Rotterdam, 24 May 2004 - AND achieved a turnover of EUR 4.5 mill. (2002: EUR 5.4 mill.) in 2003. The loss from ordinary activities after taxation was EUR 150,000, compared to a loss of EUR 1.8 mill. in 2002. This improvement is owed to a combination of cost savings, lower depreciations and tax savings.
The year 2003 was dominated to a significant degree by the implementation of the share issue and re-evaluation of the strategy, ultimately leading to a strong focus on the market for "in-car navigation", a market in which companies like Navteq and TeleAtlas are also active. Navteq is currently preparing a flotation and, TeleAtlas, which is already listed on the stock exchange, recently received a capital injection of EUR 175 million for making acquisitions, among other things. The rapidly growing market for in-car navigation is considerably larger than the fields in which AND normally operates. In Europe alone, this market is valued at around EUR 300 million, and is growing at an annual rate of more than 20%.
If AND succeeds at becoming the leading data supplier for regions like Eastern Europe, Central and South America, Africa, and a number of countries in Asia, this could lead to considerable revenue and profit growth. A preliminary agreement has already been signed with Siemens and similar contracts are expected with other parties in the course of 2004.
AND is refraining from making a revenue and profit forecast until the effects of its new strategy have manifested themselves.
The company has taken cognizance of the final version of the Tabaksblat code, which lays down rules for good corporate governance of listed companies. In the case of AND International Publishers N.V., the adoption of this code creates an added incentive for carrying out a previously expressed desire, namely, to offer shareholders an exit option within the foreseeable future.
Consolidated balance at 31 December 2003
(after appropriation of net result)x € 1.000
2003
2002
ASSETS
Fixed assets
Intangible fixed assets
5.293
5.993
Tangible fixed assets
111
135
Financial fixed assets
2.967
1.389
8.371
7.517
Current assets
Net debtors
1.041
787
Other receivables and accrued assets
297
331
Cash and cash equivalents
92
268
1.430
1.386
TOTAL ASSETS
9.801
8.903
LIABILITIES
Shareholders' equity
6.287
382
Loan from shareholders
-
5.382
Short-term debts and accrued liabilities
Creditors
476
714
Bank debts
627
-
Deferred revenues
1.263
364
Other debts and accrued liabilities
1.148
2.061
3.514
3.139
TOTAL LIABILITIES
9.801
8.903
Consolidated profit and loss account for 2003
x € 1.000
2003
2002
Turnover
4.458
5.356
Costs of outsourced work and
other external costs
2.849
3.547
Salaries and social security contribution
2.094
3.324
Depreciation and amortisation
865
2.424
Capitalised development costs
84-
1.060-
Total operating costs
5.724-
8.235-
Operating result
1.266-
2.879-
Interest and similar income
-
5
Interest and similar expenditure
462-
348-
Financial result
462-
343-
Results from ordinary
activities before tax
1.728-
3.222-
Taxes
1.578
1.389
Results from ordinary activities after tax
150-
1.833-
2005 AND International Publishers NV. All rights reserved | Legal notices
