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Vaaltrucar Limited / Vaalauto Limited - Interim Results For The 6 Months Ended
Release Date: 24/11/2004 17:15:01 Code(s): VCR VLT
VAALTRUCAR LIMITED / VAALAUTO LIMITED - INTERIM RESULTS FOR THE 6 MONTHS ENDED
31 AUGUST 2004
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2004
The unaudited results of the companies and their subsidiaries for the six months
ended 31 August 2004 are as follows:
VAALTRUCAR LIMITED VAALAUTO LIMITED
(Registration number 1987/000988/06) (Registration number 1983/013044/06)
(Incorporated in the Republic of South (Incorporated in the Republic of
Africa) South Africa)
(Share code: VCR) (Share code: VLT)
(ISIN number: ZAE000007704) (ISIN number: ZAE000007746)
INCOME STATEMENTS
12 months 6 months 6 months 6 months 6 months 12 months
29/02/04 31/08/03 31/08/04 31/08/04 31/08/03 29/02/04
R`000 R`000 R`000 R`000 R`000 R`000
269 598 138 870 145 685 REVENUE 145 685 138 870 269 598
242 468 124 533 131 854 Cost of sales 131 854 124 533 242 468
27 130 14 337 13 831 GROSS PROFIT 13 831 14 337 27 130
Other operating
3 953 1 453 1 556 expenses 1 556 1 453 3 911
31 083 15 790 15 387 15 387 15 790 31 041
Administrative
11 173 5 583 6 135 expenses 6 135 5 583 11 173
Other operating
15 213 7 307 7 035 expenses 7 035 7 307 15 213
Profit from
4 696 2 900 2 217 operations 2 217 2 900 4 654
3 348 1 920 1 130 Finance cost 1 130 1 920 3 348
Profit for the
period before
1 348 980 1 087 taxation 1 087 980 1 306
448 450 392 Taxation 392 450 448
Profit for the
period after
900 530 695 taxation 695 530 857
Net income
attributable to
outside
152 112 146 shareholders 54 36 27
Net profit
attributable to
ordinary
748 418 549 shareholders 641 494 830
Shares in issue
16 014 16 014 16 014 (`000) 16 500 16 500 16 500
Headline earnings
4,7 2,6 3,4 per share (cents) 3,9 3,0 5,0
Earnings per share
4,4 2,6 3,4 (cents) 3,9 3,0 5,0
Net asset value
19 722 19 392 20 271 (R`000) 24 787 23 810 24 146
Net asset value per
123,1 121,1 126,5 share (cents) 150,2 144,3 146,3
Net tangible asset
value per share
100,0 96,0 104,3 (cents) 130,0 120,0 125,0
BALANCE SHEETS
12 months 6 months 6 months 6 months 6 months 12 months
29/02/04 31/08/03 31/08/04 31/08/04 31/08/03 29/02/04
R`000 R`000 R`000 R`000 R`000 R`000
ASSETS
17 083 16 892 16 553 Non-current assets 17 855 18 241 18 384
Property, plant
17 123 17 275 16 610 and equipment 16 610 17 275 17 122
Amounts owing by
- - - group companies 966 966 966
(336) (383) (336) Intangibles - - -
296 - 279 Deferred tax 279 - 296
43 045 48 284 48 695 Current assets 49 695 48 284 43 045
32 249 34 755 36 289 Inventories 36 289 34 755 32 249
Trade and other
10 759 13 473 11 726 receivables 11 726 13 473 10 759
Cash and cash
37 56 680 equivalents 680 56 37
60 128 65 176 65 248 Total assets 66 550 66 525 61 429
EQUITY AND
LIABILITIES
Capital and
19 722 19 392 20 271 reserves 24 787 23 810 24 146
9 191 9 191 9 191 Issued capital 9 831 9 831 9 831
2 037 1 708 2 586 Accumulated 4 783 3 806 4 142
profits
8 494 8 493 8 493 Reserves 10 173 10 173 10 173
4 784 4 224 4 877 Minority interest 1 663 1 155 1 661
Non-current
3 148 3 677 2 737 liabilities 2 737 3 677 3 148
Interest-bearing
3 148 3 677 2 737 borrowings 2 737 3 677 3 148
32 474 37 883 37 363 Current 37 363 37 883 32 474
liabilities
Trade and other
6 757 7 075 7 303 payables 7 303 7 075 6 757
4 852 7 222 2 990 Bank overdraft 2 990 7 222 4 852
247 389 297 Taxation 297 389 247
Floorplan
