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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Autologic Hldgs | LSE:ALG | London | Ordinary Share | GB0002192374 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 20.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMALG
RNS Number : 1153A
Autologic Holdings PLC
27 March 2012
AIM: ALG
Autologic Holdings plc
("Autologic", the "Company" or the "Group")
Final Results
for the year ended 31 December 2011
Autologic, a leading provider of support services to the automotive industry specialising in vehicle technical services and distribution, is today announcing its final results for the year ended 31 December 2011.
SUMMARY
-- Revenue from continuing operations up 5% to GBP144.7 million (2010: GBP138.3 million).
-- Operating profit from continuing operations, before exceptional items, maintained at GBP2.3 million (2010: GBP2.3 million).
-- Cash generated from continuing operations, before exceptional items, of GBP2.7 million (2010: GBP3.0 million).
-- Profit before tax from continuing operations, before exceptional items, of GBP2.1 million (2010: GBP2.2 million).
-- Business performance* earnings per share maintained at 2.7p (2010: 2.7p).
-- Profit for the year including exceptional items and discontinued operations increased to GBP1.8 million (2010: GBP0.7 million).
-- Basic earnings per share increased to 2.8p (2010: 1.1p).
-- Net debt (cash, less borrowings and finance leases) at 31 December 2011 of GBP5.1 million (2010: GBP1.9 million) following net capital investment of GBP4.9 million in the year.
-- Net assets at 31 December 2011 of GBP30.4 million (2010: GBP31.4 million).
* continuing earnings before exceptional items
Chief Executive Officer, Avril Palmer-Baunack, commented:
"Autologic has produced a solid result in 2011 in difficult market conditions. Financially, we have grown revenues and maintained operating profits whilst operationally we have successfully integrated the Autocarriers business, following the trade and asset purchase in 2010, and retained all key customer accounts in a year that saw a significant proportion of our UK revenue base up for renewal.
Undoubtedly there are opportunities to develop the existing business lines within Autologic over the course of 2012, both by incremental, organic growth and by acquisition. We are also well positioned to implement the Board's strategy to move into related sectors and for Autologic to establish a greater presence across the vehicle life-cycle. I am optimistic that we will develop the business further in 2012 and I look forward to taking advantage of these opportunities as they arise."
Enquiries:
Autologic Holdings plc Avril Palmer-Baunack, CEO T: 020 3178 6378 (today) Andrew Somerville, Group FD T: 01604 664458 --------------------------- ------------------------ Cenkos Securities plc Ian Soanes T: 020 7397 8900 Camilla Hume --------------------------- ------------------------ Biddicks Katie Tzouliadis T: 020 3178 6378 --------------------------- ------------------------
CHAIRMAN'S STATEMENT
2011 was a challenging year; the general worldwide economic situation and the unique European problems created instability in our markets, which was also compounded in the automotive marketplace by the disruption caused by the Japanese earthquake. Despite all of this, Autologic produced a solid trading performance for the year ended 31 December 2011. Revenues have increased by 5% year-on-year, and operating profit has remained stable at GBP2.3 million (2010: GBP2.3 million). The Group has also benefited from opportunities created by the tough trading environment.
The firm foundations built by the management team over the last few years underpinned the Group's performance in 2011. I believe this team has the quality and breadth of experience to operate in these adverse circumstances, providing a solid foundation to service the demands of our existing customer base and the skill sets to capitalise on growth opportunities as they present themselves. During 2011, the MCD/Autocarriers business ('Autocarriers'), the trade and assets of which were purchased in September 2010, has been successfully integrated within the UK operation and on 1 February 2012 the Group completed the acquisition of the trade and assets of Sensible Transport Limited out of administration. This business operates predominantly in the used and rental car markets, relatively untapped areas for Autologic and so provides a skill set and market position which the Board believes can be further developed.
I am pleased to report that the Group's finance facilities have been secured on more favourable terms until September 2015. We also have a supportive investor base that is aligned with the Board's strategy of growing Autologic by increasing its footprint across the automotive market and establishing a greater presence throughout the vehicle lifecycle. The Group has made progress along this path during the last few months and has the financial support and internal structures in place to develop this strategy further.
John Davies
Non-Executive Chairman
CHIEF EXECUTIVE OFFICER'S STATEMENT
Summary
Autologic has produced a solid result in 2011 in difficult market conditions. Financially, we have grown revenues and maintained operating profits whilst operationally we have successfully integrated the Autocarriers business, following the trade and asset purchase in 2010, and retained all key customer accounts in a year that saw a significant proportion of our UK revenue base up for renewal. Although market conditions remain challenging, our robust management team and high quality workforce throughout the business are able to adapt to the challenges they face and deliver excellent value and service to our customers.
Our Markets
Whilst new car registrations in the UK were down by 4.4% year-on-year to 1.94 million, vehicle manufacturing in the UK showed another year of growth, with a 5.1% rise in the production of cars and commercial vehicles to 1.47 million units. Our key markets in Mainland Europe are Belgium and the Netherlands where new car registrations increased by 4.5% and 15.2% respectively, albeit that volumes in these markets are each approximately one quarter of that in the UK.
Our markets in both the UK and Mainland Europe were affected by the supply issues caused by the Japanese earthquake and tsunami in March 2011, which caused disruption across all divisions of the Group during a large part of the year. It is impossible to say what net effect this has had on total volumes but it certainly had an adverse effect on the efficiency and balance of our operations.
