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SPA
SPA
Spanjaard - Abridged Audited Group Results for the Year Ended 28 February 2006
Spanjaard Limited
(Incorporated in the Republic of South Africa)
Registration number 1960/004393/06
Share code: SPA
ISIN: ZAE000006938
ABRIDGED AUDITED GROUP RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2006
CONSOLIDATED INCOME STATEMENT
Year ended Year ended
28 28
February February
2006 2005
Restated
for IFRS
R"000 R"000
Revenue 71 130 67 423
Cost of sales 54 017 51 270
Gross profit 17 113 16 153
Operating expenses 15 776 14 242
Depreciation and amortisation 1 194 1 087
Finance income - net 186 106
Profit before tax 329 930
Income tax expense (114) (334)
Net profit 215 596
Number of ordinary shares in issue 5 700 5 700
("000)
Earnings per ordinary share - basic 3,8 10,5
and diluted (cents)
Dividend declared per ordinary share - 7,0
(cents)
CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
28 28
February February
2006 2005
Restated
for IFRS
R"000 R"000
Cash flows from operating activities 1 551 528
Cash flows from investing activities (1 283) (1 308)
Cash flows from financing activities (3 167) (845)
Net decrease in cash and cash (2 899) (1 625)
equivalents
Cash and cash equivalents at 2 219 3 844
beginning of year
Cash and cash equivalents at end of (680) 2 219
year
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended Year ended
28 28
February February
2006 2005
Restated
for IFRS
R"000 R"000
Ordinary shares 285 285
Share premium 235 235
Retained earnings 13 158 12 943
Retained earnings at beginning of 12 943 12 138
year
Foreign currency translation - 608
reserve
Net profit for the year 215 596
Ordinary dividend - (399)
Total shareholders" equity 13 678 13 463
SEGMENTAL INFORMATION
Year ended Year ended
28 28
February February
2006 2005
Restated
for IFRS
R"000 R"000
Segment sales
Lubricants 48 414 48 970
Metal powders 19 405 18 453
Other 3 311 -
71 130 67 423
Segment result (before finance
income - net)
Lubricants (778) 1 009
Metal powders 408 (185)
Other 513 -
143 824
SUPPLEMENTARY INFORMATION
Year ended Year ended
28 28
February February
Restated
for IFRS
2006 2005
R"000 R"000
Capital expenditure 1 366 1 320
Capital commitments - 542
CONSOLIDATED BALANCE SHEET
28 28
February February
2006 2005
Restated
for IFRS
R"000 R"000
Assets
Non-current assets 5 654 5 471
Property, plant and equipment 4 805 4 675
Goodwill 72 72
Deferred tax assets 777 724
Current assets 21 851 22 933
Total assets 27 505 28 404
Equity and liabilities
Shareholders" equity 13 678 13 463
Ordinary shares and premium 520 520
Retained earnings 13 158 12 943
Non-current liabilities 2 013 1 798
Borrowings 1 636 1 448
Deferred tax liabilities 377 350
Current liabilities 11 814 13 143
Interest bearing 2 420 506
Non-interest bearing 9 394 12 637
Total equity and liabilities 27 505 28 404
RECONCILIATION OF HEADLINE EARNINGS
Year ended Year ended
28 28
February February
2006 2005
Restated
for IFRS
R"000 R"000
Net profit attributable to 215 596
shareholders
Profit on disposal of property, (41) (13)
plant and equipment
Headline earnings 174 583
Number of ordinary shares in issue 5 700 5 700
("000)
Headline earnings per ordinary share 3,1 10,2
- basic and diluted (cents)
BASIS OF PREPARATION
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) and in compliance with the Companies Act of
South Africa of 1973 and the Listing Requirements of the JSE Limited.
These are the Group"s first IFRS financial statements and comparative figures
have accordingly been restated. The disclosure requirements by IFRS 1 (First-
time Adoption of IFRS) reflecting the reconciliation from South African
Statements of Generally Accepted Accounting Practice (SA GAAP) to IFRS were set
out in the interim announcement published on 18 November 2005 and will be
repeated in the annual financial statements.
COMMENTARY
GENERAL REVIEW
Substantial investment has been made in the special lubricant and allied
chemical operations creating the infrastructure for growth in foreign markets
expected to materialise in the forthcoming financial years.
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.
Overall
Spanjaard Limited was positioned to grow its market share resulting in increased
revenue of 5,5%.
The increase of 11% in administrative and other operating expenses resulted in a
decrease in operating profit from the 2005 financial year.
Cash generated from operating activities remained strong at R1 551 000, after
investment in capital expenditure of R1 366 000.
The Group expects to see continued improvement in their operations led by a
young, enthusiastic and committed team.
DIVIDENDS
In keeping with the company"s policy of declaring only one dividend, a dividend
(No.13) of 2 cents per share was declared after year-end based on the net profit
relating to the financial year ended 28 February 2006 and will reflect in the
financial statements ending 28 February 2007.
AUDIT OPINION
The annual financial statements, from which the abridged Group results contained
herein are derived, have been audited by PricewaterhouseCoopers Inc. Their
unqualified audit reports on the annual financial statements and the abridged
Group results are available for inspection at the company"s registered office.
By order of the Board
I Spanjaard - Company Secretary
31 May 2006
Directors: R J W Spanjaard (Executive Chairman), R G Nicholson (non-executive),
B L Montgomery (non-executive), A R J Spanjaard, G S le Roux, G F Cort, D H
Petersen
Registered office: 748-750 Fifth Street, Wynberg, Sandton, 2090
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited,
70 Marshall Street, Johannesburg, 2001
E-mail: info@spanjaardltd.com
Website: www.spanjaardltd.com
Date: 31/05/2006 10:52:11 AM Produced by the JSE SENS Department
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