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Vaaltrucar Limited And Vaalauto Limited - Interim Results For The Six Months
ENDED 31 AUGUST 2002
VAALTRUCAR LIMITED
(Registration number 1987/000988/06)
(Incorporated in the Republic of South Africa)
(Share code: VCR)
(ISIN number: ZAE000007704)
The unaudited results of the companies and their subsidiaries for the six months
ended 31 August 2002 are as follows:
INCOME STATEMENTS
12 months 6 months 6 months
28/02/02 31/08/01 31/08/02
R`000 R`000 R`000
REVENUE 212 105 108 628 106 862
Profit from operations 4 495 2 282 2 387
Finance cost (2 476) (1 288) (1 235)
Profit before taxation 2 019 994 1 152
Taxation (470) (295) (316)
Profit for the period 1 549 699 836
Net profit attributable to
outside shareholders (276) (133) (118)
Net profit attributable to
ordinary shareholders 1 273 566 718
Shares in issue (`000) 16 500 16 500 16 500
Headline earnings per
share (cents) 7,7 3,2 4,3
Earnings per share (cents) 7,7 3,2 4,3
Net tangible asset value (R) 15 132 14 425 15 850
Net tangible asset value
per share (cents) 91,7 87,2 96,0
BALANCE SHEETS
12 months 6 months 6 months
28/02/02 31/08/01 31/08/02
R`000 R`000 R`000
ASSETS
Non-current assets 14 405 15 212 15 465
Current assets 35 643 32 142 43 262
TOTAL ASSETS 50 048 47 354 58 727
EQUITY AND LIABILITIES
Capital and reserves 15 132 14 425 15 850
Outside shareholders` interest 3 826 4 488 3 937
Interest bearing borrowings 3 529 4 106 3 945
Current liabilities 27 561 24 335 34 995
Interest bearing 20 363 16 630 25 570
Non-interest bearing 7 198 7 705 9 425
TOTAL EQUITY AND LIABILITIES 50 048 47 354 58 727
VAALAUTO LIMITED
(Registration number 1983/013044/06)
(Incorporated in the Republic of South Africa)
(Share code: VLT)
(ISIN number: ZAE000007746)
INCOME STATEMENTS
6 months 6 months 12 months
31/08/02 31/08/01 28/02/02
R`000 R`000 R`000
REVENUE 106 862 108 628 212 105
Profit from operations 2 387 2 282 4 495
Finance cost (1 235) (1 288) (2 476)
Profit before taxation 1 152 994 2 019
Taxation (316) (295) (470)
Profit for the period 836 699 1 549
Net profit attributable to
outside shareholders - - (64)
Net profit attributable to
ordinary shareholders 836 699 1 485
Shares in issue (`000) 16 500 16 500 16 500
Headline earnings per share (cents) 5,0 4,0 9,0
Earnings per share (cents) 5,0 4,0 9,0
Net tangible asset value (R) 19 857 18 235 19 021
Net tangible asset value
per share (cents) 120,0 110,0 115
BALANCE SHEETS
6 months 6 months 12 months
31/08/02 31/08/01 28/02/02
R`000 R`000 R`000
ASSETS
Non-current assets 16 690 15 623 15 621
Current assets 43 262 32 142 35 643
TOTAL ASSETS 59 952 47 765 51 264
EQUITY AND LIABILITIES
Capital and reserves 19 857 18 235 19 021
Outside shareholders` interest 1 153 1 089 1 153
Interest bearing borrowings 3 945 4 106 3 529
Current liabilities 34 997 24 335 27 561
Interest bearing 25 570 16 630 20 363
Non-interest bearing 9 427 7 705 7 198
TOTAL EQUITY AND LIABILITIES 59 952 47 765 51 264
CASH FLOW STATEMENTS VAALAUTO LIMITED AND VAALTRUCAR LIMITED
6 months 6 months 12 months
31/08/02 31/08/01 28/02/02
R`000 R`000 R`000
OPERATING ACTIVITIES
Cash from operations 3 916 1 709 1 517
Interest paid (1 217) (1 244) (2 294)
Taxation paid (224) (590) (488)
NET CASH FROM OPERATING
ACTIVITIES 2 475 (125) (1 265)
INVESTING ACTIVITIES
Purchase of land and buildings (1 104) - -
Purchase of equipment and vehicles (612) (602) (1 362)
Proceeds from sale of
equipment and vehicles 113 169 758
Proceeds from sale of
land and buildings 312 - -
NET CASH FROM
INVESTING ACTIVITIES (1 291) (433) (604)
FINANCING ACTIVITIES
Changes in loans to/by
group companies - - (386)
Payment of long-term liabilities (423) (252) (593)
Proceeds from long-term borrowings 890 - -
NET CASH FROM FINANCING ACTIVITIES 467 (252) (979)
Movement in cash and
cash equivalents 1 651 (810) (2 848)
Balance brought forward (6 106) (3 258) (3 258)
CASH AND CASH EQUIVALENTS
AT END OF PERIOD (4 455) (4 068) (6 106)
STATEMENTS OF CHANGES IN EQUITY
Non-
Share Share 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
for the year - - - 1 485 1 485
Balance
28/02/2002 660 9 161 4 523 4 677 19 021
Net profit
for the period - - - 836 836
Balance
31/08/2002 660 9 161 4 523 5 513 19 857
VAALTRUCAR
Balance
28/02/2002 1 650 5 614 3 445 3 150 13 859
Net profit
for the year - - - 1 273 1 273
Balance
28/02/2002 1 650 5 614 3 445 4 423 15 132
Net profit
for the period - - - 718 718
Balance
31/08/2002 1 650 5 614 3 445 5 141 15 850
COMMENTS
1. Board of Directors
SF Germishuizen (Senior) was not re-elected as a director of Vaaltrucar Limited
("Vaaltrucar") at the Annual General Meeting held on 13 June 2002 and resigned
as a director of Vaalauto Limited ("Vaalauto") on 27 June 2002.
The Board of Vaaltrucar was subsequently reconstituted to consist of CJ
Esterhuizen, GAJ Germishuizen, SF Germishuizen (Junior), OI Goldstuck and DJ
Miller. In addition to the above, PK Germishuizen remains a director of
Vaalauto.
OI Goldstuck was elected Chairman of the two companies.
2. Legal Proceedings
Vaalauto has settled a claim from a director, GAJ Germishuizen, relating to a
previous alleged wrongful dismissal. As sufficient provisions exist against the
claim, it will have no impact on earnings.
A previous director, SF Germishuizen (Senior), has instituted action against
various companies in the Group, relating to inter-alia, a ten year service
contract, referred to in the 2002 annual financial statements and a service
agreement entered into in March 1987. These actions are being defended. The
directors are of the opinion that the Group`s exposure in relation to these
claims will be limited to the legal costs of such defence.
3. King Code
The newly constituted Boards have reaffirmed their commitment to the principles
of the King Code. The size of the Group and the composition of its shareholding
structure does not however, at this time, justify the appointment of independent
non-executive directors.
4. Sponsor
Sasfin Bank Limited has been appointed as sponsor to the two listed entities.
5. Results
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) 19 November 2002
Registered office
Cnr Jan van Riebeeck and Morkel Streets
Middelburg 1050
Transfer secretaries
Computershare Investor Services Limited
70 Marshall Street, Johannesburg 2001
Date: 22/11/2002 05:05:00 PM Produced by the JSE SENS Department
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