ADB Group Reports Solid Financial Results for First Half of 2009
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ * First-half year revenue growth: +7.8% over first-half 2008 * EBIT reaching 6.8% of revenue, +11.5% over first-half 2008 * EPS at 1.63$, +29.4% over both first and second-half 2008 * Strong demand from cable and satellite pay TV operators * High-definition at 82%, Personal Video Recorders at 63% and hybrid at 78% of the product mix * Launching the very first product for Spanish DTT pay-TV services * Nominated for three prestigious industry awards * Guidance confirmed for full-year 2009 Geneva - 6 August 2009 Advanced Digital Broadcast Holdings S.A. (SIX: ADBN) reported today its unaudited consolidated financial results for the first-half of 2009. Revenue for the first-half of 2009 was US$ 183.2 million, increasing 7.8% from the same period in 2008. The main drivers for growth were strong demand from cable and satellite segment, mostly in Europe. Gross profit increased to US$ 68.6 million, and gross margin reached 37.4% of revenue. This represents a return to more typical gross margin levels compared to the year before, and the development was according to the Group expectations. Operating expenses, including the costs for research and development, accounted for US$ 53.5 million in the first-half of 2009, representing a decrease of 10.1% year-on-year. Largest contributors to this development were greater operational efficiencies and cost control, combined with a favorable foreign exchange rate environment. Earnings Before Interest and Taxes rose to US$ 12.4 million or 6.8% of revenue during the first-half of 2009, compared to US$ 11.1 million or 6.5% of revenue for the same period in 2008, representing an increase of 11.5% year-on-year. Earnings per share were US$ 1.63, up from US$ 1.26 a year before, accounting for an increase of 29.4% year-on-year. The Group net cash generation from operating activities during the first-half of 2009 exceeded US$ 20 million. As a result, the Group had a net cash position of US$ 58.3 million at the end of June, more than double compared to US$ 28.3 million at the end of June 2008. Total cash and cash reserves amounted to US$ 82.9 million, compared to US$ 67.7 million a year before and US$ 71.0 million at the end of the year 2008. Mr. Andrew Rybicki, Chairman and CEO of ADB Group, commented: "I am pleased with our overall results during the first half of 2009. At the beginning of this year, there was a great deal of uncertainty with the overall macroeconomic situation. We were convinced that our business was resilient, but given the circumstances it was difficult to quantify this precisely. The first half of this year has justified our view. I am particularly pleased to note the vigilance to costs and operational efficiency which our staff is exercising, and for which I want to give full credit to them. This is an excellent starting point for the second half of 2009." Outlook for 2009 ADB Group regards the second-half of 2009 with reasonable confidence. The Group confirms its full-year guidance for 2009 as stated in February: revenue is expected to continue growing in 2009, gross margin is likely to come in line with the Group long-term strategy and expectations, and the Group expects to maintain an acceptable level of profitability. Business segment performance Digital TV Equipment segment The Digital TV Equipment segment continues to be the main contributor to the Group performance. It yielded US$ 180.0 million of revenue during the first-half of 2009, and had a positive Earnings Before Interest and Taxes of US$ 13.3 million, or 7.4% of the revenue. An important driver for the Group revenue is the composition of the product mix which continued evolving favorably during the first-half of the year. High-definition products contributed 82% of the entire mix, compared to 70% in the first-half of 2008 and 75% in the full-year 2008. Personal Video Recorders (PVRs), both standard and high definition, represented 63% of the product mix, compared to 31% in the first-half 2008 and 41% of the full-year 2008. Hybrid technology continued to gain momentum with pay-TV operators. Hybrid technology provides the pay-TV operators the opportunity of providing a wide area of new services, and enables the operators to utilize their broadcasting network in new ways. This has become an important factor for the Group revenue, as during the first-half of 2009 hybrid products contributed 78% of the product sales revenue. All in all, all advanced products accounted for 87% of the Group Digital TV equipment product sales revenue during the