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RNS Number:2047J
Autologic Holdings PLC
26 March 2003
Embargoed until 0700 26 March 2003
AutoLogic Holdings plc
("AutoLogic" or the "Group")
Preliminary Results for the Year Ended 31st December 2002
Highlights
2002 2001 Change
Turnover #669.5m #469.6m +43%
Business
Performance*
Operating profit #40.7m #27.0m +51%
Profit before tax #29.3m #20.9m +40%
Earnings per share 48.57p 38.96p# +25%
Statutory Basis
Operating profit #29.4m #20.8m +41%
Profit before tax #18.0m #13.9m +29%
Basic earnings per 24.46p 22.63p# +8%
share
Total dividend per 11.10p 10.20p +9%
share
* Before goodwill amortisation and exceptional items
# Restated for the introduction of FRS19 - Deferred
Taxation
- Profit before tax, goodwill amortisation and
exceptional items increased by 40% to #29.3m (2001:
#20.9m)
- Continued organic growth in core businesses -
organic growth in turnover of 7.5% despite an overall
2.9% decline in the new car market
- Acquired businesses successfully integrated
- Strong performance from CAT
- Board and operational management teams strengthened
further
Reg Heath, Chairman, commented: "2002 was a year of
integration and consolidation following the major
acquisitions of Axial and CAT in 2001. The acquired
businesses have now been successfully integrated into the
Group, although further restructuring work will still be
required in the light of weakness in volumes in the
vehicle manufacturing sector which has continued into the
first quarter of this year. Across the Group, trading
during the year has been broadly in line with
expectations despite difficult market conditions across
Europe. With a forecast decline in finished vehicle
production in Europe in 2003, we continue to focus on
reducing operating costs and maintaining sufficient
flexibility to react to changes in the market place.
"On a personal note, I have decided to retire as Chairman
with effect from the forthcoming AGM. Having joined
AutoLogic as Chairman in 1996, I have witnessed the Group
grow from a small UK distribution company to become the
leading European force in land-based finished vehicle
logistics and feel confident that the Group is well
placed to continue its success into the future. John
Merry, Deputy Chairman and Group Chief Executive, will
become Executive Chairman and Gilles Guinchard, Group
Managing Director, will become Group Chief Executive, in
both cases, with effect from the conclusion of the AGM.
I wish them both continued success and would like to
record my thanks both to my fellow Directors and the
staff at AutoLogic for their loyalty and to our
shareholders for their support during the past 6 1/2 years."
Enquiries:
AutoLogic Holdings plc 020 7420 0555
John Merry
Deputy Chairman and Chief Executive
Weber Shandwick Square Mile 020 7067 0700
Kevin Smith/Graham Herring
AutoLogic Holdings plc
("AutoLogic" or the "Group")
Preliminary Results for the Year Ended 31st December 2002
Chairman's Statement
2002 was another excellent year for the Company, with the
business reporting further significant growth despite
softening markets in the last quarter. The main focus
during the year was the completion of the integration of
the major acquisitions made during 2001 and the
continuation of our efforts to capitalise fully on the
benefits from those acquisitions. These businesses have
been integrated successfully, although the restructuring
of Axial France has been greater than originally planned
to address the downturn in the French market which began
during the last quarter of the year.
In addition, the Group has continued to grow its core
businesses. A number of important new customers were
secured in both the UK and Mainland Europe and key
contracts with existing customers were renewed.
During 2002, new registration volumes across Europe fell
by 2.9% compared with 2001 and our businesses have had to
work hard to mitigate the impact of these market
conditions. Our focus on increasing the flexibility in
the Group's cost base, particularly on bringing our
continental European businesses in line with the UK
benchmark, continued.
Results
The Group's financial performance during the year
remained strong despite difficult market conditions.
Both turnover and pre-tax profits were significantly
ahead of the previous year, due to a combination of
organic growth and a full year contribution from the
businesses acquired in 2001.
Turnover increased to #669.5 million (2001: #469.6
million), a rise of 42.6%. Operating profit before
goodwill amortisation and exceptional items increased by
50.7% to #40.7 million (2001: #27.0 million). Excluding
the impact of the acquisitions made during the prior
year, organic growth in turnover was 7.5%
Earnings per share before exceptional items and
amortisation of goodwill increased by 24.7% to 48.57p
(2001: 38.96p, restated following the introduction of
FRS19 - Deferred Taxation).
