|
VENTER LEISURE AND COMMERCIAL TRAILERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1985/070343/06)
Share code: VTL
ISIN: ZAE000007811
("VENTEL")
Reviewed preliminary results for the year ended 31 December 2002
The reviewed preliminary results of Ventel are set out below:
Reviewed Audited
CONDENSED CONSOLIDATED BALANCE 2002 2001
SHEET R"000 R"000
Assets
Property, plant and equipment 6 638 7 797
Loans - 52
Current assets 18 221 11 109
Total assets 24 859 18 958
Equity and liabilities
Shareholders" equity 1 119 3 663
Interest bearing long-term 14 716 1 909
liabilities
Deferred taxation - 691
Current liabilities 9 024 12 695
Total equity and liabilities 24 859 18 958
Net tangible asset value per 2.2 7.3
share (cents)
Reviewed Audited
CONDENSED CONSOLIDATED 2002 2001
STATEMENT OF CHANGES IN EQUITY R"000 R"000
Equity at the beginning of the 3 663 14 888
year
Net loss for the year (2 544) (11 225)
Equity at the end of the year 1 119 3 663
Reviewed Audited
CONDENSED CONSOLIDATED 2002 2001
CASH FLOW STATEMENT R"000 R"000
Cash flows from operating (11 200) (1 187)
activities
Cash flows from investing (712) (2 468)
activities
Cash flows from financing 13 094 1 619
activities
Net cash generated / 1 182 (2 036)
(utilised)
Cash and cash equivalents (3 763) (1 727)
- beginning of year
Cash and cash equivalents (2 581) (3 763)
- end of year
Reviewed Audited
12 6 months 6 months 12
months 31 months
CONDENSED CONSOLIDATED 31 December 30 June 31
INCOME STATEMENT December 2002 2002 December
2002 R"000 R"000 2001
R"000 R"000
Revenue 37 991 23 518 14 473 44 444
(Loss) profit from (860) 4 099 (4 959) (7 983)
operations
Net interest paid (1 534) (988) (546) (816)
(Loss) profit before (2 394) 3 111 (5 505) (8 799)
impairment
Impairment loss on (841) (841) - -
property
(Loss) profit before (3 235) 2 270 (5 505) (8 799)
taxation
Taxation 691 - 691 (2 426)
(Loss) profit for the (2 544) 2 270 (4 814) (11 225)
period attributable to
shareholders
Average number of shares 50 495 50 495 50 495 50 495
in issue (`000)
Loss per share (cents) (5.0) 4.5 (9.5) (22.2)
Headline earnings
adjustment:
Impairment loss on 1.7 1.7 - -
property (cents)
Headline loss per share (3.3) 6.2 (9.5) (22.2)
(cents)
Commentary
Shareholding
Dunrose Investments 143 (Proprietary) Limited, which had a 59.2% share in
Ventel, increased their shareholding by 22.2% though a mandatory offer in
October 2002, giving a total of 81.4%.
The year review and post balance sheet events
The turnover during the year reduced from approximately R44 million to
approximately R38 million, thus a fall of approximately 14%. The loss for the
year decreased to R2.5 million from R11.2 million in the prior year. The
company had a loss from operations of R5 million for the first 6 months of the
year. A profit from operations of R4.1 million was realised in the last 6
months of the year, which has traditionally been the peak sales season for the
luggage trailer market. This resulted in a net loss from operations of R0.9
million for the year, compared to a net loss from operations of R8 million in
the prior year, an improvement of R7.1 million.
The headline loss per share improved to 3.3 cents. (2001: 22.2 cents).
Payment has been negotiated with the major creditors of the Ventel Group and the
debts have since been settled. Metropolitan Power Services (Proprietary)
Limited, a company I control, has advanced working capital funding to the Ventel
Group. The total funding and facilities advanced during the year was R16
million to finance equipment and working capital in order to keep Ventel
products ahead in the market place.
Inventory and trade receivables increased to R17.7 million from R11.1 million in
the prior year. This was mainly due to the increased production and sales
towards to end of the year.
New developments (such as accessories) are being produced, for the enhancement
of our current range of products.
Capital Expenditure
Capital expenditure of R1 million has been incurred during the past financial
year.
A commitment of R2 million has been earmarked for the purchase of new machinery
in order to upgrade, and expedite production.
Accounting Policies
The results were prepared in accordance with South African Statements of
Generally Accepted Accounting Practices. The company"s accounting policies have
been consistently applied in producing these results.
Report of the independent auditors.
The financial information contained in this announcement has been reviewed by
Ventel"s auditors, Fisher Hoffman PKF (JHB) Inc. A copy of their unmodified
review report is available for inspection at Ventel"s registered office.
Dividend
No dividend is proposed for this year.
Johannesburg
24 March 2003
By order of the board
D P Hamann G E Hamann
Registered office Transfer secretaries
154 Axle Road Computershare Investor Services Limited
Devland, 2190 (Registration number 1958/003546/06)
(P O Box 57178, Springfield, 2137) 70 Marshall Street, Johannesburg, 2001
(P O Box 61051, Marshalltown, 2107)
Directors: D P Hamann, G E Hamann, N Hamann, O J la Grange
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