first-half of 2009. The main driver for the first-half 2009 growth was the strong demand from the cable segment, this area representing 50% of the Group revenue. The satellite segment enjoyed a growth spur as well, accounting to 22% of the Group revenue for the period. Terrestrial segment held back somewhat during the first-half of the year, representing 10% of the revenue. IPTV segment accounted for 15% of the Group revenue for the period. The Group was delighted to receive a record three nomination for IBC 2009 industry awards by Cable & Satellite International in the following categories: * Best customer premise technology * Best terrestrial wireless contribution/distribution/transmission solution * Best interactive TV technology or application The Group also announced today that it will deliver its digital terrestrial set-top box to Spanish company, Ikusi. The deal marks a milestone for both companies as it will be the very first product launched in the Spanish market for DTT pay services and will thus set the standard to follow for this market. Software and Services segment Software and Services recorded revenue of US$ 6.9 million, out of which US$ 3.2 million were intergroup sales. This segment recorded a Loss Before Interest and Taxes of US$ 0.7 million after an exceptional non-cash charge of US$ 0.8 million, substantially breaking even with its ordinary activities. The Group continues streamlining the activities of the Software and Services business segment, in accordance of its strategy of aligning the overall Group resources. Revenue analysis per region and customer base Geographically, the Group saw the growth coming from Eastern Europe, Middle East and Africa, and the Americas regions. Western Europe contributed 60% to the Group revenue, whilst Eastern Europe accounted for 25%. Middle East and Africa brought 8% of the Group revenue, while Americas contributed 6% and Asia Pacific 1% to the Group revenue for the period. It is worth noting that the IPTV segment demand in the United States of America contributed to the growth thus bringing one of the Group US IPTV distributors for the first time into the top ten customers list. Share buyback The Annual General Meeting of Shareholders held on 26 June 2009 approved a further share buyback program for up to 619,054 shares, aimed at cancelling the shares so acquired. The shares will be bought back through a second trading line. The exact timing together with the terms and conditions will be determined by the Board of Directors in due course. Conference call The management of ADB Group will hold a conference call to discuss the first-half 2009 financial results and outlook for the rest of the year, today at 15:00 CET. To connect to this conference, participants will be required to dial: +41 (0)44 580 64 03 To ask a question, the participants will be required to dial: 01. The main financial statements for the first-half of 2009 are attached to this press release. This press release and further information on ADB Group can be found on the Group's website at www.adbholdings.com. For further information please contact: Tina Nyfors EVP, Corporate Development Tel: +41 22 592 8433 Fax: +41 22 592 8432 t.nyfors(at)adbglobal.com -end- About ADB Group (SIX: ADBN) ADB Group (www.adbholdings.com) was founded in 1995 and is a leading developer of solutions required to view and interact with digital TV broadcast through cable, satellite, terrestrial and IP networks. The Group primarily sells consumer premise devices, including set-top boxes, with over 13 million units deployed since 1997. The development and sales of the Group's products and services are conducted in two main operating segments: the Digital TV Equipment segment, mainly operated by ADB (www.adbglobal.com), and Software and Services segment, encompassing Osmosys (www.osmosys.tv) and Vidiom Systems (www.vidiom.com). This press release contains forward-looking statements. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors, among which: * future developments of the world digital TV market, in particular the future demand for digital TV products in the key markets and from key customers served by our Group; * pricing pressures, competitive market situation; * our and the industry's capability to successfully and timely innovate and develop challenging technology, and our capability to hire and retain high-level employees; * changes in the exchange rates between the US$ and the main other operating currencies of the Group, including the Euro and the Polish Zloty; * our ability in an intensive competitive environment, to continue securing orders from existing or new