On a statutory basis, the Group reported an operating
profit increase of 41.3% to #29.4 million (2001: #20.8
million) and a basic earnings per share increase of 8.1%
to 24.46p (2001: 22.63p, restated following the
introduction of FRS19 - Deferred Taxation).
Dividend
A final dividend of 7.5p (2001: 6.90p) per share is
recommended by the Board, which, if approved, will make a
total for the year of 11.1p (2001: 10.20p). The final
dividend will be paid, subject to shareholder approval at
the forthcoming Annual General Meeting, on 9th May 2003
to shareholders on the register on 4th April 2003.
Business Review
The Group has continued to generate organic growth during
the year both in its core businesses and by developing
new services.
Revenue in the core businesses of Technical Services and
Distribution Services increased against a background of
declining manufacturer volumes across Europe. Although
some markets fared better than others (with the UK being
notably more buoyant) and the Group's customer base
included many of the stronger manufacturers, European new
car registrations in 2002 fell by nearly 3% compared with
2001.
Against this background, our businesses have performed
remarkably well. In the UK, 2002 saw an increase in
turnover of 30.2%, while, in our businesses in Mainland
Europe, turnover increased by 49.3%. As expected, the
operations have been affected by significant
restructuring which was implemented to integrate the
acquired businesses. While our initial targets were
achieved on time, further restructuring within our
businesses in France and Benelux will be required to
address the impact of continuing economic uncertainty and
softening within these markets. Considerable efforts
have also been made, and are ongoing, to bring the
productivity and flexibility of the acquired businesses
in line with our benchmark UK operations.
Throughout the Group's operations, in anticipation of
further pressure on volumes during 2003, management has
continued to keep costs under tight control.
Compagnie d'Affretement et de Transport SA ("CAT"), in
which the Company holds a 40% interest, has performed
well during the year, delivering results exceeding our
expectations, at the same time as implementing a "social
plan" which significantly reduced its fixed cost base.
In line with the Business Plan at the time of the
acquisition, CAT will continue its cost reduction efforts
through 2003 as well as continuing to develop its
customer base.
Key management appointments were made within the business
to strengthen the operational team.
At the operational level, our management have also worked
closely with their counterparts within CAT to identify
and share synergy benefits and both AutoLogic and CAT are
continuing to investigate opportunities across the two
Groups to establish a closer working relationship and to
identify synergies and efficiencies to the mutual benefit
of both businesses.
Board & Management
As previously announced, the Group has strengthened its
board and management team, making a number of significant
management appointments during the year.
Gilles Guinchard was appointed to the Board as Group
Managing Director with effect from 1 July 2002. Gilles
was previously with Rexel, where he held a variety of
senior management roles including CEO positions at its
French and US operations. Prior to joining Rexel he had
held senior management roles at Boussois SA, PPG
Industries and BPB Industries.
Chris French was appointed as an additional Non-Executive
Director with effect from 1st September 2002. Chris has
over thirty years business experience across a number of
diverse industry sectors including distribution,
retailing, services and finance and has extensive
knowledge of the information technology industry.
On a personal note, I have decided to retire as Chairman
with effect from the forthcoming AGM. Having joined
AutoLogic as Chairman in 1996, I have witnessed the Group
grow from a small UK distribution company to become the
leading European force in land-based finished vehicle
logistics and feel confident that the Group is well
placed to continue its success into the future. John
Merry, Deputy Chairman and Group Chief Executive, will
become Executive Chairman and Gilles Guinchard, Group
Managing Director, will become Group Chief Executive, in
both cases with effect from the conclusion of the AGM. I
wish them both continued success and would like to record
my thanks both to my fellow Directors and the staff at
AutoLogic for their loyalty and to our shareholders for
their support during the past 61/2 years.
In the light of the proposed appointment of John Merry as
Chairman, a senior independent Non-Executive Director
will be appointed prior to the AGM.
Outlook
Since the year-end, the Group has continued to seek to
grow its business.
Customer volumes in the first quarter of 2003 have been
weaker than market forecasts, supporting our view that
the new car market is likely to soften further in 2003
across Europe. This underlines the importance for the
Group to continue and extend its flexible business model
and maintain downward pressure on costs. In order to
achieve this, the Group will need to incur further
restructuring costs during the coming year.
