TIDMGOI
RNS Number : 9766C
GoIndustry-DoveBid PLC
09 May 2012
GoIndustry-DoveBid plc / Index: AIM / Epic: GOI / Sector:
Support Services
9 May 2012
GoIndustry-DoveBid plc ('GoIndustry DoveBid' or 'the Group')
2011 Preliminary results
GoIndustry DoveBid, the AIM quoted global provider of asset
management, disposition and valuations services for industrial and
financial clients, announces its preliminary results for the year
ended 31 December 2011.
Overview
GoIndustry-DoveBid plc ("GoIndustry DoveBid", or the "Group") is
the global market leader in the provision of asset management,
auction and valuation services relating to industrial
equipment.
The Group delivers innovative solutions that help to value
assets accurately, optimise asset utilisation and reduce costs. The
Group combines asset, industry and market expertise, with eCommerce
technology to service the needs of multinational corporations,
financial institutions, insolvency practitioners, used equipment
dealers and asset based lenders around the world.
Summary results
For the year ended 31 December 2011
2011 2010
GBP000's GBP000's
Direct Profit 22,095 27,811
--------------------------------------------- --------- ---------
Adjusted* loss before taxation (2,933) 613
Exceptional items (224) (409)
Other charges (837) (893)
Loss before taxation (3,994) (689)
--------------------------------------------- --------- ---------
Adjusted* (loss)/earnings per share (31.6p) 9.6p
Adjusted* diluted (loss)/earnings per share (31.6p) 9.6p
Loss per share, basic and fully diluted (42.5p) (3.7p)
* Adjusted loss before tax and adjusted loss per share are
before exceptional charges, amortisation of acquired intangible
assets and share based payment charges.
Chairman's Statement
During the period under review, the Group has continued to make
strong strategic progress on a number of fronts, however we are yet
to see the tangible results of this progress at the Group level.
The Group reported a Direct Profit of GBP22.1m, which is down 20.6%
on the prior year. During 2011 we continued to leverage our global
strengths by continuing to focus largely on multinational corporate
accounts that are increasingly focused on efficiently managing and
realising value from both under-utilised and redundant assets. To
this end we were delighted to have signed 21 new corporate 'forward
flow' accounts, bringing the number of clients with repeat business
to 60 at year end. This represents over a 50% growth in the number
of forward flow accounts and includes some of the world's largest
companies from the USA, UK, France, Germany, Sweden and China.
In particular, large corporates understand the need to better
manage their industrial asset base through 'asset recovery'
programmes. This allows us to partner with them on a global basis
to help maximise their returns on assets. Consequently, this
affords the Group the opportunity to generate higher margin repeat
business to deliver greater future revenues and earnings
visibility.
The Group's global footprint, across twenty countries, and
globally accessible online auction platform, which enables buyers
and sellers of industrial equipment to interact and obtain the best
market price for their equipment, is helping the Group shift from
the traditional model of asset disposal. This global footprint
gives GoIndustry-DoveBid a significant competitive advantage which
enables the Group to capture business from global corporations.
This has resulted in GoIndustry DoveBid winning over 80% of the
Requests for Proposal in 2011 from global companies and continuing
its extremely strong retention rate with over 97% of the Group's
key corporate clients remaining contracted throughout the year.
The transition to an online global solution provider has been
driven by several key trends:
-- Increased value: Most large corporations now understand there
is substantial added value in proactively managing surplus assets,
as it generates cash, while reducing costs and capital
expenditures.
-- Need for greater transparency: Changing regulations,
including rules pertaining to the Sarbanes Oxley Act in the USA,
have created a need for improved transparency and accountability
for asset sales and asset valuations.
-- Greater acceptance of a global outsourced approach: Large
manufacturers increasingly appreciate the cost, control, planning,
and reporting advantages provided by a global, knowledgeable,
expert partner.
-- Sustainability: Global companies have seen how a well
implemented surplus asset management program can significantly
improve their sustainability results.
The Group's aim is to sign multi-year contracts for the ongoing
disposal of a corporation's surplus assets. Additionally the Group
seeks to provide information and technology tools to facilitate
asset redeployment and provide asset valuation services for
reporting and lending purposes. These multi-year contracts
typically result in recurring revenue and generate a significant
ROI for corporate customers through increases in sales and asset
productivity and reduction of capital expenditure. Building these
corporate relationships is also important as they provide the Group
with intimate knowledge of potential large transactions arising
from facility closures that typically might not otherwise be
public.
We believe that this strategic progress will in due course
result in improved Group profitability.
Financial performance
The Group delivered Direct Profit of GBP22.1.m (2010: GBP27.8m).
In particular, our North American operations were adversely
impacted due to a reduced number of large plant closures and
general economic uncertainty in 2011 which caused many corporations
to be exceptionally cautious about investment. The extent of this
caution was unprecedented as was widely reported in the financial
press as 'Corporate America sitting on a massive $2 trillion of
cash'. As a consequence, the Group reported an adjusted EBITDA loss
of GBP2.0m (2010: profit GBP1.5m). The adjusted loss before tax was
GBP2.9m (2010: adjusted profit before tax GBP0.6m), before charges
for amortisation of acquired intangibles of GBP0.7m (2010:
GBP0.7m), share based payments of GBP0.2m (2010: GBP0.2m), net
financing costs of GBP0.3m (2010: GBP0.3m) and exceptional charge
of GBP0.2m (2010: GBP0.4m) which relates to the restructuring of
the operations to better align the business with the strategic
direction and the costs of securing forward flow contracts off-set
by a net credit on settlement of legal cases. Loss before tax was
GBP4.0m (2010: GBP0.7m).
At 31 December 2011 the Group's net debt position (cash and bank
less borrowings and client funds) was GBP4.2m (2010: net cash
GBP0.5m).
Basic loss per share was 42.5p (2010: 3.7p). Adjusted loss per
share for the year was 31.6p (2010: earnings per share of 9.6p),
where the adjustments to the loss attributable to equity holders of
the company are exceptional costs, amortisation of acquired
intangible assets and an IFRS 2 charge for share-based
payments.
Outlook
The Board has been continuing to implement its strategy to
position the Group for growth by signing more large corporate
forward flow accounts. The Board believes that this will bring
greater visibility to revenue, and will help improve both profits
and cash flow. The Board also has had an ongoing focus on
efficiency, having reduced costs substantially during the latter
part of 2011, whilst continuing to improve business processes. In
addition the Board expected the Group to benefit from improved
performance as the investment climate recovers in North America and
momentum within its markets improves.
