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VTL
VTL
VTL - Ventel - Reviewed preliminary annual results for the year ended
31 December 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")
Reviewed Preliminary Annual Results for the year ended 31 December 2007
The reviewed results of the VENTEL Group are set out below:
Condensed Consolidated Income Statement
Reviewed Audited
31 December 31 December
2007 2006
R`000 R`000
Revenue 51,233 56,534
Income from operations 5,577 5,101
Net interest paid (938) (1,087)
Income after interest before taxation 4,639 4,014
Taxation 0 (70)
Net income attributable to ordinary
Shareholders 4,639 3,944
Average number of shares in issue (000) 50,495 50,495
Earnings per share (cents) 9.19 7.81
Headline earnings per share (cents) 9.19 7.81
Reviewed Audited
31 December 31 December
Condensed Consolidated Statement 2007 2006
of Changes in Equity R`000 R`000
Equity at beginning of period as
Previously reported 9,178 6,667
Net income for the period attributable to
Ordinary shareholders 4,639 3`944
Prior period adjustment 0 (1,433)
Revaluation of land and buildings 516 0
Equity at end of period 14,333 9,178
Condensed Consolidated Balance Sheet
Reviewed Audited
31 December 31 December
2007 2006
R`000 R`000
Assets
Non Current Assets
Property, Plant & Equipment 16,605 15,907
Intangible Assets 1,019 1,031
Loan Receivable 712 1,501
Current Assets 23,398 20,003
Total Assets 41,734 38,442
Equity and Liabilities
Shareholders` equity 14,333 9,178
Non Current Liabilities
Interest bearing liabilities 14,029 15,470
Non interest bearing liabilities 1,003 1,003
Current Liabilities 12,369 12,791
Total Equity and Liabilities 41,734 38,442
Net tangible asset value per share 26.37 16.13
(cents)
Condensed Consolidated Cash Flow
Reviewed Audited
31 December 31 December
Condensed Consolidated Cash Flow 2007 2006
Statement R`000 R`000
Cash flows from operating activities 1,481 5,756
Cash flows from investing activities (1,258) (3,849)
Cash flows from financing activities (1,441) (1,684)
Net cash and cash equivalents
generated/(utilised) (1,218) 223
Cash and cash equivalents at beginning
of period (2,760) (2,983)
Cash and cash equivalents at end of
Period (3,978) (2,760)
Operational Review
Notwithstanding the continued difficult trading conditions, sales volumes
during the second half of the year were able to be increased appreciably.
Management`s investment in inventory and continued focus on cost control
measures contributed to improved margins which translated into a 9% increase
in income from operations, on lower annual revenues.
Prospects
Although economic conditions during 2008 are likely to remain challenging,
previous investment in manufacturing capacity and cost control initiatives are
expected to continue to yield long term benefits.
Prior period adjustment
The prior period adjustment relates to additional VAT payable and comprises
the assessment of management (and its advisors) as to Ventel`s 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.
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.
Report of the Independent Auditors
Mazars Moores Rowland have reviewed the condensed provisional financial
information for the year ended 31 December 2007, and their unmodified
conclusion is available for inspection at the company`s registered office.
Directorate
R Weber has resigned as alternate director with immediate effect.
Dividends
No dividend has been proposed for this period.
By order of the board
D P Hamann G E Hamann
26 March 2008
Registered Transfer Company Auditors: Directors:
Office: Secretaries: Secretary: Mazars Moores D P Hamann
154 Axle Road, Computershare Probity Rowland G E Hamann
Devland Investor Business 2nd Floor, N Hamann
PO Box 57178, Services (Pty) Services (Pty) Moores (non
Springfield, Ltd Ltd Rowland House executive)
2137 70 Marshall 3rd Floor, JHI 5 St Davids N V Toerien
Street, House, Place, (non
Johannesburg, 11 Cradock Parktown executive)
2001 Avenue, PO Box 6697
PO Box 61051 Rosebank Johannesburg,
Marshalltown, PO Box 85392 2000
2107 Emmarentia,
2029
Date: 26/03/2008 14:17:46 Produced by the JSE SENS Department.
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