TIDMCTA
RNS Number : 9205C
CT Automotive Group PLC
16 June 2023
16 June 2023
CT AUTOMOTIVE GROUP PLC
("CT Automotive" or the "Group")
Audited Results for the year ended 31 December 2022
Encouraging trading in 2023 - well positioned as operating
conditions stabilise
CT Automotive, a leading designer, developer and supplier of
interior components to the global automotive industry, today
announces its results for the year ended 31 December 2022
("FY22").
Scott McKenzie, Chief Executive Officer of CT Automotive,
commented:
"The Group navigated through a turbulent year and is now on an
upward trajectory, with new awards and customer wins. We responded
to the challenging operating conditions while focusing on executing
our important strategic priorities. This included opening our new
facility in Mexico, winning new contracts and making good progress
with margin enhancement initiatives.
Trading in FY23 to date has been encouraging as market
conditions have improved, with increasing stability and visibility
from customers. Meanwhile, our roadmap to drive further
efficiencies in the business is on track. While macroeconomic
uncertainty remains, the Board remains confident of achieving its
expectations for FY23 and delivering significant growth in the
medium-term."
Financial headlines
Audited Restated
FY 22 FY 21
$m $m
-------------------------------- -------- ---------
Revenue 124.3 127.8
Gross profit 14.9 25.2
Adjusted EBITDA* (7.1) 3.3
Adjusted loss before taxation* (14.5) (6.8)
Loss before taxation (18.8) (12.4)
Earnings per share (42.9)c (55.2)c
Net debt 12.2 9.1
-------------------------------- -------- ---------
* Adjusted for non-recurring items
Note: continuing operations excluding UK discontinued
operations
-- Group revenue from continuing operations was broadly maintained at FY21 levels
-- Strong FY22 production revenues despite volatile and
short-term nature of customer orders offsetting reduced tooling
revenues
-- Profitability impacted by increased production and
distribution costs as the Group reacted to maintain service
-- Balance sheet strengthened following post period-end
fundraise with gross proceeds of $9.6m predominately to support
working capital
Operational highlights
-- Cost savings programme is progressing as planned
o Commenced in H2 FY22 to improve the profit margin across the
Group's operations and further enhanced in the new financial year
with roadmap to realise c.9 percentage points profit before tax
margin improvement
-- Supply chain disruptions and semi-conductors shortages impacted production levels
-- New customer wins including Rivian and Vinfast
-- New manufacturing plant in Mexico opened and supplying customers
Current trading and outlook
-- Encouraging current trading, with strong customer demand and order book
-- The Group's manufacturing facilities have recovered from the
specific operational challenges experienced in Q4 2022
-- Global chip shortage is subsiding with the majority of
semiconductor suppliers already reporting or expecting a
semiconductor surplus in 2023(1) .
-- Efficiency initiatives have started to come on stream and are
delivering run rate pre tax profit margin of approximately 7.6 per
cent, in line with plan
-- No change to the Board's expectations for FY23
Notes
1. https://advisory.kpmg.us/articles/2022/global-semiconductor-industry-outlook-2023.html
For further information, please contact:
CT Automotive via MHP
Simon Phillips, Executive Chairman
Scott McKenzie, Chief Executive
Officer
Anna Brown, Chief Financial
Officer
MHP (Financial PR) Tel: +44 (0)7834 623 818
Tim Rowntree CTAutomotive@mhpgroup.com
Charlie Barker
Liberum (Nominated Adviser Tel: +44 (0)20 3100 2000
and Broker)
Richard Lindley
Benjamin Cryer
Notes to editors
CT Automotive is engaged in the design, development and
manufacture of bespoke automotive interior finishes (for example
dashboard panels and fascia finishes) and kinematic assemblies (for
example air registers, arm rests, deployable cup holders and
storage systems), as well as their associated tooling, for the
world's leading automotive original equipment suppliers ("OEMs")
and global Tier One manufacturers.
The Group is headquartered in the UK with a low-cost
manufacturing footprint. Key production facilities are located in
Shenzhen and Ganzhou, China complemented by additional
manufacturing facilities in Mexico, Turkey and the Czech
Republic.
CT Automotive's operating model enables it to pursue a price
leadership strategy, supplying high quality parts to customers at a
lower overall landed cost than competitors. This has helped the
Group build a high-quality roster of OEM end customers, both
directly and via Tier One suppliers including Faurecia and Marelli.
End customers include volume manufacturers, such as Nissan, and
luxury car brands such as Bentley and Lamborghini. In addition, the
Group supplies electric car manufacturers, including Lucid. It is
also working with e.Go Mobile, a German manufacturer which plans to
launch a series of small electric vehicles for the budget end of
the market.
Strategic and operational review
Introduction
FY22 presented a series of unforeseen challenges for CT
Automotive - both on the supply and demand sides of our business.
We responded to the challenging operating conditions while focusing
on several key strategic initiatives set out at our IPO in late
2021. This has left the business in a stronger position to deliver
on our growth strategy and capitalise on improved market conditions
as we move through FY23.
We would like to express our gratitude for the unwavering
support from the shareholders, lenders, suppliers, employees and
customers during the year. Their backing has been instrumental as
we navigated the challenges presented to us.
In particular, we would like to thank our existing and new
shareholders who supported us in the recent fundraising which
secured c$9.6m of gross proceeds. The net proceeds of the fundraise
will predominately be used to strengthen the balance sheet and to
provide the Group with flexibility to take advantage of new
pipeline opportunities as the business positions for growth.
Additionally, a small portion of the net proceeds will be deployed
to realise further efficiency savings including through investment
in injection moulding production processes and robotics .
Overview
CT Automotive is a leading manufacturer of kinematic parts and
decorative finishers for car interiors, supplying some of the
world's largest Original Equipment Manufacturers (OEMs). With
manufacturing facilities located in low-cost economies, we leverage
our strategic presence to provide full service through our
efficient distribution centres, creating a streamlined and robust
supply chain.
Over the past year, CT Automotive has made further strides in
the highly competitive automotive industry.
We further strengthened our market position through significant
new wins with existing blue-chip customers such as Nissan, Ford and
Lotus and also secured partnerships with new electric vehicle (EV)
start-ups such as Rivian.
We successfully opened a new production facility in Puebla,
Mexico, in-line with our plans outlined at our IPO in December 2021
and despite the headwinds caused by the global pandemic. This
strategic move has allowed us to diversify some of our production
away from China, secure an improved supply chain for the Americas
and enabled us to offer our customers in the region better
pricing.
We are pleased to report that the plant is now fully operational
and is performing to plan, after overcoming initial start-up issues
during the first few months caused by fluctuations in customer
production schedules as a result of supply chain issues detailed
below.
During the year our business experienced significant challenges
posed by lockdowns in China, which resulted in the enforced closure
of our factories for up to 20% of the year. This also strained the
supply chain and had a ripple effect on our suppliers, causing
significant inefficiencies and production delays. Following the
reversal of the zero-Covid policy towards the end of FY22, our
manufacturing facilities in China have been able to rapidly return
to full production capacity and drive efficiency back into the
business.
As previously announced, increased labour, production and
utility costs have led to the closure of our UK production facility
in Sunderland with the majority of production capacity relocated to
other Group sites.
Performance summary
We are pleased to report that our revenues from continued
operations remained broadly flat at $124.3m (FY21: $127.8m),
despite the challenges experienced over the past year. Although
customer demand continued to improve compared to FY21 as the
industry recovered from Covid-19, production levels were highly
unstable due to wider automotive supply chain disruptions and
semi-conductor shortages, which adversely impacted our
profitability. Notwithstanding this, we continued to secure
significant new development contracts, which underpin our future
growth and demonstrate the OEMs' confidence in our
capabilities.
Market conditions
The past year presented numerous hurdles for our business:
semi-conductor shortages hampering OEM production, China's
'zero-Covid' policy which led to enforced plant closures, surging
shipping container prices and general supply chain disruptions.
High inflation rates in the UK in the latter part of FY22 caused an
increase in energy and materials prices and labour costs and led to
the decision to close our UK plant. In addition, the
hyperinflationary environment in Turkey drove up energy and
material costs and led to wage increases at our local facility.
Despite these challenges, we were able to share certain costs with
our customers and maintain supply.
In order to better manage potential demand volatility, the Group
is investing in improved stock management processes and in
increased automation of the key production processes. The new stock
management processes are aimed at optimising inventory levels,
thereby reducing costs and freeing up cashflow through improved
production planning and material management, freight packing
optimisation and a more efficient utilisation of production staff.
The Directors believe that these improvements will strengthen the
Group and improve operations but also better position the Group to
mitigate similar adverse events that may occur in the future.
Key achievements
Our new facility in Puebla, Mexico, opened in late 2022 to
support local supply to our North American customers and, following
initial production delays due to the impact of continued supply
chain disruption, production is now ramping up. The timely closure
of our Sunderland production facility helped to curtail future
production losses in the UK.
During the latter part of FY22 we successfully introduced
production line efficiencies, while our new global supply chain
office in Pune, India, has already identified and secured
significant material cost savings.
Importantly, last year we successfully launched several new
interior programs, showcasing the Group's wide range of engineering
& design skills for air vent, wrapped panels, interior
lighting, console lids and kinetic assemblies. In FY22 CT
Automotive delivered a variety of new projects for example,
producing sun visors, mirror covers, footwell dividers and armrest
hinges for Lotus, air vents and cup holders for Ford and air vents
and wrapped panels for Marelli.
Strategic update
Our strategic focus is: on successfully securing new contracts,
particularly new EV platforms, and on achieving further cost
savings.
New contracts
During FY22 the shift to EV accelerated faster than anticipated.
We recognise the need to monitor the transition of legacy
automakers to EVs closely and the increasing competition from
Chinese OEMs presents a forward threat to European and US OEMs. As
the industry navigates through this period of transition, we are
well positioned to secure EV platform contracts with existing
customers, including Ford and a leading American EV OEM. In
addition, with our manufacturing capabilities in China, we are
strategically well placed to embrace the fast-growing Chinese EV
market and domestic OEMs.
Margin enhancement initiatives
Our emphasis on cost savings is underpinned by a pricing
strategy to ensure the very best landed costs to our customers ,
acknowledging the industry practice that, where applicable, cost
increases of materials, labour, freight and in some cases utilities
are passed across to our customers.
In the second half of FY22 the Group commenced an efficiency
programme to target further cost savings across the Group and to
realise an approximately nine percentage point improvement in
pre-tax profit margin. The efficiency programme includes proposals
to increase the flexibility of the Group's workforce and increasing
the agility of the Group in response to elevated variability in
customer order volumes. These proposals aim to ensure that the
Group maximises its profitability while global automotive volumes
continue to recover, and the Directors believe that these actions
will ensure that the Group is well placed to further benefit from
anticipated increased production volumes going forward.
As part of the efficiency programme, initial preparations are
underway to consolidate some of the Group's manufacturing
operations in China to Ganzhou, Jiangxi province, benefitting from
comparatively lower labour costs. Additionally, the Group's
proposed investment in robotics will realise efficiencies in the
injection moulding process, with equipment expected to be deployed
at the Group's manufacturing facilities in China by Q4 2023, with a
short payback period. The combination of increased automation and
the consolidation of our manufacturing facilities in Jiangxi would
significantly improve our agility and responsiveness.
While the full benefits of these initiatives will be felt in
FY24, action already taken to date resulted in a run rate pre-tax
profit margin of approximately 7.6%. Action to be taken later in
the year is expected to realise a further approximately 3
percentage points of margin, resulting in a run rate pre-tax profit
margin by the end of the year of 10.5%.
Focus on quality
The automotive industry is widely recognised for its stringent
quality standards, as even a small number of non-conforming parts
reaching the customer can result in costly penalties. Consequently,
the Group places significant emphasis on maintaining exceptional
quality. In addition to delivering optimal cost efficiency to our
customers, we prioritise providing them with products of the
highest quality. This commitment is upheld through the
implementation of rigorous quality checks (QC) throughout the
production process and the internal "firewall" quality teams during
a "safe launch" period of typically 90 days from the start of
production during which 100% of new product is inspected. As a
testament to our dedication, CT Automotive China and Turkey plants
were recertified under the IATF 16949:2016 standard in FY21, while
our plant in Mexico is expecting the certification audit in late
FY23, further underpinning our commitment to excellence.