Whilst the Group is making strategic progress on a number of
fronts, it has yet to see tangible results of this progress in
terms of profitability and market value of the company. The Company
has received an offer from Liquidity Services, Inc. to acquire the
issued share capital of the Company at 73pence per share.After
considering the Company's progress, the opportunities that lie
ahead and the resources available to realise such opportunities,
the Board recommends shareholders to vote in favour of a proposed
Scheme of Arrangement which would result in the issued share
capital of the Company being acquired at 73 pence per share in cash
by Liquidity Services Inc. Further information will be sent to
Shareholders shortly.
Finally, I would like to thank the staff for their continuing
commitment through a challenging year.
Neville Davis
Non-Executive Chairman
9 May 2012
Business Review
GoIndustry DoveBid is the global market leader in the provision
of surplus asset management, online auction and valuation services
for the industrial and financial marketplaces. We believe there is
a strong and growing market opportunity for our services. We have
implemented a strategy that will leverage our industrial equipment
knowledge, our global presence and our online sales platform to
address the equipment valuation, redeployment and surplus asset
disposal needs of corporations.
Business objectives and strategy
GoIndustry DoveBid's key strategy is focused on delivering
repeatable revenue and growing profits for the Group by providing a
comprehensive set of services to assist corporate clients in
maximising the value of their industrial assets. We believe the
corporate market will provide a solid environment for growth and
will deliver long term benefits for the Group. This will provide
more recurring revenues than the traditional auction business which
is more transactional in nature. We aim to deliver sustainable
profit growth by:
-- Expanding our volume of business with existing corporate
accounts by further implementing our unique services and technology
across their global locations;
-- Continuing to sign new corporate accounts as we have in 2011,
where we successfully opened both the European and Asian markets to
our comprehensive Go-Optimize(R) service offering;
-- Continue to leverage our proprietary online auction platform,
Industry Exchanges and AssetZone(R) asset management tools to
manage our business and our clients' surplus assets more
effectively;
-- Continually increasing the effectiveness of our sales and
marketing capabilities to access new buyers across the world and
new market opportunities; and
-- Constantly improving the global quality of our services to clients.
The Group has several compelling differentiators upon which to
build. Our exceptional professional knowledge of the used equipment
market, combined with a comprehensive service offering coupled with
global coverage, has put the Group at the forefront of assisting
large corporations to pro-actively manage their surplus industrial
assets. Our Go-Optimize(R) services suite offers a complete set of
managed services and tools to recover value from used assets
through utilising our:
-- AssetZone(R) asset management and redeployment tool;
-- valuation and appraisal services;
-- online global auction capabilities; and
-- Industry Exchanges - regularly scheduled online marketplaces
for specific industries, such as the highly successful BioPharma
Exchange.
The objective of Go-Optimize(R) is to achieve outstanding
results for clients by generating cash from asset sales and cash
savings from reduced capital expenditure, whilst delivering a
proactive, structured, transparent and efficient surplus asset
management programme.
Operational highlights
Direct Profit for the Group was down 20.6% to GBP22.1m (2010:
GBP27.8m). Trading was particularly weak in North America. This was
primarily due to general economic uncertainty causing many
companies to postpone major capital expenditure decisions and focus
on maximising productivity from their existing capital assets. The
economic uncertainty in 2011 made companies reluctant to buy new
assets or dispose of unused ones until there was greater clarity
regarding future needs and trends. Nevertheless, we did see a
gradual improvement in our North American performance in the second
half of 2011 which has continued into 2012.
The trends experienced in North America underline the important
rationale behind our strategic shift of increasing the number of
corporate 'forward flow' agreements with large global companies for
the provision of surplus industrial asset management, auction and
valuation services. These agreements, which typically are
multi-year service agreements, deliver significant recurring
revenues and give the Group greater visibility and scalability over
the medium term.
Indeed, the Group continues to make solid progress delivering on
this key strategic aim. It has won 21 new global corporate forward
flow accounts in 2011, taking our total number of active forward
flow accounts to 60 at the year end. This has extended our global
lead in the corporate surplus industrial asset management segment.
We are also in advanced contract negotiations with many other
multinational companies and look forward to updating the market on
these developments in due course. These agreements should provide
significant additional revenues to the Group in 2012 and in
subsequent years. For example, the top 15 forward flow accounts
averaged over GBP450k each in Direct Profit during 2011, evidencing
strong asset flow despite fewer large plant closures. It should be
noted that many of our new corporate forward flow clients quickly
began using our services and four new accounts made the Top 15 in
2011. In addition, over 97% of our key corporate contracts have
been renewed in 2011 or remain in effect, demonstrating further
evidence of the customer satisfaction our service delivers.
Including non-forward flow accounts our top three clients delivered
more than GBP900k each in Direct Profit, demonstrating the quantum
of the opportunity for the Group to penetrate the market. The Group
continued its investment in growing its delivery capabilities, such
as the Go-Optimize(R) services suite, which helps large
corporations pro-actively manage their surplus assets. We believe
it will be an important contributor to future growth and it
continues to be well received in the market.
Whilst we are making strong progress in pursuing our strategic
objectives this is yet to be reflected in an upturn in our
financial performance.
Overview of the Group's financial performance
In the year ended 31 December 2011, Direct Profit was generated
as follows:
2011 2010 Change
GBPm GBPm
Commission sales 16.6 20.8 (20.1%)
Professional services 4.4 4.2 5.0%
Principal deals 1.1 2.8 (61.8%)
22.1 27.8 (20.5%)
----- ----- --------
The Direct Profit from Commission Sales from auction
transactions accounted for 75% (2010: 75%) of total Direct Profit.
The proportion of sales conducted online remained robust increasing
to 71% from 70% in 2010. This was in part due to the growing
popularity of the Group's Industry Exchanges, which are becoming a
recurring destination site for buyers and sellers of used
equipment. Our online sales are a strong endorsement for showing
that corporations are embracing the transparent and efficient
online method for obtaining the best value for resale
equipment.
Professional services, comprised primarily of valuation fees,
accounted for 20% of total Direct Profit up from 15% in 2010, based
mostly on increased business with large global financial services
clients.
