| Wed 22 Feb 2006, 12:40 | | Unitrans - Results for the six months ended 31 Dec |
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UTR
UTR
Unitrans - Results for the six months ended 31 December 2005
UNITRANS LIMITED
Registration number 1967/003403/06
JSE Share Code: UTR
ISIN: ZAE000007670
("Unitrans" or "the company")
ANNOUNCEMENT OF RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2005
Highlights
- Revenue up 22%
- Headline earnings up 30%
- Attributable earnings up 34%
- Headline earnings per share up 23%
The board of directors of Unitrans announces the following unaudited
consolidated results:
ABRIDGED CONSOLIDATED INCOME STATEMENT
Unaudited
Restated Restated*
Six months Six months Year
ended ended % ended
R 000 31.12.05 31.12.04 Increase 30.06.05
Revenue 6 809 631 5 601 870 22 11 172 179
Operating income 286 893 224 545 28 405 393
Net finance costs (25 440) (22 221) (41 112)
Finance costs (29 578) (28 251) (60 849)
Interest received 4 138 6 030 19 737
Profit before taxation 261 453 202 324 29 364 281
Taxation (75 699) (63 119) (94 201)
Profit after taxation 185 754 139 205 33 270 080
Share of associates (412) 120 285
(losses)/profits
Net profit for the 185 342 139 325 33 270 365
period
Attributable to:
Unitrans Limited 184 273 137 879 34 268 447
shareholders
Minority interests 1 069 1 446 1 918
185 342 139 325 270 365
Weighted average number
of ordinary shares
in issue (000s) 87 694 82 752 85 729
Weighted average number 1 018 999 789
of ordinary shares that
would be issued on the
conversion of all the
dilutive potential
ordinary shares (000s)
Weighted average number 88 712 83 751 86 518
of shares for purposes
of calculating diluted
earnings per share
(000s)
Earnings per share
(cents)
- basic 210,1 166,6 26 313,1
- basic as previously 174,3 321,5
stated
- fully diluted 207,7 164,6 26 310,3
- fully diluted as 172,2 318,6
previously stated
Headline earnings per
share (cents)
- basic 212,6 173,6 23 335,3
- basic as previously 181,3 343,7
stated
- fully diluted 210,2 171,5 23 332,3
- fully diluted as 179,1 340,6
previously stated
Determination of
headline earnings
Net profit for the 184 273 137 879 268 447
period
Adjustments for:
- closure costs 2 407 - 18 271
- loss on disposal of 1 414 7 502 6 012
property, plant and
equipment
- profit on sale of (482) - -
subsidiary
- goodwill impairment - 497 498
187 612 145 878 293 228
(1 139) (2 251) (5 751)
Taxation effect on loss
on disposal of property,
plant and equipment and
closure costs
Headline earnings 186 473 143 627 30 287 477
Dividend per share - - 100,0 100,0
paid
Capital distribution per 110,0 - -
share - paid
* These balances have been audited with the exception of the effects of the
change in accounting policy relating to the adoption of International Financial
Reporting Standards ("IFRS") and the consolidation of special purpose vehicles.