During the year, AutoLogic conducted a detailed strategic
analysis of its business and how it might be developed
into the future. This review encompassed existing
service offerings, new business areas and the
geographical scope of the business. Specific action
plans have been identified to extend the penetration of
our existing core product offerings of Technical Services
and Distribution Services both within our current
customer base and to new customers. Progress has already
been made in assessing and pursuing several identified
new business opportunities outside the Group's existing
core services and it is hoped that some of these will be
operational during the current year. These include
exploiting the reform of the EU Block Exemption for motor
distribution and opportunities arising out of the
implementation of increasing EU regulation of the vehicle
market.
While the potential impact of current economic and world
events on the vehicle logistics market demand that the
Company approaches 2003 with a degree of caution, its
flexible business model, leading position in the European
market and a number of exciting and innovative growth
opportunities mean that AutoLogic remains well placed to
cope with these challenges and to continue the successful
development of its business.
Reg Heath
Chairman 26th March 2003
Operating and Financial Review
Summary of Results
Turnover increased by #199.9 million (42.6%) from #469.6
million in the year ended 31st December 2001 to #669.5
million in the year ended 31st December 2002.
Operating profit before goodwill amortisation and
exceptional items increased by 50.7% from #27.0 million
in 2001 to #40.7 million in 2002. Excluding the impact
of the acquisitions made during the previous year,
organic growth contributed to a 12.5% increase in
operating profit before goodwill amortisation and
exceptional items. On a statutory basis, operating
profit increased by 41.3% to #29.4 million (2001: #20.8
million).
Goodwill amortisation for the year ended 31st December
2002, including goodwill amortisation relating to joint
ventures, was #8.0 million against #4.0 million in the
year ended 31st December 2001. The significant increase
was due to the full year impact from the acquisitions
made during 2001. Exceptional items of #3.3 million
before taxation (2001: #3.0 million) relate to the
restructuring costs incurred following the acquisition of
the Axial Group (#2.6 million) and the write-off of
professional fees incurred for an aborted acquisition.
Automotive Market Overview
Whilst AutoLogic's revenue base is not solely linked to
new car registrations, these do reflect the overall
market conditions of the automotive industry in which the
Group operates and have a material impact on the Group's
business.
Western Europe new car registrations for 2002 showed an
aggregate decline of 2.9%. However, there were
significant variances between different national markets
and equally significant variations in the individual
performance of the different car manufacturers in these
countries. In the key markets in which AutoLogic
operates, the UK showed a 4.3% increase, France a 4.9%
reduction, Spain a 6.6% reduction and Benelux a 4.0%
reduction. All markets showed a marked decline in new
car registrations in the last quarter of 2002. In total
60.7% of total revenue in 2002 was generated outside of
the UK.
The revision of the European Block Exemption regulation
1400/02 came into effect on 1st October 2002 and runs
until 31st May 2010. The original block exemption
applicable to the motor industry permitted certain
potentially anti-competitive practices (such as exclusive
dealership arrangements and restrictions on after-sales
services) to continue when they would otherwise have been
outlawed under EU and national competition rules. This
block exemption has now been partially removed.
The full effect of the revision of the Block Exemption is
yet to be established, but some manufacturers are already
renegotiating with their dealer networks to prepare for
the way ahead.
New sales channels are also predicted to emerge and
traditional High Street retailers are known to be
investigating the feasibility of joining the sector.
The impact of the new regime on the automotive logistics
industry will be significant. AutoLogic is positioning
itself to take full advantage of any opportunities which
will arise from these changes. The Group's expectation
is that the full impact of the new regime will be felt in
2004.
Technical Services
Turnover from Technical Services grew by 23.9% to #116.1
million (2001: #93.7 million).
In the UK, performance has been strong and contract wins
or renewals during the year included Fiat, Mitsubishi,
Toyota and Kia.
New service offerings have been developed during the
year, including Walon UK's 'Walon Drive' plated delivery
service, a UK wide flexible personal delivery service
linked to Walon's 17 Distribution Centres and eight
Technical Services Centres spread across the UK.
On the continent, where the Technical Services market
remains less developed than in the UK, growth was
achieved in both Benelux and Spain. The latter, in
particular, showed a healthy increase in revenue
following its investment in a new facility outside
Madrid.
A key aspect of AutoLogic's organic growth strategy is
the expansion of its Technical Services business and it
is encouraging to report increased demand from our
customers for these services. We anticipate that demand
for these services will continue to grow with the
development of new retailing channels arising from the
revision of the Block Exemption rules.
