Report on the first six months of 2010
(Thomson Reuters ONE) -
Turnover and profits increased significantly in first half of 2010
AND expects strong growth in turnover and profits for the full year 2010
- Turnover for first half year of 2010 ? 3.3 million compared to ? 2.9 million
in first half of 2009
- After-tax profits for first half of 2010 ?1.2 million compared to ? 0.9
million in first half of 2009
- Earnings per share for first half of 2010 ? 0.32 compared to ? 0.28 in first
half of 2009
- AND expects turnover in 2010 at least ? 6.7 million compared to ? 5.0 million
in 2009
- AND expects after-tax profit in 2010 at least ? 2.3 million compared to ? 1.5
million in 2009
Rotterdam, 31 August 2010 - AND International Publishers NV has realized strong
growth in turnover in the first half of 2010. The company realized an increase
in net profit in the first half of the year. Thanks to a good second quarter and
commercial successes at the beginning of the second half of 2010 the company
expects turnover in 2010 to increase with at least 34% to a minimum of ? 6.7
million. At that level of turnover AND expects an after-tax profit of at least ?
2.3 million.
AND CEO Maarten Oldenhof: "We are very pleased that the growth of more than 30%
in 2009 will continue in 2010. In May we have shaken up the market for mobile
navigation together with Geolife. Under the Navmii GPS Live label we offer
turn-by-turn navigation for a very low price for the iPhone. Furthermore, we are
very pleased with the start of the second half of 2010, as we closed new
contracts for our navigation maps of Western Europe. For that reason we expect
that turnover this year will amount to at least ? 6.7 million compared to a
turnover of ? 5.0 million in 2009."
Course of events for the first half of 2010
Western Europe is now almost covered with high quality navigation maps. In the
second quarter of 2010 two countries were added to the map database, namely the
maps of Italy and Norway. Next to the maps for Western Europe AND released a map
for the United States, this digital map is optimized for geocoding.
This year AND prepared for a lawsuit because of a dispute for the delivery of
maps of the United Kingdom. However a settlement has been arranged. Turnover
includes a material amount for this settlement.
As reported in the trading update on May 18 AND will reduce its cost base in
2010. This reduction of costs already has been realized in the first half of
2010. Personnel costs have been decreased to ? 1.5 million during the first half
of 2010 compared to ? 3.2 million in the first half year of 2009. AND expects a
decrease in total operating expenses of ? 2.5 million for 2010. Total operating
expenses will decrease from ? 7.4 million to ? 4.9 million.
This year AND closed a contract with the British Navmii for navigation on the
iPhone and iPad. By now, maps for Italy, Denmark and Sweden have been added for
the iPhone meaning that this mobile app is now available for ten countries.
Further, three countries optimized for the iPad are meanwhile available.
Shortly after the earthquake in Haiti AND released a digital map of the island
which is freely available to all parties who assist in relief efforts, recovery
and rebuilding. This map is available as raw data in Shape format, via the
Internet (Map 2.0) and as an app for the iPhone.
The free iPhone application AND launched last year for viewing football scores
in the Dutch Eredivisie remains popular. Overall, this app has been downloaded
more than 75,000 times. For the new football season AND updated iVoetbalstanden
and this program is available through the iTunes store.
Financial position
As was the case at the end of 2009, AND has no bank debts. Equity amounted to
84.5% of total assets at the end of June 2010. In the first half of 2010 total
operating expenses decreased by ? 2.1 million. This is mainly explained by the
previously announced reduction of the personnel costs. Most of these costs
relate to the development of the database and consequently these cost are
capitalized. Therefore, the capitalized development costs in the first half of
2010 are ? 1.8 million lower than in the first half of 2009. Savings to the net
operating expenses amounts ? 0.3 million.
For the year 2010 AND expects to save approximately ? 2.5 million on total
operating expenses compared to 2009. Savings on operating expenses are mainly
visible in the first half of 2010 as the costs of accelerating investments in
the maps of Western Europe took particularly place in the first half of 2009.
Since the development of the database of Western Europe is nearly complete, the
costs of maintenance will increase slightly. For 2010 AND expects this will
result in an increase in net operating expenses by ? 0.3 million as maintenance
cannot be capitalized.
Market developments
AND has recently achieved commercial success thanks to the opportunities seen in
the market for digital maps. Besides a strong continuing growth of smartphones
with GPS, players in the online market try to capture a position on the mobile
internet through location-based services. These developments have turned
navigation and location based services into a commodity and created a mass
market for them. This offers great opportunities for AND.
Strategy
AND is the third largest supplier in its market, but the only independent one.
Strengthened by its success to date, the company will continue to focus on
creating long-term value for shareholders by providing digital maps for
location-based services. The company focuses on the further development of its
advanced database to position itself even more effectively in the market. The
company joined forces with EMG (China) and Orion (Dubai). The companies carry
out a feasibility study to create a Global Digital Mapping Alliance (GDMA).
Outlook for 2010
AND expects a turnover for the full year 2010 of at least ? 6.7 million as
compared to ? 5 million in 2009, with an after-tax profit of at least ? 2.3
million.
Risks
For a detailed description of the risk factors that apply to AND International
Publishers NV and its subsidiaries, you are referred to page 12 of the annual
report for 2009.
Declaration from the Board of Directors
The Board of Directors hereby declares that, to the best of their knowledge:
- the consolidated, interim financial report, which have been prepared on the
basis of IAS 34, Interim financial reporting, give a true and fair view of the
assets, liabilities, financial position and the result of AND International
Publishers NV and the companies included in the consolidation as a whole; and
- the half year report from the Board of Directors includes a fair review of the
information required pursuant to section 5:25d, subsection 8 and 9 of the Dutch
Financial Markets Supervision Act (Wet op het financieel toezicht)
Rotterdam, 31 August 2010
CEO
M.P. Oldenhof
[HUG#1441455]
For the full press release including financial statements click on this link.:
http://hugin.info/132841/R/1441455/385789.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters 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 Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 31.08.2010 - 07:55 Uhr
Sprache: Deutsch
News-ID 40495
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contact information:
Town:
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Kategorie:
Business News
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