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VCR: VAALTRUCAR LIMITED AND VAALAUTO LIMITED - ...
VAALTRUCAR LIMITED AND VAALAUTO LIMITED - RESULTS FOR THE YEAR ENDED
29 FEBRUARY 2004
VAALTRUCAR LIMITED
(Registration number 1987/000988/06)
(Incorporated in the Republic of South Africa)
JSE Share code: VCR
ISIN number: ZAE000007704
(Vaaltrucar)
VAALAUTO LIMITED
(Registration number 1983/013044/06)
(Incorporated in the Republic of South Africa)
JSE Share code: VLT
ISIN number: ZAE000007746
(Vaalauto)
(collectively the companies)
RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
The audited results of the companies and their subsidiaries for the year ended
29 February 2004 are as follows:
BALANCE SHEETS
VAALTRUCAR LIMITED VAALAUTO LIMITED
Audited Audited Audited Audited
28/02/03 29/02/04 29/02/04 28/02/04
R000 R000 R000 R000
ASSETS
10 973 17 083 Non current assets 18 384 12 332
51 032 43 045 Current assets 43 045 51 032
62 005 60 128 TOTAL ASSETS 61 429 63 364
EQUITY AND
LIABILITIES
13 897 19 722 Capital and 24 146 17 391
reserves
2 906 4 784 Outside 1 661 771
shareholders interest
4 407 3 148 Interest bearing 3 148 4 407
borrowings
40 795 32 474 Current 32 474 40 795
liabilities
62 005 60 128 TOTAL EQUITY AND 61 429 63 364
LIABILITIES
INCOME STATEMENTS
VAALTRUCAR LIMITED VAALAUTO LIMITED
Audited Audited Audited Audited
28/02/03 29/02/04 29/02/04 28/02/04
R000 R000 R000 R000
234 497 269 598 REVENUE 269 598 234 497
5 098 4 696 Profit from 4 654 5 221
operations
(3 326) (3 348) Finance cost (3 348) (3 326)
1 772 1 348 Profit before 1 306 1 895
taxation
(614) (448) Taxation (448) (614)
1 158 900 Income for the 858 1 281
period
(220) (152) Net income (27) (63)
attributable to outside
shareholders
938 748 Net income 831 1218
attributable to
ordinary shareholders
16 500 16 500 Shares in issue 16 500 16 500
(`000)
4,1 4,4 Headline earnings 5,0 4,9
per share (cents)
5,9 4,7 Earnings per share 5,0 7,4
(cents)
13 897 19 722 Net asset value 24 146 17 391
(R)
77,4 114,0 Net asset value 144,0 103,0
per share (cents)
CASHFLOW STATEMENT
VAALAUTO VAALTRUCAR
LIMITED LIMITED
Audited Audited
29/02/04 28/02/04
R000 R000
OPERATING ACTIVITIES
Cash from Operations 13 473 (9 268)
Interest received 55 45
Interest paid (3 348) (3 326)
Taxation paid (1 093) (254)
Amount paid in settlement of dispute (550) -
NET CASH FROM OPERATING ACTIVITES 8 537 (12 803)
INVESTING ACTIVITIES
Purchase of land and buildings - (1 105)
Purchase of equipment & vehicles (1 382) (1 457)
Proceeds from sale of plant, 712 987
equipment and vehicles
Proceeds from sale of land and 391 745
buildings
Proceeds from sale of franchise - 376
NET CASH FROM INVESTING ACTIVITES (279) (454)
FINANCING ACTIVITIES
Changes in loans to group companies 15 (15)
Payment of capital element of long- (1 023) (415)
term borrowings
Proceeds from of long-term - 1 493
liabilities
(Payment)/Proceeds from floorplan (8 541) 14 776
borrowings
NET CASH FROM FINANCING ACTIVITES (9 549) 15 839
Movement in cash & cash equivalents (1 291) 2 582
Balance brought forward (3 524) (6 106)
CASH & CASH EQUIVALENTS AT END OF (4 815) (3 524)
PERIOD
STATEMENT OF CHANGES IN EQUITY
Share Share Non Distributable Total
Capital Premium Distributable Reserves
R000 R000 Reserves R000 R000
