Resultados de los 13 meses finalizados el 31 de enero de 2024
25 de abril de 2024
PLC del grupo de tecnologías de madera de pino
Results for the 13 month period ended 31 January 2024
· Pinewood reports maiden results as a pure-play, Software-as-a-Service (SaaS) Group
· Strong double-digit growth in revenue and profit
· Continued global expansion of customer base and high levels of customer retention
Pinewood Technologies Group PLC ("Pinewood" or the "Group", LSE: PINE), a leading pure-play SaaS business providing innovative automotive retail solutions to the automotive industry, today announces its audited financial results for the 13 months ended 31 January 2024.
Resumen financiero del grupo
13m period ended 31 January 2024 (FY23) | Year ended 31 December 2022 (FY22) | |||||
£ m | Operaciones continuas | Operaciones discontinuadas | Total | Operaciones continuas | Operaciones discontinuadas | Total |
Ingresos | 24.5 | 4,318.0 | 4,342.5 | 19.1 | 3,600.9 | 3,620.0 |
Beneficio bruto | 21.8 | 485.4 | 507.2 | 17.1 | 440.1 | 457.2 |
Operating Profit before other income | 10.0 | 105.8 | 115.8 | 7.0 | 86.3 | 93.3 |
Other income - profit on the sale of businesses and property, plant and equipment | - | 41.8 | 41.8 | - | 7.7 | 7.7 |
Beneficio operativo | 10.0 | 147.6 | 157.6 | 7.0 | 94.0 | 101.0 |
Interés | (0.1) | (65.7) | (65.8) | - | (43.8) | (43.8) |
Beneficio antes de impuestos | 9.9 | 81.9 | 91.8 | 7.0 | 50.2 | 57.2 |
The breakdown of continuing operations operating profit is as follows:
£ m | 13m period ended 31 January 2024 (FY23) | Year ended 31 December 2022 (FY22) |
Pinewood Core Business1 | 13.8 | 11.0 |
Costos del PLC | (2.8) | (2.5) |
Legacy US Motor Business | (1.0) | (1.5) |
Total del grupo | 10.0 | 7.0 |
1 Previously reported as Pinewood segment
Pro-forma Comparative Information - Continuing Operations
£m, unless stated | 13m period ended 31 January 2024 (FY23) | 13m period ended 31 2023 de enero | % Cambio |
Revenue, including intercompany revenue1 | 32.0 | 27.7 | 15.5% |
Comparable2 | 15.6 | 12.4 | 25.8% |
Margen EBITDA (%)2 | 48.8% | 44.8% | 4.0% |
Beneficio antes de impuestos | 9.9 | 7.7 | 28.6% |
1 Revenue includes intercompany amounts
2 This is an Alternative Performance Measure (APM) - see note 8
Ian Filby, Chairman of Pinewood Technologies Group PLC, said:
"We are very pleased to be reporting the first set of financial results for Pinewood following the successful sale of Pendragon's UK Motor and Leasing divisions to Lithia Motors. Pinewood is a leading provider of cloud-based Dealer Management Software and we have made positive progress during the year to build on this market position. We have continued to expand our customer base while sustaining high levels of customer retention, which is reflected in a net user churn rate of c.2%. This contributed to strong growth in revenue and profit in the period.
"We are excited by the opportunity that lies ahead for Pinewood as a standalone business. Following the transaction with Lithia, the business is in a robust financial position and is well positioned for growth through product innovation, user growth in existing territories and accessing the North American market in partnership with Lithia through a joint venture agreement. We are confident in the quality of our products and our market proposition, and we are looking forward to making further progress in the year ahead."
Nota: Following the announcement on 30 June 2023 of Ian Filby's decision to stand down as non-executive chairman, the Board has not yet appointed a successor, primarily due to the process of disposing of the UK Motor and leasing divisions, which took priority in the second half of 2023 and in early 2024 and hence Ian has continued as Chairman.
Continuing Operations Financial Highlights (FY23 was a 13 month period, FY22 was a 12 month period)
· Statutory revenue up 28.3% to £24.5m (FY22: £19.1m).
· Revenue including intercompany revenue1 up 26.0% to £32.0m (FY22: £25.4m), driven by both inflation-linked price increases and an increase in international users.
· Statutory gross profit up 27.5% to £21.8m (FY22: £17.1m).
· Gross profit including intercompany gross profit1 hasta un 25.6% hasta £28.5 millones (año fiscal 22: £22.7 millones).
· Core Business operating profit up 25.5% to £13.8m (FY22: £11.0m).
Aspectos operacionales destacados
· Total users increased by 4% to 33,100.
· Continúa la fuerte expansión global:
o Record high international users at c.7,000, up 9%.
o New implementations in Denmark and Luxembourg.
o Expansion of the direct sales model in Asia Pacific.
· Continued high levels of customer retention with net user churn of c.2%, as the rate at which existing customers increased users was nearly sufficient to offset gross churn.
· Pinewood continues to build a strong partnership with Volkswagen AG and Porsche, which led to initial user implementations with large international dealer groups in both the European and the Asia Pacific market.
Estrategia
· Transformation into a pure-play Software-as-a-Service (SaaS) Group following the sale of the UK Motor and Leasing divisions
· Materially enhanced opportunity for growth following creation of standalone SaaS business
· Entered into a strategic partnership with Lithia Motors Inc, post period-end, creating access to the North American Market, through a £10m Joint Venture investment
· We are looking forward to rolling out our system across the Lithia network in both the UK and US
· Pinewood continued to demonstrate its growth potential, with further growth in both user numbers and expansion into new geographies
· Post period end, the Group announced a £358m return of capital to shareholders, by way of a special dividend of 24.5p.
