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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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0.10 | 4.13% | 2.52 | 2.48 | 2.56 | 2.52 | 2.38 | 2.38 | 20,121 | 22:50:02 |
RNS Number:9031H Autologic Holdings PLC 25 February 2003 Embargoed Until 0700 25 February, 2003 Autologic Holdings plc GAL Q4 Results Global Automotive Logistics S.A.S. ("GAL") announced today the unaudited financial results for the fourth quarter and full year ended 31st December 2002. These results are prepared in accordance with French GAAP. All figures are in Euros millions unless otherwise indicated. INCOME STATEMENT 4th quarter 4th quarter ended ended YTD YTD December December December December 31, 2001 (*) 31, 2002 31,2001 31, 2002 ______________________________________________ Total revenue 321,3 302,3 1 273,2 1 199,5 Total costs of sales (288,7) (260,7) (1131,1) (1046,1) ______________________________________________ Gross profit 32,6 41,6 142,1 153,4 Selling, general and (19,4) (18,9) (72,2) (74,4) administrative expenses Other (income) and expenses - 0,6 - 0,6 ______________________________________________ Operating income 13,2 23,3 69,9 79,6 Net financial income (6,3) (5,9) (10,1) (26,7) (expenses) Goodwill amortisation (5,4) (6,5) (10,4) (21,9) ______________________________________________ Income before income taxes 1,5 10,9 49,4 31,0 and minority interests Income taxes expenses 3,0 (10,5) (19,3) (20,2) ______________________________________________ Net income before minority 4,5 0,4 30,1 10,8 interests Minority interests 0,1 0,3 (0,8) 0,7 ______________________________________________ Net Income 4,6 0,7 29,3 11,4 OTHER FINANCIAL INFORMATION EBITDA 19,1 25,3 82,9 89,5 Depreciation and 5,9 2,0 13,0 9,8 amortisation Capital expenditure 4,3 7,4 12,8 16,5 Acquisition debt 305,0 281,7 305,0 281,7 Shareholders equity 194,6 204,4 194,6 204,4 (*) Q4 2001 is impacted by year end closing restatements accounted backwards to the completion date (17/7/2001) according to French GAAP. The revenue and costs included in the operating profit for the fourth quarter and full year ended 31st December 2002 are: 4th 4th quarter quarter ended ended YTD YTD December December December December 31, 2001 31, 2002 31, 2001 31, 2002 __________________________________________ Revenue Vehicle logistics Renault 180,5 187,1 704,9 731,3 Non Renault 36,1 45,5 136,5 169,0 __________________________________________ Total vehicle logistics 216,5 232,6 841,4 900,3 Logistic overseas Renault 18,2 3,3 84,2 14,1 Non Renault 26,8 8,9 96,0 47,0 __________________________________________ Total logistic overseas 45,0 12,2 180,2 61,1 Logistic cargo Renault 28,7 29,2 120,9 115,7 Non Renault 31,1 28,2 130,7 122,5 __________________________________________ Total logistic cargo 59,8 57,4 251,6 238,2 Total revenue 321,3 302,2 1 273,2 1 199,5 Cost of sales Direct purchases (240,2) (215,0) (942,9) (874,0) Direct personnel (27,2) (20,1) (113,4) (85,5) Direct other (21,3) (25,6) (74,8) (86,6) __________________________________________ Total costs of sales (288,7) (260,7) (1 131,1) (1 046,1) Fourth quarter 2002 compared with fourth quarter 2001 Total Revenue Total revenue decreased by 5.9% to Euro302.3 million in the fourth quarter 2002 from Euro321.3 million in the fourth quarter 2001. This decrease was mainly attributable to the economic crisis in Mercosur. Vehicle Logistics revenue increased by 7.4% to Euro232.6 million in the fourth quarter 2002 from Euro216.5 million in the fourth quarter 2001. This increase was primarily attributed to the new organisation of CAT effective as at 1/1/2002: Vehicle Logistics Division manages all the activities related to the vehicles transportation including the overseas activity previously managed by Logistic overseas Division (Sales 4th quarter 2002: Euro19.9million). Sales to Renault increased by 3.7% to Euro187.1 million in the fourth quarter 2002 from Euro180.5 million in the fourth quarter 2001. The increase due to the transfer of Logistic Overseas activity (Euro13.7million) balanced the crisis in South America and the contractual tariff decrease. Non Renault revenue increased by 26.0% to Euro45.5 million in the fourth quarter 2002 from Euro36.1 million in the fourth quarter 2001. The non Renault revenue included the part previously managed by Logistic overseas (Euro3.8 million). The high activity in UK, Spain and France explained this increase. Logistic overseas revenue decreased by 72.9% to Euro12.2 million in the fourth quarter 2002 from Euro45.0 million in the fourth quarter 2001. In addition of the new organisation of CAT (transfer to Vehicle Logistics: Euro19.9 million), Logistic overseas has been touched by the airfreight crisis following the 11th September 2001 and the Argentinean crisis. Sales to Renault were