Distribution Services
Distribution Services turnover increased by 31.9% to
#215.5 million (2001: #163.4 million).
In the UK, volumes were strong throughout the year and
the division benefited from the breadth of its customer
base. Existing contracts with BMW in the UK and Spain
were extended and new contracts with Skoda, Peugeot and
Proton were gained. Following the purchase in 2001 of
the 50% shareholding in Autocar that we did not already
own, the Group has successfully negotiated new long-term
contracts with both Ford and Jaguar for the UK. The
contracts commenced in 2002, and will result in the Group
distributing over 300,000 new vehicles annually from Ford
and Jaguar facilities across the UK.
During the year, a new rail service was introduced
between our facility at Portbury in Avon and Scotland.
In France, new car registrations were down 4.9% against
the previous year. This market decline had a
particularly marked impact on margins in our French
business which has a higher fixed cost base than other
parts of the AutoLogic Group. As planned, considerable
restructuring of this business has taken place during the
year, including the appointment of a new management team.
This team is responsible for reducing the fixed cost base
and improving the margin particularly for long distance
distribution where the business is competing against low
cost, flexible competitors.
Elsewhere in Mainland Europe, volumes were down against
last year but margins were in line with forecasts.
Parts Distribution
Turnover for Acumen, our parts distribution business,
grew by 34.9% to #30.9 million for (2001: #22.9 million).
As in previous years, the business was adversely affected
by the closure of GM's Luton car assembly plant.
Substantial new business gains from customers were made
during the year but operational inefficiencies during
this period of change resulted in very low operational
margins. 2003 will be a pivotal year in the future of
this business.
GAL
The contribution from the Group's 40% interest in CAT,
formerly Renault's in-house vehicle distribution
business, through the Global Automotive Logistics SAS
("GAL") consortium exceeded plan expectations.
AutoLogic's share of CAT's revenue was #300.6 million and
its share of CAT's earnings before interest, tax and
goodwill amortisation was #17.2 million.
CAT's vehicle logistics division, which represents 75% of
total CAT revenue, benefited from solid volume levels but
this was partially offset by the economic problems in the
Mercosur region of South America, although the latter
only accounts for 4% of CAT's finished vehicle volumes.
Overall, the vehicle logistics division's turnover grew
7.0% over the comparable period for the previous year.
A number of opportunities to combine AutoLogic's and
CAT's operating sites, particularly in France, have been
identified and the process is now underway at two key
locations.
As expected, the General Cargo & Freight Forwarding
divisions both showed a decline in revenues from the
prior year due to the implementation of a reorganisation
programme designed to improve their profitability.
A key aspect of the Company's investment in CAT was the
ability to improve customer service whilst streamlining
the cost structure of the business. Following the
introduction of new management in various key positions,
significant progress has been made in both these areas
and the progress is anticipated to continue throughout
2003.
Cash generation from the CAT operations exceeded budget,
which enabled GAL to make a further Euro10 million debt
repayment over and above the scheduled debt repayment
programme.
In August 2002, Renault exercised its option to sell its
20% shareholding in GAL to Wallenius Wilhelmsen Lines.
Accordingly, the shareholdings in GAL are now AutoLogic
(40%), Wallenius Wilhelmsen Lines (40%) and TNT (20%).
Goodwill
Goodwill amortisation for the year ended 31st December
2002, including goodwill amortisation relating to joint
ventures, was #8.0 million (2001: #4.0 million). The
significant increase was due to the full year impact from
the acquisitions made during 2001. The fair values of
the net assets acquired were included in the 2001
accounts on a provisional basis. In 2002, amendments
have been made, in accordance with FRS7 - Fair Values in
Acquisition Accounting, to finalise these fair values.
This has resulted in a #1.9 million final adjustment to
goodwill.
Exceptional Items
Exceptional operating costs were #3.3 million (2001: #3.0
million) of which #2.6 million related to the one-off
restructuring required following the acquisition of the
Axial Group (comprising, principally, IT systems,
redundancy and consultancy costs) and a further #0.7
million related to the write-off of professional costs
incurred for an aborted acquisition.
Interest
The net interest charge in the year of #11.4 million
increased by #5.3 million from #6.1 million in 2001.
Included in the charge is #6.2 million (2001 #2.4
million) representing AutoLogic's share of GAL's interest
cost in respect of GAL's debt, which is non-recourse to
AutoLogic. The increase in the charge was due to the
full year impact of the facilities drawn down in 2001.
