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VTL
VTL
VTL - Venter Leisure and Commercial Trailers Limited - Posting of annual
financial statements and annual general meeting ("AGM")
VENTER LEISURE AND COMMERCIAL TRAILERS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER: 1985/070343/06)
SHARE CODE: VTL ISIN: ZAE000007811
("VENTEL")
POSTING OF ANNUAL FINANCIAL STATEMENTS AND ANNUAL GENERAL MEETING ("AGM")
Shareholders are referred to the "Reviewed preliminary annual results for the
year ended 31 December 2007" announcement made on 26 March 2008 and are advised
that the annual financial statements are being posted to shareholders on 1 July
2008. These contain changes to the reviewed provisional results that were
published on SENS. These changes are as a result of additional costs being
accrued in respect of selling and distribution expenses. The revised summarised
audited Financial Results are tabled below.
The AGM of the company will be held at 10h00 on Wednesday, 30 July 2007 at the
offices of the company, 41 Granville Road, Lea Glen, Roodepoort. The notice of
the meeting is enclosed in the Annual Report containing the abovementioned
Financial Statements.
Johannesburg
1 July 2007
SPONSOR
Sasfin Capital
A division of Sasfin Bank Limited
Revised Abridged Audited Results for the year ended 31 December 2007
Balance Sheet Audited Audited
31 December 31 December
2007 2006
Assets
Non-current assets 17,624 17,669
Property, plant and equipment 16,605 15,907
Intangible assets 1,019 1,031
Investments in subsidiaries - -
Loans to group companies - 731
Current assets 23,397 20,003
Inventories 13,534 10,728
Trade and other receivables 9,627 9,122
Cash and cash equivalents 236 153
Total Assets 41,021 37,672
Equity and Liabilities
Total shareholders` equity 13,418 8,408
Ordinary shares 505 505
Share premium 27,224 27,224
Revaluation reserve 1,998 1,482
Accumulated losses (16,309) (20,803)
335 762
Non-current liabilities
Borrowings - 511
Deferred tax liability 335 251
27,268 28,502
Current liabilities
Loans from group companies 14,233 14,959
Other financial liability 1,003 1,003
Trade and other payables 6,981 7,518
Borrowings 512 1,188
Taxation 87 87
Bank overdraft 4,212 2,912
Provisions 240 835
Total Equity and Liabilities 41,021 37,672
Income Statement Audited Audited
31 31 December
December 2006
2007
Revenue 51,233 56,534
Cost of sales (34,546) (38,545)
Gross profit 16,687 17,989
Other income 809 -
Selling and distribution (5,141) (6,099)
expenses
Other operating expenses (7,000) (6,787)
Finance costs (938) (1,089)
Finance income 77 -
Profit before tax 4,494 4,014
Taxation - (70)
Net profit / (loss) 4,494 3,944
Ordinary share statistics Cents Cents
Earnings per ordinary share 8.90 7.81
Headline earnings per share 8.67 8.24
Net tangible asset value per
ordinary share (cents) 24.55 14.61
Statement of changes in Equity
Share Share Revaluat Retained
Capital Premium ion earnings Total
Group R`000 R`000 reserves R`000 R`000
R`000
Balance at 1 January 27,224 1,482
2006
505 (22,544) 6,667
Prior period error - - - (2,203) (2,203)
Net profit for the - - - 3,944 3,944
year
Balance at 1 January 505 27,224 1,482 (20,803) 8,408
2007
Revaluation of land
and buildings - - 516 - 516
Net profit for the - - - 4,494 4,494
year
Balance at 31 505 27,224 1,998 (16,309) 13,418
December 2007
Cash Flow Statement Audited Audited
31 31
December December
2007 2006
Cash flows from operating
activities
Cash generated / (utilised) from 2,643 6,964
operations (938) (1,089)
Finance costs 77 -
Finance income - (74)
Tax paid
Net cash generated from / (used) 1,782 5,801
in operating activities
Cash flows from investing
activities
Purchases of property, plant and (2,517) (3,880)
equipment 784 200
Net proceeds from sale of (71) (28)
property, plant and equipment 731 (185)
Additions to intangible assets -
Increase / (decrease) in loans -
Payment received from subsidiaries
Net cash (used) in / generated (1,073) (3,893)
from investing activities
Cash flows from financing
activities
(Decrease) / Increase in (1,926) (1,685)
borrowings
Net cash generated from / (used) (1,926) (1,685)
in financing activities
Net increase/(decrease) in cash (1,217) 223
and cash equivalents
Cash and cash equivalents at (2,759) (2,982)
beginning of the year
Cash and cash equivalents at end (3,976) (2,759)
of the year
Date: 01/07/2008 13:42:01 Produced by the JSE SENS Department.
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