TIDMAUTG
RNS Number : 3666Q
Autins Group PLC
28 June 2022
28 June 2022
Autins Group plc
("Autins" the "Company" or the "Group")
Interim Results
Autins Group plc (AIM: AUTG), the UK and European based
manufacturer of the patented Neptune melt-blown material and
specialist in the design, manufacture, and supply of acoustic and
thermal insulation solutions, announces its results for the six
months ended 31 March 2022.
Financial Summary
-- Revenue decreased by 31.5% to GBP9.39m (H1 21: GBP13.71m)
though remained comparatively stable against the preceding 6-month
period, decreasing 3.4% against H2 21
-- Gross profit decreased by 39.9% to GBP2.35m (H1 21: GBP3.91m)
-- Gross margins decreased by 3.4% to 25.1% (H1 21: 28.5%)
-- EBITDA(1) was a loss of GBP0.35m (H1 21: GBP1.18m profit)
-- Loss after tax of GBP1.38m (H1 21: profit of GBP0.01m)
-- Loss per share of 2.83p (H1 21: earnings per share of 0.025p)
-- Operating cashflow was a GBP0.40m net outflow (H1 21: GBP0.87m net inflow)
-- Net debt(2) excluding IFRS16 lease liabilities improved to GBP1.03m (H1 21: GBP1.84m)
-- Cash and cash equivalents were GBP2.78m at the period end (H1
21 GBP2.91m) following an equity placing in December 2021 which
raised a net GBP2.80m
-- Group c ash headroom(3) of GBP5.14m (H1 21: GBP6.11m)
1: EBITDA is stated on an IFRS 16 basis.
2. Net debt is cash less bank overdrafts, loans, invoice
discounting, hire purchase finance and excludes right of use lease
liabilities .
3. Sum of net cash at bank and residual invoice financing
capacity.
Performance Against H2 21
-- Group sales were -3.4% (-GBP0.3m) compared to H2 21, with UK
sales up 7.1%, whereas Germany sales were down -19.7% as they felt
the full impact of the semi-conductor and Ukraine crisis. Swedish
sales were stable
-- EBITDA reduced by GBP0.27m compared to H2 21 despite no
furlough support which contributed c.GBP0.35m in H2 21
Operational Highlights
-- The automotive market continued to be significantly affected
by a shortage of semi-conductors, whilst the Ukraine war further
disrupted the supply chains, however OEMs still have large
unfulfilled order books, and our customer base in the automotive
market expects to see recovery once the semi-conductor supply
improves
-- Enquiry activity for long-term automotive projects totalling
GBP17m received between January and April 2022, a significant
improvement over the GBP3.7m received in the comparative period
last year.
-- Underlying sales demand for flooring products is stable
-- 13 office pod companies, including suppliers to multinational
companies, are specifying Neptune for their products
-- European sales account for 37% of the Group turnover, up from 33% last year
-- Neptune retail sales continue to increase and are up 10% on H2 21 to GBP1.2m
Gareth Kaminski-Cook, Chief Executive, said:
"OEMs continue to report record levels of order backlogs and the
market expects new semi-conductor capacity to begin to ease during
the latter part of 2022 after which an automotive market recovery
should begin. In addition, the underlying demand for our flooring
products remains positive and we continue to develop into other
markets with dedicated resource.
There is little doubt that we are now entering a period of
high-cost inflation and we will continue to take actions to
mitigate the impact on margins through efficiency improvements,
purchasing cost control and price increases. Over the last two
years the Autins Board and Leadership team have demonstrated
agility, creativity and great teamwork and will continue to do what
is necessary to mitigate inflationary pressures.
Following a protracted period of very low new project activity
in the automotive division, since January we have experienced an
uplift in the number and value of new enquiries, totalling GBP17m
of potential annual new revenue. 45 of these enquiries, with
potential annual value of GBP11m are for parts to go on electric
vehicles for 11 different OEMs including new start-ups and
established brands.
We will need to continue striking a balance between sharp focus
on cost control and executing our growth strategy. Our priorities
are to ensure that we can offer innovative recyclable NVH
solutions, maximise our penetration onto full electric platforms
and continue our diversification into new markets.
Whilst it can be expected that the Ukraine war could suppress
the trajectory of market recovery, the medium-term outlook remains
positive."