ABRIDGED GROUP BALANCE SHEET
Unaudited
Restated Restated**
R 000 31.12.05 31.12.04 30.06.05
Assets
Non-current assets 1 771 338 1 456 581 1 592 675
Property, plant and equipment 1 440 197 1 265 726 1 378 429
Non-current vehicle rental fleet 31 077 - -
Goodwill 180 086 64 536 83 950
Intangible assets 15 971 3 280 3 428
Investment in associate and joint 1 783 42 482 43 202
ventures
Non-current assets held for sale 6 700 - -
Other non-current assets 46 855 48 832 49 893
Advances relating to Unitrans - 3 699 -
Finance (Pty) Ltd *
Deferred tax assets 48 669 28 026 33 773
Current assets 2 725 430 2 367 088 2 577 641
Inventories 906 588 847 277 901 718
Current vehicle rental fleet 60 300 - -
Trade and other receivables 1 058 899 795 305 704 377
Advances relating to Unitrans 3 699 33 112 9 275
Finance (Pty) Ltd *
Cash and cash equivalents 695 944 691 394 962 271
Total assets 4 496 768 3 823 669 4 170 316
Equity and liabilities
Interest of shareholders of 1 699 049 1 639 699 1 751 214
Unitrans Limited
Share capital and share premium 602 354 707 020 701 784
Treasury stock (157 030) (8 015) (29 625)
Reserves 1 253 725 940 694 1 079 055
Minority interests 48 602 11 247 11 692
Interest of all shareholders 1 747 651 1 650 946 1 762 906
Non-current liabilities 687 344 242 865 651 675
Interest-bearing borrowings 23 162 15 421 18 401
Domestic medium-term note 400 683 - 400 700
Non-current provisions 6 102 7 532 6 864
Deferred tax liabilities 124 320 153 560 120 209
Liabilities relating to Unitrans - 3 699 -
Finance (Pty) Ltd *
Non-interest bearing long-term 130 655 59 417 105 249
liabilities
Vendors for businesses acquired 2 422 3 236 252
Current liabilities 2 061 773 1 929 858 1 755 735
Trade and other payables 926 139 793 046 873 294
Bank overdraft 354 371 299 859 457 627
Liabilities relating to Unitrans 3 699 33 112 9 275
Finance (Pty) Ltd *
Current provisions 166 014 137 153 127 452
Taxation 48 722 19 043 35 561
Vendors for businesses acquired - 6 350 -
Non-interest bearing short-term 161 673 112 119 196 240
liabilities
Short-term borrowings 401 155 529 176 56 286
Total equity and liabilities 4 496 768 3 823 669 4 170 316
Number of shares in issue adjusted 84 827 88 760 88 192
for treasury stock (000s)
Net asset value per share (cents) 2 003 1 847 1 986
* The liabilities of Unitrans Finance (Proprietary) Limited ("Ufin") and the
assets pertaining thereto have been disclosed separately on the face of the
balance sheet.
** These balances have been audited with the exception of the effects of the
change in accounting policy relating to the adoption of IFRS and the
consolidation of special purpose vehicles.
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited
Restated Restated*
Six months Six months Year
ended ended ended
R 000 31.12.05 31.12.04 30.06.05
Cash flow from operations after 417 165 343 827 654 110
depreciation before other non cash
items
Other non-cash movements 10 382 5 091 20 935
Changes in working capital (217 162) (222 159) (32 129)
- Inventories 3 178 (115 508) (169 423)
- Trade and other receivables (191 976) (112 236) (10 358)
- Trade and other payables (32 722) (8 987) 58 660
- Non-interest-bearing short-term (31 834) (5 243) 10 114
borrowings
- Current provisions 36 192 19 815 78 878
Cash generated from operations 210 385 126 759 642 916
after working capital changes
Net finance costs and taxation paid (107 317) (94 027) (161 456)
Cash generated from operations 103 068 32 732 481 460
Dividends paid (1 072) (79 172) (79 755)
Net cash generated from operations 101 996 (46 440) 401 705
Acquisition of subsidiaries and (191 907) (52 512) (55 146)
businesses
Acquisitions of property, plant and (302 803) (193 634) (484 381)
equipment
- Replacement (197 816) (125 192) (219 537)
- Expansion (104 987) (68 442) (264 844)
Proceeds from disposal of property, 38 755 17 216 67 224
plant and equipment
Disposal of subsidiary 2 765 - -
Acquisition of associate - (92) (92)
Associate loan advanced - (1 440) (1 500)
Foreign exchange movements (7 251) (11 618) (12 609)
Decrease in long-term provisions - - (1 253)
Decrease in other non-current 3 038 9 071 12 888
assets
Net cash utilised in investing (457 403) (233 009) (474 869)
activities
Net cash utilised by operations (355 407) (279 449) (73 164)
Net proceeds from issue of shares - 283 466 287 020
Capital distribution (97 022) - -
Share repurchases (127 405) - (26 992)
Net cash (outflow)/inflow from (17) - 400 700
issue of domestic medium-term note
Vendors for businesses 2 170 (1 096) (7 957)
acquired/(repaid)
Increase in loan from minorities 39 004 - -
Increase/(decrease) in interest- 9 077 1 960 (3 225)
bearing borrowings
Increase/(decrease) in non-interest- 21 660 4 642 18 232
bearing borrowings
Increase/(decrease) in short-term 344 869 157 247 (314 735)
borrowings
Net cash generated from financing 192 336 446 219 353 043
activities
Net (decrease)/increase in cash and (163 071) 166 770 279 879
cash equivalents
Cash and bank balances at the 504 644 224 765 224 765
beginning of the year
Cash and bank balances at the end 341 573 391 535 504 644
of the period
Notes:
1. Capital expenditure commitments amounted to R193,3 million (2004: R75,3
million).