· Pinewood will host a Capital Markets Day in October 2024, with more details to be provided in due course.
Outlook
· We have had a good start to FY24 and although the broader macro-economic environment remains challenging, particularly in the UK, we do not envisage these as having a material impact on trading
· Our order bank of new customers remains strong and we are in discussions with a number of potential new customers both in the UK and internationally
· Whilst it remains early into the new financial year, the Board is confident in the prospects for the Group and expects FY24 to be in line with current market expectations.
1 This is an Alternative Performance Measure (APM) - see note 8
Conferencia telefónica y presentación
A presentation for sell-side analysts will be held at 9.00am (UK time) today and this will be followed by a Q&A session with the management team. Please use the following link to register and to join the livestream of the presentation:
https://brrmedia.news/PINE_FY.
A webcast replay of the presentation will be made available on Pinewood's website later in the day. The webcast will be published on: https://investor.pinewoodtech.com/results-centre
Para más consultas, comuníquese con:
Headland henry wallers Jack Gault |
Tel: 07876 562436 Tel: 07799 089357 |
Revisión del director ejecutivo
A comprehensive strategic review was completed by the Board and its advisors during FY23 in order to unlock the potential in the Group's share price and to return value to the Group's shareholders and other stakeholders. This review resulted in the disposal of the UK Motor and Leasing segments, together with the debt and pension liabilities of the Group, which culminated in a fantastic deal for our shareholders. The transformation strategy which enables Pinewood to become a pure-play SaaS business, is an incredibly exciting prospect. Pinewood was bought by Pendragon in 1998 and, under our ownership, has steadily grown to become a profitable, high margin business and, importantly, we have developed a product that is market-leading, not just in the UK, but globally.
The fact that Pinewood has a genuine cloud-based automotive retail system sets it apart from the vast majority of its competitors and means that the work done by our development team can be continuously rolled out across our customer base in 21 countries, with no disruption to our customers. This has enabled rapid international expansion of our universal core product, providing the same solution whatever the location. Our levels of functionality are significantly higher than most of the current automotive retail system providers, both at an individual store level but also at a Group management level, enabling larger Groups to achieve additional control and efficiency savings.
Although Pinewood was established c.40 years ago, we are treating this next phase of Pinewood's expansion similar to that of a start-up. The removal of barriers to accessing large parts of the UK customer base that existed under Pendragon's ownership will facilitate rapid growth in the UK as well as accelerating our international expansion.
Our international growth has historically been driven by two main routes. Firstly, through our sales teams, who have enabled us to reach a significant number of new countries in the last few years. Secondly, through our manufacturer partners which we have very strong relationships with. In a number of countries, manufacturers have mandated Pinewood as the system of choice, where all retailers in a particular brand have to have the Pinewood system installed.
On top of this, we have an exciting new driver of growth through our strategic partnership with Lithia and we are looking forward to installing our system across their network in the US and UK. Initially, the key pieces of work relating to expanding in the US are focused on integrations with manufacturer systems and other third party 'layered apps' that are widely used in the US market. The development work will be done by our UK-based development team. Once we are in a position to test in the US, it is likely we will run the Pinewood system in parallel with current systems in pilot locations before starting a full rollout across Lithia's US stores. Given the relatively early stage of development, exact timings have not been confirmed, although we are aiming to be testing in pilot locations in H1 FY25.
Finally, the past and future success of the Group is strongly linked to the outstanding Pinewood team. The development team have built a world-class product that is continually evolving and enabling dealerships to thrive in an ever-changing auto retail landscape. In addition to this, the sales teams have worked tirelessly to expand the business while being supported by the back-office and admin teams. The low team turnover is testament to a dynamic environment and a world class product and we look forward to growing the team as we expand both in the UK and abroad.
Bill Berman
Director
25 de abril de 2024
Revision del negocio
The business was historically organised into 3 segments, analysed as follows:
o Software: provisión de software como servicio para usuarios de negocios automotrices globales
o UK Motor - Discontinued segment
o Leasing - Discontinued segment
Software - Madera de pino
Described above as 'Pinewood Core Business'.
Revenue and gross profit include intercompany amounts.
