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VTL
VTL
VENTEL - Reviewed Provisional Annual Results for the 12 months ended 31 December
2005
VENTER LEISURE AND COMMERCIAL TRAILERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1985/070343/06)
Share code : VTL
ISIN : ZAE000007811
("VENTEL")
Reviewed Provisional Annual Results for the 12 months ended 31 December 2005
The reviewed provisional annual results of the VENTEL Group are set out below:
Abridged Consolidated Income Statement Reviewed Audited
31 December 31 December
2005 2004
R"000 R"000
Revenue 53,152 47,838
Income from operations 3,074 2,881
Net interest paid (1,074) (956)
Income before relocation costs 2,000 1,925
Relocation costs (753) (1,405)
Income before taxation 1,247 520
Taxation 0 (132)
Net income attributable to ordinary shareholders 1,247 388
Average number of shares in issue ("000) 50,495 50,495
Earnings per share (cents) 2.47 0.77
Headline earnings adjustment :
Loss on disposal of property, plant and
equipment (cents) 0 0.38
Headline earnings per share (cents) 2.47 1.15
Reviewed Audited
31 December 31 December
Abridged Consolidated Balance Sheet 2005 2004
R"000 R"000
Assets
Non Current Assets
Property, Plant & Equipment 14,716 10,570
Intangible Assets 1,086 1,067
Loan Receivable 1,316 389
Current Assets 20,989 26,602
Total Assets 38,107 38,628
Equity and Liabilities
Shareholders" Equity 6,837 3,870
Non Current Liabilities
Interest bearing liabilities 17,154 19,310
Non interest bearing liability 1,003 1,003
Current Liabilities 13,113 14,445
Total Equity and Liabilities 38,107 38,628
Net tangible asset value per share (cents) 11.39 5.55
Reviewed Audited
31 December 31 December
Abridged Consolidated Statement of Changes in
Equity 2005 2004
R"000 R"000
Equity at beginning of period as previously
reported 3,870 1,470
Prior year adjustment : Reversal of expense
charged in error 0 2,012
Equity at beginning of period restated 3,870 3,482
Net income for the period attributable to
ordinary shareholders 1,247 388
Revaluation of land and buildings 1,720 0
Equity at end of period 6,837 3,870
Reviewed Audited
31 December 31 December
Abridged Consolidated Cash Flow Statement 2005 2004
R"000 R"000
Cash flows from operating activities 8,756 (547)
Cash flows from investing activities (4,907) (3,584)
Cash flows from financing activities (2,156) 1,091
Net cash and cash equivalents
generated/(utilised) 1,693 (3,040)
Cash and cash equivalents at beginning of period (4,676) (1,636)
Cash and cash equivalents at end of period (2,983) (4,676)
COMMENTARY
Operational review
The turnover for the year improved by 11% to R53.2 million. The group returned
a profit from operations of R3.1 million with headline earnings being 2.47
cents per share.
The relocation of group operations to the main business hub of Gauteng has been
substantially completed. This has resulted in operational and cost benefits
including enhanced debtor collections and inventory rationalisation. Without
resorting to external borrowings the group has therefore been able to invest in
additional property, plant and equipment. This investment has been made in
order to achieve improved productivity, the benefits of which will be realised
in future years..
Accounting policies
The results are prepared in accordance with International Financial Reporting
Standards (IFRS). The adoption of IFRS did not have any material impact on the
results reported previously under South African Statements of Generally
Accepted Accounting Practice. The group"s accounting policies are accordingly
consistent with those of the prior year.
Report of the Independent Auditors
The financial information contained in this announcement has been reviewed by
the group"s auditors, PKF (Jhb) Inc. A copy of their unqualified review report
is available for inspection at Ventel"s registered office.
Directorate
O J La Grange and A Cilliers resigned as non-executive directors of the company
with effect from 10 November 2005 and 20 December 2005, respectively.
Dividend
No dividend is proposed for this period.
By order of the board
12 April 2006
D P Hamann J H Botha
Registered office
154 Axle Road
Devland.
(P O Box 57178
Springfield, 2137)
Transfer Secretaries
Computershare Investor Services 2004 (Pty) Ltd
(Registration number 1958/003546/06)
70 Marshall Street, Johannesburg, 2001
(P O Box 61051, Marshalltown, 2107)
Company Secretary
Probity Business Services (Pty) Ltd
Suite 204, 2nd Floor
20 Baker Street, Rosebank.
P O Box 85392, Emmarentia, 2029.
Directors : D P Hamann, G E Hamann, N Hamann*, J H Botha
(*non executive)
Date: 13/04/2006 07:00:44 AM Produced by the JSE SENS Department
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