Other Direct Profit, comprised primarily of principal deals,
declined from 10% to 5%. These deals are no longer regarded as a
core activity as they increase the Group's exposure to financing
commitments and fluctuations in asset values.
As explained above, North America had a disappointing year with
Direct Profit down GBP5.0m on 2010 to GBP10.6m. A key factor was
the reduction of Direct Profit from Principal deals, down GBP1.6m
to GBP1.0m. Commission Sales in North America experienced weakness
and were down GBP2.9m to GBP8.0m as corporations had fewer plant
closures than in 2010 and deferred major capital expenditure
decisions. Professional Services, decreased by GBP0.4m to GBP1.6m.
As a consequence, North America accounted for 48% of the Group
Direct Profit, down from 56% in 2010.
Europe delivered a Direct Profit of GBP8.7m, down 6% on 2010. In
particular, Professional Services had a strong year with Direct
Profit up 25.5% to GBP2.3m mostly due to greater demand in the UK.
Commission Sales were GBP6.4m, down 12.5% on 2010, following the
postponement of a number of major auctions. However, improvements
in the overall mix of business led to a significant increase in the
European margin up from 63% in 2010 to 74% in 2011.
Direct Profit in Asia was GBP2.8m, 3.7% below last year. Despite
a large contract in Korea to close 3 factories in the first half,
Direct Profit from Commissions Sales was GBP2.2m, down GBP0.3m, due
to delays of expected plant closures in the second half.
Professional Services grew by 25% from GBP0.4m to GBP0.5m
principally driven by companies requiring asset valuations due to
restructuring, liquidations and mergers. Other Direct Profit was
GBP0.1m (2010: GBP0.1m)
The Group derives more than half of its revenues in US dollars,
so movements in the Sterling-US Dollar rate affect our reported
revenues. Although the US dollar finished 2011 only one tenth of a
cent stronger against Sterling than it began the year, for most of
2011 it was weaker against Sterling, at one stage it was more than
8% down, so that the impact of exchange rates, although not
significant, has tended to lower the reported revenues.
The Group continues to monitor its cash flow requirements and at
31 December 2011 the Group's net debt position was GBP4.2m (2010:
net cash GBP0.5m). The main increase in net debt is due in part to
funding the trading activity, an increase in net working capital of
GBP2.8m (of which the reduction in amounts due to clients was
GBP3.0m), payments to the defined benefit pension scheme of
GBP0.75m and capital expenditure of GBP0.7m.
In May 2012, the Group agreed to a renewal of its main banking
facilities. The maturity date of the $2.4m term loan was altered to
July 2013. Each of the Working Capital and Principal Deal
facilities were extended until April 2013, with the Working Capital
facility being reduced by quarterly repayments of $0.25m, and the
Principal Deal facility being decreased from $5.5m to $2.5m. At
December 2011 the combined headroom on the above facilities was
GBP4.3m, which is sufficient for our present requirements.
During 2011 the Group undertook a reorganisation to better align
the operations with the strategic focus of acquiring and servicing
Corporate Forward Flow accounts. As a consequence, adjusted
Administration costs were down GBP2.2m to GBP24.7m, primarily due
to lower staffing levels, lower sales commissions and continued
cost controls across the Group.
The combined effect of Direct Profit decreasing by GBP5.7m and
Administration costs decreasing by GBP2.2m resulted in adjusted
EBITDA loss of GBP2.0m compared to an adjusted EBITDA profit of
GBP1.5m in 2010.
The adjusted Loss before Tax was GBP2.9m, compared to a adjusted
Profit before Tax of GBP0.6m in 2010.
Reported Loss before Tax was GBP4.0m compared to a loss before
tax of GBP0.7m in 2010, reflecting exceptional costs of GBP0.2m
(2010: GBP0.4m), amortisation of acquired intangibles of GBP0.7m
(2010: GBP0.7m) and share based payment charges of GBP0.2m (2010:
GBP0.2m).
Exceptional costs
During the year the Group incurred exceptional costs of GBP0.2m
which related to headcount reduction, the restructuring of the
business to align operations with the Group's overall strategic
direction off-set by a net credit on settlement of legal cases and
costs associated with securing forward flow contracts. The
objective of the restructuring is to make the Group more efficient
for both management and administrative purposes. In 2010 the Group
incurred exceptional costs of GBP0.4m mainly due to the changes to
the Board and the restructuring of the legal entities within North
American.
Taxation
In 2010 the Group recognised deferred tax assets arising from
tax losses in the United Kingdom and North America. Other countries
do not warrant recognition of a deferred tax asset as yet, but the
Group regularly reviews this situation.
Earnings per share
Adjusted basic loss per share was 31.6p against an adjusted
earnings per share of 9.6p in 2010.
Basic loss per share was 42.5p (2010: loss 3.7p). Earnings and
Adjusted earnings per share are calculated on the weighted average
number of Ordinary Shares in issue of 9,798,494 for the year ended
31 December 2011 (2010: 9,790,481 Ordinary Shares).
Balance sheet and net cash
At 31 December 2011 the Group had a net debt position, after
borrowings, of GBP4.2m (2010 Net cash: GBP0.5m). The Group ended
the year with bank borrowings of GBP5.0m (2010: GBP2.2m) drawn
against total bank facilities of GBP9.3m. Other borrowings
comprised convertible loan notes of GBP0.5m (2010: GBP0.5m). Since
the end of the financial year the Group has renewed its main bank
facilities for another year.
Treasury policy
Treasury policies are approved by the Board, and the Executive
Directors have the delegated authority to approve financial
transactions within agreed terms of reference. The Group's
financial instruments are principally comprised of bank borrowings,
cash, and various other items that arise directly from trading
operations. The cash includes significant amounts of client cash
held in the normal course of conducting sales. The main purpose of
these financial instruments is to ensure that finance is available
for the Group's operations. The main risks arising from the Group's
financial instruments are interest rate risk, credit risk,
liquidity risk and foreign currency risk. The Board reviews and
agrees policies for managing each of these risks and they are
summarised below. These policies are unchanged from the previous
year.
a) Interest rate risk
The Group finances its operations through a mixture of retained
profits, operational cashflow and bank and subordinated debt.
Historically the Group has expanded its operations both organically
and by acquisition which has led to the need for external finance.
