According to AND's Management Board, the disappointing financial results for 2000 and 2001 reflect the enormous operational, organisational and legal changes which the company underwent during this period. The programme of restructuring was necessary in order to lay the foundations for potential growth in turnover and profitability. The first-quarter figures for 2002, published on 23 May, indicate that AND has already begun to bounce back. In the first three months of this year, it recorded a turnover of EUR 2.0 million and net profits of EUR 0.1 million.
Financial results for 2000
The annual accounts for 2000, which were drawn up and published by the company 's present Management Board, replace the financial reports and financial statements published on 20 September 2001 (Report by the Supervisory Board, Report by the Management Board, Annual Accounts and Other Information). The company decided to amend the previous version of the annual accounts because of the amount of time that had passed without their having been approved by the General Meeting of Shareholders. The impact of recent important events had not yet been taken into account in the previous version.
Financial results for 2001
AND suffered a net loss in 2001 of EUR 2 million. The German and US sales offices which the company closed down in late 2001 account for approximately EUR 1.4 million of this negative result.
The Management Board has refrained from any forecast concerning the final results for the present financial year, but it does expect to see a profit in 2003.
According to Kenny van Ierlant, CEO of AND International Publishers N.V., "The company has just been through two very turbulent years, during which time it saw a lot of shareholder value being destroyed. Customer and employee confidence in our organisation and products was put to the test. We're convinced that the changes we've introduced have put down solid foundations for future growth. Our feelings have been confirmed by the confidence that the majority of our shareholders expressed in our policy earlier this year."
AND International Publishers N.V. is an international specialist in the provision of geographical services. It collects and maintains road and address information on a global scale. In combination with AND's unique software technologies, this data is used for a variety of purposes and in numerous markets.