19 695 22 428 25 995 borrowings 25 995 22 428 19 695
Current portion of
923 769 778 borrowings 778 769 923
TOTAL EQUITY AND
60 128 65 176 65 248 LIABILITIES 65 550 66 525 61 429
CASH FLOW STATEMENTS VAALAUTO LIMITED AND VAALTRUCAR
LIMITED
6 months 6 months 12 months
31/08/04 31/08/03 29/02/04
R`000 R`000 R`000
OPERATING ACTIVITIES
Cash from operations (1 830) 5 654 13 473
Interest received 12 34 55
Interest paid (1 130) (1 920) (3 348)
Taxation paid (342) (656) (1 093)
Amount paid in settlement of dispute - - (550)
NET CASH FROM OPERATING ACTIVITIES (3 290) 3 112 8 537
INVESTING ACTIVITIES
Purchase of equipment and vehicles (708) (977) (1 382)
Proceeds from sale of equipment and vehicles 615 370 712
Proceeds from sale of land and buildings - 391 391
NET CASH FROM INVESTING ACTIVITIES (93) (216) (279)
FINANCING ACTIVITIES
Changes in loans to/by group companies - - 15
Payment of long-term liabilities (411) (730) (1 023)
Proceeds/(payment) of floorplan borrowings 6 299 (5 808) (8 541)
NET CASH FROM FINANCING ACTIVITIES 5 888 (6 538) (9 549)
Movement in cash and cash equivalents 2 505 (3 642) (1 291)
Balance brought forward (4 815) (3 524) (3 524)
CASH AND CASH EQUIVALENTS AT END OF PERIOD (2 310) (7 166) (4 815)
STATEMENTS OF CHANGES IN EQUITY
Share Share Non-distributable Distributable
capital premium reserves reserves Total
R`000 R`000 R`000 R`000 R`000
VAALAUTO
Balance 28/02/2003 660 9 171 4 249 3 311 17 391
Net profit for the
year - - - 831 831
Revaluation surplus - - 5 924 - 5 924
Balance 29/02/2004 660 9 171 10 173 4 142 24 146
Net profit for the
period - - - 641 641
Balance 31/08/2004 660 9 171 10 173 4 783 24 787
VAALTRUCAR
Balance 28/02/2003 1 601 7 590 3 417 1 289 13 897
Net profit for the
year - - - 748 748
Revaluation surplus - - 5 077 - 5 077
Balance 29/02/2004 1 601 7 590 8 494 2 037 19 722
Net profit for the
period - - - 549 549
Balance 31/08/2004 1 601 7 590 8 494 2 586 20 271
COMMENTS
1. Results
The above unaudited results have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice. The accounting policies
applied are consistent with those used in the audited financial statements as at
and in respect of the year ended 29 February 2004.
2. Change of control, conversion of minority ordinary shares to preference
shares and the immediate redemption thereof
As previously advised, a consortium consisting of Messrs C Blechman and L Sank
earlier acquired 46% of Vaaltrucar whilst Macsteel Holdings (Pty) Ltd
(`Macsteel`), previously a major shareholder, increased its holding to 45%.
In consequence thereof, in terms of circulars distributed to shareholders in the
two companies on 16 November 2004, it is proposed that 864 034 shares in
Vaaltrucar and 2 353 725 shares in Vaalauto be converted to redeemable
preference shares and thereafter be redeemed at prices of 80 and 90 cents
respectively (`the transaction`).
An irrevocable undertaking to vote in favour of the transaction has been
obtained from shareholders holding more than 50% of the minority shareholding in
each of the companies.
It is the intention of the consortium and Macsteel to delist both Vaaltrucar and
Vaalauto.
By order of the Board Middelburg
C J Esterhuizen (Secretary) 24 November 2004
Registered office Transfer secretaries
Cnr Jan van Riebeeck and Morkel Streets Computershare Investor Services
Middelburg 1050 2004 (Pty) Limited
70 Marshall Street, Johannesburg
2001
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