For further information please contact:
Autins Group plc
Gareth Kaminski-Cook, Chief Executive Via SEC Newgate
Kamran Munir, CFO
Singer Capital Markets Tel: 020 7496 3000
(Nominated Adviser and Broker)
Mark Taylor / Asha Chotai
SEC Newgate Tel: 020 7653 9850
(Financial PR)
Bob Huxford
Max Richardson
About Autins
Autins is a UK and continental Europe based industrial materials
technology business that specialises in the design, manufacture,
and supply of acoustic and thermal products. Its key markets are
automotive, flooring, office furniture and commercial vehicles
where it supplies products and services to more than 160 customer
locations across Europe.
Autins is the UK and European manufacturer of the patented
Neptune melt-blown material and specialises in the design,
manufacture, and supply of acoustic and thermal insulation
solutions.
Overview
This has been a period where global events have dominated the
financial performance of the whole automotive supply chain.
Consequently, the year on year first half financial performance
was disappointing, with revenue reducing by GBP4.32m to GBP9.39m
(H1 21: GBP13.71m), which led to an EBITDA loss of GBP0.35m (H1 21:
EBITDA profit of GBP1.18m).
The performance comparison between H2 2021 and this reporting
period is more positive, with revenue reducing by only GBP0.30m
(-3.1%) and EBITDA reducing by GBP0.27m despite there being no
furlough support from the UK government, which had contributed
c.GBP0.35m in H2 2021.
Compared to H2 2021, UK automotive sales improved by 8.3%,
driven by modest improvement in automotive demand and higher sales
into other markets. However, our German automotive sales, which had
largely been unaffected by the semi-conductor crisis throughout the
last financial year, finally felt the impact, which was further
exacerbated by OEM plant closures at the beginning of the Ukraine
war, an issue that has since been resolved. Flooring sales were
also lower as post Covid property refurbishment activity
declined.
As furlough came to end at the beginning of this financial year,
we have had to further reduce fixed overheads in UK and Sweden and
reduce operational costs, whilst retaining motivated staff in an
environment of labour shortages, volatile demand and rising
household costs. We acted proactively and increased wages for
production workers early, increased the overtime rates, introduced
a banked hours scheme, and adopted hybrid working practices where
it was efficient and effective to do so. As a result, our retention
rate and teamwork has improved significantly.
The Group undertook and successfully completed a GBP3m equity
placing in December 2021 to improve cash headroom and ensure the
Company is well positioned to take advantage of the future market
recovery.
Revenue
Sales across the Group decreased by 31.5% to GBP9.39m (H1 21:
GBP13.71m) driven by significantly lower demand from our key
automotive customers in the UK and Germany and lower sales in
flooring.
Sales through the European operations now account for 37% of
Group turnover, up from 33% H1 2021.
Automotive sales declined by 33.9% to GBP7.6m (H1 2021:
GBP11.5m), driven by reduced OEM production caused primarily by
semi-conductor shortages, some cost reduction actions by the
Group's major customer and latterly the impact of the Ukraine
war.
Revenue in the UK decreased by 36.6% to GBP5.9m (H1 2021:
GBP9.3m), with component revenue reducing by 36.3% and tooling
reducing by 54.1% as the OEMs focused less on releasing new
projects and more on cost cutting. The trend of component sales in
the UK however did improve, increasing by 8.3% compared to H2
2021.
Germany and Sweden have felt, for the first time, the impact of
the semiconductor crisis across the whole period and the Ukraine
war directly led to several German OEM factories being temporarily
shut down. As a result, German sales declined by 21.1% to GBP3.0m
(H1 21: GBP3.8m), with automotive sales declining by 13.3% to
GBP1.3m (H1 21: GBP1.5m), and flooring sales declining by 27.4% to
GBP1.7m (H1 21: GBP2.3m). Sweden auto sales reduced by 16.7% to
GBP0.5m (H1 21: GBP0.6m). Post reporting period, both markets have
improved with sales now above the prior year period.