customers and to achieve our pricing expectations for volume supplies of new products in whose development we have or are currently investing; * the ability of our suppliers to meet our demands for supplies, qualitatively or quantitatively, and to offer competitive pricing; * our gross margin could vary significantly from expectations based on changes in revenue levels, product mix and pricing, changes in unit costs, and the timing and execution of shipments ramp-ups; * changes in the economic, tax, social or political environment, including import and other duties, military conflict, terrorist activities, as well as natural events such as severe weather, health risks, epidemics or earthquakes in the countries in which we, our key customers and our suppliers operate; * our ability to obtain required licenses on third-party intellectual property on reasonable terms and conditions, the impact of potential claims by third parties involving intellectual property rights relating to our business, and the outcome of litigation; * the results of actions by our competitors, including new product offerings and our ability to react thereto; Advanced Digital Broadcast Holdings SA undertakes no obligation to publicly update or revise any forward-looking statements. Advanced Digital Broadcast Holdings SA reserves the right to amend the information at any time without prior notice. The information contained in this press release may not be considered as being a substitute for economic, legal, tax or other advice and you are cautioned to base investment decisions or other decisions on the content of this release. You are recommended to consult your investment advisers or other advisers prior to making any decision. This press release is not an offer of securities for sale or a solicitation to invest in Advanced Digital Broadcast Holdings SA securities. In particular, it is not an offer of securities for sale in the United States of America, its territories and possessions. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Advanced Digital Broadcast Holdings S.A. does not intend to register its securities in the United States of America.ADVANCED DIGITAL BROADCAST HOLDINGS SA AND SUBSIDIARIESConsolidated Income StatementsSIX MONTHS ENDED 30 JUNE 2009, 31 DECEMBER 2008, 30 JUNE 2008(Expressed in United StatesDollars) First-half Second-half First-half 2009 2008 2008 (Unaudited) (Unaudited) (Unaudited) $ $ $Revenue 183,181,162 190,924,671 169,891,871Cost of sales (114,610,560 ) (114,360,296 ) (102,146,753 )Gross profit 68,570,602 76,564,375 67,745,118Research and developmentexpenses (28,699,502 ) (33,597,841 ) (33,807,152 )Selling, general andadministrative expenses (24,800,389 ) (26,803,699 ) (25,725,746 )Other income 87,400 (4,232,129 ) 4,665,822Other expenses (2,789,349 ) (3,648,900 ) (1,781,043 )Finance income 2,461,555 3,571,421 1,297,152Finance costs (3,859,308 ) (3,741,914 ) (2,489,201 )Profit before tax 10,971,009 8,111,313 9,904,950Income tax expense (1,856,853 ) (784,245 ) (2,313,853 )Profit for the period fromcontinuing operations 9,114,156 7,327,068 7,591,097Loss for the period fromdiscontinued operations - (470,020 ) (2,859,649 )Profit for the period 9,114,156 6,857,048 4,731,448Earnings per shareFrom continuing anddiscontinued operations:Basic 1.63 1.18 0.79Diluted 1.63 1.18 0.79From continuing operations:Basic 1.63 1.26 1.26Diluted 1.63 1.26 1.26ADVANCED DIGITAL BROADCAST HOLDINGS SA AND SUBSIDIARIESConsolidated BALANCE SHEETS30 JUNE 2009, 31 DECEMBER 2008, 30 JUNE 2008(Expressed in United States Dollars) 30 30 June 31 December June 2009 2008 2008 (Unaudited) (Audited) (Unaudited) $ $ $ASSETSNon-current assetsGoodwill 15,906,695 15,906,695 18,030,051Intangible assets 18,910,444 18,562,158 18,592,421Property andequipment 10,670,192 11,429,514 14,007,242Deferred incometax assets 2,819,380 3,281,531 2,509,147Long-term tradereceivables 5,731,318 8,301,209 14,484,573Other 1,095,064 1,110,577 1,389,754Total non-currentassets 55,133,093 58,591,684 69,013,188Current assetsInventories, net 29,594,439 26,006,638 36,098,636Other currentassets 6,610,582 6,400,377 7,427,247Trade receivables,net 54,816,709 60,631,162 54,347,284Available-for-saleinvestments 20,398,494 9,599,494 8,797,330Cash and cashequivalents 62,541,440 61,365,592 58,941,623Total currentassets 173,961,664 164,003,263 165,612,120Total assets 229,094,757 222,594,947 234,625,308 30 June 31 December 30 June 2009 2008 2008 (Unaudited) (Audited) (Unaudited) $ $ $EQUITY AND LIABILITIESCapital and reservesShare capital 1,326,181 1,326,181 1,326,181Share premium 76,551,414 76,551,414 76,551,414Share-based compensationreserve 