Die Überbewertung von Abacho sieht man recht gut bei einem Vergleich mit einem der eistigen Darlings der New Economy in Deutschland, GoIndustry, die inzwischen ein durchaus internationaler Konzern geworden sind. Lest Euch einmal in aller Ruhe die Zahlen durch - nur wer durchblickt, sollte unter Abwägung seiner Risikoneigung einen Kauf erwägen.
Fakt ist, dass hier ein Unternehmen mit einem Jahresumsatz von ca. 50 Millionen Euro mit knnapp 50 Millionen Euro bewertet wird. Das Ebitda ist inzwischen positiv und man macht fast echte Gewinne. Dafür ist die Bewertung sehr niedrig ist. Fakt ist allerdings auch, dass man momentan offensichtlich in der Unternehmensleitung keine Höherbewertung wünscht, denn man hat trotz der nur 50 Millionen Marktkapitalisierung 200 Millionen Aktien im Umlauf. Durch einen Reverse Split ließe sich die Anzahl reduzieren - und dann würde die Aktie auch für institutionelle Anleger interessant, die auch gewillkürte Pennystocks nicht kaufen dürfen.
Meines Erachtens kann aber ein solcher Reverse Split nur eine Frage der Zeit sein, da ein Vorstand, der in einer solchen Lage einen Reverse Split verweigert, eigentlich gegen das Aktienrecht verstößt, da er die Aktionäre des Unternehmens willkürlich zu schädigen versucht. Da das wohl nicht sein kann, kann es meines Erachtens nicht schaden, sich ein paar Stücke ins Depot zu legen.
Die Aktie wird an der AIM in London gehandelt und kostet z.B. vom Kurs-Umsatz-Verhältnis her nur Bruchteile kleiner an deutschen Börsen überzockter Internetwerte, die nicht einmal ein Zehntel des Umsatzes haben. Ein Beispiel sind die auf verschiedenen deutschen Aktienboards und von der Kulmbach-Gang hochgejubelten Abacho, die es gerade einmal auf ein Zehntel des Umsatzes von GoIndustry schaffen, aber auch nach einem rasanten Kursverfall noch immer 50% der Marktkapitalisierung von GoIndustry haben, obwohl das Geschäft von GoIndustry sehr viel fundierter ist, wie Ihr am Halbjahresbericht sehen könnt und denen Ihr einmal mit dem Jammerlappen von Halbjahresbericht bei Abacho vergleichen könnt (Zahlen in britischen Pfund, müssten mit ca. 1,6 mulitpliziert werden).
Company GoIndustry PLC
TIDM GOI
Headline Interim Results
Released 07:00 18-Sep-06
Number 0626J
GoIndustry plc / Market: AIM / Epic: GOI
18 September 2006
GoIndustry plc (‘GoIndustry’ or ‘the Group’)
Interim Results
GoIndustry plc, the AIM listed industrial machinery and equipment auctioneer, announces its results for the six months ended 30 June 2006.
Highlights
· More than 50% of auctions conducted Online for the first time
· Turnover up 29% to £16.1 million (2005: £12.5 million)
· Gross margins up by 1% to 59%
· Operating profit before interest recorded for the first time in the Group’s history at £0.2 million (2005: loss of £1.5 million)
· Loss before taxation reduced by £1.6 million to £0.2 million
· Net assets up 59% to £20.5 million (2005: £12.9 million)
· Positive net current assets recorded for the first time since 2001 at £3.2 million (2005: net current liabilities £1.6 million)
Commenting on the results, GoIndustry CEO John Allbrook said: “The Group has made excellent progress since its admission to AIM in January, as reflected in these results, which show an inaugural operating profit and robust revenue growth. GoIndustry is well placed to benefit from the vast opportunities in the global industrial machinery and equipment market through the increasing use of Online auctions. I believe that following an extensive restructuring period we are beginning to turn the corner and that the Group will continue to strengthen its position both financially and operationally.”
For further information visit www.goindustry.com or contact:
John Allbrook GoIndustry plc Tel: 020 7098 3700
Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477
Notes
GoIndustry plc is a global market leader in the valuation and sale of surplus industrial machinery and equipment. The Group combines traditional asset sales experience with innovative eCommerce technology and advanced direct marketing to service the needs of corporations, insolvency practitioners, dealers and asset based lenders around the world.
CHIEF EXECUTIVE’S REVIEW
I am pleased to report the results for the first six months of 2006, which show a strong operating performance that has resulted in the Group posting its first ever Operating Profit (before interest) since it was founded in 1999.
