ADB Group reports half-year 2011 results
(Thomson Reuters ONE) -
ADB Holdings S.A. /
ADB Group reports half-year 2011 results
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
* H1 revenue reached US$ 172 million, +22% growth year-on-year
* EBIT before restructuring and M&A expenses in positive territory
* Operating expenses lower than anticipated
* Acquired business performing well
* Restructuring and integration proceeding according to plan
* New U.S. customers: Charter Communications and Time Warner Cable
* Cash and treasuries amounting to US$ 65 million
Geneva - 4 August 2011
Advanced Digital Broadcast Holdings SA (SIX: ADBN) reported today ADB Group's
unaudited consolidated financial results for the first half of 2011.
The first-half 2011 revenue reached US$ 172 million, compared to US$ 141 million
last year for the same period, representing a growth of +21.6% year-on-year. The
growth was attributable to the acquired broadband business, as the first half of
the year saw the broadcast business declining due to market reasons. Scaling
down of the retail business also contributed to the lower sales during the first
half. The newly established service business achieved rapid growth compared to
last year, but still forms a relatively small amount of the Group revenue and
needs further aggressive development.
Gross profit amounted to US$ 50.1 million, or 29.2% of revenue, representing an
increase of 2.3% over the first-half of 2010. The gross margin structure of the
Group changed due to a new sales mix, comprising now of products both from the
digital TV equipment and gateway businesses.
Operating expenses, including the costs for research and development, accounted
for US$ 50.8 million in the first-half of 2011, stable compared the US$ 50.6
million of the second half of 2010, but representing an increase of 20.8% year-
on-year. The increase is a result of consolidating the new broadband business
with its entire cost base and personnel to the Group and does not yet benefit
fully from the effect of the ongoing reorganisation efforts. During the first
half of 2011, the Group launched several processes to streamline and restructure
its operations. This included initiatives related to organizational structure,
product lines, markets and headcount. The reorganisation costs amounted to US$
3.0 million during the period, in line with expectations. The reorganisation
process will continue for the rest of the year.
Earnings Before Interest and Taxes (before reorganisation and acquisition
expenses) amounted to US$ 0.9 million, or 0.5% of revenue, during the first-half
of 2011, compared to US$ 3.7 million for the same period in 2010. Loss per share
was US$ 0.84, compared to earnings per share of US$ 0.50 a year before. At the
end of June 2011, the Group had a net cash position of US$ 4.2 million, with
cash and treasuries amounting to US$ 65.0 million.
Mr. Andrew Rybicki, Group CEO and Chairman, commented: "The results of the first
half of 2011 were in line with our expectations in respect of the operating
profitability, for which I want to express my thanks to those members of our
staff who contributed to it. The overall situation of the broadcast market
caused smaller than expected revenue development in the first half of 2011.
However, the first positive and clearly visible results of our emerging business
in the US (Charter and Time Warner) and India, show a real business potential
there. Similarly, our traditional European business has also brought significant
new opportunities, to be announced soon. Finally, the launch of the new Services
Division, which is a result of rapidly growing contribution of such activities,
is strategically very important. This emphasises our move towards full solutions
and services, which is the key to success in the long run. We focus on
sustainability on the operating performance, not maximising the revenue line at
any cost".
Outlook for 2011
The Group gives the following guidance for the full year 2011:
* Revenue expected to grow around 15% year-on-year
* EBIT% (before acquisition and integration costs) expected to be positive
The Group continues to incur certain costs related to integration and
restructuring until the end of this year, estimating them to be in a range of
USD 5-6 million for the entire year.
Business overview
The acquired broadband business is performing well. The new product and service
lines provide tools for the Group to combine expertise from both broadcasting
and broadband areas, as the Group sees market increasingly moving to the
direction where thorough understanding of the converging technologies is
necessary. This is a noteworthy market trend, and responding to it is
strategically key. The new business development is also progressing well.