Taxation
The tax charge for the Group increased to #7.6 million
(2001:#5.4 million as restated). The effective tax rate,
excluding amortisation of goodwill and exceptional items,
was 28.7% (2001: 29.2%). The charge for the year
benefited from the partial release of a provision made in
2001 in relation to the Axial group. Excluding the
impact of this reduced tax provision, the effective tax
rate, excluding amortisation of goodwill and exceptional
items, would have been 31.7%.
Cash flow & Debt
Net debt reduced by #13.7 million during the year. Key
elements within the cash flow were as follows:
#million
Net debt as at 31st December 2001 (78.2)
Net cash flow from operating activities 32.8
Capital expenditure (3.3)
Dividends paid (4.6)
Financing (8.2)
Other cash flows (3.0)
Net debt as at 31st December 2002 (64.5)
Capital expenditure represented 37.5% of the depreciation
charge for 2002 of #8.8 million (2001: 11.8% of #7.5
million). As with the previous year, capital expenditure
was lower than anticipated due to the continued
rationalisation of assets and resources following the
acquisitions in 2001.
Summary
2002 was a year of consolidation following the
acquisitions made in the previous year. The integration
of Axial France (now re-branded Walon France) was a major
focus but further restructuring is anticipated in the
current year in response to more difficult market
conditions.
While we expect the current year to be challenging,
AutoLogic remains well positioned in each of its key
markets and the dynamic nature of the automotive industry
continues to present significant opportunities for
growth. Our focus for the remainder of the current year
will be on pursuing these additional opportunities,
whilst continuing our efforts to ensure our cost base
remains competitive in all of our markets. We look
forward to the future with confidence and with every
expectation that our management and staff will meet these
challenges.
Unaudited Consolidated Profit and Loss Account
for the year ended 31 December 2002
Restated
Note Year ended 31 December 2002 Year ended 31 December 2001
Before Before
goodwill Goodwill Goodwill Goodwill
and and and and
exceptional exceptional exceptional exceptional
items items Total items items Total
#'m #'m #'m #'m #'m #'m
Turnover (including
share of joint ventures) 2 669.5 - 669.5 469.6 - 469.6
Less: share of joint
ventures' turnover (305.8) - (305.8) (188.9) - (188.9)
___________________________________________________________________
Group turnover 2 363.7 - 363.7 280.7 - 280.7
Group operating profit
- goodwill amortisation
#2.7m (2001 - #1.4m) 3 23.1 (6.0) 17.1 16.0 (3.6) 12.4
Share of profit from
interests in joint ventures
and associates
- goodwill amortisation
#5.3m (2001 - #2.6m) 17.6 (5.3) 12.3 11.0 (2.6) 8.4
___________________________________________________________________
Total operating profit -
group and share of
joint ventures
and associates 40.7 (11.3) 29.4 27.0 (6.2) 20.8
Loss on disposal of business - - - - (0.8) (0.8)
Interest receivable and
similar income 0.9 - 0.9 1.7 - 1.7
Interest payable and similar
charges (12.3) - (12.3) (7.8) - (7.8)
___________________________________________________________________
Profit on ordinary
activities before taxation 29.3 (11.3) 18.0 20.9 (7.0) 13.9
Tax on profit on ordinary
activities 4 (8.4) 0.8 (7.6) (6.1) 0.7 (5.4)
___________________________________________________________________
Profit on ordinary
activities after taxation 20.9 (10.5) 10.4 14.8 (6.3) 8.5
Equity minority interests 0.3 - 0.3 0.2 - 0.2
___________________________________________________________________
Profit for the financial
year 21.2 (10.5) 10.7 15.0 (6.3) 8.7
Dividends 5 (4.8) - (4.8) (4.4) - (4.4)
___________________________________________________________________
Retained profit for the
financial year 16.4 (10.5) 5.9 10.6 (6.3) 4.3
___________________________________________________________________
Earnings per share
Basic earnings per share 6 48.57p 24.11p 24.46p 38.96p 16.33p 22.63p
Diluted earnings per share 6 48.24p 23.95p 24.29p 38.65p 16.20p 22.45p
Unaudited Consolidated Statement of Total Recognised Gains and Losses
for the year ended 31 December 2002
Restated
Year ended 31 Year ended 31
December December
2002 2001
#'m #'m
Profit for the financial year 10.7 8.7
Translation differences on foreign
currency investments 5.4 (1.4)
___________ ___________
Total recognised gains in the year 16.1 7.3
===========
Prior year adjustment - FRS 19
Deferred Taxation 2.8
___________
Total gains and losses
