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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Albis Leasing | TG:ALG | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 4.13% | 2.52 | 2.48 | 2.56 | 2.52 | 2.38 | 2.38 | 20,121 | 22:50:02 |
May 23, 2003 Global Automotive Logistics S.A.S. ("GAL") announced today the unaudited financial results for the first quarter ended 31st March 2003. These results are prepared in accordance with French GAAP. All figures are in Euros millions unless otherwise indicated. INCOME STATEMENT 1stquarter 1stquarter ended ended March 31, March 31, 2003 2002 Total revenue 287.6 307.7 Total costs of sales (251.0) (269.3) Gross profit 36.6 38.4 Selling, general and administrative (16.9) (19.5) expense Other income and (expense) (0.2) - Operating income 19.6 18.9 Net financial income (expenses) (5.9) (6.2) Goodwill amortisation (5.4) (5.1) Income before income taxes and minority 8.3 7.6 interests Income taxes expense (5.0) (3.8) Net income before minority interests 3.3 3.8 Minority interests (0.1) - Net Income 3.2 3.8 OTHER FINANCIAL INFORMATION EBITDA 21.7 21.8 Depreciation and amortisation 7.6 8.0 Capital expenditure 1.6 2.3 Acquisition debt 271.2 307.0 Shareholders equity 206.7 198.8 The revenue and costs included in the operating profit for the first quarter ended 31st March 2003 are: 1stquarter 1stquarter ended ended March 31, March 31, 2003 2002 Revenue Vehicle logistics Renault 177.1 190.7 Non Renault 39.4 38.8 Total vehicle logistics 216.5 229.5 Logistics overseas Renault 5.3 4.6 Non Renault 6.3 12.8 Total logistics overseas 11.6 17.4 Logistics cargo Renault 29.7 27.9 Non Renault 29.8 32.9 Total logistics cargo 59.5 60.8 Total revenue 287.6 307.7 Cost of sales Direct purchases (208.2) (227.2) Direct personnel (21.4) (21.8) Direct other (21.3) (20.3) Total costs of sales (251.0) (269.3) First quarter 2003 compared with first quarter 2002 Total Revenue Total revenue decreased by 6.5% to Euro287.6 million in the first quarter 2003 from Euro307.7 million in the first quarter 2002. This decrease was mainly attributable to the drop of the volumes in Logistics vehicle activity. Vehicle Logistics revenue decreased by 5.7% to Euro216.5 million in the first quarter 2003 from Euro229.5 million in the first quarter 2002. The Western Europe car market decreased by 5.3% in the first two months of the year but this was partly offset by an increase in March of 2% to give a 2.4% decrease in the first quarter. In this declining market, Renault volumes decreased by 9.1%, mainly in France and Spain where the markets were down by 7.4% and 5.7% respectively in the first quarter, despite good performance of the new Mégane. Renault revenue decreased by 7.1% to Euro177.1 million in the first quarter 2003 from Euro190.7 million in the first quarter 2002. This decrease was attributed to the drop of volumes and to the reduction by 3% of our tariffs, partly balanced by level of business in Italy. Non Renault revenue increased by 1.5% to Euro39.4 million in the first quarter 2003 from Euro38.8 million in the first quarter 2002. Nissan activity obtained in Spain and in Poland overbalanced the weak activity in France (mainly heavy vehicles and overseas low volumes). Logistic overseas revenue decreased by 33.3% to Euro11.6 million in the first quarter 2003 from Euro17.4 million in the first quarter 2002. Sales to Renault increased by 15.2% to Euro5.3 million in the first quarter 2003 from Euro4.6 million in the first quarter 2002. The high air activity from Mexico to Europe explained this increase. Non Renault revenue decreased by 26.7% to Euro6.3 million in the first quarter 2003 from Euro8.6 million in the first quarter 2002 mainly due to a low activity in industrial projects. Logistic cargo revenue decreased by 2.1% to Euro59.5 million in the first quarter 2003 from Euro60.8 million in the first quarter 2002. Sales were negatively affected by the drop of the volumes in France and in Brazil partly balanced by new customers in Spain, Germany and Poland. Cost of sales Cost of sales decreased by 6.8% to Euro251.0 million in the first quarter 2003 from Euro269.3 million in the first quarter 2003. Cost of sales decreased as a percentage of total revenue to 87.3% in the first quarter 2003 from 87.5% in the first quarter 2002. Direct purchases represent the largest portion of CAT's cost of sales. Direct purchases decreased by 8.4% to