Capelle aan den IJssel, 12 September 2019 – Higher sales, improved net-result, negative cash-flow, strong balance sheet, cash-availability increasingly becoming a constraint.

Promising new opportunities were created in the first half year of 2019, but are not yet closed, and therefore, did not yet lead to revenues nor cash in HY1. In this context, AND managed to slightly improve its financial results over the first half-year of 2019 versus 2018, with cash-availability increasingly becoming a constraint:

  • Revenues over the first half-year are up by 13% to € 0,6 million;
  • Net result improved by 24% to a net-loss of € 0,7 million;
  • Net cash-flow equals -/- € 0,7 million, an improvement of € 0,1 million versus last year;
  • Consolidated cash-position equals € 1,5 million (June 30, 2018: € 3,2 million). Management have started discussions on a range of financing opportunities with several financiers, in addition to its efforts to secure and grow AND’s operating cash-flow. AND aims to have secured its cash-needs for the second half of 2019 and beyond before year-end 2019.;
  • Solvency remains very strong, with equity being 93% of balance-sheet total (2018: 93%);
  • Closing of AND Products India progressing – expected to finalize in second half-year of 2019;
  • AND experiences difficulties in finding a replacement for its auditor Grant Thornton, for reasons beyond control of AND management

 

For the full press release and financial statement click here