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Share Name | Share Symbol | Market | Type |
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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 | |
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0.00 | 0.00% | 2.20 | 2.10 | 2.28 | 0.00 | 06:32:01 |
August 22, 2003 Global Automotive Logistics S.A.S. ("GAL") announced today the unaudited financial results for the second quarter ended 30th June 2003. These results are prepared in accordance with French GAAP. All figures are in Euros millions unless otherwise indicated. INCOME STATEMENT 2ndquarter 2ndquarter 6 6 ended June ended June months months 30, 2003 30, 2002 ended ended June June 30, 30, 2003 2002 Total revenue 304.6 323.0 592.2 630.6 Total costs of sales (265.3) (279.9) (516.4) (549.1) Gross profit 39.3 43.1 75.8 81.5 Selling, general and (17.6) (19.5) (34.3) (39.0) administrative expense Other income and (expense) (0.1) - (0.3) - Operating income 21.6 23.6 41.1 42.5 Net financial income (expenses) (5.4) (6.9) (11.3) (13.1) Goodwill amortization (5.4) (5.1) (10.7) (10.3) Income before income taxes and 10.8 11.6 19.1 19.1 minority interests Income taxes expense (6.2) (4.7) (11.2) (8.5) Net income before minority 4.6 6.9 7.9 10.6 interests Minority interests (0.1) - (0.2) - Net Income 4.5 6.9 7.7 10.6 OTHER FINANCIAL INFORMATION EBITDA 23.9 26.0 45.7 47.8 Depreciation and amortization 2.3 2.4 4.5 5.3 Capital expenditure 2.8 3.1 4.4 5.4 Acquisition debt 269.2 300.4 269.2 300.4 Shareholders equity 211.1 203.6 211.1 203.6 The revenue and costs included in the operating profit for the second quarter ended 30th June 2003 are: 2ndquarter 2ndquarter 6 months 6 months ended June ended June ended ended 30, 2003 30, 2002 June 30, June 30, 2003 2002 Revenue Vehicle logistics Renault 193.1 198.8 370.2 389.5 Non Renault 41.2 45.1 80.6 83.8 Total vehicle logistics 234.3 243.9 450.8 473.3 Logistics overseas Renault 3.7 3.2 9.0 7.8 Non Renault 5.7 14.5 11.9 27.3 Total logistics overseas 9.4 17.7 20.9 35.1 Logistics cargo Renault 30.2 29.8 60.0 57.7 Non Renault 30.7 31.6 60.6 64.5 Total logistics cargo 60.9 61.4 120.5 122.2 Total revenue 304.6 323.0 592.2 630.6 Cost of sales Direct purchases (221.0) (236.5) (429.2) (463.7) Direct personnel (22.6) (22.4) (44.1) (44.2) Direct other (21.7) (21.0) (43.1) (41.2) Total costs of sales (265.3) (279.9) (516.4) (549.1) Second quarter 2003 compared with second quarter 2002 Total Revenue Total revenue decreased by 5.7% to Euro304.6 million in the second quarter 2003 from Euro323.0 million in the second quarter 2002. This decrease was mainly attributable to the drop of the volumes in Logistic vehicle activity. Vehicle Logistics revenue decreased by 3.9% to Euro234.3 million in the second quarter 2003 from Euro243.9 million in the second quarter 2002. The level of Western European new car registrations in the second quarter 2003 decreased by 2.8%. Renault's new car registrations decreased by 1% in the same period although there was significant volatility in the quarter with April and May averaging a 7.6% decline, and June, a 12.9% increase. Renault revenue decreased by 2.9% to Euro193.1 million in the second quarter 2003 from Euro198.8 million in the second 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 and Spain. Non-Renault revenue decreased by 8.6% to Euro41.2 million in the second quarter 2003 from Euro45.1 million in the second quarter 2002. Nissan activity obtained in Spain and in Poland partly balanced the weak activity in France, UK and Brazil (Renault dealers). Logistic overseas revenue decreased by 46.9% to Euro9.4 million in the second quarter 2003 from Euro17.7 million in the second quarter 2002. Sales to Renault increased by 15.6% to Euro3.7 million in the second quarter 2003 from Euro3.2 million in the second quarter 2002. The high air activity from Mexico to Europe explained this increase. Non Renault revenue decreased by 60.7% to Euro5.7 million in the second quarter 2003 from Euro14.5 million in the second quarter 2002 mainly due to a low activity in industrial projects. Logistic cargo revenue decreased by 0.8% to Euro60.9 million in the second quarter 2003 from Euro61.4 million in the second quarter 2002. Sales were negatively affected by the drop of the volumes in France and in Brazil partly balanced by new customers in Poland. Cost of sales Cost of sales decreased by 5.2% to Euro265.3 million in the second quarter 2003 from Euro279.9 million in the second quarter 2003. Cost of sales increased as a percentage of total revenue to 87.1% in the