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Ventel - Reviewed Preliminary Results for the year ended 31 December 2004
VENTER LEISURE AND COMMERCIAL TRAILERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1985/070343/05)
Share code : VTL
ISIN : ZAE000007811
(`VENTEL`)
Reviewed Preliminary Results for the year ended 31 December 2004
The reviewed preliminary results of the VENTEL Group are set out below :
Abridged Consolidated Income Statement Reviewed Audited
2004 2003
R`000 R`000
Revenue 47,838 39,820
Luggage
Profit from operations 2,881 2,021
Interest paid (956) (1,821)
Net profit 1,925 200
Relocation costs (1,405) 0
Profit before taxation 520 200
Taxation (132) 151
Profit for the year attributable to 388 351
ordinary shareholders
Average number of shares in issue (`000) 50,495 50,495
Earnings per share (cents) 0.77 0.70
Headline earnings adjustment :
Loss on disposal of property, plant and 0.38 (0.18)
equipment (cents)
Headline earnings per share (cents) 1.15 0.52
Reviewed Audited
Abridged Consolidated Balance Sheet 2004 2003
R`000 R`000
Assets
Non Current Assets
Property, Plant & Equipment 10,538 8,784
Intangible Assets 1,067 0
Loan Receivable 389 0
Investment 32 0
Current Assets 25,768 22,183
Total Assets 37,794 30,967
Equity and Liabilities
Shareholders` Equity 3,870 3,482
Non Current Liabilities
Interest Bearing Liabilities 19,113 17,901
Non interest bearing liability 1,003 1,003
Current Liabilities 13,808 8,581
Total Equity and Liabilities 37,794 30,967
Difference 1 0
Net tangible asset value per share (cents) 5.55 6.90
Reviewed Audited
Abridged Consolidated Statement of Changes 2004 2003
in Equity
R`000 R`000
Equity at beginning of year as previously 1,470 1,119
reported
Prior year adjustment : Reversal of 2,012 2,012
expense charged in error
Equity at beginning of year restated 3,482 3,131
Net profit for the year attributable to 388 351
ordinary shareholders
Equity at end of year 3,870 3,482
Reviewed Audited
Abridged Consolidated Cash Flow Statement 2004 2003
R`000 R`000
Cash flows from operating activities (75) (3,439)
Cash flows from investing activities (4,384) (2,975)
Cash flows from financing activities 823 7,359
Net cash and cash equivalents (3,636) 945
generated/(utilised)
Cash and cash equivalents at beginning of (1,636) (2,581)
year
Cash and cash equivalents at end of year (5,272) (1,636)
COMMENTARY
THE YEAR UNDER REVIEW AND THE YEAR AHEAD
The turnover for the current year has improved by 20% to R47,8 Million.
The group returned a profit from operations of R2,9 Million. The headline
earnings are 1.15 cents per share. (Headline earnings 2003 0.52 cents per
share).
Venter Trailers have moved from Naboomspruit to Lea Glen, Roodepoort. 90% of
the factory workforce has remained with the group. This we deem a very positive
aspect. Production was maintained, as the labour force is acquainted with all
procedures.
The relocation cost was considerable. Moving of plant and machinery slightly
impaired production for a few weeks. This aspect effected the final financial
result.
An enormous effort was engaged by all employees of the company to support and
facilitate this undertaking.
To date one subsidiary has not relocated. This will take place during the
course of the year, and result in future cost savings and greater efficiency.
More parts and accessories will be developed and marketed, during 2005.
Trailers which were developed during 2004, will be improved and perfected.
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
Venter`s auditors, PKF (JHB) Inc. A copy of their unmodified review report is
available for inspection at Ventel`s registered office.
DIVIDEND
No dividend has been declared for this year.
Johannesburg
30 March 2005
By order of the Board
D P Hamann
A Cilliers
Registered office
154 Axle Road
Devland 2190
(P O Box 57178, Springfield, 2137)
Transfer secretaries
Computershare Investor
Services 2004 (Pty) Limited
(Registration number 1958/003546/06)
70 Marshall Street, Johannesburg 2001
P O Box 61051, Marshalltown, 2107)
Company secretary
Probity Business Services(Pty) Limited
(Appointed 22 October 2004)
Directors:
G E Hamann, D P Hamann, N Hamann*, O J la Grange*, J H Botha, A Cilliers
* Non-executives
Date: 31/03/2005 11:55:07 AM
Produced by the JSE SENS Department
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