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    MG Motor UK Ltd Annual Results 2008 - 2015

    patpending
    patpending


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    MG Motor UK Ltd Annual Results 2008 - 2015 Empty MG Motor UK Ltd Annual Results 2008 - 2015

    Post by patpending Tue Jan 07, 2014 12:49 pm

    Per accounts filed publicly at Companies House. In photocopied form - errors and omissions in copying excepted!


    20082009 (restated)2010
    ChangeChange
    ChangeChange
    £000 £000 %£000 %£000
    Turnover – third parties (UK)4,176 206 5 %4,382 (1,696)(39)%2,686
    Turnover – Europe164 164 (114)(70)%50
    Turnover – China (SAIC)8,248 (5,907)(72)%2,341 6,308 269 %8,649
    Total turnover12,424 (5,537)(45)%6,887 4,498 65 %11,385
    Cost of sales(6,424)(761)12 %(7,185)(3,027)42 %(10,212)
    Gross Profit (Loss)6,000 (6,298)(105)%(298)1,471 1,173
    Admin Expenses(18,010)4,012 (22)%(13,998)2,560 (18)%(11,438)
    Rental income0 1,351 8,545 632 %9,896
    Other income(12)208 (23)
    Loss on ordinary activities(12,022)(715)6 %(12,737)(392)



    Cars produced153
    Cars sold372 (142)(38)%230
    Turnover – sale of vehicle4,066 (1,703)(42)%2,363
    Turnover – sale of parts2,272 5,856 258 %8,128
    Turnover – Other Services549 345 63 %894
    6,887 4,498 65 %11,385
    Average number of persons employed
    Production42(14)(33)%2812 43 %40
    Sales, distribution and administration70(14)(20)%568 14 %64
    112(28)(25)%8420 24 %104
    2010 2011 2012
    ChangeChange
    ChangeChange
    £000 £000 %£000 %£000
    Turnover – third parties (UK)2,686 4,626 172 %7,312 (2,066)(28)%5,246
    Turnover – Europe50 (50)0 0 0
    Turnover – China (SAIC)8,649 (4,598)(53)%4,051 6,446 159 %10,497
    Total turnover11,385 (22)(0)%11,363 4,380 39 %15,743
    Cost of sales(10,212)182 (2)%(10,030)(3,035)30 %(13,065)
    Gross Profit (Loss)1,173 160 14 %1,333 1,345 2,678
    Admin Expenses(11,438)3,048 (27)%(8,390)166 (2)%(8,224)
    Rental income9,896 (7,672)(78)%2,224 (749)(34)%1,475
    Other income(23)278 255 (114)(45)%141
    Loss on ordinary activities(392)(4,186)1068 %(4,578)(3,930)



    Cars produced153 992 648 %1,145 (637)(56)%508
    Cars sold230 74 32 %304 507 167 %811
    Turnover – sale of vehicle2,363 431 18 %2,794 2,077 74 %4,871
    Turnover – sale of parts8,128 (4,071)(50)%4,057 866 21 %4,923
    Turnover – Other Services894 3,618 405 %4,512 1,437 32 %5,949
    11,385 (22)11,363 4,380 15,743
    Average number of persons employed
    Production40(10)(25)%30(1)(3)%29
    Sales, distribution and administration64( 8 )(13)%56(1)(2)%55
    104(18)(17)%86(2)(2)%84
    patpending
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    Post by patpending Wed Oct 08, 2014 3:04 pm

    2012 2013
    ChangeChange
    £000 £000 %£000
    Turnover – third parties (UK)5,246 2,891 55 %8,137
    Turnover – China (SAIC)10,497 (1,899)(18)%8,598
    Total turnover15,743 992 6 %16,735
    Cost of sales(13,065)(1,479)11 %(14,544)
    Gross Profit (Loss)2,678 (487)(18)%2,191
    Admin Expenses(8,224)(3,096)38 %(11,320)
    Government Grant51 0 0 %51
    Other revenue90 244 271 %334
    Service income (SMTC)141 7,647 5423 %7,788
    Loss on ordinary activities(5,264)4,308 (82)%(956)


    Turnover – sale of vehicle4,871 2,937 60 %7,808
    Turnover – sale of parts4,923 128 3 %5,051
    Turnover – Other Services5,949 (2,073)(35)%3,876
    15,743 992 16,735
    Average number of persons employed
    Production290 0 %29
    Sales, distribution and administration550 0 %55
    840 0 %84
    patpending
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    Post by patpending Wed Oct 08, 2014 3:44 pm

    The 2013 accounts of MG Motor UK Ltd were posted at Companies House today 8 October 2014.