For borrowings dominated in US dollars, the Board has chosen a
credit facility with a floating rate of interest linked to LIBOR
with a margin of 3.25%, and for borrowings dominated in Sterling
the interest rate is 2.5% over base rate.
b) Liquidity risk
The Group's policy throughout the year has been to ensure
continuity of funding by the use of term loan facilities of
US$3.85m and GBP0.3m, and convertible loan notes of GBP0.5m. There
are also revolving credit facilities for Principal Deals and
Working Capital of US$5.5m each. The maturity date for the US Term
Loan is 31 July 2013, the maturity date for the GBP Term Loan 30
June 2012. A renewal of both the Working Capital and Principal Deal
Facilities has been agreed to 30 April 2013. The Working Capital
Facility will be reduced by quarterly repayments of US$0.25m to
US$4.5m, starting 31 July 2012, and the Principal Deal Facility
will be reduced from US$5.5m to US$2.5m.
c) Foreign currency risk
The Group has a substantial overseas customer base and maintains
bank accounts in foreign currencies. These currencies are converted
to Sterling at the appropriate times minimising the exposure to
exchange rate fluctuations.
Key Financial and Operational Targets
At a Group level there are a number of key financial and
operational targets. In addition, each of the operating divisions
monitors a number of key performance indicators. In the first
quarter of 2011 the Group's performance was seriously impacted by
the global recession. However, during 2011, the Group has been
concentrated on mitigating the adverse effects of the global
recession, whilst at the same time, establishing a more resilient
and efficient platform to support future growth.
Revenue measures
Gross asset sales ("GAS") for 2011 was GBP107.7m (2010:
GBP145.6m), which represents the level of activity handled by the
operations and measures the sum of the proceeds of all assets sold
at auction or in a negotiated sale.
Direct Profit, which represents gross profit before
administrative expenses is the key operating metric that is used
for measuring levels of business activity and growth in each
business unit. Direct Profit is used rather than Revenue as
reported on the Consolidated Statement of Comprehensive Income,
because Revenue can be skewed from one year to the next depending
on the volume of Principal Deals undertaken. In each of the three
revenue streams, Direct Profit is measured as follows:
-- Commission Sales - GoIndustry DoveBid acts as an agent and
sells equipment on behalf of a seller. Direct Profit represents the
sum of the buyer's premium, seller's commission and expenses billed
to the seller, less the cost of expenses incurred and any
commissions paid to third parties.
-- Professional Services - GoIndustry DoveBid provides
Professional Services (such as appraisals and valuations) to its
clients. Direct Profit represents the professional fees and
expenses billed, less expenses incurred, and any commissions paid
to third parties.
-- Principal Deals - GoIndustry DoveBid acts as principal,
either purchasing the equipment for sale outright or guaranteeing a
minimum price to the seller. In the event of a Purchase Deal,
Direct Profit represents the sum of GAS achieved and buyer's
premium, less the cost of the assets purchased, expenses incurred
and any commissions paid to third parties. In the event of a
Guarantee Deal, Direct Profit represents the sum of GAS achieved
and buyer's premium, less the guaranteed value of the assets, the
seller's share of any upside realised above the guarantee, expenses
incurred and any commissions paid to third parties. In both cases,
should GAS fall below the purchase or guarantee amount, then it
will be deducted from the buyer's premium; if GAS is significantly
lower, a loss is recorded against Direct Profit.
Adjusted Profit before Tax
This measure indicates the trading profits of the Group, after
bank and interest charges, but before amortisation and impairment
of acquired intangible assets and goodwill, exceptional items, and
share based payments. In the year ended 31 December 2011, Adjusted
Loss before Tax was GBP2.9m (2010: Profit GBP0.6m).
Adjusted earnings per share
This key measure indicates the underlying profit attributable to
shareholders. It measures not only trading performance, but also
the impact of treasury management, bank and interest charges. Our
business and financial strategy is directed at delivering
consistent Adjusted Earnings Per Share growth. In the year ended 31
December 2011, Adjusted Basic Loss Per Share was 31.6p per share
(2010: Adjusted Basic Earnings Per Share 9.6p).
Consistent and Sustainable Revenue Streams
The strategy to provide a range of managed services solutions
has allowed the Group to focus on the global corporate market. This
push towards more robust and sustainable revenue streams has
resulted in a strong portfolio of offerings, which includes:
-- professional disposal and related services to enable
corporate bodies to realise the value of redundant assets
specialist professional valuation and appraisal services;
-- AssetZone(R) - proprietary web-based portal for managing corporate assets;
-- Industry Exchanges - providing recurring online B2B global market places.
The Group continued to improve its online product and service
offering, with enhancements to the website which included improved
payment mechanisms and customer experiences. The Group has also
invested in the improvement of its operating systems and online
services, so as to deliver ongoing benefits.
Adjusted operating margin
Improving and maintaining the Adjusted Operating Margin (as a
percentage of Direct Profit) is a key goal for the Group. The
decline in Direct Profit experienced in 2011 compared to 2010 of
20.6% to GBP22.1m, resulted in the Group reporting an adjusted
operating loss of GBP2.6m (2010: profit GBP 0.9m).
