Final full year figures 2014 AND International Publishers NV
(Thomson Reuters ONE) -
AND achieves positive and strong results for 2014
+------------------------------------------------+------+------+
| in millions of euro (except amounts per share) | 2014 | 2013 |
+------------------------------------------------+------+------+
| Revenue | 4.8 | 4.3 |
+------------------------------------------------+------+------+
| Operating result | 2.7 | 1.2 |
+------------------------------------------------+------+------+
| Net result | 2.6 | 1.2 |
+------------------------------------------------+------+------+
| Cash position | 3.8 | 5.5 |
+------------------------------------------------+------+------+
| Earnings per share | 0.69 | 0.33 |
+------------------------------------------------+------+------+
Capelle aan den IJssel, 17 March 2015 - AND International Publishers NV achieved
positive and strong results for 2014. AND realized a revenue of ? 4.8 million
and a profit of ? 2.6 million. Earnings per share amounted to ? 0.69 compared to
? 0.33 in 2013.
AND Chief Executive Officer Hugo van der Linde: "Similar to 2013 AND achieved
positive and strong results in the financial year. At the same time the strong
expansion of our navigation maps is on schedule."
Course of events in 2014
Early 2014 AND signed the first contracts within the track and trace market. AND
has developed the AND Trip Registration Platform which is based on the AND LBS
Platform. This track and trace solutions module consists of a mapping API and
accurate (reverse) geocoding based on the AND proprietary maps.
At the Mobile World Congress in February AND brought its mapping and location
services to Ubuntu with an easy to use mobile application. AND developed a map
viewer with the proprietary AND navigation maps of Europe to start showing the
capabilities of AND for Ubuntu on phones.
End of April AND signed an important agreement with ALK Technologies Inc. from
Princeton to create a high quality navigation map of the United States and
Canada. ALK committed itself to buy the enriched navigation map to use this map
in its own products. This agreement contributed substantially to the revenue and
results in 2014.
This established navigation company has sold to AND an exclusive license of its
own navigation map of the United States and Canada, which is already extensively
used within various navigation applications, systems and logistic solutions. AND
is exclusively entitled to deliver the map to third parties.
Together with its current Western European navigation map AND will double its
coverage of navigation maps. With this increase in coverage AND expects to
further attract global customers.
The upgrade and enrichments program is planned to run until mid-2015. This
upgrade program is on schedule.
During the last quarter AND executed several customized services for various
customers relating to the analysis and improvement of location data.
Financial position
Revenue increased from ? 4.3 million to ? 4.8 million. Revenue from the contract
for the creation of the navigation map of the United States and Canada
contributed an important part to the revenue in the 2014.
Total operating expenses increased to a total of ? 3.4 million in 2014. The
investment and development of the navigation map of North-America resulted in an
increase of both personnel expenses and amortization. Compared to 2013 personnel
expenses increased by ? 0.4 million to ? 2.0 million. Amortization charges on
intangible fixed assets increased by ? 0.1 million to ? 0.5 million. Share based
compensation expenses decreased from ? 0.2 million to ? 0.1 million.
Costs spent to the development of the map of North-America have been capitalized
and amounted to ? 1.3 million in 2014. As a result net operating expenses
decreased from ? 3.1 million in 2013 to ? 2.1 million in 2014.
In 2014 AND invested substantially in the development of the navigation map of
North-America. The total investment amounted to ? 4.7 million. Intangible fixed
assets increased to ? 10.5 million at the end of 2014 as a result of this
investment.
Net cash flow amounted ? 1.7 million negative resulting in a total balance of
cash and cash equivalents of ? 3.8 million at the end of 2014.
Thanks to the achieved results total assets increased by ? 2.7 million to ? 16
million in 2014. As in 2013 AND has no bank debts. By the end of 2014
shareholders' equity amounted to around 81% of total assets.
Dividend
Based on the agreement for the creation of high quality navigation maps of
North-America, and the positive result for 2013 AND already made a payment from
its reserves of gross ? 0.10 per share to its shareholders in May 2014. AND has
no intention to pay a dividend for the financial year 2014 also. In addition to
the current investment in its expansion of maps AND sees various opportunities
to invest in technology and markets to strengthen its capabilities and position.
Also AND expects no earlier than 2016 a more substantial contribution to its
revenues from the enriched navigation map of North-America which is currently
under construction. Although it is the intention of AND to make an annual
payment to shareholders, if permissible, and taking into account the current
dividend policy, a payment to shareholders in the financial year 2015 for these
reasons is not obvious.
Market trends
The strong growth of smartphones with GPS and tablets with location positioning
created a mass market for location based apps which are offered through various
App Stores. Besides apps for navigation also many other apps make use of
location services such as weather, chat and photo apps. Many of these apps make
us of the standard APIs (Application Programming Interface) as they are offered
within the SDKs (Software Development Kit) of the mobile OS. Also a market for
wearables like smart watches starts to develop.
In recent years the sales and margins of PND players have come under strong
pressure. The sales numbers in both the market in Europe and the United States
have fallen. This downward trend continued unabated in 2014.
With the presence of free location based services also the awareness among
companies about the importance of location within their business processes has
increased enormously. Furthermore, there is an increasing need to use cloud-
based services. AND offers its LBS (Location Based Services) platform as a good
solution to fulfill this need. Also AND observes an increasing need for
customized services and a higher willingness from customers to pay for services
in addition to map licenses only.
The need for location based services as part of the connected car is
accelerating in the automotive market. At the request of established parties
within the automotive market AND currently investigates the opportunities within
this market.
Although the need for digital global maps and location based services is still
growing, the number of map providers with global coverage is very limited. In
response AND already made an important step in its ability to offer detailed-
level maps of North-America in addition to its maps of Western Europe. Also AND
investigate the opportunities to further increase this coverage in the future.
Strategy
AND is the independent company in the global map market for digital maps for
location based services. This offers opportunities and AND will continue to
improve and extend its existing maps more effectively. In addition AND will
increase its added value by offering its maps and data as customized services.
Outlook for 2015
The year 2014 was a good year again for AND. The economic conditions, market
developments and business models in the market for digital maps are still highly
uncertain. The results will depend among others on the strength of economic
recovery, the developments in the market for navigation and location-based
services. Also AND is still highly dependent on a few large customers and new
orders to be acquired. In the course of 2015 AND expects to complete the
enriched map of North-America and to execute test and pilot projects with
prospects and therefore expects a more substantial contribution to its revenues
from this enriched map no earlier than 2016. AND is positive regarding new
opportunities within the current fast changing technology and market
developments. AND does not provide a financial outlook for 2015.
Risks
For a detailed description of the risk factors that apply to AND International
Publishers NV and its subsidiaries, you are referred to the annual report for
2014.
The Annual General Shareholders' Meeting takes place at 1 May 2015 in Rotterdam.
For a detailed explanation of the figures reference is made to the financial
statements of 2014 on www.and.com.
Rotterdam, 17 March 2015
CEO
H.F. van der Linde
This is a translation of the Dutch press release. In the event of any
discrepancy, the Dutch version will prevail.
For more information
Contact: Hugo van der Linde, Tel. +31 (0)10 8851200, or check www.and.com.
The final figures for 2014 in this press release have been audited
For full press release including financial statements click this link:
http://hugin.info/132841/R/1903699/677236.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: AND International Publishers via GlobeNewswire
[HUG#1903699]
Unternehmensinformation / Kurzprofil:
Datum: 17.03.2015 - 07:05 Uhr
Sprache: Deutsch
News-ID 378900
Anzahl Zeichen: 11000
contact information:
Town:
Rotterdam
Kategorie:
Business News
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