AND realizes profit in first half of 2013 – financial year 2013 will be profitable

  • Revenue for first half of 2013 € 3.2 million compared to € 3.4 million in first half of 2012
  • Profit first half of 2013 € 1.8 million compared to € 1.9 million in first half of 2012
  • Profit per share first half of 2013 € 0.49 compared to € 0.51 per share in first half of 20112
  • Strong cash position of € 4.9 million at the end of June 2013

Rotterdam, 9 August 2013 – AND International Publishers NV realized a profit of € 1.8 million and revenue of € 3.2 million in the first half of 2013. Earnings per share amounted to € 0.49. Based on the results in the first half of 2013 AND expects revenue throughout 2013 will increase to at least more than € 4 million. The financial year 2013 will be profitable.

AND CEO Hugo van der Linde: “We are excited with the progress in the first half of 2013. This year we maintained our healthy revenue and profitability. We also advanced well in building and delivering our new location technology services in addition to our digital maps.”

Course of events for the first half of 2013
During the first quarter AND worked on the AND LBS Platform. Early April AND launched this platform for worldwide location based services (LBS). AND provides all core geospatial technology necessary to power scalable, global LBS services including geocoding, single-line local search, routing and customized maps, with developer APIs available for all mobile platforms. Already we run various pilots on this platform for potential customers with promising results. This platform fits within the strategy to add geo-intelligence to business processes of customers by using technologically advanced custom solutions.

Furthermore AND received several orders to build custom solutions based on the rich local data from OpenStreetMap combined with AND proprietary content and technology.

In May an important agreement was signed with an established party in the navigation sector for the use of digital maps of AND. This agreement contributed substantially to the revenue in the first half of 2013.

Based on mandatory laws and regulations AND has announced in May that a third party contacted AND for exploratory talks about a cooperation. AND is of the opinion that a cooperation with this party would not add sufficient value to AND’s future perspective and for that reason AND decided to cease talks with this party.

Financial position
Revenue decreased slightly from € 3.4 million to € 3.2 million. The contract signed in May has contributed substantially to the revenue of the first half of the year.
Total operating expenses decreased from € 1.5 million to € 1.4 million.
The cash position is further reinforced. Net cash flow amounted € 0.7 million resulting in a total balance of cash and cash equivalents of € 4.9 million.
Shareholders’ equity of € 11.4 million amounts 79% 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 still offers opportunities and AND will continue to improve and update its existing maps more effectively. In addition AND will increase its added value by offering its maps and data as customized services. Its enriched database, combined with the often branch and industry specific customized services provides AND the leverage for further growth.

Outlook for 2013
The economic conditions, market developments and business models in the market for digital maps are still highly uncertain. Also, the new strategy towards providing customized solutions still needs to further prove itself in 2013. The results in 2013 will depend among others on the strength of economic recovery, the developments in the market for navigation and location-based services and the successful implementation of AND’s new direction.

Based on the results for the first half of 2013 AND expects that the revenue for the full year 2013 will increase to at least more than € 4 million (2012: € 4.5 million). The financial year 2013 will be profitable.

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 2012.

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)

Rotterdam, 9 August 2013

CEO

H.F. van der Linde

Full press release including financial statements click this link