AUTOMATIC SYSTEMS LTD.
INCOME STATEMENT
FOR THE YEAR ENDED
|
|
|
2006 |
2005 |
|
|
|
Rs 000 |
Rs 000 |
|
|
|
|
|
|
|
|
|
|
|
TURNOVER |
|
734,120 |
657,430 |
|
|
|
-------- |
-------- |
|
Payments to winners |
|
549,563 |
|
492,976 |
|
Payments to the National Solidarity
Fund |
|
7,529 |
|
6,309 |
|
Government tax |
|
64,941 |
|
57,992 |
|
Net pools carried forward |
|
- |
|
16 |
|
|
|
622,033 |
557,293 |
|
|
|
-------- |
-------- |
|
Gross
profit |
|
112,087 |
100,137 |
|
|
|
|
|
|
Selling
expenses |
|
( 6,937) |
( 5,845) |
|
Administrative
expenses |
|
( 53,234) |
( 45,497) |
|
Other
operating expenses: |
|
|
|
|
Impairment loss |
|
- |
( 8,965) |
|
Payments to The |
|
( 41,240) |
( 35,224) |
|
|
|
-------- |
-------- |
|
OPERATING
PROFIT |
|
10,676 |
4,606 |
|
Finance
income |
|
1,423 |
2,094 |
|
|
|
-------- |
-------- |
|
PROFIT
BEFORE TAXATION |
|
12,099 |
6,700 |
|
Taxation
|
|
( 2,553) |
( 1,867) |
|
|
|
-------- |
-------- |
|
PROFIT
FOR THE YEAR |
|
9,546 |
4,833 |
|
|
|
======== |
======== |
|
|
|
|
|
|
BASIC
AND DILUTED EARNINGS PER SHARE |
Rs |
2.70 |
1.37 |
|
|
|
======== |
======== |
AUTOMATIC SYSTEMS LTD.
BALANCE SHEET –
|
|
|
2006 |
2005 |
|
|
|
Rs 000 |
Rs 000 |
|
ASSETS |
|
|
|
|
Non-current assets |
|
|
|
|
Plant
and equipment |
|
34,768 |
8,464 |
|
Available-for-sale
financial assets |
|
104 |
100 |
|
|
|
------- |
------- |
|
|
|
34,872 |
8,564 |
|
|
|
------- |
------- |
|
Current assets |
|
|
|
|
Receivables
and prepayments |
|
927 |
926 |
|
Loans
|
|
10,000 |
30,500 |
|
Cash
at bank |
|
1,589 |
2,917 |
|
|
|
------- |
------- |
|
|
|
12,516 |
34,343 |
|
|
|
------- |
------- |
|
Total assets |
|
47,388 |
42,907 |
|
|
|
======= |
======= |
|
|
|
|
|
|
EQUITY |
|
|
|
|
Share
capital |
|
24,745 |
24,745 |
|
Share
premium |
|
1,168 |
1,168 |
|
Retained
earnings |
|
1,383 |
4,917 |
|
|
|
------- |
------- |
|
Total equity |
|
27,296 |
30,830 |
|
|
|
------- |
------- |
|
LIABILITIES |
|
|
|
|
Non-current liabilities |
|
|
|
|
Deferred
income tax |
|
3,284 |
1,065 |
|
|
|
------- |
------- |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade
and other payables |
|
16,275 |
7,087 |
|
Current
income tax |
|
533 |
3,925 |
|
|
|
------- |
------- |
|
|
|
16,808 |
11,012 |
|
|
|
------- |
------- |
|
Total liabilities |
|
20,092 |
12,077 |
|
|
|
------- |
------- |
|
Total equity and liabilities |
|
47,388 |
42,907 |
|
|
|
======= |
======= |
AUTOMATIC SYSTEMS LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
|
|
Share capital |
Share premium |
Retained earnings |
Total Equity |
|
|
Rs 000 |
Rs 000 |
Rs 000 |
Rs 000 |
|
|
|
|
|
|
|
At |
24,745 |
1,168 |
7,508 |
33,421 |
|
Profit for the year |
- |
- |
4,833 |
4,833 |
|
Dividends |
- |
- |
( 7,424) |
( 7,424) |
|
|
------- |
------- |
------- |
------- |
|
At |
24,745 |
1,168 |
4,917 |
30,830 |
|
Profit for the year |
- |
- |
9,546 |
9,546 |
|
Dividends |
- |
- |
( 13,080) |
( 13,080) |
|
|
------- |
------- |
------- |
------- |
|
At |
24,745 |
1,168 |
1,383 |
27,296 |
|
|
======= |
======= |
======= |
======= |
AUTOMATIC SYSTEMS LTD.
