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VAALTRUCAR LIMITED AND VAALAUTO LIMITED - INTERIM RESULTS FOR THE SIX MONTHS
ENDED 31 AUGUST 2003
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 number: ZAE000007704) (ISIN number: ZAE000007746)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003
The unaudited results of the companies and their subsidiaries for the six months
ended 31 August 2003 are as follows:
INCOME STATEMENTS
12 6 6 6 6 12
months months months months months months
28/02/03 31/08/02 31/08/03 31/08/03 31/08/02 28/02/03
R"000 R"000 R"000 R"000 R"000 R"000
234 496 106 862 138 870 REVENUE 138 870 106 862 234 496
209 160 95 478 125 634 Cost of sales 125 634 95 478 209 160
25 336 11 384 13 236 GROSS PROFIT 13 236 11 384 25 336
Administrative
13 858 6 192 6 873 expenses 6 873 6 192 13 858
Other operating
5 855 2 805 3 121 expenses 3 121 2 805 5 855
Profit from
5 623 2 387 3 242 operations 3 242 2 387 5 623
3 326 1 235 1 920 Finance cost 1 920 1 235 3 326
Profit for the
period before
2 297 1 152 1 322 taxation 1 322 1 152 2 297
614 316 450 Taxation 450 316 614
Profit for the
period after
1 683 836 872 taxation 872 836 1 683
Net income
attributable
to outside
289 118 155 shareholders 36 - 58
Net profit
attributable to
ordinary
1 394 718 717 shareholders 836 836 1 625
-
16 500 16 500 16 500 Shares in issue 16 500 16 500 16 500
("000)
Headline
6,3 4,3 4,3 earnings per 5,0 5,0 7,4
share (cents)
Earnings per
8,4 4,3 4,3 share (cents) 5,0 5,0 9,8
Net tangible
16 562 15 850 17 279 asset value 21 482 19 857 20 646
(R"000)
Net tangible
asset value per
100,0 96,0 104,3 share 130,0 120,0 125,0
(cents)
BALANCE SHEETS
12 months 6 6 6 6 12
months months months months months
28/02/03 31/08/02 31/08/03 31/08/03 31/08/02 28/02/03
R"000 R"000 R"000 R"000 R"000 R"000
ASSETS
14 845 15 465 14 822 Non-current 16 005 16 690 16 028
assets
Property, plant
15 047 15 709 15 024 and equipment 15 024 15 709 15 047
Amounts owing by
- - - group companies 981 981 981
Investments and
181 181 181 loans - - -
(383) (425) (383) Intangibles - - -
51 032 43 262 48 284 Current assets 48 284 43 262 51 032
35 748 31 592 34 755 Inventories 34 755 31 592 35 748
Trade and other
15 146 11 022 13 473 receivables 13 473 11 022 15 146
EQUITY AND
LIABILITIES
Capital and
16 562 5 850 7 279 reserves 21 482 19 858 20 646
7 264 7 264 7 264 Issued capital 9 821 9 821 9 821
5 853 5 141 6 570 Accumulated 7 138 5 514 6 302
profits
3 445 3 445 3 445 Reserves 4 523 4 523 4 523
4 112 3 936 4 267 Minority 1 247 1 153 1 211
interest
Non-current
4 407 3 945 3 677 liabilities 3 677 3 945 4 407
Interest-bearing
4 407 3 945 3 677 borrowings 3 677 3 945 4 407
40 796 34 996 37 883 Current 37 883 34 996 40 796
liabilities
Trade and other
36 538 29 572 30 272 payables 30 272 29 572 36 538
3 663 5 106 7 222 Bank overdraft 7 222 5 106 3 663
595 318 389 Taxation 389 318 595
65 877 58 727 63 106 TOTAL ASSETS 64 289 59 952 67 060
CASH FLOW STATEMENTS
6 months 6 months 12
months
31/08/03 31/08/02 28/02/03
R"000 R"000 R"000
OPERATING ACTIVITIES
Cash from operations (154) 3 916 6 083
Interest received 34 - 44
Interest paid (1 920) (1 217) (3 326)
Taxation paid (656) (224) (254)
NET CASH FROM OPERATING ACTIVITIES (2 696) 2 475 2 547)
INVESTING ACTIVITIES
Purchase of land and buildings - (1 104) (1 104)
Purchase of equipment and vehicles (977) (612) (1 458)
Proceeds from sale of equipment and
vehicles 370 113 988
Proceeds from sale of land and 391 312 720
buildings
NET CASH FROM INVESTING ACTIVITIES (216) (1 291) (854)
FINANCING ACTIVITIES
Changes in loans to/by group - - (15)
companies
Payment of long-term liabilities (730) (423) (392)
Proceeds from long-term borrowings - 890 1 297
NET CASH FROM FINANCING ACTIVITIES (730) 467 890
Movement in cash and cash (3 642) 1 651 2 582
equivalents
Balance brought forward (3 524) 6 106 (6 106)
CASH AND CASH EQUIVALENTS AT END OF (7 166) 4 455 (3 524)
PERIOD
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 28/02/2002 660 9 161 4 523 4 677 19 021
Net profit for the - - - 1 625 1 625
year
Balance 28/02/2003 660 9 161 4 523 6 302 20 646
Net profit for the
period - - - 836 836
Balance 31/08/2002 660 9 161 4 523 7 138 21 482
VAALTRUCAR
28/02/2002 1 650 5 614 3 445 4 423 15 132
Net profit for the - - - 1 394 1 394
year
Goodwill not
recognised in the - - - 36 36
income statement
Balance 28/02/2003 1 650 5 614 3 445 5 853 16 562
Net profit for the
period - - - 717 717
Balance 31/08/2003 1 650 5 614 3 445 6 570 17 279
COMMENTS
1. Legal Proceedings
As advised via SENS on 22 August 2003 the legal proceedings between the
Group, a former director and entities controlled by that director were
resolved during the period under review.
Pursuant to this settlement, an entity controlled by the former director
was paid an amount of R550 000 and he was appointed to the Board of the two
listed Companies.
2. Board of Directors
In the period under review P K Germishuizen resigned as a director of
Vaalauto Limited and S F Germishuizen (Snr) was appointed as a director of
both Companies.
The Boards of the two Companies now consist of:
Executive Directors: C J Esterhuizen and S F Germishuizen (Jnr).
Non-executive Directors: G A J Germishuizen, S F Germishuizen (Snr),
O I Goldstuck (Chairman) and D J Miller.
3. GAAP
At the request of the JSE Securities Exchange South Africa ("JSE"), we
advise that there were breaches of South African Statements of Generally
Accepted Accounting Practice ("GAAP") in the 2003 Annual Financial
Statements of the Company, identified by the JSE after consultation with
the GAAP Monitoring Panel, which will be detailed and corrected in the 2004
Annual Financial Statements. We further advise that the 2003 reported
earnings and assets were not materially affected by the matters identified.
These matters will be correctly dealt with in the 2004 Annual Financial
Statements.
4. Results
The above results have been prepared in accordance with GAAP, in a manner
consistent with that used in the prior year.
By order of the Board
C J Esterhuizen (Secretary)
Middelburg
31 October 2003
Registered office:
Cnr Jan van Riebeeck and Morkel Streets
Middelburg 1050
Transfer secretaries:
Computershare Limited
70 Marshall Street,
Johannesburg 2001
Date: 30/10/2003 04:42:10 PM Produced by the JSE SENS Department
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