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The audited results of the companies and their subsidiaries for the year ended
28 February 2003 are as follows:
BALANCE SHEETS
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: ZAE000007704) ISIN: ZAE000007746)
Audited Audited Audited Audited
28/02/02 28/02/03 28/02/03 28/02/02
R"000 R"000 R"000 R"000
ASSETS
14 405 14 845 Non-current assets 16 028 15 621
35 643 51 032 Current assets 51 032 35 643
50 048 65 877 TOTAL ASSETS 67 060 51 264
EQUITY AND LIABILITIES
15 132 16 562 Capital and reserves 20 646 19 021
Outside shareholders"
3 826 4 112 interest 1 211 1 153
3 529 4 407 Interest bearing borrowings 4 407 3 529
27 561 40 796 Current liabilities 40 796 27 561
TOTAL EQUITY AND
50 048 65 877 LIABILITIES 67 060 51 264
INCOME STATEMENTS
Audited Audited Audited Audited
28/02/02 28/02/03 28/02/03 28/02/02
R"000 R"000 R"000 R"000
212 105 234 497 REVENUE 234 497 212 105
4 495 5 623 Profit from operations 5 623 4 495
(2 903) (3 326) Finance cost (3 326) (2 476)
1 616 2 297 Profit before taxation 2 297 2 019
(417) (614) Taxation (614) (470)
1 199 1 683 Income for the period 1 683 1 549
Net income attributable to
(282) (289) outside shareholders (58) (64)
Net income attributable to
917 1 394 ordinary shareholders 1 625 1 485
16 500 16 500 Shares in issue ("000) 16 500 16 500
Headline earnings per
7,7 8,4 share (cents) 9,8 9,0
7,7 8,4 Earnings per share (cents) 9,8 9,0
Net tangible asset
15 132 16 562 value (R) 20 646 19 021
Net tangible asset value
82,0 100,4 per share (cents) 124,8 115,0
CASH FLOW STATEMENTS VAALAUTO LIMITED AND VAALTRUCAR LIMITED
Audited Audited
28/02/03 28/02/02
R"000 R"000
OPERATING ACTIVITIES
Cash from operations 6 083 1 517
Interest received 43 182
Interest paid (3 326) (2 476)
Taxation paid (254) (488)
NET CASH FROM OPERATING ACTIVITIES 2 546 (1 265)
INVESTING ACTIVITIES
Purchase of land and buildings (1 105) -
Purchase of equipment and vehicles (1 457) (1 362)
Proceeds from sale of plant,
equipment and vehicles 988 758
Proceeds from sale of land and buildings 720 -
NET CASH FROM INVESTING ACTIVITIES (854) (604)
FINANCING ACTIVITIES
Changes in loans to group companies (15) (386)
Payment of capital element of
long-term borrowings (392) (593)
Payment of long-term liabilities 1 297 -
NET CASH FROM FINANCING ACTIVITIES 890 (979)
Movement in cash and cash equivalents 2 582 (2 849)
Balance brought forward (6 106) (3 257)
CASH AND CASH EQUIVALENTS AT END OF PERIOD (3 524) (6 106)
STATEMENT OF CHANGES IN EQUITY
Non-
distrib- Distrib-
Share Share utable utable
capital premium reserves reserves Total
R"000 R"000 R"000 R"000 R"000
VAALAUTO
Balance 28/02/2002 660 9 161 4 523 4 677 19 021
Net profit - - - 1 625 1 625
Balance 28/02/2003 660 9 161 4 523 6 302 20 646
VAALTRUCAR
Balance 28/02/2002 1 650 5 614 3 445 4 423 15 132
Net profit - - - 1 394 1 394
Goodwill not recognised
in the income statement - - - 36 36
Balance 28/02/2003 1 650 5 614 3 445 5 853 16 562
NOTES
1. These results have been prepared in accordance with South African Statements
of Generally Accepted Accounting Practice and accounting policies have not
changed.
2. The legal proceedings referred to at the interim stage instituted by a former
director and various entities controlled by either himself or his spouse have
been defended and are ongoing.
3. The company"s auditors, Jordaan Botha & Partners Incorporated, have reviewed
these audited financial results. The unqualified review report is available at
the company"s registered office.
By order of the board Middelburg
CJ Esterhuizen (Secretary) 22 May 2003
Registered office
Cnr Jan van Riebeeck and Morkel Streets
Middelburg 1050
Transfer secretaries
Computershare Investor Services Limited
70 Marshall Street, Johannesburg 2001
Sponsors
Sasfin Bank Limited
13 - 15 Scott Street, Waverley 2090
PO Box 95104, Grant Park 2051
Date: 23/05/2003 05:00:09 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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