Earlier in the year we made a strategic decision to significantly scale down
most of the retail-oriented business segment, consisting predominantly of
terrestrial products. More emphasis has been put on developing new customers in
strategically chosen markets. Consequently, the efforts are now coming to
fruition in the US cable market, where the agreements with Charter
Communications and Time Warner Cable have been won, establishing the Group's
foothold in the commercial market segment. Business development in Eastern
Europe yielded deliveries to Hungarian Business Telecom, benefiting of our
advanced hybrid solution technology.
Our customers are increasingly demanding full solutions and services. To cater
for this need, we have created a completely new division, dedicated to customer
services. This new Services Division will address all customer needs in the
after sale area, including the services in the software upgrades and
maintenance, reverse logistics, repair, refurbishment and disposal. The goal
of the Service Divison is also to expand their activities into management of
customer networks, and to explore new and innovative concepts and business
models. This is one of the strategically important development points
identified.
With the acquisition of the broadband business, the Group customer concentration
has decreased significantly. The top ten customers now bring some 70% of our
total revenue, with no single customer bringing more than 12.5% of revenue. The
Group considers this to be an advantage, and helpful from the financial and
strategic planning point of view.
During the first half, high-end product become a overwhelming mainstream of the
product portfolio in the digital TV equipment, where 95% of the product sales
constituted of high-definition products, with cable and satellite segments
enjoying a stronger momentum. This further underlines the importance of staying
at the high-end of the product offering, consistent with the Group strategy.
Europe continues being the driving force for our business. Europe constituted
93% of our revenue, with Western Europe contributing 69% and Eastern Europe 24%
to the business. Americas brought 6% and Asia Pacific 1% of the revenue during
the first half of 2011. This slight shift in geographical weight is largely due
to the added broadband business, which traditionally has had most of its
customer base in Western Europe.
The Group has received nominations for two prestigious industry awards. For this
year's IBC in Amsterdam, the Group has been shortlisted under the category
"Technologies/software that are enhancing the online content experience" for the
"Connected TV Portal" solution. This solution represents a clear way forward in
the world of connected home, supporting the Group strategy of providing easy-to-
use solutions to the customers and subscribers. The Group has also been
shortlisted for the 2011 CSI award in the category "Best Customer Premises
Technology" for its Multi-Room Solution.
Organisational update
Following the restructuring and reorganisation plan, the Group has decided to
establish a separate business division for customer services, in addition to the
existing three business divisions. The Services Division is headed by Mr. John
Justo, Executive Vice President. He will be joining the Group Executive
Committee with immediate effect.
Mr. Philippe Geyres, who resigned from the Board of Directors earlier in the
year due to a conflict of interest, has now been freed from the conflict. The
Board of Directors decided to call for an Extraordinary General Meeting in
August to re-elect him to the Board, subject to shareholders' approval.
Dividend distribution
In June 2011, the Annual General Meeting of the Shareholders approved the
Board's recommendation to pay a dividend of CHF 1.00 per share. The dividend was
paid on 29 July 2011.
Pirelli option exercise
On 2 August, Pirelli & C. informed the Company that it exercised the first
tranche of the put option as per agreement. As a result of this event, the
Company purchased from Pirelli & C. S.p.a. 133,334 of the Company's shares for a
total consideration of CHF 3,866,686.
Conference call
ADB Group management will hold a telephone conference on that day to discuss the
2011 first half
financial results today at 15.00 CET.
To connect to the conference call, participants should dial the following
number: +41 (0) 44 580 639
Participant pass code is "ADB".
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
Investor Relations and Group Communications
Tel: +41 22 592 8433
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 sells a broad range of
products and services, including software, consumer premises devices, system
integration and after sales services, and broadband solutions such as gateway
products, for multimedia connected homes through telecom operations, The
development and sales of the Group's products and services are conducted through
the brand of ADB (www.adbglobal.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 SA
does not intend to register its securities in the United States of America.
