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Jacks (William) PLC (JCKS)

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Friday 30 May, 2003

Jacks (William) PLC

Final Results

Jacks(William) PLC
30 May 2003


                                        William Jacks PLC
                                     Preliminary Announcement
                                For the year ended January 31 2003


                                                                                 
                                                                                                                   
    William Jacks PLC                                                                                              
    Financial highlights                                                                                           
                                                                                                                   
                                                                                 2003                   2002       
                                                                               £'000                  £'000        
                                                                                                                   
    Turnover*                                                                178,278                135,025        
                                                                                                                   
    Operating profit*                                                          1,622                  1,297        
                                                                                                                   
    Profit before tax                                                            825                  5,002        
                                                                                                                   
    Earnings per ordinary share - basic                                         3.71     p            35.85    p   
                                                                                                                   
    Dividends per ordinary share                                                                                   
       Interim paid                                                             2.50     p             1.50    p   
                                                                                                                   
       Final proposed                                                           2.50     p             2.50    p   
                                                                          -------------          -------------       
                                                                                5.00     p             4.00    p   
* from continuing operations 

Chairman's Statement: 
 

Results      

 
The year ended 31st January 2003 was one of mixed fortunes both for your Group and the UK motor industry in general.
Record registrations were achieved in the UK market but this was accompanied by significant pressure on margins.  
 
The profit before tax of £825,000 for the year ended 31st January 2003, compares with £5,002,000 in 2002 which
included exceptional income of £4,217,000 from the profit on the release of our Mercedes-Benz territories. Prior to
provisions the operating profit from continuing operations increased by 40%. Turnover in respect of continuing
businesses increased by 32%. 
 
In July 2002 we sold the Land Rover operation in Minden which resulted in an exceptional gain of £150,000. 
 
It is our intention to exit the MG Rover franchise in Dorking in July 2003 and as a result we have made a provision
of £200,000 for the impairment of assets associated with this business.  
 
After a strong first-half performance, global uncertainty and the UK economic downturn impacted upon us
significantly. Vehicle margins reduced with the need to achieve manufacturer volume expectations and additionally we
had uncertainty with regard to the future of our BMW businesses, which had an adverse impact on staff retention and
the general trading performance of the three BMW dealerships.  
 
Dividends  
 
The Board is recommending the payment of a final dividend on August 15th 2003 of 2.5 pence per ordinary share (2002 -
2.5 pence) to all shareholders registered at the close of business on July 18th 2003. This represents a total
ordinary dividend for the year of 5.0 pence (2002 - 4.0 pence). 
 
Operations           
 
As stated in our announcement of 31st March 2003 we are pleased to confirm that we are to receive a new dealer
contract for BMW and MINI in respect of our flagship dealership in Sunningdale, which will be effective from 1st
October 2003 when our existing contract ends. We have also been awarded the Rolls-Royce franchise for a large part of
Southern-England, one of only six dealers appointed in the whole country, which will also be centred upon
Sunningdale. 
 
We also previously announced that in order to assist BMW GB to implement a revised strategy within the M25, we had
agreed to dispose of our Cobham and Wimbledon dealerships. We can now report that Heads of Agreement (subject to
contract) outlining the principal terms of the disposal have been signed. The contractual documentation for the
disposal will now be prepared. It is anticipated that the disposal, which will be subject to shareholders' approval
at an Extraordinary General Meeting, will be completed by 31st July 2003 with a consideration of circa £6.2m plus the
value of stocks and certain other assets. The sale includes the freehold property at Cobham, leasehold improvements
at Wimbledon and a goodwill payment. It is estimated that the surplus on the transaction will be in the region of
£2.3m against which £1.1m of goodwill, carried against the businesses sold, will be offset leaving a net gain prior
to tax, but after sale costs, of circa £1m. In addition, a further £0.5m will be transferred from the Revaluation
Reserve to the Profit and Loss Account Reserve reflecting the realisation of the gain on the Cobham property, which
was last revalued in 1997. A circular relating to the disposal will be prepared and posted to shareholders in due
course. 
 
Our relationship with Premier Automotive Group (PAG) remains strong with our acquisition of a significant Land Rover
business in Crawley and also a large Volvo business in Croydon during the year. These acquisitions fit geographically
with our other PAG businesses and will enhance our overall operational efficiency. It is your Group's intention to
grow with our PAG partner and other quality brands where geographically sensible and commercially viable. 
 
Prospects            
 
Preparation for changes in the structure of the motor industry resulting from the review of Block Exemption have had
a significant impact on your Group, not least through pressure on management time. This reorganisation is coinciding
with mixed trading conditions and at the same time we are establishing our new operations. The first-half of 2003-04
is proving challenging although we are hopeful of seeing an improved performance in the second-half. We believe
vehicle supply issues are being addressed by the manufacturers as well as taking costs out of distribution, which
should lead to a strengthening of margins and dealer profitability. 
 
