Report on the first six months of 2016 AND International Publishers NV
18 Août 2016 - 7:26AM
AND expects at least significant growth in revenue
in 2016
-
Revenue for first half of 2016 € 6.1 million
compared to € 1.8 million in first half of 2015
-
Net profit first half of 2016 € 3.2 million
compared to € 0.7 million in first half of 2015
-
Earnings per share first half of 2016 € 0.85
compared to € 0.19 per share in first half of 2015
-
AND expects at least significant growth in
revenue in 2016 compared to € 6.0 million in 2015
Capelle aan den
IJssel, 18 August 2016 - Revenue and profit of AND International
Publishers NV sharply increased in the first half of 2016 compared
to 2015. AND realized a revenue of € 6.1 million and a profit of €
3.2 million in the first half of 2016, which resulted in earnings
per share of € 0.85. In May 2016 a dividend of € 0.15 was paid from
the 2015 results to the shareholders.
AND CEO Hugo van der Linde: "The
first half of 2016 has been excellent, also thanks to the big order
which was acquired in February this year. I am excited that we can
welcome Barry Glick as a new member of the Supervisory Board. Barry
is American and has an impressive track record within our sector as
executive at Mapquest, Webraska, Navteq and ALK. His knowledge,
experience and network is also a valuable contribution to our plans
to grow further in the United States."
Course of
events for the first half of 2016
In January the production of the high quality premium navigation
map of Canada was completed. This completes the upgrade and
enrichment program for high quality premium navigation maps of
North America. AND more than doubled the coverage of AND's
navigation maps.
In February, AND entered into a
material agreement to license mapping data with one of the largest
European internet companies. The license agreement includes AND's
worldwide digital maps.
In April, AND announced a
licensing agreement with CycloMedia. This empowers AND's capability
to deploy data generated by cars in its digital maps. In 2016 AND
starts a pilot project. This step enhances AND's growth prospects
in the automotive sector, which is on the brink of new developments
driven by technology and an important user of digital maps.
In addition, AND announced that it
has been enrolled as a member of ADASIS, a platform for car
manufacturers and map makers to standardize interface between
in-vehicle ADAS (Advanced Driver Assistance Systems) applications
and map data sources. Partners of ADASIS include car manufacturers
(like BMW, Daimler, FORD, Honda, Renault, Toyota, Volkswagen and
Volvo) and map makers (like HERE and TomTom).
End of June 2016 AND announced to
extend the Supervisory Board to three members. The very well
experienced American Barry Glick, with much experience in the
mapping and navigation sector is nominated to strengthen the
Supervisory Board. At 10 October an extraordinary general meeting
of Shareholders will be held. On the AND website the invitation and
agenda for this meeting is available.
On operational level AND has
executed several custom orders. Together with the Dutch police a so
called tile server is delivered with specific point of interests.
Also, AND started, worked on and successfully completed various
custom projects which involved accepting
total confidentiality with respect to
the client, the work involved and the
financials of the project and is
therefore unable to disclose any
further details
Financial
position
Revenue in the first half of 2016 more than tripled from € 1.8
million to € 6.1 million. Revenue from the signed license agreement
in February contributed substantially to the revenue in the first
half of 2016. 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 € 2.0 million to € 2.2 million and decreased sharply as a
percentage of revenue.
In 2015 AND invested substantially
in the upgrade and enrichment program of a high-quality map of
North America. This program is finalized in January 2016 and
consequently capitalized development costs decreased from € 0.9
million to € 0.3 million. Net operating expenses amounted € 1.9
million in the first six months of 2016 compared to € 1.1 million
in the same period in 2015.
The cash position is further
strengthened in the first half of the year. Net cash flow amounted
€ 3.2 million positive resulting in a total balance of cash and
cash equivalents of € 7.7 million as per end of June 2016.
AND solvency remains strong.
Shareholders' equity of € 20.7 million amounts 93% 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. Our plans to
realize additional growth through an own office in the United
States are a logical next step to further execute our strategy
successfully.
Outlook for
2016
AND is positive about the new opportunities presented by today's
rapidly changing technological possibilities and market
developments, including the automotive sector. Based on the
realized revenue of € 6.1 million in the first half of 2016 AND
expects to realize in 2016 at least significant growth of revenue
compared to 2015 (€ 6.0 million).
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, 13 and 14 of the annual report for 2015.
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
2016
H.F. van der Linde
CEO
2016 |
Financial calendar |
10 October |
Extraordinary General Meeting of
Shareholders |
15 November |
Trading update |
The
qualifications used in this press release are based on the
terminology from the scale of Mock.
This
press release contains inside information within the meaning of
Article 7(1) of the EU Market Abuse
Regulation.
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.
For full press release including
financial statements click this link
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: AND International Publishers via
Globenewswire
HUG#2035815
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