recognised since last Annual Report 18.9
===========
Unaudited Consolidated Balance Sheet
at 31 December 2002
Restated
Note 2002 2001
#'m #'m
________ ________
Fixed assets
Intangible assets 7 47.5 50.7
Tangible assets 68.8 73.2
6.5 6.5
Investments
Investments in joint ventures and associates:
Share of gross assets (excluding
goodwill) 110.6 109.6
Goodwill 103.8 101.4
________ ________
214.4 211.0
Share of gross liabilities (157.8) (158.5)
________ ________
56.6 52.5
________ ________
179.4 182.9
________ ________
Current assets
Stocks 1.6 2.1
Debtors 101.9 102.0
Cash at bank and in hand 10.8 7.2
________ ________
114.3 111.3
Creditors: amounts falling due within one year (100.7) (101.9)
________ ________
Net current assets 13.6 9.4
________ ________
Total assets less current liabilities 193.0 192.3
Creditors: amounts falling due after more than
one year (64.8) (76.7)
Provisions for liabilities and charges (7.8) (6.0)
________ ________
Net assets 120.4 109.6
======== ========
Capital and reserves
Called up share capital 2.2 2.2
Share premium account 66.8 66.2
Merger reserve 20.7 20.7
Capital reserve 0.3 0.3
Profit and loss account 8 30.1 19.2
________ ________
Equity shareholders' funds 120.1 108.6
Equity minority interests 0.3 1.0
________ ________
120.4 109.6
======== ========
Unaudited Consolidated Cash Flow Statement
for the year ended 31 December 2002
Year ended 31 Year ended
December 31 December
2002 2001
#'m #'m
________ ________
Net cash inflow from continuing operating activities 32.8 13.9
Dividends received from joint venture companies 0.1 3.5
Returns on investments and servicing of finance
Interest received 0.2 0.5
Interest paid (5.0) (3.9)
Interest element of finance lease payments (0.1) (0.1)
Loan issue costs - (1.0)
________ ________
(4.9) (4.5)
Taxation (5.9) (7.0)
Capital expenditure
Purchase of tangible fixed assets (5.4) (2.9)
Sale of tangible fixed assets 2.1 2.0
________ ________
(3.3) (0.9)
Acquisitions and disposals
Purchase of subsidiaries - (77.4)
Overdraft acquired on purchase of subsidiaries - (7.7)
Investment in joint venture companies - (47.9)
Purchase of shares from minority shareholders (0.4) -
Cash acquired on purchase of subsidiaries - 12.7
________ ________
(0.4) (120.3)
Equity dividends paid (4.6) (3.3)
________ ________
Cash inflow/(outflow) before financing 13.8 (118.6)
Financing
Issue of ordinary share capital 0.2 50.7
Inception of loans - 85.8
Repayment of loans (8.0) (16.1)
Repayment of principal under finance leases (0.4) (0.6)
________ ________
Net cash (outflow)/inflow from financing (8.2) 119.8
________ ________
Increase in cash in the year 5.6 1.2
======== ========
Unaudited Reconciliation of Group Operating Profit to Net Cash Inflow from
Operating Activities
Year ended Year ended
31 December 31 December
2002 2001
#'m #'m
________ ________
Operating profit 17.1 12.4
Depreciation 8.8 7.6
Amortisation of goodwill 2.7 1.4
Loss/(profit) on disposal of fixed assets 0.2 (0.3)
Decrease in stocks 0.6 0.3
Decrease in debtors 6.8 0.1
Decrease in creditors and provisions for
liabilities and charges (3.4) (7.6)
________ ________
Net cash inflow from continuing operating activities 32.8 13.9
________ ________
Unaudited Reconciliation of Net Cash Flow to Movement in Net Debt
2002 2001
#'m #'m
Net debt at 1 January (78.2) (10.0)
Increase in cash in the year 5.6 1.2
Cash outflow from decrease in debt 8.0 16.1
Cash inflow from increase in debt - (84.9)
Cash outflow from repayment of finance leases 0.4 0.7
________ ________
Changes in net debt resulting from cash flows 14.0 (66.9)
Other non-cash items:
Loans and finance leases acquired with
subsidiary undertakings - (1.0)
Exchange difference (0.1) (0.1)
Amortisation of debt issue costs (0.2) (0.2)
________ ________
Net debt at 31 December (64.5) (78.2)
======== ========
Notes to the Unaudited Preliminary Statement
for the year ended 31 December 2002
1 Basis of Preparation
The figures and financial information for the year ended 31
December 2002 given in this preliminary statement do not
constitute the full statutory accounts for the year. Those
accounts have not yet been delivered to the Registrar, nor have
the auditors reported on them. This announcement was approved by
the board on 25 March 2003. The 2001 comparative figures have
been extracted from the statutory accounts of AutoLogic Holdings
plc for the year ended 31 December 2001. These accounts have
been filed with the Registrar of Companies and contain an
unqualified audit report.