Revenues improved by 29% in comparison with the first half of 2005, and growth was witnessed in each of the Group’s four geographic business units (UK, Continental Europe, North America and Asia). Improved revenue performance was matched by an increase in Gross Margins and the Group is now starting to yield the benefits of its key strategic actions taken over the last eighteen months:
· Sales alignment with the most significant and profitable opportunities
· Increased Online auction penetration
· Expanding the global buyer database
· Improving operating margins
In the first half of 2006 the Group held 387 sales events, generating more than £48 million of Gross Asset Sales. Online penetration exceeded 50% of the number of sales events conducted for the first time in the Group’s history and these Online auctions generated £19.1 million (39% share) of Gross Asset Sales. In addition, the average Online auction realisation was £94,000 for the first six months of 2006, a 106% increase when compared to the same period in 2005. These improvements indicate how strongly the Group has driven the adoption of its Online auction methodology, and how warmly our customers have received it.
The Group continues to take advantage of the accelerating trend of the movement of industrial manufacturing from North America and Western Europe to China, India and the emerging economies of Eastern Europe. Our marketing efforts attract a global audience to all our sales events and the Group enjoys an enviable reputation for conducting auctions in a fair and ethical manner.
All four Business Units reported strong revenue growth compared to the same period in 2005 and each was profitable on an operating basis before interest expense and corporate allocations:
· United Kingdom – revenues up 32%
· Continental Europe – revenues up 24%
· North America – revenues up 24%
· Asia – revenues up 59%
Our Balance Sheet shows positive net current assets, which it has not done since before the acquisitions that were made in 2001.
Key Developments in 2006
Highlights for the first six months of 2006 included:
· 5th January – GoIndustry plc lists on AIM via the reverse takeover of Grasshopper Investments plc
· 9th May - £5 million raised for working capital purposes via placing 12 million new Ordinary shares and a convertible, redeemable debt instrument
· 22nd May – Rollout of new internal Customer Relationship Management system commences
· 1st June – Dana Corporation signs long term global agreement for the provision of asset management services
· 15th June – First major auction conducted in Kolkata, India realises more than £200,000 of gross profit
With a solid business pipeline, a strengthened Balance Sheet and sufficient working capital, our Group is well positioned for the second half of 2006 and beyond.
John Allbrook
Chief Executive Officer
Consolidated Income Statement
for the half year ended 30 June 2006
In thousands of pounds sterling
Notes
Half year ended
30 June 2006
(unaudited)
Half year ended
30 June 2005
(unaudited)
Period ended
5 January 2006
(audited)
Revenue
2
16,191
12,509
30,540
Cost of sales
(6,689)
(5,293)
(14,622)
Gross profit
9,502
7,216
15,918
Administrative expenses
(9,168)
(8,520)
(15,795)
Share based payments
(171)
(157)
(503)
Exceptional items
-
-
(4,030)
Total administrative expenses
(9,339)
(8,677)
(20,328)
Profit/(loss) from operating activities
163
(1,461)
(4,410)
Net finance costs
(389)
(377)
(980)
Exceptional items
-
-
(1,892)
Total net finance costs
(389)
(377)
(2,872)
Loss before income tax
(226)
(1,838)
(7,282)
Income tax expense
(10)
(10)
(127)
Loss for the period
(236)
(1,848)
(7,409)
Attributable to:
Equity holders of the Group
(415)
(1,848)
(7,425)
Minority interest
179
-
16
(236)
(1,848)
(7,409)
Loss per share attributable to equity holders of the Group
Basic
3
(0.2p)
(1.6p)
(6.9p)
Fully diluted
3
(0.2p)
(1.6p)
(6.9p)
The accompanying notes form an integral part to these consolidated financial statements.