    1) The financial highlight is that a £26m loan from parent Nanjing Automobile Corporation (UK) was written off meaning that MG Motor UK now has net asset value of £8.6m (negative total 2012: £16.7m). Together with the £28m purchase of a showroom and offices on Piccadilly [probably by a different legal entity?], this represents big investment in the UK.

    2) Rent from SMTC - £9.9m in 2010 - had fallen sharply to £2.2m in 2011 and only £1.5m in 2012. However 2013 service charge was £7.8m. Even if there had been a £2m figure in turnover in 2011 for service income, the £7.6m increase in this figure for 2013 goes a long way to explaining the £4.3m reduction in pre-tax loss. Although car and parts sales are up, sales to SAIC are down so that turnover only improved £1m, offset by a (doubtless volume-related?) £1.5m rise in the cost of sales and a humungously bodacious increase in admin costs, up 38% or £3.1m to £11.3m. (I wonder if advertising and promotion is included here?)

    3) The Directors' Report notes that "SAIC Motor Corporation is currently making investment in Thailand"- the funds and investment are not coming from MG Motor UK Ltd.


    Last edited by patpending on Thu Oct 09, 2014 12:57 am; edited 1 time in total
    Windy
    Windy
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    Post by Windy Thu Oct 09, 2014 12:26 am

    No new staff taken on to build the MG3 - explains the difficulty keeping up with demand for the first few months.

    The MG6 must be proving very reliable if the sale of parts has only gone up 3%, with an extra year of MG6s coming out of warrantee they should be seeing a decent increase in profitable sales, I thought that was how car manufacturers made most of their profits?

    "Service income (SMTC) 7,788,000" - fantastic profit made by the cleaners for the SMTC office?!

    "The Directors' Report notes that "SAIC Motor Corporation is currently making investment in Thailand"" - why is that in the MG Motor UK directors report, or alternatively, how have they avoided the funds going through the accounts?
    patpending
    patpending


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    Post by patpending Thu Oct 09, 2014 1:03 am

    Windy wrote:No new staff taken on to build the MG3 - explains the difficulty keeping up with demand for the first few months.

    The MG6 must be proving very reliable if the sale of parts has only gone up 3%, with an extra year of MG6s coming out of warrantee they should be seeing a decent increase in profitable sales, I thought that was how car manufacturers made most of their profits?

    "Service income (SMTC) 7,788,000" - fantastic profit made by the cleaners for the SMTC office?!

    "The Directors' Report notes that "SAIC Motor Corporation is currently making investment in Thailand"" - why is that in the MG Motor UK directors report, or alternatively, how have they avoided the funds going through the accounts?

    Staff - I think they have chosen(?) not to disclose agency staff. I agree, you need a different scale of operations to handle 360 sales a month or 11... though these are the figures for last year...

    Cleaners - I can't understand how the taxman allows the rental income to fluctuate to the extent of finding wallets down the back of the 3D printer, one year Gordon Brown's, one year Bernie Ecclestone's...

    I am sure that from a management perspective, issues for RHD conversion are going to be shared with Thailand so there will be an International Division (RHD Assembly) crossing entities. From the R&A:

    "There will be a lot of synergy between the operations of these markets [UK and SE Asia] sharing the cost of vehicle development and brand promotion. As a result of this arrangement, SAIC Motor's commitment to the UK is stronger than ever"
    Windy
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    Post by Windy Thu Oct 09, 2014 3:09 am

    patpending wrote:Cleaners - I can't understand how the taxman allows the rental income to fluctuate to the extent of finding wallets down the back of the 3D printer, one year Gordon Brown's, one year Bernie Ecclestone's...
    If the taxman was to take a real interest then it would be in the accounts of the company making the payments.