Principal risks
The main risks, which affect the Group as a whole, include the
following:
-- GoIndustry DoveBid operates in a market where many deals are
awarded on an individual basis. Although the strength of customer
relationships often mean deals are awarded to the Group on a
regular basis, there are few guaranteed revenue streams and it can
be difficult to forecast the business results more than 3 - 6
months into the future. The strategy to provide a range of managed
solutions to global corporate clients is designed to reduce this
risk and to increase visibility over future revenue streams;
-- The impact of major auction sales can be significant on the
Group's results, although the regularly scheduled Industry Exchange
auctions, which are mainly sourced from Corporate Forward Flow
clients, help to mitigate this risk;
-- When the Group takes a principal position in assets that are
being offered for sale, either by buying directly from the seller
or by guaranteeing a minimum sale price to the seller, the Group
will then sell those assets on its own account and recognise the
full financial impact from that transaction. This represents an
additional risk for the Group in return for the expectation of a
higher profit. GoIndustry DoveBid's ability to bid for and win
Principal Deals is predicated on continued access to credit
facilities. In order to control the risks and protect the Group
from downside exposure, all principal transactions require the
approval of the Investment Committee, which is made up of both
equipment experts from across the Group and business
professionals;
-- The expertise of our valuers and appraisers is critical to
the success of the Group when assessing whether to take a principal
position. Our knowledge of the assets and the global markets for
disposing of those assets is a key resource, as is our global
valuation database;
-- One of the Group's key competitive advantages is its database
of potential buyers located in over 200 countries. Guidelines and
regulations about marketing practices and data protection laws vary
from country to country and may change. Substantial changes may
prohibit us from direct marketing or increase the risk of
lawsuits;
-- There are a number of other organisations that offer similar
services to those of GoIndustry DoveBid. Such organisations may be
better funded or operate with a lower cost base than GoIndustry
DoveBid. Aggressive competition from such organisations could have
a negative impact on the financial performance of the Group;
-- GoIndustry DoveBid is a people based business. Failure to
attract or retain key employees could seriously impede future
growth. To ensure staff retention the Group operates competitive
remuneration packages for key individuals. The retention and
motivation of key personnel is fundamental in the future success of
GoIndustry, as is the ability to recruit new personnel to support
future growth;
-- GoIndustry DoveBid's business is increasingly dependent on IT
infrastructure, electronic platforms and the internet for delivery
of its services. Any downtime can disrupt sales and undermine buyer
confidence. Short-term service interruptions may affect sales
realisations on individual jobs, whilst long-term service
interruptions would materially affect the financial results of the
Group. Whilst our businesses could be adversely affected from such
disruption, the Group is sufficiently diversified to minimise such
impact. During the year under review the Group has continued to
invest in new systems and electronic platforms with greater
protection against failure;
-- The success of the Group's businesses is in part dependent on
the success of its branded services. Damage to reputation and/or
brand could lead to an adverse impact on the Group. GoIndustry
DoveBid is conscious of the need to ensure the careful management
of services to reduce this risk; and
-- GoIndustry DoveBid is operating in an international
environment. While this provides growth in new territories, it
comes coupled with risks in terms of cultural and political
conditions, foreign laws and legislations, tax changes, currency
fluctuations, language barriers, and differing regulatory
requirements. GoIndustry DoveBid engages with local professionals
to seek advice, as appropriate, in the countries in which we
operate.
-- GoIndustry DoveBid operates in many geographical areas where
our services are impacted by local economic factors which can have
an adverse impact on our ability to achieve projected results and
therefore the growth targets set. The budgets set by the Board
support the carrying value of goodwill and therefore there is a
risk that a shortfall in budgeted trading results may impact the
carrying value of this goodwill.
Future developments
The shifting of industrial production from developed western
economies to China, India and the emerging economies of Eastern
Europe is set to continue for many years. With its operations in
Asia Pacific (APAC), the Group is well placed to benefit from this
shift.
Growing acceptance of the internet as a medium for transacting
business around the world will also play a significant part in the
future growth of the Group, and the Group's regularly scheduled
Industry Exchange auctions are a key engine for future growth and
improved visibility of earnings.
Consolidated Income Statement
Year ended 31 December 2011 Year ended 31 December
2010
Before Before
exceptional Exceptional Other exceptional Exceptional Other
items items charges items items charges
and other (note (note and other (note (note
charges 5) 6) Total charges 5) 6) Total
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
Revenue 33,465 - - 33,465 40,094 - - 40,094
Cost of sales (11,370) - - (11,370) (12,283) - - (12,283)
Direct profit 22,095 - - 22,095 27,811 - - 27,811
----------------- ----- ------------ ------------ --------- --------- ------------ ------------ ----------- ---------
Administrative
expenses (24,735) (224) (837) (25,796) (26,926) (409) (893) (28,228)
Operating
(loss)/profit (2,640) (224) (837) (3,701) 885 (409) (893) (417)
----------------- ----- ------------ ------------ --------- --------- ------------ ------------ ----------- ---------
Finance costs
Finance income 41 - - 41 82 - - 82
Finance expense (334) - - (334) (354) - - (354)
Net finance
expense (293) - - (293) (272) - - (272)
----------------- ----- ------------ ------------ --------- --------- ------------ ------------ ----------- ---------
(Loss)/profit
before income
tax (2,933) (224) (837) (3,994) 613 (409) (893) (689)
Income tax (168) - - (168) 227 - - 227
Loss for the
year (4,162) (462)
----------------- ----- ------------ ------------ --------- --------- ------------ ------------ ----------- ---------
Loss
attributable
to:
Equity holders
of the Company (4,161) (359)
Non-controlling
interests (1) (103)
(4,162) (462)
----------------- ----- ------------ ------------ --------- --------- ------------ ------------ ----------- ---------
Revenue and operating (loss)/profit are derived from the Group's
continuing operations.
