Rotterdam, 4 August 2004 - In the first half of this year, AND International Publishers NV posted a pre-tax profit of €78,000 (first half of 2003: €48,000), with a turnover of €2.214 million (first half of 2003: €2.886 million). The improved results in spite of a lower turnover can be attributed chiefly to stringent cost management combined with lower interest charges, higher depreciation and a lower reserve for doubtful debts.
The company's financial position improved slightly because the cash flow from operational activities in the first 6 months of the year ended up being €145,000. As a result of the share issues of 30 June 2003 and 18 May 2004, AND is now free from long-term debt and has a solvency ratio of 75%.
As was announced earlier, the company expects to create shareholder value by launching its geographic data in markets for in-car navigation, the Internet (Geo Access) and mobile telephony.
"A rapid and substantial turnover growth can be achieved primarily in the market for in-car navigation, currently dominated by Navteq and Teleatlas," says CEO Maarten Oldenhof.
"Now that AND has certified navigable data in the world standard (GDF) and an agreement to launch the first release for Eastern Europe this fall, it appears as if nothing can stand in the way of AND's successful entry into this attractive market.
The speed and extent to which the market responds will largely determine the turning point towards profitable growth. The company is therefore refraining from predicting concrete turnover and results for 2004, but plans to intensively communicate to the market all developments in fields relevant to the company," according to Maarten Oldenhof.
AND
YTD
YTD
PROFIT & LOSS
Actual
Last Year
jun-04
jun-03
€ 000
€ 000
Revenues
Total Sales
2.214
2.886
Cost of Sales
Cost of retail sales
184
177
Data acquisition
97
182
Total Costs of Sales
281
359
Gross Margin
1.933
2.527
Operating costs
Total Staff costs
909
1.003
Other Costs
Accomodation/building
119
133
Marketing
47
105
Travel expenses
49
49
Company cars
72
67
Legal & advisory
39
188
Accounting & audit
52
22
Office
39
58
ICT & Telecommunications
125
145
Provisions for bad debts
-23
125
Other expenses
3
85
Total Other Costs
523
977
Total Operational Costs
1.431
1.980
EBITDA
502
547
Own work capitalized
-33
0
Depreciation
45
40
Amortisation
396
225
EBIT
93
282
Interest
-15
-234
Extraordinary results
0
0
PROFIT BEFORE TAX
78
48
AND
BALANCE SHEET
jun-04
jun-03
€ 000
€ 000
Intangible fixed assets
4.929
5.768
Hard- & Software
81
76
Furniture & Office Equipment
25
70
Cars
0
3
Tangible fixed assets
106
149
Financial fixed assets
2.967
1.389
FIXED ASSETS
8.002
7.306
Debtors (gross)
818
1.462
Provision for bad debts
-100
-392
Debtors
717
1.070
Deposits
11
12
Personnel, prepayments & other receivables
495
155
Receivables and accrued assets
1.224
1.236
Cash & cash equivalents
329
-119
CURRENT ASSETS
1.553
1.117
TOTAL ASSETS
9.555
8.423
Capital
13.795
12.558
Additional paid in capital / Gen. Res.
-6.546
-6.459
Income current year
78
48
Currency & Exchange difference
-169
-132
SHAREHOLDER'S EQUITY
7.157
6.015
Creditors
391
926
Deferred Sales
1.250
456
Accruals
639
979
Pensions & social security premiums
3
12
VAT
3
-105
Other
113
141
SHORT-TERM DEBTS & ACCRUED LIABILITIES
2.398
2.409
TOTAL LIABILITIES
9.555
8.423
2005 AND International Publishers NV. All rights reserved | Legal notices