The financial information contained in this announcement has been
prepared using consistent accounting policies to those used in
the financial statements of AutoLogic Holdings plc for the year
ended 31 December 2001 except in relation to the adoption of FRS
19 - Deferred Taxation. Following the introduction of this
standard in 2002, the Group has changed its accounting policy
with respect to deferred taxation. Under the previous policy,
provision was made for deferred taxation, using the liability
method, on all timing differences to the extent that it is
probable that a liability or asset will crystallise. Under the
revised accounting policy, liabilities will be recognised for
most types of timing differences regardless of whether they are
anticipated to reverse in the foreseeable future. Deferred
taxation assets will be recognised to the extent that it is more
likely than not that they will reverse. A review of the deferred
tax position of the Group was undertaken and a prior year
adjustment was made increasing reserves by #2.2m at 1 January
2001. Retained profit for the year to December 2001 increased by
#0.6m, resulting in reserves brought forward at 1 January 2002
increasing by #2.8m.
2 Segmental analysis
The analysis by geographical area of the group's turnover, profit
before taxation and net assets is set out below:
Year ended 31 December Year ended 31 December 2001
2002
Profit Net Profit
Turnover before assets Turnover before Net
tax tax assets
Restated
#'m #'m #'m #'m #'m #'m
Geographical area
Group
United Kingdom 231.9 9.8 34.5 167.4 8.8 31.5
Continental Europe 131.8 2.0 29.3 113.3 (0.9) 25.6
_______________________ __________________________
363.7 11.8 63.8 280.7 7.9 57.1
Joint Ventures and
associates
United Kingdom 31.4 2.8 2.0 34.8 2.6 0.5
Continental Europe 259.3 3.3 54.0 148.6 3.3 51.4
Rest of the World 15.1 0.1 0.6 5.5 0.1 0.6
_______________________ __________________________
305.8 6.2 56.6 188.9 6.0 52.5
_______________________ __________________________
Total (including share
of joint ventures and
associates) 669.5 18.0 120.4 469.6 13.9 109.6
======================= ===========================
Turnover by destination is not materially different to the
analysis of turnover by origin presented above.
Analysis by class of business:
Year ended Year ended
31 December 31 December
2002 2001
#'m #'m
Distribution 215.5 163.4
Services
Technical Services 116.1 93.7
Parts Distribution 30.9 22.9
Other 1.2 0.7
_______ _______
363.7 280.7
Joint Ventures 305.8 188.9
_______ _______
Total (including share of joint ventures) 669.5 469.6
======= =======
The disclosure of profit by business class as laid down by the
Companies Act 1985 paragraph 55 of Schedule 4, would, in the
opinion of the directors, be seriously prejudicial to the
interests of the Group. Consequently these disclosures have not
been made.
3 Cost of sales and administrative expenses
Year ended Year ended
31 December 31 December
2002 2001
#'m #'m
Turnover 363.7 280.7
Cost of sales (307.1) (244.1)
_______ _______
Gross profit 56.6 36.6
Administrative expenses (44.7) (27.2)
Exceptional items (3.2) (2.2)
Goodwill amortisation (2.7) (1.4)
Other operating income 11.1 6.6
_______ _______
Net operating expenses (39.5) (24.2)
_______ _______
Operating profit 17.1 12.4
======= =======
Other operating income represents the recovery of non recurring
operating costs from customers (2001 - recharges of costs in
respect of IT services and other charges and #1.3m received in
respect of the early termination of a property lease).
4 Taxation
The tax charge has been calculated taking into account the
implementation of FRS 19, giving an effective tax rate of 42.2%
for the year ended 31 December 2002. This compares with 38.8%
(as restated) for the year ended 31 December 2001. The increase
in the effective rate is mainly due to the increase in the charge
for goodwill amortisation in the current year.