Group revenue increased by 5% to GBP144.7 million (2010: GBP138.3 million). This increase includes the full year effect of the Autocarriers acquisition. All Autocarriers' customers have been retained following this acquisition and its transporter fleet has been fully integrated within our existing UK fleet to increase the scale of our operations and improve efficiencies. There is no doubt that this additional volume has benefited the logistical planning within our transport activities and has supported our network, in particular during the quieter months of the year. We have also seen the benefit of the increased UK vehicle production figures in our operations dedicated to servicing the distribution of this output directly from the manufacturing facilities. Within our vehicle services activities we have been able to increase revenue across the range of technical services covering commercial vehicle fitments, used car refurbishment and de-fleeting services, which has increased contribution from areas of the business that are not directly reliant upon new car registrations. Our storage and handling operations, however, have seen a reduction in the number of vehicle arrivals and average storage levels at least partly as a result of the Japanese earthquake and we experienced a reduction in revenue from this equal to the growth in technical services. We have made structural changes to our workforce and operations in this area during the year which increases our ability to deal with future fluctuations in demand for storage and handling capability.
In Mainland Europe, revenues increased organically by 9% and we invested GBP1.7 million in 11 additional new transporters during the year. This will provide capacity to meet the growth in revenues already secured.
Our Contracts
2011 was a significant year for contract renewals, in particular within the UK transport division. Contracts typically last for 2 or 3 years but 2011 was a year that included many of our larger accounts re-tendering. I am pleased to report that we successfully retained all of our customer relationships on acceptable commercial terms.
We renewed contracts with BMW for its UK dealership distribution and transport of Minis from the manufacturing plant at Oxford to the port of Southampton for export, both for three years from January 2012. Compared to 2011, we expect a reduction in revenue from the BMW dealership distribution, although the change in the traffic flows will improve the overall balance of our network. We agreed a new three year contract with GM for UK distribution and increased our contracted volumes by approximately 100,000 units and we also renewed technical services contracts with GM at Chaul End, Ellesmere and since the year end, at the Luton plant. Other contract renewals included GEFCO, Chevrolet, Mazda and since the year end, Toyota for UK distribution.
The Group also secured new contracts with MG Motors for UK dealership distribution and extended the scope of the Ford contract to include ongoing distribution of the new Range Rover Evoque.
In Mainland Europe we won a new contract to move Volkswagen Audi Group ('VAG') product, for a three year period from January 2012. We also renewed our contract with Glovis to move Hyundai product for the UK market from its manufacturing facility at Nosovice in the Czech Republic for a further two years, to December 2013. From the second quarter of 2012 Glovis will alter its route of export into the UK and whilst we have retained this work, we anticipate that it will cost more to service this change. However, we have secured further volume through contracts with GM and Seat (part of VAG), which will help to overcome this change and continue the development of this segment.
We are also actively pursuing new contracts through our joint ventures in Mainland Europe. During the year our joint venture, Transport-Service Klingels-Willems NV was able to utilise its specialist skill-sets to provide Jaguar Land Rover with compound management services in the UK during the launch project of the new Evoque; an intensive project generating additional short term revenue. Since the year end we have also secured a new contract with Ford at its facility in Valencia, Spain which will be operated through a new joint venture. We have targeted further opportunities for these services during 2012.
Acquisition of the Trade and Assets of Sensible Transport Limited (Post Balance Sheet Event)
On 1 February 2012, Autologic acquired the trade and assets of Sensible Transport Limited ('Sensible') out of administration. We are pleased that we have been able to retain the key management from the company and expect the acquisition to generate approximately GBP6 million of annual revenues. This business complements our transport activities, increasing our fleet in the UK by 30 transporter units. It also increases the breadth of our relationships with dealership groups, fleet and rental companies, market sectors where we have identified further opportunities for the Autologic Group and wish to develop as a part of our strategy to create a more rounded automotive support services business, reducing our dependency on the new car market.
Group Finances and Shareholder Support
I am pleased to report that in June 2011, we extended our excellent relationship with GE Financial Services Ltd ('GE') and renewed the Group's finance facilities, for more than four years to September 2015, well in advance of their expiry date. This facility is competitively priced and provides the appropriate flexible financing facilities required by the Group, with scope for further growth. This was demonstrated following the acquisition of Sensible, where we had dedicated finance facilities arranged and operating within two weeks of the acquisition.
Since the year end there has also been a significant change in the shareholder base of the Group as Guinness Peat Group ('GPG') disposed of its 26.2% shareholding to Invesco Limited. GPG had made public its wider plans to dispose of all of its investments in the UK in an orderly manner and to return cash to its shareholders. We are pleased to welcome Invesco as a new major shareholder and also welcome its support of our plans to grow the Group, allowing us to look forward to developing the business with full commitment from the key stakeholders.
Dividend
The Board will not be recommending a dividend (2010: GBPnil) to shareholders at the Annual General Meeting given the continuing uncertainty in the macro-economic environment. However, the Board is committed in principle to the resumption of dividend payments when it believes it is prudent to do so, in light of the future underlying earnings, cash flow, balance sheet strength and investment plans.
Our Staff
As always, I am extremely grateful to all of our employees for their hard work and commitment in servicing our customers during 2011. Autologic has an enthusiastic team of staff, and it is their dedication and willingness to go the extra mile that allows Autologic to provide an excellent quality of service and to remain at the forefront as market-leader.