2. There were no material litigation claims or undisclosed liabilities at
31 December 2005.
* These balances have been audited with the exception of the effects of the
change in accounting policy relating to the adoption of IFRS and the
consolidation of special purpose vehicles.
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
Unaudited
Restated Restated*
Six months Six months Year
ended ended ended
R 000 31.12.05 31.12.04 30.06.05
Ordinary shareholders" interest
Opening balance as previously 1 762 906 1 386 709 1 343 065
reported
Effect of the change in accounting
policy
SA GAAP Adjustments (75 530) (31 885)
IFRS Adjustments - -
Opening balance as restated 1 762 906 1 311 179 1 311 180
Net profit for the period 185 342 139 325 270 365
Dividends paid (989) (79 150) (79 150)
Capital distribution (97 022) -
Dividends paid on "A" shares in a (83) - (605)
subsidiary
Vesting of previously unvested - 4 719 10 101
shares to participants in the Share
Trust representing treasury shares
Shares repurchased by subsidiary (127 405) - (26 992)
and Share Trust
Net proceeds on issue of shares - 289 084 287 020
Loss on the sale of shares by the (2 408) (5 618) (8 790)
Share Trust
Share based payments charge 4 130 2 853 7 151
Loan from minority shareholder 38 219 - -
Minority reversed on sale of (1 303) -
subsidiary
Decrease on translation of net (13 736) (11 446) (7 374)
worth of foreign subsidiaries
Closing balance 1 747 651 1 650 946 1 762 906
* These balances have been audited with the exception of the effects of the
change in accounting policy relating to the adoption of IFRS and the
consolidation of special purpose vehicles.
RECONCILIATION OF PREVIOUS SA GAAP TO IFRS:
The following reconciliations provide a quantification of the effect, after
taxation, of the transition to IFRS:
BALANCE SHEET
R 000 30.06.05 31.12.04 01.07.04
Interest of shareholders
Interest of shareholders as 1 752 167 1 687 758 1 300 536
previously reported: SA GAAP
Change in accounting policies
SA GAAP Adjustment
Consolidation of special purpose (891) (891) (891)
entity
Operating lease straight line - (43 240) -
adjustment *
Proportionate consolidation of - (3 896) -
joint venture *
IFRS adjustments
Deferred consideration associated (62) (32) -
with acquisition of Top Transport
Restated interest of shareholders - 1 751 214 1 639 699 1 299 645
IFRS
INCOME STATEMENT
12 months 6 months
R 000 30.06.05 31.12.04
Net profit for the period attributable to 275 660 144 255
Unitrans Limited shareholders as previously
reported
Change in accounting policies
SA GAAP Adjustment
Operating lease straight line adjustment * - (3 491)
IFRS adjustments
Share option IFRS 2 charge (7 151) (2 853)
Interest on deferred consideration associated (62) (32)
with acquisition of Top Transport
Restated net profit for the period attributable 268 447 137 879
to Unitrans Limited shareholders
* June 2005 was previously adjusted for the operating leases and the
proportionate consolidation of the joint venture.
Notes
ACCOUNTING POLICIES
Introduction
Unitrans Limited has adopted IFRS with effect from 1 July 2005.
Basis of preparation
The condensed unaudited interim financial information has been prepared in
accordance with IAS 34 ("Interim Financial Reporting"). The accounting policies
used in the preparation of the condensed interim financial statements are
compliant with IFRS and are consistent with those applied in the annual
financial statements for the year ended 30 June 2005, except as disclosed below:
Effect of the first time adoption of IFRS
- Business combinations: The group has elected not to retrospectively apply the
requirements of IFRS 3 ("Business Combinations") for business combinations that
occurred prior to the transition date of 1 April 2004.
- Property, plant and equipment: The group has elected not to apply the
exemption and has instead retrospectively applied IAS 16 (Property, plant and
equipment). As a consequence, the group was required to review its property,
plant and equipment as at 1 July 2004 to determine the appropriateness of the
residual values, depreciation rates and depreciation methods.
- Foreign currency translation reserves: The group has elected to transfer all
foreign currency translation reserves to distributable reserves at 1 July 2004.
