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August 2001
The unaudited results of the companies and their subsidiaries for the six
months ended 31 August 2001 are as follows:
VAALTRUCAR LIMITED
(Registration number 1987/000988/06)
(Incorporated in the Republic of South Africa)
Share code: VCR
ISIN number: ZAE000007704
VAALAUTO LIMITED
(Registration number 1983/013044/06)
(Incorporated in the Republic of South Africa)
Share code: VLT
ISIN number: ZAE000007746
INCOME STATEMENTS
12 months 6 months 6 months 6 months 6 months 12 months
28/02/01 31/08/00 31/08/01 31/08/0 31/08/00 28/02/01
R'000 R'000 R'000 R'000 R'000 R'000
225 210 117 422 108 628 TURNOVER 108 628 117 422 225 210
4 519 1 953 2 282 Operating income 2 282 1 953 4 519
(2 903) (984) (1 288) Finance cost (1 288) (984) (2 903)
1 616 969 994 Income before taxation 994 969 1 616
(417) (310) (295) Taxation (295) (310) (417)
Income for
1 199 659 699 the period 699 659 1 199
Net income
attributable
to outside
(282) (125) (133) shareholders - - (68)
Net income
attributable
to ordinary
917 534 566 shareholders 699 659 1 131
Shares in
16 500 16 500 16 500 issue (`000) 16 500 16 500 16 500
Headline
earnings per share
5,6 3,2 3,2 (cents) 4,0 4,0 6,9
Net tangible
13 859 10 989 14 425 asset value (R) 18 235 14 000 17 536
Net tangible
asset value
84,0 66,6 87,2 per share (cents) 110,0 84,9 106,0
BALANCE SHEETS
12 months 6 months 6 months 6 months 6 months 12 months
28/02/01 31/08/00 31/08/01 31/08/01 31/08/00 28/02/01
R'000 R'000 R'000 R'000 R'000 R'000
EQUITY AND
LIABILITIES
Capital and
13 859 10 958 14 425 reserves 18 235 14 000 17 536
Outside share-
holders'
4 355 3 404 4 488 interest 1 089 806 1 089
Interest bearing
4 158 4 264 4 106 borrowings 4 106 4 264 4 158
Current
35 899 32 943 24 335 liabilities 24 335 32 943 35 899
TOTAL EQUITY
58 271 51 569 47 354 AND LIABILITIES 47 765 52 013 58 682
ASSETS
Non-current
14 636 11 580 15 212 assets 15 623 12 024 15 047
43 635 39 989 32 142 Current assets 32 142 39 989 43 635
58 271 51 569 47 354 TOTAL ASSETS 47 765 52 013 58 682
CASH FLOW STATEMENTS VAALAUTO LIMITED AND VAALTRUCAR
LIMITED
6 months 6 months 12 months
31/08/01 31/08/00 28/02/01
R'000 R'000 R'000
OPERATING ACTIVITIES
Cash from operations 1 709 (247) 4 790
Interest received 44 54 112
Interest paid (1 288) (984) (2 903)
Taxation paid (590) (155) (458)
NET CASH FROM OPERATING ACTIVITIES (125) (1 332) 1 541
INVESTING ACTIVITIES
Purchase of equipment and vehicles (602) (320) (568)
Proceeds from sale of
equipment and vehicles 169 109 640
Proceeds from sale of
land and buildings - 1 000 1 155
NET CASH FROM INVESTING ACTIVITIES (433) 789 1 227
FINANCING ACTIVITIES
Payment of long-term liabilities (252) (1 075) 1 607)
NET CASH FROM FINANCING ACTIVITIES (252) (1 075) (1 607)
Movement in cash and cash equivalents (810) (1 618) 1 161
Balance brought forward (3 258) (4 385) (4 419)
CASH AND CASH EQUIVALENTS AT
END OF PERIOD (4 068) (6 003) (3 258)
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 for
the year - - - 1 131 1 131
Revaluation
surplus - - 3 064 - 3 064
Balance 28/2/2001 660 9 161 4 523 3 192 17 536
Net profit for
the period - - - 699 699
Balance 31/8/2001 660 9 161 4 523 3 891 18 235
VAALTRUCAR
Balance 29/2/2000 1 650 5 614 960 2 233 10 457
Net profit for
the year - - - 917 917
Revaluation surplus - - 2 485 - 2 485
Balance 28/2/2001 1 650 5 614 3 445 3 150 13 859
Net profit for
the period - - - 566 566
Balance 31/8/2001 1 650 5 614 3 445 3 716 14 425
By order of the board Middelburg
CJ Esterhuizen (Secretary) 8 October 2001
Registered office Transfer secretaries
Cnr Jan van Riebeeck and Morkel Streets Rand Registrars
Limited
Middelburg 1050 100 Northern Parkway,
Ormonde 2091
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