Spanjaard Ltd HY 2014 results

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Spanjaard Ltd HY 2014 results

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Spanjaard Ltd HY 2014 results

  1. 1. UNAUDITED INTERIM GROUP RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2013 AND DECLARATION OF DIVIDEND Spanjaard Limited (Incorporated in the Republic of South Africa) Registration number 1960/004393/06 Share code: SPA ISIN: ZAE000006938 (“Company” or “Group”) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME OPERATING SEGMENTS continued Six months to 31 August 2013 R’000 Six months to 31 August 2012 R’000 Revenue 58 310 55 067 Turnover Cost of sales 56 890 (37 165) 54 072 (33 096) Gross profit Operating expenses Depreciation and amortisation 19 725 (15 503) (1 255) 20 976 (16 455) (1 303) Profit from operations Finance (cost)/income – net 2 967 (519) 3 218 (591) Profit before tax Income tax expense 2 448 (788) 2 627 (745) Profit Other comprehensive income Movement in foreign currency translation reserve 1 660 1 882 30 51 Total comprehensive income for the year 1 690 1 933 20,4 23,1 Earnings per ordinary share – basic and diluted (cents) 50 312 9 951 24 790 (13 078) 71 975 26 714 1 512 16 329 (11 803) 21 602 1 702 18 329 (11 518) 32 752 Segment liabilities Special lubricants and allied chemicals Metal powders Other Reconciling items 55 340 10 655 22 516 (13 429) 75 082 Segment assets Special lubricants and allied chemicals Metal powders Other Reconciling items Twelve months to 28 February 2013 R’000 30 115 RECONCILIATION OF HEADLINE EARNINGS Twelve months to 28 February 2013 R’000 34 834 Six months to 31 August 2012 R’000 1 660 1 882 Headline earnings Six months to 31 August 2013 R’000 Six months to 31 August 2013 R’000 Profit attributable to shareholders CONSOLIDATED STATEMENT OF FINANCIAL POSITION Assets Non-current assets Six months to 31 August 2013 R’000 1 660 1 882 8 143 8 143 20,4 23,1 34 680 Weighted average number of ordinary shares in issue (’000) Headline earnings per ordinary share – basic and diluted (cents) BASIS OF PREPARATION The condensed consolidated interim results have been prepared using the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides in accordance with IAS 34 Interim Financial Reporting, AC 500 standards as issued by the Accounting Practises Committee and in the manner required by the South African Companies Act, 71 of 2008. The condensed consolidated interim financial statements are prepared on the historical cost basis, with the exception of certain financial instruments which are measured at fair value. Accounting policies and methods of computation are consistently applied as in the 2013 audited annual financial statements. Condensed consolidated interim financial statements are prepared by: HJ van Heerden – BCom (Acc). Condensed consolidated interim financial statements date of publication – 31 October 2013. Property, plant and equipment Goodwill Intangibles 34 391 437 6 34 237 437 6 Current assets 40 248 37 295 Total assets 75 082 71 975 Equity and liabilities Total shareholders’ equity 42 330 41 860 Ordinary shares and premium Reserves 6 871 35 459 6 871 34 989 Non-current liabilities 12 199 10 897 Borrowings Deferred tax liabilities 7 269 4 930 5 873 5 024 Current liabilities 20 553 19 218 POINTS OF INTEREST Total equity and liabilities 75 082 71 975 • Group turnover is up 5% compared to the same period last year • Interim gross cash dividend declared of 15 cents per share • Net asset value increased from 514 cents to 519,8 cents per share for the six months ended 31 August 2013 CONSOLIDATED STATEMENT OF CASH FLOWS Six months to 31 August 2013 R’000 Six months to 31 August 2012 R’000 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities 1 394 (1 776) (50) (4 874) 797 (2 209) Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year (432) 3 318 (6 286) 1 478 Cash and cash equivalents at end of year 2 886 (4 808) CONSOLIDATED STATEMENT OF CHANGES IN EQUITY COMMENTARY EXECUTIVE CHAIRMAN’S STATEMENT We believe our overall results for the first half of the year are consistent with current market conditions. We have seen a satisfactory increase in turnover for the period. Sharp increases in manufacturing overheads