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Vaaltrucar Limited/Vaalauto Limited - Results For The Year Ended 28 February
2002
The audited results of the companies and their subsidiaries for the year
ended 28 February 2002 are as follows:
INCOME STATEMENTS
VAALTRUCAR LIMITED VAALAUTO LIMITED
(Registration number (Registration number
1987/000988/06) 1983/013044/06)
(Incorporated in the (Incorporated in the
Republic of South Africa) Republic of South Africa)
(Share code: VCR (Share code: VLT
ISIN number: ZAE000007704) ISIN number: ZAE000007746)
Audited Audited Audited Audited
28/02/01 28/02/02 28/02/02 28/02/01
R`000 R`000 R`000 R`000
225 210 212 105 REVENUE 212 105 225 210
4 519 4 495 Profit from operations 4 495 4 519
(2 903) (2 476) Finance cost (2 476) (2 903)
1 616 2 019 Profit before taxation 2 019 1 616
(417) (470) Taxation (470) (417)
1 199 1 549 Income for the period 1 549 1 199
Net income attributable to
(282) (276) outside shareholders (64) (68)
Net income attributable to
917 1 273 ordinary shareholders 1 485 1 131
16 500 16 500 Shares in issue (`000) 16 500 16 500
Headline earnings - earnings
5,6 7,7 per share (cents) 9,0 6,9
13 859 15 132 Net tangible asset value (R) 19 021 17 536
Net tangible asset value
84,0 92,0 per share (cents) 115 106,0
BALANCE SHEETS
Audited Audited Audited Audited
28/02/01 28/02/02 28/02/02 28/02/01
R`000 R`000 R`000 R`000
EQUITY AND LIABILITIES
13 859 15 132 Capital and reserves 19 021 17 536
4 356 3 826 Outside shareholders` interest 1 153 1 089
4 158 3 529 Interest bearing borrowings 3 529 4 158
35 899 27 561 Current liabilities 27 561 35 899
58 272 50 048 TOTAL EQUITY AND LIABILITIES 51 264 58 682
ASSETS
14 637 14 405 Non-current assets 15 621 15 047
43 635 35 643 Current assets 35 643 43 635
58 272 50 048 TOTAL ASSETS 51 264 58 682
CASH FLOW STATEMENTS VAALAUTO LIMITED AND VAALTRUCAR LIMITED
Audited Audited
28/02/02 28/02/01
R`000 R`000
OPERATING ACTIVITIES
Cash from operations 1 517 4 791
Interest received 182 112
Interest paid (2 476) (2 903)
Taxation paid (488) (458)
NET CASH FROM OPERATING ACTIVITIES (1 265) 1 542
INVESTING ACTIVITIES
Purchase of equipment and vehicles (1 362) (568)
Proceeds from sale of property, plant and equipment 758 1 795
NET CASH FROM INVESTING ACTIVITIES (604) 1 227
FINANCING ACTIVITIES
Changes in loans to group companies (386) -
Payment of long-term liabilities (593) (1 606)
NET CASH FROM FINANCING ACTIVITIES (979) (1 606)
Movement in cash and cash equivalents (2 849) 1 163
Balance brought forward (3 257) (4 420)
CASH AND CASH EQUIVALENTS AT END OF PERIOD (6 106) (3 257)
STATEMENT 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 28/02/2001 660 9 161 4 523 3 192 17 536
Net profit - - - 1 485 1 485
Balance 28/02/2002 660 9 161 4 523 4 677 19 021
VAALTRUCAR
Balance 28/02/2001 1 650 5 614 3 445 3 150 13 859
Net profit - - - 1 273 1 273
Balance 28/02/2002 1 650 5 614 3 445 4 423 15 132
These results have been prepared in accordance with South African Generally
Accepted Accounting Practice and accounting policies have not changed.
By order of the board Middelburg
CJ Esterhuizen (Secretary) 15 May 2002
Registered office Transfer secretaries
Cnr Jan van Riebeeck and Morkel Streets Mercantile Registrars Limited
Middelburg 1050 8th Floor, 11 Diagonal Street,
Johannesburg 2001
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