- Share based payments: The group has elected not to apply IFRS 2 (Share based
payments) retrospectively to equity instruments granted on or before 7 November
2002. In addition, the group has elected the IFRS 1 additional exemption from
retrospective application of IFRS 2 for equity instruments that were granted
after 7 November 2002 and that vested before the later of the date of
transition, and 1 January 2005.
During the period the group assessed its accounting policy with regards to
property, plant and equipment to ensure it complies with the requirements of
IFRS.
Consolidation of special purpose vehicles
In prior years, the group"s policy was to recognise a BEE shareholding at two of
its subsidiaries as a minority and in addition to recognise the investment in
preference shares that the group held in the BEE company. The dividends earned
on the preference shares were recognised in the income statement as investment
income with the corresponding entry going against the minority. The group has
opted to change the policy surrounding this shareholding and will now
consolidate the special purpose vehicle and recognise the minority to the extent
that they have a residual interest in the net assets, after deducting all the
liabilities of the subsidiaries.
GROUP SEGMENTAL REPORT
TRANSPORT AND
LOGISTICS
December Supply
2005 Chain
(R 000) Solutions Passenger Total
INCOME STATEMENT
Revenue 1 224 155 296 740 1 520 895
Operating income before 193 183 55 980 249 163
depreciation
Depreciation (94 818) (25 371) (120 189)
Operating income after 98 365 30 609 128 974
depreciation
BALANCE SHEET
Total assets 1 775 846 387 544 2 163 390
Total liabilities 870 265 176 862 1 047 127
Net assets 905 581 210 682 1116 263
GROSS CAPITAL EXPENDITURE 143 782 57 405 201 187
Restated
December
2004
(R 000)
INCOME STATEMENT
Revenue 1 040 580 240 799 1 281 379
Operating income before 173 613 52 194 225 807
depreciation
Depreciation (90 575) (20 675) (111 250)
Operating income after 83 038 31 519 114 557
depreciation
BALANCE SHEET
Total assets 1 895 467 316 057 2 211 524
Total liabilities 976 822 137 962 1 114 784
Net assets 918 645 178 095 1 096 740
GROSS CAPITAL EXPENDITURE 143 383 41 904 185 287
MOTOR AND
FINANCIAL SERVICES GROUP
December
2005
(R 000) Retail Financial Total
INCOME STATEMENT
Revenue 5 232 729 56 007 5 288 736 6 809 631
Operating income before 141 560 26 442 168 002 417 165
depreciation
Depreciation (9 940) (143) (10 083) (130 272)
Operating income after 131 620 26 299 157 919 286 893
depreciation
BALANCE SHEET
Total assets 2 074 156 259 222 2 333 378 4 496 768
Total liabilities 1581 322 120 668 1 701 990 2 749 117
Net assets 492 834 138 554 631 388 1 747 651
GROSS CAPITAL EXPENDITURE 101 616 - 101 616 302 803
Restated
December
2004
(R 000)
INCOME STATEMENT
Revenue 4 269 154 51 337 4 320 491 5 601 870
Operating income before 101 504 16 516 118 020 343 827
depreciation
Depreciation (7 738) (294) (8 032) (119 282)
Operating income after 93 766 16 222 109 988 224 545
depreciation
BALANCE SHEET
Total assets 1 428 793 183 352 1 612 145 3 823 669
Total liabilities 975 925 82 014 1 057 939 2 172 723
Net assets 452 868 101 338 554 206 1 650 946
GROSS CAPITAL EXPENDITURE 8 347 - 8 347 193 634
COMMENTARY
RESULTS
Unitrans delivered strong growth during the period under review with revenue
increasing by 22% to R6,8 billion (2005: R5,6 billion). Operating income
increased by 28% to R287 million (2004: R225 million). Headline earnings
increased by 30% to R186 million (2004: R144 million) and earnings attributable
to ordinary shareholders by 34% to R184 million (2004: R138 million).
Taking into account the increased number of shares in issue, headline earnings
per share increased by 23% to 212,6 cents (2004: 173,6 cents) and basic earnings
per share by 26% to 210,1 cents (2004: 166,6 cents).
REVIEW OF OPERATIONS
Unitrans Supply Chain Solutions
As part of the group"s increased emphasis on and success in expanding its
services in the field of supply chain re-engineering and related freight,
logistics and warehousing services, the operations under Freight and Logistics
have been restructured under a new division called Unitrans Supply Chain
Solutions ("USCS").