CASH FLOW STATEMENT
FOR THE YEAR ENDED
|
|
|
2006 |
2005 |
|
|
|
Rs 000 |
Rs 000 |
|
|
|
|
|
|
Cash flow from operating activities |
|
|
|
|
Profit
before taxation |
|
12,099 |
6,700 |
|
Adjustments
for: |
|
|
|
|
Depreciation of plant and equipment |
|
7,694 |
5,441 |
|
Impairment of plant and equipment |
|
- |
8,965 |
|
Loss on plant and equipment scrapped |
|
- |
1 |
|
Profit on disposal of plant and equipment |
|
( 1,893) |
- |
|
Dividend income |
|
( 30) |
( 29) |
|
Interest income |
|
( 2,190) |
( 2,065) |
|
Interest expense |
|
797 |
- |
|
|
|
------- |
------- |
|
Operating profit before working
capital changes |
|
16,477 |
19,013 |
|
Increase
in receivables and prepayments |
|
( 1) |
(
97) |
|
Increase
in trade and other payables |
|
1,420 |
976 |
|
|
|
------- |
------- |
|
Cash generated from operations |
|
17,896 |
19,892 |
|
Interest
received |
|
2,190 |
2,065 |
|
Income
tax paid |
|
( 3,726) |
( 2,857) |
|
Interest
paid |
|
( 797) |
- |
|
|
|
------- |
------- |
|
Net cash from operating activities |
|
15,563 |
19,100 |
|
|
|
------- |
------- |
|
Cash flow from investing activities |
|
|
|
|
Payments
for purchase of plant and equipment |
|
( 34,886) |
( 3,992) |
|
Payments for purchase of available-for-sale
investment |
|
( 4) |
- |
|
Proceeds
from disposal of plant and equipment |
|
2,383 |
- |
|
Dividends
received |
|
30 |
29 |
|
Loans
granted |
|
- |
( 44,000) |
|
Loans
reimbursed |
|
20,500 |
18,500 |
|
|
|
------- |
------- |
|
Net cash used in investing activities |
|
( 11,977) |
( 29,463) |
|
|
|
------- |
------- |
|
Cash flow from financing activities |
|
|
|
|
Dividends
paid |
|
( 4,914) |
( 7,424) |
|
|
|
------- |
------- |
|
Net cash used in financing activities |
|
( 4,914) |
( 7,424) |
|
|
|
------- |
------- |
|
Net decrease in cash and cash
equivalents |
|
( 1,328) |
( 17,787) |
|
Cash
and cash equivalents at beginning of year |
|
2,917 |
20,704 |
|
|
|
------- |
------- |
|
Cash and cash equivalents at end of
year |
|
1,589 |
2,917 |
|
|
|
======= |
======= |
AUTOMATIC SYSTEMS LTD.
ACCOUNTING STANDARDS
The financial
statements for the year ended
COMMENTS ON 2006 RESULTS
AND PROSPECTS
Turnover increased by 12% from
Rs 657.0 M in 2005 to reach Rs 734.0 M in 2006. That increase was mainly
generated by the ten off course outlets which were operational for the whole
racing season as well as the nine additional outlets operational as from the 24th
race meeting.
The profit after tax amounted to
Rs 9.5 M compared to Rs 4.8 M in 2005. However, excluding exceptional items in
2006 of Rs 1.9 M relating to profit on sale of tote equipment (2005: impairment
loss of Rs 9.0 M) the profit after tax for 2006 was Rs 7.7 M (2005: Rs 13.8 M).
Since the 18th race
meeting a new competitor has started its operations and it is difficult at this
stage to assess the impact of this competitor on ASL’s turnover.
The directors expect the
turnover of the Company to progress further in 2007 and the profits to
improve.
On the Stock Exchange, the
shares of the Company traded at Rs 37.70 on
DIVIDENDS
In April 2006 a dividend of Rs 4,913,650 was paid
in respect of the financial year 2005 and on
Approved and signed
on
Eric Espitalier-Noel
and Sydney Bathfield
These financial statements are issued pursuant to Listing Rule 12.20.
The Board of Directors of ASL accepts full responsibility for the
accuracy of the information contained in these financial statements.