Consolidated Balance Sheet
as at 30 June 2006
In thousands of pounds sterling
Notes
As at
30 June 2006
(unaudited)
As at
30 June 2005
(unaudited)
As at
31 December 2005
(audited)
Non-current assets
Intangible assets
24,859
22,156
24,861
Property, plant and equipment
980
1,075
992
Total non-current assets
25,839
23,231
25,853
Current assets
Inventories
3,524
4,358
2,399
Accounts receivable
8,077
9,427
6,090
Cash and cash equivalents
5,985
3,713
5,164
Total current assets
17,586
17,498
13,653
Total assets
43,425
40,729
39,506
Current liabilities
Accounts payable
8,114
12,261
8,042
Current tax liabilities
-
70
109
Provisions
731
447
731
Bank loans and overdrafts
5,528
6,360
6,256
Total current liabilities
14,373
19,138
15,138
Non-current liabilities
Loans and borrowings
130
212
290
Provision for pension liabilities
5,436
5,053
5,324
Convertible Ioan notes
4
2,990
3,297
-
Other non-current payables
-
97
-
Total non-current liabilities
8,556
8,659
5,614
Total liabilities
22,929
27,797
20,752
Net assets
20,496
12,932
18,754
Capital and reserves
Called-up equity share capital
5
9,957
7,014
9,357
Share premium
5
4,311
157
2,717
Shares to be issued
3,951
2,844
3,951
Treasury shares
(315)
-
(372)
Acquisition reserve
44,871
39,025
44,871
Foreign currency translation
(364)
(8)
(79)
Accumulated losses
(42,228)
(36,223)
(41,813)
Equity shareholders’ funds
20,183
12,809
18,632
Minority interests
313
123
122
Total equity
20,496
12,932
18,754
The accompanying notes form an integral part to these consolidated financial statements.
Consolidated Statement of Cash Flows
for the half year ended 30 June 2006
In thousands of pounds sterling
Half year ended
30 June 2006
Half year
ended
30 June 2005
Period ended
5 January 2006
Cash flows from operating activities
Loss before income tax
(226)
(1,838)
(7,282)
Depreciation and amortisation
142
185
354
Net interest expense
389
377
980
Share based payments
171
157
503
Write down of inventory
-
-
2,766
Bad debt provision
-
-
541
Actuarial losses on defined benefit scheme
-
-
457
Premium on loan note conversion
-
-
1,891
Cash inflow /(outflow) before working capital changes
476
(1,119)
212
Increase in inventories
(1,125)
(1,863)
(2,681)
Increase in accounts receivable
(2,006)
(3,365)
(572)
Increase/(decrease) in accounts payable
71
2,304
(201)
Decrease in provisions
-
(149)
(123)
Cash used in operations
(2,584)
(4,192)
(3,365)
Interest paid
(509)
(430)
(1,096)
Income and corporation taxes paid
(134)
(10)
(5)
Interest received
120
53
115
Net cash used in operating activities
(3,107)
(4,579)
(4,351)
Cash flow from investing activities
Purchase of property, plant and equipment
(12)
(149)
(216)
Proceeds from disposals of property, plant and equipment
-
6
-
Purchase of intangible assets
-
(5)
(18)
Net cash used in investing activities
(12)
(148)
(234)
Cash flow from financing activities
Proceeds from issue of share capital
2,100
-
1,729
Proceeds from loan notes
2,990
-
2,642
(Decrease)/ increase in bank loans and overdrafts
(728)
3,399
3,285
Repayment of loans and borrowings
(158)
3,083
(88)
Net cash from financing activities
4,204
6,482
7,568
Net increase in cash and cash equivalents
1,085
1,755
2,983
Cash and cash equivalents at beginning of period / year
5,164
2,200
2,175
Foreign exchange differences
(264)
(242)
6
Cash and cash equivalents at end of period / year
5,985
3,713
5,164
The accompanying notes form an integral part to these consolidated financial statements.
Consolidated Statement of Changes in Equity
for the half year ended 30 June 2006
In thousands of
pounds sterling
Issued share capital
Share premium
Shares to be issued
Acquisition reserve
Treasury shares
Foreign currency translation
Accumulated losses
Equity shareholders’ funds
Equity as at
5 January 2006
9,357
2,717
3,951
44,871
(372)
(79)
(41,813)
18,632
Exchange difference on foreign currency translation
-
-
-
-
-
(285)
-
(285)
Loss for period
-
-
-
-
-
-
(415)
(415)
Share based payments
-
114
-
-
57
-
-
171
Shares issued
600
1,500
-
-
-
-
-
2,100
Cost of issuing shares
-
(20)
-
-
-
-
-
(20)
At 30 June 2006
9,957
4,311
3,951
44,871
(315)
(364)
(42,228)
20,183
Consolidated Statement of Changes in Equity
for the period ended 5 January 2006
In thousands of
pounds sterling
Issued share capital
Share premium
Shares to be issued
Acquisition reserve
Treasury shares
Foreign currency translation
Accumulated losses
Equity shareholders’ funds
Equity as at
1 January 2005
5,128
1,428
2,845
38.909
-
(85)
(34,388)
13,837
Exchange difference on foreign currency translation
-
-
-
-
-
6
-
6
Loss for period
-
-
-
-
-
-
(7,425)
(7,425)
Shares issued
2,713
1,289
-
1,289
(372)
-
-
4,919
Shares to be issued
-
-
1,106
-
-
-
-
1,106
Shares issued for acquisition
1,516
-
-
4,673
-
-
-
6,189
At 5 January 2006
9,357
2,717
3,951
44,871
(372)
(79)
(41,813)
18,632
The accompanying notes form an integral part of these consolidated financial statements.