Health and safety
The well-being and safety of our employees take precedence above
all else. Recognising that certain operations conducted within our
global facilities possess inherent risks that could potentially
lead to severe consequences, including fatalities, we maintain
strict adherence to robust health and safety protocols. The
efficacy of this approach is evident in the Group's global health
and safety incident report, which highlights zero occurrences of
fatal or severe injuries across all our plants throughout the year.
We take immense pride in this accomplishment. More information on
this can be found in the Sustainability Report section of the
Annual Report.
Board changes
On 13 December 2022, the Group's Chief Financial Officer, David
Wilkinson notified the Board of his decision to step down for
personal reasons and he left the Group on 28 April 2023. David made
a considerable contribution to the development of CT Automotive
over 11 years at the company and we wish him well.
After the period-end, on 1 February 2023, we were pleased to
announce the appointment of Anna Brown. She was appointed to the
Board as an Executive Director of the Company on 28 April 2023,
following an orderly handover period. Anna brings substantial
listed company and financial experience to the role that will be
invaluable as we continue to execute our growth strategy.
As previously announced, the Board intends to appoint a further
non-executive director with the individual to be a representative
of one of the Company's significant shareholders. A further
announcement will be made in due course.
Our people
Throughout what has been a challenging year, one thing has
remained consistent, and that has been the resilience and
commitment of our people. Day in and day out, all around the globe,
the employees at CT Automotive have been dedicated and
enthusiastic, their expertise has been vital in driving the
business forward. We thank them for their valuable
contribution.
Sustainability and Corporate Social Responsibility (CSR)
We remain committed to sustainability and corporate social
responsibility. This commitment extends to our operations, our
employees and our communities. We are dedicated to continuously
improving our environmental footprint, promoting fair and ethical
labour practices, and engaging in initiatives that benefit our
communities.
Current trading and outlook
Trading in the current year to date has been encouraging, with
strong customer demand and order books building. The Group's
manufacturing facilities have recovered from the specific
operational challenges experienced in Q4 last year:
-- The Group has seen a rapid recovery in manufacturing at the
Group's facilities in China following the lifting of the
Government's zero-Covid policy measures.
-- The Group's new facility in Puebla, Mexico is now fully operational.
The cost savings programme launched in the second half of FY22
continues to progress in line with plan. Efficiency initiatives
have started to come on stream and are delivering margin
improvements.
The Board is encouraged by stabilising order volumes since the
start of FY23 and visibility for the year ahead. While
macroeconomic uncertainty remains, there are signs that customer
schedules are strengthening and OEM automotive supply chain issues
are resolving.
As a result, the Board remains confident of achieving its
expectations for FY23, supported by the benefit expected from
efficiency savings.
We are optimistic about the outlook for the automotive industry.
With the scrapping of the zero-Covid policy in China, we anticipate
being able to operate normally and return to stable rhythm in our
production facilities. With container shipping prices stabilising
back to pre-pandemic levels, the Group can take advantage of
improved supply chain efficiencies. Additionally, better allocation
of semi-conductors and stabilised customer production schedules
will contribute to a more predictable operating environment where
efficiencies can be leveraged to reduce cost and improve
margins.
We will continue to focus on efficiency and optimisation across
our global facilities. Our investment in the latest automation
technologies will maximise production efficiency and strengthen our
competitive position.
As we look to the future, we are optimistic about the resilience
and adaptability of CT Automotive. We have a robust strategy in
place, and we are well positioned to capitalise on the improved
stability of our operating environment and the continued recovery
in our global automotive end-markets. Thank you once again for your
steadfast support, and we look forward to a year of progress and
shared success.
Financial review
Revenue and margins
Total Group revenue from continuing operations was relatively
stable with a small decrease of 3% from $127.8m in FY21 to $124.3m
in FY22.
Although highly unstable due to supply chain disruptions and
semi-conductor shortages, overall demand for interior components
remained high . As a result, our production revenue grew by 11% to
$117.3m (FY21: $105.6m). Tooling revenue reduced by 68% to $7.0m
(FY21: $22.2m) predominately reflecting the timing of completion
and its project-based nature.
Gross profit margins were adversely impacted by the increased
variability and short-term nature of orders as the Group's
customers reacted to available supply elsewhere in their respective
supply chains, which in turn increased the Group's production costs
as it responded to maintain service. Furthermore, enforcement of
the Chinese Government's zero-Covid policy resulted in the
temporary closure of some of the Group's manufacturing facilities
and those of local suppliers, leading to increased costs as the
Group caught up on lost production and expedited delivery of
materials from local suppliers, as well as finished goods to
customers, at a higher cost. During the year the Group incurred
costs that, while part of the underlying results, are not expected
to repeat as we return to more stable trading conditions. These
costs included c.$5m in connection with higher than forecasted
production inefficiencies and expedited air freight costs following
lockdowns in China.
The above production challenges, together with completing fewer
tooling projects, which typically generate higher margins, led to a
decline in gross profit to $14.9m (FY21: $25.2m) and consequently a
deterioration in gross profit margin to 12.0% in FY22 from a gross
profit margin of 19.7 % in FY21.
Non-recurring items
During FY22 the Group incurred non-recurring costs of $4.3m
(FY21: $5.6m). These costs primarily related to pre-opening and
start-up costs of $1.7m (FY21: nil) in connection with the new
production facility in Mexico, goodwill impairment of $1.2m (FY21:
nil) in relation to curtailing our US entity activity as the
operations in Mexico came on-stream and $0.7m (FY21: nil) being an
accounting adjustment reflecting the impact of hyperinflation in
Turkey.
EBITDA and operating result
FY22 underlying EBITDA was a loss of $7.1m (FY21: $3.3m profit)
while reported EBITDA was a loss of $11.4m (FY21: $2.3m loss) as a
result of significantly lower gross profit and after taking account
of distribution expenses of $5.1m (FY21: $5.5m) and administrative
expenses of $27.3m (FY21: $28.6m). The Group incurred $3.8m of
foreign exchange losses (FY21: $1.5m) due to unfavourable exchange
rates movements primarily against US$. These are included in
administrative expenses. Depreciation and amortisation charges
remained at similar levels for the year at $5.4m (FY21: $5.1m).
Therefore, the resulting underlying operating loss was $12.6m
(FY21: $1.8m) and reported operating loss was $16.8m (FY21:
$7.4m).
Taxation
Despite generating losses before tax of $18.8m (FY21: $12.4m),
the Group has recognised a tax charge of $3.1m (FY21: $1.2m tax
credit). This is primarily driven by the write off of deferred tax
assets previously recognised in the UK entities, resulting in a
deferred tax charge of $2.4m (FY21: $1.4m credit).
In addition, the tax charge includes $0.6m (FY21: $0.3m) being a
current year tax expense in our manufacturing subsidiaries and a
technical provision for a tax uncertainty in a specific
jurisdiction as required by IFRIC 23.
Discontinued operations
During FY22 the Group announced the closure of Chinatool
Automotive Systems Limited , a production facility in Sunderland,
UK, which was impacted by severe labour shortages and inflationary
increases in energy costs and wages. Loss for the year attributable
to the discontinued operations was $2.8m (FY21: profit of
$0.1m).
Prior period adjustments
During the consolidation process, management identified an error
with regards to the calculation of the year-end inventory, which
related to a number of years. The adjustment relates to the
calculation of the provision for unrealised profits resulting from
intra Group sales and a corresponding absorption of overheads
within inventory. The adjustment resulted in the reduction of
inventory, and therefore net assets, by $8.3m at 31 December
2021.
In addition, the Group has identified an error with regards to
the transfer of tooling assets from the Group balance sheet to cost
of sales upon completion of tooling and sale to the customer in
FY21. As at 31 December 2021, the value of property, plant and
equipment has been reduced by $2.6m with a corresponding increase
in costs of sales in FY22.
Capital structure and interest
After taking into account the impact of prior period
adjustments, the Group saw its total asset value decrease to $79.1m
(FY21: $108.5m) and net asset value decrease to $2.6m (FY21:
$27.3m).
Non-current assets remained broadly flat at $19.9m (FY21:
$19.3m), reflecting a $3.8m increase in right of use assets (FY21:
$0.6m decrease) offset by a goodwill impairment of $1.2m in
relation to curtailing our US entity activity as the operations in
Mexico came on-stream and a write down of deferred tax assets by
$3.2m .
As at 30 June 2022, the Group recognised on its balance sheet
$3.2m ( FY21: 1.7m) of deferred tax assets in relation to losses
which previously arose in the UK. As at 31 December 2022, the
Directors have re-assessed the recoverability of these assets.
Based on management forecasts of the taxable profits specifically
in relation to the UK statutory entities, we expect these deferred
tax assets to be recovered against future taxable profits in the UK
in FY24-FY26. The Directors have therefore concluded that
sufficient taxable profits arising in the UK to utilise these
deferred tax assets would be possible rather than probable and have
chosen to derecognise these deferred tax assets in accordance with
the technical requirements of IAS12.
During FY22 the Group saw a $29.9m decrease in its current
assets. This was primarily driven by a decrease in trade debtor and
other receivable balances from $42.8m in FY21 to $26.9m in FY22 and
the reduction in cash balances from $13.4m in FY21 to $4.8m in FY22
as the Group switched its customers to shorter payment terms and
consumed cash to meet the increased production and distribution
costs requirements.
The Group continued to actively manage its working capital by
deploying the IPO proceeds, with the help of major customers and by
utilising available finance facilities. Net debt as at 31 December
2022 was $12.2m (FY21: $9.1m) and included amounts drawn on the
Group's trade loans and invoice finance facilities with HSBC. As at
the year end $16.7m of the facilities were utilised (FY21: $16.5m)
against total available facilities of c.$22m.
Although higher than originally anticipated due to increased
interest rates and utilisation of facilities during the year, when
compared to FY21 levels, FY22 net finance costs reduced to $2.0m
(FY21: $4.4m). This was due to repayment of $26.2m term loans,
unsecured loans and CLBILs at the end of FY21 and early FY22
utilising the proceeds from the IPO.
Post balance sheet events: $9.6m fundraising and changes to
share capital
On 27 April 2023 the Group announced a fundraise and achieved
total gross proceeds of $9.6m (before transaction costs of
$0.5m).
The fundraising completed following the General Meeting on 15
May 2023 and the admission of the new ordinary shares to trading on
AIM on 16 May 2023.
The enlarged share capital of the Company following admission
increased to 73,597,548 ordinary shares in aggregate.
The net proceeds of the fundraise of $9.1m will predominately be
used to strengthen the balance sheet and to provide the Group with
flexibility to take advantage of growth opportunities.
Additionally, a small portion of the net proceeds will be deployed
to realise further efficiency savings including through investment
in injection moulding production processes and robotics .
Going concern
The Directors have assessed the Group's business activities and
the factors likely to affect future performance in light of the
current and anticipated trading conditions. In making their
assessment the Directors have reviewed the Group latest budget,
current trading, available debt facilities, proceeds from the
recent fundraising and considered reasonably possible downside
sensitivities in performance and mitigating actions.
The Directors are confident that, after taking into account
existing cash and debt facilities available to the Group and the
net proceeds of fundraising, the Group has adequate resources in
place to continue in operational existence for a period of at least
12 months from the date of approval of the financial statements
being to June 2024 and have therefore adopted the going concern
basis of accounting in preparing the financial statements. In
making their assessment the Directors have considered the key
factors listed below:
Fundraising
On 27 April 2023 the Group announced that it undertook a
fundraise and achieved total gross proceeds of $9.6m (before
transaction costs of $0.5m). The net proceeds of the fundraise of
approximately $9.1m will predominately be used to strengthen the
balance sheet and to provide the Group with flexibility to take
advantage of growth opportunities. Additionally, a small portion of
the net proceeds will be deployed to realise further efficiency
savings including through investment in injection moulding
production processes and robotics .
HSBC facilities
The Group uses HSBC post-despatch trade loans and invoice
financing facilities as an additional working capital lever. These
facilities have been committed for 12 months since the IPO, however
starting from January 2023 the facilities are provided on a rolling
3-months basis, and these are expected to be renewed going forward
in light of the current trading and the post year end fundraise. As
at 31 December 2022 the amounts drawn on the Group's trade loans
and invoice finance facilities were $16.7m (FY21: $16.5m) against a
total facility of c.$22m. The Directors believe that should the
HSBC facilities be withdrawn, alternative funding options would be
available to the Group.
