Assoc Capital CorpPL - 2nd Quarter & Interim Results
04 October 1999 - 9:15PM
UK Regulatory
RNS No 4570a
ASSOCIATED CAPITAL CORPORATION PLC
28 September 1999
ASSOCIATES CAPITAL CORPORATION PLC
(EXCLUDING AVCO TRUST PLC)
CONSOLIDATED QUARTERLY FINANCIAL HIGHLIGHTS
PERIOD ENDED 30 JUNE 1999
Consolidated Balance Sheet (excluding AVCO Trust PLC)
As at June 30, 1999
June 30,1999 December 31, 1998
Note # #
Assets:
Loans and advances to banks 33,426 818
Loans and advances to customers 1 896,528 757,876
Tangible fixed assets 81,965 4,201
Intangible fixed assets 34,152 8,515
Investment in Subsidiaries 2 289,102 0
Other assets 17,104 3,003
Total assets 1,352,277 774,413
Liabilities and Shareholders' funds:
Deposits by banks 125,313 263,409
Debt securities in issue 468,107 120,501
Other liabilities 79,153 41,722
Inter-company debt 247,454 204,282
Provisions for liabilities and charges 744 1,193
Total liabilities 920,771 631,107
Share capital 277,433 45,000
Capital Contribution 42,176 0
Profit and loss account 111,897 98,306
Total shareholders' funds - equity interest 431,506 143,306
Total liabilities and shareholders' funds 1,352,277 774,413
Notes:
1. During the period Irish and Swedish branch operations were acquired from AVCO
Trust PLC with receivables of #90.927 million.
On 18 June 1999, Associates Capital Corporation plc acquired Newcourt Automotive
Services Limited for #27.42 million with receivables of #1.89 million and fixed
assets of #74.227 million.
2. During the period AVCO Group Limited was acquired by Associates Capital
Corporation plc for #289.099 million.
Consolidated Profit and Loss Account
Period ended June 30, 1999
6 months to Year ended
June 30, 1999 December 31,1998
# #
Interest receivable from loans
and advances 74,985 127,565
Interest payable 21,144 41,485
Net interest income 53,841 86,080
Fees, commission receivable
and other operating income 10,989 18,682
Operating income 64,830 104,762
Administrative expenses 26,525 44,477
Depreciation of tangible fixed assets 951 1,732
Amortisation of intangible fixed assets (200) 946
Provisions for bad & doubtful debts 18,521 23,763
Profit on ordinary activities before tax 19,033 33,844
Taxation 5,442 14,084
Profit on ordinary activities after tax 13,591 19,760
Dividends paid 0 0
Retained profit for period 13,591 19,760
ASSOCIATES CAPITAL CORPORATION PLC
CONSOLIDATED QUARTERLY FINANCIAL HIGHLIGHTS (EXCLUDING AVCO TRUST PLC)
YEAR ENDED 30 JUNE 1999
60 Day Contractual Delinquency Trending
July 1998 - June 1999
Jul Aug Sep Oct
98 98 98 98
'000 '000 '000 '000
Consumer
Contractual Delinquency
Real Estate 2,468 2,428 2,457 2,339
Personal Loan 4,977 4,985 5,298 5,187
Credit Card 8,397 8,873 9,425 10,262
Indirect 3,048 2,798 2,033 2,076
Swedish Branch - - - -
Irish Branch - - - -
Total Contractual 18,890 19,084 19,213 19,864
Contractual Delinquency % % % % %
Real Estate 1.62% 1.58% 1.60% 1.52%
Personal Loan 5.09% 5.09% 5.23% 5.30%
Credit Card 2.64% 2.84% 3.13% 3.43%
Indirect 1.11% 1.00% 0.70% 0.73%
Swedish Branch - - - -
Irish Branch - - - -
Total Contractual 2.24% 2.26% 2.27% 2.37%
Nov Dec Jan Feb
99 99 99 99
'000 '000 '000 '000
Consumer
Contractual Delinquency
Real Estate 3,209 3,523 3,304 3,907
Personal Loan 5,286 5,523 4,720 5,853
Credit Card 11,478 12,552 13,708 14,451
Indirect 2,389 2,537 3,198 3,321
Swedish Branch - - - -
Irish Branch - - - -
Total Contractual 22,362 24,135 24,930 27,532
Contractual Delinquency % % % % %
Real Estate 2.05% 2.25% 2.12% 2.49%
Personal Loan 5.25% 5.54% 5.73% 5.80%
Credit Card 3.67% 3.79% 4.00% 4.04%
Indirect 0.81% 0.85% 1.08% 1.11%
Swedish Branch - - - -
Irish Branch - - - -
Total Contractual 2.58 2.72% 2.84% 3.01%
Mar Apr May Jun
99 99 99 99
'000 '000 '000 '000
Consumer
Contractual Delinquency
Real Estate 4,032 3,849 3,724 4,279
Personal Loan 6,113 6,574 7,085 7,475
Credit Card 14,037 14,107 14,768 14,922
Indirect 3,137 3,688 3,379 4,031
Swedish Branch - - 675 845
Irish Branch - - - 1,673
Total Contractual 27,319 28,218 29,631 33,225
Contractual Delinquency % % % % %
Real Estate 2.59% 2.73% 2.45% 2.83%
Personal Loan 6.11% 6.57% 7.18% 7.50%
Credit Card 3.88% 3.91% 4.08% 4.04%
Indirect 1.04% 1.24% 1.14% 1.35%
Swedish Branch - - 0.84% 0.97%
Irish Branch - - - 13.50%
Total Contractual 2.97% 3.13% 2.99% 3.26%
END
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