Non-auto sales were lower by 25.0% at GBP1.8m (H1 21: GBP2.4m),
driven by a drop in flooring demand which was partly due to a
slowdown in home refurbishment post Covid and due to high prior
year sales for a significant new customer that required additional
one-time stocking quantities. Monthly sales demand for flooring is
now running slightly ahead of the prior year. In the UK, we have
started supplying a strong pipeline of customers in the workspace
market of office pods which has brought revenue of GBP0.14m in the
first half of the year. Non-auto sales now account for 19% of Group
turnover, up from 17% a year ago.
Sales concentration of our largest customer reduced from 46.2%
last year to 38.3% in H1 22, driven primarily by the reduction of
the demand from that customer. In the short to medium term,
management would expect this concentration will normalise back to
c. 50% as automotive sales recover, although the dilution will
continue to grow over the longer term as we develop the demand from
a larger customer base.
Gross margin
The loss of furlough income combined with significant increases
in the cost of labour, energy, commodities, overseas freight, and
material have all challenged margins. The largest impact over the
last year is from significantly reduced automotive volumes that
reduce the absorption of fixed production overhead costs.
So, it is a testament to all the control actions taken to
improve efficiencies, purchasing costs, labour control and some
price increases that, despite a very large reduction in production
demand we have managed to control the decline in gross margin to a
reduction of just 3.4% to 25.1% compared to the prior year period.
However, in the context of increasing costs across the board, the
Company maintained margins between H2 21 and H1 22.
EBITDA and operating profit
The reported H1 22 EBITDA loss of GBP0.35m (H1 21: EBITDA profit
of GBP1.18m) and reported operating loss of GBP1.13m (H1 21: profit
of GBP0.15m) do not reflect any exceptional costs.
Joint venture
The Group's share of joint venture activities relates solely to
Indica Automotive, a UK based foam conversion business.
Turnover at Indica Automotive decreased by 37.4% to GBP0.92m (H1
21: GBP1.47m), with a profit after tax of GBP0.01m (H1 21:
GBP0.21m). The Group remains the largest customer of the joint
venture, and the ratio of sales to the Group as a percentage of
total sales has reduced from 82% to 73%.
Net finance expense
Net finance expense for the period was consistent at GBP0.26m
(H1 21: GBP0.27m) including IFRS 16 charges of GBP0.14m (H1 21
GBP0.14m). The interest element of hire purchase agreements is
GBP0.01m (H1 21: GBP0.01m) with interest charged on bank borrowings
of GBP0.12m (H1 21: GBP0.13m).
Taxation
Given the continuing economic conditions, a relatively small
proportion of the losses carried forward are recognised in deferred
tax balances, consistent with the judgement made in September
2021.
Dividends
The Board continues to believe that during the current period of
economic uncertainty a suspension in dividend payments remains
appropriate. As such, no interim dividend is proposed.
Net debt and financing
The Group ended the period with net debt (being the net of cash
and cash equivalents and the Group's loans and borrowings,
excluding right of use lease liabilities) of GBP1.03m (H1 21
GBP1.84m). Including GBP5.25m (H1 21 GBP5.34m) arising from IFRS 16
lease liabilities, the Group's net debt would be GBP6.28m (H1 21
GBP7.18m). Net debt has reduced as a result of the placing of
shares in the period offset by the impact of the trading outflows.
Cash and cash equivalents at the period end were GBP2.8m (H1 21:
GBP2.9m).
In June 2022 the Company secured a deferment of its UK loan
repayments until January 2023 and at 31 March 2022, the Group's UK
HSBC facilities provided up to GBP3.5m (H1 21: GBP6.0m) of invoice
financing facility (subject to available accounts receivable
balances). In addition, GBP0.5m (H1 21: GBP0.5m) of asset finance
facilities are available, subject to covenant compliance. At the
end of the period, none of the invoice financing facility had been
utilised (H1 21: GBPnil) with GBP0.4m used from the asset finance
facility (H1 2021: GBP0.4m). Group c ash headroom, being the sum of
net cash at bank and residual invoice financing capacity, was
GBP5.1m (H1 21 GBP6.1m).
Capital expenditure
The Group invested GBP0.1m (H1 21: GBP0.1m) in its operating
facilities during the period. The Group has planned further
investment for replacement of ageing equipment, as and where
required, and production performance enhancement. Over the coming
twelve months, this is expected to be less than GBP0.5m across the
Group.
Government support and cost conservation measures
The Group has reduced reliance on Government support schemes
with the easing of the pandemic.
