AND posts higher results in first half of year

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.

 

About AND

Founded in 1984, AND (AEX: AND) is one of the Netherlands' longest established software groups, currently employing 100 people in the Netherlands and India. AND is a software company that specialises in geographic data (addresses, roads, and routes) and the technology for the practical application of such data. AND is the international specialist in geographic solutions for developers of applications like CRM, SCM, ERP, Fleet Management and Mobile Location Services. Buyers include development partners and clients such as VDO Siemens, AOL, HP, IBM, Eastman Kodak, Manugistics, Mapinfo, MapQuest, Sony, Unilever and Vodafone. AND's head office is located in Rotterdam.

 

 

 

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