    I guess the Thai factory will appear in the next accounts, it didn't really get started until this year.[/quote]
    patpending
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    Post by patpending Thu Oct 09, 2014 3:30 pm

    Windy wrote:
    patpending wrote:Cleaners - I can't understand how the taxman allows the rental income to fluctuate to the extent of finding wallets down the back of the 3D printer, one year Gordon Brown's, one year Bernie Ecclestone's...
    If the taxman was to take a real interest then it would be in the accounts of the company making the payments.

    I guess the Thai factory will appear in the next accounts, it didn't really get started until this year.
    the rental income is not taxed as MG Motor is loss-making, but while tax accounts are not the same as statutory accounts in the UK, the payment will not normally stand unless Hector is happy...

    The Director's Report is full of Thailand, and if money were to be invested in it, MG Motor's own reserves are really insufficient. I don't understand the talk of how MG Motor is to make a profit in the short term (given it is a small piece in a global jigsaw) - it can't be by its own doing...
    patpending
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    Post by patpending Sun Nov 22, 2015 2:41 pm

    2014: a huge 3x boost to turnover from car sales. 2014 is *ten times* 2010!


    2012 20132014
    ChangeChange
    ChangeChange
    £000 £000 %£000 £000 %£000
    Turnover – third parties (UK)5,246 2,891 55 %8,137 12,172 150 %20,309
    Turnover – China (SAIC)10,497 (1,899)(18)%8,598 (3,005)(35)%5,593
    Total turnover15,743 992 6 %16,735 9,167 55 %25,902
    Cost of sales(13,065)(1,479)11 %(14,544)(8,920)61 %(23,464)
    Gross Profit (Loss)2,678 (487)(18)%2,191 247 11 %2,438
    Admin Expenses(8,224)(3,096)38 %(11,320)(2,555)23 %(13,875)
    Government Grant51 0 0 %51 2 4 %53
    Other revenue90 244 271 %334 349 104 %683
    Service income (SMTC)141 7,647 5423 %7,788 2,061 26 %9,849
    Loss on ordinary activities(5,264)4,308 (82)%(956)104 (11)%(852)



    Turnover – sale of vehicle4,871 2,937 60 %7,808 11,826 151 %19,634
    Turnover – sale of parts4,923 128 3 %5,051 1,045 21 %6,096
    Turnover – Other Services5,949 (2,073)(35)%3,876 (3,704)(96)%172
    15,743 992 16,735 9,167 25,902
    Average number of persons employed
    Production290 0 %290 0 %29
    Sales, distribution and administration552 4 %577 12 %64
    842 2 %867 8 %93
    patpending
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    Post by patpending Tue Dec 27, 2016 5:56 am

    And in 2015 a move to operating profit of £137k! (and a change of presentation) 2014's gross profit was about 1/5 of the rental income from SMTC while 2015's was about half. There's still some £10m+ of Group money going into MG Motor UK even though the sale of parts to SAIC and UK production have both ceased.


    20142015

    ChangeChange
    £000 £000 %£000
    Turnover – third parties (UK)20,309 3,257 16 %23,566
    Turnover – China (SAIC)5,593 (1,614)(29)%3,979
    Total turnover25,902 1,643 6 %27,545
    Cost of sales(23,464)1,321 (6)%(22,143)
    Gross Profit (Loss)2,438 2,964 122 %5,402
    Admin Expenses(13,875)(1,729)12 %(15,604)
    Government Grant53 23 43 %76
    Other revenue683 (314)(46)%369
    Service income (SMTC)9,849 45 0 %9,894
    Operating profit (loss)(852)989 (116)%137


    Turnover – sale of goods25,730 (1,333)(5)%24,397
    Turnover – Rendering of services172 2,976 1730 %3,148
    25,902 1,643 27,545
    Average number of persons employed
    Production293 10 %32
    Sales, distribution and administration64(2)(3)%62
    931 1 %94

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