Interim Results
September 26 2003 - 12:52PM
UK Regulatory
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
======== ======== ========
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