The Group has not utilised any Coronavirus job retention schemes
in the UK in the first half of the current financial year. In H1
2021 furlough and pay reduction recoveries across the UK facilities
amounted to cGBP0.35m. In Sweden, the Group was able to secure
government funding of GBP0.02m during the period.
Employees
Autins continued with its Covid-19 safe working practices
policy, with appropriate home working, social distancing measures
and sanitising hygiene management and monitoring measures. This has
only just been relaxed post period end.
In the UK, we have taken several initiatives to help ensure
employee engagement and retention, with special focus on production
staff. These include a combination of regular weekly cross
functional factory planning meetings coupled with informal feedback
"coffee" sessions. We have introduced a banked hours scheme to
align surety of workers' pay against volatile customer demand
patterns and converted several temporary staff positions to
permanent roles to aid core team strength. Production pay rates
have been improved by more than 7.5% and overtime rates have also
been strengthened to improve net take home pay, with pay banding
and related multi-skilling also being improved. Staff retention has
been in excess of 95% during the period.
Productivity and teamwork have improved which has had a positive
impact on quality, customer service and net cost in the factories.
This has been critically important during a period where
availability of labour has become a key challenge for
manufacturers.
In Germany and Sweden, we have also worked hard to ensure
excellent stable and committed teams.
Going Concern
In approving these Interim Financial Statements, the Board have
considered current trading, profit and cash flow forecasts and
assessed existing borrowings and available sources of finance.
At the time of releasing our full year financial statements,
forward looking profit and cash flow projections for FY22, FY23 and
beyond until September 2027 were prepared and considered. As noted
above, an equity placing of GBP2.8m (net) was successfully
completed in December 2021 and, in conjunction with this, our major
UK lenders also gave covenant waivers until March 2023 and capital
payment deferments that are now extended until January 2023. This
was preceded by an independent assessment of the trading and
working capital forecasts for a two-year period until September
2023, which assumed that semi-conductor supply chain disruption
would continue throughout calendar 2022 and into 2023, and easement
was expected to commence during calendar Q3 2022.
Against a reasonable base case, adverse sensitivities of up to
40% and 50% were assessed against the prevailing key customer
demand schedules and forecasts. These assessments were documented
in detail in our FY21 audited financial statements.
Whilst UK sales in H1 22 remained above these minimum ranges
there remains uncertainty on the exact timing and profile of
semi-conductor supply and automotive market recovery against the
current backdrop of the Ukraine conflict and global supply chain
pressures. However, the Board still believe it is reasonable to
expect a modest recovery in automotive volumes in the coming 12
months.
Energy, materials and labour costs are being impacted
significantly, and the Company is taking a number of actions to
address these issues, including engaging in price increase
negotiations with its customers. Accordingly, the Board considers
that it is reasonable to assume that these actions will adequately
protect gross margins.
The Company will continue further covenant compliance review
discussions with its two major lenders over the coming months for
the period beyond March 2023, using forecasts that will be updated
to incorporate prevailing market and trading data. At the June 2022
reporting date, the Group's liquidity remains healthy, with cash
headroom being in excess of GBP4.5m.
Having due regard to all the matters described above, the Board
have a reasonable expectation that the Group will continue to have
adequate resources to remain in operation for at least 12 months
after the release of these financial statements. The Board has
therefore concluded to adopt the going concern basis in preparing
these financial statements.
Outlook
OEMs continue to report record levels of order backlogs and the
market expects new semi-conductor capacity to begin to ease during
the latter part of 2022 after which an automotive market recovery
should begin. In addition, the underlying demand for our flooring
products remains positive and we continue to develop into other
markets as a result of additional dedicated resource.
There is little doubt that we now enter a period of high-cost
inflation, and we will continue to take actions to mitigate the
impact on margins through efficiency improvements, purchasing cost
control and price increases. Over the last two years the Autins
Board and Leadership team have demonstrated agility, creativity and
great teamwork and will continue to do what is necessary to
mitigate inflationary pressures.
Despite the impact of the Ukraine war and semi-conductor supply
shortages, which are suppressing the short-term outlook, the
medium-term outlook remains positive with an uplift in the number
of new enquiries since January 2022 totalling GBP17m of potential
new annual revenue. 45 of these enquiries, with potential annual
value of GBP11m are for parts to go on electric vehicles for 11
different OEMs including new start-ups and established brands.
