AND realizes higher revenue in 2016
AND proposes dividend payment again
in millions of euros (except for figures
per share) |
2016 |
2015 |
Revenue |
7.3 |
6.0 |
Operating profit excluding one-off
impairment reversal |
3.5 |
2.9 |
One-off impairment
reversal |
- |
2.5 |
Operating profit after one-off
impairment reversal |
3.5 |
5.4 |
Net profit |
2.8 |
5.1 |
Cash balance |
6.9 |
4.5 |
Proposed dividend per
share |
0.15 |
0.15 |
Earnings per share |
0.75 |
1.36 |
Capelle aan
den IJssel, the Netherlands - 16 March 2017 - The revenues of AND
International Publishers NV increased by 22% in 2016, to €7.3
million. Operating profit (excluding the one-off impairment
reversal of €2.5 million recognised in 2015) increased 21% to a
level of €3.5 million. Earnings per share came in at €0.75 compared
with €1.36 in 2015. AND proposes to pay shareholders a dividend of
€0.15 per share.
AND Chief
Executive Officer Hugo van der Linde: "I am
excited that in 2016 we again managed to grow revenues and achieved
strong results. At the same time, we strengthened our presence in
North America and continued to invest in new initiatives within the
automotive sector around autonomous driving."
Course of
events 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 started 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 (for example BMW, Daimler, FORD, Honda,
Renault, Toyota, Volkswagen and Volvo) and map makers (such as HERE
and TomTom).
During the third quarter AND
decided to develop a new product, a database with detailed postal
code areas of the United States. For this product, a multi-year
sales contract has already been signed with a prominent customer.
From 2017 this product will contribute to the revenue and
results.
In the third quarter Barry Glick
was formally nominated to strengthen the Supervisory Board. The
Extraordinary General Meeting of Shareholders of 10 October
officially appointed Mr. Glick as member of the Supervisory Board.
He has been appointed for a period of four years. The Supervisory
Board now consists of three members.
In the fourth quarter Bennett Moe
was appointed as VP Sales to expand the business in
North-America.
In 2016 AND executed several
customized orders during the third quarter. Together with the Dutch
police a so called tile server was delivered with specific point of
interests and together with a part of the Dutch government a so
called tile server was delivered. Also, AND 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 increased from €6.0 million to €7.3
million. The contract signed in February 2016 contributed
substantially to the revenue in 2016.
Total
operating expenses in 2016 decreased by €0.1 million, at €4.4
million overall. Personnel expenses decreased by €0.1 million
compared with 2015, to €2.3 million.
Depreciation
and amortisation of property, plant and equipment and intangible
assets rose by €0.2 million to €0.9 million. This increase is
caused by the investments in the North American navigation map in
2015 as well as the reversal of the impairment loss of €2.5 million
in 2015.
The costs of share-based compensation
decreased by €0.4 million to €0.2 million.
The costs
involved in the further development of the mapping database been
capitalised and, for the whole of 2016, amounted to a total of €0.6
million (2015: €1.4 million).
Net
operating expenses rose from €0.6 million in 2015 to €3.9 million
in 2016. This increase is largely explained by the reversal of the
impairment loss in 2015 of €2.5 million originally recognised in
2011.
The realised
net profit amounted to €2.8 million, compared with a profit of €5.1
million in 2015. Of this amount in 2015, €1.9 million resulted from
the €2.5 million reversal of the impairment loss recognised in
2011. If this effect from 2015 is
excluded profit before taxes rose from €2.8 million in 2015 to €3.5
million in 2016.
In 2016,
further investments were made in the database. The total investment
amounted to €0.7 million.
The net cash flow for 2016 amounted to €2.4
million positive, increasing the balance of cash and cash
equivalents to €6.9 million as at year-end 2016.
As a result
of the realised results and the investments total assets in 2016
increased by €1.5 million to €21.7 million. As in 2015, AND had no
bank borrowings as at year-end 2016. Shareholders' equity as at
year-end 2016 amounted to approximately 94% of the balance sheet
total.
