AND International Publishers: Report on the first six months of 2015
18 Agosto 2015 - 7:08AM
AND first half of 2015
profitable, doubling of map coverage in final phase and AND
responds to developments within the sector
- Development map of North-America in final
phase
- Revenue for first half of 2015 € 1.8 million
compared to € 3.3 million in first half of 2014
- Profit first half of 2015 € 0.7 million compared
to € 2.1 million in first half of 2014
- Profit per share first half of 2015 € 0.19
compared to € 0.56 per share in first half of 2014
- AND closely follows the developments within the
sector, including the sale of HERE, and is in dialogue with market
players to respond to these developments.
Capelle aan den IJssel, 18 August
2015 - AND International Publishers NV realized a profit in the
first half of 2015. Revenue and profit has decreased compared to
2014. AND realized a revenue of € 1.8 million and a profit of € 0.7
million in the first half of 2015. Earnings per share amounted to €
0.19.
AND CEO Hugo van der Linde: "AND
realized a profit in the first half of 2015. In the previous period
a lot of attention has been paid to the execution of the
development program for the maps of the United States and Canada.
This project is in its final phase; meanwhile interested parties
have received the first sample data of this new map. AND will now
focus on commercializing this important milestone for AND. The
market for digital maps is turbulent as shown by the sale of HERE
to a consortium of German automotive parties. AND is in dialogue
with several market players about these developments and the role
of AND therein."
Course of
events for the first half of 2015
During
the first half of 2015 AND further invested in the development of a
high quality premium navigation map of North-America. The upgrade
and enrichment program which started in 2014 is in its final stage.
The completion of the map of the United States is slightly delayed,
but will be commercially available in the course of the third
quarter. The coverage of navigation maps from AND will be more than
doubled. The first sample data has been offered to interested
parties.
In addition
AND has executed several customized services and concluded license
agreements. For example, together with its client Barloworld Supply
Chain Software, part of Barloworld (BAW.JSE), AND has delivered a
map in the format of Barloworld. This map can be connected without
further editing with the software from Barloworld. As a consequence
Barloworld is saving time and costs for development. With the
software from Barloworld optimal routes are calculated by which
costs and CO2 emission can be limited.
Within
another project AND worked together with Ordina and the Dutch
Inspectorate of Education to support the search function for their
website by using accurate geocodes from schools.
For a
supplier of advanced optimization solutions for planning AND has
executed a pilot for digitization of unpaved roads.
Also AND
executed customized services for which AND accepted full
confidentiality with regard to client, content and financials and
as such cannot provide further information.
For the
second half of 2015 AND expects a partly shift from revenue from
map licenses towards customized assignments and
services.
On the
3rd of August
2015 a consortium of car manufacturers has bought the mapping
division HERE from Nokia for an amount of € 2.8 billion.
AND already started, among other things at the request of
established companies, an investigation for the possibilities
within the automotive market. This investigation will be continued
and AND will closely follow developments around the sale of
HERE.
Financial
position
Revenue decreased from € 3.3
million to € 1.8 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 first half of
2015, but contributed less compared to the same period in 2014. In
addition a license agreement with a one-off character contributed
an important part to the revenue in 2014. AND is highly dependent
on a few large customers and new orders to be acquired and the
timing within the financial year. For this reason revenue during a
certain period can strongly fluctuate compared to the same period
in the previous financial year.
Total operating expenses increased
from € 1.5 million to € 2.0 million. Personnel expenses,
depreciation and amortization on tangible and intangible assets
have increased compared to 2014 because of the further development
of the map of the United States and Canada.
Internal costs spent to the
development of the map of the United States and Canada have been
capitalized and amounted to € 0.9 million. Ultimately net operating
expenses amounted to € 1.1 million in 2015 compared to
€ 1.2 million in 2014.
During the first half of 2015 AND
further invested in the map of the United States and Canada. The
total investment amounts to € 1.0 million. Therefore the intangible
fixed assets have increased to € 11.1 million.
Net cash flow amounted € 1.5
million negative resulting in a total balance of cash and cash
equivalents of € 2.8 million.
Shareholders' equity of € 13.7
million amounts 91% of total assets. As in previous years AND has
no bank debts.
Strategy
AND is the only 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.
As reported earlier AND currently
investigates opportunities to enter the automotive market and
further expand its digital map coverage.
Outlook for
2015
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 is positive about the second
half of 2015 but 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 page 12 and 13 of the annual report for 2014.
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)
Capelle aan den IJssel, 18 August
2015
H.F. van der Linde
CEO
Note for editor, not for publication:
For further information please
contact Hugo van der Linde on 0031-10-8851200 or go to
www.and.com
This is an
English translation of the Dutch press release. In the event of any
disparity between the Dutch original and this translation, the
Dutch text will prevail.
Full press release including
financial statements
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information contained therein.
Source: AND International Publishers via
Globenewswire
HUG#1946153
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