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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Athabasca Oil Sands Corp | TG:ATI | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.58 | 3.541 | 3.594 | 0.00 | 10:15:15 |
RNS Number:6041K Automotive Precision Holdings PLC 30 April 2003 Automotive Precision Holdings PLC Preliminary Results for the Year Ended 31 December 2002 30 April 2003 CHAIRMAN'S STATEMENT The events outlined in our Trading Statement on November 5, 2002, and the concerns then expressed, have indeed culminated in an unsatisfactory outcome for the year, with significant losses for the second year running even before the impact of the capital impairment review discussed later in this report. For the reasons given in the trading statement, and as a result of the weaker US dollar, together with lower market prices throughout the year, turnover reduced to #23.1 million (2001: #25.7 million). Excluding the effect of the impairment review the pre-tax loss of #2.8 million for the year was almost the same as 2001. Having considered the performance and prospects of the Group over an extended period it became clear that the Group's assets were not expressed in the balance sheet at a realistic value. Consequently the board resolved to carry out a full review under FRS11 and has concluded that an impairment of the assets to the extent of #3.1 million should be incorporated into the Accounts as at 31st December 2002. The lower residual asset value is more in line with the potential turnover and earnings stream that is expected from the continuing business. This review has resulted in the Group incurring a pre-tax loss of #5.9 million,.corresponding to a loss of 10.2p per share (2001: 4.9p). The review also affects the balance sheet but does not impact cash flow, which was #0.4 million positive for the year (2001: negative #3.1 million). In the face of these results the directors have again decided that a dividend cannot be recommended Capital expenditure during the year was tightly controlled and as a result fell to #1.1 million (2001: #3.0 million). These rigid controls will be applied throughout 2003 although we plan selectively to invest in new plant and machinery in support of profitable new business as we continue the process of rebuilding the Group's order book. Exchange contracts to sell most of the Group's US Dollar income were put in place covering the majority of 2003 turnover. These continue until the end of the year and secure conversion rates that, to date, are better than current market rates would have allowed. CURRENT TRADING At an operational level, considerable progress continues to be made to improve efficiency whilst reducing significantly the turnover at which the Group achieves break-even. In addition to the continuing improvements being implemented by our own teams we have entered into some joint development work with one of our major customers and early results are promising. In addition we enjoy close working relationships with a number of our key customers with a mutually expressed determination to increase the amount of business we carry out for them. Some new contracts have already been awarded, which will result in increased sales in the second and third quarters of 2003 and more are expected before the end of the year. These "special" relationships provide extra value to both partners and are a crucial factor in our rebuilding plans. FINANCE The Directors, having reviewed the economic and trading outlook for the Group, consider that the current funding structure might not provide adequate facilities for the foreseeable needs of the Group. Accordingly, over the past 2 months the Board, having taken advice on the most appropriate available sources of funding, have been conducting detailed negotiations with finance providers. The Board is now in discussion with potential lenders which, if the negotiations are concluded satisfactorily, will provide the Group with additional working capital and a more sustainable long term solution. Essentially, this would result in the replacement of the majority of the existing bank indebtedness with a new asset based facility provided on a medium term basis. This would allow the Board to adopt a longer term outlook in managing the business, which, the Board believes is essential for the Group and would secure a more stable future for customers, suppliers, employees and shareholders. Further details of the re-financing will be provided when the negotiations have been concluded. However, the Board believes that a failure to conclude these negotiations satisfactorily will result in the Group having immediately to seek alternative sources of funding or the Group would be unable to continue to trade OUTLOOK Current activity levels are still well below capacity and do not yet enable us to operate profitably. Last year's lost business has not yet been fully replaced although a number of good opportunities are being pursued and the directors believe that turnover will be restored at profitable levels over the next 18 months. The executive team is working effectively on identified efficiency improvements using new working methods involving people at all levels. The key to our success is now securing additional turnover and everyone is focussed on achieving this. EMPLOYEES Our employees have faced even greater challenges during 2002 and have performed with determination and resilience. They have continued to support our efforts to improve our underlying performance throughout and my admiration, appreciation and thanks together with those of the whole board cannot be overstated. A.K. MITCHARD Chairman 30 April 2003 For further information: Stefan Petszaft, Managing Director Peter Willetts Automotive Precision Holdings PLC Tavistock Communications Tel: 01732 365 421 Tel: 020 7600 2288 Consolidated Profit and Loss Account For the year ended 31 December 2002 Notes 2002 2001 #'000 #'000 Turnover 23,128 25,687 Cost of sales (19,728) (20,389) ---------- ---------- Gross profit 3,400 5,298 Distribution costs (1,184) (1,216) Administrative expenses (4,177) (3,836) ---------- ---------- Operating (loss)/profit (1,961) 246 Impairment of tangible fixed assets (3,140) - Exchange losses (277) (2,521) Interest receivable 10 40 Interest payable (570) (609) ---------- ---------- Loss on ordinary activities before taxation (5,938) (2,844) Tax on loss on ordinary activities 1,766 847 ---------- ---------- Loss for the financial year transferred from reserves (4,172) (1,997) ======== ======== Loss per ordinary share 1 (10.2)p (4.9)p ======== ======== Consolidated Balance Sheet as at 31 December 2002 2002 2001 #'000 #'000 Fixed assets Tangible assets 12,475 17,158 ---------- ---------- Current assets Stocks 2,094 2,251 Debtors 4,733 7,185 Cash at bank and in hand 304 341 ---------- ---------- 7,131 9,777 Creditors: Amounts falling due within one year (11,365) (12,624) ---------- ---------- Net current liabilities (4,234) (2,847) ---------- ---------- Total assets less current liabilities 8,241 14,311 Creditors: amounts falling due after more than one year (1,805) (2,669) Provision for liabilities and charges Deferred taxation - (1,034) ---------- ---------- Net assets 6,436 10,608 ======== ======== Capital and reserves Called up share capital 4,085 4,085 Share premium account 86 86 Profit and loss account 2,265 6,437 ---------- ---------- Equity shareholders' funds 6,436 10,608 ======== ======== Consolidated Cash Flow Statement For the year ended 31 December 2002 2002 2001 #'000 #'000 Cash inflow/(outflow) from operating activities 2,811 (82) ---------- ---------- Returns on investments and servicing of finance Interest received 10 40 Interest paid (355) (350) Interest element of hire purchase and finance lease payments (215) (259) ---------- ---------- (560) (569) ---------- ---------- Capital expenditure Purchase of tangible fixed assets (1,087) (2,995) Sale of tangible fixed assets 4 1 ---------- ---------- (1,083) (2,994) ---------- ---------- Cash inflow/(outflow) before use of liquid resources and financing 1,168 (3,645) ---------- ---------- Financing Capital element of hire purchase and finance lease payments (1,298) (871) New hire purchase and finance lease agreements 754 1,691 Repayment of secured loan (233) (233) (777) 587 ---------- ---------- Increase/(decrease) in cash for the year 391 (3,058) ======== ======== Notes to the Financial Statements For the year ended 31 December 2002 1. Loss per share The loss per ordinary share is calculated on the number of shares in issue throughout the year of 40,846,976 (2001 : 40,846,976) and on a loss after taxation of #4,172,000 (2001 : #1,997,000). 2. The above financial information does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. Full accounts for 2002 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be filed with the Registrar of Companies in due course. Copies of the Annual Report will be sent to shareholders. Further copies will be obtainable from the Company's registered office at 2-8 Morley Road, Tonbridge, Kent TN9 1QZ. This information is provided by RNS The company news service from the London Stock Exchange END FR SDUFASSDSEFL
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