£ m | 1S del año fiscal 23 | 2S del año fiscal 23 | FY23 | H1 2022 | H2 2022 | FY22 | Cambios % | ||
Revenue including intercompany amounts1 | 14.5 | 17.5 | 32.0 | 12.4 | 13.0 | 25.4 |
| 26.0% | |
Gross Profit including intercompany amounts1 | 12.9 | 15.6 | 28.5 | 11.1 | 11.6 | 22.7 |
| 25.6% | |
Tasa de margen bruto | 89.0% | 89.1% | 89.1% | 89.5% | 89.2% | 89.4% | - 0.3% | ||
Core Business Operating Expenses | (6.4) | (8.3) | (14.7) | (5.6) | (6.1) | (11.7) | 25.6% | ||
Core Business Operating Profit1 | 6.5 | 7.3 | 13.8 | 5.5 | 5.5 | 11.0 |
| 25.5% | |
Tasa de margen operativo | 44.8% | 41.7% | 43.1% | 44.4% | 42.3% | 43.3% | - 0.2% |
1 This is an Alternative Performance Measure (APM) - see note 8
Note: FY23 is a 13 month period ended 31 January 2024 and FY22 is the year ended 31 December 2022
A more detailed breakdown of the Pinewood Core Business financials for FY23 can be seen below:
£ m | Contribución de Pendragon | Contribución de clientes externos | Resultado independiente de Pinewood PLC | Participación de los gastos generales del Grupo Pendragon | Pinewood segment as a reported in Pinewood Group accounts |
Revenue including intercompany amounts1 | 7.5 | 24.5 | 32.0 | - |
32.0 |
Gross Profit including intercompany amounts1 | 6.7 | 21.8 | 28.5 | - |
28.5 |
Core Business Operating Expenses | (2.4) | (12.0) | (14.4) | (0.3) | (14.7) |
Core Business Operating Profit1 | 4.3 | 9.8 | 14.1 | (0.3) | 13.8 |
1 This is an Alternative Performance Measure (APM) - see note 8
A more detailed breakdown of the Pinewood Core Business financials for FY22 can be seen below:
£ m | Contribución de Pendragon | Contribución de clientes externos | Resultado independiente de Pinewood PLC | Participación de los gastos generales del Grupo Pendragon | Pinewood segment as a reported in Pinewood Group accounts |
Revenue including intercompany amounts1 | 6.3 | 19.1 | 25.4 | - |
25.4 |
Gross Profit including intercompany amounts1 | 5.6 | 17.1 | 22.7 | - |
22.7 |
Core Business Operating Expenses | (2.1) | (9.3) | (11.4) | (0.3) | (11.7) |
Core Business Operating Profit1 | 3.5 | 7.8 | 11.3 | (0.3) | 11.0 |
1 This is an Alternative Performance Measure (APM) - see note 8
· As part of the transaction with Lithia Motors, Inc., Lithia UK have signed a contract to install the Pinewood system.
· The contract is for an initial three year period, which then goes onto a rolling 12 month basis.
· Strong international growth driven by expansion of the direct sales model and new implementations in Europe.
· Sólidas alianzas con OEM estratégicos.
Entrega de la estrategia - Cultivar y diversificar Pinewood
As part of its historic Group strategy presentation, Pendragon announced its plan to 'grow and diversify Pinewood'. This included the key objectives of:
· Incrementar la base de usuarios internacionales en un 80% y la base de usuarios total en un 10%; y,
· Ampliación adicional del producto que permite soluciones minoristas automotrices digitales llave en mano.
En el año fiscal 23, Pinewood continuó enfocándose en ambos elementos de la estrategia de 'crecer y diversificar'.
· Grow: strong international growth continued in FY23 with new implementations in Denmark and Luxembourg as well as an expansion of the direct sales model in Asia Pacific. The UK and Ireland market continued to grow both in terms of users and revenues.
· Diversify: development of the core product continues. New products designed to support digital automotive retail are being developed to benefit both Lithia UK / Pendragon and the wider customer base. Moreover, Pinewood's strategic partnership with Lithia is expected to unlock significant opportunities in the North American Market.
Revisión de funcionamiento
Pinewood es una empresa de software que ofrece software como servicio ("SaaS") en el Reino Unido y en varios países del mundo.
The automotive retail system market for Franchised Motor Dealers is estimated to be worth over £100 million in the UK. Two providers dominate the UK market. The global automotive retail system market which is highly fragmented, is estimated to be worth approximately £3.8bn, with over 50 different providers within Europe alone.
Pinewood's unique approach to the market is characterised by:
· un solo producto capaz de implementación global, que simplifica los desarrollos futuros del sistema y reduce los costos operativos;
· una solución basada en la nube con muchas funciones, sin necesidad de costosos complementos de terceros;
· centrarse en sólidas asociaciones de fabricantes y respaldar la rentabilidad de los distribuidores; y
· compromiso de utilizar la última tecnología para remodelar la venta minorista de motores
Pinewood was an early adopter of the SaaS business model and has focused on developing recurring revenue streams. Today, c.85% of Pinewood's revenues are on a recurring basis. Whilst the former Pendragon dealers (now part of Lithia UK) remain important customers to Pinewood, as Pinewood has grown, Pendragon's proportion of the Pinewood total user base has been diluted to c. 15% with intra-group charging maintained at a competitive market rate.
During FY23, overall user numbers increased by 4% to c.33,100 with the expansion delivered both internationally as well as in the UK and Ireland. Across Pinewood's international markets there was a 9% net increase in user numbers to a record high of c.7,000 users. International user growth in FY23 was particularly strong in Europe with Pinewood benefiting from new implementations in Denmark and Luxembourg.
In addition, Pinewood has further growth aspirations in the Asia Pacific region and has incorporated a subsidiary in Japan and begun to recruit a local Japanese team. This team are involved in the current implementations taking place in the Porsche dealerships in Japan.
Pinewood's growth benefits not just from sales to new customers but also from the expansion of its existing customer base. In FY23 net user churn in the UK and Ireland (excluding Pendragon) was less than 2%, as the rate at which existing customers grew users was nearly sufficient to fully offset gross churn.
In FY23 Pinewood increased its investment in the platform as development capex rose to £6.8m with 81% of development costs being capitalised (FY22 82%). New system functionality has been developed for new markets as Pinewood expands in Europe and Asia Pacific. Substantial investments have also been made in platform architecture and security.
También ha habido un buen progreso adicional en términos de soporte OEM a nivel internacional. Pinewood continúa construyendo una sólida asociación con Volkswagen AG y Porsche, lo que ha permitido un diálogo constructivo y, en algunos casos, implementaciones iniciales de usuarios con grandes grupos de distribuidores internacionales tanto en el mercado europeo como en el de Asia Pacífico.
Financial Review,en
Total revenues including intercompany revenue increased by 26.0% to £32.0m compared to FY22.