The Future
The economic situation in the UK and the Eurozone remains unstable and we therefore continue to be prudent and cautious in our outlook for 2012 but we are also positive in our ability to move the Company forward strategically. Over the last few years, we have adapted and improved Autologic's structure and working practices, making the Group more resilient to market volume fluctuations and it now has the ability, within certain parameters, to flex its costs and capacity in line with customer demands. I believe our results in 2011 demonstrate this. Some of our competitors are less able to cope with the demands and fluctuations in today's market, as evidenced by recent events and I believe that there will be further structural changes to the marketplace over time. The strongest companies in the supply chain, of which we are one, will be able to take advantage of this. In addition, Autologic is one of the few companies in the UK market with a presence in Mainland Europe. This provides us with some cross-border capability and it allows us to grow the Mainland European business in our traditional OEM marketplace where we have a relatively low market share, creating more organic development opportunities.
Undoubtedly there are opportunities to develop the existing business lines within Autologic over the course of 2012, both by incremental, organic growth and through more acquisitions such as Sensible and Autocarriers. We are also well positioned to implement the Board's strategy to move into related sectors and for Autologic to establish a greater presence across the vehicle life-cycle. I am optimistic that we will develop and grow the business further in 2012 and with the support of our shareholders I look forward to taking advantage of these opportunities as they arise.
Avril Palmer-Baunack
Chief Executive Officer
OPERATING AND FINANCIAL REVIEW
Results
Revenue from continuing operations increased by 5% to GBP144.7 million (2010: GBP138.3 million). This increase includes GBP6.4 million of additional revenue from the full year effect of the Autocarriers acquisition made in September 2010. There was also underlying growth in both UK and Mainland Europe through contract wins and increased volumes on existing contracts. However this was largely offset by a year-on-year reduction in revenue of GBP4.6 million as a result of the run out and cessation of the historical payroll management contract provided to BMW at Thorne, which ended during the year.
Operating profit for the Group from continuing operations, before exceptional items, remained stable at GBP2.3 million (2010: GBP2.3 million). The additional revenue within UK transport and technical services activities helped to increase the profit contribution from these operations and broadly offset reduced storage volumes and the ending of the BMW payroll contract referred to above. Operating profit from Mainland Europe remained stable overall year-on-year.
The net cost of finance increased to GBP0.4 million (2010: GBP0.3 million). The cash cost of borrowing was stable year-on-year, as a result of working capital control and the reduced rates in the new finance facility agreed in June 2011, which offset the effect of capital investment in the year. The overall increase reflects non-cash accounting adjustments, including the cessation of the interest credit from the un-wind of the discounted deferred debtor due from Walon France, which contributed GBP0.3 million of interest income during 2010, until it was settled in July 2010. There was also a one-off charge of GBP0.1 million on the write-off of the previous unamortised GE issue costs upon agreement of the new facility, offset by an additional GBP0.2 million interest income from pension scheme accounting.
Our joint venture operations in Mainland Europe contributed GBP0.2 million of post tax profit (2010: GBP0.2 million).
Profit before tax from continuing operations, before exceptional items, reduced to GBP2.1 million (2010: GBP2.2 million) as a result of the increase in net interest costs. On a statutory basis, including the effect of exceptional items, profit before tax increased to GBP2.1 million (2010: GBP2.0 million).
The tax expense for the year of GBP0.4 million represents an effective rate of tax of 19% (2010: 25%).
Business performance basic earnings per share was maintained at 2.7p (2010: 2.7p). Basic earnings per share increased to 2.8p (2010: 1.1p).
Operations
UK
UK revenues increased by 4% to GBP114.5 million (2010: GBP110.6 million). The effects of the Autocarriers acquisition and ending of the BMW Thorne contract are described above. Due to strong production levels, we also saw increased distribution volume from Nissan's manufacturing plant at Sunderland, which accounted for approximately half of the balance of the increase, with the remainder of the increased revenue from additional volume spread across new and existing contracts.
UK operating profit, before exceptional items, reduced to GBP3.1 million (2010: GBP3.2 million). Contract pricing within UK distribution remains competitive with customers still focused strongly on price, although the increased volumes have provided scaling efficiencies and so helped to offset this. Cost pressures in general remain with us and the price of diesel continues to rise. Our contractual fuel clauses tend to lag behind this curve across the portfolio of contracts. However, our emphasis on controlling significant cost lines and investment in key assets has allowed us to maintain service levels in a cost effective manner. We continue to improve the cost of maintaining our transporter fleet, constantly reviewing total fleet expenditure, comprising lease cost, asset depreciation, maintenance costs and fuel efficiency to achieve the appropriate balance. We have improved maintenance cycles over the course of the year at our in-house transporter maintenance facility, which is now operating 24 hours / 7 days a week. In our vehicle services operations, we have increased the contribution from
our range of technical services contracts by focusing on what service levels the customer requires and aligning our resources to provide this. The reduction in storage volumes and handling levels at our depots had an impact on operating profit because of the relatively fixed cost-base in this area. We have taken steps in the year to rebalance this by reducing the level of fixed costs and introducing more flexibility into our cost of procuring land and labour resource.