ADVANCED DIGITAL BROADCAST HOLDINGS SA AND SUBSIDIARIES
Consolidated Income Statements
SIX MONTHS ENDED 30 JUNE 2011, 31 DECEMBER 2010, 30 JUNE 2010
(Expressed in United
States Dollars)
First-half Second-half First-half
2011 2010 2010
(Unaudited) (Unaudited) (Unaudited)
$ $ $
Revenue 171,606,108 215,535,943 141,083,454
Cost of sales (121,459,048 ) (149,826,726 ) (92,072,070)
-------------- -------------- --------------
Gross profit 50,147,060 65,709,217 49,011,384
Research and
development expenses (27,766,882 ) (28,434,605 ) (20,483,928)
Selling, general and
administrative expenses (23,011,415 ) (22,147,958 ) (21,533,724)
Other income 2,173,302 661,367 340,167
Other expenses (618,789 ) (1,769,059 ) (3,609,015)
---------------- -------------- --------------
Earnings before
interest, tax,
acquisition and
reorganisation expenses 923,276 14,018,962 3,724,884
Acquisition expenses (258,408 ) (538,539 ) -
Reorganisation expenses (3,006,490 ) - -
Finance income 395,838 749,403 1,361,624
Finance costs (3,076,426 ) (2,143,613 ) (2,382,473)
-------------- -------------- --------------
(Loss) profit before
tax (5,022,210 ) 12,086,213 2,704,035
Income tax credit
(expense) 482,523 (1,702,093 ) (181,267)
-------------- -------------- --------------
(Loss) profit for the
period (4,539,687 ) 10,384,120 2,522,768
(Loss) earnings per
share
Basic (0.84 ) 2.04 0.50
Diluted (0.84 ) 2.04 0.49
ADVANCED DIGITAL BROADCAST HOLDINGS SA AND SUBSIDIARIES
Consolidated statements of COMPREHENSIVE INCOME
SIX MONTHS ENDED 30 JUNE 2011, 31 DECEMBER 2010, 30 JUNE 2010
(Expressed in United States Dollars)
First-half Second-half First-half
2011 2010 2010
(Unaudited) (Unaudited) (Unaudited)
$ $ $
Movement in
available-for-sale
investments 157,836 12,854 (638,940)
(Charge) credit of deferred tax on
movement in available-for-sale
investments (12,358) (872) 49,894
Actuarial gain (loss) directly
recognised in equity 29,631 (133,601) -
(Charge) credit of deferred tax on
direct recognition of actuarial gain
(loss) in equity (3,459) 63,337 (67,279)
Movement in cash flow hedges (65,317) (5,121,384) 4,395,357
(Charge) credit of deferred tax on
movement in cash flow hedges (15,391) 565,132 (512,938)
Translation adjustments 2,655,267 1,579,686 (1,272,350)
----------------- ------------- ------------
Other comprehensive income for the
period 2,746,209 (3,034,848) 1,953,744
(Loss) profit for the period (4,539,687) 10,384,120 2,522,768
----------------- ------------- ------------
Total comprehensive income for the
period (1,793,478) 7,349,272 4,476,512
ADVANCED DIGITAL BROADCAST HOLDINGS SA AND SUBSIDIARIES
Consolidated BALANCE SHEETS
30 JUNE 2011, 31 DECEMBER 2010, 30 JUNE 2010
(Expressed in United States Dollars)
31
30 June December 30 June
2011 2010 2010
(Unaudited) (Audited) (Unaudited)
$ $ $
ASSETS
Non-current
assets
Goodwill 27,176,649 25,792,385 9,393,440
Intangible
assets 39,408,652 32,784,758 20,092,893
Property and
equipment 17,461,449 15,773,046 10,625,691
Deferred
income tax
assets 5,962,123 4,785,778 3,192,409
Long-term
trade
receivables - - 1,420,175
Other non-
current
assets 602,618 1,027,545 1,031,554
------------- ------------- --------------
Total non-
current
assets 90,611,491 80,163,512 45,756,162
------------- ------------- --------------
Current
assets
Inventories,
net 62,444,736 50,362,159 39,856,902
Other current
assets 20,290,947 28,096,129 15,209,031
Trade
receivables,
net 62,137,941 92,822,350 46,362,920
Treasury
