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SPA
SPA
Spanjaard Limited - Unaudited group results for the six months ended 31
August 2006
Spanjaard Limited
(Incorporated in the Republic of South Africa)
Registration number 1960/004393/06
Share code: SPA & ISIN: ZAE000006938
UNAUDITED GROUP RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2006
CONSOLIDATED INCOME STATEMENT
Six months Twelve
to 31 August months to
28
February
2006 2005 2006
R"000 R"000 R"000
Revenue 42 058 36 571 71 130
Cost of sales 31 402 28 401 54 017
Gross profit 10 656 8 170 17 113
Operating expenses 8 852 8 000 15 776
Depreciation and amortisation 582 567 1 194
Finance (cost)/income - net (250) 187 186
Profit before tax 972 (584) 329
Income tax expense 358 164 (114)
Net profit 614 (420) 215
Number of ordinary shares in 5 700 5 700 5 700
issue ("000)
Earnings/(loss) per ordinary
share
- basic and diluted (cents) 10,1 (7,4) 3,8
Dividend declared per ordinary - - 2,0
share (cents)
Declared 2 June 2006 in respect of the 12 month period ended
28 February 2006.
CONSOLIDATED CASH FLOW STATEMENT
Six months Twelve
to 31 August months to
28
February
2006 2005 2006
R"000 R"000 R"000
Cash flows from operating (815) (3 1 551
activities 659)
Cash flows from investing (427) (968) (1 283)
activities
Cash flows from financing 351 803 (3 167)
activities
Net decrease in cash and cash (891) (3 (2 899)
equivalents 824)
Cash and cash equivalents at (680) 2 219 2 219
beginning of period
Cash and cash equivalents at end (1 (1 (680)
of period 571) 605)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months Year
ended ended
31 August 28
February
2006 2005 2006
R"000 R"000 R"000
Ordinary shares 285 285 285
Share premium 235 235 235
Retained earnings 13 658 12 523 13 158
Retained earnings at beginning 13 158 12 943 12 943
of year
Net profit/(loss) for the 614 (420) 215
period
Ordinary dividend (114) - -
Total shareholders" equity 14 178 13 043 13 678
SEGMENTAL INFORMATION
Six months Twelve
to 31 August months to
28
February
2006 2005 2006
R"000 R"000 R"000
Segment sales
Lubricants 27 333 22 332 48 414
Metal powders 14 171 12 498 19 405
Other 554 1 741 3 311
42 058 36 571 71 130
Segment result
Lubricants 353 (1 (778)
167)
Metal powders 682 45 408
Other 187 725 513
1 222 (397) 143
CONSOLIDATED BALANCE SHEET
31 August 28
February
2006 2005 2006
R"000 R"000 R"000
Assets
Non-current assets 5 354 5 918 5 615
Property, plant and equipment 4 688 5 038 4 766
Goodwill 72 72 72
Deferred tax assets 594 808 777
Current assets 28 462 19 659 21 851
Total assets 33 816 25 27 466
577
Equity and liabilities
Shareholders" equity 14 178 13 043 13 678
Ordinary shares and premium 520 520 520
Retained earnings 13 658 12 523 13 158
Non-current liabilities 1 910 2 687 2 013
Borrowings 1 550 2 629 1 636
Deferred tax liabilities 360 58 377
Current liabilities 17 728 9 847 11 775
Interest bearing 2 573 129 2 197
Non-interest bearing 15 155 9 718 9 578
Total equity and liabilities 33 816 25 577 27 466
RECONCILIATION OF HEADLINE EARNINGS
Six months Twelve
to 31 August months to
28
February
2006 2005 2006
R"000 R"000 R"000
Net profit attributable to 614 (420) 215
shareholders
Profit on disposal of property, (38) - (41)
plant and equipment
Headline earnings 576 (420) 174
Number of ordinary shares in 5 700 5 700 5 700
issue ("000)
Headline earnings per ordinary
share
- basic and diluted (cents) 10,1 (7,4) 3,1
COMMENTARY
Financial results
Headline earnings have improved to R576 000 compared with a loss of R420
000 for the corresponding period last year, off an increase of 17% in
total revenue against an increase of only 11% in operating expenses.
Operations
As can be seen both divisions are operating profitably.
Accounting policies
These interim financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as was the case for
the interim results for the six months ended 31 August 2005. The first
adoption date of IFRS was 1 March 2005.
Prospects
Historically the second half of the financial year produces better
results than the first.In addition, the management changes that have been
effected since the beginning of the year as well as the investment in the
export division infrastructure are beginning to pay off. The resulting
spirit of optimism that is present amongst our top management is expected
to result in a better performance for the entire year to February 2007
compared to the previous period.
Directorate
During the period under review the directorate remained unchanged. As
previously announced, Mr R G Nicholson passed away.on 15 September 2006
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
R J W Spanjaard - executive chairman
G S le Roux - Chief Operating Officer
17 October 2006
Directors:
R J W Spanjaard (Executive Chairman), 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: 17/10/2006 05:02:05 PM Produced by the JSE SENS Department
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