Global Auto-Trade Group PLC
Global Auto-Trade Group PLC: Management’s commentary on 2013 financial results
Global Auto-Trade Group PLC / Key word(s): Final Results Management’s commentary on 2013 financial results “GATG” or “the Company” Global Auto-Trade Group PLC (GATG) finalised consolidated annual accounts for 2013, the results of which form the basis for growth in 2014, confirming business’s stability in a complex market. In a year that was marked by political and economic instability of Moldova, high volatility of the market and frozen industry tenders and projects, I am pleased to announce that GATG once again demonstrated its resilience and not only was able to retain the market share, but further expand its activities in a difficult market. For over 15 years the company has been effectively proving its ability to quickly make informed decisions and take effective measures to reduce the impact of adverse changes in the business environment on a company, which only strengthens our position in the domestic market. In 2013, despite external challenges and changes in the schedule to raise capital from 2013 to 2014, that had impact on the financial results, we significantly strengthened our market position and formed a solid foundation for opportunities to maximise profit margins in 2014, which we are already seeing today. Our key achievements in 2013 include introduction of the Corporate Governance Code, completion of corporate restructuring and launch of internal growth strategy. We diversified our activities and focused not just on profitable tenders, but also strengthened our retail network, expanding cooperation on the Moldovan market as well as activated additional three branches. Moreover, we laid down the foundation for enhancing our business’s liquidity, having complied with the strict regulatory requirements of the European Union, and strengthened our financial stability through existing agreements on additional capital injection in 2014 to achieve the goal of internal growth and converting debt into share capital. Our efforts in 2013 allowed us to start 2014 on a positive note, implementing previously planned projects, prepared business agreements and demonstrating healthy growth of automotive indicators. The main achievement in 2013, is a successful registration of GATG in the first Quarter of 2014 on a European stock market, GXG Markets, with admission to public trading of shares. Having obtained a public status, we opened the door to equity participation in our company, making our opportunities available to various groups of investors, both private and institutional. Despite a drop in financial performance, our achievements in 2013 served as a launch platform for an active operational expansion and financial growth in 2014, providing a range of tools to enhance our competitive advantage and market position in post-Soviet markets. We expect that the 2013 results will increase the value of our business and ensure a satisfactory level of dividends to our shareholders of around 3%. The entire statement, please find through the link: Management’s Commentary on 2013 Financial Results ABOUT GATG Global Auto Group PLC is a holding company comprised of two companies with a trade and servicing centre and a retail network of 9 stores across Moldova and is the only Moldovan company to provide end-to-end services from supplying, testing and servicing specialised construction, agricultural, passenger and heavy goods vehicles, auto components and accessories through to modification and CKD assembly of specialised machinery. With approx. 25% market share in 2012 Global Auto – Trade Group PLC is one of the market leaders in the Moldovan automotive sector. FURTHER ENQUIRIES: Global Auto-trade Group PLC The Directors of the Company accept responsibility for this announcement. End of Corporate News 25.06.2014 Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. EquityStory.RS, LLC’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | Global Auto-Trade Group PLC | |
12 Mount Havelock | ||
IM1 2QG Douglas | ||
Isle of Man | ||
Phone: | +44 (0)1624 618444 | |
Fax: | +44 (0)1624 618555 | |
E-mail: | ir@globalautotg.com | |
Internet: | www.globalautotg.com | |
ISIN: | IM00B6R6T382 | |
Listed: | Foreign Exchange(s) GXG | |
End of News | EquityStory.RS, LLC News-Service |
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