Page 14 - Australasian paint & Panel Sep-Oct 2021

14
News • In Focus
T
PAINT&PANEL SEPTEMBER / OCTOBER 2021
WWW.PAINTANDPANEL.COM.AU
AMA TAKES A $100M HIT
AMA HAS PUBLISHED ITS FULL YEAR RESULTS REPORTING A $99.1M LOSS, APPROXIMATELY 38.6 PER CENT MORE OF A LOSS THAN THE 2020 FINANCIAL YEAR’S $71.47M.
HE LOSS IS DESPITE AN 11.5%
increase in total revenue at just under $920m and $30,736,000 in Jobkeeper and ew Zealand’s Wage Subsidy. Net loss af- er tax was significantly impacted by the 90.6m non-cash impairment of goodwill elated to the Capital SMART acquisition, the company was over valued). AMA’s ormalised earnings before interest, tax, epreciation and amortisation (EBITDA) ame in at $71.55m in FY21 — 34.6% igher than the year before. In addition, he group reports that it has reduced net ebt by $53m, mainly out of the sale pro-
eeds of the ACAD business.
In the chair of the board and chief ex-
cutive officer’s review (Anthony Day
and Carl Bizon) it states: “To ensure the Group is adequately capitalised and able to realise investment opportuni- ties, management continues to explore a range of funding options. The Board has not declared a final FY21 dividend.”
THREE NEW ACQUISITIONS
The Group purchased new businesses and paid earn‐outs in respect of exist-
ing acquisitions totalling $17,885,000m. The acquisitions were Perth Parts Solu- tions in Western Australia and two commercial vehicle repairers: Western Trucks in Williamstown, Victoria; and National Trucks in Newcastle, New South Wales.
Looking forward the report states: “Accretive growth will remain the Company’s long‐term focus, through both organic growth from the Group’s existing operations and business ac- quisitions.
“The Directors are confident that once normal trading conditions return, AMA Group will be well positioned for success into the future.”
Carl Bizon received a large pay rise when he became CEO, up to $900,000 per annum, although the report was quick to point out that former CEO Hop- kins received $1.2m per annum.
There were many pages in the report devoted to top management, board members and executives, their salaries and bonus systems and how those are calculated.
There was also a section on the on- going legal saga between the group and its former CEO Andrew Hopkins.
FROM LEFT: Carl Bizon and Anthony Day
N t $ r ( n d c h t d c
e