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VENTER LEISURE AND COMMERCIAL TRAILERS LIMITED - REVIEWED PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2003
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 2003
The reviewed preliminary results of the Ventel group are set out below:
Reviewed Audited
ABRIDGED CONSOLIDATED BALANCE 12 months 12 months
SHEET 31 December 31 December
2003 2002
R"000 R"000
Assets
Property, plant and equipment 8 784 6 638
Current assets 22 183 18 221
Total assets 30 967 24 859
Equity and liabilities
Shareholders" equity 1 470 1 119
Interest bearing long-term 20 916 14 716
liabilities
Current liabilities 8 581 9 024
Total equity and liabilities 30 967 24 859
Net tangible asset value per 2.91 2.22
share (cents)
Reviewed Audited
ABRIDGED CONSOLIDATED 12 months 12 months
STATEMENT OF CHANGES IN EQUITY 31 December 31 December
2003 2002
R"000 R"000
Equity at the beginning of the 1 119 3 663
year
Net income (loss) for the year 351 (2 544)
Equity at the end of the year 1 470 1 119
Reviewed Audited
ABRIDGED CONSOLIDATED 12 months 12 months
CASH FLOW STATEMENT 31 December 31 December
2003 2002
R"000 R"000
Cash flows from operating (3 439) (11 096)
activities
Cash flows from investing (2 975) (712)
activities
Cash flows from financing 7 359 12 990
activities
Net cash generated / 945 1 182
(utilised)
Cash and cash equivalents (2 581) (3 763)
- beginning of year
Cash and cash equivalents (1 636) (2 581)
- end of year
Reviewed Audited
12 months 12 months
31 December 31 December
ABRIDGED CONSOLIDATED 2003 2002
INCOME STATEMENT R"000 R"000
Revenue 39 820 37 991
Income (loss) from 2 021 (860)
operations
Net interest paid (1 821) (1 534)
Income (loss) before 200 (2 394)
impairment
Impairment loss on - (841)
property
Income (loss) before 200 (3 235)
taxation
Taxation 151 691
Income (loss) for the 351 (2 544)
period attributable to
shareholders
Average number of shares 50 495 50 495
in issue (`000)
Earnings (loss) per share 0.70 (5.04)
(cents)
Reconciliation of
headline earnings per
share
Earning (loss) per share 0.70 (5.04)
(cents)
Impairment loss on - 1.67
property (cents)
Profit on disposal of
property, plant and (0.18)
equipment (cents)
Headline earnings (loss) 0.52 (3.37)
per share (cents)
Commentary
The year under review
The turnover for the year improved by 4.8% to R39.8 million. The group returned
a profit from operations of R2 million compared to a loss of R0.8 million in the
prior year, an improvement of R2.8 million.
The headline earnings per share improved to 0.52 cents. (2002:Loss of 3.37
cents)
A further R4.1 million of working capital funding was advanced by Metropolitan
Power Services (Pty) Ltd during the year , increasing the total funds provided
to R16.3 million from R12.2 million in the prior year.
Capital Expenditure
Capital expenditure of R4.6 million was incurred on new machinery during the
year in order to ensure that quality trailers are produced efficiently.
The sale of the fixed property situated in Sunninghill was concluded for R1.5
million, the proceeds of which was utilised to settle the outstanding mortgage
bond, and expenses incurred on the disposal.
The year ahead
We have successfully reduced manufacturing costs once more, improving our
efficiency.
The company will move to Lea Glen in Roodepoort before the 2004 year end,
meaning that Ventel will be in a more central area, and thus able to serve our
largest market area more meaningfully. The subsidiaries of the group will also
move to the same location.
Several new Venter models will be launched into the market, expanding the range
and embracing greater sales potential. These models will capture the interest
of, and promote opportunities, for the emerging entrepreneur.
Accounting Policies
The results were prepared in accordance with South African Statements of
Generally Accepted Accounting Practices. The company"s accounting policies used
in producing these results are consistent with those of the prior year.
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
30 April 2004
By order of the board
D P Hamann J H Botha
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: J H Botha, A Cilliers, D P Hamann, G E Hamann, N Hamann, O J la
Grange
Date: 29/04/2004 05:30:16 PM Produced by the JSE SENS Department
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