We will need to continue striking a balance between sharp focus
on cost control and executing our growth strategy. Our priorities
are to ensure that we can offer innovative recyclable NVH
solutions, maximise our penetration onto full electric platforms
and continue our diversification into new markets.
Whilst it can be expected that the Ukraine war could suppress
the trajectory of market recovery, the medium-term outlook remains
positive.
Interim Consolidated Income Statement
Unaudited Unaudited Audited
Period Period Year Ended
1/10/21-31/3/22 1/10/20-31/3/21 30/09/21
Notes GBP'000 GBP'000 GBP'000
Revenue 2 9,392 13,712 23,431
Cost of sales (7,039) (9,803) (17,103)
Gross profit 2,353 3,909 6,328
Other operating income 21 287 649
Distribution and administrative
expenses excluding exceptional
costs and amortisation (3,462) (3,927) (7,494)
Amortisation of acquired
intangible assets (42) (119) (173)
Total distribution and administrative
expenses (3,504) (4,046) (7,667)
Operating (loss)/profit (1,130) 150 (690)
Finance expense (263) (274) (542)
Share of post-tax profit
of equity accounted
joint ventures 4 104 53
Loss before tax (1,389) (20) (1,179)
Tax credit 8 30 95
(Loss)/profit after tax
for the period (1,381) 10 (1,084)
Earnings per share for
(loss)/profit attributable
to the owners of the Parent
during the period
Basic (pence) 3 (2.83)p 0.025p (2.74)p
================ ================ =============
Diluted (pence) 3 (2.83)p 0.025p (2.74)p
================ ================ =============
Interim Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
Period Period Year Ended
1/10/21-31/3/22 1/10/20-31/3/21 30/09/21
GBP'000 GBP'000 GBP'000
(Loss)/profit after tax for
the period (1,381) 10 (1,084)
Other comprehensive (expense)/income:
Items that may be reclassified
subsequently to
profit and loss:
Currency translation differences (17) (26) 2
Other comprehensive (expense)/income
for the period (17) (26) 2
Total comprehensive expense
for the period (1,398) (16) (1,082)
Interim Consolidated Statement of Financial Position
Unaudited Unaudited Audited
As at 31/3/22 As at 31/3/21 As at 30/9/21
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 9,390 9,646 9,636
Right-of-use assets 4,475 4,582 4,876
Intangible assets 2,991 3,153 3,059
Investments in equity-accounted
joint ventures 103 171 120
Deferred tax asset 95 95 95
Total non-current assets 17,054 17,647 17,786
Current assets
Inventories 2,107 1,885 2,433
Trade and other receivables 3,954 5,734 3,630
Cash in hand and at bank 2,775 2,957 1,262
Total current assets 8,836 10,576 7,325
Total assets 25,890 28,223 25,111
Current liabilities
Trade and other payables 2,528 4,087 2,584
Loans and borrowings 384 1,129 719
Lease liabilities 830 748 842
Total current liabilities 3,742 5,964 4,145
Non-current liabilities
Trade and other payables 108 114 111
Loans and borrowings 3,417 3,673 3,248
Lease liabilities 4,415 4,588 4,794
Deferred tax liability 39 51 46
Total non-current liabilities 7,979 8,426 8,199
Total liabilities 11,721 14,390 12,344
Net assets 14,169 13,833 12,767
Equity attributable to equity
holders of the
Company
Share capital 1,092 792 792
Share premium account 18,366 15,866 15,866
Other reserves 1,886 1,886 1,886
Currency differences reserve (142) (153) (125)
Retained earnings (7,033) (4,558) (5,652)
Total equity 14,169 13,833 12,767
Interim Consolidated Statement of Changes in Equity
Unaudited
Currency Profit
Share premium Other differences and loss Total
Share capital account reserves reserve account equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2021 792 15,866 1,886 (125) (5,652) 12,767
Comprehensive expense for
the period
Loss for the period - - - - (1,381) (1,381)
Other comprehensive expense - - - (17) - (17)
Total comprehensive expense
for the period - - - (17) (1,381) (1,398)
Contributions by and distributions
to
owners
Shares issued in the period
(note 4) 300 2,700 - - - 3,000
Share issue expenses (note
4) - (200) - - - (200)
Total contributions by and
distributions to
owners 300 2,500 - - - 2,800
At 31 March 2022 1,092 18,366 1,886 (142) (7,033) 14,169