Mainland Europe
Revenues in Mainland Europe increased by 9% to GBP30.2 million (2010: GBP27.7 million). This growth came from increased volumes on existing contracts as well as additional contracts in the year. Operating profit was held at GBP1.6 million (2010: GBP1.6 million) as both pricing and cost pressures eroded margins. Weather-related events had a greater relative impact on our operations in Mainland Europe, as the consequences of the Japanese earthquake had an impact on our traffic flows and on a smaller scale a severe hailstorm damaged vehicles stored at our location at Genk, as well as other third party facilities nearby. Whilst we were protected from the cost of damage to vehicles on site either through insurance or customer contracts, the number of vehicles damaged throughout the various storage locations had a significant impact on flows through the supply chain and on storage and distribution volumes.
Head Office Costs
Head office costs, before exceptional items, have reduced by GBP0.1 million to GBP2.4 million (2010: GBP2.5 million). This saving includes a reduction of GBP0.3 million in the accounting charge for share option awards, partially offset by an increase of GBP0.1 million due to the cessation of fee income when the guarantees on behalf of Walon France were released.
Hot Features
Premium
Discontinued Operations
2011 2010
GBP'm GBP'm
Reversal of other provisions relating to business
closures and disposals 0.1 0.1
Walon France - (2.0)
Income relating to the loss of the Ford contract - 1.3
Income tax expense - (0.2)
-------------------------------------------------- ----- -----
Total 0.1 (0.8)
-------------------------------------------------- ----- -----
The credit of GBP0.1 million in the year (2010: GBP0.1 million) is the final reversal of a warranty provision relating to the sale and closure of business activities in previous years.
In 2010, the charge of GBP2.0 million in respect of Walon France reflected the early settlement of deferred consideration and the release of guarantees, which concluded all arrangements relating to the disposal of the former subsidiary in May 2006. Under the original terms of the disposal of Walon France, consideration of EUR7.9 million was deferred until May 2012 and Autologic provided lease commitment guarantees, in respect of which the Group disclosed a contingent liability amounting to GBP48.0 million in the 2009 Financial Statements. The agreement reached in July 2010 secured an immediate cash receipt, net of costs, of GBP3.6 million in settlement of the deferred consideration, eliminated the lease guarantees and reached full and final settlement on all aspects of the disposal of Walon France. The charge of GBP2.0 million represents the difference between the cash received, net of costs, and the discounted value of the deferred consideration as at July 2010. There was also a credit of GBP1.3 million relating to the loss of the Ford contract, primarily from the reversal of provisions which were no longer required.
Exceptional Items 2011 2010
GBP'm GBP'm
Restructuring costs (2010: reversal of provisions
for restructuring and down-sizing the driver numbers
and transporter fleet) (0.6) 0.4
Aborted acquisition costs (0.2) (0.1)
Onerous contracts and property related provisions 0.8 -
Foreign exchange losses on non-trading Euro denominated
receivables - (0.4)
Acquisition of the trade and assets of Autocarriers
Ltd - (0.1)
-------------------------------------------------------- ----- -----
Total - (0.2)
-------------------------------------------------------- ----- -----
Exceptional items have been disclosed separately because they are of a non-recurring nature and this separate analysis provides a useful indication of underlying performance.
During the year the significant changes in storage volumes in particular within our vehicle services operations required a comprehensive review of our workforce and resource requirements. The changes implemented have provided us with greater flexibility in the future to respond to changing levels of demand. During the year we also incurred costs relating to various potential acquisitions. The credit of GBP0.8 million relates to the reversal of provisions established in previous years in response to property related liabilities, which are now not considered to represent an ongoing risk to the Group.
In 2010, the credit of GBP0.4 million represents the element of restructuring costs associated with reducing the size of the transporter fleet which was ultimately not required. The foreign exchange losses of GBP0.4 million on non-trading Euro denominated receivables relate substantially to the deferred consideration due from Walon France, which is described above and will not recur. The charge of GBP0.1 million relates to costs and assumed liabilities in connection with the acquisition of the trade and assets of Autocarriers Ltd.
Balance Sheet, Net Debt and Finance Facilities
Despite the Group generating retained earnings of GBP1.8 million during the year, net assets have decreased to GBP30.4 million (2010: GBP31.4 million). The reduction is a result of the accounting for the Group's UK pension schemes, where the stock market values as at 31 December 2011 and assumptions affecting the measure of the schemes' liabilities caused the deficits to increase by GBP2.6 million after tax. In addition, the strengthening of Sterling relative to the Euro over the year has resulted in a loss of GBP0.2 million on translation of our Euro denominated net assets.
During the year, net debt increased to GBP5.1 million (31 December 2010: GBP1.9 million). The Group generated cash of GBP1.8 million from operating activities, including dividends from joint venture profits. Some GBP5.2 million was invested in the year on fixed assets, including GBP4.2 million on 102 transporters, 91 of which were acquired off-lease, primarily in the UK fleet, and a further 11 new transporters in Mainland Europe. As at 31 December 2011, the Group was operating with a fleet of 388 transporters in the UK (approximately two thirds of these are owned and accounted for on-balance sheet) and 106 transporters in Mainland Europe (primarily on operating leases). Since the start of the new financial year in 2012, a further 30 transporters have been acquired, or taken on, as a part of the acquisition of Sensible and an additional 15 transporters taken on operating lease in Mainland Europe to meet the demands of the new VAG contract.