New model launches during 2003 are significant. Amongst these are the Volvo XC90, forward sold into 2004, the Jaguar
XJ recently launched and later in the year BMW Z4 and BMW 5-series.  
 
Rapid change is now the norm in our industry and the speed with which we react is critical to our future success. We
are confident that our Group, fully aware of the opportunities provided by Block Exemption and generic growth, is
well positioned for the future. 
 
Dato' Tan Kay Hock 
Chairman 
May 30 2003 
 
 

                                                                                                                      
  William Jacks PLC                                                                                                   
  Group profit and loss account                                                                                       
                                                                                     2003                  2002       
                                                                                   £'000                 £'000        
  Turnover                                                                                                            
  Continuing operations                                                          178,278               135,025        
  Discontinued operations                                                              -                46,757        
                                                                            -------------         -------------       
                                                                                 178,278               181,782        
                                                                                                                      
  Operating profit                                                                                                    
  Continuing operations                                                            1,622                 1,297        
  Discontinued operations                                                              -                   518        
                                                                             ------------         -------------       
                                                                                   1,622                 1,815        
  Exceptional items                                                                                                   
  Continuing                                                                                                          
  Profit on disposal of operations                                                   150                     -        
  Discontinued                                                                                                        
  Profit on the release of Mercedes-Benz territories                                   -                 3,740        
  Profit on the disposal of tangible fixed assets                                      -                   210        
  Net proceeds on the surrender of leases on closure of operations                     -                   411        
  Costs on closure of operations                                                       -                  (144)       
                                                                                                                      
                                                                                     150                 4,217        
                                                                            -------------         -------------       
                                                                                   1,772                 6,032        
                                                                                                                      
  Interest payable                                                                  (947)               (1,030)       
                                                                                                                      
  Profit on ordinary activities before taxation                                      825                 5,002        
                                                                                                                      
  Tax on profit on ordinary activities                                              (414)               (1,047)       
                                                                                                                      
  Profit on ordinary activities after taxation                                       411                 3,955        
                                                                                                                      
  Dividends                                                                                                           
  Preference (non-equity) paid                                                        (2)                   (2)       
  Ordinary (equity) paid                                                            (276)                 (165)       
  Ordinary (equity) proposed                                                        (276)                 (276)       
                                                                                                                      
  Retained (loss)/profit for the period                                             (143)                3,512        
                                                                                                                      
  Earnings per ordinary share - basic                                               3.71     p           35.85    p   
                                                                                                                      
  Earnings per ordinary share - diluted                                             3.71     p           35.83    p   
                                                                                                                      
  Dividends per ordinary share                                                      5.00     p            4.00    p   
     

                                                                                                                      
  William Jacks PLC                                                                                                   
  Group balance sheet                                                                                                 
                                                                                            2003                 2002 
                                                                                          £'000                £'000  
  Fixed assets                                                                                                        
  Intangible assets - goodwill                                                            2,016                1,842  
  Tangible assets                                                                         8,989                8,082  
                                                                                    ------------        ------------- 
                                                                                         11,005                9,924  
                                                                                                                      
  Current assets                                                                                                      
  Stocks                                                                                 36,990               22,595  
  Debtors                                                                                 8,751                8,682  
  Cash at bank and in hand                                                                1,525                1,252  
                                                                                    ------------        ------------- 
                                                                                         47,266               32,529  
                                                                                                                      
  Creditors                                                                                                           
  Amounts falling due within one year                                                  (45,427)             (29,496)  
                                                                                                                      
  Net current assets                                                                      1,839                3,033  
                                                                                                                      
  Total assets less current liabilities                                                  12,844               12,957  
                                                                                                                      
  Creditors                                                                                                           
  Amounts falling due after more than one year                                          (1,543)              (1,653)  
  Deferred taxation                                                                        (788)                (648) 
                                                                                    ------------         ------------ 
                                                                                         10,513               10,656  
                                                                                                                      
  Capital and reserves                                                                                                
  Called up share capital                                                                 2,799                2,799  
  Share premium account                                                                      63                   63  
  Capital redemption reserve                                                              2,148                2,148  
  Revaluation reserve                                                                       828                  828  
  Profit and loss account                                                                 4,675                4,818  
                                                                                                                      
  Total shareholders' funds                                                              10,513               10,656  
                                                                                         =======              ======= 
  Included within shareholders' funds are non-equity interests of £42,000 (2002 - £42,000)  
                                                                                                                      
  Reconciliation of movements in shareholders' funds                       
  At February 1 2002                                                                     10,656                       
  Retained loss for the period                                                             (143)                      
                                                                                                                      
  At January 31 2003                                                                     10,513                       
                                                                                                                      
                                                                                                                   
    William Jacks PLC                                                                                              
    Group cash flow statement                                                                                      
                                                                                          2003                2002 
                                                                                        £'000               £'000  
                                                                                                                   