negatively affected by a dramatic slow down in air freight business to Argentina where it had been particularly high in 2001. Logistic cargo revenue decreased by 4.0% to Euro57.4 million in the fourth quarter 2002 from Euro59.8 million in the fourth quarter 2001. The closure of CAT's Logistic cargo activity in UK explained most of the decrease of non Renault sales to Euro28.2 million from Euro31.1 million. Cost of sales Cost of sales decreased by 9.3% to Euro260.7 million in the fourth quarter 2002 from Euro287.3 million in the fourth quarter 2002, and decreased as a percentage of total revenue to 86.2% in the fourth quarter 2002 from 89.4% in the fourth quarter 2001. Direct purchases represented the largest portion of CAT's cost of sales for the period and were, therefore, the principal base of this decrease. Direct purchases decreased by 10.5% to Euro215.0 million in the fourth quarter 2002 from Euro240.2 million in the fourth quarter 2001, primarily as a result of productivity actions. Direct purchases decreased as a percentage of total revenue to 71.1% in fourth quarter 2002 from 74.7% in the fourth quarter 2001 period. Direct personnel decreased by 26.1% to Euro20.1 million in the fourth quarter 2002 from Euro27.2 million in the fourth quarter 2001. Direct personnel decreased as a percentage of total revenue to 6.7% in the fourth quarter 2002 from 8.5% in the fourth quarter 2001, primarily as a result of new structure of the accounts 2002 where part of administrative employees have been allocated to General and Administrative expenses (Euro5.6 million). Direct other increased by 20.2% to Euro25.6 million in the fourth quarter 2002 from Euro21.3 million in the fourth quarter 2001. Direct other increased as a percentage of total revenue to 8.5% in the fourth quarter 2002 from 6.6% in the fourth quarter 2001. This increase is mostly due to the Information Technology expenses (Euro3.3 million) previously included in the General and Administrative expenses. Gross Profit As a result of the above, gross profit increased by 22.4% to Euro41.6 million in the fourth quarter 2002 compared to Euro34.0 million in the fourth quarter 2001. Selling, General and Administrative Expense Selling, General and Administrative expense decreased by 9.1% to Euro18.9 million in the fourth quarter 2002 from Euro20.8 million in the fourth quarter 2001. Selling, General and Administrative expense decreased as a percentage of total revenue to 6.2% in the fourth quarter 2002 from 6.5% in the fourth quarter 2001. This decrease is due to reclassification of administrative employees (Euro5.6 million) in this line previously in direct costs overbalanced by the allocation of IT costs (Euro3.3 million) to the Direct others. Operating Income Operating income increased by 76.5% to Euro23.3 million in the fourth quarter 2002 from Euro13.2 million for the same period in fiscal year 2001. Operating income increased as a percentage of revenue to 7.7% in the fourth quarter 2002 from 4.1% in the fourth quarter 2001. EBITDA EBITDA increased by 12.0% to Euro25.3 million in the fourth quarter 2002 from Euro19.1 million in the fourth quarter 2001. Depreciation Depreciation decreased to Euro2.0 million in the fourth quarter 2002 from Euro5.9 million in the fourth quarter 2001. Net Financial Income (Expense) Net financial expense decreased to Euro5.9 million in the fourth quarter 2002 from Euro6.3 million in the fourth quarter 2001. Goodwill amortisation The amount in the fourth quarter 2002 was Euro6.5 million versus Euro5.4 million in the fourth quarter 2001 and represented the depreciation of the goodwill on the acquisition of CAT. Income Tax Expense Income tax expense increased to Euro10.5 million in the fourth quarter 2002 from Euro(3.0) million in the fourth quarter 2001. Minority interests The loss allocated to minority interests decreased to Euro0.3 million in the fourth quarter 2002 from Euro0.1 million in the fourth quarter 2001 as a result of the reduced earnings in our South American joint ventures, which were affected by economic environment. Net Income As a result of the factors described above, net income decreased to Euro0.7 million in the fourth quarter 2002 from Euro4.6 million in the fourth quarter 2001. Capital Expenditures Our total capital expenditures were Euro7.4 million in the fourth quarter 2002 against Euro4.3 million in the fourth quarter 2001. Most of our capital expenditures were used for Information Technology and for the maintenance of our centres in France. Full year 2002 An income statement, a balance sheet and a cash flow statement are attached 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 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. RENAULT has sold its shares GAL to Wallenius Wilhelmsen in August 2002. For further information please contact: Hubert De