RNS Number:9031H
Autologic Holdings PLC
25 February 2003
Embargoed Until 0700 25 February, 2003
Autologic Holdings plc
GAL Q4 Results
Global Automotive Logistics S.A.S. ("GAL") announced today the
unaudited financial results for the fourth quarter and full year
ended 31st December 2002. These results are prepared in
accordance with French GAAP.
All figures are in Euros millions unless otherwise indicated.
INCOME STATEMENT
4th quarter 4th quarter
ended ended YTD YTD
December December December December
31, 2001 (*) 31, 2002 31,2001 31, 2002
______________________________________________
Total revenue 321,3 302,3 1 273,2 1 199,5
Total costs of sales (288,7) (260,7) (1131,1) (1046,1)
______________________________________________
Gross profit 32,6 41,6 142,1 153,4
Selling, general and (19,4) (18,9) (72,2) (74,4)
administrative expenses
Other (income) and expenses - 0,6 - 0,6
______________________________________________
Operating income 13,2 23,3 69,9 79,6
Net financial income (6,3) (5,9) (10,1) (26,7)
(expenses)
Goodwill amortisation (5,4) (6,5) (10,4) (21,9)
______________________________________________
Income before income taxes 1,5 10,9 49,4 31,0
and minority interests
Income taxes expenses 3,0 (10,5) (19,3) (20,2)
______________________________________________
Net income before minority 4,5 0,4 30,1 10,8
interests
Minority interests 0,1 0,3 (0,8) 0,7
______________________________________________
Net Income 4,6 0,7 29,3 11,4
OTHER FINANCIAL INFORMATION
EBITDA 19,1 25,3 82,9 89,5
Depreciation and 5,9 2,0 13,0 9,8
amortisation
Capital expenditure 4,3 7,4 12,8 16,5
Acquisition debt 305,0 281,7 305,0 281,7
Shareholders equity 194,6 204,4 194,6 204,4
(*) Q4 2001 is impacted by year end closing restatements
accounted backwards to the completion date (17/7/2001) according
to French GAAP.
The revenue and costs included in the operating profit for
the fourth quarter and full year ended
31st December 2002 are:
4th 4th
quarter quarter
ended ended YTD YTD
December December December December
31, 2001 31, 2002 31, 2001 31, 2002
__________________________________________
Revenue
Vehicle logistics
Renault 180,5 187,1 704,9 731,3
Non Renault 36,1 45,5 136,5 169,0
__________________________________________
Total vehicle logistics 216,5 232,6 841,4 900,3
Logistic overseas
Renault 18,2 3,3 84,2 14,1
Non Renault 26,8 8,9 96,0 47,0
__________________________________________
Total logistic overseas 45,0 12,2 180,2 61,1
Logistic cargo
Renault 28,7 29,2 120,9 115,7
Non Renault 31,1 28,2 130,7 122,5
__________________________________________
Total logistic cargo 59,8 57,4 251,6 238,2
Total revenue 321,3 302,2 1 273,2 1 199,5
Cost of sales
Direct purchases (240,2) (215,0) (942,9) (874,0)
Direct personnel (27,2) (20,1) (113,4) (85,5)
Direct other (21,3) (25,6) (74,8) (86,6)
__________________________________________
Total costs of sales (288,7) (260,7) (1 131,1) (1 046,1)
Fourth quarter 2002 compared with fourth quarter 2001
Total Revenue
Total revenue decreased by 5.9% to Euro302.3 million in the fourth
quarter 2002 from Euro321.3 million in the fourth quarter 2001.
This decrease was mainly attributable to the economic crisis in
Mercosur.
Vehicle Logistics revenue increased by 7.4% to Euro232.6 million in
the fourth quarter 2002 from Euro216.5 million in the fourth
quarter 2001. This increase was primarily attributed to the new
organisation of CAT effective as at 1/1/2002: Vehicle Logistics
Division manages all the activities related to the vehicles
transportation including the overseas activity previously
managed by Logistic overseas Division (Sales 4th quarter 2002:
Euro19.9million).
Sales to Renault increased by 3.7% to Euro187.1 million in the
fourth quarter 2002 from Euro180.5 million in the fourth quarter
2001. The increase due to the transfer of Logistic Overseas
activity (Euro13.7million) balanced the crisis in South America and
the contractual tariff decrease.
Non Renault revenue increased by 26.0% to Euro45.5 million in the
fourth quarter 2002 from Euro36.1 million in the fourth quarter
2001. The non Renault revenue included the part previously
managed by Logistic overseas (Euro3.8 million). The high activity
in UK, Spain and France explained this increase.
Logistic overseas revenue decreased by 72.9% to Euro12.2 million in
the fourth quarter 2002 from Euro45.0 million in the fourth quarter
2001. In addition of the new organisation of CAT (transfer to
Vehicle Logistics: Euro19.9 million), Logistic overseas has been
touched by the airfreight crisis following the 11th September
2001 and the Argentinean crisis.
Sales to Renault were negatively affected by a dramatic slow
down in air freight business to Argentina where it had been
particularly high in 2001.