    Net cash inflow from operating activities (note 1)                                  3,329               3,327  
    Returns on investment and servicing of finance                                                                 
    Interest and finance charges paid                                                    (947)             (1,030) 
    Preference dividends paid                                                              (2)                 (2) 
                                                                                         (949)             (1,032) 
    Taxation                                                                             (344)               (904) 
    Capital expenditure and financial investment                                                                   
    Payments to acquire tangible fixed assets                                          (2,047)             (1,602) 
    Proceeds from the sale of tangible fixed assets                                     1,533                 155  
                                                                                         (514)             (1,447) 
    Acquisitions and disposals                                                                                     
    Purchase of businesses                                                             (1,198)             (1,306) 
    Net proceeds on disposal of business                                                  544                   -  
    Proceeds on release of Mercedes-Benz territories                                        -               3,719  
    Net proceeds on surrender of leases                                                     -                 411  
    Costs on closure of other operations                                                    -                 (37) 
                                                                                         (654)              2,787  
    Equity dividends paid                                                                (552)               (386) 
                                                                                                                   
    Net cash inflow before financing                                                      316               2,345  
    Financing                                                                                                      
    Long term loans                                                                        45                (196) 
    Finance lease obligations                                                             (88)                226  
    Redemption of cumulative redeemable preference shares                                   -                (492) 
                                                                                          (43)               (462) 
                                                                                   -----------        ------------ 
    Increase in cash                                                                      273               1,883  

Notes:  
 
1 
 
The attached preliminary announcement is prepared on the same basis as set out in the previous year's annual accounts
and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985; the statutory
accounts for the year ended January 31 2003, upon which an unqualified audit opinion has been given and which did not
contain a statement under Section 235, 237(2) or 237(3) of the Companies Act 1985, will be delivered to the Registrar
of Companies at a later date. A duly appointed and authorised committee of the Board of Directors approved the
preliminary announcement on 30 May 2003.  
 
2 
 
The calculation of the earnings per share is based on the profit on ordinary activities after taxation and preference
dividends of £409,000 and the weighted average number of ordinary shares in issue during the period of 11,027,110. 
 
3 
 
Reconciliation of operating profit to net cash inflow from operating activities 
 

                                                                                                   
                    Operating profit                                             1,622      1,815  
                    Depreciation                                                   871      1,077  
                    Impairment                                                     200          -  
                    Amortisation of goodwill                                       146        130  
                    Loss on disposal of tangible fixed assets                        6         15  
                    Increase in stocks                                         (13,714)    (3,234) 
                    (Increase)/decrease in debtors                              (1,450)       126  
                    Increase in creditors                                       15,648      3,398  
                                                                                                -  
                                                                                 3,329      3,327  
 
4 
 
Reconciliation of net cash flow to movement in net debt 
 

                                                                                                      
                  Increase in cash                                                    273      1,883  
                  Net cash inflow from debt and finance leasing                        43        (30) 
                  Movement in net debt                                                316      1,853  
                  Opening net debt                                                   (824)    (2,677) 
                                                                                                      
                  Closing net debt                                                   (508)      (824) 
 
5 
 
Analysis of changes in net debt during the year 
 

                                                                                                     
                                                          At February 1      Cash     At January 31  
                                                                   2002      flow              2003  
                                                                  £'000     £'000             £'000  
                                                                                                     
                    Cash at bank and in hand                      1,252       273             1,525  
                    Bank and other loans                         (1,687)      (45)           (1,732) 
                    Finance leases                                 (389)       88              (301) 
                                                                   (824)      316              (508) 
 
 
6.  
 
Post balance sheet events 
 
On May 30 2003, the Group signed Heads of Agreement (subject to contract) outlining the principal terms of the
disposal of its Cobham and Wimbledon BMW dealerships. The contractual documentation for the disposal will now be
prepared. It is anticipated that the disposal, which will be subject to shareholders' approval at an extraordinary
general meeting, will be completed by July 31 2003. 
 
The consideration is circa £6.2m, plus the value of stocks and certain other assets. The sale includes the freehold
property at Cobham and leasehold improvements at Wimbledon and a goodwill payment. 
 
It is estimated that the surplus on this transaction will be in the region of £2.3m, against which £1.1m of goodwill
carried against the businesses sold, will be offset. This will result in a net gain prior to tax, but after sale
costs, of circa £1m. In addition, a further £0.5m will be transferred from the revaluation reserve to the profit and
loss reserve, reflecting the realisation of the gain on the Cobham property which was last revalued in 1997. 
 
Following the exchange of signed Heads of Agreement on May 30 2003, the Directors consider that the likelihood of the
transaction being completed is such that no adjustment is required to asset values which might otherwise be necessary
if the transaction were not to proceed. 
 
7 
 
The Annual Report will be sent to shareholders on 27 June 2003 and made available to the public at the registered
office of the Company at Scotch Corner, London Road, Sunningdale, Berkshire SL5 OER.  

 
END  



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