3,938,338 3,342,232 2,420,717Other reserves (1,052,900) (2,994,029) (1,103,683)Retained earnings 33,897,956 24,783,800 17,926,752Treasury shares (21,959,951) (21,404,311) (9,969,714)Total equity 92,701,038 81,605,287 87,151,667Non-current liabilitiesLong-term bank loans 7,353,766 9,529,943 15,000,277Retirement benefitobligations 4,300,385 4,171,832 4,532,445Deferred income taxliabilities 971,795 1,207,720 1,042,164Long-term payables 36,180 78,251 211,391Total non-currentliabilities 12,662,126 14,987,746 20,786,277Current liabilitiesBank loans (secured) 13,882,656 14,031,639 11,571,150Bank loans (unsecured) - - 7,874,000Current portion of long-termbank loans 3,390,485 3,615,926 5,005,439Trade and other payables 71,679,793 72,924,994 71,267,018Accrued expenses 25,825,082 26,491,813 24,493,843Provisions 4,473,813 3,477,870 2,372,933Taxes payable 3,346,583 1,907,065 993,213Other current liabilities 1,133,181 3,552,607 3,109,768Total current liabilities 123,731,593 126,001,914 126,687,364Total liabilities 136,393,719 140,989,660 147,473,641Total equity and liabilities 229,094,757 222,594,947 234,625,308ADVANCED DIGITAL BROADCAST HOLDINGS SA AND SUBSIDIARIESConsolidated statements of cash flowsSIX MONTHS ENDED 30 JUNE 2009, 31 DECEMBER 2008, 30 JUNE 2008(Expressed in United StatesDollars) First-half Second-half First-half 2009 2008 2008 (Unaudited) (Unaudited) (Unaudited) $ $ $CASH FLOWS FROM OPERATINGACTIVITIESFrom continuing operations:Profit for the period 9,114,156 7,327,068 7,591,097Adjustments for:Income tax expense 1,856,853 784,245 2,313,853Depreciation 1,180,936 1,406,885 1,573,541Amortisation 6,818,844 8,921,667 9,063,488Finance costs 3,859,308 3,741,913 2,489,202Finance income (2,461,555) (3,571,421) (1,297,152)Share-based payment expense 596,106 921,515 746,437Provision for inventory 1,590,887 1,786,876 1,607,822Others 11,389 45,031 234,941Profit before workingcapital changes 22,566,924 21,363,779 24,323,229Working capital changes:Trade and other receivables 8,384,344 (697,966) 45,817,673Inventories (5,178,688) 8,305,122 (5,119,985)Trade and other payables (1,245,201) 1,708,217 15,901,371Accrued expenses (657,721) 2,399,723 (22,222,079)Provisions 995,943 1,104,937 448,933Other current liabilities (743,705) 534,121 (2,260,126)Others 584,813 3,421,078 (911,370)Retirement benefitobligations 128,553 (42,903) 491,548Cash generated by operatingactivities 24,835,262 38,096,108 56,469,194Interest paid (3,868,318) (1,569,360) (2,515,615)Tax paid (454,857) (433,851) (310,215)Net cash provided byoperating activities 20,512,087 36,092,897 53,643,364Net cash used in operatingactivities fromdiscontinued operations - (262,172) (1,225,833)Net cash provided byoperating activities 20,512,087 35,830,725 52,417,531 First-half Second-half First-half 2009 2008 2008 (Unaudited) (Unaudited) (Unaudited) $ $ $CASH FLOWS FROM INVESTINGACTIVITIESFrom continuing operations:Acquisitions of property andequipment (681,973) (1,118,035) (1,351,917)Proceeds from sale ofproperty and equipment 28,966 222,047 146,972Payments for intangibleassets (7,195,250) (9,709,661) (11,153,371)Proceeds from sales ofintangible assets - 655,055 1,701Purchase ofavailable-for-saleinvestments (10,525,497) (826,577) (6,846,137)Interest received 1,639,979 1,237,920 1,523,675Net cash used in investingactivities (16,733,775) (9,539,251) (17,679,077)Net cash provided byinvesting activities fromdiscontinued operations - 134,830 5,071Net cash used in investingactivities (16,733,775) (9,404,421) (17,674,006)CASH FLOWS FROM FINANCINGACTIVITIESFrom continuing operations:Decrease in bank loans (2,550,601) (12,273,358) (3,082,736)Share purchase (555,640) (11,434,597) (994,577)Net cash used in financingactivities (3,106,241) (23,707,955) (4,077,313)Net cash provided by financingactivities from discontinuedoperations - - -Net cash used in financingactivities (3,106,241) (23,707,955) (4,077,313)TRANSLATION ADJUSTMENT ONFOREIGN CURRENCY 503,777 (294,380) (509,638)NET INCREASE IN CASH 1,175,848 2,423,969 30,156,574CASH AND CASH EQUIVALENTS,BEGINNING OF THE PERIOD 61,365,592 58,941,623 28,785,049CASH AND CASH EQUIVALENTS, ENDOF THE PERIOD 62,541,440 61,365,592 58,941,623ANALYSIS OF BALANCES OF CASHAND CASH EQUIVALENTSTime deposits 30,729,432 26,415,356 33,624,966Cash and bank balances 31,812,008 34,950,236 25,316,657 62,541,440 61,365,592 58,941,623http://hugin.info/136393/R/1332857/315771.pdf --- End of Message ---ADB Holdings S.A.Avenue de Tournay 7 Chambesy SwitzerlandISIN: CH0021194664; Index: SPI, SPIEX, SSCI;Listed: Main Market in SIX Swiss Exchange;
Datum: 06.08.2009 - 06:00 Uhr
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