Scenario modelling
As a result of difficult trading conditions and losses incurred
during FY22, the Group has carefully considered its future
liquidity position. In stress testing the forecast cash flows of
the business, the Directors modelled a base case, several downside
scenarios, a combined downside scenario and a set of mitigating
actions to the downside scenario. The base case was modelled on a
prudent basis, assuming flat revenues and using the production
schedules and cost estimates. Positive cash headroom is maintained
under the base case scenario.
Taking into account the trading conditions which existed during
FY22 and outlook, the Directors have identified certain specific
key risks to the base case assumptions and have modelled the
scenarios as follows:
-- Reduction in revenue risk: the entire market is down by 10%
due to global economic recession, reflecting a scenario similar to
2008-2009 downturn;
-- Increased cost of sales risk: reflecting the impact of
inflation in cost of sales by 5% and 10% and inability to recover
from customers;
-- Stockholding risk: reflecting a scenario caused by disruption
in customer schedules and therefore the need to hold more than
normal stock levels required in the distribution centers;
-- Availability of HSBC facilities: reflecting a withdrawal of
HSBC facilities following a 3 months' notice and failure to replace
the facilities with equivalent facilities on similar terms in
October 2023.
In addition, the directors have modelled the first three risks
above into a combined downside scenario and considered several
controllable mitigating actions. The principal mitigating actions
have been modelled as managing stock levels and payment terms with
customers and suppliers. Such mitigating actions are within
management's control and the business closely monitors appropriate
lead indicators to implement these actions in sufficient time to
achieve the required cash preservation impact.
Despite the combined impact of the above downside assumptions,
the stress testing model demonstrates that the business is able to
maintain a positive cash headroom.
As a result of the above considerations, the Directors consider
that the Group has adequate resources in place for at least 12
months form the date of the approval of FY22 financial statements
and have therefore adopted the going concern basis of accounting in
preparing the financial statements.
Consolidated Statement of Profit or Loss and other Comprehensive
Income
For the year ended 31 December 2022
Restated*
Notes 2022 2021
$'000 $'000
Continuing operations:
Revenue 5 124,269 127,784
Cost of sales (109,407) (102,539)
Gross profit 14,862 25,245
Distribution expenses (5,059) (5,494)
Other operating income 6 650 1,431
Administrative expenses (27,287) (28,571)
---------- ----------
EBITDA (before non-recurring items) (7,129) 3,254
Depreciation 8 (4,820) (4,632)
Amortisation 8 (602) (440)
Non-recurring items 7 (4,283) (5,571)
Operating loss 8 (16,834) (7,389)
Finance income 10 8
Finance expenses (1,997) (4,398)
Share of post-tax losses of equity accounted associates - (579)
---------- ----------
Loss before tax (18,821) (12,358)
Taxation (charge) / credit 9 (3,054) 1,152
---------- ----------
Loss for the year from continuing operations (21,875) (11,206)
Discontinued operations
(Loss) / profit for the year from discontinued operations 10 (2,789) 133
---------- ----------
Loss for the year attributable to equity shareholders (24,664) (11,073)
---------- ----------
Other comprehensive income
Items that are / may be reclassified subsequently to profit or loss:
Foreign currency translation differences - foreign operations (927) 280
---------- ----------
Other comprehensive (loss) / income for the year, net of income tax (927) 280
Total comprehensive loss for the year (25,591) (10,793)
---------- ----------
Total loss per share
From continuing operations:
Basic loss per share 11 (42.9)c (55.2)c
Diluted loss per share 11 (42.9)c (55.2)c
From continuing and discontinued operations:
Basic loss per share 11 (48.4)c (54.6)c
Diluted loss per share 11 (48.4)c (54.6)c
Consolidated Balance Sheet
As at 31 December 2022
Restated* Restated*
Notes 2022 2021 2020
$'000 $'000 $'000
Assets
Non-current assets
Goodwill 12 1,259 2,417 2,417
Intangible assets 13 528 520 545
Property, plant and equipment 14 7,302 7,681 9,584
Right of use assets 15 10,769 6,942 7,549
Investments in associates - - 1,443
Deferred tax assets - 1,745 308
--------- ---------- ----------
19,858 19,305 21,846
Current assets
Inventories 16 27,342 31,504 34,058
Tax receivable 227 1,496 1,417
Trade and other receivables 17 26,880 42,782 44,626
Cash and cash equivalents 4,829 13,445 2,156
--------- ---------- ----------
59,278 89,227 82,257
Current liabilities
Trade and other payables 18 (45,924) (50,029) (51,942)
Other interest-bearing loans and borrowings 19 (17,058) (22,587) (36,925)
Derivative financial liabilities (671) (15) -
Corporate tax payable (771) (655) (778)
Lease liabilities 15 (3,022) (2,844) (2,879)
--------- ---------- ----------
(67,446) (76,130) (92,524)
Non-current liabilities
Other interest-bearing loans and borrowings - - (22,811)
Derivative financial liabilities (95) - -
Deferred tax liabilities (118) - -
Lease liabilities 15 (8,900) (5,144) (5,645)
--------- ---------- ----------
(9,113) (5,144) (28,456)
Net assets / (liabilities) 2,577 27,258 (16,877)
--------- ---------- ----------
Equity attributable to equity holders of the parent
Share capital 342 342 132
Share premium 54,717 54,717 -
Translation reserve (347) 580 300
Retained earnings (16,323) 7,431 18,503
Merger reserve (35,812) (35,812) (35,812)
--------- ---------- ----------
Total equity / (deficit) 2,577 27,258 (16,877)
========= ========== ==========
The financial statements were approved by the Director and was
signed on his behalf by:
Simon Phillips
Director
Consolidated Statement of Changes in Equity
For the year ended 31 December 2022
Restated* Restated*
Share Share Translation Retained Merger Other
capital premium reserve Earnings reserve reserve Total equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000
At 1 January 2021
as previously
published 132 - 300 24,668 (35,812) - (10,712)
Effect of
restatement - - - (6,165) - - (6,165)
------------ ------------ ------------ ------------ ------------ ------------ -------------
At 1 January 2021
(restated) 132 - 300 18,503 (35,812) - (16,877)
Total
comprehensive
income for the
year
Loss for the year
(restated) - - - (11,073) - - (11,073)
Other
comprehensive
income - - 280 - - - 280
------------ ------------ ------------ ------------ ------------ ------------ -------------
Total
comprehensive
income for the
year (restated) - - 280 (11,073) - - (10,793)
Contributions by
and distributions
to shareholders:
Reclassification
of shareholder
loan notes - - - - - 9,900 9,900
Conversion of loan
notes / other
liabilities into
Ordinary Shares 57 12,352 - - - (9,900) 2,509
Share issue in
relation to IPO 153 44,923 - - - - 45,076
Equity issue costs - (2,558) - - - - (2,558)
At 31 December
2021 (restated) 342 54,717 580 7,430 (35,812) - 27,257
------------ ------------ ------------ ------------ ------------ ------------ -------------
Hyperinflationary
monetary
adjustment
relating to 2021 - - - 911 - - 911
------------ ------------ ------------ ------------ ------------ ------------ -------------
Restated at 1
January 2022 342 54,717 580 8,341 (35,812) - 28,168
Total
comprehensive
income for the
year:
Loss for the year - - - (24,664) - - (24,664)
Other
comprehensive
income - - (927) - - - (927)
------------ ------------ ------------ ------------ ------------ ------------ -------------
Total
comprehensive
income for the
year - - (927) (24,664) - - (25,591)
At 31 December
2022 342 54,717 (347) (16,323) (35,812) - 2,577
------------ ------------ ------------ ------------ ------------ ------------ -------------
Consolidated Statement of Cash Flows
For the year ended 31 December 2022
Restated*
2022 2021
$'000 $'000
Cash flows from operating activities
Loss from continuing operations (21,875) (11,206)
(Loss) / profit from discontinued operations (2,789) 133
--------- ----------
Loss for the year after tax (24,664) (11,073)
Adjustments for:
Depreciation 5,345 4,932
Amortisation 602 440
Impairment of goodwill 1,158 -
Impairment of associate - 1,627
Finance income (10) -
Finance expense 2,090 4,474
Net fair value losses recognised in profit or loss 750 -
Impairment of lease assets 429 -
Loss on disposal of property, plant and equipment 825 1,012
Gain on renegotiation of lease (168) -
Taxation 3,103 (1,108)
Hyperinflation impact on operating profit 665 -
Share of post-tax losses of equity accounted associates - 579
(9,875) 883
Decrease in trade and other receivables 14,786 693
Decrease/(Increase) in inventories 1,104 2,554
(Decrease)/Increase in trade and other payables (618) (1,652)
Tax refund / (paid) 145 (529)
--------- ----------
Net cash generated from operating activities 5,542 1,949
--------- ----------
Cash flows from investing activities
Purchase of intangible assets (633) (421)
Purchase of property, plant and equipment (2,864) (1,670)
Investments in associates - (201)
Interest received 10 -
--------- ----------
Net cash used in investing activities (3,487) (2,292)
--------- ----------
Cash flows from financing activities
(Repayment) / drawdown of loan facilities (2,500) 2,500
Issue of convertible loan notes - 5,600
Share issue (net of transaction costs) - 42,518
Repayment of lease liabilities (3,607) (3,565)
Interest paid (2,090) (2,922)
Repayment of term loan - (15,599)
Repayment of CLBILs - (8,143)
Drawdown / (repayment) of trade loans 4,131 (5,698)
Repayment of invoice finance (3,880) (1,537)
--------- ----------
Net cash (used in) / generated from financing activities (7,946) 13,154
--------- ----------
Net (decrease)/increase in cash and cash equivalents (5,891) 12,811
Cash and cash equivalents at beginning of year 9,807 (2,677)
Effect of exchange rate fluctuations on cash held 555 (327)
--------- ----------
Cash and cash equivalents at end of year. 4,471 9,807
--------- ----------
Notes to the consolidated financial statements
1. Accounting Policies
Introduction
CT Automotive Group PLC (the "Company") is a Public company
listed on AIM incorporated, domiciled and registered in England in
the UK. The registered number is 10451211 and the registered
address and principal place of business is 1000 Lakeside North
Harbour, Western Road, Portsmouth, PO6 3EN.
The Company's functional and reporting currency is USD, the
Directors elected to set the Company up in this way due to the
international nature of the Group and overall reliance on USD; the
Group revenue is predominantly received in USD and working capital
facilities are also predominantly denominated in USD.
The Group financial statements consolidate those of the Company
and its subsidiaries (together referred to as the "Group"). The
parent company financial statements present information about the
Company as an entity and not about its Group.
The Group financial statements have been prepared and approved
by the Directors in accordance UK-adopted International Accounting
Standards and with the requirements of the Companies Act 2006 as
applicable to companies reporting under those standards.
The accounting policies set out below have, unless otherwise
stated, been applied consistently to all periods presented in these
consolidated financial statements.
There are no judgements or estimates that are deemed to have a
significant effect on the financial statements other than those
stated in Note 2.
Measurement convention
The financial statements are prepared on the historical cost
basis except that the following assets and liabilities are stated
at their fair value: derivative financial instruments and the
financial statements of the foreign operation in Turkey which is
subject to hyperinflationary accounting.
Going Concern
The Directors have assessed the Group's business activities and
the factors likely to affect future performance in light of the
current and anticipated trading conditions. In making their
assessment the Directors have reviewed the Group's latest budget,
current trading, available debt facilities, proceeds from the
recent fundraising and considered reasonably possible downside
sensitivities in performance and mitigating actions.
The Directors are confident that, after taking into account
existing cash and debt facilities available to the Group and the
net proceeds of fundraising, the Group has adequate resources in
place to continue in operational existence for a period of at least
12 months from the date of approval of the financial statements
being to June 2024. In making their assessment the Directors have
considered the key factors listed below:
Fundraising
On 27 April 2023 the Group announced that it undertook a
fundraise and achieved total gross proceeds of $9.6m (before
transaction costs of $0.5m). The net proceeds of the fundraise of
approximately $9.1m will predominately be used to strengthen the
balance sheet and to provide the Group with flexibility to take
advantage of growth opportunities. Additionally, a small portion of
the net proceeds will be deployed to realise further efficiency
savings including through investment in injection moulding
production processes and robotics.