Notes to the Financial Statements
for the half year ended 30 June 2006
1. Basis of preparation
GoIndustry plc (“the Company”) is a public limited company incorporated in England under the Companies Act 1985. The financial information in this Interim Financial Report consolidates the Company and its subsidiaries (together referred to as “the Group”). The Group’s consolidated financial statements for the period ended 5 January 2006 are included in the Group’s 2005 Annual Report and Accounts available on the Group’s website www.goindustry.com.
The unaudited consolidated interim financial statements for the six months to 30 June 2006 and 30 June 2005 do not constitute statutory accounts. The financial information for the period ended 5 January 2006 does not constitute statutory accounts for the purposes of s240 of the Companies Act 1985. The statutory accounts for the period ended 5 January 2006 have been delivered to the Registrar of Companies and received an unqualified auditor’s report and did not contain a statement under s237(2) or (3) of the Companies Act 1985. The interim financial statements are unaudited and have not been reviewed by the auditors.
The information in this document does not include all of the disclosures required by IFRS in full annual financial statements, and it should be read in conjunction with the consolidated financial statements of the Group for the period ended 5 January 2006. This interim financial information has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group’s published 2005 Annual Report and Accounts. As indicated in the 2005 Annual Report and Accounts, the interim financial statements have now been prepared using sterling as the functional currency. Previously reported figures in Euros have been converted into sterling in accordance with IAS21 “The Effects of Changes in Foreign Exchange Rates”.
2. Segment information
Primary reporting format – Geographic segments
In thousands of pounds sterling
Revenue
Loss before income tax
Half year ended
30 June 2006
Half year ended
30 June 2005
Period ended
5 January 2006
Half year ended
30 June 2006
Half year ended
30 June 2005
Period ended
5 January 2006
UK
6,878
5,207
15,021
274
108
(1,716)
Continental Europe
3,899
3,145
6,869
(273)
(388)
(2,997)
North America
4,220
3,406
6,691
(489)
(1361)
(2,843)
Asia
1,194
751
1,959
262
(40)
274
Group
16,191
12,509
30,540
(226)
(1,681)
(7,282)
3. Loss per Share
The loss per share is calculated on loss of £0.4 million (2005: £1.7 million) and on 190,363,803 shares (2005: 105,037,114 shares) being the weighted average number of shares in issue during the period. Loss per share for the period ended 5th January 2006 is calculated on a loss of £7.4 million and on 107,694,936 shares, being the weighted average number of shares in issue during that year.
4. Convertible loan note
On 9 May 2006, the Company issued £2,990,000 in redeemable, convertible loan notes. The loan notes mature on 5 May 2009 and bear interest at 8% per annum, payable quarterly in arrears. They may be redeemed by the Company at par at any time after 5 May 2008. They may also be converted into 5p Ordinary shares at a conversion price of 21p per share. The convertible loan notes shown as at 30 June 2005 were converted into equity of GoIndustry AG prior to the reverse takeover of Grasshopper Investments plc, as disclosed in note 22 of the 2005 Annual Report and Accounts.
5. Share capital
On 9 May 2006, the company issued 12 million new 5p Ordinary shares at 17.5p per share, which raised £2.1 million. In addition, as disclosed in note 24 of the 2005 Annual Report, the company entered into an agreement to pay a bonus to three senior managers of its subsidiary, Michael Fox International, Inc., subject to continual employment. The liability under this arrangement for the period ended 30 June 2006 was satisfied by the allocation of 1,141,422 5p Ordinary shares at a value of 15p per share ("FRR Shares"), which were held in Treasury. The unvested shares are reported as Treasury shares, and upon vesting a charge is made to the Income Statement with a credit to Treasury shares for the 5p nominal value; the balance is credited to Share premium. The following table sets out the movement in share capital and share premium:
Group
In thousands of pounds sterling
5p GoIndustry plc issued Ordinary shares (number)
Nominal value
Group Share Premium
At 5 January 2006
187,133,034
9,357
2,717
Shares issued
12,000,000
600
1,500
FRR shares
-
-
114
Less cost of issuing shares
-
-
(20)
At 30 June 2006
199,133,034
9,957
4,311
END
London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.
©2006 London Stock Exchange plc. All rights reserved
|
Thread abonnieren
