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VENTEL - UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2004
VENTER LEISURE AND COMMERCIAL TRAILERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1985/070343/06)
Share code : VTL
ISIN : ZAE000007811
(`VENTEL`)
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2004
The unaudited interim results of Ventel are set out below :
Unaudited Audited
30 June 30 June 31
2004 2003 December
R`000 R`000 2003
R`000
CONDENSED CONSOLIDATED
BALANCE SHEET
Assets
Property, plant and equipment 9 139 7 173 8 784
Current assets 21 589 19 328 22 183
Total assets 30 728 26 501 30 967
Equity and liabilities
Shareholders` equity 2 045 1 123 1 470
Interest bearing long-term 19 870 17 872 20 916
liabilities
Non interest bearing long- 1 003 - -
term liabilities
Current liabilities 7 810 7 506 8 581
Total equity and liabilities 30 728 26 501 30 967
Net tangible asset value per 4,05 2,22 2,91
share (cents)
CONDENSED CONSOLIDATED
STATEMENT OF CHANGES IN
EQUITY
Equity at the beginning of 1 470 1 119 1 119
the year
Net profit for the year 575 4 351
Equity at the end of the year 2 045 1 123 1 470
Unaudited Audited
30 June 30 June 31
2004 2003 December
R`000 R`000 2003
R`000
CONDENSED CONSOLIDATED CASH
FLOW STATEMENT
Cash flows from operating 409 (3 485) (3 438)
activities
Cash flows from investing (356) (875) (2 976)
activities
Cash flows from financing (822) 3 755 7 359
activities
Net cash (utilised)/generated (769) (605) 945
Cash and cash equivalents - (1 636) (2 581) (2 581)
beginning of year
Cash and cash equivalents - (2 405) (3 186) (1 636)
end of year
CONDENSED CONSOLIDATED
INCOME STATEMENT
Revenue 21 864 17 384 39 820
Profit (loss) from operations 1 624 1 426 2 663
Net interest paid (1 049) (1 422) (2 463)
Profit (loss) before taxation 575 4 200
Taxation - - 151
Profit (loss) for the period 575 4 351
attributable to shareholders
Average number of shares in 50 495 50 495 50 495
issue (`000)
Earning (loss) per share 1,14 0,01 0,70
(cents)
Headline earnings adjustment:
Loss on disposal of property, 0,55 - -
plant and equipment
Profit on disposal of - (0,28) (0,18)
property, plant and equipment
Headline loss per share 1,69 (0,27) 0,52
(cents)
Commentary
We are in the process of relocating the entire operation from Naboomspruit to
Lea Glen, Roodepoort. The move will be completed by the end of 2004.
We will ensure that we have adequate stock in order to carry on operating
smoothly. Thus, no dip in sales is envisaged.
We anticipate benefits to ensue subsequent to the move, which will be realised
during the course of the forthcoming year.
Review of the six months
The turnover for the six months improved by approximately 26% over the interim
period last year. The group achieved a profit from operations of R1,6 million
compared to R1,4 million in the prior period.
The headline earnings per share improved to 1,69 cents.
The group has generated adequate cash from operations to finance the operations.
Capital Expenditure
Capital expenditure is planned but not yet approved for the new factory in Lea
Glen.
Prospects
New trailers and accessories have been developed, which will appropriately be
introduced in the fourth quarter of 2004. These new versions should prove to be
very lucrative prior to / and during the 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
29 September 2004
By order of the board
D P Hamann A Cilliers
Registered office Transfer secretaries
154 Axle Road Computershare Investor Services 2004 (Pty) 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, J H Botha, A
Cilliers
Date: 30/09/2004 07:05:05 AM Produced by the JSE SENS Department
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