R000
VAALAUTO
Balance 660 9 171 4 249 3 311 17 391
28/2/2003
Net profit - - - 831 831
Revaluation - - 5 924 - 5 924
surplus
Balance 660 9 171 10 173 4 142 24 146
29/2/2004
VAALTRUCAR
Balance 1 601 7 590 3 417 1 289 13 897
28/2/2003
Net profit - - - 748 748
Revaluation - - 5 077 - 5 077
surplus
Balance 1 601 7 590 8 494 2 037 19 722
29/2/2004
EARNINGS PER SHARE
VAALTRUCAR LIMITED VAALAUTO LIMITED
Audited Audited Audited Audited
28/02/03 29/02/04 29/02/04 28/02/04
R000 R000 R000 R000
BASIC EARNINGS PER
SHARE
939 748 Earnings 830 1 218
16 014 16 014 Ordinary shares in 16 500 16 500
issue
HEADLINE EARNINGS PER
SHARE
939 748 Basic earnings 830 1 218
165 - Restate share - -
premium
(42) (42) Negative goodwill - -
(376) - Profit on sale of - (376)
franchise
(26) (6) Profit on sale of (6) (26)
property
660 700 Headline earnings 824 816
16 014 16 014 Ordinary shares in 16 500 16 500
issue
NOTES:
1. These results have been prepared in accordance with South African Generally
Accepted Accounting Practise. Where necessary comparative figures have been
adjusted to conform to changes in presentation in the current year.
Compliance with AC123 in the group annual financial statements had an
adverse effect on the net profit for the year. (Depreciation on properties
R 792 198 (2003: R402 334)).
2. The actions previously instituted by a former Director and entities
associated with the former Director against various entities within the
group, together with counter claims instituted by group companies, were
settled during the year under review by the payment of R550 000 to the
former Director and his appointment as a non-executive Director of Vaalauto
Limited and Vaaltrucar Limited.
3. As announced on SENS on 14 May 2004, subsequent to year end, two former
directors, SF Germishuizen (Snr) and GAJ Germishuizen, disposed of their
entire shareholding in Vaaltrucar to Messrs Leonard Sank and Clive
Blechman. The third large shareholder, Macsteel Holdings (Pty) Ltd,
increased its shareholding to 45% in Vaaltrucar, whilst Messrs Sank and
Blechman collectively hold 46%.
4. During May 2004 Mr SF Germishuizen (Jnr) resigned as a director and Messrs
LS Sank and C Blechman were appointed to the boards of directors of the
companies.
5. No dividend has been recommended or declared.
6. These results have been audited by Jordaan Botha and Partners. A copy of
their unqualified audit report is available for inspection at the companies
registered office.
The annual report, incorporating notices of the annual general meeting of
Vaaltrucar and Vaalauto, will be posted to shareholders on or before 31 May
2004. The annual general meeting of Vaalauto and Vaaltrucar will be held at
11:00 and 11:30 respectively on 14 July 2004 at Eastvaal Motors, cnr Jan van
Riebeeck and Morkel Street, Middelburg, 1050.
By order of the board
C J ESTERHUIZEN
Secretary
28 May 2004
Middelburg
REGISTERED OFFICE
Cnr Jan van Riebeeck- & Morkel Street
Middelburg
1050
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street
Johannesburg
2001
SPONSOR TO THE COMPANIES
Sasfin Corporate Finance
A division of Sasfin Bank Limited
13-15 Scott Street,
Waverley, 2090
P O Box 95104
Grant Park, 2051
Date: 28/05/2004 05:00:12 PM Produced by the JSE SENS Department