Currency
Share premium Other differences Retained Total
Share capital account reserves reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2020 792 15,866 1,886 (127) (4,568) 13,849
Comprehensive income for
the period
Profit for the period - - - - 10 10
Other comprehensive expense - - - (26) (26)
Total comprehensive income
for the period - - - (26) 10 (16)
At 31 March 2021 792 15,866 1,886 (153) (4,558) 13,833
Currency
Share premium Other differences Retained Total
Share capital account reserves reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2020 792 15,866 1,886 (127) (4,568) 13,849
Comprehensive expense for
the year
Loss for the year - - - - (1,084) (1,084)
Other comprehensive income - - - 2 - 2
Total comprehensive expense
for the year - - - 2 (1,084) (1,082)
At 30 September 2021 792 15,866 1,886 (125) (5,652) 12,767
Interim Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
Period Period Year ended
1/10/21-31/3/22 1/10/20-31/3/21 30/09/21
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
(Loss)/profit after tax (1,381) 10 (1,084)
Adjustments for:
Income tax (8) (30) (95)
Finance expense 263 274 542
Depreciation of property, plant
and equipment 340 474 788
Loss on disposal of fixed assets - 15 25
Depreciation of right-of-use
assets 377 410 825
Amortisation of intangible assets 81 179 282
Share of post-tax profit of
equity accounted
joint ventures (4) (104) (53)
(332) 1,228 1,230
(Increase)/decrease in trade
and other receivables (360) (1,401) 725
Decrease/(increase) in inventories 326 27 (515)
Increase/(decrease) in trade
and other payables (32) 1,018 (538)
Cash flows from operations (398) 872 902
Income taxes received 37 62 92
Net cash (used in)/ flows from
operating activities (361) 934 994
Investing activities
Purchase of property, plant
and equipment (123) (89) (405)
Purchase of intangible assets (30) (28) (30)
Proceeds from disposal of tangible
fixed assets - - 8
Dividend received from equity
accounted
joint venture 20 80 80
Net cash used in investing
activities (133) (37) (347)
Financing activities
Interest paid (255) (155) (380)
Proceeds from issue of shares 3,000 - -
Share issue expenses paid (200) - -
Repayment of loans and borrowings (144) (57) (861)
Payment of lease liabilities (366) (551) (951)
Net cash flows from/(used in)
financing activities 2,035 (763) (2,192)
Net increase/(decrease) in cash
and cash equivalents 1,541 134 (1,545)
Cash and cash equivalents at
beginning
of period 1,238 2,820 2,820
Exchange losses on cash and
cash equivalents (4) (42) (37)
Cash and cash equivalents at
end of period 2,775 2,912 1,238
Cash and cash equivalents comprise:
Cash balances 2,775 2,957 1,262
Bank overdrafts - (45) (24)
2,775 2,912 1,238
Notes to the Interim Consolidated Financial Information
1. Accounting policies
Description of business
Autins Group plc is a public limited company domiciled in the
United Kingdom and quoted on AIM, a market operated by the London
Stock Exchange. The principal activity of the Group is the design,
manufacture, and supply of acoustic and thermal insulation
solutions. The address of the registered office is Central Point
One, Central Park Drive, Rugby, Warwickshire, CV23 0WE.
Basis of preparation
In preparing these interim financial statements, the Board have
considered the impact of any new standards or interpretations which
will become applicable for the FY22 Annual Report and Accounts
which deal with the year ending 30 September 2022 and there are not
expected to be any changes in the Group's accounting policies
compared to those applied at 30 September 2021.
A full description of those accounting policies are contained
within our FY21 Annual Report and Accounts which are available on
our website ( Autins FY21 ARA ).
This interim announcement has been prepared in accordance with
the recognition and measurement requirements of International
Financial Reporting Standards issued by the International
Accounting Standards Board, as adopted by the United Kingdom as
effective for periods beginning on or after 1 January 2021.