second quarter 2003 from 86.6% in the second quarter 2002. Direct purchases represent the largest portion of CAT's cost of sales. Direct purchases decreased by 6.6% to Euro221.0 million in the second quarter 2003 from Euro 236.5 million in the second quarter 2002, primarily as a result of volumes decrease and productivity actions. Direct personnel remained at the same level for the both period: Euro22.6 million in the second quarter 2003 versus Euro22.4 million in the second quarter 2002. Direct other increased by 3.3% to Euro21.7 million in the second quarter 2003 from Euro21.0 million in the second quarter 2002. Gross Profit As a result of the above, gross profit decreased by 8.8% to Euro39.3 million in the second quarter 2003 compared to Euro43.1 million in the second quarter 2002. Gross profit decreased as a percentage of total revenue to 12.9% in the second quarter 2003 from 13.3% in the second quarter 2002. Selling, General and Administrative Expense Selling, general and administrative expense decreased by 9.7% to Euro17.6 million in the second quarter 2003 from Euro19.5 million in the second quarter 2002. Selling, general and administrative expense decreased as a percentage of total revenue to 5.8% in the second quarter 2003 from 6.0% in the second quarter 2002. Productivity actions launched in the year 2002 explain this evolution. Operating Income Operating income decreased by 8.5% to Euro21.6 million in the second quarter 2003 from Euro23.6 million in the second quarter 2002. Operating margin decreased as a percentage of total revenue to 7.1% in the second quarter 2003 from 7.3% in the second quarter 2002. Net Financial Income (Expense) Net financial expense decreased to Euro5.4 million in the second quarter 2003 from Euro6.9 million in the second 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 amortization The amount in the second quarter 2003 was Euro5.4million against Euro5.1 million in the second 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 Euro6.2 million in the second quarter 2003 from Euro 4.7 million in the second quarter 2002. Minority interests Minority interests were (0.1) in the second quarter 2003 versus null in the second quarter 2002. Net Income As a result of the factors described above, net income decreased to Euro4.5 million in the second quarter 2003 from Euro6.9 million in the second quarter 2002. EBITDA EBITDA remained at the same level for the both period: Euro23.9 million in the second quarter 2003 versus Euro26.0 million in the second quarter 2002. Depreciation Depreciation decreased to Euro2.3million in the second quarter 2003 from Euro2.4 million in the second quarter 2002. Capital Expenditures Our total capital expenditures were Euro2.8 million in the second quarter 2003, lower than Euro3.1 million in the second quarter 2002. Most of our capital expenditures were used for information technology software's and for the maintenance of our centres in France and Spain. Six months of the year 2003 An income statement, a balance sheet and a cash flow statement are enclosed in the appendix of this report. About Global Automotive Logistics S.A.S. GAL is the holding company for CAT, one of Europe's largest lead logistics providers for the automotive industry, managing and organization 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) June 30, 2003 2002 Unaudited Unaudited ASSETS CURRENT ASSETS: Cash and cash equivalents .************************ 106,033 81,775 Accounts receivable, net of allowance for doubtful 218,091 240,917 accounts of Euro8,549k and Euro8,878k ... Deferred tax assets *************************** 20,692 23,410 Other current assets **************************... 44,965 72,821 Total current assets *************************** 389,781 418,923 NON-CURRENT ASSETS: Fixed assets, net of accumulated depreciation of Euro 25,932 34,400 37,323k and Euro55,996k *****.. Intangible assets, net of accumulated amortization of Euro 398,191 408,243 59,172k and Euro33,070k ***... Other non-current assets ************************* 3,394 3,074 Total non-current assets ************************* 427,517 445,717 TOTAL ASSETS ***************************.. 817,298 864,640 GLOBAL AUTOMOTIVE LOGISTICS S.A.S. CONSOLIDATED BALANCE SHEET (Continued) (Euros in Thousands) June 30, 2003 2002 Unaudited Unaudited LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable ***************************.. 222,719 256,557 Accrued payroll ****************************. 25,835 25,490 Taxes payable ****************************... 39,178 27,419 Current portion of long-term debt *********************. 