HSBC facilities
The Group uses HSBC post-dispatch trade loans and invoice
financing facilities as an additional working capital lever. These
facilities have been committed for 12 months since the IPO, however
starting from January 2023 the facilities are provided on a rolling
3-months basis, and these are expected to be renewed going forward
in light of the current trading and the post year end
fundraise.
As at 31 December 2022 the amounts drawn on the Group's trade
loans and invoice finance facilities were $16.7m (FY21: $16.5m)
against a total facility of c.$22m. The Directors believe that
should the HSBC facilities be withdrawn, alternative funding
options would be available to the Group.
Scenario modelling
As a result of difficult trading conditions and losses incurred
during FY22, the Group has carefully considered its future
liquidity position. In stress testing the forecast cash flows of
the business, the Directors modelled a base case, several downside
scenarios, a combined downside scenario and a set of mitigating
actions to the downside scenario. The base case was modelled on a
prudent basis, assuming flat revenues and using the production
schedules and cost estimates. Positive cash headroom is maintained
under the base case scenario.
Taking into account the trading conditions which existed during
FY22 and outlook, the Directors have identified certain specific
key risks to the base case assumptions and have modelled the
scenarios as follows:
-- Reduction in revenue risk: the entire market is down by 10%
due to global economic recession, reflecting a scenario similar to
2008-2009 downturn;
-- Increased cost of sales risk: reflecting the impact of
inflation in cost of sales by 5% and 10% and inability to recover
from customers;
-- Stockholding risk: reflecting a scenario caused by disruption
in customer schedules and therefore the need to hold more than
normal stock levels required in the distribution centers;
-- Availability of HSBC facilities: reflecting a withdrawal of
HSBC facilities following a 3 months' notice and failure to replace
the facilities with equivalent facilities on similar terms.
In addition, the directors have modelled the first three risks
above into a combined downside scenario and considered several
controllable mitigating actions. The principal mitigating actions
have been modelled as managing stock levels and payment terms with
customers and suppliers. Such mitigating actions are within
management's control and the business closely monitors appropriate
lead indicators to implement these actions in sufficient time to
achieve the required cash preservation impact.
Despite the combined impact of the above downside assumptions,
the stress testing model demonstrates that the business is able to
maintain a positive cash headroom.
As a result of the above considerations, the Directors consider
that the Group has adequate resources in place for at least 12
months form the date of the approval of FY22 financial statements
and have therefore adopted the going concern basis of accounting in
preparing the financial statements.
Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. 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.
In assessing control, the Group takes into consideration potential
voting rights that are currently exercisable. The acquisition date
is the date on which control is transferred to the acquirer. The
financial statements of subsidiaries are included in the
consolidated financial statements from the date that control
commences until the date that control ceases.
Change in subsidiary ownership and loss of control
Changes in the Group's interest in a subsidiary that do not
result in a loss of control are accounted for as equity
transactions.
Where the Group loses control of a subsidiary, the assets and
liabilities are derecognised along with any related non-controlling
interests and other components of equity. Any resulting gain or
loss is recognised in profit or loss. Any interest retained in the
former subsidiary is measured at fair value when control is
lost.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income
and expenses arising from intra-group transactions, are eliminated.
Unrealised gains arising from transactions with equity-accounted
investees are eliminated against the investment to the extent of
the Group's interest in the investee. Unrealised losses are
eliminated in the same way as unrealised gains, but only to the
extent that there is no evidence of impairment.
Discontinued operations
When the Group has sold or terminated a component that
represents a separate major line of business or geographical area
of operations during the year, or has classified the component as
held for sale, its results are presented separately, net of any
profit or loss on disposal, in the statement of profit or loss and
other comprehensive income, with the comparative amounts
restated.
Foreign Currency
Transactions in foreign currencies are translated to the
respective functional currencies of Group entities at the foreign
exchange rate ruling at the date of the transaction. Foreign
currency monetary assets and liabilities are translated at the
rates ruling at the reporting date. Exchange differences arising on
the retranslation of unsettled monetary assets and liabilities are
recognised immediately in profit or loss. Exchange differences
arising on the retranslation of the foreign operation are
recognised in other comprehensive income and accumulated in the
foreign exchange reserve.
The assets and liabilities of foreign operations, including
goodwill and fair value adjustments arising on consolidation, are
translated to the Group's presentational currency US Dollars at
foreign exchange rates ruling at the balance sheet date. The
revenues and expenses of foreign operations are translated at an
average rate for the year where this rate approximates to the
foreign exchange rates ruling at the dates of the transactions.
Exchange differences arising from this translation of foreign
operations are reported as an item of other comprehensive income
and accumulated in the translation reserve. When a foreign
operation is disposed of, such that control is lost, the entire
accumulated amount in the foreign currency translation reserve, is
reclassified to profit or loss as part of the gain or loss on
disposal. When the Group disposes of only part of its interest in a
subsidiary that includes a foreign operation while still retaining
control, the relevant proportion of the accumulated amount is
reattributed to non-controlling interests. When the Group disposes
of only part of its investment in an associate that includes a
foreign operation while still retaining significant influence, the
relevant proportion of the cumulative amount is reclassified to
profit or loss.
Effective from 1 January 2022, the Group has applied IAS 29,
Financial Reporting in Hyperinflationary Economies, for its
subsidiary in Turkey, whose functional currency has experienced a
cumulative inflation rate of more than 100% over the past three
years. Assets, liabilities, the financial position and results of
foreign operations in hyperinflationary economies are translated to
US Dollar at the exchange rate prevailing at the reporting date.
The exchange differences are recognised directly in other
comprehensive income and accumulated in the translation reserve in
equity. Such translation differences are reclassified to profit or
loss only on disposal or partial disposal of the overseas
operation. Prior to translating the financial statements of foreign
operations, the non-monetary assets and liabilities and
comprehensive income (both previously stated at historic cost) are
restated to account for changes in the general purchasing power of
the local currencies based on the consumer price index published by
the Turkish Statistical Institute. The consumer price index for the
year ended 31 December 2022 increased by 47.8%. Monetary items are
not restated because they are already expressed in terms of the
monetary unit current at the end of the reporting period.
Comparative amounts presented in the consolidated financial
statements were not restated. Hyperinflationary accounting needs to
be applied as if Turkey has always been a hyperinflationary economy
therefore as per CT Automotive Group's policy choice, the
differences between equity at 31 December 2021 as reported and the
equity after restatement of the non-monetary items to the measuring
unit current at 31 December 2022 were recognised in retained
earnings. The subsequent gains or losses resulting from the
restatement of non-monetary assets and liabilities are recorded in
the Consolidated Statement of Profit or Loss and Other
Comprehensive Income.
Revenue
Revenue is measured at the fair value of the consideration
received or receivable. Provided it is probable that the economic
benefits will flow to the Group and the revenue and costs, if
applicable, can be measured reliably, revenue is recognised in
profit or loss as follows:
Serial production goods are recognised as sold at a point in
time when control is passed to the customer, which depending on the
incoterms (a series of pre-defined commercial terms published by
the International Chamber of Commerce relating to international
commercial law) can be when they are delivered to the customer site
or when the customer collects them.
Tooling and the provision of associated services is recognised
at a point in time when the performance obligations in the contract
are satisfied and control is passed to the customer, which is based
on the date of issue of the parts submission warrant (PSW) or a
similar approval from customers, or other evidence of the
commencement of serial production. Monies received from customers
in advance of completing the performance obligations are recognised
as contract liabilities as at the balance sheet date and released
to revenue when the related performance obligations are satisfied
at a point in time.
Discounts on the serial production contracts are considered one
off and agreed with the customers as part of the negotiation and as
per the terms of the contract, they are either paid in advance or
otherwise. Discounts paid in advance are recognised as a prepayment
and recognised as a debit to revenue in the period in which the
related revenue is recognised. All other discounts are recognised
as a debit to revenue based on the period in which the related
revenues are recognised.
Revenue excludes value added tax or other sales taxes and is
after deduction of any trade discounts.
Government Grants
Government grants are recognised on the accrual basis and any
performance requirements are disclosed as required. Grants of a
revenue nature are recognised in the statement of profit or loss in
the same period as the related expenditure and recognised gross as
other income.
During the year, the government grant income relates to
government support received in China relating to utilities and
training subsidies, promotion of foreign trade and COVID-19
recovery.
Expenses
Finance income and expenses
Finance expenses comprise interest payable on borrowings and
interest on lease liabilities which are recognised in profit or
loss using the effective interest method.
Interest income is recognised in profit or loss as it accrues,
using the effective interest method.
Non-recurring items
The Group recognises items within the statement of profit or
loss that are infrequent, unusual and not expected during the
regular business operations as non-recurring. These are disclosed
as a separate line on the face of the statement of profit or loss.
Note 7 provides further details on the nature of the non-recurring
items.
Taxation
(a) Current taxation
Tax on the profit or loss for the year comprises current and
deferred tax. Tax is recognised in profit or loss except to the
extent that it relates to items recognised directly in equity, in
which case it is recognised in equity.
Current tax is the expected tax payable or receivable on the
taxable income or loss for the year, using tax rates enacted or
substantively enacted at the balance sheet date, and any adjustment
to tax payable in respect of previous years.
The current income tax charge is calculated on the basis of the
tax laws enacted or substantively enacted at the end of the
reporting period in the countries where the Company and its
subsidiaries and associates operate and generate taxable income.
Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is
subject to interpretation and considers whether it is probable that
a taxation authority will accept an uncertain tax treatment. The
Group measures its tax balances either based on the most likely
amount or the expected value, depending on which method provides a
better prediction of the resolution of the uncertainty.
(b) Deferred tax
Deferred tax is provided on temporary differences between the
carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The following
temporary differences are not provided for: the initial recognition
of goodwill; the initial recognition of assets or liabilities that
affect neither accounting nor taxable profit other than in a
business combination, and differences relating to investments in
subsidiaries to the extent that they will probably not reverse in
the foreseeable future. The amount of deferred tax provided is
based on the expected manner of realisation or settlement of the
carrying amount of assets and liabilities, using tax rates enacted
or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is
probable that future taxable profits will be available against
which the temporary difference can be utilised.
Goodwill
Goodwill is stated at cost less any accumulated impairment
losses. Goodwill is allocated to cash-generating units and is not
amortised but is tested annually for impairment. In respect of
equity accounted investees, the carrying amount of goodwill is
included in the carrying amount of the investment in the
investee.
Intangible assets
Research and development
Expenditure on research activities is recognised in profit or
loss as an expense as incurred.
Expenditure on development activities is capitalised if the
product or process is technically and commercially feasible and the
Group intends, has the technical ability and has sufficient
resources to complete development, future economic benefits are
probable and if the Group can measure reliably the expenditure
attributable to the intangible asset during its development.
Development activities involve a plan or design for the production
of new or substantially improved products or processes. The
expenditure capitalised includes the cost of materials, direct
labour and an appropriate proportion of overheads and capitalised
borrowing costs. Other development expenditure is recognised in
profit or loss as an expense as incurred. Capitalised development
expenditure is stated at cost less accumulated amortisation and
less accumulated impairment losses.
Intangible assets (including software)
Expenditure on internally generated goodwill and brands is
recognised in profit or loss as an expense as incurred.
Intangible assets that are acquired by the Group are stated at
cost less accumulated amortisation and less accumulated impairment
losses .
Amortisation
Amortisation is charged to profit or loss on a straight-line
basis over the estimated useful lives of intangible assets.
Intangible assets are amortised from the date they are available
for use. The estimated useful lives are as follows:
Software - 1 - 5 years
Property, plant and equipment
Property, plant and equipment are stated at cost less
accumulated depreciation and accumulated impairment losses.
Where parts of an item of property, plant and equipment have
different useful lives, they are accounted for as separate items of
property, plant and equipment.
Depreciation is charged to profit or loss on a straight-line
basis over the estimated useful lives of each part of an item of
property, plant and equipment. The estimated useful lives are as
follows:
Assets under construction - not depreciated
Plant and equipment - 2-5 years straight line
Furniture, fixtures and equipment - 2-5 years straight line
Motor vehicles - 2-5 years straight line
Depreciation methods, useful lives and residual values are
reviewed at each balance sheet date.
Inventories
Inventories are stated at the lower of cost and net realisable
value. Cost is based on the first-in first-out principle and
includes expenditure incurred in acquiring the inventories,
production or conversion costs and other costs in bringing them to
their existing location and condition. In the case of manufactured
inventories and work in progress, cost includes an appropriate
share of overheads based on normal operating capacity.