Loss per share attributable to equity holders of the Company
during the year
(expressed
in pence per
share) Note 2011 2010
Basic 8 (42.5p) (3.7p)
Diluted 8 (42.5p) (3.7p)
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2011
2011 2010
GBP000's GBP000's
Loss for the year (4,162) (462)
----------------------------------------------- --------- ---------
Other comprehensive income:
Exchange losses on translation of foreign
subsidiaries (225) (235)
Actuarial (losses) / gains on defined benefit
pension scheme (42) 687
Other comprehensive income for the year,
net of tax (267) 452
----------------------------------------------- --------- ---------
Total comprehensive income for the year (4,429) (10)
----------------------------------------------- --------- ---------
Total comprehensive income attributable to:
Equity holders of the Company (4,428) 93
Non-controlling interests (1) (103)
(4,429) (10)
----------------------------------------------- --------- ---------
The tax effect on other comprehensive income is GBPnil (2010:
GBPnil)
Consolidated Statement of Financial Position
Note 2011 2010
GBP000's GBP000's
Non-current assets
Property, plant and equipment 333 350
Intangible assets 31,442 32,178
Deferred tax asset 327 327
32,102 32,855
--------------------------------------- ----- -------------------- ---------
Current assets
Inventories 465 334
Trade and other receivables 4,936 5,515
Cash and cash equivalents 10,543 15,920
15,944 21,769
--------------------------------------- ----- -------------------- ---------
Total assets 48,046 54,624
--------------------------------------- ----- -------------------- ---------
Current liabilities
Trade and other payables 17,519 21,422
Borrowings 9 3,754 2,053
21,273 23,475
--------------------------------------- ----- -------------------- ---------
Non-current liabilities
Trade and other payables - 10
Borrowings 9 1,784 1,162
Retirement benefit obligations 2,854 3,358
4,638 4,530
--------------------------------------- ----- -------------------- ---------
Total liabilities 25,911 28,005
--------------------------------------- ----- -------------------- ---------
Net assets 22,135 26,619
--------------------------------------- ----- -------------------- ---------
Equity
Share capital 98 98
Share premium 22,983 22,983
Capital redemption reserve 28,609 28,609
Other reserves 54,209 54,278
Accumulated losses (83,711) (79,508)
Equity attributable to equity holders
of the Company 22,188 26,460
--------------------------------------- ----- -------------------- ---------
Non-controlling interests (53) 159
Total equity 22,135 26,619
--------------------------------------- ----- -------------------- ---------
Jack Reinelt Leslie-Ann Reed
Chief Executive Officer Chief Financial Officer
9 May 2012 9 May 2012
Consolidated Statement of Changes in Equity
Attributable to equity holders of the company
Capital Foreign
redemption Shares Acquisition Share options currency Accumulated Non-controlling
Share capital Share premium reserve to be issued reserve reserve reserve losses TOTAL interest TOTAL Equity
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
At 1 January
2010 9,745 22,495 18,908 542 47,649 1,572 5,106 (79,836) 26,181 262 26,443
Comprehensive
income:
Loss for the
year - - - - - - - (359) (359) (103) (462)
Other
comprehensive
income:
Actuarial gains
on defined
benefit pension
scheme - - - - - - - 687 687 - 687
Exchange losses
on translation
of foreign
subsidiaries - - - - - - (235) - (235) - (235)
Total
comprehensive
income - - - - - - (235) 328 93 (103) (10)
Transactions
with owners:
Issue of
deferred share
consideration 54 488 - (542) - - - - - - -
Cancellation of
redeemable
deferred shares
held (9,701) - 9,701 - - - - - - - -
Share based
payments - - - - - 186 - - 186 - 186
Total
transactions
with
owners (9,647) 488 9,701 (542) - 186 - - 186 - 186
----------------- ---------------------------- ---------------------------- ------------------------------ ---------------------------- ---------------------------- ---------------------------- ---------------------------- -------------------------------- ---------------------------- ------------------------------ ------------------------------
At 1 January
2011 98 22,983 28,609 - 47,649 1,758 4,871 (79,508) 26,460 159 26,619
----------------- ---------------------------- ---------------------------- ------------------------------ ---------------------------- ---------------------------- ---------------------------- ---------------------------- -------------------------------- ---------------------------- ------------------------------ ------------------------------
Comprehensive
income:
Loss for the
year - - - - - - - (4,161) (4,161) (1) (4,162)
Other
comprehensive
income:
Actuarial loss
on defined
benefit pension
scheme - - - - - - - (42) (42) - (42)
Exchange losses
on translation
of foreign
subsidiaries - - - - - - (225) (225) - (225)
Total
comprehensive
income - - - - - - (225) (4,203) (4,428) (1) (4,429)
----------------- ---------------------------- ---------------------------- ------------------------------ ---------------------------- ---------------------------- ---------------------------- ---------------------------- -------------------------------- ---------------------------- ------------------------------ ------------------------------
Transactions
with owners:
Share based
payments - - - - - 156 - - 156 - 156
Disposal of
non-controlling
interest - - - - - - - - (211) (211)
Total
transactions
with
owners - - - - - 156 - - 156 (211) (55)
At 31 December
2011 98 22,983 28,609 - 47,649 1,914 4,646 (83,711) 22,188 (53) 22,135
----------------- ---------------------------- ---------------------------- ------------------------------ ---------------------------- ---------------------------- ---------------------------- ---------------------------- -------------------------------- ---------------------------- ------------------------------ ------------------------------
Consolidated cash flow statement
For the year ended 31 December 2011
For the year ended
31 December
Note 2011 2010
GBP'000 GBP'000
Cash flows from operating activities
Cash used in operations (6,409) (3,550)
Interest paid (388) (354)
Income tax paid (178) (31)
Interest received 60 82
Net cash used in operating activities (6,915) (3,853)
--------------------------------------------------------- ---------- ---------
Cash flows from investing activities
Purchases of property, plant and equipment (203) (64)
Proceeds from disposal of subsidiary 132 -
Proceeds from sale of property, plant
and equipment 44 542
Purchases of intangible assets (498) (615)
Net cash used in investing activities (525) (137)
--------------------------------------------------------- ---------- ---------
Cash flows from financing activities
Repayments of Loan Notes (466) (28)
Drawdowns on bank loans 1,197 300
Repayments of bank loans (609) (413)
Increase/(decrease) in other banking facilities 2,201 (1,009)
Net cash generated by/(used in) financing
activities 2,323 (1,150)
Net decrease in cash and cash equivalents (5,117) (5,140)
--------------------------------------------------------- ---------- ---------
Cash and cash equivalents at beginning
of year 15,920 20,751
Effect of foreign exchange rate changes (260) 309
Cash and cash equivalents at end of year 10,543 15,920
--------------------------------------------------------- ---------- ---------
Notes to the condensed consolidated financial statements
1. General information
GoIndustry-DoveBid plc ('the company') and its subsidiaries
(together 'the Group') is a global market leader in the service,
management, and disposal of surplus industrial assets. The Group
has offices in locations across Europe, North America, and
Asia.
The company is a public limited company, which is listed on the
AIM Market of the London Stock Exchange and incorporated and
domiciled in the United Kingdom. The address of its registered
office is St. Andrew's House, 18-20 St. Andrew Street, London, EC4A
3AG.
2. Basis of preparation
The financial information contained in this document does not
constitute statutory accounts within the meaning of section 434 of
the Companies Act 2006. The figures for the year ended 31 December
2011 have been extracted from the audited financial statements for
the year ended 31 December 2011, which have been prepared in
compliance with International Financial Reporting Standards (IFRS)
issued by the International Accounting Standards Board (IASB) and
with the standing interpretations issued by the International
Financial Reporting Interpretations Committee of the IASB. Those
financial statements have yet to be filed with the Registrar of
Companies and received an unqualified audit report which did not
contain a statement under section 498(2) or (3) of the Companies
Act 2006.