led to a decline in both Gross Profit margins, as well as Net Profit after Tax. The local Consumer/Automotive and Industrial divisions exceeded expectations and grew by 12% compared to the previous period. Tough international market conditions had a negative impact on our international division. The acquisition of new Enterprise Resource Planning (ERP) software during the period under review has brought about the increase in non-current assets and borrowings, as well as having an effect on the movements in the investing and financing activities in the statement of cash flows. We believe the benefits will more than justify this investment. There have been no material related party transactions during the period under review. Six months to 31 August 2013 R’000 Six months to 31 August 2012 R’000 Ordinary shares Share premium Foreign currency translation reserve Revaluation reserve Retained earnings 407 6 464 (571) 7 872 28 158 407 6 464 (144) 9 514 26 397 Total shareholders’ equity 42 330 42 638 15,0 15,0 Six months to 31 August 2013 R’000 Six months to 31 August 2012 R’000 1 780 1 121 Six months to 31 August 2013 R’000 Six months to 31 August 2012 R’000 52 412 50 265 6 334 46 078 9 242 41 023 7 000 6 140 31 October 2013 3 067 3 933 2 721 3 419 1 203 638 Directors: RJW Spanjaard (Executive Chairman), Ms E Nepgen (Managing Director), GF Cort Mrs S Hari*, BL Montgomery*, CKT Palmer, Prof DP van der Nest* HJ van Heerden (Financial Director) * Non-executive DIVIDENDS Dividend declared per ordinary share (cents) – interim SUPPLEMENTARY INFORMATION Capital expenditure OPERATING SEGMENTS Segment revenue Special lubricants and allied chemicals External customers Local customers Metal powders External customers Local customers Other External customers Reconciling items External customers Local customers 1 203 638 (3 725) (2 971) (1 453) (2 272) (1 013) (1 958) 56 890 Segment result Special lubricants and allied chemicals Metal powders Other Reconciling items 54 072 1 708 1 294 366 (401) 2 687 325 398 (192) 2 967 3 218 SEGMENTAL ANALYSIS The special lubricants and allied chemicals division showed a slight increase in turnover. The segment’s profit is down due to unexpected increases in some of our manufacturing expenses. The metal powders segment showed an increase of 14% in turnover. Special projects and a new direction in terms of sales led to a 298% increase in profit from operations when compared to the corresponding period last year. INTERIM DIVIDEND Notice is hereby given that Dividend No. 24 of 15 (fifteen) cents per ordinary share has been declared for the six months ended 31 August 2013. The dividend will be subject to the Dividends Tax that was introduced with effect from 1 April 2012. In accordance with the provisions of the Listings Requirements of the Johannesburg Stock Exchange, the following additional information is disclosed: – the dividend has been declared out of profits available for distribution; – the local Dividends Tax rate is 15%; – the gross local dividend amount is 15 cents per share for shareholders exempt from Dividends Tax; – no Secondary Tax on Companies’ credits have been utilised; – the net local dividend amount is 12,75 cents per share for shareholders liable for Dividends Tax; – Spanjaard has 8 142 850 ordinary shares in issue; and – Spanjaard’s income tax reference number is 9543 676 84 6. The following dates are applicable to the dividend: The last date to trade in order to be eligible for the dividend will be Friday, 15 November 2013. Shares will trade ex-dividend from Monday, 18 November 2013. The record date will be Friday, 22 November 2013 and payment will be made on Monday, 25 November 2013. Share certificates may not be dematerialised/rematerialised between Monday, 18 November 2013 and Friday, 22 November 2013, both days inclusive. By order of the Board Ms SF Venter Company Secretary Registered office: 748 – 750 Fifth Street, Wynberg, Sandton, 2090 Transfer Secretaries: Computershare Investor Services Proprietary Limited 70 Marshall Street, Johannesburg, 2001 Sponsor: Arcay Moela Sponsors Proprietary Limited 54 Maxwell Drive,Woodmead, 2054 Email: info@spanjaard.biz Website: www.spanjaard.biz

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