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(Registration number 1972/008877/06)
JSE share code: VLY ISIN code: ZAE000018156
Audited results for the year ended 28 February 2002
2002 2001
Income statements R'000 R'000
Investment income 14 099 12 503
Operating expenses (405) (4 919)
Net income before taxation 13 694 7 584
Taxation (3 814) (1 440)
Net income after taxation 9 880 6 144
Attributable to outside shareholders 505
Net income attributable to shareholders 9 880 6 649
Number of shares in issue (`000) 21 880 21 880
Attributable earnings per share (cents) 45,2 30,4
Headline earnings per share (cents) 45,2 24,6
2002 2001
Balance sheets R'000 R'000
Capital employed
Ordinary shareholders' funds 153 831 143 951
Employment of capital
Deferred taxation 1 239
Net current assets 153 831 142 712
Accounts receivable 42
Short-term assets and cash 153 865 145 110
153 907 145 110
Accounts payable 76 2 398
153 831 143 951
Net asset value per share (cents) 703 658
2002 2001
Cash flow statements R'000 R'000
Cash flows retained from operating activities 8 763 18 752
Cash flows retained from investing activities 7 247 14 364
Net increase in cash and cash equivalents 16 010 33 116
Cash and cash equivalents at beginning of year 137 855 104 739
Cash and cash equivalents at end of year 153 865 137 855
2002 2001
Statements of changes in owners' equity R'000 R'000
Ordinary shareholders' funds at beginning of year 143 951 138 055
Movements in non-distributable reserves (753)
Net profit for the year 9 880 6 649
Ordinary shareholders' funds at end of year 153 831 143 951
Comments
These audited results have been prepared in accordance with the statements
of GAAP and the accounting policies are consistent with those used in
previous years.
Velocity's business is that of an investment company.
During the year under review the board has deemed it prudent to maintain the
company's liquid position and the company's assets were invested in interest
earning instruments. During this period the Financial and Industrial Index
of the JSE Securities Exchange South Africa ("FINI") decreased by 10,3%
whilst the net asset value per share of Velocity increased by 6,9% to 703
cents per share.
Attributable earnings per share increased by 48,7% to 45,2 cents.
During the 2001 financial year the company disposed of its subsidiaries. The
2002 figures are therefore that of the company alone, comparable to the 2001
group figures.
Prospects
It is proposed to increase the business activity of the company and the
board continues to investigate growth opportunities.
Dividends
No dividends have been recommended or declared.
On behalf of the board of directors
N Mohammed
Company secretary
Cape Town
10 April 2002
Registered office: Albion Spring, 183 Main Road, Rondebosch 7700
(PO Box 24024, Claremont 7735)
Transfer secretaries: Computershare Registrars Limited, 2nd Floor,
Edura House, 41 Fox Street, Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
Directors: J F Mouton (Chairman), C A Otto, P S Z Strauss,
C F Turner
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