Euro208.2 million in the first quarter 2003 from Euro 227.2 million in the first quarter 2002, primarily as a result of volumes decrease and productivity actions. Direct personnel decreased by 1.8% to Euro21.4 million in the first quarter 2003 from Euro21.8 million in the first quarter 2002. Direct other increased by 4.9% to Euro21.3 million in the first quarter 2003 from Euro20.3 million in the first quarter 2002. Gross Profit As a result of the above, gross profit decreased by 4.7% to Euro36.6 million in the first quarter 2003 compared to Euro38.4 million in the first quarter 2002. However, gross profit increased as a percentage of revenue to 12.7% in the first quarter 2003 from 12.5% in the first quarter 2002. Selling, General and Administrative Expense Selling, General and Administrative expense decreased by 13.3% to Euro16.9 million in the first quarter 2003 from Euro19.5 million in the first quarter 2002. Selling, general and administrative expense decreased as a percentage of total revenue to 5.9% in the first quarter 2003 from 6.3% in the first quarter 2002. Productivity actions launched in the year 2002 explain this evolution. Operating Income Operating income increased by 3.7% to Euro19.6 million (6.8% of revenue) in the first quarter 2003 from Euro18.9 million (6.1% of revenue) in the first quarter 2002. Net Financial Income (Expense) Net financial expense decreased to Euro5.9 million in the first quarter 2003 from Euro6.2 million in the first quarter 2002 primarily as a result of debt reimbursement in the year 2002 and to the reduction of the margin applied on the rate in accordance with our covenants. Goodwill amortisation The amount in the first quarter 2003 was Euro5.4million against Euro5.1 million in the first quarter 2002 and represented the depreciation of the goodwill on the acquisition of CAT on July 17th, 2001 after the final price allocation. Income Tax Expense Income tax expense increased to Euro5.0 million in the first quarter 2003 from Euro 3.8 million in the first quarter 2002. Minority interests Minority interests were (0.1) in the first quarter 2003 versus nil in the first quarter 2002. Net Income As a result of the factors described above, net income decreased to Euro3.2million in the first quarter 2003 from Euro3.8 million in the first quarter 2002. EBITDA EBITDA remained at the same level for the both period: Euro21.7 million in the first quarter 2003 versus Euro21.8 million in the first quarter 2002. Depreciation Depreciation decreased to Euro2.2 million in the first quarter 2003 from Euro2.9 million in the first quarter 2002. Capital Expenditure Our total capital expenditures were Euro1.6million in the first quarter 2003, lower than Euro2.3million in the first quarter 2002. Most of our capital expenditures were used for information technology software's and for the maintenance of our centres in France. Three months of the year 2003 An Income Statement, a Balance Sheet and a Cash Flow Statement are appended to this report. About Global Automotive Logistics S.A.S. GAL is the holding company for Compagnie D'Affrètement et de Transport S.A. ("CAT"), one of Europe's largest lead logistics providers for the automotive industry, managing and organising primarily outbound transportation and distribution requirements on a global, regional or national basis through a multi-modal network of road, rail sea and air subcontractors. GAL was formed by a consortium of leading logistics operators in Europe to acquire CAT from Renault S.A. The shareholders of GAL include AutoLogic Holdings plc, TNT Post Group N.V. and Wallenius Wilhelmsen Lines. The acquisition of CAT occurred on 17th July 2001. For further information please contact: Hubert De Contenson Alain Rouas Philip Nuttall Finance Director Directeur Général Director Tel: 00 33 1 41 03 71 05 Tel: 00 33 1 41 03 74 44 Tel: 00 44 207 420 0555 GLOBAL AUTOMOTIVE LOGISTICS S.A.S. CONSOLIDATED BALANCE SHEET (Euros in Thousands) March 31, 2003 2002 ASSETS CURRENT ASSETS: Cash and cash equivalents . 80,321 88,003 Accounts receivable, net of allowance for doubtful 212,077 237,276 accounts of Euro9,115K and Euro9,201K ... Deferred tax assets 18,339 20,067 Other current assets ... 58,133 60,734 Total current assets 368,870 406,080 NON-CURRENT ASSETS: Fixed assets, net of accumulated depreciation of Euro36,951K 26,774 36,682 and Euro55,130K .. Intangible assets, net of accumulated amortization of Euro 402,685 410,278 52,585K and Euro28,143K ... Other non-current assets 3,335 2,893 Total non-current assets 432,794 449,853 TOTAL ASSETS .. 