Gross profit including intercompany gross profit increased by 25.6% to £28.5m. The gross margin was broadly flat compared to the prior period, following the one-off transition to more extensive use of Microsoft Azure at the end of FY21.
Core Business operating expenses increased by £3.0m or 25.6% compared to FY22. In FY23 the amortisation charge of £5.2m made up over a third of operating costs. Alongside rising personnel costs, the higher amortisation charge drove the operating cost increase, both reflecting increased investment in the development of the platform and Pinewood's operational capabilities.
As a result of these movements, Core Business operating profit was £13.8m, an increase of 25.5% compared to FY22.
Motor del Reino Unido
Siguiendo the sale of the UK Motor division to Lithia Motors, Inc on 31 January 2024, the UK Motor segment is now a discontinued operation.
Arrendamiento - Gestión de vehículos Pendragon
Siguiendo the sale of the Leasing division to Lithia Motors, Inc on 31 January 2024, the Leasing segment is now a discontinued operation.
Disposal of UK Motor and Leasing segments
On 31 January 2024, the UK Motor and Leasing segments, together with related central support functions, were disposed of to Lithia Motors, Inc. for £377.5m. As a result, these segments have been presented as discontinued operations. The revenue and gross profit from discontinued operations in the period was £4,318.0m (FY22: £3,600.9m) and £485.4m (FY22: £440.1m) respectively. The operating profit from discontinued operations, which included the profit on disposal of businesses and property, plant and equipment, was £147.6m (FY22: £94.0m).
The UK Motor and Leasing segments that were disposed of, were trading broadly in line with management expectations for the 13 month period prior to the sale to Lithia Motors, Inc.
The sale to Lithia Motors, Inc. resulted in a profit on disposal of £40.7m. Consideration was received in cash on 1 February 2024. As announced on 5 April 2024, the Group proposes to pay a special dividend to shareholders of 24.5p per share on 7 May 2024.
Pensión
Siguiendo the sale of the UK Motor and Leasing divisions to Lithia Motors, Inc on 31 January 2024, all of the Group's pension obligations and liabilities have been assumed by Lithia.
Facilidad de crédito rotatorio (RCF)
The Group has a £10m RCF which matures in February 2027. This facility was arranged post period end in February 2024.
RESULTADO CONSOLIDADO DECLARACIÓN
FOR THE 13 MONTH PERIOD ENDED 31 JANUARY 2024
Periodo de 13m finalizado 31 de enero 2024 | Año terminado 31 Dec 2022 | ||
Note | £ m | £ m | |
Operaciones continuas | |||
Ingresos | 24.5 | 19.1 | |
El costo de ventas | (2.7) | (2.0) | |
Beneficio bruto | 21.8 | 17.1 | |
Los gastos de explotación | (11.8) | (10.1) | |
Beneficio operativo | 10.0 | 7.0 | |
Gastos financieros | (0.1) | - | |
Ingresos financieros | - | - | |
Costos financieros netos | (0.1) | - | |
|
| ||
Beneficio antes de impuestos | 9.9 | 7.0 | |
Ingreso por gastos de impuesto | (1.6) | (1.3) | |
Utilidad del período/año por operaciones continuas | 8.3 | 5.7 | |
| |||
Operaciones discontinuadas | |||
| |||
Profit for the period/year from discontinued operations, net of tax * | 73.4 | 39.8 | |
Beneficio del período / año | 81.7 | 45.5 | |
Ganancias por acción | |||
Ganancias básicas por acción | 2 | 117.0p ** | 65.4p |
Ganancias diluidas por acción | 2 | 117.0p ** | 63.0p |
Beneficio por acción - operaciones continuas | |||
Ganancias básicas por acción | 2 | 11.9p ** | 8.2p |
Ganancias diluidas por acción | 2 | 11.9p ** | 7.9p |
* The discontinued operations in the 13m period to 31 January 2024 and the year ended 31 December 2022 are in respect of the Group's motor and leasing businesses.
** The Basic earnings per share and diluted earnings per share measure for the current period/year apply to continuing and total operations.
On 5 April 2024, the Company announced that it would undertake a capital reorganisation whereby 1 new Ordinary Share of 100 pence each will be issued for every 20 existing Ordinary Shares of 5 pence each. This is an adjusting post balance sheet event and therefore the earnings per share calculations for the current period and prior period financial statements have been presented reflecting the revised number of shares post the capital reorganisation.
