6-K 1 file001.txt FORM 6-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------ FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE MONTH OF JANUARY 2002 A.C.L.N. LIMITED (Translation of registrant's name into English) MECHELSE STEENWEG 166 B-2018 ANTWERP, BELGIUM (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. FORM 20-F |X| FORM 40-F Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. YES NO |X| If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not Applicable SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. A.C.L.N. LIMITED Date: January 7, 2002 By: /s/ Christian Payne ------------------------ Name: Christian Payne Title: Chief Financial Officer INDEX TO EXHIBITS

~~PAGE~~EXHIBIT NUMBER DESCRIPTION OF EXHIBIT ------- ~~INTRODUCTION 4 PART I~~ ---------------------- ~~FINANCIAL INFORMATION 5 Item 1~~99.1 ~~Financial~~Press ~~Statements~~Release 5dated ~~Consolidated Balance Sheets as of September 30, 2001 and~~ December 3121, ~~2000 5 Consolidated Statements of Income for the three and nine months periods ended September 30,~~ 2001 and 2000 6 Consolidated Statement of Shareholders Equity for the nine months ended September 30, 2001 7 Consolidated Statements of Cash Flows for the nine months periods ended September 30, 2001 and 2000 8 Notes to Consolidated Financial Statements 9 Item 2. Information about our company 12 Item 3. Management's Discussion and Analysis of Financial Condition and Results of Operations 13 PART II - OTHER INFORMATION 19 Item 1. Legal Proceedings 19 Item 6. Exhibits and Reports on Form 20-F and Form 6-K 19

SEPTEMBER 30, 2001 DECEMBER 31, 2000 ------------------ ----------------- ASSETS (UNAUDITED) CURRENT ASSETS: Cash and cash equivalents.......................................... $117,587,888 $56,429,678 Cash restricted as to withdrawal................................... - 11,291,751 Accounts receivable................................................ 56,815,348 56,228,462 Deferred expenses.................................................. 656,774 440,044 FIXED ASSETS: Advance for vessels' construction.................................... 10,000,000 10,000,000 Sea vessels.......................................................... 4,880,000 5,510,000 Furniture and fittings............................................... 4,117 4,467 Deposits and other................................................... 1,664,906 5,258 ------------ ------------ $191,609,033 $139,909,660 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accruals........................................ $6,008,757 $14,716,937 Amounts due to related parties....................................... 32,934 33,445 Income taxes payable................................................. 7,874,222 5,107,144 ------------ ------------ 13,915,913 $19,857,526 ============ ============ COMMITMENTS SHAREHOLDERS' EQUITY: Ordinary shares, stated value of CYP 0.01 each, authorized 20,000,000 shares, 14,453,081 and 14,124,309 shares issued and outstanding as of September 30, 2001 and December 31, 2000, respectively..................................................... 255,686 250,684 Paid-in capital...................................................... 24,152,906 22,066,042 Retained earnings.................................................... 153,216,019 97,668,071 Accumulated other comprehensive income............................... 68,509 67,337 ------------ ------------ Total Shareholders' Equity........................................... 177,693,120 120,052,134 ============ ============ $191,609,033 $139,909,660 ============ ============

THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, -------------------------- --------------------------- 2001 2000 2001 2000 ----------- ----------- ------------ ----------- SALES Sales of automobiles.................................. $47,963,000 $22,760,000 $123,587,500 $62,870,000 Shipping revenues..................................... 49,422,174 27,634,180 115,877,746 55,873,348 ----------- ----------- ------------ ----------- TOTAL REVENUES........................................ 97,385,174 50,304,180 239,465,246 118,743,348 ----------- ----------- ------------ ----------- COST OF SALES Cost of automobiles................................... 33,621,800 15,808,000 86,064,800 43,888,000 Cost of shipping revenues............................. 36,621,403 20,203,599 88,813,647 38,297,621 ----------- ----------- ------------ ----------- TOTAL COST OF SALES................................... 70,243,203 36,011,599 174,878,447 82,185,621 ----------- ----------- ------------ ----------- GROSS PROFIT................................. 27,141,971 14,292,581 64,586,799 36,557,727 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES.......... 3,183,172 1,498,969 8,020,370 3,565,948 ----------- ----------- ------------ ----------- INCOME FROM OPERATIONS............................. 23,958,799 12,793,612 56,566,429 32,991,779 ----------- ----------- ------------ ----------- OTHER INCOME (EXPENSE) Interest and other income........................ 637,500 326,250 1,880,776 624,375 ----------- ----------- ------------ ----------- INCOME BEFORE INCOME TAXES............................ 24,596,299 13,119,862 58,452,205 33,616,154 INCOME TAXES.......................................... 522,366 644,571 2,904,257 1,683,172 ----------- ----------- ------------ ----------- NET INCOME............................................ 24,073,933 12,475,291 55,547,948 31,932,982 OTHER COMPREHENSIVE INCOME, NET OF TAXES: FOREIGN CURRENCY TRANSLATION ADJUSTMENT.......... (37,330) 5,848 1,172 10,378 ----------- ----------- ------------ ----------- COMPREHENSIVE INCOME.................................. $24,036,603 $12,481,139 $ 55,549,120 $31,943,360 =========== =========== ============ =========== NET INCOME PER SHARE - BASIC.......................... $ 1.67 $ 0.89 $ 3.90 $ 2.29 =========== =========== ============ =========== NET INCOME PER SHARE - DILUTED........................ $ 1.62 $ 0.85 $ 3.78 $ 2.20 =========== =========== ============ =========== WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC........... 14,387,910 14,074,358 14,258,533 13,916,543 =========== =========== ============ =========== WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED......... 14,894,993 14,696,966 14,697,405 14,510,090 =========== =========== ============ ===========

