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AND benefits from contract with large US company
August 31, 2009 |
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Company: AND Products BV / AND Automotive Navigation Data
 Report on the first six months of 2009 AND benefits from contract with large US company • Turnover for first half of 2009 € 2,869,000 compared to € 1,875,000 in first half of 2008 • After-tax profits for first half of 2009 € 869,000 compared to € 790,000 in first half of 2008 • Earnings per share for first half of 2009 € 0.28 compared to € 0.24 in first half of 2008 • AND reiterates its outlook for 2009, earnings per share around € 2.00 compared to € 0.41 in 2008 Rotterdam, 31 August 2009 – AND International Publishers NV has realized strong growth inturnover and profit in the first half of 2009. Turnover grew by more than 53%, while net profit roseby 13%. Net profit per share increased from € 0.24 to € 0.28. AND reached important milestones during the first half of the year, leaving the NYSE Euronext special compartment and gaining alarge international contract. AND Chief Executive Officer Maarten Oldenhof: “the results from the first half of the year prove that the strategy of positioning ourselves as the only independent party within the worldwide digital maps market is bearing fruit. Thanks to this independent position, we won a contract with a large US company. The first revenues from this contract can already be seen in the figures for the first six months of the year. As stated earlier, the profit and turnover contributions from this contract will be much more evident in the second half of the year. For that reason, we are maintaining the expectation that our net earnings per share for 2009 will amount to around € 2.00, compared to € 0.41 in 2008.” Course of events for first half of 2009 AND made a strong start in 2009 on finalising an important licensing agreement with a large US company for using Western European maps. This has already led to positive developments in turnover and result for the first half of 2009. The further development of digital maps for Western Europe was accelerated in the first half of the year. This resulted in the availability of the map for Denmark. Maps for Spain, Portugal, France, the UK, Norway, Sweden, Finland and Italy are put into production. On 20 May, AND celebrated the fact that the company was able to leave the so-called Euronext ‘penalty box’ after eight years. In 2001, Euronext took measures against the AND share that were withdrawn on 20 May due to strong solvency and the company’s profit expectations. In order to demonstrate how knowledge of location can lead to interesting services for users of mobile telephones and other equipments, AND developed two applications for the iPhone; iMaps and iVoetbalStanden. These applications together have already been downloaded about 100,000 times via iTunes. Financial position As was the case at the end of 2008, AND has no debts to banks. Equity amounted to more than 75% of total assets at the end of June 2009. The company substantially increased investments in the first half of 2009 due to the contract with the large US company. Personnel costs for the first half of 2009 amounted to € 3.2 million (in the first half of 2008 these amounted to € 1.3 million). The increase in these costs is related to the accelerated development of digital maps of Western Europe. A large entry of capitalized development costs has been included in the profit and loss account, reflecting AND’s strong focus on the development of new maps. Market developments AND sees clear opportunities for further, autonomous growth in the market for digital maps, due to the fact that, alongside a strong, continuing increase in Smartphones, other players from the ‘online market’ are trying to position themselves on the mobile internet via location based services. In the future, every mobile device will be fitted with a GPS signal as standard and this will lead to enormous growth in the use of maps connected to this. Strategy As the only, independent party in the worldwide map market, AND's strategy is focussing on creating long term value offering digital maps for location based services. The company is, therefore, working hard on developing its high quality database so that it can position itself even more strongly within this market. In addition, AND is investigating opportunities for collaborations with other parties in order to map the entire world. To this end, the company is holding discussions with a company from China and a map maker from the Middle East. Outlook for 2009 The company is maintaining the expectation that turnover this year will triple in comparison to turnover in 2008 and that profits will increase fivefold in 2009. AND expects the net earnings per share to increase to about € 2.00 in 2009, compared to € 0.41 in 2008. It is expected that maps for the countries that were put into production in the first half of the year will be available for the market in the second half. Risks For a detailed description of the risk factors that apply to AND International Publishers NV and its subsidiaries, you are referred to page 5 and 6 of the annual report from 2008. 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) Maarten Oldenhof (sales@and.com) |
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