29,962 26,012 Provision for profit sharing current portion *********** 559 686 *****....... Provisions ******************************.. 10,443 5,623 Deferred tax liabilities *************************... 2,167 2,053 Other liabilities ****************************.. 9,905 15,770 Total current liabilities *************************.. 340,768 359,610 NON-CURRENT LIABILITIES: Long term debt ****************************.. 246,206 278,990 Provisions for pensions and other benefits ************* 15,347 17,011 ***** Provision for profit sharing non current portion ******* 3,555 4,517 ********* Total non-current liabilities ***********************... 265,108 300,518 Total liabilities ****************************.. 605,876 660,128 COMMITMENTS AND CONTINGENCIES ****************.. - - MINORITY INTERESTS ************************ 331 876 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 ***********************.. (4,206) (2,809) Retained earnings ***************************.. 24,679 16,445 Total shareholders' equity ************************. 211,091 203,636 TOTAL *******************************. 817,298 864,640 GLOBAL AUTOMOTIVE LOGISTICS S.A.S. CONSOLIDATED STATEMENTS OF INCOME (Euros in Thousands) Six months ended June 30, 2003 2002 Unaudited Unaudited REVENUE ****************************** 592,160 630,668 COST OF SALES ***************************. (516,358) (549,177) GROSS PROFIT ***************************... 75,802 81,491 Selling, general and administrative ******************* (34,337) (38,958) *... Other income and (expenses) *********************** (328) - OPERATING INCOME ************************... 41,137 42,533 FINANCIAL INCOME (EXPENSE) Interest and other financial income ******************* 2,325 1,900 *... Interest and other financial expense ******************* (13,624) (14,994) *.. Total financial income (expense) *********************.. (11,299) (13,094) Amortization of goodwill and purchased intangible assets (10,740) (10,296) *********** INCOME BEFORE INCOME TAXES AND MINORITY INTERESTS **** 19,098 19,143 *... Income tax expense **************************... (11,243) (8,500) INCOME BEFORE MINORITY INTERESTS ***************... 7,855 10,643 Minority interests ***************************.. (157) 23 NET INCOME ****************************.. 7,698 10,666 GLOBAL AUTOMOTIVE LOGISTICS S.A.S. CONSOLIDATED STATEMENTS OF CASH FLOWS (Euros in Thousands) Six months ended June 30, 2003 2002 Unaudited Unaudited CASH FLOWS FROM OPERATING ACTIVITIES: Net income ****************************** 7,698 10,666 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization **********************.. 15,289 15,591 Loss (gain) on sale of subsidiary and fixed assets ***** (672) (5) **********. Provision for deferred taxes ***********************.. (4,540) (5,255) Minority interests ***************************.. 157 (23) Other non-cash items ************************** 11,299 7,857 Provisions ******************************.. 1,335 1,392 Changes in operating assets: Accounts receivable **************************.. (688) (14,852) Other current assets **************************... 13,747 (12,436) Changes in operating liabilities: Accounts payable ***************************.. 19,203 20,326 Other creditors ****************************... 3,076 9,210 Net cash inflow from operating activities ************** 65,904 32,471 ****.. CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures **************************.. (4,380) (5,428) Proceeds from disposals of subsidiary and fixed assets * 3,560 184 ************. Net cash flow from investing activities **************** (820) (5,244) ***. CASH FLOWS FROM FINANCING ACTIVITIES: Term loans and other financing **********************. (22,316) (14,194) Net cash outflow from financing activities ************* (22,316) (14,194) *................ INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS ******* 42,768 13,033 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH 3 (2,158) EQUIVALENTS ... CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ******** 63,262 70,900 CASH AND CASH EQUIVALENTS, END OF PERIOD ***********.. 106,033 81,775 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 2nd quarter ended June 30, 2003. The details of the conference call are as follows - Date: Thursday 28th August 2003 Time: 3 pm (CET) Reference: GAL Results (AutoLogic) Dial in: 0870 043 4990 from the UK +44 1452 542 361 from all other countries PIN Code: 56 41 87 followed by the # key 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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