DECLARACIÓN CONSOLIDADA DE INGRESO COMPRENSIVO
FOR THE 13 MONTH PERIOD ENDED 31 JANUARY 2024
Periodo de 13m finalizado 31 de enero 2024 £ m | Año terminado 31 Dec 2022 £ m | ||
Beneficio del período / año | 81.7 | 45.5 | |
Otros ingresos / (gastos) integrales | |||
Partidas que nunca se reclasificarán a pérdidas y ganancias: | |||
Defined benefit plan remeasurement (losses)/gains | (11.3) | 8.2 | |
Income tax relating to defined benefit plan remeasurement gains / (losses) | 2.3 | (1.6) | |
(9.0) | 6.6 | ||
Partidas que se reclasifican o pueden reclasificarse a resultados: | |||
Diferencias de conversión de moneda extranjera de operaciones en el extranjero | (0.1) | 0.5 | |
(0.1) | 0.5 | ||
Otros (gastos) / ingresos integrales del período / año, neto de impuestos | (9.1) | 7.1 | |
Resultado integral total del período / año | 72.6 | 52.6 | |
El resultado integral total del período atribuible a los accionistas del Grupo surge de: | |||
Operaciones continuas | 8.2 | 6.2 | |
Operaciones discontinuadas | 64.4 | 46.4 | |
72.6 | 52.6 |
ESTADO DE CAMBIOS EN PATRIMONIO NETO CONSOLIDADO
FOR THE 13 MONTH PERIOD ENDED 31 JANUARY 2024
Compartir | Compartir | Redención de capital | Otro | Reserva de traducción | Ganancias retenidas | Total | ||
Saldo al 1 de enero de 2023 | 69.9 | 56.8 | 5.6 | 12.6 | 0.5 | 135.6 | 281.0 | |
| ||||||||
Total comprehensive income for 13m period ended 31 January 2024 |
| |||||||
Beneficio del período | - | - | - | - | - | 81.7 | 81.7 | |
Otro gasto integral del período, neto de impuestos | - | - | - | - | (0.1) | (9.0) | (9.1) | |
Resultado integral total del período |
| - | - | - | - | (0.1) | 72.7 | 72.6 |
|
|
| ||||||
Emisión de acciones ordinarias | 3.3 | - | - | - | - | (3.3) | - | |
Pagos basados en acciones | - | - | - | - | - | 5.9 | 5.9 | |
Reserve realised due to re-organisation | - | - | - | (12.6) | - | 12.6 | - | |
Impuesto sobre la renta relacionado con pagos basados en acciones | - | - | - | - | - | (0.1) | (0.1) | |
EBT consideration on repurchased shares | - | - | - | - | - | 1.0 | 1.0 | |
Saldo al 31 de enero de 2024 | 73.2 | 56.8 | 5.6 | - | 0.4 | 224.4 | 360.4 | |
Saldo al 1 de enero de 2022 | 69.9 | 56.8 | 5.6 | 12.6 | - | 80.7 | 225.6 | |
| ||||||||
Resultado integral total para 2022 |
| |||||||
Ganancias del año | - | - | - | - | - | 45.5 | 45.5 | |
Otro resultado integral del año, neto de impuestos | - | - | - | - | 0.5 | 6.6 | 7.1 | |
Resultado integral total del año |
| - | - | - | - | 0.5 | 52.1 | 52.6 |
|
|
| ||||||
Pagos basados en acciones | - | - | - | - | - | 3.3 | 3.3 | |
Impuesto sobre la renta relacionado con pagos basados en acciones | - | - | - | - | - | (0.1) | (0.1) | |
Acciones propias emitidas por EBT | - | - | - | - | - | 0.1 | 0.1 | |
Acciones propias compradas por EBT | - | - | - | - | - | (0.5) | (0.5) | |
Saldo al 31 de diciembre de 2022 | 69.9 | 56.8 | 5.6 | 12.6 | 0.5 | 135.6 | 281.0 |
HOJA DE BALANCE CONSOLIDADO
A 31 DE ENERO DE 2024
Note | 31 de enero 2024 | 31 Dec 2022 | |
Activos no corrientes | |||
Propiedad, planta y equipo. | 1.1 | 515.9 | |
Goodwill | 0.3 | 144.6 | |
Otros activos intangibles | 13.8 | 12.4 | |
Arrendamiento financiero por cobrar | - | 14.8 | |
Activos por impuestos diferidos | - | 11.6 | |
Total del activo no corriente | 15.2 | 699.3 | |
Activos circulantes | |||
Los inventarios | - | 620.3 | |
Cuentas comerciales y otras cuentas por cobrar | 420.8 | 115.7 | |
Arrendamiento financiero por cobrar | - | 2.4 | |
Activos por impuestos corrientes | 0.3 | 3.3 | |
Efectivo y equivalentes de efectivo | 3 | 47.4 | 171.9 |
Activos clasificados como mantenidos para la venta | - | 6.1 | |
Total de activos corrientes | 468.5 | 919.7 | |
los activos totales | 483.7 | 1,619.0 | |
Pasivo circulante | |||
sobregiro bancario | - | (102.5). | |
Préstamos y empréstitos que devengan intereses | 4 | (93.0) | (1.7). |
Pasivos por arrendamiento | 4 | (0.4) | (20.0). |
Comerciales y otras cuentas a pagar | (22.0) | (812.0). | |
Ingreso diferido | (6.5) | (38.2) | |
Total pasivo corriente | (121.9) | (974.4) | |
Pasivos no corrientes | |||
Préstamos y empréstitos que devengan intereses | 4 | (0.2) | (91.0) |
Pasivos por arrendamiento | 4 | (0.6) | (197.9) |
Ttasa y otras cuentas por pagar | - | (35.7) | |
Dingresos diferidos | - | (36.4) | |
Impuesto diferido | (0.6) | - | |
Obligaciones por beneficios de jubilación | 5 | - | (2.6) |
Total pasivo no corriente | (1.4) | (363.6) | |
Pasivos totales | (123.3). | (1,338.0). | |
Activos netos | 360.4 | 281.0 | |
Capital y reservas | |||
Llamado capital social | 73.2 | 69.9 | |
Compartir cuenta premium | 56.8 | 56.8 | |
Reserva de amortización de capital | 5.6 | 5.6 | |
Otras reservas | - | 12.6 | |
Reserva de traducción | 0.4 | 0.5 | |
Ganancias retenidas | 224.4 | 135.6 | |
Patrimonio total atribuible a los accionistas de capital de la Compañía | 360.4 | 281.0 |
ESTADO DE FLUJOS DE EFECTIVO CONSOLIDADO
FOR THE 13 MONTH PERIOD ENDED 31 JANUARY 2024
Note | Periodo de 13m finalizado 31 de enero 2024 | Año terminado 31 Dec 2022 £ m | |
flujos de efectivo por actividades operacionales | |||
Beneficio del período / año | 81.7 | 45.5 | |
Ajuste por impuestos | 10.1 | 11.7 | |
Ajuste por gasto financiero neto | 65.8 | 43.8 | |
157.6 | 101.0 | ||
depreciación y amortización | 30.7 | 33.5 | |
Pagos basados en acciones | 5.9 | 3.3 | |
