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Ventel - Unaudited Interim Results For The Six Months Ended 30 June 2002
Venter Leisure and Commercial Trailers Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1985/070343/06)
Share Code: VTL ISIN: ZAE 000007811
("VENTEL")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002
The unaudited interim results of Ventel and its subsidiaries for the six
months ended 30 June 2002 are set out below:
BALANCE SHEET Unaudited Audited
30 June 31 December
2002 2001 2001
Assets
Non-current assets 7 663 10 243 7 849
Property, plant and 7 611 8 508 7 797
machinery
Investments 52 - 52
Deferred taxation - 1 735 -
Current assets 7 569 17 588 11 109
Inventories 3 764 9 478 4 168
Accounts receivable 3 805 8 097 6 940
Cash resources - 13 1
Total assets 15 232 27 831 18 958
Equity and
liabilities
Share capital and (1 151) 13 464 3 663
reserves
Issued capital and 27 729 27 729 27 729
share premium
Accumulated loss (28 880) (14 265) (24 066)
Non-current 3 940 2 234 2 600
liabilities
Long-term 1 982 2 234 1 909
liabilities -interest
bearing
Long-term liabilities 1 858 - -
- non-interest
bearing
Deferred taxation - - 691
Current liabilities 12 443 12 133 12 695
Accounts payable 8 450 6 365 8 699
Taxation 18 232 232
Bank overdraft 3 975 5 536 3 764
Total equity and 15 232 27 831 18 958
liabilities
Net asset value per (2.3) 26.7 7.3
share (cents)
Net tangible asset (2.3) 26.7 7.3
value per share
(cents)
ABRIDGED STATEMENT OF
CHANGES IN EQUITY
Equity beginning of 3 663 14 888 14 888
period
Net loss for the (4 814) (1 423) (11 225)
period
Equity end of period (1 151) 13 465 3 663
INCOME STATEMENT
Gross revenue 14 473 22 657 44 444
Operating loss ( 4 959) (1 136) (7 983)
Investment income 5 7
Finance expenses (551) (287) (823)
Net loss before (5 505) (1 423) (8 799)
taxation
Taxation 691 - (2 426)
Net loss after (4 814) (1 423) (11 225)
taxation
Average number of 50 495 50 495 50 495
shares in issue
(`000)
Loss per share (9.5) (2.8) (22.2)
(cents)
Headline loss per (9.5) (2.8) (22.2)
share (cents)
CASH FLOW STATEMENT
Operating activities (2 239) (2 802) (1 187)
Investing activities (4) (2 952) (2 468)
Financing activities 2 031 1 945 1 619
Net cash (212) (3 809) (2 036)
generated/(utilised)
Cash and cash (3 763) (1 727) (1 727)
equivalents beginning
of period
Cash and cash (3 975) (5 536) (3 763)
equivalents end of
period
Commentary
As it is only two weeks since our audited annual results for the year
ended 31 December 2001 were published, I can only re-iterate that the
plans outlined are progressing and that I still have full confidence
that we will achieve pre-eminence for the Venter brand.
The traditional "holiday" peak sales season falls during the second half
of the year and we will be in a position to take advantage of this.
Review of the six months
The turnover during the six months reduced from approximately R 23
million to approximately R14 million, thus a fall of approximately 39%.
The loss for the six months grew to approximately R 4.8 million.
The funds required to refinance Ventel have rendered it technically
insolvent with the Net Asset Value dropping to a negative R1.15 million
( -2.3 cents per share) at 30 June 2002. R3 million of amounts payable
to Metropolitan Power Services (Proprietary) Limited are, however, the
subject of a subordination agreement.
Accounting Policies
The results were prepared in accordance with the Statements of Generally
Accepted Accounting Practice.
The company`s accounting policies have been consistently applied in
producing these results.
Dividend
No dividend is proposed for this period.
D P Hamann
Johannesburg
25 September 2002
Directors: D P Hamann, G E Hamann, N Hamann, O J La Grange
Registered office Transfer secretaries
154 Axle Road Computershare Investor Services Limited
Devland, 2190 (Registration number 1987/003382/06)
(PO Box 57178,
Springfield, 2137) Ground floor, 70 Marshall Street
Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
Date: 27/09/2002 08:00:00 AM Produced by the JSE SENS Department
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