The figures for the year ended 31 December 2010 have been
extracted from the audited statutory accounts for that year which
have been filed with the Registrar of Companies and received an
unqualified auditor's report which did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
3. Accounting policies
The condensed financial statements have been prepared under the
historical cost convention.
Going Concern
The Board remains satisfied with the Group's funding and
liquidity position. The main sources of debt funding are the bank
facilities with Barclays Bank plc in the United Kingdom, PNC Bank
in the United States and the convertible loan notes.
The Group meets its day-to-day working capital requirements from
its cash and overdraft facilities. As at 31 December 2011, the
Group had drawn down US$3.6m on the US$5.5m working capital
facility, and had drawn down US$0.9m on the revolving credit
facility for Principal Deals of US$5.5m. The US$3.85m term loan
facility had a balance of US$3.2m outstanding at 31 December 2011.
The amounts outstanding on these facilities at 30 April 2012 were
US$5.5m on the working capital facility, US$2.2m on the facility
for Principal Deals, and US$2.7m on the term loan.
PNC have extended the bank facilities for a further 12 months
with revised terms. The Working Capital Facility of US$5.5m will be
reduced to US$4.5m by 30 April 2013 by the repayment of US$250k
every three months starting 31 July 2012. Given the low usage of
the Principal Deal line, we have agreed a reduction in this
facility to US$2.5m from US$5.5m which has been extended to 30
April 2013. The Term Loan will mature on 31 July 2013, with monthly
repayments of US$100k as before but with the remaining balance of
US$1.3m being paid in a lump sum on 31 July 2013. The covenant
terms are also being revised and the Board are currently agreeing
these new terms with PNC bank. The Group also has a term loan
facility with Barclays Bank plc of GBP0.3m with a balance of
GBP0.1m outstanding at 31 December 2011. This will be fully repaid
by June 2012.
In addition to the above bank facilities, the Group operates
with a significant amount of operational cash, which is generated
from the gross asset sales made during the course of business. The
amount of operational cash at 31 December 2011 was GBP9.2m. This
operational cash is held in separate bank accounts, and is used in
the ordinary course of business to pay amounts due to clients. The
Group has always had the ability to use this operational cash as
part of its working capital, should the need so arise, and the
Board remains confident that the value of operational cash is
sufficient to ensure the going concern status of the Group.
In considering the going concern position of the Group, the
Board has applied reasonable sensitivities, which if realised would
require the company to draw upon the operational cash to support
the going concern position of the Group. Furthermore, the Board is
cognisant that the revised covenant terms are currently being
agreed with PNC, which will be based on the Group's projections and
with a minimum EBITDA requirement. In the event that the Group were
subsequently to breach any of the covenant terms, the Board has
considered what the level of exposure on bank facilities would be
and are satisfied that the Group would be able to draw upon the
operational cash to settle the liabilities, if required to do so.
All other debt funding is free of covenants. For the reasons set
out above, the Board anticipates that should the recently announced
transaction not complete, sufficient funding is in place to ensure
the Group continues as a going concern for the foreseeable
future.
Other than as noted above, the same accounting policies,
presentation and methods of computation has been followed in these
condensed financial statements as were applied in the preparation
of the Group's financial statements for the year ended 31 December
2010.
4. Segmental analysis
Management has determined the operating segments based on the
reports reviewed by the Group Board, acting as the strategic
steering committee that is used to make strategic decisions.
The Board considers the business both from a geographic and from
a services perspective. Geographically, management considers the
performance in Europe, North America and Asia Pacific ("APAC").
The reportable operating segments derive their revenue from
commissions arising from auctions and private treaty sales, fees
from valuations and other professional services and from sales,
commissions and billable expenses arising from principal deals, of
both buy and guarantee types.
The performance of the operating segments is measured both at
Direct Profit (gross profit) and Operating profit levels.
(a) Geographical analysis
North 2011
Europe America APAC Corporate Consolidated
GBP000's GBP000's GBP000's GBP000's GBP000's
Revenue 11,735 17,948 3,782 - 33,465
------------------------------- --------- --------- --------- ---------- --------------
Direct profit 8,664 10,565 2,866 - 22,095
------------------------------- --------- --------- --------- ---------- --------------
Segment result 330 179 102 (3,251) (2,640)
Exceptional items 343 (566) (1) - (224)
Other charges (78) (605) (20) (134) (837)
------------------------------- --------- --------- --------- ---------- --------------
Operating profit/(loss) 595 (992) 81 (3,385) (3,701)
Net finance expense (2) (225) 7 (73) (293)
------------------------------- --------- --------- --------- ---------- --------------
Profit/(loss) before
income tax 593 (1,217) 88 (3,458) (3,994)
Income tax (18) (9) (141) - (168)
------------------------------- --------- --------- --------- ---------- --------------
Profit/(loss) for the
year 575 (1,226) (53) (3,458) (4,162)
------------------------------- --------- --------- --------- ---------- --------------
Depreciation and amortisation 99 669 70 519 1,357
------------------------------- --------- --------- --------- ---------- --------------
Total assets 14,455 23,344 8,064 2,183 48,046
Total liabilities 9,988 13,648 1,187 1,088 25,911
------------------------------- --------- --------- --------- ---------- --------------
Capital expenditure:
Property, plant and equipment 90 35 27 13 165
Intangible assets 131 - - 367 498
------------------------------- --------- --------- --------- ---------- --------------
(b) Revenue stream analysis
2011 2010
GBP000's GBP000's
Revenue
Commission Sales 22,656 29,874
Professional Services 4,896 4,746
Principal Deals 5,913 5,474
Total 33,465 40,094
----------------------- --------- ---------
Direct profit
Commission Sales 16,624 20,812
Professional Services 4,396 4,186
Principal Deals 1,075 2,813
Total 22,095 27,811
----------------------- --------- ---------
(c) Revenue from external customers
2011 2010
GBP000's GBP000's
Entity's country of domicile - United Kingdom 8,444 8,379
Foreign countries from which the Group derives
revenue
USA 17,948 21,534
Germany 2,933 6,034
Other Europe 358 236
APAC 3,782 3,911
Total 33,465 40,094
------------------------------------------------ --------- ---------
(d) Non-current assets 2011 2010
GBP000's GBP000's
Located in the entity's country of domicile -
United Kingdom 4,259 14,792
Foreign countries from which the Group holds
assets
USA 15,565 6,593
Germany 591 9,360
Other Europe 5,960 1,958
APAC 5,727 152
Total 32,102 32,855
----------------------------------------------- --------- ---------
5. Exceptional costs
2011 2010
GBP000's GBP000's
Reorganisation costs 667 91
Board change costs - 200
Legacy costs associated with legal cases (570) 118
Costs Associated with securing forward flow 127 -
contracts
Total 224 409
--------------------------------------------- --------- ---------
Exceptional costs do not arise from the normal course of
business.