Throughout 2011, the Group operated comfortably within its principal finance facilities. In June 2011, we renewed and extended our facilities with GE for a further four years to September 2015. The Group also has additional facilities available in Mainland Europe of EUR1.5 million, which have been agreed in principle with ING but have not been drawn down.
Andrew Somerville
Group Finance Director
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2011
Year ended 31 December Year ended 31 December
2011 2010
--------------------------------------- ---------------------------------------
Before After Before After
exceptional Exceptional exceptional exceptional Exceptional exceptional
items items items items items items
Note GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
---------------------------- ---- ------------ ----------- ------------ ------------ ----------- ------------
Continuing operations
Revenue 2 144.7 - 144.7 138.3 - 138.3
Cost of sales 3 (135.0) 0.3 (134.7) (128.2) 0.4 (127.8)
---------------------------- ---- ------------ ----------- ------------ ------------ ----------- ------------
Gross profit 9.7 0.3 10.0 10.1 0.4 10.5
Administrative expenses 3 (7.4) (0.3) (7.7) (7.8) (0.6) (8.4)
Profit from operating
activities 2 2.3 - 2.3 2.3 (0.2) 2.1
Finance income 0.3 - 0.3 0.4 - 0.4
Finance expense (0.7) - (0.7) (0.7) - (0.7)
---------------------------- ---- ------------ ----------- ------------ ------------ ----------- ------------
Net finance expense (0.4) - (0.4) (0.3) - (0.3)
---------------------------- ---- ------------ ----------- ------------ ------------ ----------- ------------
Share of profit from
equity accounted investees,
net of income tax 0.2 - 0.2 0.2 - 0.2
Profit before income
tax 2.1 - 2.1 2.2 (0.2) 2.0
Income tax expense (0.4) - (0.4) (0.5) - (0.5)
---------------------------- ---- ------------ ----------- ------------ ------------ ----------- ------------
Profit from continuing
operations 1.7 - 1.7 1.7 (0.2) 1.5
Discontinued operations
Profit / (loss) from
discontinued operations,
net of income tax 2 - 0.1 0.1 - (0.8) (0.8)
---------------------------- ---- ------------ ----------- ------------ ------------ ----------- ------------
Profit for the year 1.7 0.1 1.8 1.7 (1.0) 0.7
---------------------------- ---- ------------ ----------- ------------ ------------ ----------- ------------
Attributable to:
Owners of the Company 1.7 0.1 1.8 1.7 (1.0) 0.7
Non-controlling interests - - - - - -
---------------------------- ---- ------------ ----------- ------------ ------------ ----------- ------------
1.7 0.1 1.8 1.7 (1.0) 0.7
---------------------------- ---- ------------ ----------- ------------ ------------ ----------- ------------
Earnings per share
Basic and diluted 4 2.8p 1.1p
Earnings per share
from continuing operations
Basic and diluted 4 2.7p 2.5p
---------------------------- ---- ------------ ----------- ------------ ------------ ----------- ------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2011
Year ended Year ended
31 December 31 December
2011 2010
GBP'm GBP'm
------------------------------------------ ------------ ------------
Profit for the year 1.8 0.7
Other comprehensive (expense) / income
Foreign currency translation differences
for foreign operations (0.2) (0.3)
Defined benefit scheme actuarial (losses)
/ gains (3.4) 1.8
Income tax credit / (expense) on other
comprehensive (losses) / gains 0.8 (0.5)
------------------------------------------ ------------ ------------
Other comprehensive (expense) / income
for the year, net of income tax (2.8) 1.0
------------------------------------------ ------------ ------------
Total comprehensive (expense) / income
for the year (1.0) 1.7
------------------------------------------ ------------ ------------
Attributable to:
Owners of the Company (1.0) 1.7
Non-controlling interests - -
------------------------------------------ ------------ ------------
Total comprehensive (expense) / income
for the year (1.0) 1.7
------------------------------------------ ------------ ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2011
Attributable to equity holders
of the Company
-----------------------------------------------------------
Share Special Merger Translation Retained Non-controlling Total
capital reserve reserve reserve earnings Total interest equity
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
-------------------------- -------- -------- -------- ----------- --------- ----- --------------- -------
Balance at 1 January
2011 0.1 6.6 8.4 0.1 15.8 31.0 0.4 31.4
Total comprehensive
income / (expense)
for the year
Profit for the
year - - - - 1.8 1.8 - 1.8
Other comprehensive
expense:
Foreign currency
translation differences
for foreign operations - - - (0.2) - (0.2) - (0.2)
Defined benefit
scheme actuarial
losses, net of
income tax - - - - (2.6) (2.6) - (2.6)
Total other comprehensive
expense - - - (0.2) (2.6) (2.8) - (2.8)
-------------------------- -------- -------- -------- ----------- --------- ----- --------------- -------
Total comprehensive
expense for the
year - - - (0.2) (0.8) (1.0) - (1.0)
-------------------------- -------- -------- -------- ----------- --------- ----- --------------- -------
Balance at 31 December
2011 0.1 6.6 8.4 (0.1) 15.0 30.0 0.4 30.4
-------------------------- -------- -------- -------- ----------- --------- ----- --------------- -------
FOR THE YEAR ENDED 31 DECEMBER 2010
Attributable to equity holders
of the Company
-----------------------------------------------------------
Share Special Merger Translation Retained Non-controlling Total
capital reserve reserve reserve earnings Total interest equity
