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Spanjaard Limited - Unaudited results for the six months ended 31 August 2005
SPANJAARD LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1960/004393/06
Share code: SPA & ISIN: ZAE000006938
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2005
CONSOLIDATED INCOME STATEMENT
Six months to Twelve Twelve
31 August months to months to
2005 2004 28.02.05 28.02.05
Restated Restated SA GAAP
Unaudited Unaudited Unaudited Audited
R"000 R"000 R"000 R"000
Sales 36 571 32 604 67 395 67 423
Cost of sales 28 401 25 144 51 248 51 270
Gross profit 8 170 7 460 16 147 16 153
Operating expenses 8 000 7 049 14 236 14 238
Depreciation and
amortisation 567 539 1 087 1 159
(Loss)/profit from
operations (397) (128) 824 756
Finance
income/(costs) -
net (187) (272) 106 106
(Loss)/profit
before tax (584) (400) 930 862
Income tax
benefit/(expense) 164 36 (334) (334)
Net (loss)/profit (420) (364) 596 528
Number of ordinary
shares
in issue ("000) 5 700 5 700 5 700 5 700
(Loss)/earnings
per ordinary share
- basic and
diluted (cents) (7,4) (6,4) 10,5 9,3
Headline (loss)/
earnings per
ordinary
share - basic and
diluted (cents) (7,4) (6,8) 10,2 10,3
Dividend declared
per ordinary
share (cents) 7,0 7,0
Net asset value
per share (cents) 228.8 226,3 236,2 234,1
CONSOLIDATED CASH FLOW STATEMENT
Six months to Twelve Twelve
31 August months to months to
2005 2004 28.02.05 28.02.05
Restated Restated SA GAAP
Unaudited Unaudited Unaudited Audited
R"000 R"000 R"000 R"000
Cash flows from
operating activities (3 659) (4 193) (287) (302)
Cash flows from
investing activities (968) (729) (1 308) (1 308)
Cash flows from
financing activities 803 363 (15) (15)
Net (decrease)/increase
in cash
and cash equivalents (3 824) (4 559) (1 610) (1 625)
SEGMENTAL INFORMATION
Six months to Twelve Twelve
31 August months to months to
2005 2004 28.02.05 28.02.05
Restated Restated SA GAAP
Unaudited Unaudited Unaudited Audited
R"000 R"000 R"000 R"000
Segment sales
Lubricants 23 642 24 476 48 942 48 970
Metal powders 12 929 8 128 18 453 18 453
36 571 32 604 67 395 67 423
Segment results
Lubricants (442) 992 1 005 1 009
Metal powders 45 (1 120) (181) (253)
(397) (128) 824 756
RECONCILIATION OF PREVIOUS SA GAAP TO IFRS
Audited Unaudited IFRS
Year ended Six months Transition date
28.02.05 31.08.04 01.03.04
R"000 R"000 R "000
Balance Sheet
Non-current assets
As previously reported - SA
GAAP 6 967 6 402 5 838
Goodwill no longer amortised 72 36
Change in functional
currency from
UK Pounds to SA Rands 39 5
Non-current assets restated
- IFRS 7 078 6 443 5 838
Current assets
As previously reported - SA
GAAP 21 311 20 390 21 227
Change in functional
currency from
UK Pounds to SA Rands 15 1
Current assets restated -
IFRS 21 326 20 391 21 227
Retained earnings
As previously reported - SA
GAAP 12 267 11 740 12 138
Goodwill no longer amortised 72 36
Foreign currency translation
reserve 608 608
Change in functional
currency from
UK Pounds to SA Rands (4) (2)
Retained earnings restated -
IFRS 12 943 12 382 12 138
Reserves
As previously reported - SA
GAAP 559 600 608
Foreign Currency Translation
Restatement 49 8
Transfer to retained earnings (608) (608)
Reserves restated - IFRS - - 608
Current liabilities
As previously reported - SA
GAAP 13 134 12 259 12 325
Change in functional
currency from
UK Pounds to SA Rands 9
Current liabilites restated
- IFRS 13 143 12 259 12 325
Income statement
Net profit as previously
reported 528 (398)
Goodwill no longer amortised 72 36
Change in functional
currency from
UK Pounds to SA Rands (4) (2)
Net profit restated - IFRS 596 (364)
CONSOLIDATED BALANCE SHEET
Six months to Twelve Twelve
31 August months to months to
2005 2004 28.02.05 28.02.05
Restated Restated SA GAAP
Unaudited Unaudited Unaudited Audited
R"000 R"000 R"000 R"000
Assets
Non-current assets 7 375 6 443 7 078 6 967
Property, plant and
equipment 5 038 4 615 4 636 4 636
Intangible assets 72 72 72
Deferred tax assets 808 879 732 724
Amount due by holding
company 1 457 877 1 638 1 607
Current assets 18 202 20 391 21 326 21 311
Total assets 25 577 26 834 28 404 28 278
Equity and liabilities
Shareholders equity 13 043 12 902 13 463 13 346
Ordinary shares and
premium 520 520 520 520
Foreign currency
revaluation reserve - - - 559
Retained earnings 12 523 12 382 12 943 12 267
