|
Spanjaard Limited - Interim Results
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 2004
CONSOLIDATED INCOME STATEMENT
Unaudited Twelve
Six Months to Months to
31 August 29.02.04
2004 2003 (audited)
R `000 R `000 R `000
Sales 32 627 32 978 65 778
Cost of sales 25 165 24 212 47 655
Gross profit 7 462 8 766 18 123
Profit on sale of trademark 3 157
Operating expenses 7 050 6 961 14 543
Depreciation and amortisation 575 671 1 310
(Loss)/profit from operations (163) 1 134 5 427
Finance costs - net 271 690 (148)
(Loss)/profit before tax (434) 444 5 575
Income tax (benefit)/ expense (36) 201 970
Net profit (398) 243 4 605
Number of ordinary shares
in issue (`000) 5 700 5 700 5 700
(Loss)/earnings per ordinary share
- basic and diluted (cents) (7.0) 4.3 80.8
Headline (loss)/ earnings per
ordinary
share - basic and diluted (cents) (6.7) 5.4 29.0
Dividend declared per ordinary
share (cents) 10.0
Net asset value per share (cents) 225.6 164.6 232.7
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Twelve
Six Months to Months to
31 August 29.02.04
2004 2003 (audited)
R `000 R `000 R `000
Cash flows from operating activities (4,194) (1,947) 3,422
Cash flows from investing activities (729) (772) 3,553
Cash flows from financing activities 363 684 (71)
Net (decrease)/increase in cash
and cash equivalents (4,560) (2,035) 6,904
SEGMENTAL INFORMATION
Unaudited Twelve
Six Months to Months to
31 August 29.02.04
2004 2003 (audited)
R `000 R `000 R `000
Segment sales
Lubricants 24 499 24 936 48 100
Metal powders 8 128 8 042 16 612
Other 1 066
32 627 32 978 65 778
Segment result
Lubricants 957 1,191 6,094
Metal powders (1,120) (63) 18
Other 6 (685)
(163) 1,134 5,427
CONSOLIDATED BALANCE SHEET
Unaudited
At At
31 August 29.02.04
2004 2003 (audited)
R `000 R `000 R `000
Assets
Non-current assets 6 402 6 984 5 906
Property, plant and
equipment 4 615 4 910 4 402
Intangible assets 36 1 758 72
Deferred tax assets 877 230 655
Amount due by holding
company 874 86 777
Current assets 20 390 21 988 21 227
Total assets 26 792 28 972 27 133
Equity and liabilities
Shareholders equity 12 860 9 381 13 266
Ordinary shares and
premium 520 520 520
Foreign currency
revaluation reserve 600 515 608
Retained earnings 11 740 8 346 12 138
Non-current liabilities 1,673 1,599 1,542
Borrowings 1,550 1,559 1,122
Deferred tax
liabilities 123 40 420
Current liabilities 12 259 17 992 12 325
Interest bearing 1 312 5 789 1 280
Non-interest bearing 10 947 12 203 11 045
Total equity and
liabilities 26 792 28 972 27 133
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Twelve
Six Months to Months to
31 August 29.02.04
2004 2003 (audited)
R `000 R `000 R `000
Ordinary shares 285 285 285
Share premium 235 235 235
Retained earnings 11 740 8 346 12 138
Retained earnings at beginning
of year as previously reported 12 138 8 518 8 518
Effect of adoption of AC135 (415) (415)
Retained earnings at beginning
of year 12 138 8 103 8 103
Net profit for the period (398) 243 4 605
Ordinary dividend (570)
Reserves 600 515 608
Reserves at beginning of year 608 746 746
Foreign currency translation
differences (8) (231) (138)
Total shareholders equity 12 860 9 381 13 266
RECONCILIATION OF HEADLINE EARNINGS
Unaudited Twelve
Six Months to Months to
31 August 29.02.04
2004 2003 (audited)
R `000 R `000 R `000
Net (loss)/profit attributable to
shareholders (398) 243 4,605
Amortisation of goodwill 39 67 78
Profit on sale of trademark (3,028)
Profit on disposal of property,
plant and equipment (24) 0
Headline earnings (383) 310 1,655
COMMENTARY
GENERAL REVIEW
The metal powder operations have been adversely affected by the temporary
inability to recover the entire increase in raw material costs resulting from
the unprecedented increases in the international prices of non-ferrous metals.
Steps have been taken to eliminate the risk involved in fluctuations in
exchange rates and international non-ferrous metal prices. The major part of
the production of these products is exported all over the world.
The special lubricant and allied chemical product operations are performing
well. Our research and development division has been able to bring about
significant product improvement and at reduced cost.
This is an essential part of our ongoing work to retain our competitive
position in circumstances of increasing raw material costs especially in
respect of those raw materials the price of which is directly related to the
international oil price. Operating costs have been managed very tightly
resulting in significant reductions. Export sales continue to form a
significant part of these activities.
The anticipated positive effects of the sale of our South African Food Product
trademarks have been realized.
PROSPECTS
We believe that an optimistic view of the financial year as a whole is
justified. Market conditions have improved substantially both in South Africa
and internationally coupled with the fact that the second half of the financial
year normally produces better results than the first half.
Therefore, we feel confident that your company will have operated profitably
for the entire 12 month period by the end of the financial year.
DIVIDENDS
It has been the company`s policy since listing on the JSE Securities Exchange
SA in 1987, to declare only one dividend per annum and accordingly no dividend
has been declared.
ACCOUNTING POLICIES
The unaudited results for the six months under review have been prepared in
accordance with AC127, Interim Financial Reporting. The accounting policies are
consistent with those applied for the financial year ended 29 February 2004.
The interim statements have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice.
By order of the Board
R. Sack - Company Secretary 29 October 2004
Directors: R.J.W. Spanjaard (Executive Chairman), C.J. Kairuz
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 Investor Services 2004 (Pty) Ltd
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 ] | |||||||||||||
|
|||||||||||||