Profit on disposal of own shares by EBT | 0.5 | - | |
Utilidad en la venta de negocios y propiedad, planta y equipo | (41.8) | (7.7) | |
Deterioro del fondo de comercio | - | 3.6 | |
Deterioro de inmuebles, planta y equipo. | - | 1.2 | |
Contribución al plan de pensiones de prestaciones definidas | (14.2) | (13.1) | |
Cambios en inventarios | 38.5 | (119.8) | |
Cambios en cuentas por cobrar comerciales y otras | (44.9) | (15.2) | |
Cambios en cuentas comerciales y otras cuentas por pagar | 38.7 | 150.8 | |
Movimiento en saldos de vehículos de alquiler por contrato | (57.3) | (20.9) | |
Efectivo generado por operaciones | 113.7 | 116.7 | |
Impuestos pagados | (6.6) | (1.4) | |
Intereses bancarios y bursátiles pagados | (45.4) | (25.5) | |
Intereses bancarios recibidos | 1.9 | - | |
Intereses de arrendamiento pagados | (16.2) | (14.7) | |
Intereses recibidos por arrendamiento financiero | 1.0 | 1.0 | |
Efectivo neto de actividades operativas | 48.4 | 76.1 | |
Flujos de efectivo de actividades de inversión | |||
Proceeds from sale of business net of fees paid | 1.3 | 3.9 | |
Fees paid in advance of business completion on business disposal to Lithia | (6.6) | - | |
Cash disposed as part of business disposal | (15.3) | - | |
Compra de propiedad, planta, equipo y activos intangibles | (40.2) | (44.3) | |
Producto de la venta de propiedades, planta, equipo y activos intangibles | 11.0 | 13.3 | |
Recepción de cuentas por cobrar por arrendamiento | 2.4 | 2.0 | |
Efectivo neto utilizado en actividades de inversión
| (47.4)
| (25.1)
| |
Flujos de efectivo de actividades de financiación | |||
Pago de pasivos por arrendamiento | (19.0) | (22.2) | |
Reembolso de préstamos | (4.0) | (90.5) | |
Producto de la emisión de préstamos (neto de los costos de transacción directamente atribuibles) | - | 93.8 | |
Enajenación de acciones por EBT | - | 0.1 | |
Compra de acciones por EBT | - | (0.5) | |
Salida neta de efectivo de las actividades de financiación | (23.0) | (19.3) | |
(Disminución) / aumento neto de efectivo y equivalentes de efectivo | (22.0) | 31.7 | |
Efectivo y equivalentes de efectivo al 1 de enero | 69.4 | 37.6 | |
Efectos de las variaciones del tipo de cambio en el efectivo mantenido | - | 0.1 | |
Cash and cash equivalents at 31 January 2024 / 31 December 2022 | 3 | 47.4 | 69.4 |
NOTAS
1. Base de preparación
Pinewood Technologies Group PLC (the 'Group') is domiciled in England. The address of the Group's registered office is Loxley House, 2 Oakwood Court, Little Oak Drive, Annesley, Nottinghamshire, NG15 0DR. These condensed consolidated financial statements of the Group as at and for the period ended 31 January 2024 consist of the consolidation of the financial statements of the Group and its subsidiaries and the Group's interest in jointly controlled and associated entities.
These condensed consolidated financial statements have been prepared in accordance with UK adopted International Accounting Standards (IAS). They do not include all the information required for full annual statements and should be read in conjunction with the 2023 Annual Report.
The Board of Directors approved the condensed consolidated financial statements on 25 April 2024. They are not statutory accounts within the meaning of section 435 of the Companies Act 2006.
The Group's financial statements for the period ended 31 January 2024 were approved by the Board on 25 April 2024. They have been reported on by the Group's auditors and will be delivered to the registrar of companies in due course. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The comparative figures for the financial year ended 31 December 2022 have been extracted from the statutory accounts for that financial year. Those accounts have been reported on by the Group's auditor. The report of the auditor (i) was unqualified and (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report.
In presenting continuing and discontinuing operations, it was necessary to reconsider the allocation of expenses to the segments that are now classified as a discontinued operation. Only those expenses which will cease to be incurred on disposal of the discontinued operations are presented within discontinuing operations i.e. corporate overhead expenses will continue to be incurred and are therefore recognised within continuing operations within the Consolidated Statement of Comprehensive Income. The full costs associated with the crystallisation of long-term incentive plans (LTIPs) have been included within discontinued operations given that the sale was the trigger for the LTIPs ending earlier than scheduled. As disclosed in the directors' remuneration report, the Group will discuss with shareholders the design and costs associated with any future LTIPs.
Preocupación continua
The Directors are, at the time of approving the financial statements, satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. The Directors have considered the potential impact of a 10% reduction in revenue. Given the Group's activity is Software as a Service (SaaS), with net customer 'churn' of c.2%, as well as annual price increases for all customers that are out of their initial three year contract, this is a severe but plausible downside scenario. When the 10% revenue reduction was applied in FY24, the Group was still forecast to generate £2.9m of cash in the year.