USCS grew both revenue and operating income after depreciation by 18%. Revenue
rose to R1,2 billion (2004: R1,0 billion) and operating income after
depreciation increased to R98,4 million (2004: R83 million).
The majority of the divisions under USCS performed well and in line with
expectations. In particular, we are pleased to report that the Forestry
operations have been successfully restructured and are contributing to the
bottom line. USCS has experienced ongoing losses in its express courier
businesses and a decision was taken to close these operations. Included in
operating income is R2,4 million of closure costs, which relate to both the
harvesting and express courier businesses.
The operating margin at USCS has remained constant at 8%.
Passenger
The Passenger division"s revenue grew by 23% to R297 million (2004: R241
million). Operating income after depreciation dropped marginally to R31 million
(2004: R32 million).
The Mega Bus and Commuter operations are performing in line with expectations
and the semi-luxury Citiliner operations are showing strong profitable growth.
The substantial fuel price increases and the competitive market have however had
a negative impact on the balance of the division"s profitability. This in turn
has resulted in a reduction in the operating margin from 13% to 10%.
Motor and Financial Services
The retail boom contributed to the delivery of excellent results by the group"s
Motor and Financial Services division.
Motor Retail
Revenue for Motor Retail grew by 23% to R5,2 billion (2004: R4,3 billion).
Operating income after depreciation increased by 40% to R132 million (2004: R94
million).
On the back of stable interest rates and new vehicle prices, the sales of new
vehicles reached record levels in calendar 2005. We are pleased to record that
all of the group"s franchises have performed well in a highly competitive
market. The group"s service and parts divisions have also shown strong growth.
The sale of second hand vehicles has however achieved only limited growth as the
sales mix continues to skew towards new vehicles.
Financial Services
The increased volume through the retail operations led to an increase in
insurance and finance products sold on dealership floors. This has resulted in a
year-on-year increase of 62% in the contribution from this operation.
Hertz Rent a Car ("Hertz")
The Hertz operations continued to show an improvement.
Operating Margin
The overall operating margin in the Motor and Financial Services division
increased from 2,6% to 3,0%.
INVESTMENT IN PROPERTY PLANT AND EQUIPMENT
During the period, the group"s investment in property, plant and equipment
(inclusive of vehicle rental fleet) increased by 11%. R198 million (2004: R125
million) was invested under the group"s ongoing programme for the replacement of
vehicles and equipment. A further R105 million (2004: R68 million) was invested
in expansion.
WORKING CAPITAL
The increase in working capital was largely due to coporate activity and the
buoyant trading conditions experienced by the Motor Retail division and the
seasonal increase in inventory holdings.
BORROWINGS
The group"s interest-bearing debt to equity ratio has increased to 29,5% (2004:
10%). This ratio is comfortably within the borrowing guidelines set by the
Board.
Net asset value per share increased by 8% to 2 003 cents (2004: 1 847 cents).
CREDIT RATING
On 30 January 2006, Fitch reconfirmed the credit rating of Unitrans as follows:
- a National Long-term rating of A (zaf) with a stable outlook and a Short-term
rating of F1 (zaf); and
- a National Long-term rating of A(zaf) for Unitrans" ZAR 1,5 billion domestic
medium term note programme.
These ratings remain unchanged from the ratings accorded by Fitch on 3 May 2005.
SHARE REPURCHASE PROGRAMME
As announced on 15 December 2005, under the general authorities granted by
shareholders on 4 December 2004 and 28 November 2005, the group has repurchased
a total of 4 169 461 Unitrans shares. At 31 December 2005 these shares
represented 4,7% of the issued share capital of the company. 3 354 490 of the
shares were repurchased during the six month period ended 31 December 2005, at a
cost of R127 million.
These shares, which were repurchased utilising available cash resources, are
being held as treasury stock within a wholly-owned subsidiary of Unitrans.
CORPORATE ACTIVITY
The Competition Authorities approved the acquisition by Unitrans Motors
(Proprietary) Limited of the remaining 60% shareholding in Hertz, which is now a
wholly-owned group subsidiary.
A 25,1% interest in Xinergistix Limited, the holding company of a broad-based
Black Economic Empowered group of companies specialising in road freight
transportation, was acquired for a purchase consideration of R18,6 million.
In line with the group"s decision to exit from its express courier businesses,
in November 2005 the group disposed of its 60% interest in the Botswana
registered company, African Express (Proprietary) Limited.
