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Venter Leisure and Commercial Trailers Ltd
audited results for the year ended 31 December 2000
Income statement
Audited 31 December
2000 1999
R'000 R'000
Revenue 53 748 31 550
Operating income/(loss) 993 (9 616)
Investment income 22 81
Finance costs (702) (323)
Net profit/(loss) 314 (9 858)
Rationalisation costs - (18 426)
Net profit/(loss) before tax 314 (28 284)
Tax (141) 1 144
Net profit/(loss) after tax 172 (27 140)
Earnings per share (cents) 0,3 (53,7)
Average number of shares
in issue ('000) 50 495 50 495
Statement of changes in equity
Equity beginning of year 14 716 41 856
Changes in retained earnings 172 (27 140)
Equity end of year 14 888 14 716
Balance sheet
Audited 31 December
2000 1999
R'000 R'000
Assets
Non-current assets
Property, plant and equipment 6 049 5 098
Investments 401 332
Deferred tax 1 735 1 876
Total non current assets 8 185 7 306
Current assets 16 880 15 248
Total assets 25 064 22 584
Equity and liabilities
Capital and reserves 27 729 27 729
Accumulated loss (12 841) (13 013)
Total capital and reserves 14 888 14 716
Non-current liabilities
Long-term borrowings 290 111
Current liabilities 9 886 7 727
Total equity and liabilities 25 064 22 554
Net asset value per share (cents) 29,5 29,1
cash flow statement
Cash flow from operating activities 1 939 (27 271)
Cash flow from investing activities (1 784) 26 400
Cash flow from financing activities 179 (60)
Net change in cash and cash equivalents 334 (931)
Commentary
The results for the period under review reflect the turnaround of the group's
performance. Turnover increased by 70% over the previous year, resulting in a
return to profitability. This should be seen against the losses sustained in
the 1999 financial year.
Consumer demand for the group's products exceeded the expectations of the
group's dealer network causing demand to exceed availability during peek sales
periods, resulting in lower turnover and profitability than anticipated, which
should have been achieved. A continued investment in the improvement of the
group's manufacturing facilities will provide increased capacity as well as
efficiencies.
Prospects
The group's dealer network has been maintaining higher stock levels in the Year
2001, thereby allowing demand to be met. The group continues to manage interest
bearing debt and no significant changes have occurred. The Commercial Division
continues to consistently increase output. Exports of the group's trailer
products are meeting expectation and will increasingly contribute to turnover.
The group's plans to broaden manufacturing output have also resulted in
entering the Steel canopy market. This market should provide an increasing
source of revenue which will counterbalance the seasonability of the trailer
market.
Dividend
No dividend has been declared for the year.
By order of the Board
J. Loseby
Company Secretary
Sandton
30 March 2001
Registered Office: Transfer Secretaries:
96 Hans van Rensburg Street Mercantile Registrars Limited
Naboomspruit 8th Floor, 11 Diagonal Street
South Africa Johannesburg, 2000
PO Box 1053, Johannesburg 2000
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