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Ventel -
VENTER LEISURE AND COMMERCIAL TRAILERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1985/070343/06)
Share Code : VTL
ISIN Code: ZAE000007811
("VENTEL")
________________________________________________________________________________
Unaudited interim results for the six months ended 30 June 2003
________________________________________________________________________________
The unaudited interim results of Ventel are set out below :
Unaudited Audited
30 June 30 June 31 December
2003 2002 2002
R"000 R"000 R"000
CONDENSED CONSOLIDATED
BALANCE SHEET
Assets
Property, plant and equipment 7 173 7 611 6 638
Loans - 52 -
Current assets 19 328 7 569 18 221
Total assets 26 501 15 232 24 859
Equity and liabilities
Shareholders" equity 1 123 (1 151) 1 119
Interest bearing long-term 17 872 3 940 14 716
liabilities
Current liabilities 7 506 12 443 9 024
Total equity and liabilities 26 501 15 232 24 859
Net tangible asset value per 2,22 (2,28) 2,22
share (cents)
CONDENSED CONSOLIDATED
STATEMENT OF CHANGES IN
EQUITY
Equity at the beginning of 1 119 3 663 3 663
the year
Net profit (loss) for the 4 (4 814) (2 544)
year
Equity at the end of the year 1 123 (1 151) 1 119
Unaudited Audited
30 June 30 June 31 December
2003 2002 2002
R"000 R"000 R"000
CONDENSED CONSOLIDATED CASH
FLOW STATEMENT
Cash flows from operating (3 485) (2 239) (11 096)
activities
Cash flows from investing (875) (4) (712)
activities
Cash flows from financing 3 755 2 031 12 990
activities
Net cash (utilised)/generated (605) (212) 1 182
Cash and cash equivalents - (2 581) (3 763) (3 763)
beginning of year
Cash and cash equivalents - (3 186) (3 975) (2 581)
end of year
CONDENSED CONSOLIDATED
INCOME STATEMENT
Revenue 17 384 14 473 37 991
Profit (loss) from operations 1 426 (4 959) (860)
Net interest paid (1 422) (546) (1 534)
Profit (loss) before 4 (5 505) (2 394)
impairment
Impairment loss on property - - (841)
Profit (loss) before taxation 4 (5 505) (3 235)
Taxation - 691 691
Profit (loss) for the period 4 (4 814) (2 544)
attributable to shareholders
Average number of shares in 50 495 50 495 50 495
issue (`000)
Earning (loss) per share 0,01 (9,53) (5,04)
(cents)
Headline earnings adjustment:
Impairment loss on property - - 1,67
(cents)
Profit on disposal of (0,28)
property, plant and equipment
Headline loss per share (0,27) (9,53) (3,37)
(cents)
Commentary
The restructuring process in the group is progressing well and the production
and cost benefits that were envisaged are now producing results. The increased
marketing of the Venter brand during the past six months raised the consumer
awareness of the brand considerably, resulting in increased turnover and
profitability.
Review of the six months
The turnover for the six months improved by 20% over the interim period last
year. The group returned a profit from operations of R1,4 million compared to a
loss of R5 million in the prior period, an improvement of R6,4 million.
The headline loss per share improved to 0.27 cents. (2002: 9.5 cents)
A further R3.1 million of working capital funding was advanced by Metropolitan
Power Services (Pty) Ltd during the period, increasing the total funds provided
to R15.3 million from R12.2 million at year end. It is envisaged that the group
will start to generate adequate cash from operations in the near future to
finance the operations.
Capital Expenditure
Capital expenditure of R2.3 million was incurred on new machinery during the six
months in order to ensure that quality trailers are produced efficiently. This
machinery was only brought into production during June 2003, and consequently
the benefits will only be visible in the second half of the year.
The sale of the fixed property situated in Sunninghill was concluded for R1.5
million, the proceeds of which was utilised to settle the bond, and expenses
incurred on the disposal.
Prospects
We are embarking on the launch of new trailer models. Much still has to be
achieved on the upgrading of production facilities, which is an on-going
process. This will not be immediate, but will be introduced in stages. This in
turn will have a snowballing effect on getting the workforce skilled to the new
advances.
We are in the process of developing new and additional products for the leisure
market, which will be available for the forthcoming holiday season.
Accounting Policies
The accounting policies adopted for the purposes of this interim reporting
period comply with South African Statements of Generally Accepted Accounting
Practice and are consistent with those adopted in the prior financial year.
Dividend
No dividend is proposed for this period.
Johannesburg
18 August 2003
By order of the board
D P Hamann G E Hamann
Registered office Transfer secretaries
154 Axle Road Computershare 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
Date: 21/08/2003 04:00:07 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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