Logistic cargo revenue decreased by 4.0% to Euro57.4 million in the
fourth quarter 2002 from Euro59.8 million in the fourth quarter
2001. The closure of CAT's Logistic cargo activity in UK
explained most of the decrease of non Renault sales to Euro28.2
million from Euro31.1 million.
Cost of sales
Cost of sales decreased by 9.3% to Euro260.7 million in the fourth
quarter 2002 from Euro287.3 million in the fourth quarter 2002, and
decreased as a percentage of total revenue to 86.2% in the
fourth quarter 2002 from 89.4% in the fourth quarter 2001.
Direct purchases represented the largest portion of CAT's cost
of sales for the period and were, therefore, the principal base
of this decrease.
Direct purchases decreased by 10.5% to Euro215.0 million in the
fourth quarter 2002 from Euro240.2 million in the fourth quarter
2001, primarily as a result of productivity actions. Direct
purchases decreased as a percentage of total revenue to 71.1%
in fourth quarter 2002 from 74.7% in the fourth quarter 2001
period.
Direct personnel decreased by 26.1% to Euro20.1 million in the
fourth quarter 2002 from Euro27.2 million in the fourth quarter
2001. Direct personnel decreased as a percentage of total
revenue to 6.7% in the fourth quarter 2002 from 8.5% in the
fourth quarter 2001, primarily as a result of new structure of
the accounts 2002 where part of administrative employees have
been allocated to General and Administrative expenses (Euro5.6
million).
Direct other increased by 20.2% to Euro25.6 million in the fourth
quarter 2002 from Euro21.3 million in the fourth quarter 2001.
Direct other increased as a percentage of total revenue to 8.5%
in the fourth quarter 2002 from 6.6% in the fourth quarter 2001.
This increase is mostly due to the Information Technology
expenses (Euro3.3 million) previously included in the General and
Administrative expenses.
Gross Profit
As a result of the above, gross profit increased by 22.4% to
Euro41.6 million in the fourth quarter 2002 compared to Euro34.0
million in the fourth quarter 2001.
Selling, General and Administrative Expense
Selling, General and Administrative expense decreased by 9.1% to
Euro18.9 million in the fourth quarter 2002 from Euro20.8 million in
the fourth quarter 2001. Selling, General and Administrative
expense decreased as a percentage of total revenue to 6.2% in
the fourth quarter 2002 from 6.5% in the fourth quarter 2001.
This decrease is due to reclassification of administrative
employees (Euro5.6 million) in this line previously in direct costs
overbalanced by the allocation of IT costs (Euro3.3 million) to the
Direct others.
Operating Income
Operating income increased by 76.5% to Euro23.3 million in the
fourth quarter 2002 from Euro13.2 million for the same period in
fiscal year 2001. Operating income increased as a percentage of
revenue to 7.7% in the fourth quarter 2002 from 4.1% in the
fourth quarter 2001.
EBITDA
EBITDA increased by 12.0% to Euro25.3 million in the fourth quarter
2002 from Euro19.1 million in the fourth quarter 2001.
Depreciation
Depreciation decreased to Euro2.0 million in the fourth quarter
2002 from Euro5.9 million in the fourth quarter 2001.
Net Financial Income (Expense)
Net financial expense decreased to Euro5.9 million in the fourth
quarter 2002 from Euro6.3 million in the fourth quarter 2001.
Goodwill amortisation
The amount in the fourth quarter 2002 was Euro6.5 million versus
Euro5.4 million in the fourth quarter 2001 and represented the
depreciation of the goodwill on the acquisition of CAT.
Income Tax Expense
Income tax expense increased to Euro10.5 million in the fourth
quarter 2002 from Euro(3.0) million in the fourth quarter 2001.
Minority interests
The loss allocated to minority interests decreased to Euro0.3
million in the fourth quarter 2002 from Euro0.1 million in the
fourth quarter 2001 as a result of the reduced earnings in our
South American joint ventures, which were affected by economic
environment.
Net Income
As a result of the factors described above, net income decreased
to Euro0.7 million in the fourth quarter 2002 from Euro4.6 million in
the fourth quarter 2001.
Capital Expenditures
Our total capital expenditures were Euro7.4 million in the fourth
quarter 2002 against Euro4.3 million in the fourth quarter 2001.
Most of our capital expenditures were used for Information
Technology and for the maintenance of our centres in France.
Full year 2002
An income statement, a balance sheet and a cash flow statement
are attached in the appendix of this report.
About Global Automotive Logistics S.A.S.
GAL is the holding company for CAT, one of Europe's largest lead
logistics providers for the automotive industry, managing and
organising primarily outbound transportation and distribution
requirements on a global, regional or national basis through a
multi-modal network of road, rail sea and air subcontractors.
GAL was formed by a consortium of leading logistics operators in
Europe to acquire CAT from Renault S.A. The shareholders of GAL
include AutoLogic Holdings plc, TNT Post Group N.V and Wallenius
Wilhelmsen Lines. The acquisition of CAT occurred on 17th July
2001. RENAULT has sold its shares GAL to Wallenius Wilhelmsen in
August 2002.