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
-------------------------- -------- -------- -------- ----------- --------- ----- --------------- -------
Balance at 1 January
2010 0.1 6.6 8.4 0.4 13.5 29.0 0.4 29.4
Total comprehensive
income / (expense)
for the year
Profit for the
year - - - - 0.7 0.7 - 0.7
Other comprehensive
(expense) / income:
Foreign currency
translation differences
for foreign operations - - - (0.3) - (0.3) - (0.3)
Defined benefit
scheme actuarial
gains, net of income
tax - - - - 1.3 1.3 - 1.3
Total other comprehensive
(expense) / income - - - (0.3) 1.3 1.0 - 1.0
-------------------------- -------- -------- -------- ----------- --------- ----- --------------- -------
Total comprehensive
(expense) / income
for the year - - - (0.3) 2.0 1.7 - 1.7
-------------------------- -------- -------- -------- ----------- --------- ----- --------------- -------
Transactions with
owners, recorded
directly in equity
Share-based payments
adjustment - - - - 0.3 0.3 - 0.3
-------------------------- -------- -------- -------- ----------- --------- ----- --------------- -------
Balance at 31 December
2010 0.1 6.6 8.4 0.1 15.8 31.0 0.4 31.4
-------------------------- -------- -------- -------- ----------- --------- ----- --------------- -------
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2011
2011 2010
Note GBP'm GBP'm
------------------------------------------ ---- ------ ------
Assets
Non-current assets
Goodwill 21.5 21.5
Property, plant and equipment 18.8 16.0
Investments in equity accounted investees 0.4 0.4
Deferred tax assets 2.0 1.5
Trade and other receivables - 0.6
------------------------------------------ ---- ------ ------
42.7 40.0
------------------------------------------ ---- ------ ------
Current assets
Inventories 0.9 0.9
Trade and other receivables 25.8 23.7
Cash and cash equivalents 6 6.4 6.7
------------------------------------------ ---- ------ ------
33.1 31.3
------------------------------------------ ---- ------ ------
Total assets 75.8 71.3
------------------------------------------ ---- ------ ------
Liabilities
Current liabilities
Trade and other payables (24.0) (24.0)
Loans and borrowings 6 (3.9) (1.8)
Current tax liabilities (0.4) (0.4)
Provisions (1.0) (1.7)
------------------------------------------ ---- ------ ------
(29.3) (27.9)
------------------------------------------ ---- ------ ------
Non-current liabilities
Loans and borrowings 6 (7.6) (6.8)
Employee benefits (5.4) (2.8)
Provisions (3.1) (2.4)
------------------------------------------ ---- ------ ------
(16.1) (12.0)
------------------------------------------ ---- ------ ------
Total liabilities (45.4) (39.9)
------------------------------------------ ---- ------ ------
Net assets 30.4 31.4
------------------------------------------ ---- ------ ------
Equity
Share capital 0.1 0.1
Other reserves 14.9 15.1
Retained earnings 15.0 15.8
------------------------------------------ ---- ------ ------
Total equity attributable to equity
holders of the Company 30.0 31.0
Non-controlling interests 0.4 0.4
------------------------------------------ ---- ------ ------
Total equity 30.4 31.4
------------------------------------------ ---- ------ ------
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2011
Year ended Year ended
31 December 31 December
2011 2010
Note GBP'm GBP'm
Cash flows from operating activities
Cash generated from continuing operations
before exceptional items 7 2.7 3.0
Cash used in continuing operations - exceptional
items (1.0) (1.2)
Cash generated from discontinued operations
- exceptional items 0.7 0.7
----------------------------------------------------- ---- ------------ ------------
Total cash generated from operating activities 2.4 2.5
Interest paid (0.7) (0.6)
Income tax paid (0.1) (0.2)
----------------------------------------------------- ---- ------------ ------------
Net cash generated from operating activities 1.6 1.7
----------------------------------------------------- ---- ------------ ------------
Cash flows from investing activities
Dividends received from joint venture companies 0.2 0.1
Proceeds from sales of property, plant and
equipment 0.3 0.1
Purchase of goodwill - (0.5)
Purchase of property, plant and equipment (5.2) (4.4)
Net proceeds from sale of investments - discontinued
operations - 3.6
Net cash used in investing activities (4.7) (1.1)
----------------------------------------------------- ---- ------------ ------------
Cash flows from financing activities
Increase / (decrease) in amount drawn down
on receivables facility 2.5 (1.6)
Repayment of term facility (0.7) (0.8)
New finance leases taken out in the year 2.0 1.5
Payment of finance lease liabilities (1.0) (0.3)
----------------------------------------------------- ---- ------------ ------------
Net cash generated from / (used in) financing
activities 2.8 (1.2)
----------------------------------------------------- ---- ------------ ------------
Net decrease in cash and cash equivalents (0.3) (0.6)
Cash and cash equivalents at the beginning
of the financial year 6 6.7 7.5
Effect of exchange rate changes on cash and
bank overdrafts - (0.2)
----------------------------------------------------- ---- ------------ ------------
Cash and cash equivalents at the end of the
financial year 6 6.4 6.7
----------------------------------------------------- ---- ------------ ------------
NOTES TO THE FINAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2011
1. Basis of Preparation
Basis of Accounting
This preliminary statement has been prepared under the historical cost convention. The accounting policies have remained unchanged from the previous year.
