DGAP-News: net mobile AG reported pleasing and solid business development overall for the fical year
(firmenpresse) - DGAP-News: net mobile AG / Key word(s): Preliminary Results
net mobile AG reported pleasing and solid business development overall
for the fical year
31.01.2011 / 08:58
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Corporate news from net mobile AG
Düsseldorf, 31 January 2011 - net mobile AG (ISIN: DE0008137852), Europe's
leading provider of mobile and interactive value-added services, reported
pleasing and solid business development overall for the fical year
2009/2010. Prior to the approval of the supervisory board net mobile
reports the preliminary figures as follows;
In the past financial year, sales rose by EUR614 thousand as against the
previous year. If one considers with respect to this increase that the
company discontinued its chat activities in April of the previous financial
year, which represented sales of EUR9,782 thousand, sales growth is
considerably greater at 11.3% or EUR10,396 thousand. The main reason for
this positive development was the payment system products, which are
continuing to enjoy significant growth. In addition, sales in the area of
operator portals also increased encouragingly. However, business for
call-by-call numbers was in decline. This has also contributed to the sharp
deterioration in the gross profit margin. Overall, the management feels
that the current developments and measures have left net mobile AG well
positioned to face the challenges the future will bring.
In assessing income figures, it should be noted that the company incurred
extraordinary expenses of EUR955 thousand for the remeasurement of its
warehouse and write-downs of EUR667 thousand. In total, however,
write-downs declined from EUR2,349 thousand to EUR1,622 thousand.
Selling costs decreased by EUR1,691 thousand mainly as a result of lower
marketing expenses in 2009/10. Research and development costs increased by
EUR962 thousand to EUR1,987 thousand as a result of higher R&D activities
in 2009/10. The increase in general administration costs by EUR1,048
thousand is mainly due to costs in connection with the acquisition of the
Group by DOCOMO Deutschland GmbH.
EBITDA developed negatively, decreasing by EUR2,510 thousand to EUR2,726
thousand, on account of the lower gross margin and the cost changes
described above.
Write-downs on current assets (not including financial assets) increased
year-on-year mainly as a result of investments and now amount to EUR5,508
thousand (previous year: EUR4,778 thousand).
The development of the net financial income of the net mobile AG Group was
highly positive. Not least as a result of the capital increase and the
associated reduction of bank loans by EUR 650 thousand, interest expenses
were down from EUR350 thousand to EUR188 thousand. Net financial income
for this year was reduced by currency fluctuations, which squeezed earnings
by EUR153 thousand. The fair value measurement of the embedded derivative
in the convertible bond increased net financial income by EUR950 thousand.
Income from income taxes improved from EUR-5,823 thousand in 2008/09 to
EUR2,263 thousand in 2009/10. The income tax expense in the previous year
is mainly due to the write-down of the loss carryforwards of EUR6,250
thousand recognised on deferred tax assets in prior years, which were
reversed in the previous year on account of the acquisition of the Group by
DCM and the associated loss of these loss carryforwards.
Overall, the company reported a negative result of EUR124 thousand
(previous year: consolidated net loss of EUR6,196 thousand).
.
In the 2009/10 financial year, the company maintained its high investment
level in property, plant and equipment and intangible assets. Total
investments not including private equity investments amounted to EUR6,526
thousand (previous year: EUR7,465 thousand). The investments break down as
follows:
Intangible assets: EUR5,907 thousand
Property, plant and equipment: EUR619 thousand
In the past financial year, net mobile AG slightly reduced its strategic
investment in Bankverein Werther and now holds just 9.99% of its share
capital. In particular, the carrying amount of the non-current assets rose
as a result of the increase in the fair value of the embedded derivative in
the convertible bond by EUR950 thousand.
The company's inventories include download rights acquired in agreements
with the music industry. A write-down of EUR955 thousand has been
recognised on these download rights. Furthermore, inventories also include
advertising time acquired at television networks.
Trade receivables less write-downs increased by EUR3,227 thousand to
EUR14,415 thousand.
net mobile AG ended the 2009/10 financial year with cash and cash
equivalents of EUR4,917 thousand. Essentially as a result of the EUR4,888
thousand capital increase, equity rose by EUR5,187 thousand in absolute
terms to EUR38,517 thousand. The equity ratio was unchanged at the high
level of 62.4% (previous year: 62.4%).
The total cash flow is positive at EUR1,330 thousand. This is mainly due to
the capital increase. While the operating cash flow is positive at EUR2.737
thousand, the cash flow from investing activities was negative at EUR5,922
thousand. In light of the high investment volume and the non-recurring
effects in the past financial year, the Executive Board considers this
development to be satisfactory.
In the past financial year, the net mobile Group was able to meet its
payment obligations within the contractual payment periods at all times.
There were no payments in arrears as at the time of this management report
being prepared. We assume that the company will also be able to meet its
payment obligations on time in future.
Outlook
The path embarked upon towards internationalisation is being systematically
pursued further by the Executive Board. For this reason the development of
further branches is planned. Furthermore, there is to be a significant
expansion of activities in the area of product development
The financial year was brought in line with the calendar year as part of
the cooperation with the DCM Group. The next financial year of net mobile
AG will therefore be a short financial year of three months until 31
December 2010.
The Executive Board is therefore forecasting stable pro rata sales for the
short financial year ending 31 December 2010 (around EUR23.1 million) and
stable pro rata earnings at the current level.
Overall, the Executive Board expects significant growth in sales and
earnings over the next few years. Although investments in the further
development of products will place a considerable burden on net earnings,
2011 will focus on growth and a corresponding increase in sales of around
10-15% as against 2009/10 is expected.
This is subject to the budgeting process for this financial year which has
not yet been completed.
The full annual report will be published right after the approval of the
supervisory board at the end of February
About net mobile AG
net mobile AG is a leading international full-service provider for mobile
and interactive value-added services. Founded in November 2000, the company
is seen as an innovation leader on the market and its full-managed service
approach includes consulting, design, applications, content, billing,
transport and technical implementation for optimal, multi-channel marketing
campaign management. Further more net mobile AG offers Apps for smartphones
an e books since 2009. As a partner to all the major music labels and the
owners of rights for the film, television and games industry, net mobile AG
also ensures full content and royalty management. Its more than 500
customers world-wide include national and global mobile telecommunications
providers, media companies, portals, branded companies and TV channels for
which it provides end-to-end mobile interactive TV services. first:telecom
GmbH and MINICK AG are subsidiaries of the net mobile AG group of
companies. Since December 2009 NTT DOCOMO is major shareholder, owning
more than 80% of net mobile shares. You can find further information under
www.net-m.de.
Contact details:
Frank KlabundeEnd of Corporate News
Investor Relations net mobile AG Zollhof 17 DE 40221
Düsseldorf Tel: +49 (0) 211 970 20 - 0 Fax: +49 (0) 211 970 20 - 999E-
mail: katja.buerger(at)net-m.de Internet: www.net-m.de
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31.01.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: net mobile AG
Zollhof 17
40221 Düsseldorf
Deutschland
Phone: +49 (0)211 970 20-0
Fax: +49 (0)211 970 20-999
E-mail: info(at)net-m.de
Internet: www.net-m.de
ISIN: DE0008137852
WKN: 813785
Listed: Freiverkehr in Berlin, Hamburg, München (m:access),
Stuttgart; Open Market in Frankfurt
End of News DGAP News-Service
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110267 31.01.2011Unternehmensinformation / Kurzprofil:
Datum: 31.01.2011 - 08:58 Uhr
Sprache: Deutsch
News-ID 33086
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