investments 15,282,252 14,522,613 15,223,587
Time deposits - - 2,409,000
Cash and cash
equivalents 49,700,767 84,502,898 57,390,888
------------- ------------- --------------
Total current
assets 209,856,643 270,306,149 176,452,328
------------- ------------- --------------
Total assets 300,468,134 350,469,661 222,208,490
ADVANCED DIGITAL BROADCAST HOLDINGS SA AND SUBSIDIARIES
Consolidated BALANCE SHEETS (CONTINUED)
30 JUNE 2011, 31 DECEMBER 2010, 30 JUNE 2010
(Expressed in United States Dollars)
30 June 31 December 30 June
2011 2010 2010
(Unaudited) (Audited) (Unaudited)
$ $ $
EQUITY AND
LIABILITIES
Capital and
reserves
Share capital 1,193,563 1,193,563 1,326,181
Share premium 53,371,617 59,786,295 59,786,295
Share-based
compensation
reserve 4,656,675 4,586,298 4,672,374
Other reserves (9,086,664) (13,102,458) 1,184,890
Retained
earnings 14,856,143 19,630,344 44,294,760
Treasury shares (3,482,476) (3,370,395) (49,981,733)
------------- -------------- --------------
Total equity 61,508,858 68,723,647 61,282,767
Non-current
liabilities
Long-term bank
loans 14,941,384 2,906,044 3,849,503
Retirement
benefit
obligations 7,677,799 7,243,199 5,255,625
Deferred income
tax liabilities 550,493 398,888 1,018,624
Long-term
liabilities 3,328,349 8,211,074 37,431
------------- -------------- --------------
Total non-
current
liabilities 26,498,025 18,759,205 10,161,183
------------- -------------- --------------
Current
liabilities
Bank loans 44,824,436 63,624,901 23,496,097
Current portion
of long-term
bank loans 1,039,680 904,834 3,263,903
Trade and other
payables 111,827,095 144,400,590 85,784,563
Accrued
expenses 22,036,238 34,483,385 18,115,385
Provisions 9,588,476 10,868,616 2,767,449
Taxes payable 455,473 515,797 892,263
Other current
liabilities 22,689,853 8,188,686 16,444,880
------------- -------------- --------------
Total current
liabilities 212,461,251 262,986,809 150,764,540
------------- -------------- --------------
Total
liabilities 238,959,276 281,746,014 160,925,723
Total equity
and liabilities 300,468,134 350,469,661 222,208,490
ADVANCED DIGITAL BROADCAST HOLDINGS SA AND SUBSIDIARIES
Consolidated statements of cash flows
SIX MONTHS ENDED 30 JUNE 2011, 31 DECEMBER
2010, 30 JUNE 2010
(Expressed in
United States
Dollars)
First-half Second-half First-half
2011 2010 2010
(Unaudited) (Unaudited) (Unaudited)
$ $ $
CASH FLOWS FROM
OPERATING
ACTIVITIES
(Loss) profit
for the period (4,539,687) 10,384,120 2,522,768
Adjustments for:
Income tax
(credit) expense (482,523) 1,702,093 181,267
Depreciation 1,809,375 1,210,139 1,183,922
Amortisation 11,464,952 8,808,169 9,223,229
Finance costs 3,076,426 2,143,613 2,382,473
Finance income (395,838) (749,403) (1,361,624)
Share-based
payment expense 70,377 96,871 299,352
Provision for
inventory 433,784 708,314 764,755
Others 199,204 210,271 (8,288)
-------------- ------------- --------------
11,636,070 24,514,187 15,187,854
Working capital
changes:
Trade and other
receivables 30,684,409 (5,185,728) 34,861,298
Inventories (12,516,361) (496,996) (20,898,911)
Other current
assets 7,719,422 (6,313,155) (5,359,872)
Trade and other
payables (32,573,495) 14,186,007 (9,520,905)
Accrued expenses (11,586,728) 1,875,773 (15,471,435)
Provisions (1,280,140) (696,056) (372,684)
Other current
liabilities 1,820,387 (203,476) 244,057
Others 1,047,653 841,834 126,146
-------------- ------------- --------------
Cash (used in)
generated by
operating
activities (5,048,783) 28,522,390 (1,204,452)