Reorganisation costs arise from the restructuring of the North
American and European businesses following headcount reductions as
part of efficiency savings (2010: restructuring of North American
legal structure).
The credit in 2011 for legacy costs results from the release of
a provision no longer required following the settlement of a
long-standing legal dispute.
6. Other Charges
2011 2010
GBP000's GBP000's
Equity settled share based payments 156 186
Amortisation of customer relationships and brand
acquired 681 707
Total 837 893
-------------------------------------------------- --------- ---------
7. Income tax expense
2011 2010
GBP000's GBP000's
Current tax:
Overseas corporation tax charge/(credit) on profits
in the year 168 (227)
----------------------------------------------------- --------- ---------
168 (227)
----------------------------------------------------- --------- ---------
2011 2010
GBP000's GBP000's
Loss before income tax (3,994) (689)
Tax at the UK corporation tax rate of 26.5% (2010:
28%) (1,059) (193)
Effect of lower income tax rate of other countries (83) 53
Deferred tax not recognised 1,005 1,056
Tax losses not utilised - (1,466)
Unprovided tax losses now utilised 127 -
Share based payments expense not deductible 44 52
Expenditure not allowable for income tax purposes 134 271
----------------------------------------------------- --------- ---------
168 (227)
----------------------------------------------------- --------- ---------
8. Earnings per share
2011 2010
GBP000's GBP000's
Loss for the year attributable to equity holders
of the Company (4,161) (359)
Number Number
000's 000's
Weighted average number of ordinary shares in issue 9,798 9,790
Basic and diluted loss - pence per share (42.5p) (3.7p)
----------------------------------------------------- --------- ---------
GBP000's GBP000's
Loss for the year attributable to equity holders
of the Company (4,161) (359)
Add back:
Exceptional items (note 5) 224 409
Other charges (note 6) 837 893
----------------------------------------------------- --------- ---------
Adjusted (loss)/earnings attributable to equity
holders of the Company (3,100) 943
Weighted average number of ordinary shares in issue 9,798 9,790
Adjusted basic (loss)/earnings - pence per share (31.6p) 9.6p
----------------------------------------------------- --------- ---------
Number Number
000's 000's
Weighted average number of ordinary shares in issue 9,798 9,790
Dilutive effect of share options n/a 56
Weighted average number of ordinary shares for
diluted earnings per share 9,798 9,846
----------------------------------------------------- --------- ---------
Adjusted diluted (loss)/earnings - pence per share (31.6p) 9.6p
----------------------------------------------------- --------- ---------
Potentially dilutive shares include 178,570 ordinary shares from
convertible loan notes (31 December 2010: 178,570) and 495,102
ordinary share options (31 December 2010: 556,235). As there is a
loss (and an adjusted loss) for the year, there are no dilutive
ordinary shares.
2011 2010
GBP000's GBP000's
Current
Bank loans and overdrafts 3,754 1,087
Convertible loan notes - 500
Subordinated loan notes - 466
Total 3,754 2,053
--------------------------- --------- ---------
Non-current
Bank loans and overdrafts 1,284 1,162
Convertible loan notes 500 -
Total 1,784 1,162
--------------------------- --------- ---------
9. Borrowings
2011 2010
GBP000's GBP000's
Floating rate:
Expiring within one year 3,754 1,087
Expiring beyond one year 1,284 -
Fixed rate:
Expiring within one year - 966
Expiring beyond one year 500 1,162
Total 5,538 3,215
-------------------------- --------- ---------
The fair value of current and non-current borrowings is not
materially different to their carrying amount, as the impact of
discounting is not significant.
Of the bank loans totalling GBP5.0m, GBP2.9m relates to loans
used to fund principal transactions and working capital which are
secured by charges over the assets of those companies and a parent
company guarantee from GoIndustry-DoveBid plc. Subsequent to
year-end it was agreed to renew these facilities until 30 April
2013. There is also a term loan facility of GBP2.1m that is due to
mature on 31 July 2013. These US loans have a floating interest
rate of 3.25% above LIBOR.
An additional loan held of GBP0.1m is repayable on demand, bears
interest at a floating rate of 2.5% above UK Base Rates and is
secured by a guarantee over the assets of GoIndustry (UK)
Limited.
The convertible loan notes issued by GoIndustry-DoveBid plc were
due to mature at 31 December 2011. During the year the terms were
renegotiated and the notes now mature on 30 June 2014 and bear
interest at 12% per annum. The notes are convertible at any time
into 1p New Ordinary shares at a price of GBP2.80 per share but
they may also be redeemed at any time by the Company upon payment
of 120% of their face value. If the company were to be sold the
loan notes would be redeemed at 130% of their face value.
10. Net cash flow from operating activities
For the year ended 31 December 2011
2011 2010
GBP'000's GBP'000's
Loss before income tax (3,994) (689)
Adjustments for:
Depreciation 188 256
Amortisation 1,169 1,097
Gain on disposal of property, plant and
equipment (19) (53)
Release of provision for legacy legal costs (707)
Share based payments 156 186
Net retirement benefit cost 72 169
Net finance expense 293 272
Pension contributions by the Company (750) (850)
Changes in working capital:
(Increase)/decrease in inventories (130) 284
(Increase)/decrease in trade and other
receivables 244 980
Decrease in trade and other payables (2,931) (5,202)
--------------------------------------------- ---------- ----------
Cash used in operations (6,409) (3,550)
--------------------------------------------- ---------- ----------
Contacts
Jack Reinelt GoIndustry-DoveBid Tel: 020 7098 3700
plc
Leslie-Ann Reed GoIndustry-DoveBid Tel: 020 7098 3700
plc
Chris Fielding WH Ireland Ltd Tel: 020 7220 1650
(Nominated Adviser)
Felicity Edwards St Brides Media & Tel: 020 7236 1177
Finance Ltd
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
END
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