For further information please contact:
Hubert De Contenson Alain Rouas Philip Nuttall
Finance Director Directeur General Director
Tel: 00 33 1 41 03 71 05 Tel: 00 33 1 41 03 74 44 Tel: 00 44 207 420 0555
GLOBAL AUTOMOTIVE LOGISTICS S.A.S.
CONSOLIDATED BALANCE SHEET
(Euros in Thousands)
December 31,
2002 2001
__________________
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 63,262 71,014
Accounts receivable, net of allowance
for doubtful accounts of Euro10,567 and Euro9,490 214,772 225,083
Deferred tax assets 26,653 17,510
Other current assets 48,919 62,491
__________________
Total current assets 353,606 376,098
NON CURRENT ASSETS:
Fixed assets, net of accumulated
depreciation of Euro37,037 and Euro54,851 30,175 38,167
Intangible assets, net of accumulated
amortisation of Euro46,338 and Euro22,802 408,069 411,947
Other non current assets 3,320 1,805
__________________
Total non current assets 441,564 451,919
__________________
TOTAL ASSETS 795,170 828,017
__________________
GLOBAL AUTOMOTIVE LOGISTICS S.A.S.
CONSOLIDATED BALANCE SHEET (continued)
(Euros in Thousands)
December 31,
2002 2001
__________________
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable 202,022 234,463
Accrued payroll 30,990 25,423
Taxes payable 28,608 14,981
Current portion of long-term debt 29,684 16,630
Provision for profit sharing current portion 686 905
Provisions 7,587 5,210
Deferred tax liabilities 2,359 1,397
Other liabilities 12,355 20,100
__________________
Total current liabilities 314,291 319,109
NON CURRENT LIABILITIES:
Long term debt 258,696 293,674
Provisions for pensions and other benefits 14,457 15,917
Provision for profit sharing non current portion 3,181 2,820
__________________
Total non current liabilities 276,334 312,411
__________________
Total liabilities 590,625 631,520
COMMITMENTS AND CONTINGENCIES - -
MINORITY INTEREST 177 1,894
SHAREHOLDERS' EQUITY:
Share capital, Euro10 par value; Authorised, issued and
outstanding, 18,700,000 shares 187,000 187,000
Share premium 3,097 3,000
Foreign currency translation (2,248) (836)
Retained earnings 16,519 5,439
__________________
Total shareholders' equity 204,368 194,603
__________________
TOTAL 795,170 828,017
__________________
GLOBAL AUTOMOTIVE LOGISTICS S.A.S.
CONSOLIDATED STATEMENTS OF INCOME
(Euros in Thousands)
Year ended December 31,
2002 2001
_____________________
REVENUE 1,199,514 615,087
COST OF SALES (1,046,065) (543,700)
_____________________
GROSS PROFIT 153,449 71,387
Selling, general, and administrative (74,446) (37,706)
Other (income) and expenses 633 (312)
_____________________
OPERATING INCOME 79,636 33,369
FINANCIAL INCOME (EXPENSE)
Interest and other financial income 6,504 3,873
Interest and other financial expense (33,244) (14,474)
_____________________
Total financial income (expense) (26,740) (10,601)
Amortisation of goodwill and purchased
intangible assets (21,869) (10,367)
_____________________
INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 31,027 12,401
Income tax expense (20,239) (6,833)
_____________________
INCOME BEFORE MINORITY INTERESTS 10,788 5,568
Minority interests 657 (115)
_____________________
NET INCOME 11,445 5,453
_____________________
GLOBAL AUTOMOTIVE LOGISTICS S.A.S.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Euros in Thousands)
Year ended December 31,
2002 2001
_____________________
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income 11 445 5 453
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortisation 31 705 17 414
Loss (gain) on sale of subsidiary and fixed assets (340) 527)
Provision for deferred taxes (938) (11 090)
Minority interests (657) 115)
Other non cash items 6 056 2 322
Provisions 3 022 (61)
Changes in operating assets:
Accounts receivable 9 853 13 543
Other current assets 12 299 (33 038)
Changes in operating liabilities:
Accounts payable (34 788) 903
Other creditors 12 962 (1 955)
_____________________
Net cash inflow from operating activities 50 619 (5 867)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in CAT net of cash acquired - (393 246)
Capital expenditures (16 465) (12 819)
Proceeds from disposals of subsidiary and fixed
assets 6 520 815
_____________________
Net cash outflow form investing activities (9 945) (405 250)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends and loan paid to the previous shareholders - (14 103)
Issuance of share capital - 189 989
Issuance of senior notes - 100 000
Term loans and other financing (45 786) 207 100
_____________________
Net cash inflow from financing activities (45 786) 482 986
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (5 112) 71 869
_____________________
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS (2 574) (922)
CASH AND CASH EQUIVALENTS, BEGINNING OF A PERIOD 70 948 1
_____________________
CASH AND CASH EQUIVALENTS, END OF PERIOD 63 262 70 948
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