The Group meets its day-to-day working capital requirements from operating in a net cash position and being a highly cash generative business. As at 31 January 2024, the Group had cash of £47.4m and debt of £93.2m. Following receipt of the proceeds from the sale of the UK Motor and Leasing business and repayment of the debt on 1 February 2024, the group had net cash of £372.3m. This will be used to pay a special dividend of £358.4m on 7 May 2024. The Group is forecasting a cash inflow of £5.9m in FY24. The Group also has access to a £10m RCF, which expires in February 2027 and is not forecast to be utilised in the forecast period.
In the context of the above, the directors have prepared cash flow forecasts for the period to 30 April 2025 which indicate that, taking account of reasonably possible downsides, the Group will have sufficient funds to meet its liabilities as they fall due for that period. The Directors have modelled scenarios as follows:
1. A base cash flow forecast. The 2024 figures in this forecast are based on the Group's FY24 budget, which reflect current run-rates and expected strategic improvements. The 2024 figures in the base cash flow forecast are based on the 2024 budget.
2. A severe, but plausible downside scenario. The directors have also prepared a sensitised forecast which considers the impact of a 10% reduction in revenue when compared to the base case. In this scenario, the Group would remain cash generative.
The Directors are mindful of the potential impacts to macro-economic conditions but after assessing the risks do not believe there to be a material risk to going concern.
Con base en lo anterior, los directores confían en que el Grupo y la Compañía contarán con fondos suficientes para continuar cumpliendo con sus pasivos a medida que vencen durante al menos 12 meses a partir de la fecha de aprobación de los estados financieros, y por lo tanto los directores creen que se mantiene. apropiado para preparar los estados financieros sobre una base de negocio en marcha.
Adopción de estándares nuevos y revisados
In 2023 the following amendments had been endorsed by the UK became effective and therefore were adopted by the Group.
· IFRS 17 Insurance Contracts - this has not had a significant impact on the Group's consolidated financial statements.
Otras normas
A number of new standards, amended standards and interpretations are effective for annual periods beginning after 1 January 2024 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these consolidated financial statements. The following new standards, amended standards and interpretations are not expected to have a significant impact on the Group's consolidated financial statements.
· Amendment to IFRS 16 - Leases on sale and leaseback.
· Amendment to IAS 1 - Non-current liabilities with covenants.
· Amendment to IAS 7 and IFRS 7 - Supplier finance agreement
· Amendments to IAS 21 - Lack of Exchangeability
2. Beneficio por acción
Período de 13 meses terminado 31 de enero 2024 | Período de 13 meses terminado 31 de enero 2024 | Año terminado 31 Dec 2022 | Año terminado 31 Dec 2022 | |
Ganancias por acción Pence | Ganancias totales £ m | Ganancias por acción Pence | Ganancias totales £ m | |
Utilidad básica por acción de operaciones continuas | 11.9 | 8.3 | 8.2 | 5.7 |
Utilidad básica por acción de operaciones discontinuadas | 105.1 | 73.4 | 57.2 | 39.8 |
Ganancias básicas por acción | 117.0 | 81.7 | 65.4 | 45.5 |
| ||||
Utilidad diluida por acción de operaciones continuas | 11.9 | 8.3 | 7.9 | 5.7 |
Utilidad diluida por acción de operaciones discontinuadas | 105.1 | 73.4 | 55.1 | 39.8 |
Ganancias diluidas por acción | 117.0 | 81.7 | 63.0 | 45.5 |
El cálculo de la utilidad por acción básica, ajustada y diluida se basa en el siguiente número de acciones en circulación (millones):
| Período de 13 meses terminado 31 de enero 2024 Número | Año terminado 31 Dec 2022 Número | ||
Número medio ponderado de acciones ordinarias en emisión |
| 69.8 | 69.6 | |
Número medio ponderado de acciones dilutivas en opción |
| - | 2.6 | |
Número medio ponderado de acciones en circulación teniendo en cuenta las opciones sobre acciones en circulación aplicables |
| 69.8 | 72.2 | |
Acciones no dilusivas bajo opción |
| - | 1.0 |
On 5 April 2024, the Company announced that it would undertake a capital reorganisation whereby 1 new Ordinary Share of 100 pence each will be issued for every 20 existing Ordinary Shares of 5 pence each. This is an adjusting post balance sheet event and therefore the earnings per share calculations for the current period and prior period financial statements have been presented reflecting the revised number of shares post the capital reorganisation.
3. Efectivo y equivalentes de efectivo
Carrying value & fair value 31 de enero 2024 | Carrying value & fair value 31 Dec 2022 | ||
Saldos bancarios y equivalentes de efectivo | 47.4 | 69.4 | |
Efectivo y equivalentes de efectivo en el Balance General | 47.4 | 171.9 | |
Descubiertos bancarios reembolsables a la vista y utilizados para la gestión de tesorería en el Balance | - | (102.5) | |
Efectivo y equivalentes de efectivo en el estado de flujos de efectivo | 47.4 | 69.4 |
Los descubiertos bancarios reflejan los saldos descubiertos agregados de las sociedades del Grupo (aunque dichas sociedades tengan otros saldos de caja positivos).
4. Summary of borrowings
Carrying value & fair value 31 de enero 2024 | Carrying value & fair value 31 Dec 2022 | ||
No corriente: |
|
| |
Senior Finance Agreement (SFA) | - | 90.8 | |
Otras notas de préstamo | 0.2 | 0.2 | |
Pasivos por arrendamiento | 0.6 | 197.9 | |
Total no corriente | 0.8 | 288.9 | |
Actual: | |||
Senior Finance Agreement (SFA) | 93.0 | 1.7 | |
sobregiro bancario | - | 102.5 | |
Pasivos por arrendamiento | 0.4 | 20.0 | |
Corriente Total | 93.4 | 124.2 | |
Total de préstamos | 94.2 | 413.1 |
5. Business disposals
On 31 January 2024 the Group disposed of its entire motor retail and leasing business together with related central support functions, to Lithia UK Holding Limited for a consideration of £377.5m, resulting in a profit on disposal of £40.7m. Consideration was received in cash on 1 February 2024.