Interest paid (1,486,943) (579,502) (2,386,002)
Tax paid (494,670) (1,726,333) (2,216,457)
-------------- ------------- --------------
Net cash (used
in) provided by
operating
activities (7,030,396) 26,216,555 (5,806,911)
-------------- ------------- --------------
ADVANCED DIGITAL BROADCAST HOLDINGS SA AND SUBSIDIARIES
Consolidated statements of cash flows (CONTINUED)
SIX MONTHS ENDED 30 JUNE 2011, 31 DECEMBER
2010, 30 JUNE 2010
(Expressed in
United States
Dollars)
First-half Second-half First-half
2011 2010 2010
(Unaudited) (Unaudited) (Unaudited)
$ $ $
CASH FLOWS
FROM INVESTING
ACTIVITIES
Acquisitions
of property
and equipment (3,091,260) (2,878,923) (1,100,114)
Proceeds from
sale of
property and
equipment 50,706 9,392 106,634
Payments for
intangible
assets (17,205,092) (12,693,740) (10,799,795)
Proceeds from
sale of
intangible
assets 3,319 - -
(Purchase)
sale of
treasury
investments
and time
deposits (601,803) 3,122,828 16,634,076
Interest
received 342,356 649,315 1,464,988
Payments for
acquisition of
business (325,784) (8,600,424) -
-------------- -------------- --------------
Net cash (used
in) provided
by investing
activities (20,827,558) (20,391,552) 6,305,789
-------------- -------------- --------------
CASH FLOWS FROM
FINANCING ACTIVITIES
(Decrease) increase in
bank loans (6,630,280) 35,319,856 (423,676)
Share sale pursuant to
exercise of stock
options 81,567 - 925,908
Purchase of treasury
shares - - (8,318,291)
Dividend paid - (13,955,473) -
-------------- -------------- -------------
Net cash (used in)
provided by financing
activities (6,548,713) 21,364,383 (7,816,059)
-------------- -------------- -------------
TRANSLATION ADJUSTMENT
ON FOREIGN CURRENCY (395,464) (77,376) (696,964)
-------------- -------------- -------------
NET (DECREASE) INCREASE
IN CASH (34,802,131) 27,112,010 (8,014,145)
CASH AND CASH
EQUIVALENTS, BEGINNING
OF THE PERIOD 84,502,898 57,390,888 65,405,033
-------------- -------------- -------------
CASH AND CASH
EQUIVALENTS, END OF THE
PERIOD 49,700,767 84,502,898 57,390,888
ANALYSIS OF BALANCES OF
CASH AND CASH
EQUIVALENTS
Time deposits 6,790,668 7,521,703 15,069
Cash and bank balances 42,910,099 76,981,195 57,375,819
-------------- -------------- -------------
49,700,767 84,502,898 57,390,888
ADVANCED DIGITAL BROADCAST HOLDINGS SA AND SUBSIDIARIES
Consolidated statements of CHANGES IN EQUITY
SIX MONTHS ENDED 30 JUNE 2011, 31 DECEMBER 2010, 30 JUNE 2010
(Expressed in United States Dollars)
Share Share Share-Based Other Retained Treasury
Compensation
Capital Premium Reserves Earnings Shares Total Equity
Reserve
$ $ $ $ $ $ $
First-half 2010
(Unaudited)
Balance at 1
January 2010 1,326,181 76,551,414 4,373,022 (768,854) 39,252,110 (42,759,071) 77,974,802
Profit for
the six- - - - - 2,522,768 - 2,522,768
months
ended
30 June 2010
Other
comprehensive - - - 1,953,744 - - 1,953,744
income
-----------------------------------------------------------------------------------------
Total
comprehensive
income - - - 1,953,744 2,522,768 - 4,476,512
Purchase of
ordinary shares - - - - - (8,617,372) (8,617,372)
Sale of treasury
shares pursuant
to exercise of
stock options - - - - - 1,394,710 1,394,710
Share-based
payments of
first-half 2010 - - 299,352 - - - 299,352
Reclassification
of losses on sale
of treasury
shares - - - - (289,764) - (289,764)
Payment of
dividend - (16,765,119) - - 2,809,646 - (13,955,473)
-------------------------------------------------------------------------------------
