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VTL
VTL
VTL - VENTEL - Unaudited interim results for the 6 months ended 30 June 2007
VENTER LEISURE AND COMMERCIAL TRAILERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1985/070343/06)
Share Code: VTL
ISIN: ZAE000007811
("VENTEL")
Unaudited Interim Results for the 6 months ended 30 June 2007
The unaudited interim results of the VENTEL Group are set out below:
Unaudited Unaudited Audited
30 June 30 June 31 December
Abridged Consolidated 2007 2006 2006
Income Statement R`000 R`000 R`000
Revenue 20,166 25,857 56,534
Income from operations 2,124 2,499 5,057
Net interest paid (455) (520) (1,087)
Income after interest 1,669 1,979 3,970
before taxation
Taxation 0 0 (70)
Net income attributable to
ordinary
Shareholders 1,669 1,979 3,900
Average number of shares 50,495 50,495 50,495
in issue (000)
Earnings per share (cents) 3.30 3.92 7.72
Headline earnings per 3.30 3.92 7.72
share (cents)
Unaudited Unaudited Audited
30 June 30 June 31 December
Abridged Consolidated 2007 2006 2006
Statement
of Changes in Equity R`000 R`000 R`000
Equity at beginning of
period as
Previously reported 9,304 6,837 6,837
Net income for the period
attributable to
Ordinary shareholders 1,669 1,979 3,900
Prior period adjustment 0 (1,433) (1,433)
Equity at end of period 10,973 7,383 9,304
Unaudited Unaudited Audited
30 June 30 June 31 December
Abridged Consolidated 2007 2006 2006
Balance Sheet R`000 R`000 R`000
Assets
Non Current Assets
Property, Plant & 15,737 14,300 15,781
Equipment
Intangible Assets 990 1,073 1,031
Loan Receivable 1,170 1,410 1,501
Current Assets 22,402 19,174 20,003
Total Assets 40,299 35,957 38,316
Equity and Liabilities
Shareholders` equity 10,973 7,383 9,304
Non Current Liabilities
Interest bearing 13,933 15,224 15,470
liabilities
Non interest bearing 1,003 1,003 1,003
liabilities
Current Liabilities 14,389 12,347 12,539
Total Equity and 40,299 35,957 38,316
Liabilities
Net tangible asset value
per share (cents) 19.77 12,50 16.38
Unaudited Unaudited Audited
30 June 30 June 31 December
Abridged Consolidated Cash 2007 2006 2006
Flow
Statement R`000 R`000 R`000
Cash flows from operating (104) 2,740 5,756
activities
Cash flows from investing (429) (999) (3,849)
activities
Cash flows from financing (1,537) (1,929) (1,684)
activities
Net cash and cash
equivalents
generated/(utilised) (2,070) (188) 223
Cash and cash equivalents
at beginning
of period (2,760) (2,983) (2,983)
Cash and cash equivalents
at end of
Period (4,830) (3,171) (2,760)
Commentary
Operational Review
Sales during the interim period continue to disappoint and the influence of
interest rate increases and expectation of restrictions on credit have resulted
in adverse market conditions. Measures were implemented by management to contain
costs and increase operational efficiencies resulting in improved margins.
Prior Period Adjustment
The prior period adjustment relates to additional VAT payable and comprises
management (and its advisors) assessment as to the potential liability of the
total amount claimed by SARS. The claim is still subject to the findings of the
Alternate Dispute Resolution Committee of SARS.
Prospects
Indications are that trading conditions are likely to improve in the second half
of the year and accordingly management have invested in inventory in
anticipation of improved sales.
Accounting Policies
The results are prepared in accordance with International Financial Reporting
Standards (IFRS) and IAS 34 on Interim Financial Reporting and are consistent
with the prior financial year.
Directorate
Johan Botha, an executive director resigned with effect from 11 July 2007 and
Neville Toerien was appointed a non-executive director on 18 July 2007.
Dividends
No dividend is proposed for this period.
By order of the board
D P Hamann G E Hamann
Johannesburg
25 September 2007
Registered Office:
154 Axle Road, Devland
PO Box 57178, Springfield, 2137
Directors:
DP Hamann, GE Hamann, N Hamann (Non-exec), J H Botha, R Weber (Alt.)
Transfer Secretaries:
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Company Secretary:
Probity Business Services (Pty) Ltd
3rd Floor, JHI House, 11 Cradock Avenue, Rosebank
PO Box 85392, Emmarentia, 2029
Date: 25/09/2007 17:00:01 Produced by the JSE SENS Department.
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