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endeds 31 December 2001
AUTOQUIP GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/002838/06)
Share code : ATQ
ISIN code : ZAE000000634
UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2001
GROUP INCOME STATEMENT
Audited Unaudited
Year ended Half-year ended
30 June 2001 Dec 2001 Dec 2000
R'000 R'000 R'000
152 441 Revenue 89 294 74 029
240 Gross operating profit 1 279 1 185
506 Depreciation 243 240
2 734 Net operating profit 1 036 945
1 909 Finance charges 370 927
825 Net profit before taxation 666 18
234 Taxation 200 5
591 Profit attributable to 466 13
ordinary shareholders
15 083 Number of ordinary shares in 15 083 15 083
issue (`000)
3,9 Earnings per ordinary share 3,1 0,1
(cents)
GROUP BALANCE SHEET
Audited Unaudited
Half-year ended
Year ended
30 June 2001 Dec 2001 Dec 2000
R'000 R'000 R'000
ASSETS
4 600 Non-current assets 4 372 4 551
2 250 Property, plant and equipment 2 222 1 967
765 Loan: Share incentive scheme 765 765
1 585 Deferred taxation 1 385 1 819
49 372 Current assets 58 816 54 651
30 792 Inventories 36 657 38 321
18 580 Accounts receivable 21 116 16 330
- Cash and cash equivalents 1 043 -
53 972 63 188 59 202
Equity and liabilities
28 582 Total capital and reserves 29 048 28 004
12 364 Share capital 12 364 12 364
16 218 Reserves 16 684 15 640
Non-current liabilities
- Interest bearing borrowings - 23
25 390 Current liabilities 34 140 31 175
3 883 Interest-bearing - 10 574
21 507 Other 34 140 20 601
53 972 63 188 59 202
189 Net asset value per share 193 186
(cents)
GROUP CASH FLOW STATEMENT
Audited Unaudited
Year ended Half-year ended
30 June 2001
R'000
Dec 2001 Dec 2000
R'000 R'000
3 867 Cash flows from operating 5 166 (3 327)
activities
(598) Cash flows from investing (240) (119)
activities
(37) Cash flows from financing - (6)
activities
3 232 Net increase/(decrease) in 4 926 (3 452)
cash and
cash equivalents
(7 115) Cash and cash equivalents at (3 883) (7 115)
beginning of period
(3 883) Cash and cash equivalents at 1 043 (10 567)
end of period
STATEMENT OF CHANGES IN EQUITY
Audited Unaudited
Year ended Half-year ended
30 June 2001
R'000
Dec 2001 Dec 2000
R'000 R'000
27 991 Balance at beginning of period 28 582 27 991
591 Net profit for the period 466 13
28 582 Balance at end of period 29 048 28 004
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 specialised
automotive replacement parts.
Results
Revenue increased by 21% for the six-month period ended 31 December 2001,
partially assisted by the higher Rand selling prices of the Group's imported
products. The 10% increase in operating profits is satisfactory considering
the ongoing pressure on margins resulting from the substantially higher Rand
costs of imports.
Management's emphasis on cash generation yielded good results as is
evidenced by the Group's improved working capital position and lower finance
charges.
During the period under review, the Pietermaritzburg fitment centre was
closed and a new outlet opened in Hatfield (Pretoria). The Randburg fitment
centre will relocate in March and an additional fitment centre will commence
trading in Umhlanga before the end of the financial year. The continued
expansion of the Group's chain of outlets is essential to maintain critical
mass in the market place despite the continued impact of establishment costs
on profitability.
The Partquip Division recorded improved revenue figures and the Suspension
Solutions unit is now operational.
Accounting Policy Note
The financial statements of Autoquip have been prepared in accordance with
AC127: Interim Financial Reporting, and the accounting policies applied in
preparing these interim financial statements are consistent with those set
out in the financial statements for the year ended 30 June 2001.
Cautionary Announcement
The Group is considering various strategic alternatives which may include a
proposal for the delisting of the company from the JSE Securities Exchange.
Shareholders are therefore advised to exercise caution in dealing in
Autoquip shares until a further announcement is made.
Prospects
Although the trading environment remains difficult and the collapse of the
Rand has adversely affected margins, results for the period ended 30 June
2002 are expected to reflect an improvement on the prior year.
Dividends
The company's dividend policy is to consider a single dividend annually at
year end, depending on profitability and cash requirements.
On behalf of the Board
C Rogers
Secretary 6 February 2002
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, CS Seabrooke and H Shunsuke
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