CT Automotive Group PLC Inventory balance sheet adjustments (2362Z)
2023年5月12日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
TIDMCTA
RNS Number : 2362Z
CT Automotive Group PLC
12 May 2023
12 May 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR").
CT AUTOMOTIVE GROUP PLC
("CT Automotive", the "Company" or the "Group")
Inventory balance sheet adjustments
The Company has identified an error with regards to the
calculation of the year end inventory on consolidation, which
relates to a number of years. This is expected to result in the
reduction of inventory, and therefore net assets, by c.$8.4m at 31
December 2022, of which c.$8.3m existed at 31 December 2021.
Therefore, the impact of these balance sheet movements results in a
c.$0.1m increased loss in the year ended 31 December 2022, with the
balance being attributable to prior years.
The adjustment relates to the calculation of the provision for
unrealised profits resulting from intra Group sales and a
corresponding absorption of overheads within inventory.
The reduction to inventory is a non-cash adjustment. There is no
adverse impact to profitability in the current financial year
ending 31 December 2023.
Trading in the current financial year has been encouraging, with
strong customer demand and more stable production schedules. As a
result, the Board remains confident of achieving market
expectations for FY23.
For further information please contact:
CT Automotive via MHP
Simon Phillips, Executive Chairman
Scott McKenzie, Chief Executive
Officer
Anna Brown, Chief Financial
Officer
MHP (Financial PR) Tel: +44 (0)20 3100 8540
Tim Rowntree CTAutomotive@mhpgroup.com
Charlie Barker
Liberum (Nominated Adviser and Tel: +44 (0)20 3100 2000
Broker)
Richard Lindley
Benjamin Cryer
Notes to editors
CT Automotive is engaged in the design, development and
manufacture of bespoke automotive interior finishes (for example
dashboard panels and fascia finishes) and kinematic assemblies (for
example air registers, arm rests, deployable cup holders and
storage systems), as well as their associated tooling, for the
world's leading automotive original equipment suppliers ("OEMs")
and global Tier One manufacturers.
The Group is headquartered in the UK with a low-cost
manufacturing footprint. Key production facilities are located in
Shenzhen and Ganzhou, China complemented by additional
manufacturing facilities in Mexico, Turkey and the Czech
Republic.
CT Automotive's operating model enables it to pursue a price
leadership strategy, supplying high quality parts to customers at a
lower overall landed cost than competitors. This has helped the
Group build a high-quality roster of OEM end customers, both
directly and via Tier One suppliers including Faurecia and Marelli.
End customers include volume manufacturers, such as Nissan, and
luxury car brands such as Bentley and Lamborghini. In addition, the
Group supplies electric car manufacturers, including Lucid. It has
also recently started working with e.Go Mobile, a German
manufacturer which plans to launch a series of small electric
vehicles for the budget end of the market.
The Group currently supplies component part types to over 47
different models for 19 OEMs. Since its formation, the Group has
been the only significant new entrant into the market, which is
characterised by high barriers to entry.
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END
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