The financial information set out in this preliminary statement does not constitute the Company's statutory accounts for the years ended 31 December 2011 or 2010. Statutory accounts for 2010 have been delivered to the registrar of companies, and those for 2011 will be delivered in due course. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
Changes in Accounting Policies
There were no new standards, amendments to standards or interpretations that were mandatory for the first time for the financial year beginning 1 January 2011 that have resulted in any material impact on this preliminary statement or on the Group's 2011 Consolidated Financial Statements.
2. Segmental Reporting
Mainland
Europe UK Un-allocated Total
GBP'm GBP'm GBP'm GBP'm
--------------------------------------- --------- ------ ------------- ------
Year ended 31 December 2011
Continuing operations
Total gross segment revenue 32.9 114.6 - 147.5
Less inter-segment revenue (2.7) (0.1) - (2.8)
--------------------------------------- --------- ------ ------------- ------
Revenue 30.2 114.5 - 144.7
Continuing operations
Profit from operating activities
before exceptional items 1.6 3.1 (2.4) 2.3
Exceptional items - 0.2 (0.2) -
Profit from operating activities 1.6 3.3 (2.6) 2.3
Net finance expense (0.4)
Share of profit from equity accounted
investees, net of income tax 0.2 - - 0.2
Profit before income tax 2.1
Income tax expense (0.4)
--------------------------------------- --------- ------ ------------- ------
Profit for the year from continuing
operations 1.7
--------------------------------------- --------- ------ ------------- ------
Mainland
Europe UK Un-allocated Total
GBP'm GBP'm GBP'm GBP'm
--------------------------------------- --------- ------ ------------- ------
Year ended 31 December 2010
Continuing operations
Total gross segment revenue 29.7 110.6 - 140.3
Less inter-segment revenue (2.0) - - (2.0)
--------------------------------------- --------- ------ ------------- ------
Revenue 27.7 110.6 - 138.3
Continuing operations
Profit from operating activities
before exceptional items 1.6 3.2 (2.5) 2.3
Exceptional items - 0.3 (0.5) (0.2)
Profit from operating activities 1.6 3.5 (3.0) 2.1
Net finance expense (0.3)
Share of profit from equity accounted
investees, net of income tax 0.2 - - 0.2
Profit before income tax 2.0
Income tax expense (0.5)
--------------------------------------- --------- ------ ------------- ------
Profit for the year from continuing
operations 1.5
--------------------------------------- --------- ------ ------------- ------
Year ended 31 December Year ended 31 December
2011 2010
Other UK Total Other UK Total
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
-------------------------------- -------- -------- ------- -------- -------- -------
Discontinued operations
Exceptional items:
Reversal of other provisions
relating to business closures
and disposals 0.1 - 0.1 0.1 - 0.1
Early settlement of deferred
consideration and the
release of guarantees
in respect of Walon France - - - (2.0) - (2.0)
Income derived from, and
the reversal of provisions
relating to, the loss
of the Ford contract - - - - 1.3 1.3
Profit / (loss) before
income tax 0.1 - 0.1 (1.9) 1.3 (0.6)
Income tax expense - - - 0.2 (0.4) (0.2)
-------------------------------- -------- -------- ------- -------- -------- -------
Profit / (loss) for the
year from discontinued
operations 0.1 - 0.1 (1.7) 0.9 (0.8)
-------------------------------- -------- -------- ------- -------- -------- -------
The income of GBP0.1 million (2010: GBP0.1 million) from other discontinued activities represents the release from warranty provisions created upon disposal of Walon Iberia SL in 2007.
The early settlement of deferred consideration and the release of guarantees in respect of Walon France represent the conclusion of arrangements relating to the disposal of the former subsidiary in May 2006. Under the terms of the disposal of Walon France, consideration of EUR7.9 million was deferred until May 2012 and Autologic provided lease commitment guarantees, in respect of which the Group disclosed a contingent liability amounting to GBP48.0 million in the 2009 Financial Statements. The agreement reached in July 2010 secured an immediate cash receipt of GBP3.7 million in settlement of the deferred consideration, eliminated the lease guarantees and reached full and final settlement on all aspects of the disposal of Walon France, which also included the directors of Walon France waiving various contingent contractual rights amounting to a maximum potential cost of GBP0.5 million. The charge of GBP2.0 million in 2010 represented the difference between the cash received, net of costs of GBP0.1 million, and the discounted value of the deferred consideration at July 2010.
The income relating to the loss of the Ford contract arises from Ford's decision in 2007 to in-source its vehicle distribution activities previously supplied by Ansa and Autocar, subsidiaries within the Group. In 2010, the income of GBP1.3 million represents the release of provisions established when the trade ceased abruptly in 2007.