Dividend
Given the good results for 2016, AND will be
putting a resolution before the General Meeting of Shareholders to
be held on 11 May 2017 proposing to pay a dividend of €0.15 per
share in respect of the 2016 financial year, or 20% of the net
profit. AND continues its intent to pay an annual dividend on a
regular basis whenever possible and having due regard to the
existing dividend policy. Since the company wishes in principle to
finance its growth as far as possible from its own resources,
calculation of the dividend takes account of various factors such
as growth potential, level of investment, cash requirements, the
capital position and the interests of shareholders in the medium
term.
Market
developments
In 2016 the trend that everything and
everybody is connected continued, for example through smartphones,
smart watches, smart meters and other devices with positioning. As
a result, the market for location services and mapping is growing.
Many of these apps use the standard APIs (Application Programming
Interfaces) forming part of the SDKs (Software Development Kits) of
the mobile operating systems.
The
existence of location services that are available free of charge
has resulted in businesses becoming vastly more aware of the
importance of location to their business processes. The map
underlying location services for business processes is being
customized much more frequently in order for those business
processes to be optimised and leverage big data.
AND sees more and more companies
that indicate that maps are of strategic importance. There is also a growing need for cloud-based location
services. With its LBS (Location Based Services) platform, AND
provides the ideal answer to this need. AND also continues to see a
growing demand for customized products and an increasing readiness
on the part of customers to pay for services rather than map
licences only. AND responds to these needs by offering flexibility
in data layers as well as new business models.
In the
automotive market, AND envisages a rapidly accelerating demand for
location services in connection with autonomous car and the
connected car. The developments surrounding autonomous cars only
strengthen the strategic importance of worldwide maps in this
sector. AND already participates in various pilots and initiatives
and continues to explore the potential for occupying a successful
position in the automotive market.
Although the
need for digital worldwide mapping and location services continues
to grow, the number of suppliers able to provide global coverage is
very limited. AND is one of few mapping companies owning worldwide
proprietary maps including detailed and premium maps of the main
markets of Europe and North America. AND shall continue to invest
in our digital mapping in the years ahead in order to expand the
coverage even further and improve quality.
Strategy
AND is the only independent player in the global map market
offering digital mapping for location-based services. This creates
good opportunities and AND will accordingly be improving and
expanding its existing maps even more effectively. AND will also be
focusing on increasing the added value which it offers by providing
its maps and data as customised services.
Outlook for
2017
The year 2016 was an excellent year again for
AND. The economic conditions, market developments and business
models in the market for digital maps are still highly uncertain.
The results will depend among others on the strength of economic
recovery, the developments in the market for navigation and
location-based services. Also AND is still highly dependent on a
few large customers and new orders to be acquired. With our AND
North America office opened in December 2016 AND expects to further
develop the North American market. AND also expects further
progress with its research and initiatives in new markets, for
example the automotive. AND is positive regarding new opportunities
within the current fast changing technology and market
developments. AND does not provide a financial outlook for
2017.
Risks
For details of the various risks affecting
AND International Publishers NV and its subsidiaries, reference is
made to the company's 2016 annual report.
The General
Meeting of Shareholders will be held in Rotterdam, the Netherlands
on 11 May 2017. Detailed analysis of the results can be found in
the 2016 annual report. The annual report will be published on the
website www.and.com during the course of the day on 16
March.
Rotterdam,
16 March 2017
CEO
H.F. van der Linde
2017 |
Financial calendar |
16 March |
Publication of 2016
results |
11 May |
General meeting of
shareholders |
15 May |
Ex-dividend date |
16 May |
Record date for dividend
entitlement |
18 May |
Dividend payment |
17 August |
Publication of half-year
results |
Editorial note, not for publication
For further information, please contact Hugo van der Linde, Tel.
0031-10 885 12 00, or visit www.and.com.
The 2016 results included in this
press release have been audited.
This press release contains
inside information within the meaning of Article 7(1) of the EU
Market Abuse Regulation
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 Corporate Solutions on behalf
of Nasdaq 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
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