Search

AHG set for ASX

AUTOMOTIVE Holdings Group is scheduled to list on the Australian Stock Exchange in early November, seven weeks later than originally planned, after issuing a supplementary prospectus. The main purpose of the supplementary prospectus was to restate the accounting treatment of a restructure conducted in March 2005. Otherwise, the new document confirmed the positive outlook for the company. The company’s pro-forma results for the year ended June 2005 were slightly better than forecast in the original prospectus. It recorded sales of $1.52 billion and a net profit after tax of $15.7 million. This was helped by an increase in new car sales in Western Australia in 2004-05 to 95,106 compared with the original prospectus forecast of 93,300. The supplementary prospectus also confirmed the earnings forecast for the year to June 2006, when the company expects sales of $1.59 billion and a net profit of $16.9 million. The restructure related to the acquisition of AHG’s operating businesses by a new holding company. The accounting treatment of the acquisitions was originally at net asset value but has been restated using ‘fair value’. This had the effect of increasing intangible assets by $48.3 million with a corresponding increase in contributed equity. The company has also reclassified a one-off income distribution of $5.1 million from income to pre-acquisition profits. This meant these profits were no longer available to be paid as dividends to shareholders at June 30 2005 and as a result the company has retained additional cash.

Add your comment

BNIQ sponsored byECU School of Business and Law

Students

6th-Australian Institute of Management WA20,000
7th-Murdoch University16,584
8th-South Regional TAFE10,549
9th-Central Regional TAFE10,000
10th-The University of Notre Dame Australia6,708
47 tertiary education & training providers ranked by total number of students in WA

Number of Employees

BNiQ Disclaimer