5 Final Dividend
The proposed final dividend of 7.50p (2001 - 6.90p) per ordinary
share will be paid on 9 May 2003 to shareholders on the register
on 4 April 2003.
6 Earnings per ordinary share
Reconciliations of the earnings and weighted average number of
shares used in the calculations are set out below:
Restated
Year ended 31 December 2002 Year ended 31 December 2001
Per-share Per-share
Earnings Shares amount Earning Shares amount
#'m #'m Pence #'m #'m Pence
Basic earnings per share
Earnings attributable to
ordinary shareholders 10.7 43.5 24.46 8.7 38.4 22.63
Effect of dilutive shares -
Options - 0.3 (0.17) - 0.3 (0.18)
_____________________________ _____________________________
Diluted earnings per share 10.7 43.8 24.29 8.7 38.7 22.45
============================= =============================
Supplementary earnings per share before goodwill amortisation and
exceptional items
Basic earnings per share 10.7 43.5 24.46 8.7 38.4 22.63
Effect of goodwill amortisation
and exceptional items 10.5 43.5 24.11 6.3 38.4 16.33
_____________________________ _____________________________
Earnings per share before
goodwill amortisation and
exceptional items 21.2 43.5 48.57 15.0 38.4 38.96
============================= =============================
Diluted earnings per share 10.7 43.8 24.29 8.7 38.7 22.45
Effect of goodwill amortisation
and exceptional items 10.5 43.8 23.95 6.3 38.7 16.20
_____________________________ _____________________________
Diluted earnings per share
before goodwill amortisation
and exceptional items 21.2 43.8 48.24 15.0 38.7 38.65
============================= =============================
Basic and diluted earnings per share are also shown on the face
of the profit and loss account calculated by reference to
earnings before the #10.5m (2001 - #6.3m, as restated) charge for
goodwill amortisation and exceptional items, and the related tax,
since the directors consider that this gives a useful indication
of underlying performance.
7 Intangible fixed assets
Restated
2002 2001
#'m #'m
Cost
At 1 January 2002 52.6 4.4
Exchange difference 1.6 -
Axial final fair value
adjustments (see below) (1.9) -
Acquisitions (see below) (0.2) 48.2
_________ _________
At 31 December 2002 52.1 52.6
Amortisation
At 1 January 2002 1.9 0.5
Charge for the year 2.7 1.4
_________ _________
At 31 December 2002 4.6 1.9
_________ _________
Net book value at 31 December 47.5 50.7
========= =========
On 5 May 2001, the Group acquired Axial, the automotive
distribution business of Tibbett & Britten Group plc. The
acquisition was accounted for by the acquisition method of
accounting, and the fair values used in the 2001 accounts were
provisional. In 2002, adjustments of #1.9m, in accordance with
FRS 7, Fair values in acquisition accounting, have been made to
arrive at the final fair values.
On 31 October 2002, the Group acquired an additional 10.3%
interest in AutoLogic Benelux BV for a consideration of #0.4m.
This acquisition was accounted for by the acquisition method of
accounting and gave rise to negative goodwill of #0.2m. Fair
values have been deemed not to be materially different to their
book values.
8 Share capital, share premium account, profit and loss account
and reconciliation of movements in equity shareholders' funds
Restated
2002 2001
Total Total
equity equity
Share Profit share- share-
Share premium Merger Capital and loss holders' holders'
capital account reserve reserve account funds funds
#'m #'m #'m #'m #'m #'m #'m
At 1 January as
previously reported 2.2 66.2 20.7 0.3 16.4 105.8 32.0
Prior year
adjustment - FRS 19
Deferred Taxation - - - - 2.8 2.8 2.2
_________________________________________________ ________
At 1 January -
Restated 2.2 66.2 20.7 0.3 19.2 108.6 34.2
Share Issues - 0.6 - - (0.4) 0.2 71.5
Reserves eliminated
on acquisition - - - - - - (0.7)
Goodwill previously
eliminated against
reserves - - - - - 0.7
Profit for the
financial year - - - - 10.7 10.7 8.7
Dividends - - - - (4.8) (4.8) (4.4)
Exchange difference - - - - 5.4 5.4 (1.4)
_________________________________________________ ________
At 31 December 2.2 66.8 20.7 0.3 30.1 120.1 108.6
================================================= ========
This information is provided by RNS
The company news service from the London Stock Exchange
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