801,664 855,933 GLOBAL AUTOMOTIVE LOGISTICS S.A.S. CONSOLIDATED BALANCE SHEET (Continued) (Euros in Thousands) March 31, 2003 2002 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable .. 217,342 225,791 Accrued payroll . 25,202 22,459 Taxes payable ... 33,285 19,067 Current portion of long-term debt . 30,364 25,664 Provision for profit sharing current portion 686 905 ....... Provisions .. 10,339 5,366 Deferred tax liabilities ... 2,201 1,840 Other liabilities .. 15,902 23,044 Total current liabilities .. 335,321 354,136 NON-CURRENT LIABILITIES: Long term debt .. 240,870 281,330 Provisions for pensions and other benefits 14,437 16,096 Provision for profit sharing non current portion 4,175 4,042 Total non-current liabilities ... 259,482 301,468 Total liabilities .. 594,803 655,604 COMMITMENTS AND CONTINGENCIES .. - - MINORITY INTERESTS 213 1,483 SHAREHOLDERS' EQUITY: Share capital, Euro10 par value, authorized, issued and 187,000 187,000 outstanding: 18,700,000 shares ... Share premium .. 3,618 3,000 Foreign currency translation .. (4,163) (475) Retained earnings .. 20,193 9,321 Total shareholders' equity . 206,648 198,846 TOTAL . 801,664 855,933 GLOBAL AUTOMOTIVE LOGISTICS S.A.S. CONSOLIDATED STATEMENTS OF INCOME (Euros in Thousands) Quarter ended March 31, 2003 2002 REVENUE 287,574 307,654 COST OF SALES . (250,956) (269,301) GROSS PROFIT ... 36,618 38,353 Selling, general and administrative (16,885) (19,461) ... Other income and (expenses) (200) - OPERATING INCOME ... 19,533 18,892 FINANCIAL INCOME (EXPENSE) Interest and other financial income 1,008 634 ... Interest and other financial expense (6,868) (6,802) .. Total financial income (expense) .. (5,860) (6,168) Amortisation of goodwill and purchased intangible assets (5,370) (5,148) INCOME BEFORE INCOME TAXES AND MINORITY INTERESTS 8,303 7,576 ... Income tax expense ... (5,022) (3,786) INCOME BEFORE MINORITY INTERESTS ... 3,281 3,790 Minority interests .. (69) 23 NET INCOME .. 3,212 3,813 GLOBAL AUTOMOTIVE LOGISTICS S.A.S. CONSOLIDATED STATEMENTS OF CASH FLOWS (Euros in Thousands) Quarter ended March 31, 2003 2002 CASH FLOWS FROM OPERATING ACTIVITIES: Net income 3,281 3,790 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization .. 7,534 8,081 Loss (gain) on sale of subsidiary and fixed assets 77 - . Provision for deferred taxes .. (2,167) (2,117) Minority interests .. (69) 23 Other non-cash items 6,244 3,561 Provisions .. 1,301 (717) Changes in operating assets: Accounts receivable .. 3,540 (7,074) Other current assets ... 573 1,218 Changes in operating liabilities: Accounts payable .. 16,340 16,624 Other creditors ... (3,056) (837) Net cash inflow from operating activities 33,598 22,552 .. CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures .. (1,562) (2,297) Proceeds from disposals of subsidiary and fixed assets 2,382 100 . Net cash flow from investing activities 820 (2,197) . CASH FLOWS FROM FINANCING ACTIVITIES: Term loans and other financing . (17,028) (2,600) Net cash outflow from financing activities (17,028) (2,600) ................ INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 17,390 17,755 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH (331) (700) EQUIVALENTS ... CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 63,262 70,948 CASH AND CASH EQUIVALENTS, END OF PERIOD .. 80,321 88,003 A conference call has been scheduled in connection with the above announcement of the results of Global Automotive Logistics S.A.S. and GAL Finance S.A. for the 1st quarter ended March 31, 2003. The details of the conference call are as follows - Date: Tuesday 27th May 2003 Time: 10.30 am (UK time) Reference: GAL Results (AutoLogic) Dial in: 0871 700 0300 from the UK 00 44 1452 542 300 from all other countries If you are unable to participate in the conference call, a transcript of the conference call will be available 48 hours after the call. Please contact Shanny Looi if you would like to receive a copy of the transcript. Name of contact and telephone number for queries - Shanny Looi Telephone: 00 44 20 7420 0555 E-mail: slooi@autologic.co.uk Name and signature of authorised company official responsible for making this notification Shanny Looi END
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