Contenson Alain Rouas Philip Nuttall Finance Director Directeur General 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) December 31, 2002 2001 __________________ ASSETS CURRENT ASSETS: Cash and cash equivalents 63,262 71,014 Accounts receivable, net of allowance for doubtful accounts of Euro10,567 and Euro9,490 214,772 225,083 Deferred tax assets 26,653 17,510 Other current assets 48,919 62,491 __________________ Total current assets 353,606 376,098 NON CURRENT ASSETS: Fixed assets, net of accumulated depreciation of Euro37,037 and Euro54,851 30,175 38,167 Intangible assets, net of accumulated amortisation of Euro46,338 and Euro22,802 408,069 411,947 Other non current assets 3,320 1,805 __________________ Total non current assets 441,564 451,919 __________________ TOTAL ASSETS 795,170 828,017 __________________ GLOBAL AUTOMOTIVE LOGISTICS S.A.S. CONSOLIDATED BALANCE SHEET (continued) (Euros in Thousands) December 31, 2002 2001 __________________ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable 202,022 234,463 Accrued payroll 30,990 25,423 Taxes payable 28,608 14,981 Current portion of long-term debt 29,684 16,630 Provision for profit sharing current portion 686 905 Provisions 7,587 5,210 Deferred tax liabilities 2,359 1,397 Other liabilities 12,355 20,100 __________________ Total current liabilities 314,291 319,109 NON CURRENT LIABILITIES: Long term debt 258,696 293,674 Provisions for pensions and other benefits 14,457 15,917 Provision for profit sharing non current portion 3,181 2,820 __________________ Total non current liabilities 276,334 312,411 __________________ Total liabilities 590,625 631,520 COMMITMENTS AND CONTINGENCIES - - MINORITY INTEREST 177 1,894 SHAREHOLDERS' EQUITY: Share capital, Euro10 par value; Authorised, issued and outstanding, 18,700,000 shares 187,000 187,000 Share premium 3,097 3,000 Foreign currency translation (2,248) (836) Retained earnings 16,519 5,439 __________________ Total shareholders' equity 204,368 194,603 __________________ TOTAL 795,170 828,017 __________________ GLOBAL AUTOMOTIVE LOGISTICS S.A.S. CONSOLIDATED STATEMENTS OF INCOME (Euros in Thousands) Year ended December 31, 2002 2001 _____________________ REVENUE 1,199,514 615,087 COST OF SALES (1,046,065) (543,700) _____________________ GROSS PROFIT 153,449 71,387 Selling, general, and administrative (74,446) (37,706) Other (income) and expenses 633 (312) _____________________ OPERATING INCOME 79,636 33,369 FINANCIAL INCOME (EXPENSE) Interest and other financial income 6,504 3,873 Interest and other financial expense (33,244) (14,474) _____________________ Total financial income (expense) (26,740) (10,601) Amortisation of goodwill and purchased intangible assets (21,869) (10,367) _____________________ INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 31,027 12,401 Income tax expense (20,239) (6,833) _____________________ INCOME BEFORE MINORITY INTERESTS 10,788 5,568 Minority interests 657 (115) _____________________ NET INCOME 11,445 5,453 _____________________ GLOBAL AUTOMOTIVE LOGISTICS S.A.S. CONSOLIDATED STATEMENTS OF CASH FLOWS (Euros in Thousands) Year ended December 31, 2002 2001 _____________________ CASH FLOWS FROM OPERATING ACTIVITIES: Net income 11 445 5 453 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortisation 31 705 17 414 Loss (gain) on sale of subsidiary and fixed assets (340) 527) Provision for deferred taxes (938) (11 090) Minority interests (657) 115) Other non cash items 6 056 2 322 Provisions 3 022 (61) Changes in operating assets: Accounts receivable 9 853 13 543 Other current assets 12 299 (33 038) Changes in operating liabilities: Accounts payable (34 788) 903 Other creditors 12 962 (1 955) _____________________ Net cash inflow from operating activities 50 619 (5 867) CASH FLOWS FROM INVESTING ACTIVITIES: Investment in CAT net of cash acquired - (393 246) Capital expenditures (16 465) (12 819) Proceeds from disposals of subsidiary and fixed assets 6 520 815 _____________________ Net cash outflow form investing activities (9 945) (405 250) CASH FLOWS FROM FINANCING ACTIVITIES: Dividends and loan paid to the previous shareholders - (14 103) Issuance of share capital - 189 989 Issuance of senior notes - 100 000 Term loans and other financing (45 786) 207 100 _____________________ Net cash inflow from financing activities (45 786) 482 986 INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (5 112) 71 869 _____________________ EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (2 574) (922) CASH AND CASH EQUIVALENTS, BEGINNING OF A PERIOD 70 948 1 _____________________ CASH AND CASH EQUIVALENTS, END OF PERIOD 63 262 70 948 _____________________ This information is provided by RNS The company news service from the London Stock Exchange END FR NKQKQOBKDBBB
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