Net realisable value is the value that would arise on sale of
inventories in the normal course of business, minus a reasonable
estimation of selling costs.
Impairment excluding inventories and deferred tax assets
The carrying amounts of the Group's non-financial assets, other
than inventories and deferred tax assets, are reviewed at each
reporting date to determine whether there is any indication of
impairment. If any such indication exists, then the asset's
recoverable amount is estimated. For goodwill, and intangible
assets that have indefinite useful lives or that are not yet
available for use, the recoverable amount is estimated each period
at the same time.
The recoverable amount of an asset or cash-generating unit is
the greater of its value in use and its fair value less costs to
sell. In assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money
and the risks specific to the asset. For the purpose of impairment
testing, assets that cannot be tested individually are grouped
together into the smallest group of assets that generates cash
inflows from continuing use that are largely independent of the
cash inflows of other assets or groups of assets (the
"cash-generating unit"). The goodwill acquired in a business
combination, for the purpose of impairment testing, is allocated to
cash-generating units, or ("CGU"). Subject to an operating segment
ceiling test, for the purposes of goodwill impairment testing, CGUs
to which goodwill has been allocated are aggregated so that the
level at which impairment is tested reflects the lowest level at
which goodwill is monitored for internal reporting purposes.
Goodwill acquired in a business combination is allocated to groups
of CGUs that are expected to benefit from the synergies of the
combination.
An impairment loss is recognised if the carrying amount of an
asset or its CGU exceeds its estimated recoverable amount.
Impairment losses are recognised in profit or loss. Impairment
losses recognised in respect of CGUs are allocated first to reduce
the carrying amount of any goodwill allocated to the units, and
then to reduce the carrying amounts of the other assets in the unit
(group of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In
respect of other assets, impairment losses recognised in prior
periods are assessed at each reporting date for any indications
that the loss has decreased or no longer exists. An impairment loss
is reversed if there has been a change in the estimates used to
determine the recoverable amount. An impairment loss is reversed
only to the extent that the asset's carrying amount does not exceed
the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been
recognised.
Associates
Where the Group has the power to participate in (but not
control) the financial and operating policy decisions of another
entity, it is classified as an associate. Associates are initially
recognised in the consolidated statement of financial position at
cost. Subsequently associates are accounted for using the equity
method, where the Group's share of post-acquisition profits and
losses and other comprehensive income is recognised in the
consolidated statement of profit or loss and other comprehensive
income (except for losses in excess of the Group's investment in
the associate unless there is an obligation to make good those
losses).
Profits and losses arising on transactions between the Group and
its associates are recognised only to the extent of unrelated
investors' interests in the associate. The investor's share in the
associate's profits and losses resulting from these transactions is
eliminated against the carrying value of the associate.
Any premium paid for an associate above the fair value of the
Group's share of the identifiable assets, liabilities and
contingent liabilities acquired is capitalised and included in the
carrying amount of the associate. Where there is objective evidence
that the investment in an associate has been impaired the carrying
amount of the investment is tested for impairment in the same way
as other non-financial assets.
Classification of financial instruments issued by the Group
Financial instruments issued by the Group are treated as equity
only to the extent that they meet the following two conditions:
(a) they include no contractual obligations upon the Company (or
Group as the case may be) to deliver cash or other financial assets
or to exchange financial assets or financial liabilities with
another party under conditions that are potentially unfavourable to
the Group; and
(b) where the instrument will or may be settled in the Company's
own equity instruments, it is either a non-derivative that includes
no obligation to deliver a variable number of the Company's own
equity instruments or is a derivative that will be settled by the
Company's exchanging a fixed amount of cash or other financial
assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of
any issues are classified as a financial liability.
Non-derivative financial instruments
Financial assets and liabilities are recognised when the Group
becomes party to the contractual provisions of the instrument.
Non-derivative financial instruments comprise trade and other
receivables, cash and cash equivalents, loans and borrowings, and
trade and other payables.
Trade and other receivables
Trade and other receivables are initially measured at their
transaction price. Trade receivables and other receivables are held
to collect the contractual cash flows which are solely payments of
principal and interest. Therefore, these receivables are
subsequently measured at amortised cost using the effective
interest rate method.
Trade and other payables
Trade and other payables are recognised initially at fair value.
Subsequent to initial recognition they are measured at amortised
cost using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call
deposits. Bank overdrafts that are repayable on demand and form an
integral part of the Group's cash management are included as a
component of cash and cash equivalents for the purpose only of the
cash flow statement.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair
value less attributable transaction costs. Subsequent to initial
recognition, interest-bearing borrowings are stated at amortised
cost using the effective interest method. See Note 19 for full
details of classes of interest-bearing borrowings.
Effective interest rate
The 'effective interest' is calculated using the rate that
exactly discounts estimates future cash payments or receipts
(considering all contractual terms) through the expected life of
the financial asset or financial liability to its carrying amount
before any loss allowance.
Impairment of financial assets
A provision for impairment is established on an expected credit
loss model under IFRS 9. The amount of the provision is the
difference between the asset's carrying amount and the expected
value of the amounts recovered.
The probability of default and the expected amounts recoverable
are assessed under reasonable and supportable past and forward
looking information that is available without undue cost or effort.
The expected credit loss is a probability weighted amount
determined from a range of outcomes (including assessments made
using forward looking information) and takes into account the time
value of money.
Impairment losses and subsequent reversals of impairment losses
are adjusted against the carrying amount of the receivable and
recognised in profit or loss.
Derivative financial instruments
Derivative financial instruments are recognised at fair value.
The gain or loss on remeasurement to fair value is recognised
immediately in profit or loss. The Group utilises derivatives
consisting of exchange contracts to reduce foreign currency
risk.
Convertible loan notes
A portion of loans from directors in the form of loan notes and
other loans as shown within Note 19 have been reclassified or
converted from liability into equity during the prior financial
year consequent to change in the terms and conditions of the loan
agreements.
The instruments were evaluated for the conditions within IAS 32,
namely, (a) the instrument includes no contractual obligation to
deliver cash or another financial asset to another entity and (b)
the instrument will or may be settled in the issuer's own equity
instruments.
Employee Benefits
Defined contribution plans
A defined contribution plan is a post-employment benefit plan
under which the Group pays fixed contributions into a separate
entity and will have no legal or constructive obligation to pay
further amounts. Obligations for contributions to defined
contribution pension plans are recognised as an expense in profit
or loss in the periods during which services are rendered by
employees.
Short-term benefits
Short-term employee benefit obligations are measured on an
undiscounted basis and are expensed as the related service is
provided. A liability is recognised for the amount expected to be
paid under short-term cash bonus or profit-sharing plans if the
Group has a present legal or constructive obligation to pay this
amount as a result of past service provided by the employee and the
obligation can be estimated reliably.
Provisions
A provision is recognised in the balance sheet when the Group
has a present legal or constructive obligation as a result of a
past event, that can be reliably measured and it is probable that
an outflow of economic benefits will be required to settle the
obligation. Provisions are determined by discounting the expected
future cash flows at a pre-tax rate that reflects risks specific to
the liability.
All automotive products are sold with a warranty which mirrors
the warranty offered by the OEM to consumers.
Due to the thorough quality checking that is undertaken by the
customers during assembly, and the low risk nature of the products,
it is company's policy to only hold a small provision for warranty
claims. This is supported by the historically low value of warranty
claims in the past few years which the Directors do not consider to
be material.
Leases
Identifying leases
The Group accounts for a contract, or a portion of a contract,
as a lease when it conveys the right to use an asset for a period
of time in exchange for consideration. Leases are those contracts
that satisfy the following criteria:
(a) There is an identified asset;
(b) The Group obtains substantially all the economic benefits
from use of the asset; and
(c) The Group has the right to direct use of the asset.
The Group considers whether the supplier has substantive
substitution rights. If the supplier does have those rights, the
contract is not identified as giving rise to a lease.
In determining whether the Group obtains substantially all the
economic benefits from use of the asset, the Group considers only
the economic benefits that arise use of the asset, not those
incidental to legal ownership or other potential benefits.
In determining whether the Group has the right to direct use of
the asset, the Group considers whether it directs, how and for what
purpose the asset is used throughout the period of use. If there
are no significant decisions to be made because they are
pre-determined due to the nature of the asset, the Group considers
whether it was involved in the design of the asset in a way that
predetermines how and for what purpose the asset will be used
throughout the period of use. If the contract or portion of a
contract does not satisfy these criteria, the Group applies other
applicable IFRSs rather than IFRS 16.
All leases are accounted for by recognising a right-of-use asset
and a lease liability except for:
-- Leases of low value assets; and
-- Leases with a duration of 12 months or less.
These other leases are recognised in profit or loss on a
straight line basis over the term of the lease.
Lease measurement
Lease liabilities are measured at the present value of the
contractual payments due to the lessor over the lease term, with
the discount rate determined by reference to the rate inherent in
the lease unless (as is typically the case) this is not readily
determinable, in which case the Group's incremental borrowing rate
on commencement of the lease is used. Variable lease payments are
only included in the measurement of the lease liability if they
depend on an index or rate. In such cases, the initial measurement
of the lease liability assumes the variable element will remain
unchanged throughout the lease term. Other variable lease payments
are expensed in the period to which they relate.
On initial recognition, the carrying value of the lease
liability also includes:
-- amounts expected to be payable under any residual value guarantee;
-- the exercise price of any purchase option granted in favour
of the Company if it is reasonably certain to exercise that
option;
-- any penalties payable for terminating the lease, if the term
of the lease has been estimated on the basis of a termination
option being exercised.
Right of use assets are initially measured at the amount of the
lease liability, reduced for any lease incentives received, and
increased for:
-- lease payments made at or before commencement of the lease;
-- initial direct costs incurred; and
-- the amount of any provision recognised where the Company is
contractually required to dismantle, remove or restore the leased
asset
Subsequent to initial measurement lease liabilities increase as
a result of interest charged at a constant rate on the balance
outstanding and are reduced for lease payments made. Right-of-use
assets are amortised on a straight-line basis over the remaining
term of the lease or over the remaining economic life of the asset
if, rarely, this is judged to be shorter than the lease term.
Earnings per share
Basic earnings per share ("EPS") is calculated by dividing the
profit or loss attributable to ordinary shareholders of the Company
by the weighted average number of ordinary shares outstanding
during the period. Share options are potentially dilutive, but the
Group's loss means any potentially dilutive instruments are
anti-dilutive.
Segment Reporting
IFRS 8 'Operating Segments' requires operating segments to be
determined based on the Group's internal reporting to the Chief
Operating Decision Maker. See Note 4 for the accounting policy and
related disclosures for segment reporting.
Share-based payments
Equity-settled share-based payments to employees and others
providing similar services are measured at the fair value of the
equity instruments at the grant date. The fair value excludes the
effect of non-market-based vesting conditions.
The fair value determined at the grant date of the
equity-settled share-based payments is expensed on a straight line
basis over the vesting period, based on the Group's estimate of the
number of equity instruments that will eventually vest. At each
reporting date, the Group revises its estimate of the number of
equity instruments expected to vest as a result of the effect of
non-market-based vesting conditions. The impact of the revision of
the original estimates, if any, is recognised in profit or loss
such that the cumulative expense reflects the revised estimate,
with a corresponding adjustment to reserves.
New standards, interpretations and amendments
There have been a number of amendments to existing standards
which are effective from 1 January 2022 but they do not have
material effect on the Group financial statements.
At the date of approval of the consolidated financial
statements, the IASB and IFRS Interpretations Committee have issued
standards, interpretations and amendments which are applicable to
the Group. For the next reporting period, applicable International
Financial Reporting Standards will be those endorsed by the UK
Endorsement Board (UKEB).
Whilst these standards and interpretations are not effective
for, and have not been applied in the preparation of, these
consolidated financial statements, the following could have a
material impact on the Group's financial statements going
forward:
New/Revised International Financial Effective Date: UKEB adopted
Reporting Standards Annual periods
beginning on
or after:
IAS 12 Amendment to IAS 12: Deferred 1 January 2023 Yes
Tax related to Assets and
Liabilities arising from a
Single Transaction
------------------------------------ ---------------- -------------
IAS 1 Amendments to IAS 1: Classification 1 January 2024 No
of Liabilities as Current
or Non-current
------------------------------------ ---------------- -------------
IFRS Amendment to IFRS 16: Lease 1 January 2024 No
16 Liability in a Sale and Leaseback
------------------------------------ ---------------- -------------
Management anticipates that all relevant pronouncements will be
adopted in the Group's accounting policies for the first period
beginning after the effective date of the pronouncement.
