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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% | 3.576 | 3.486 | 3.554 | 0.00 | 11:25:12 |
RNS Number:2573Q Automotive Precision Holdings PLC 26 September 2003 26 September 2003 AUTOMOTIVE PRECISION HOLDINGS PLC INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2003 CHAIRMAN'S STATEMENT On 20 August 2003, we were able finally to confirm that the new funding referred to in my statement included within the 2002 Report and Accounts had been put in place. This will generate a single non-recurring benefit of the order of #4 million in the second half of this financial year, that will reduce short-term borrowings and will have a positive impact, as an exceptional item, on the Group's profit and loss account. Trading conditions remain difficult both because of lower levels of demand in most areas of our operations and, more particularly, through the effect of lower prices. Turnover for the half year fell to #9.7 million (2002: #12.2 million). There was a loss before tax of #1.5 million (2002: #1.1 million) corresponding to a loss per share of 2.6p (2002: loss of 1.9p). In these circumstances the directors feel it inappropriate to pay an interim dividend. We have been found to be competitive in some major contract tenders for work starting towards the end of 2004 and extra turnover from such contracts continues to be central to our ability to return to profit. I am pleased to announce that we successfully achieved accreditation to the environmental standard ISO 14001 early in the year and are on track to upgrade our quality approval from QS9000 to TS16949 at the end of 2003. Both these standards have become a mandatory requirement for supplying the automotive industry and represent considerable achievements. CURRENT TRADING AND OUTLOOK In the immediate future the level of demand being experienced is significantly lower than capacity and the outlook for the second half is only marginally better than during the first half year. There are some signs of improved demand in 2004 and, indeed, several contracts for new components have been signed for work due to start in the first and second quarters of 2004. However, strong competition, especially from the Far East, is expected to continue to depress the level of prices in the market. The new funding reported above took place 4 months later than originally planned with the effect that some opportunities were lost in the short term and some new work, dependent on new investment, was also delayed. A.K. MITCHARD Chairman 26 September 2003 For further information: Stefan Petszaft, Managing Director Peter Willetts / Lulu Bridges Automotive Precision Holdings PLC Tavistock Communications Tel: 01732 365 421 Tel: 020 7600 2288 INTERIM REPORT 2003 UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT 6 months to 6 months to 12 months to 30th June 30th June 31st December 2003 2002 2002 Notes #'000 #'000 #'000 Turnover 9,673 12,222 23,128 Cost of sales (8,673) (10,317) (19,728) -------- -------- -------- Gross profit 1,000 1,905 3,400 Distribution costs (207) (344) (1,184) Administrative expenses (2,145) (2,122) (4,177) Impairment of tangible fixed assets - - (3,140) Exchange gains/(losses) 174 (235) (277) -------- -------- -------- (Loss) before interest and taxation (1,178) (796) (5,378) Interest payable (326) (284) (560) -------- -------- -------- (Loss) on ordinary activities before taxation (1,504) (1,080) (5,938) Taxation 1 451 324 1,766 -------- -------- -------- (Loss) on ordinary activities after taxation (1,053) (756) (4,172) Dividends - - - -------- -------- -------- Retained (loss) for the period (1,053) (756) (4,172) ======== ======== ======== (Loss) per ordinary share (pence) 2 (2.6) (1.9) (10.2) ======== ======== ======== NOTES: 1 Taxation has been included at 30%. 2 Loss per share is calculated using the aggregate number of shares in issue for each period, which is 40,846,976. 3 This interim report does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The figures for 31st December 2002 are an abridged version of the company's full accounts. These carry an unqualified auditors' report and are filed at Companies House. 4 The company had no recognisable gains or losses other than those shown above. 5 The interim statement is being posted to shareholders. Copies are available from the company's registered office at 2-8 Morley Road, Tonbridge, Kent TN9 1QZ. UNAUDITED CONSOLIDATED BALANCE SHEET As at As at As at 30th June 30th June 31st December 2003 2002 2002 #'000 #'000 #'000 Fixed assets Tangible assets 11,253 16,419 12,475 -------- -------- -------- Current assets Stock 2,094 2,285 2,094 Debtors 4,991 6,061 4,733 Cash at bank and in hand - - 304 -------- -------- -------- 7,085 8,346 7,131 Creditors: Amounts falling due within one year (11,238) (11,512) (11,365) -------- -------- -------- Net current assets (4,153) (3,166) (4,234) -------- -------- -------- Total assets less current liabilities 7,100 13,253 8,241 Creditors: Amounts falling due after one year (1,717) (2,691) (1,805) Deferred taxation - (710) - -------- -------- -------- Net assets 5,383 9,852 6,436 ======== ======== ======== Capital and reserves Called up share capital 4,085 4,085 4,085 Share premium 86 86 86 Profit and loss account 1,212 5,681 2,265 -------- -------- -------- Equity shareholders' funds 5,383 9,852 6,436 ======== ======== ======== UNAUDITED CONSOLIDATED CASH FLOW STATEMENT 6 months to 6 months to 12 months to 30th June 30th June 31st December 2003 2002 2002 #'000 #'000 #'000 Cash flow from operating activities 288 1,604 2,811 -------- -------- -------- Returns on investments and servicing of finance Interest received - 3 10 Interest paid (218) (156) (355) Interest element of finance lease payments (107) (131) (215) -------- -------- -------- (325) (284) (560) -------- -------- -------- Capital expenditure Purchase of tangible fixed assets (139) (712) (1,087) Sale of tangible fixed assets 20 - 4 -------- -------- -------- (119) (712) (1,083) -------- -------- -------- Cash inflow/(outflow) before financing (156) 608 1,168 -------- -------- -------- Financing Capital element of finance lease payments (110) (559) (1,298) Leases taken out in the period 92 259 754 New Loans (117) (117) (233) -------- -------- -------- (135) (417) (777) -------- -------- -------- Increase/(decrease) in cash (291) 191 391 ======== ======== ======== This information is provided by RNS The company news service from the London Stock Exchange END IR QQLFLXKBZBBE
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