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VTL
VTL
VTL - Venter Leisure And Commercial Trailers - Announcement of the Unaudited
Interim Group Results for the 6 months ended 30 June 2008
Venter Leisure And Commercial Trailers Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1985/070343/06)
Share Code : VTL
ISIN : ZAE000007811
("VENTEL")
Announcement of the Unaudited Interim Group Results for the 6 months ended 30
June 2008
The unaudited interim results of the VENTEL Group are set out below:
Condensed Consolidated Unaudited 30 Unaudited 30 Audited
Income Statement June 2008 June 2007 31 December 2007
R`000 R`000 R`000
Revenue 16,821 20,166 51,233
Gross profit 6,200 7,760 16,687
Income from operations 1,517 2,124 5,432
Net interest paid (516) (455) (938)
Net profit 1,001 1,669 4,494
Average number of shares in 50,495 50,495 50,495
issue (000)
Earnings per share and
diluted earnings
per share (cents) 1.98 3.31 8.90
Headline earnings per
share and diluted
headline earnings per share 1.81 3.16 8.67
(cents)
Reconciliation of Headline
Earnings:
Net Income attributable to
ordinary shareholders 1,001 1,669 4,494
Profit on Disposal of fixed
asset 87 91 114
Headline earnings 914 1,578 4,380
Condensed Consolidated Unaudited Unaudited Audited
Statement of Changes in
Equity
30 June 30 June 31 December
2008 R`000 2007 R`000 2007
R`000
Equity at beginning of
period as
previously reported 13,418 9,304 8,408
Net profit 1,001 1,669 4,494
Revaluation of land and 0 0 516
buildings
Equity at end of period 14,419 10,973 13,418
Condensed Consolidated Unaudited Unaudited 30 Audited
Balance Sheet 30 June 2008 June 2007 31 December
R`000 R`000 2007
R`000
Assets
Non Current Assets
Property, Plant and 16,329 15,737 16,605
Equipment
Intangible Assets 975 990 1,019
Current Assets 24,987 22,402 23,397
Total Assets 42,291 39,129 41,021
Equity and Liabilities
Shareholders` equity 14,419 10,973 13,418
Non Current Liabilities
Interest bearing liabilities 14,456 12,763 14,233
Non interest bearing 1,003 1,003 1,003
liabilities
Deferred tax 335 251 335
Current Liabilities 12,078 14,139 12,032
Total Equity and liabilities 42,291 39,129 41,021
Net tangible asset value per 26.62 19.77 24.55
share (cents)
Condensed Consolidated Cash Unaudited Unaudited Audited
Flow
Statement 30 June 30 June 31 December
2008 2007 2007
R`000 R`000 R`000
Cash flows from operating (493) (104) 1,782
activities
Cash flows from investing (540) (429) (1,073)
activities
Cash flows from financing (85) (1,537) (1,926)
activities
Net cash and cash
equivalents
generated/(utilised) (1,118) (2,070) (1,217)
Cash and cash equivalents at
beginning
of period (3,976) (2,759) (2,759)
Cash and cash equivalents at
end
of period (5,094) (4,829) (3,976)
Commentary
Operational Review
The challenging trading conditions experienced during 2007 due to the
impact particularly of credit restrictions and interest rates hikes have
continued during 2008, resulting in a decrease of 16.6% in sales revenue
for the interim period. Increased bank borrowings resulted in increased
interest paid. To limit the impact of inflationary pressure on steel
price, R4.6m was invested in inventory during the interim period, while
trade receivables were reduced by R3.2m and payables by R1m.
Prospects
In line with Venter`s historical trading pattern, it is expected that
sales during the second half of 2008 will be an improvement over the
period under review. However, this assumes there is no further
deterioration in trading conditions.
Basis of preparation
The condensed consolidated interim financial statements have been
prepared in accordance with IAS 34 Interim Financial Reporting and in
compliance with the South African Companies Act, 1973. 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. The results of the interim period are not
necessarily indicative of the results for the entire year, and these
unaudited financial statements should be read in conjunction with the
audited financial statements for the year ended December 31, 2007.
The preparation of condensed consolidated interim financial statements
requires the use of estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the condensed consolidated interim
financial statements and the reported amounts of revenue and expenses
during the reporting periods. Although these estimates are based on
management`s best knowledge of current events and actions that the Group
may undertake in the future, actual results may differ from those
estimates.
Significant accounting policies
The accounting policies and methods of computation followed for
presenting the condensed consolidated interim financial statements are
consistent with those applied in the financial statements for the year
ended December 31, 2007, except that the Group has adopted the
amendments to IAS21 (revised), and IFRIC4 and IFRIC7 with effect from
April 1, 2006.
By order of the board
DP Hamann GE Hamann
19 September 2008
Directors:
D P Hamann, G E Hamann, N Hamann (non-executive), N V Toerien (non-executive)
Registered Office:
154 Axle Road, Devland ,PO Box 57178, Springfield, 2137
Transfer Secretaries:
Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg
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
Auditors:
Mazars Moores Rowland, 2nd Floor, Moores Rowland House, 5 St Davids Place,
Parktown
PO Box 6697, Johannesburg,
2000
Sponsor:
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 22/09/2008 08:54:02 Produced by the JSE SENS Department.
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