Fifth Street,
Wynberg, Sandton, 2090
Transfer Secretaries:
Computershare Investor Services Limited,
11 Diagonal Street, Johannesburg, 2001
E-mail: info@spanjaardltd.com
Website: www.spanjaardltd.com
Date: 28/11/2003 04:20:04 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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