| Tue 11 Sep 2001, 0:00 | | Autoquip Group Limited - Audited Financial Results |
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Autoquip Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/002838/06)
JSE code: ATQ
ISIN code: ZAE000000634
GROUP INCOME STATEMENT 2001 2000
R'000 R'000
Revenue 152 441 137 936
Gross operating profit/(loss) 3 240 (1 741)
Depreciation 506 1 741
Net operating profit/(loss) 2 734 (3 482)
Finance charges 1 909 1 269
Net profit/(loss) before 825 (4 751)
exceptional items
Exceptional items - 1 838
Net profit/(loss) before 825 (6 589)
taxation
Taxation 234 (1 819)
Profit/(loss)attributable to 591 (4 770)
ordinary shareholders
Number of ordinary shares in 15 083 15 083
issue (`000)
Weighted average shares in issue 15 083 12 533
(`000)
Headline earnings per ordinary 3,9 (27,8)
share (cents)
Earnings per ordinary share 3,9 (38,1)
(cents)
Determination of headline
earnings:
Profit/(loss) attributable to 591 (4 770)
ordinary shareholders
Add: Exceptional items - 1 838
Write-off of fixed assets
Less: Taxation on exceptional - (551)
items
Headline earnings 591 (3 483)
GROUP BALANCE SHEET 2001 2000
R'000 R'000
Assets
Non-current assets 4 600 4 631
Fixed assets 2 250 2 047
Loan: Share incentive scheme 765 765
Deferred taxation 1 585 1 819
Current assets 49 372 55 937
Stock 30 792 35 207
Accounts receivable 18 580 20 730
53 972 60 568
EQUITY AND LIABILITIES
Total capital and reserves 28 582 27 991
Share capital 12 364 12 364
Reserves 16 218 15 627
Non-current liabilities
Interest-bearing borrowings - 23
Current liabilities 25 390 32 554
Interest-bearing 3 883 7 128
Other 21 507 25 426
53 972 60 568
Net asset value per share 189 186
(cents)
GROUP CASH FLOW STATEMENT 2001 2000
R'000 R'000
Cash flows from operating 3 867 (13 179)
activities
Cash flows from investing (598) (1 445)
activities
Cash flows from financing (37) 8 214
activities
Net increase/(decrease) in cash 3 232 (6 410)
and cash equivalents
Cash and cash equivalents at (7 115) (705)
beginning of year
Cash and cash equivalents at end (3 883) (7 115)
of year
STATEMENT OF CHANGES IN EQUITY 2001 2000
R'000 R'000
Balance at 1 July 27 991 23 561
Proceeds from shares issued - 9 200
Net profit/(loss) for the year 591 (4 770)
Balance at 30 June 28 582 27 991
COMMENTS
Profile
The Autoquip Group comprises two divisions. The Autoquip division is a
wholesaler and retailer of wheels, tyres and other exclusive automotive
accessories. The Partquip division is a wholesale distributor of a select
range of specialised automotive parts.
Results
The financial period ended 30 June 2001 reflects a return to profit for the
Group. Turnover is up 11% and the considerable loss reported last year has
been converted into a moderate profit. Whilst margins continue to remain
under pressure, substantial cost savings have been achieved through
intensive restructuring undertaken over the past couple of years. This,
together with the real growth attained by both divisions, has resulted in a
return to profitability.
Whilst the Group was unable to capitalise on lower interest rates to reduce
finance costs, the past year has seen acceptable levels of cash being
generated through operating activities, especially when compared with the
large cash utilisation which took place in the previous year. Key balance
sheet ratios are considered as being close to optimum levels.
The development of a more comprehensive distribution network, allied to
increased wheel and motorsport sales and the introduction of multi-brand
tyre sales, has enabled the Autoquip division to exceed turnover levels
achieved prior to the discontinuance of wholesaling of Bridgestone tyres.
During the year, the fitment centre situated at the head office in Selby was
converted into a motorsport sales centre and additional retail outlets were
opened in Boksburg and Nelspruit. This has resulted in eleven fitment
centres now being available to the public nationwide.
The Partquip division has returned to profitability as a result of record
turnover figures and cost savings associated with restructuring. During the
period under review, the entire warehousing and distribution functions were
outsourced, which has, and still is, expected to result in greater
efficiencies and cost savings for this division. The past year also saw the
establishment of "Suspension Solutions", a fitment centre specialising in
alignment and suspension problems.
Prospects
Whilst improved profitability remains an important objective for the Group,
the coming financial year will see further emphasis being placed on positive
cash generation, minimisation of finance charges and efficient utilisation
of working capital.
Management is confident that the results for the period commenced 1 July
2001, will be an improvement on the current results, even though a slowdown
in the economy's growth is anticipated over the next twelve months.
Dividends
The Board has resolved not to pay a dividend in respect of the year ended 30
June 2001.
On behalf of the Board
C Rogers
Secretary
11 September 2001
Registered Office
2nd Floor
Moores Rowland House
5 St. David's Place, Parktown 2193
Transfer Secretaries
Mercantile Registrars Limited
8th Floor, 11 Diagonal Street
Johannesburg 2001
Directors
BD Coquelle (Chairman and Managing Director),
PW Gough, C Rogers and CS Seabrooke