There are no other standards and interpretations in issue but
not yet adopted that the directors anticipate will have a material
effect on the reported income or net assets of the Group.
2. Judgements in applying accounting policies and key sources of estimation uncertainty
The Group makes certain estimates and assumptions regarding the
future. Estimates and judgements are continually evaluated based on
historical experience and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances. In the future, actual experiences may differ from
these estimates and assumptions. The estimates and assumptions that
have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next
financial year are discussed below.
In preparing these financial statements, the Directors made the
following judgements:
Incremental borrowing rate used to measure lease liabilities
Where the interest rate implicit in the lease cannot be readily
determined, lease liabilities are discounted at the lessee's
incremental borrowing rate. This is the rate of interest that the
lessee would have to pay to borrow over a similar term, and with a
similar security, the funds necessary to obtain an asset of a
similar value to the right-of-use asset in a similar economic
environment. This involves assumptions and estimates, which would
affect the carrying value of the lease liabilities and the
corresponding right-of-use assets.
To determine the incremental borrowing rate, the Group uses
recent third-party financing as a starting point, and adjusts this
for conditions specific to the lease such as its term and
security.
The Group used an incremental borrowing rate of from 3.25% to
32.5% depending on the specifics of the lease, particularly based
on which country the underlying asset is based in.
Deferred tax asset recognition
As at 30 June 2022, the Directors recognised $3.2m of deferred
tax assets in relation to deductible temporary differences arising
in the UK. As at 31 December 2022, the Directors have re-assessed
the recoverability of these assets. Based on management forecasts
of the taxable profits in the UK entities, we expect these deferred
tax assets to be recovered against future taxable profits in the UK
as follows: $67,000 to be recovered in 2023, $935,000 to be
recovered in 2024 and $2,198,000 to be recovered in 2025. As the
majority of the deferred tax assets are expected to be recovered in
2024 and 2025, and given the losses of the Group in 2022 were
greater than originally forecasted, the Directors concluded that
sufficient taxable profits arising in the UK to utilise this
deferred tax asset would be possible rather than probable. As a
result, the Directors have chosen to derecognise deferred tax
assets of $3.2m in accordance with the requirements of IAS12.
Other key sources of estimation uncertainty:
Inventories provision
Inventory is carried at the lower of cost and net realisable
value. Provisions are made to write down obsolete inventories to
net realisable value. The provision is $1,601,000 at 31 December
2022 (2021: $1,268,000). A difference of 10% in the provision as a
percentage of gross inventory would give rise to a difference of
+/- $160,100 in gross margin.
Goodwill
The carrying amount of goodwill at 31 December 2022 was
$1,259,000 (2021: $2,417,000 which solely relates to Chinatool UK
Limited. The goodwill relating to Chinatool UK Limited was subject
to annual impairment testing, and no need for impairment was
identified during the year. Details of the impairment testing
performed and sensitivity analysis performed is set out in Note
12.
During the year ended 31 December 2022, the Group has set up CT
Automotive Systems DE Mexico SA DE CV, a new production facility in
Mexico aimed at supplying automotive customers in North America. As
a result, the future trading activity via the US subsidiary
IMS/Chinatool JV, LLC is going to be significantly curtailed.
Therefore, goodwill of $1,158,000 relating to IMS/Chinatool JV, LLC
was fully impaired during the year ended 31 December 2022.
Hyperinflation
The Group exercises significant judgement in determining the
onset of hyperinflation in countries in which it operates and
whether the functional currency of its subsidiaries or associates
is the currency of a hyperinflationary economy.
Various characteristics of the economic environment of each
country are taken into account. These characteristics include, but
are not limited to, whether:
-- the general population prefers to keep its wealth in
non-monetary assets or in a relatively stable foreign currency;
-- prices are quoted in a relatively stable foreign currency;
-- sales or purchase prices take expected losses of purchasing
power during a short credit period into account;
-- interest rates, wages and prices are linked to a price index; and
-- the cumulative inflation rate over three years is approaching, or exceeds, 100%.
Management exercises judgement as to when a restatement of the
financial statements of a Group entity becomes necessary. Following
management's assessment, the Group's subsidiary in Turkey has been
accounted for as an entity operating in a hyperinflationary
economy. The results, cash flows and financial positions of
Chinatool Otomotiv Sanayi Tic. Limited Sti. have been expressed in
terms of the measuring units current at the reporting date.
The movement in the general price index in the current period
was 47.8% (2021: 11.1%).
3. Restatement of prior year
The Group has identified an error with regards to the
calculation of year-end inventory on consolidation which relates to
a number of years. The error relates to the calculation of
provision for unrealised profits resulting from intra group
sales.
The earliest period being presented and restated in these
consolidated financial statements is the period ended 31 December
2020. As at 31 December 2020, the value of finished goods
inventories has been reduced by $6,165,000, with a reduction of
retained earnings at this date of $6,165,000.
As at 31 December 2021, the value of finished goods has been
reduced by $8,275,000. Cost of sales for year ended 31 December
2021 has increased by $2,110,000.
In addition, the Group has identified an error with regards to
the transfer of tooling assets from the Group balance sheet to cost
of sales upon completion of tooling and sale to the customer, which
relates to 2021.
With regard to tooling projects completed in 2021, an additional
$2,626,000 of cost of sales should have been recognised.
As at 31 December 2021, the value of Property, plant and
equipment has been reduced by $2,626,000 with a corresponding
increase in costs of sales.
Loss per share for the year ended 31 December 2021 has increased
to 55 cents per share.
4. Segment Information
Operating segments are reported in a manner consistent with
internal reporting provided to the Chief Operating Decision Maker
(CODM). The CODM has been identified as the management team
including the Chief Executive Officer and Chief Financial Officer.
The segmental analysis is based on the information that the
management team uses internally for the purpose of evaluating the
performance of operating segments and determining resource
allocation between segments.
The Group has 3 strategic divisions which are its reportable
segments.
The Group has the below main divisions:
1) Tooling - Design, development and sale of tooling for the automotive industry.
2) Production - Manufacturing and distributing serial production
kinematic interior parts for the automotive industry.
3) Head office - Manages Group financing and capital management.
The Group evaluates segmental performance on the basis of
revenue and profit or loss from operations calculated in accordance
with IFRS.
Inter-segment sales are priced along the same lines as sales to
external customers, with an appropriate discount being applied to
encourage use of Group resources at a rate acceptable to local tax
authorities. This policy was applied consistently in the current
and prior year.
2022 Tooling Production Head Office Total
$'000 $'000 $'000 $'000
Revenue
Total revenue from customers 6,980 117,289 - 124,269
Depreciation and amortisation - (5,422) - (5,422)
Finance expense - (1,939) (58) (1,997)
Segment Profit/(Loss) 1,601 866 (21,288) (18,821)
-------- ----------- ------------ ---------
Share of post-tax loss of equity accounted associates -
---------
Group Loss before tax and discontinued operations (18,821)
---------
2022 Tooling Production Head Office Total
$'000 $'000 $'000 $'000
Additions to non-current assets - 3,549 - 3,549
Reporting segment assets 1,517 77,071 548 79,136
Reportable segment liabilities (4,994) (70,051) (1,514) (76,559)
-------- ----------- ------------ ---------
2021 (restated) Tooling Production Head Office Total
$'000 $'000 $'000 $'000
Revenue
Total revenue from customers 22,175 105,609 - 127,784
Depreciation and amortisation - (5,072) - (5,072)
Finance expense - (2,034) (2,364) (4,398)
Segment Profit/(Loss) 5,260 (7,550) (9,489) (11,779)
-------- ----------- ------------ ---------
Share of post-tax loss of equity accounted associates (579)
---------
Group Loss before tax and discontinued operations (12,358)
2021 (restated) Tooling Production Head Office Total
$'000 $'000 $'000 $'000
Additions to non-current assets - 1,879 - 1,879
Reporting segment assets 6,802 89,190 12,540 108,532
Reportable segment liabilities (3,628) (74,119) (3,527) (81,274)
-------- ----------- ------------ ---------
External revenue by location of customers Non-current assets by location of assets
2022 2021 2022 2021
$'000 $'000 $'000 $'000
US 27,640 29,489 253 124
UK 16,603 15,685 2,395 4,213
Czech Republic 21,399 35,356 651 440
China 18,415 18,289 12,578 13,686
Turkey 12,806 9,690 1,450 555
Mexico 4,766 2,198 2,390 -
Spain 4,692 6,985 - -
Brazil 3,567 3,074 - -
Japan 3,162 1,521 - -
Thailand 2,378 2,187 - -
Slovakia 1,051 597 - -
Italy 986 1,041 - -
South Africa 960 869 - -
Germany 727 731 - -
Other 5,117 72 141 287
124,269 127,784 19,858 19,305
----------------------- ------------------- ----------------------------- ------------
Due to the nature of the automotive industry becoming
increasingly consolidated with mergers, acquisitions and strategic
alliances, the number of customers under separate control is
decreasing whilst the size of such customers is increasing.
Analysis of concentration of customers, top 3 and others:
In 2022 the Group had 3 major customers representing $50.4m
(39%), $23.9m (18%) and $20.1m (16%) of Group revenue.
In 2021 the Group had 3 major customers representing $42.7m
(32%), $43.2m (33%) and $13.3m (10%) of Group revenue.
5. Revenue
2022 2021
$'000 $'000
Disaggregation of revenue
An analysis of revenue by type is given below:
Sale of parts 117,289 105,609
Sale of tooling (including design and development) 6,980 22,175
--------- ---------
124,269 127,784
--------- ---------
An analysis of revenue by geographical market is given within
Note 4.
All revenue is recognised from goods transferred at a point in
time.
Contract balances
The following table provides information about significant
changes during the year in contract assets and contract liabilities
from contracts with customers:
Contract assets Contract liabilities
$'000 $'000
Balance as at 1 January 2022 - 2,925
Revenue recognised that was included in contract liabilities at the
beginning of the year - (1,016)
Increases due to cash received, excluding amounts recognised as revenue
during the year - 2,248
Movements due to foreign exchange - (39)
----------------- ---------------------
Balance as at 31 December 2022 - 4,118
----------------- ---------------------
The contract liabilities included within trade and other
payables primarily relate to the advance consideration received
from customers on tooling projects.
The contract assets and contract liabilities are recognised in
profit or loss when the performance obligations of each contract
are satisfied which is at the point that the contract is satisfied
and control has passed to the customer. As such, the Group does not
recognise revenue on any partially satisfied performance
obligations.
The following table includes revenue expected to be recognised
in the future related to performance obligations that are
unsatisfied (or partially unsatisfied) at the reporting date.
2023 2024 Total
$'000 $'000 $'000
Tooling projects 10,047 - 10,047
-------- ------ --------
All consideration from contracts with customers are accounted
for as contract assets or liabilities and released to the revenue
once performance obligation is fulfilled.
The Group applies the practical expedient in paragraph 121 of
IFRS 15 and does not disclose information about remaining
performance obligations that have original expected durations of
one year or less.
6. Other operating income
2022 2021
$'000 $'000
Government grants 546 1,421
Other income 104 10
------ -------
650 1,431
------ -------
The government grant income relates to government support
received in China relating to utilities and training subsidies,
promotion of foreign trade and COVID-19 recovery.
7. Non-recurring items
2022 2021
$'000 $'000
AIM listing fees 31 1,810
Turkish foreign exchange losses - 1,113
Impairment of associate - 1,627
Impairment of goodwill 1,158 -
Impact of implementing IAS29 665 -
China housing fund contribution 453 -
Start-up costs in Mexico 1,738 -
Irrecoverable excess freight costs 238 1,021
------- ------
4,283 5,571
======= ======
The Directors consider that it is appropriate to remove the
non-recurring costs and certain non-trading items discussed below
to better allow the reader of the accounts to understand the
underlying performance of the Group.
The AIM listing completed in December 2021 incurred one-off
transaction costs and advisory fees. Costs of $31,000 (2021:
$1,810,000) have been recognised within administrative expenses in
relation to this.