CAPITAL STOCK ---------------------- CUMULATIVE PAID-IN RETAINED TRANSLATION NUMBER AMOUNT CAPITAL EARNINGS ADJUSTMENT TOTAL ------ ------ ------- -------- ---------- ----- Balance December 31, 2000.......... 14,124,309 $250,684 $22,066,042 $ 97,668,071 $67,337 $120,052,134 Net income......................... - - - $ 55,547,948 - $ 55,547,948 Exercise of options and warrants... 328,772 5,002 2,035,114 - - 2,040,116 Stock options issued for services.. - - 51,570 - - 51,570 Cumulative translation adjustment.. - - - - 1,172 1,172 ========== ======== =========== ============ ======= ============ Balance September 30, 2001......... 14,453,081 $255,686 $24,152,906 $153,216,019 $68,509 $177,693,120 ========== ======== =========== ============ ======= ============

NINE MONTHS ENDED SEPTEMBER 30, ---------------------------- 2001 2000 ---------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income............................................................... $55,547,948 $31,932,982 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation........................................................... 630,784 120,756 Stock issued for services.............................................. 51,750 14,375 Changes in assets and liabilities: Cash restricted as to withdrawal.................................... 11,291,751 44,569,295 Accounts receivable................................................. (585,663) (33,690,307) Deferred expenses................................................... (216,730) (167,050) Accounts payable and accruals....................................... (8,708,180) 2,734,087 Amounts due to related parties...................................... (511) (4,525) Income taxes payable................................................ 2,767,078 1,511,459 ------------ ----------- NET CASH PROVIDED BY OPERATING ACTIVITIES......................... 59,118,528 47,021,072 ------------ ----------- CASH FLOWS FROM INVESTING ACTIVITIES Payment of advance for vessel construction ......................... - (10,000,000) ------------ ----------- Purchase of fixed assets ........................................... (434) (6,000,000) ------------ ----------- Purchase of investment in joint venture .......................... (1,659,729) - ------------ ----------- NET CASH USED IN INVESTING ACTIVITIES............................. (1,660,163) (16,000,000) ------------ ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Exercise of options and warrants.................................... 2,040,116 437,260 ------------ ----------- NET CASH PROVIDED BY FINANCING ACTIVITIES.......................... 2,040,116 437,260 ------------ ----------- NET INCREASE IN CASH AND CASH EQUIVALENTS.................................. 61,158,210 31,458,332 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD............................. 56,429,678 13,944,855 ------------ ----------- CASH AND CASH EQUIVALENTS, END OF PERIOD................................... $117,587,888 $45,403,187 ============ =========== SUPPLEMENTAL CASH FLOW INFORMATION: Income taxes paid........................................................ $ 100,045 $ 76,967 Interest paid............................................................ $ - $ - Interest received........................................................ $ 1,880,500 $ 624,375 ============ ===========

LOGISTICS WHOLESALE THREE MONTHS ENDED SEPTEMBER 30, 2001 SERVICES AUTOMOBILE SALES TOTAL (US$) (US$) (US$) ---------- ---------- ---------- Total revenues.............................................. 49,422,174 47,963,000 97,385,174 ========== ========== =========== Gross profit................................................ 12,800,771 14,341,200 27,141,971 Operating expenses.......................................... (1,615,434) (1,657,738) (3,183,172) Other Income................................................ 323,526 313,974 637,500 ---------- ---------- ----------- Pre-tax Income.............................................. 11,508,863 13,087,436 24,596,299 ========== ========== =========== Total assets................................................ 98,921,968 92,687,065 191,609,033 ========== ========== ===========

LOGISTICS WHOLESALE NINE MONTHS ENDED SEPTEMBER 30, 2001 SERVICES AUTOMOBILE SALES TOTAL (US$) (US$) (US$) ----------- ----------- ----------- Total revenues.............................................. 115,877,746 123,587,500 239,465,246 =========== =========== =========== Gross profit................................................ 27,064,099 37,522,700 65,586,799 Operating expenses.......................................... (3,881,074) (4,139,296) (8,020,370) Other Income................................................ 912,531 973,245 1,885,776 ----------- ----------- ----------- Pre-tax Income.............................................. 24,095,376 34,356,649 58,452,205 =========== =========== =========== Total assets................................................ 98,921,968 92,687,065 191,609,033 =========== =========== ===========

LOGISTICS WHOLESALE THREE MONTHS ENDED SEPTEMBER 30, 2000 SERVICES AUTOMOBILE SALES TOTAL (US$) (US$) (US$) ----------- ----------- ----------- Total revenues.............................................. 27,634,180 22,670,000 50,304,180 =========== =========== =========== Gross profit................................................ 7,430,581 6,682,000 14,292,581 Operating expenses.......................................... (823,446) (675,523) (1,498,969) Other Income................................................ 179,223 147,027 326,250 ----------- ----------- ----------- Pre-tax Income.............................................. 6,786,358 6,333,504 13,119,862 =========== =========== =========== Total assets................................................ 95,474,790 21,410,000 116,884,790 =========== =========== ===========

LOGISTICS WHOLESALE NINE MONTHS ENDED SEPTEMBER 30, 2000 SERVICES AUTOMOBILE SALES TOTAL (US$) (US$) (US$) ----------- ----------- ----------- Total revenues.............................................. 55,873,348 67,870,000 118,743,348 =========== =========== =========== Gross profit................................................ 17,575,727 18,982,000 36,557,727 Operating expenses.......................................... (1,678,007) (1,887,941) (3,565,948) Other Income................................................ 293,793 330,582 624,375 ----------- ----------- ----------- Pre-tax Income.............................................. 16,191,513 17,424,641 33,616,154 =========== =========== =========== Total assets................................................ 95,272,790 21,410,000 116,884,790 =========== =========== ===========

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