3. Exceptional Items - Continuing Operations
Year ended Year ended
31 December 31 December
2011 2010
GBP'm GBP'm
----------------------------------------------- ------------- -------------
Included in cost of sales
Restructuring costs (2010: reversal of
provisions for restructuring and down-sizing
the driver numbers and transporter fleet) 0.5 (0.4)
Reversal of onerous contracts and property
related provisions (0.8) -
(0.3) (0.4)
----------------------------------------------- ------------- -------------
Included in administrative expenses
Aborted acquisition costs 0.2 0.1
Restructuring costs 0.1 -
Foreign exchange losses on non-trading
Euro denominated receivables - 0.4
Costs associated with the acquisition
of the trade and assets of Autocarriers
Ltd - 0.1
0.3 0.6
----------------------------------------------- ------------- -------------
Total exceptional items before income
tax - 0.2
Income tax expense - -
----------------------------------------------- ------------- -------------
Total exceptional items after income tax - 0.2
----------------------------------------------- ------------- -------------
The restructuring costs of GBP0.6 million in total were incurred primarily in response to significant changes in volumes at storage facilities within our vehicle services operations. The charge predominantly represents the cost of redundancies required and these have been completed by the year end. The credit of GBP0.8 million in respect of onerous contracts and property related provisions relates to the reversal of provisions established in previous years in response to property related liabilities which are no longer believed to represent an ongoing risk to the Group. During the year, the Group incurred costs of GBP0.2 million (2010: GBP0.1 million) in respect of potential acquisitions.
In 2010, the credit of GBP0.4 million represents the element of provisions for restructuring costs associated with reducing the size of the transporter fleet which were ultimately not required. The foreign exchange losses of GBP0.4 million on non-trading Euro denominated receivables relate substantially to the deferred consideration due from Walon France, which was repaid in 2010, as described in note 2 and will therefore not recur. The charge of GBP0.1 million relates to costs and assumed liabilities in connection with the acquisition of the trade and assets of Autocarriers Ltd.
4. Earnings / (Loss) Per Share
Year ended 31 December Year ended 31 December
2011 2010
--------------------------------- -------------------------------
Per
Per share share
Earnings Shares amount Earnings Shares amount
GBP'm (million) (pence) GBP'm (million) (pence)
----------------------------------- --------- ---------- ---------- --------- ---------- --------
Basic and diluted earnings
per share 1.8 62.2 2.8 0.7 62.2 1.1
----------------------------------- --------- ---------- ---------- --------- ---------- --------
Basic and diluted earnings
per share from continuing
operations 1.7 62.2 2.7 1.5 62.2 2.5
----------------------------------- --------- ---------- ---------- --------- ---------- --------
Basic and diluted earnings
/ (loss) per share from
discontinued operations 0.1 62.2 0.1 (0.8) 62.2 (1.4)
----------------------------------- --------- ---------- ---------- --------- ---------- --------
Business performance earnings
per share
Basic and diluted earnings
per share 1.8 62.2 2.8 0.7 62.2 1.1
Business performance adjustments:
- discontinued operations,
as above (0.1) (0.1) 0.8 1.4
- exceptional items - - 0.2 0.2
Basic and diluted business
performance earnings per
share 1.7 62.2 2.7 1.7 62.2 2.7
----------------------------------- --------- ---------- ---------- --------- ---------- --------
Basic earnings per share is calculated by dividing the earnings attributable to Ordinary shares by the weighted average number of Ordinary shares outstanding during the year. For the years ended 31 December 2011 and 2010 there were no potentially dilutive shares. Earnings per share were calculated on 62.2 million shares being in issue at 31 December 2011 (2010: 62.2 million).
Business performance earnings per share is calculated by reference to continuing earnings before exceptional items since the Directors consider that this measure provides a useful indication of underlying performance.
5. Dividends
No interim dividend was paid during either the year ended 31 December 2011 or 2010. No final dividend was recommended in respect of the year ended 31 December 2010 and the Directors will not be recommending a dividend to Shareholders at the AGM for the year ended 31 December 2011.
6. Analysis of Net Debt
2011 2010
GBP'm GBP'm
------------------------------------ ------ ------
Cash at bank and in hand 6.4 6.7
Current financial liabilities:
Bank loans (3.1) (1.0)
Issue costs relating to bank loans - 0.1
Finance lease obligations (0.8) (0.9)
------------------------------------ ------ ------
(3.9) (1.8)
Non-current financial liabilities:
Bank loans (3.3) (3.6)
Finance lease obligations (4.3) (3.2)
------------------------------------ ------ ------
(7.6) (6.8)
Net debt (5.1) (1.9)
------------------------------------ ------ ------
7. Reconciliation of Net Profit to Net Cash Inflow before Exceptional Items from Operating Activities
2011 2010
GBP'm GBP'm
---------------------------------------------------- ----- -----
Continuing operations
Net profit 1.7 1.5
Adjustments for:
Income tax expense 0.4 0.5
Depreciation and amortisation 2.2 1.6
Net finance expense 0.4 0.3
Share of profit of equity accounted investees,
net of income tax (0.2) (0.2)
Share-based payments - 0.3
Exceptional items - 0.2
Changes in working capital:
Increase in inventories - (0.3)
Increase in trade and other receivables (1.6) (0.4)
Decrease in payables and provisions for liabilities
and charges (0.2) (0.5)
---------------------------------------------------- ----- -----
Cash generated from continuing operations
before exceptional items 2.7 3.0
---------------------------------------------------- ----- -----
Discontinued operations
Net profit / (loss) 0.1 (0.8)
Adjustments for:
Income tax expense - 0.2
Exceptional items (0.1) 0.6
---------------------------------------------------- ----- -----
Cash generated from discontinued operations
before exceptional items - -
---------------------------------------------------- ----- -----
This information is provided by RNS
The company news service from the London Stock Exchange
END
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