In December 2021, the Turkish Lira was significantly depreciated
against the USD following unprecedented Government announcements in
Turkey. This resulted in the Group incurring one-off unrealised
foreign exchange losses of $NIL (2021: $1,113,000) arising in
Chinatool Otomotiv San. Tic. Ltd Sti.
An impairment review of the loans and shareholdings the Group
held in Marin Engineering Limited and Scomadi (Thailand) Co. Ltd.
was completed in 2021. These balances were fully impaired before
the loan was written off and the shares were transferred to a third
party. This resulted in a one-off impairment charge of $NIL (2021:
$1,627,000).
Global freight costs have temporarily increased significantly
following the pandemic and related logistic issues. This has
resulted in freight container costs exceeding the container rates
quoted to customers. In recognition of this expecting to normalise
over time, the Group has negotiated with customers to maximise the
recovery of excess freight costs. There is however an element of
excess freight costs which is deemed irrecoverable amounting to
$238,000 (2021: $1,021,000) recognised within distribution
expenses.
In respect of the year ended 31 December 2022, the rate of
inflation in Turkey reached a level whereby it is considered
hyperinflation and as a result the Group has been required to
restate the results of Chinatool Otomotiv San. Tic. Ltd Sti in
accordance with IAS29. The impact of this restatement is not part
of the underlying performance of the business and is therefore
considered non-trading.
During the year ended 31 December 2022, the Group's Chinese
entities received a backdated demand for Housing Fund contributions
(a form of social insurance in China) relating to the period 2010
to 2019. Since 2020 these contributions have been correctly
calculated and paid so this backdate charge will not recur.
During the year ended 31 December 2022, the Group opened a new
production facility in Mexico and incurred $1,738,000 of
pre-opening and start-up costs which the Directors consider to be
non-recurring in nature.
Goodwill of $1,158,000 relating to IMS/Chinatool JV, LLC was
fully impaired during the year ended 31 December 2022 as the
setting up of CT Automotive Systems DE Mexico SA DE CV is expected
to curtail future trading through IMS/Chinatool JV, LLC as US sales
through the Mexican subsidiary will be subject to lower tariffs.
Management expect to move manufacturing and distribution of
existing North American projects to Mexico, and are tendering for
new North American projects on the basis of manufacturing and
distribution from Mexico. Moving manufacturing for these projects
from China to Mexico will reduce the exposure to Section 301
tariffs on imports into the US from China and will improve the
Group's competitive pricing for North American projects.
8. Expenses and auditors' remuneration
Restated
2022 2021
$'000 $'000
Operating loss is stated after charging:
Amortisation:
* Continuing operations 602 440
Depreciation:
* Continuing operations 1,608 1,697
* Discontinued operations 165 167
Foreign exchange 3,804 1,576
Depreciation of right-of-use assets:
* Continuing operations 3,212 2,935
* Discontinued operations 360 133
Cost of inventories 86,148 75,076
2022 2021
$'000 $'000
Auditors' remuneration
Audit of Group financial statements 164 158
Audit of financial statements of subsidiaries of the Company 309 241
9. Taxation
2022 2021
Recognised in profit or loss $'000 $'000
Current tax expense
Current year 621 135
Adjustments for prior periods 23 150
------ --------
Current tax expense 644 285
------ --------
Deferred tax credit
Origination and reversal of temporary differences 2,438 (993)
Adjustments for prior periods (88) -
Effect of changes in tax rates 60 (444)
Deferred tax charge / (credit) 2,410 (1,437)
------ --------
Total tax charge / (credit) 3,054 (1,152)
------ --------
2022 2021
$'000 $'000
Reconciliation of effective tax rate
Loss for the year (21,875) (11,206)
Total tax charge 3,054 (1,152)
Loss excluding taxation (18,821) (12,358)
--------- ---------
Tax using the UK corporation tax rate of 19% (2021 - 19%) (3,576) (2,348)
Effect of tax rates in foreign jurisdictions 1,810 258
Non-taxable income 13 22
Non-deductible expenses 209 1,255
Adjustments for prior periods 1,328 150
Tax rate changes (590) (454)
Unrecognised deferred tax assets 3,845 -
Other differences 15 (35)
Total tax charge / (credit) 3,054 (1,152)
--------- ---------
The UK Government announced in the March 2021 Budget that the
main rate corporation tax in the UK will increase from 19% to 25%.
This was substantively enacted by the balance sheet date and as a
result deferred tax balances at 31 December 2021 have been measured
at 25%.
Included within tax payable is an IFRIC 23 uncertain tax payable
totalling $778,000 (2021: $618,000), which is a result of
uncertainty in the tax legislation in a certain jurisdiction.
10. Discontinued operations
On 30 September 2022, the Group made a decision to discontinue
Chinatool Automotive Systems Limited.
The results of the discontinued operations, which have been
included in the profit for the year, were as follows:
2022 2021
$'000 $'000
Revenue 3,958 5,155
Cost of sales (5,240) (6,108)
Other income 21 37
Distribution expenses (110) (9)
Administrative expenses (1,276) 1,178
Net finance income / expense (93) (76)
-------- --------
(Loss) / profit before tax (2,740) 177
Attributable tax expense (49) (44)
-------- --------
Net (loss) / profit attributable to discontinued operations (2,789) 133
-------- --------
During the year, Chinatool Automotive Systems Limited incurred a
cash outflow of $1,536,000 (2021: cash outflow of $1,580,000) to
the Group's net operating cash flows, paid $nil (2021: $543,000) in
respect of investing activities and paid $372,000 (2021: $324,000)
in respect of financing activities.
Assets and liabilities of Chinatool Automotive Systems have not
been classified as held for sale at 31 December 2022 due to their
immaterial nature and because all short term assets and liabilities
are expected to be either settled or transferred to continuing
Group operations. These are included in the respective Group assets
and liabilities and are as follows:
2022
$'000
Assets
Property, plant and equipment 68
Right of use assets 98
Inventories 219
Trade and other receivables 171
Cash 34
--------
Total assets 590
Liabilities
Trade and other payables (810)
Overdraft (153)
Lease liability (494)
Current tax liability (46)
Deferred tax liability (37)
Total liabilities (1,540)
Net liabilities (950)
--------
11. Loss per share
From continuing and discontinued operations: 2022 2021
Number Number
Weighted average number of equity shares 50,933,289 20,286,757
----------- -----------
$ $
Earnings, being loss after tax (24,664,000) (11,073,000)
------------- -------------
Cents Cents
Loss per share (48.4) (54.6)
------- -------
In 2022 there were share options outstanding that could have a
dilutive effect on earnings per share in the future but are not
taken into account in the current period because the Group has
reported a loss. In 2021 there were no outstanding instruments that
can result in diluted earnings per share to be different from basic
earnings per share.
From continuing operations: 2022 2021
Number Number
Weighted average number of equity shares 50,933,289 20,286,757
----------- -----------
$ $
Earnings, being loss after tax before discontinued operations (21,875,000) (11,206,000)
------------- -------------
Cents Cents
Loss per share (42.9) (55.2)
------- -------
From discontinued operations: 2022 2021
Cents Cents
Basic and diluted (loss) / earnings per share (5.5) 0.7
------ ------
12. Goodwill
$'000
Cost
Balance at 1 January 2021 & 31 December 2021 2,417
Additions -
Balance at 31 December 2022 2,417
------
Impairment
Balance at 1 January 2021 & 31 December 2021 -
Impairment charge 1,158
Balance at 31 December 2022 1,158
------
Net book value
31 December 2022 1,259
31 December 2021 2,417
------
Goodwill considered significant in comparison to the Group's
total carrying amount of such assets have been allocated to cash
generating units or groups of cash generating units as follows:
Goodwill
2022 2021
$'000 $'000
Chinatool UK Limited 1,259 1,259
IMS / Chinatool JV, LLC - 1,158
The recoverable amount of Chinatool UK Limited has been
determined based on a value-in-use calculation. This calculation
uses forecasts approved by the Directors which covers a four year
period. These are detailed forecasts based on customer schedules
and expected project lifetimes. The detailed forecasts have been
reviewed for a four year period as this is considered to be the
range over which the customer schedules can be relied upon to
create detailed forecasts.
In performing these calculations, the future cashflows of
Chinatool UK Limited have been discounted at 14%. The Directors
concluded that this discount rate is appropriate having reviewed
discount rates applied by competitors in our sector, including
businesses who are exposed to similar automotive supply risks and
applying a margin to take account of our size, the complexity of
our operations and levels of borrowing in the Group.
Using the stated assumptions, there is significant headroom
between the recoverable amount of goodwill relating to Chinatool UK
Limited. Applying sensitivity analysis to these calculations, a 2%
increase to the discount rate applied reduces the headroom, but
still allows for of over $10m of headroom.
Goodwill of $1,158,000 relating to IMS/Chinatool JV, LLC was
fully impaired during the year ended 31 December 2022 as the
setting up of CT Automotive Systems DE Mexico SA DE CV is expected
to curtail future trading through IMS/Chinatool JV, LLC as US sales
through the Mexican subsidiary will be subject to lower tariffs.
Management expect to move manufacturing and distribution of
existing North American projects to Mexico, and are tendering for
new North American projects on the basis of manufacturing and
distribution from Mexico. Moving manufacturing for these projects
from China to Mexico will reduce the exposure to Section 301
tariffs on imports into the US from China and will improve the
Group's competitive pricing for North American projects.
13. Intangible assets
Software
$'000
Cost
Balance at 1 January 2021 1,706
Additions 421
Effect of movements in foreign exchange (67)
Balance at 31 December 2021 2,060
Additions 633
Effect of movements in foreign exchange (244)
Balance at 31 December 2022 2,449
Amortisation and impairment
Balance at 1 January 2021 1,161
Amortisation for the year 440
Effect of movements in foreign exchange (61)
---------
Balance at 31 December 2021 1,540
Amortisation for the year 602
Effect of movements in foreign exchange (221)
---------
Balance at 31 December 2022 1,921
Net book value
At 31 December 2022 528
---------
At 31 December 2021 520
---------
Amortisation charge
The amortisation charge is recognised in the following line
items in the statement of profit or loss:
2022 2021
$'000 $'000
Administrative expenses 602 440
------ ------
14. Property, plant and equipment
Plant and equipment Fixtures and fittings Motor vehicles Total
$'000 $'000 $'000 $'000
Cost
Balance at
1 January 2021 16,687 3,323 38 20,048
Additions 182 1,276 - 1,458
Disposals (1,049) (554) - (1,603)
Effect of movements in foreign exchange (554) (166) (4) (724)
Balance at 31 December 2021 15,266 3,879 34 19,179
Effect of hyperinflation 406 179 585
Additions 1,811 1,053 - 2,864
Disposals (2,654) (464) (11) (3,129)
Effect of movements in foreign exchange (1,484) (372) - (1,856)
Balance at 31 December 2022 13,345 4,275 23 17,643
Depreciation
Balance at 1 January 2021 8,571 1,855 38 10,464
Depreciation charge for the year 574 1,290 - 1,864
Disposals (255) (336) - (591)
Effect of movements in foreign exchange (150) (85) (4) (239)
-------------------- ---------------------- --------------- --------
Balance at 31 December 2021 8,740 2,724 34 11,498
Effect of hyperinflation 146 115 - 261
Depreciation charge for the year 367 1,406 - 1,773
Disposals (1,826) (429) (11) (2,266)
Effect of movements in foreign exchange (719) (206) - (925)
-------------------- ---------------------- --------------- --------
Balance at 31 December 2022 6,708 3,610 23 10,341
Net book value
At 31 December 2022 6,637 665 - 7,302
-------------------- ---------------------- --------------- --------
At 31 December 2021 6,526 1,155 - 7,681
-------------------- ---------------------- --------------- --------
15. Leases
The treatment of leases within the scope of IFRS 16 is disclosed
in the accounting policies (Note 1).
The Group leases buildings and machinery where payments are
fixed until the contracts expire. There is no variability in
respect of payments and there is not considered to be any
significant judgement in relation to the lease terms.
Right of use assets Land and buildings Plant and machinery Total
$'000 $'000 $'000
At 1 January 2021 7,306 243 7,549
Additions 1,538 911 2,449
Depreciation (2,521) (547) (3,068)
Foreign exchange movement 4 8 12
At 31 December 2021 6,327 615 6,942
Effect of hyperinflation 35 - 35
Additions 8,089 435 8,524
Impairment (429) - (429)
Depreciation (2,866) (706) (3,572)
Foreign exchange movement (683) (48) (731)
At 31 December 2022 10,473 296 10,769
The range of incremental borrowing rates used during the year
for right of use asset additions is 3.25%-18.4% (2021:
3.25%-8.5%).
