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VAALTRUCAR LIMITED
(Registration number 1987/000988/06)
(Incorporated in the Republic of South Africa)
VAALAUTO LIMITED
(Registration number 1983/013044/06)
(Incorporated in the Republic of South Africa)
The audited results of the companies and their subsidiaries for the year ended
28 February 2001 are as follows:
INCOME STATEMENTS
Audited Audited Audited Audited
29/02/00 28/02/01 28/02/01 29/02/00
R'000 R'000 R'000 R'000
213 849 255 210 REVENUE 225 210 213 849
3 873 4 519 Profit from operations 4 519 3 873
(3 089) (2 903) Finance cost (2 903) (3 089)
784 1 616 Profit before taxation 1 616 784
(357) (417) Taxation (417) (357)
427 1 199 Income for the period 1 199 427
Net income attributable to
(103) (282) outside shareholders (68) (28)
Net income attributable to
324 917 ordinary shareholders 1 131 399
16 500 16 500 Shares in issue ('000) 16 500 16 500
2,0 5,6 Earnings per 6,9 2,4
share (cents)
19 456 13 859 Net tangible asset 17 536 13 341
value (R)
63,4 84,0 Net tangible asset value 106,0 80,9
per share (cents)
BALANCE SHEETS
Audited Audited Audited Audited
29/02/00 28/02/01 28/02/01 29/02/00
R'000 R'000 R'000 R'000
EQUITY AND LIABILITIES
10 456 13 859 Capital and reserves 17 536 13 341
3 279 4 356 Outside shareholders' 1 089 806
interest
5 339 4 158 Interest bearing 4 158 5 339
borrowings
27 364 35 899 Current liabilities 35 899 27 363
46 438 58 272 TOTAL EQUITY AND 58 682 46 849
LIABILITIES
ASSETS
13 236 14 637 Non-current assets 15 047 13 647
33 202 43 635 Current assets 43 635 33 202
46 438 58 272 TOTAL ASSETS 58 682 46 849
CASH FLOW STATEMENTS
Audited Audited
28/02/01 29/02/00
R'000 R'000
OPERATING ACTIVITIES
Cash from operations 4 791 5 044
Interest received 112 90
Interest paid (2 903) (3 089)
Taxation paid (458) (1 082)
NET CASH FROM OPERATING ACTIVITIES 1 542 963
INVESTING ACTIVITIES
Additional investment in subsidiary - (22)
Purchase of equipment and vehicles (568) (1 453)
Proceeds from sale of property, plant and equipment 1 795 760
NET CASH FROM INVESTING ACTIVITIES 1 227 (715)
FINANCING ACTIVITIES
Proceeds from long-term borrowings - 676
Payment of long-term liabilities (1 606) (912)
NET CASH FROM FINANCING ACTIVITIES (1 606) (236)
Movement in cash and cash equivalents 1 163 (4 431)
Balance brought forward (4 420) 11
CASH AND CASH EQUIVALENTS AT END OF PERIOD (3 257) (4 420)
STATEMENTS OF CHANGES IN EQUITY
Share Share Non-distributable Distributable
capital premium reserves reserves Total
R'000 R'000 R'000 R'000 R'000
VAALAUTO
Balance 29/2/2000 660 9 161 1 459 2 061 13 341
Net profit - - - 1 131 1 131
Revaluation surplus - - 3 064 - 3 064
Balance 28/2/2001 660 9 161 4 523 3 192 17 536
VAALTRUCAR
Balance 29/2/2000 1 650 5 614 959 2 233 10 456
Net profit - - - 917 917
Revaluation surplus - - 2 486 - 2 486
Balance 28/2/2001 1 650 5 614 3 445 3 150 13 859
By order of the board
Middelburg
CJ Esterhuizen (Secretary)
2 May 2001
Registered office
Cnr Jan van Riebeeck and Morkel Streets
Middelburg 1050
Transfer secretaries
Mercantile Registrars Limited
8th Floor, 11 Diagonal Street, Johannesburg 2001
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