Agreements were entered into in November 2005 for the subscription by Unitrans
UK Limited ("UTR-UK") for a 60% interest in Unitrans Logistics (UK) Limited
("Unitrans Logistics"), a company incorporated in the United Kingdom. UTR-UK is
owned 75% by Unitrans and 25% by the Steinhoff Group. At the same time, Unitrans
Logistics entered into agreements to acquire the entire issued share capital of
Concorde Logistics Services Limited and TechXpress Limited, two private
companies incorporated in the United Kingdom, operating as specialist logistics
service providers to high technology companies in the United Kingdom and Europe.
The purchase consideration for these acquisitions was GBP19.95 million. These
transactions have positioned Unitrans for the expansion of its logistics
operations into the United Kingdom and Europe.
The United Kingdom operations have been included in the consolidated balance
sheet as at 31 December 2005.
SUSTAINABILITY
Unitrans remains strongly focused on sustainability issues. One of the key
issues in this regard is Black Economic Empowerment and the group has
empowerment initiatives in place at both listed company and divisional level.
Systems are being refined to ensure that the group"s progress and initiatives in
these areas are monitored and co-ordinated to secure the maximum benefit for all
stakeholders. Another key issue is that of safety. In particular, the level of
road accidents continues to be viewed as a key area of risk management and the
group is committed to ensuring that it remains at the forefront of industry best
practice in its safety, health, environmental and quality assurance policies.
The freight industry HIV/AIDS agreement, which will provide for direct treatment
and which was modelled on the group"s pilot voluntary counselling and testing
treatment programme, is expected to be gazetted by the Minister of Labour within
the next few months. The roll-out of the industry programme will then commence
throughout the group.
PROSPECTS
We believe that the restructuring of the Freight and Logistics operations under
USCS will position this division to maximise opportunities in the expanding
supply chains solutions" market and add further value to its customer base.
Focus will be intensified on the provision of innovative solutions that are
tailored to suit customer-specific requirements.
The semi-luxury coach, bus and commuter services should continue to deliver
satisfactory results. The performance of these operations should help offset any
negative market aspects in the competitive luxury coach transport arena and to
mitigate the impact of high fuel prices.
New vehicle sales continue at record levels with concomitant high sales levels
of related financial products and after-market products and services. Subject to
interest rates and inflation levels remaining stable, the Motor and Financial
Services division should continue to deliver a strong performance for the
balance of the year.
The board remains of the view that the group is on track to meet its objectives
and will deliver growth in headline earnings for the financial year ending 30
June 2006.
For and on behalf of the Board
D C Brink K J Grove Illovo
Chairman Chief Executive 23 February 2005
Directors: DC Brink*, PJ Dieperink, KJ Grove, MJ Jooste*, SM Keys, D Konar*, D
Lockey*, KB Mosehla*, PK Quarmby*, DM van der Merwe*, JHN van der Merwe*
*non-executive
Secretary: J.V. Radnay
Registered office: 263 Oxford Road, Illovo, Johannesburg 2196
Telephone: 011-912-7000 Telefax: 011-442-7802/20
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Limited
Ground Floor, 70 Marshall Street, Johannesburg 2001
Telephone: 011-370-5000, Telefax: 011-688-5200
Sponsor
PSG Capital
Unitrans Motors Dealerships
Algoa Toyota Group (4)*
Avondale Toyota
Buffalo Toyota Group (3)*
East Rand Toyota
Killarney Toyota Group (2)*
Limpopo Toyota Group (2)*
Market Toyota Group (5)*
Monument Toyota Group (3)*
Oranje Toyota Group (8)*
Pat Hinde Toyota Group (4)*
Rivonia Toyota
IC Group (3)* (Nissan/Fiat)
United Motors Group (2)* (DC)
United Truck Centre (MAN)
Williams Hunt GM Group (12)*
Port Elizabeth Chevrolet
Autobahn BMW
Northcliff Auto BMW
Audi Centre East Rand Mall
Benoni Citi VW
Kingspark VW Durban
Weiss VW Durban (2)*
Klerksdorp Volkswagen & Audi
Kroonstad Volkswagen
McDuling Motors VW
Strijdom Park VW
The Glen Volkswagen & Audi
*Denotes number of dealerships
www.unitrans.co.za
Date: 22/02/2006 12:40:18 PM Produced by the JSE SENS Department
