Business News
AND International Publishers: Financial Statements 2008
Tuesday 21. April 2009 - Mapmaker AND expects spectacular growth in sales and profit for 2009
* Profit after tax for 2008 grew to Euro 1,332,000 compared to Euro 1,219,000 for 2007
* Earnings per share for 2008 Euro 0.41 compared to Euro 0.39 for 2007
* AND expects sales to triple in 2009
* AND expects for 2009 earnings per share Euro 2.00
* AND sees further opportunities for organic growth in the coming years
Rotterdam, 21 April 2009 – AND International Publishers N.V. ended the 2008 financial year, as expected, with a higher profit. Profit after tax grew to EUR 1,332,000 while sales were over 20% lower. Earnings per share rose from EUR 0.39 to EUR 0.41 (diluted: from EUR 0.36 to EUR 0.40).
Outlook for 2009
Based on a signed agreement, the company expects to achieve multiples of its 2008 sales and result for 2009. AND has recently signed a license agreement with a large US company for the use of its maps of Western Europe. As a result, AND expects sales to triple and profit to increase five-fold in 2009. Earnings per share in 2009 are expected to grow to around EUR 2.00.
The contract, which confirms the company’s strategy of recent years, will also generate sales and profit for 2010 at least in the range as expected for 2009. Apart from this contract there are more opportunities for further organic growth, not only by the continuing strong growth of Smartphones, but also by the efforts of other players in the online market who try to capture a position on the mobile internet through location-based services. In the future, almost every mobile electronic device will be fitted with GPS capability, giving huge growth in the use of maps. Further growth in revenue and results after 2010 can therefore be anticipated.
Strategy
AND is the third largest supplier in its market, but the only independent one. Strengthened by its success to date, the company will continue to focus on creating long-term value for shareholders by providing digital maps for location-based services. Also, through the newly signed contract, the company is able to accelerate further development of its advanced database and so position itself even more effectively in the market. The required investments can be financed entirely from the company’s own capital.
Maarten Oldenhof, CEO of AND states to be “very satisfied with the developments in 2009 resulting in a spectacular growth in profit. This confirms our strategy of organic growth on an independent basis, in a market where several parties have merged. Also, for the coming years I am optimistic that further organic growth can be achieved.”
The financial data in this press release has been drawn from the 2008 financial statements, which have been audited by Mazars Paardekooper Hoffman Accountants N.V.
Mr. F. Faas has announced he wishes to step down from the AND Board of Supervisory Directors. AND will honor his request and will present a proposal for a successor in the near future.