New accounting standards applicable to future periods
There are no new standards, interpretations and amendments which
are not yet effective in these financial statements, expected to
have a material effect on the Group's future financial
statements.
This unaudited consolidated interim financial information has
been prepared in accordance with IFRS as adopted by the United
Kingdom. The principal accounting policies used in preparing the
interim results are those the Group expects to apply in its
financial statements for the year ending 30 September 2022.
The financial information does not contain all of the
information that is required to be disclosed in a full set of IFRS
financial statements. The financial information for the six months
ended 31 March 2022 and 31 March 2021 is unreviewed and unaudited
and does not constitute the Group's statutory financial statements
for those periods.
The comparative financial information for the full year ended 30
September 2021 has, however, been derived from the audited
statutory financial statements for that period. A copy of those
statutory financial statements has been delivered to the Registrar
of Companies. The auditor's report on those accounts was
unqualified, did not include references to any matters to which the
auditor drew attention by way of emphasis without qualifying its
report and did not contain a statement under section 498(2)-(3) of
the Companies Act 2006.
The financial information in the Interim Report is presented in
Sterling, the Group's presentational currency.
Basis of consolidation
The consolidated financial statements present the results of the
Company and its subsidiaries (the "Group") as if they formed a
single entity. Intercompany transactions and balances between group
companies are therefore eliminated in full.
Subsidiaries are all entities over which the Group has control.
The Group controls an entity when it is exposed to, or has rights
to, variable returns from its involvement with the entity and has
the ability to affect those returns through its power over the
entity. Subsidiaries are fully consolidated from the date on which
control is transferred to the Group and cease to be consolidated
from the date on which control is transferred out of the Group.
The consolidated financial statements incorporate the results of
business combinations using the acquisition method. In the
statement of financial position, the acquiree's identifiable
assets, liabilities and contingent liabilities are initially
recognised at their fair values at the acquisition date.
Operating segments
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker.
The chief operating decision maker has been identified as the
management team including the Chief Executive, Chief Financial
Officer and Chairman.
The Board considers that the Group's activity constitutes one
primary operating and one separable reporting segment as defined
under IFRS 8. Management consider the reportable segment to be
Automotive NVH. Revenue and profit before tax primarily arises from
the principal activity based in the UK. All material assets are
based in the UK. Management reviews the performance of the Group by
reference to total results against budget.
The total profit measure is operating (loss)/profit as disclosed
on the face of the consolidated income statement. No differences
exist between the basis of preparation of the performance measures
used by management and the figures in the Group financial
information
2 Revenue
Unaudited Unaudited Audited
Period Period Year ended
1/10/21-31/3/22 1/10/20-31/3/21 30/09/21
GBP'000 GBP'000 GBP'000
Revenue arises from:
Component sales 9,283 13,507 23,084
Sales of tooling 109 205 347
9,392 13,712 23,431
Segmental information
The Group currently has one main reportable segment in each
year/period, namely Automotive NVH which involves provision of
insulation materials to reduce noise, vibration and harshness to
automotive manufacturing. Turnover and Operating Profit are
disclosed for other segments in aggregate as they individually have
not had a significant impact on the Group result. In H1 FY22 and in
FY21 with a continuing subdued automotive market, a majority of the
other revenue arises from acoustic flooring sales.
Measurement of operating segment profit or loss, assets and
liabilities
The accounting policies of the operating segments are the same
as those applied by the Group in the FY21 annual report and
accounts.
The Group evaluates performance on the basis of operating
(loss)/profit.