Lease liabilities Land and buildings Plant and machinery Total
$'000 $'000 $'000
At 1 January 2021 7,916 608 8,524
Additions 1,547 911 2,458
Interest expense 541 46 587
Foreign exchange movement (15) 8 (7)
Repayments (2,993) (581) (3,574)
At 31 December 2021 6,996 992 7,988
Effect of hyperinflation 38 - 38
Additions 7,918 437 8,355
Interest expense 526 44 570
Foreign exchange movement (760) (55) (815)
Repayments (3,069) (1,107) (4,176)
Reduction in lease liabilities (38) - (38)
At 31 December 2022 11,611 311 11,922
The maturity profile of the lease liabilities is as follows: 2022 2021
$'000 $'000
Under 1 year 3,022 2,844
1-2 years 2,373 1,637
2-5 years 5,327 2,594
More than 5 years 1,200 913
------- ------
11,922 7,988
======= ======
16. Inventories
Restated
2022 2021
$'000 $'000
Raw materials and consumables 6,605 8,627
Work in progress 7,735 6,654
Finished goods 13,002 16,223
27,342 31,504
-------- ---------
Inventories recognised as an expense during the year is
disclosed in Note 8.
The provision for inventories recognised during the year ended
31 December 2022 was $333,000 (2021: $229,000).
Trade loans are secured against inventories of $9,583,000 (2021:
5,452,000).
17. Trade and other receivables
2022 2021
$'000 $'000
Trade receivables 16,167 26,444
VAT receivable 633 -
Other receivables 1,832 2,633
-------- -------
18,632 29,077
Prepayments and accrued income 8,248 13,705
Total trade and other receivables 26,880 42,782
-------- -------
Included within trade and other receivables is $Nil (2021 -
$Nil) expected to be recovered in more than 12 months.
The carrying value of trade and other receivables classified at
amortised cost approximates fair value.
The Group does not hold any collateral as security.
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses using a lifetime expected credit loss
provision to trade receivables. The expected loss rates are based
on the Group's historical credit losses. Due to the nature of the
Group's customers, no credit loss provision has been made at year
end (2021 - $Nil). The key assumptions used in evaluating the
credit loss provision are the historical default ratio of these
customers, any known liquidity risks of the customers and based on
the information available we have assessed a range of possible
outcomes.
As at 31 December 2022 trade receivables of $5,897,000 (2021 -
$4,007,000) were past due but not impaired. They relate to
customers with no default history. The ageing analysis of these
receivables is as follows:
2022 2021
$'000 $'000
Not past due 10,270 22,174
Past due 1-90 days 4,260 3,498
Past due more than 90 days 1,637 772
-------- -------
16,167 26,444
-------- -------
Other classes of financial assets included within trade and
other receivables do not contain impaired assets.
Invoice finance balances are secured against trade receivables
of $7,117,000 (2021: 10,997,000).
18. Trade and other payables
2022 2021
$'000 $'000
Current
Trade payables 21,793 24,938
Non-trade payables and accrued expenses 10,266 11,419
Other taxation and social security 2,449 7,388
Contract liabilities 4,118 2,925
Other payables 7,298 3,359
Total 45,924 50,029
-------- -------
Included within trade and other payables is $Nil (2021 - $Nil)
expected to be settled in more than 12 months.
All trade and other payables other than employee social security
and taxes, contract liabilities and provisions for losses on
forward contracts (fair value through profit or loss) are
classified as financial liabilities measured at amortised cost. The
carrying value of trade and other payables classified as financial
liabilities measured at amortised cost approximates fair value.
Previously included within other payables at 31 December 2020
were $1,946,000 of balances due to Simon Phillips which were
reclassified into Equity Loan Notes on 14 September 2021 and
subsequently settled by issue of Ordinary Shares before 31 December
2021.
In addition to the shareholder loan notes, at 23 December 2021
Directors Loan balances of $487,619 were satisfied by the issue of
249,615 Ordinary Shares to the Directors.
19. Borrowings
This note provides information about the contractual terms of
the Group and Company's interest-bearing loans and borrowings,
which are measured at amortised cost.
2022 2021
$'000 $'000
Current liabilities
Unsecured bank overdraft 358 3,638
Current portion of secured bank loans 9,583 5,452
Invoice finance 7,117 10,997
Unsecured loans - 2,500
-------- --------
17,058 22,587
-------- --------
Total 17,058 22,587
-------- --------
Invoice finance balances are secured against trade receivables.
Trade loans are secured against inventories.
The currency profile of the Group's loans and borrowings is as
follows:
2022 2021
$'000 $'000
USD 8,982 12,928
GBP 358 3,147
EUR 7,718 6,433
RMB - 79
17,058 22,587
======== ========
Carrying amount 31 December 2022 Carrying amount 31 December 2021
Currency Nominal interest rate Contracted maturity $'000 $'000
Unsecured
loans USD 10% 2022 - 2,500
Unsecured
bank
overdraft GBP 2.5% 2022 358 3,638
Trade
loans EUR/USD 4.04% 2022 9,583 5,452
Invoice
finance EUR/USD 3.75% 2022 7,117 10,997
---------------------------------- ----------------------------------
17,058 22,587
---------------------------------- ----------------------------------
Terms and debt repayments
The unsecured loans were initially drawn down as a 6 month loan
in January 2021. An agreement was reached with the lender to extend
repayment to January 2022 and the loans were repaid during the
current period.
The Term Loan, which existed in the prior year, was repayable
over equal instalments to June 2023. Interest was paid quarterly in
full. This term loan was fully repaid on 24 December 2021.
The CLBILs, which existed in the prior year, was repayable over
equal instalments to 2023. Interest was paid monthly in full. The
CLBILs were fully repaid on 24 December 2021.
The loan notes, which existed in the prior year, were
reclassified into equity instruments on 14 September 2021 based on
changes in their terms such that they met the IAS 32 definition of
equity.
The invoice finance facility allows 90% prepayment against
eligible invoices up to 120 days old. The invoice financing
facility is secured against the debts that it is drawn down on.
Trade loans are on a 70 days repayment basis.
The unsecured bank overdraft is repayable on demand and has no
set repayment schedules.
The movement of loans notes in the prior period is as
follows:
Loan notes - liabilities Loan notes - equity
$'000 $'000
At 1 January 2021 7,426 -
Accrued interest 528 -
Conversion of shareholder loan notes to equity (7,954) 9,900
Issue of loan notes to third parties 5,600 -
Conversion of loan notes to Ordinary Shares (5,600) (9,900)
As at 31 December 2021 - -
------------------------- --------------------
The original shareholder loan notes due to Simon Phillips
($7,426,000 at 31 December 2020) were reclassified to equity
instruments on 14 September 2021 based on changes in their terms
such that they met the IAS 32 definition as equity instruments. At
the date of this conversion, $1,946,000 of other shareholder
balances due were also reclassified into equity instruments after
changes in their terms, in line with IAS 32. On 23 December 2021,
the balance of these loan notes ($9,900,000) was set off against
$3,694,069 owed by Simon Phillips and entities controlled by Simon
Phillips, with the resulting balance owed to him ($6,205,931) being
satisfied in full by the issue to him of 3,176,871 new Ordinary
Shares.
On 20 September 2021, $5,600,000 of new loan notes were issued
to unrelated third parties which were classified as a liability as
per the terms of the agreement, carrying an interest rate of 10%
and due to be repaid on 31 December 2023. On 23 December 2021,
these were converted into 5,034,898 Ordinary Shares. These were
issued at a 43% discount to the AIM listing placing price.
2022 Cash
Opening received / Other Closing
balance 1 (paid) on movements Interest balance 31
January principal (incl FX) New leases accrued Interest paid December
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Trade loans 5,452 4,131 - - 377 (377) 9,583
Unsecured
loans 2,500 (2,500) - - 30 (30) -
Invoice
finance 10,997 (3,880) - - 688 (688) 7,117
Lease
liabilities 7,988 (3,606) (815) 8,355 570 (570) 11,922
Balance at 31
December
2022 26,937 (5,855) (815) 8,355 1,665 (1,665) 28,622
------------- ------------- ------------- ----------- ------------- -------------- -------------
2021 Opening balance 1 Cash movements Foreign exchange Other movements Closing balance 31
January movements December
$'000 $'000 $'000 $'000 $'000
Term loan 15,603 (16,042) (4) 443 -
CLBILs 8,190 (8,351) (47) 208 -
Trade loans 11,150 (6,092) - 394 5,452
Unsecured loans - 2,250 - 250 2,500
Loan notes 7,426 (8,010) 56 528 -
Invoice finance 12,533 (1,537) - 1 10,997
Lease liabilities 8,524 (1,116) (7) 587 7,988
Balance at 31
December 2021 63,426 (38,898) (2) 2,411 26,937
------------------- --------------- ------------------- ---------------- -------------------
20. Post balance sheet events
On 27 April 2023 the Group announced that it undertook a
fundraise and achieved total gross proceeds of $9.6m (before
transaction costs of $0.5m).
The fundraising was completed through a combination of
subscription and placement of 22,664,259 new ordinary shares at an
issue price of 34 pence per share. The issue price represented a
discount of approximately 31% to the closing middle market price of
49 pence per ordinary share on 26 April 2023, being the latest
practicable date prior to the fundraising announcement.
The new ordinary shares represented approximately 44% of the
existing issued share capital of CT Automotive Group plc.
The fundraising completed following the General Meeting on 15
May 2023 and the admission of the new ordinary shares to trading on
AIM on 16 May 2023.
The enlarged share capital of the Company following admission
increased to 73,597,548 ordinary shares in aggregate.
The net proceeds of the fundraise of approximately $9.1m will
predominately be used to strengthen the balance sheet and to
provide the Group with flexibility to take advantage of growth
opportunities. Additionally, a small portion of the net proceeds
will be deployed to realise further efficiency savings including
through investment in injection moulding production processes and
robotics.
21. Alternative performance measures
The Annual Report includes Alternative Performance Measures
(APMs) which are considered by Management to better allow the
readers of the accounts to understand the underlying performance of
the Group. A number of these APMs are used by Management to measure
the KPIs of the Group. The Board also monitors these APMs to assess
financial performance throughout the year.
The APMs used in the Annual Report include:
- Adjusted EBITDA - calculated as EBITDA adjusted for non-recurring items
- Adjusted EBITDA margin - calculated as adjusted EBITDA divided by revenue in the year
- Adjusted operating profit - calculated as Operating
profit/(loss) adjusted for non-recurring items
- Adjusted operating profit margin - calculated as adjusted
operating profit divided by revenue in the year
EBITDA is calculated based using Operating profit/(loss) before
interest, taxes, depreciation and amortisation.
Detail of each of the non-recurring items is disclosed in Note
7.
Adjusted EBITDA and adjusted EBITDA
margin 2022 2021
$'000 $'000
Adjusted EBITDA from continuing operations (7,129) 3,254
Non-recurring items
* AIM listing fees (31) (1,810)
* Turkish foreign exchange losses - (1,113)
* Impairment of associate - (1,627)
(1,158) -
* Impairment of goodwill
(665) -
* Impact of implementing IAS 29
(453) -
* Backdated Housing fund contribution
(1,738) -
* Start-up costs in Mexico
* Irrecoverable excess freight costs (238) (1,021)
EBITDA (11,412) (2,317)
--------- --------
Adjusted EBITDA margin (6.2%) 6.6%
Adjusted operating (loss) / profit
and adjusted operating profit margin
from continuing operations 2022 2021
$'000 $'000
Adjusted operating profit (12,551) (1,818)
Non-recurring items
* AIM listing fees (31) (1,810)
* Turkish foreign exchange losses - (1,113)
* Impairment of associate - (1,627)
(1,158) -
* Impairment of goodwill
(665) -
* Impact of implementing IAS 29
(453) -
* Backdated Housing fund contribution
(1,738) -
* Start-up costs in Mexico
* Irrecoverable excess freight costs (238) (1,021)
Operating loss (16,834) (7,389)
--------- --------
Adjusted operating profit margin (10.1%) 2.4%
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