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VTL
VTL
Ventel - Unaudited Interim Results for the 6 months ended 30 June 2006
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 6 months ended 30 June 2006
The unaudited interim results of the VENTEL Group are set out below:
Unaudited Unaudited Audited
30 June 30 June 31 December
Abridged Consolidated Income 2006 2005 2005
Statement R"000 R"000 R"000
Revenue 25,857 22,244 53,152
Income from operations 2,499 1,602 3,074
Net interest paid (445) (648) (1,074)
Income before relocation costs 2,054 954 2,000
Relocation costs 0 (753) (753)
Income before taxation 2,054 201 1,247
Taxation 0 (138) 0
Net income attributable to ordinary
shareholders 2,054 63 1,247
Average number of shares in issue
(`000) 50,495 50,495 50,495
Earnings per share (cents) 4.07 0.12 2.47
Headline earnings per share (cents) 4.07 0.12 2.47
Unaudited Unaudited Audited
30 June 30 June 31 December
Abridged Consolidated Statement 2006 2005 2005
of Changes in Equity R"000 R"000 R"000
Equity at beginning of period as
Previously reported 6,837 3,870 3,870
Net income for the period
attributable to Ordinary shareholders
2,054 63 1,247
Revaluation of land and buildings 0 0 1,720
Equity at end of period 8,891 3,933 6,837
Unaudited Unaudited Audited
30 June 30 June 31 December
2006 2005 2005
Abridged Consolidated Balance Sheet R"000 R"000 R"000
Assets
Non Current Assets
Property, Plant & Equipment 14,300 11,240 14,716
Intangible Assets 1,073 961 1,086
Loan Receivable 1,410 285 1,316
Current Assets 19,174 22,630 20,989
Total Assets 35,957 35,116 38,107
Equity and Liabilities
Shareholders" equity 8,891 3,933 6,837
Non Current Liabilities
Interest bearing liabilities 15,224 18,793 17,154
Non interest bearing liabilities 1,003 1,003 1,003
Current Liabilities 10,839 11,387 13,113
Total Equity and Liabilities 35,957 35,116 38,107
Net tangible asset value per share
(cents) 15.48 5.89 11.39
Unaudited Unaudited Audited
30 June 30 June 31 December
Abridged Consolidated Cash Flow 2006 2005 2005
Statement R"000 R"000 R"000
Cash flows from operating activities 2,741 3,769 8,756
Cash flows from investing activities (999) (1,412) (4,907)
Cash flows from financing activities (1,929) (601) (2,156
Net cash and cash equivalents
Generated/(utilised) (188) 1,756 1,693
Cash and cash equivalents at
beginning
of period (2,983) (4,676) (4,676)
Cash and cash equivalents at end of
period (3,171) (2,920) (2,983)
COMMENTARY
Operational Review
For the six months to 30 June 2006, revenue continued a growth trend with an
improvement of 16,2% over the same period in 2005 and the group returned a
profit from operations of R2,5 million. Continued productivity, operational and
cost benefits including enhanced debtor collections and improved inventory
management have again been achieved during the period under review. Interest
bearing liabilities have been reduced by 11,2% since the end of 2005.
The Period Ahead
Production and operational processes including continued to by reviewed in order
optimise efficiencies.
Accounting Policies
The results are prepared in accordance with International Financial Reporting
Standards and are consistent with the prior financial year.
Directorate
The board of directors remains unchanged. Rodger Weber was appointed on 2 August
2006 as an alternate director.
Dividends
No dividend is proposed for this period.
By order of the board
15 September 2006
D P Hamann G E Hamann
Directors:
DP Hamann
GE Hamann
N Hamann (Non-exec)
J H Botha
R Weber (Alt.)
Registered Office:
154 Axle Road, Devland
PO Box 57178, Springfield, 2137
Transfer Secretaries:
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
PO Box 61051 Marshalltown, 2107
Company Secretary:
Probity Business Services (Pty) Ltd
3rd Floor, JHI House, 11 Cradock Avenue,Rosebank
PO Box 85392 Emmarentia, 2029
Date: 15/09/2006 11:09:03 AM Produced by the JSE SENS Department
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