1/10/21-31/3/22
Automotive Others Total
NVH GBP'000 GBP'000
GBP'000
Group's revenue per Consolidated
Statement of Comprehensive
Income 7,577 1,815 9,392
Depreciation of property,
plant and equipment 340 - 340
Depreciation of right-of-use
assets 377 - 377
Amortisation 81 - 81
Segment operating (loss)/profit (1,214) 84 (1,130)
Finance expense (263)
Share of post tax profit
of equity accounted
joint venture 4
Group loss before tax (1,389)
As at 31/3/22
Automotive Others Total
NVH GBP'000 GBP'000
GBP'000
Additions to non-current
assets 153 - 153
Reportable segment assets 25,787 - 25,787
Investment in joint ventures 103 - 103
Total Group assets 25,890 - 25,890
Reportable segment liabilities/
total Group liabilities 11,721 - 11,721
Segmental information (continued)
1/10/20-31/3/21
Automotive Others Total
NVH GBP'000 GBP'000
GBP'000
Group's revenue per Consolidated
Statement of Comprehensive
Income 11,355 2,357 13,712
Depreciation of property,
plant and equipment 474 - 474
Depreciation of right-of-use
assets 410 - 410
Amortisation 155 24 179
Segment operating (loss)/profit (95) 245 150
Finance expense
Share of post tax profit
of equity accounted (274)
joint venture 104
Group loss before tax (20)
As at 31/3/21
Automotive Others Total
NVH GBP'000 GBP'000
GBP'000
Additions to non-current
assets 117 - 117
Reportable segment assets 28,052 - 28,052
Investment in joint ventures 171 - 171
Total Group assets 28,223 - 28,223
Reportable segment liabilities/
total Group liabilities 14,390 - 14,390
Segmental information (continued)
Automotive Year Ended
NVH Others 30/9/21 Total
GBP'000 GBP'000 GBP'000
Group's revenue per Consolidated
Statement of Comprehensive
Income 18,659 4,772 23,431
Depreciation of property,
plant and equipment 788 - 788
Depreciation of right-of-use
assets 825 - 825
Amortisation 235 47 282
Segment operating(loss)/profit (971) 281 (690)
Finance expense (542)
Share of post-tax profit
of equity accounted
joint venture 53
Group loss before tax (1,179)
Automotive As at 30/9/21
NVH Others Total
GBP'000 GBP'000 GBP'000
Additions to non-current
assets 1,140 - 1,140
Reportable Segment assets 24,991 - 24,991
Investment in joint venture 120 - 120
Total Group assets 25,111 - 25,111
Reportable segment liabilities/
Total Group liabilities 12,344 - 12,344
Reporting of external revenue by location of customers is as
follows:
Unaudited Unaudited Audited
Period Period Year ended
1/10/21-31/3/22 1/10/20-31/3/21 30/09/21
GBP'000 GBP'000 GBP'000
United Kingdom 5,531 8,665 13,680
Germany 2,764 3,406 6,753
Sweden 311 309 680
Other European 771 1,332 2,318
Rest of the World 15 - -
9,392 13,712 23,431
3 Earnings per share
Unaudited Unaudited Audited
Period Period Year Ended
1/10/21-31/3/22 1/10/20-31/3/21 30/09/21
GBP'000 GBP'000 GBP'000
(Loss)/profit used in calculating
basic and
diluted earnings per share (1,381) 10 (1,084)
Weighted average number
of GBP0.02 shares
for the purpose of:
* basic earnings per share ('000) 48,832 39,601 39,601
* diluted earnings per share ('000) 48,832 39,996 39,601
Basic and diluted earnings
per share (pence) (2.83)p 0.025p (2.74)p
(Loss)/profit per share is calculated based on the share capital
of Autins Group plc and the earnings of the Group for all periods.
There are options in place over 2,523,648 ordinary shares at 31
March 2022 with vesting dependent on meeting a combination of
EBITDA and share price targets over the period to September 2023.
These options were anti-dilutive at the period end but may dilute
future earnings per share.
4 Share capital
In December 2021, 15,000,000 additional GBP0.02 ordinary shares
were issued at 20 pence each. Net proceeds of GBP2,800,000 arose
after incurring issue expenses of GBP200,000. This resulted in an
increase in the nominal value of share capital of GBP300,000 and an
increase of GBP2,500,000 in the share premium account net of the
issue expenses. The total number of ordinary shares in issue since
the December 2022 is 54,600,984.
5 Taxation
The tax credit for the period reflects losses for the period
which are not being recognised as a deferred tax credit and asset
(H1 FY21: receipt of a tax refund of GBP71k arising from the
allowances in respect of prior year research and development
costs). Given the continuing economic conditions, a relatively
small proportion of the losses carried forward are recognised in
deferred tax balances, consistent with the judgement made at
September 2021.
6 Interim Report
A copy of the Interim Report will be available on the Company's
website: www.autins.com .
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END
IR UBRBRURUNUAR
(END) Dow Jones Newswires
June 28, 2022 02:00 ET (06:00 GMT)
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