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SPANJAARD LIMITED - REVIEWED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
SPANJAARD LIMITED
Share code : SPA ISIN number : ZAE000006938
(Incorporated in the Republic of South Africa)
Registration No. 1960/004393/06
REVIEWED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
Year ended Year ended
February February
2004 2003
(Reviewed) (Audited)
R"000 R"000
Consolidated balance sheet
Assets
Non-current assets 5,129 6,795
Property, plant and equipment 4,402 4,688
Intangible assets 72 1,877
Deferred tax asset 655 230
Other investments - -
Current assets 21,901 20,250
Total assets 27,030 27,045
Equity and liabilities
Capital and reserves 13,266 9,784
Share capital and premium 520 520
Other Reserves 608 746
Retained earnings 12,138 8,518
Non-current liabilities 1,542 1,341
Borrowings 1,122 875
Holding company loan - 354
Deferred tax liabilities 420 112
Current liabilities 12,222 15,920
Interest bearing 1,280 3,847
Non-interest bearing 10,942 12,073
Total equity and liabilities 27,030 27,045
Consolidated income statement
Sales 65,778 72,244
Cost of sales 47,655 48,604
Gross profit 18,123 23,640
Profit on disposal of trademark 3,157
Operating expenses 14,543 19,991
Depreciation and amortisation 1,310 1,329
Profit from operations 5,427 2,320
Finance (income) / costs - net (148) 1,936
Profit before tax 5,575 384
Tax 970 (43)
Net profit 4,605 427
Number of ordinary shares in issue ("000) 5,700 5,700
Earnings per ordinary share -
basic and diluted (cents) 80.8 7.5
Headline earnings per ordinary
share - basic and diluted (cents) 29.0 12.6
Dividends declared per ordinary
share (cents) 10.0 5.0
Net asset value per share (cents) 232.7 171.6
Consolidated statement of changes in equity
Share capital 285 285
Share premium 235 235
Accumulated profit 12,138 8,518
Accumulated profit at beginning
of year as previously reported 8,518 8,526
Effect of adoption of AC133 (415)
Effect of adoption of AC135 (150)
Accumulated profit at beginning of year 8,103 8,376
Net profit for the year 4,605 427
Ordinary dividend (570) (285)
Reserves 608 746
Reserves at beginning of year
as previously reported 746 1,366
Effect of adoption of AC135 (665)
Reserves at beginning of year 746 701
Foreign currency translation movements (138) 45
Consolidated cash flow statement
Cash flows from operating activities 3,422 (415)
Cash flows from investing activities 3,553 (403)
Cash flows from financing activities (71) (256)
Net increase / (decrease) in cash
and equivalents 6,904 (1,074)
Segment information
Segment revenue
Lubricants 48,100 51,540
Metal powders 16,612 20,518
Other 1,066 186
65,778 72,244
Segment result
Lubricants 6,094 1,998
Metal powders 18 87
Other (685) 235
5,427 2,320
Reconciliation of headline earnings
Profit after tax 4,605 427
Amortisation of goodwill 78 134
Profit on disposal of trademark (3,028)
Loss on disposal of property, plant
and equipment - 158
Headline earnings 1,655 719
GENERAL REVIEW
The highlight of the year has been the sale of the Cook "n Bake trademark which
has allowed us to retire a major portion of our interest-bearing borrowings.
Overall performance from our operations has been satisfactory particularly in
the light of the negative effect that the strong Rand has had on our export
sales. In order to retain and expand upon our existing international business,
strict control has been applied over expenses and any non-essential items
removed, combined with an all-out effort to improve productivity on an ongoing
basis. Our success in this regard will enable us to exploit new markets which
should have a positive effect on results for the new financial year.
DIVIDEND ANNOUNCEMENT
Notice is hereby given that the board of directors have declared a dividend of
ten cents per ordinary share. The last day to trade cum dividend is Friday 14
May 2004, payable to all shareholders of Spanjaard Limited recorded in the books
of the company at the close of business on Friday 21 May 2004. Shares will
commence trading ex dividend from Monday 17 May 2004. The dividend is payable on
Monday 24 May 2004. Share certificates may not be dematerialised or
rematerialised between Monday 17 May 2004 and Friday 21 May 2004, both days
inclusive.
ACCOUNTING POLICIES
During the year the group has adopted 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 reviewed results have been prepared in accordance
with South African Statements of Generally Accepted Accounting Practice.
AUDIT REVIEW
The year-end financial results have been reviewed in terms of Paragraph 3.18 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.
By order of the Board : R.Sack - Company Secretary, 5 April 2004
Full results are available on our website.
Directors : R.J.W. Spanjaard (Executive Chairman), T.S. Gien, R.G. Nicholson
(non-executive), D.H. Petersen, R. Sack, R.B. Spanjaard (non-executive)
Registered Office : 748-750 Fifth Street, Wynberg, Sandton, 2090
Transfer Secretaries : Computershare Limited, 70 Marshall Street, Johannesburg,
2001
E-mail: info@spanjaardltd.com Website: www.spanjaardltd.com
Date: 05/04/2004 04:00:12 PM Produced by the JSE SENS Department
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