Second-half 2010
(Unaudited)
Balance at
30 June 2010 1,326,181 59,786,295 4,672,374 1,184,890 44,294,760 (49,981,733) 61,282,767
Profit for
the six- - - - - 10,384,120 - 10,384,120
months
ended
31 December
2010
Other
comprehensive - - - (3,034,848) - - (3,034,848)
income
-----------------------------------------------------------------------------------------
Total
comprehensive
income - - - (3,034,848) 10,384,120 - 7,349,272
Transfer of
treasury
shares
pursuant to
acquisition - - - - - 11,247,238 11,247,238
Put option issued
pursuant to - - - 282,751 - - 282,751
acquisition
Liability arising
in case of
exercise of put - - - (11,535,251) - - (11,535,251)
option issued
pursuant to
acquisition
Capital
reduction (132,618) - - - (30,645,178) 30,777,796 -
Losses on
sale of
treasury
shares - - - - (4,586,305) 4,586,305 -
Share-based
payments of
second-half
2010 - - (86,076) - 182,947 - 96,871
-----------------------------------------------------------------------------------------
First-half 2011
(Unaudited)
Balance at
31 December
2010 1,193,563 59,786,295 4,586,298 (13,102,458) 19,630,344 (3,370,395) 68,723,647
Loss for the
six-months
ended
30 June
2011 - - - - (4,539,687) - (4,539,687)
Other
comprehensive - - - 2,746,209 - - 2,746,209
income
-----------------------------------------------------------------------------------------
Total
comprehensive
income - - - 2,746,209 (4,539,687) - (1,793,478)
Transfer to
other
reserves - - - 234,514 (234,514) - -
Reduction of
liability in
case of
exercise of
put option
issued
pursuant to
acquisition - - - 1,035,071 - - 1,035,071
Payment of
dividend - (6,414,678) - - - (6,414,678)
Sale of
treasury
shares
pursuant to
exercise of
stock options - - - - - 81,567 81,567
Losses on
sale of
treasury
shares - - - - - (193,648) (193,648)
Share-based
payments of
first-half
2011 - - 70,377 - - - 70,377
-----------------------------------------------------------------------------------------
Balance at
30 June 2011 1,193,563 53,371,617 4,656,675 (9,086,664) 14,856,143 (3,482,476) 61,508,858
ADVANCED DIGITAL BROADCAST HOLDINGS SA AND SUBSIDIARIES
CONSOLIDATED BUSINESS SEGMENTS
SIX MONTHS ENDED 30 JUNE 2011
(Expressed in United States Dollars)
Digital TV
and Broadband
Products and
Services Other Eliminations Consolidated
$ $ $ $
REVENUE
External sales 171,606,108 - - 171,606,108
Inter-segment sales - 179,265 (179,265) -
----------------- ----------- -------------- --------------
Total revenue 171,606,108 179,265 (179,265) 171,606,108
RESULT
Segment result 1,886,364 (963,088) - 923,276
--------------
Acquisition
expenses (258,408)
Reorganisation
expenses (3,006,490)
Finance income 395,838
Finance costs (3,076,426)
Income tax credit 482,523
--------------
Loss for the period (4,539,687)
ASSETS
Segment assets 221,474,005 2,168,358 (61,277) 223,581,086
Unallocated
corporate assets 76,887,048
--------------
Consolidated total
assets 300,468,134
--- End of Message ---
ADB Holdings S.A.
Avenue de Tournay 7 Chambesy Switzerland
ISIN: CH0021194664;
ADB Group Reports First Half 2011 Financial Results :
http://hugin.info/136393/R/1536112/468611.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: ADB Holdings S.A. via Thomson Reuters ONE
[HUG#1536112]
Unternehmensinformation / Kurzprofil:
Datum: 04.08.2011 - 06:00 Uhr
Sprache: Deutsch
News-ID 56955
Anzahl Zeichen: 41298
contact information:
Town:
Chambesy
Kategorie:
Business News
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