Net assets at the date of disposal
| Total net book value |
Los activos mantenidos para la venta | 305.4 |
Saldos bancarios y efectivo en caja | 15.3 |
320.7 | |
Utilidad en venta de negocios | 40.7 |
Ingresos totales | 361.4 |
Proceeds on sale comprise |
|
Proceeds on sale satisfied by cash and cash equivalents - received 1 February 2024 | 377.5 |
Tarifas de transacción | (16.1) |
361.4 |
On 2 October 2023, the Boards of Directors of Pendragon and of Lithia Motors, Inc. announced that they had agreed the terms of a proposed sale by Pendragon Group Holdings Limited of the entire issued share capital of Pendragon NewCo 2 Limited which will hold, either directly or indirectly through its wholly-owned subsidiaries, the Company's entire UK motor business and leasing business, to Lithia UK Holding Limited, a wholly-owned subsidiary of Lithia Motors, Inc. for a gross aggregate consideration of £397m, subject to certain financial adjustments including settlement the Group's net debt (borrowings less cash in hand and at bank), settlement of any intercompany balances and provision for a working capital facility for the remaining group, as of 31 January 2024 and a subscription for new ordinary shares in Pinewood Technologies Group Plc totalling £30.0m.
Consideration analysis |
|
Consideración total | 397.0 |
Share subscription in Pinewood Technologies Group Plc by Lithia UK Holding Limited | (30.0) |
Base consideration | 367.0 |
Adjustment for settlement of net debt | 37.8 |
Settlement of inter group balance | (28.0) |
Ajuste de capital de trabajo | 0.7 |
Proceeds recognised on sale | 377.5 |
During the earlier part of the 13m period ending 31 January 2024 the Group disposed of a single motor vehicle dealership business for net proceeds of £1.3m which resulted in a loss on disposal of £0.1m. During the previous year the Group disposed of its DAF businesses of £3.2m and realising a profit of £0.3m on disposal and received a further £0.7m in the form of deferred consideration relating to the sale of the US businesses in 2021.
6. Fondos de pensiones
The Group operated a number of defined benefit and defined contribution plans during the period. At the balance sheet date, the Group had disposed of its defined benefit plan, and its obligations under any defined contribution arrangements in respect of the majority of its employees were similarly disposed of with the departure of those Group employees on the sale of the Group's interests in the motor and leasing divisions. The Group also operated a Group Personal Pension Plan which is a defined contribution plan where the assets are held by the insurance Group under a contract with each individual.
7. Medidas de desempeño alternativas
The Group uses a number of key performance measures ('KPI's') which are non-IFRS measures to monitor the performance of its operations. The Group believes these KPIs provide useful historical financial information to help investors and other stakeholders evaluate the performance of the business and are measures commonly used by certain investors for evaluating the performance of the Group. In particular, the Group uses KPIs which reflect the performance on the basis that this provides a more relevant focus on the core business performance of the Group. As a result of the disposal, the group is now a pure play SaaS business and as such the alternative performance measures used have changed, with comparatives also provided. El Group has been using the following KPIs on a consistent basis and they are defined and reconciled as follows:
Revenue including intercompany revenue - is reconciled in the annual accounts to the nearest GAAP measure.
13 month period ended 31 January 2024 | Operaciones continuas £ m |
Revenue including intercompany amounts | 32.0 |
Ingresos entre segmentos | (7.5) |
Ingresos de clientes externos | 24.5 |
Beneficio operativo | 10.0 |
Gastos financieros | (0.1) |
Ingresos financieros | - |
Segmental profit before tax | 9.9 |
Año terminado el 31 de diciembre de 2022 | Operaciones continuas £ m |
Revenue including intercompany amounts | 25.4 |
Ingresos entre segmentos | (6.3) |
Ingresos de clientes externos | 19.1 |
Beneficio operativo | 7.0 |
Gastos financieros | - |
Ingresos financieros | - |
Segmental profit before tax | 7.0 |
Gross profit including intercompany gross profit - is reconciled in the annual accounts to the nearest GAAP measure.
Core business operating profit - is reconciled in the annual accounts to the nearest GAAP measure.
Core business operating expenses - is reconciled in the annual accounts to the nearest GAAP measure.
Continuing operations EBITDA - Continuing operations earnings before Interest, Tax, Depreciation and Amortisation.
EBITDA Margin (%) - Continuing operations EBITDA divided by Revenue, including intercompany revenue
8. Contabilizar eventos relacionados con el balance
The sale of the Motor and Leasing business to Lithia UK Holding Limited was concluded on 31 January 2024. The consideration for the sale of £377.5m was received on 1 February 2024. At the same time the Senior Term Finance Agreement, with an outstanding principal balance of £93m was repaid and the existing Revolving Credit Facility of £75m was cancelled. A new £10m RCF was agreed on 14 February 2024 expiring February 2027. On 1 February 2024 a further 279,388,880 were issued to Lithia Motors, Inc. for a consideration of 10.7377 pence per share, totalling £30.0m pursuant to the business disposal agreement. Also on 1 February 2024 the Group, through its Pendragon North America Automotive, Inc. subsidiary, made a £10m investment into a joint venture agreement with PNA Holding LLC (a subsidiary of Lithia Motors Inc.) in Pinewood North America LLC.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.