Non-current liabilities 2 687 1 673 1 798 1 798
Borrowings 2 629 1 550 1 448 1 448
Deferred tax liabilities 58 123 350 350
Current liabilities 9 847 12 259 13 143 13 134
Interest bearing 129 1 312 506 506
Non-interest bearing 9 718 10 947 12 637 12 628
Total equity and
liabilities 25 577 26 834 28 404 28 278
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months to Twelve Twelve
31 August months to months to
2005 2004 28.02.05 28.02.05
Restated Restated SA GAAP
Unaudited Unaudited Unaudited Audited
R"000 R"000 R"000 R"000
Ordinary shares 285 285 285 285
Share premium 235 235 235 235
Retained earnings 12 523 12 382 12 943 12 267
Retained earnings at
beginning
of year 12 943 12 138 12 138 12 138
Net profit for the period (420) (364) 596 528
Foreign currency
translation reserve 608 608
Ordinary dividend (399) (399)
Reserves - - - 559
Reserves at beginning of
year 608
Foreign currency
translation
differences (49)
Total shareholders equity 13 043 12 902 13 463 13 346
RECONCILIATION OF HEADLINE EARNINGS
Six months to Twelve Twelve
31 August months to months to
2005 2004 28.02.05 28.02.05
Restated Restated SA GAAP
Unaudited Unaudited Unaudited Audited
R"000 R"000 R"000 R"000
Net (loss)/profit
attributable to
shareholders (420) (364) 596 528
Amortisation of goodwill 72
Profit on disposal of
property,
plant and equipment (24) (13) (13)
Headline earnings (420) (388) 583 587
BASIS OF PREPARATION
The unaudited results of the Group for the half-year ended 31 August 2005 have
been prepared in accordance with the transitional provisions set out in IFRS 1,
`First-time Adoption of International Financial Reporting Standards", and
other relevant standards and is based on the final application of IFRS expected
to apply as at 28 February 2006. Comparative information has been restated to
take into account the requirements of all the standards. Following is a
description of the required adjustments between previous SA GAAP and IFRS for
the Group.
GOODWILL
The Group has made an election in terms of IFRS 1 that IFRS 3 - Business
Combinations, will only be applied from 1 March 2004. Accordingly goodwill as
at 1 March 2004 is included at the amount previously reported under SA GAAP.
From 1 March 2004 goodwill is stated at cost less accumulated impairment
losses. Goodwill is no longer amortised but is tested annually for impairment.
TRANSLATION ADJUSTMENTS
The revised IAS 21 - The Effects of Changes in Foreign Exchange Rates, has
introduced functional currency as the determinant for reflecting translation
adjustments through the income statement.
Under the extended guidance given by the revised standard, the functional
currency of the Group subsidiary Spanjaard UK Limited has changed from UK
Pounds to South African Rands. The foreign currency translation reserve
relating to Spanjaard UK Limited as at 1 March 2004 has been reversed to
retained earnings.
COMMENTARY
GENERAL REVIEW
Special lubricant and allied chemical product operations
The special lubricant and allied chemical product operations for m the larger
part of our total operation. Local and inter national sales are progressing
well at half year-end.
Metal powder operations
The metal powder operations have seen a complete turnaround since the previous
financial year and there is now a tight control on costs and productivity. The
business unit is operating profitably.
PROSPECTS
Despite the fact that the loss for the first six months is slightly larger than
the comparable position a year earlier, we believe that an optimistic view of
the results for the full financial year is more than justified. It should also
be noted that historically, the second half of the financial year produces
better results than the first.
It is anticipated that the profit for the full financial year ending
28 February 2006, will show an improvement over the previous financial year.
DIVIDENDS
In keeping with the company"s policy of declaring only one dividend, no dividend
has been declared at half year-end.
By order of the Board
I Spanjaard - Company Secretary
18 November 2005
Directors: R J W Spanjaard (Executive Chair man), C J Kairuz,
R G Nicholson (non-executive), D H Petersen,
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
Date: 17/11/2005 05:00:50 PM Produced by the JSE SENS Department
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