GlobeNewswire

Trading update for AND (AMS: AND) International Publishers NV- First Half Year Results 2019

Share

As a result of new leadership and management changes, AND’s transition to become a significant content provider and location-based services operator, focused mostly on safety and sustainability, is progressing well.

Promising new opportunities were created in the first half year of 2019, but are not yet closed, and therefore, did not yet lead to revenues nor cash in HY1. In this context, AND managed to slightly improve its financial results over the first half-year of 2019 versus 2018, with cash-availability increasingly becoming a constraint:

• Revenues over the first half-year are up by 13% to € 0,6 million;
• Net result improved by 24% to a net-loss of € 0,7 million;
• Net cash-flow equals -/- € 0,7 million, an improvement of € 0,1 million versus last year;
• Consolidated cash-position equals € 1,5 million (June 30, 2018: € 3,2 million). Management have started discussions on a range of financing opportunities with several financiers, in addition to its efforts to secure and grow AND’s operating cash-flow. AND aims to have secured its cash-needs for the second half of 2019 and beyond before year-end 2019.;
• Solvency remains very strong, with equity being 93% of balance-sheet total (2018: 93%);
• Closing of AND Products India progressing – expected to finalize in second half-year of 2019;
• AND experiences difficulties in finding a replacement for its auditor Grant Thornton, for reasons beyond control of AND management.

Capelle aan den IJssel, 12 September 2019 – Higher sales, improved net-result, negative cash-flow, strong balance sheet, cash-availability increasingly becoming a constraint.

AND Chief Executive Officer Thierry Jaccoud said: “As we have indicated in the 2019 outlook, included in the press-release of 28 March 2019 and confirmed during the Annual General Meeting of Shareholders in May this year, 2019 is going to be a transition year for AND. We have started developing structure and content to support our new direction to become a provider of location-aware content which fosters a safer, more sustainable world. Initial discussions with our long - standing customers and new prospects indicate that there is a developing need for such highly tailored content. As part of our internal transformation program, which addresses a stronger product portfolio, we have been hiring new key talents in our office in Capelle a/d IJssel to support the development of this content as well as new APIs. This first half year of 2019, we re-established our map production operations, significantly improving its efficiency by engaging with an external partner.”

In June, AND completed and delivered another full HD Map to a subsidiary of a large European Automotive OEM, while continuing to improve the maturity of the MapFusion technology.

The TalkingMaps project, announced in 2018, which aims with MapFusion technology to automatically improve, update and enrich map and location-content, has passed first milestones this half year, and will continue in supporting the development of AND’s MapFusion technology further in the years to come.

In July, AND re-launched its website www.and.com , showing the new logo, design and direction the company is taking to a larger audience. The refreshed design has been taken positively by the community. AND will continue developing its website as an additional digital channel via which AND’s content can be discovered and purchased.

The collaboration with DDS (Digital Data Services GmbH) in Germany is progressing well. Parties have agreed, as a first step, to jointly create and update the School database of Germany, used mainly by marketing companies to control their advertising.

Financial position
For the first six months of 2019, AND realized revenues of € 0,6 million, which is 13% higher than during the first half of 2018.

Total operating expenses decreased by € 0,3 million to € 1,8 million, which primarily relates to the closing of the Indian operations. 

The capitalized development costs, related to the update and upgrade of AND’s digital maps, decreased over the first half of 2019 in comparison to the first six half-year of 2018 by over € 0,1 million, which is mainly triggered by the consolidation of the company’s development and product portfolio as a result of a revised strategy created by new management.

Net cash-flow for the period January-June 2019 equals -/- € 0,7 million, an improvement of € 0,1 million versus the same period last year. Improvement of the operating result and lower capitalized development costs are the main drivers for this improvement.

As of June 30, 2019, the consolidated cash-position of AND equals € 1,5 million (June 30, 2018: € 3,2 million), of which € 0,3 million is considered trapped-cash with AND’s Indian subsidiary. AND is taking measures to release this trapped-cash, whereas it also has strong focus on improving its operating cash-flow.

As a result of the new strategy and planned product portfolio of content and services, and knowing the significant opportunities to tap into new markets, management is actively exploring accelerating its strategic and commercial developments by means of new/additional funding.

Management have started discussions on a range of financing opportunities with several financiers, in addition to its efforts to secure and grow AND’s operating cash-flow.

AND aims to have secured its cash-needs for the second half of 2019 and beyond before year-end 2019.

Solvency meanwhile remains very strong, with equity being at 93% of balance-sheet total (June 30, 2018: 93%).

Strategy
As announced earlier, AND’s strategy is to create location-aware content and services which improves safety and sustainability. AND created a short, mid and long term product-roadmap, that it started to execute in the course of 2019. These products, along with the further investment in AND’s MapFusion technology, will be at the core of a future where AND will offer unparalleled content and online services.

The demand for bespoke and unique content and services to support the paradigm of new mobility; such as safe scooter routes, utilized by a variety of electric mobility devices, demonstrates the need and the relevance of location based content and services. The mapping industry has seen significant investment during the last 3 years and AND is well positioned to capitalize on its data assets, its technology and its highly experienced team to become a significant player in the personal mobility space.

With our MapFusion platform, we provide Mapping as a Service (MaaS) solutions which is at the core of AND’s new strategy for map development, incremental updates, attributes, and new content via a defined output, i.e. attribute, content/POI, SD and HD maps. AND’s MapFusion allows our Customers and Partners to rapidly deploy products and services with location-aware content, focusing on safety and sustainability as well as on conventional maps.

Risk management
Risk management is an integral management task. It takes into consideration the size of the company and the character of the business when identifying the most significant risks to which the company is exposed. They are discussed on a periodic basis and mitigated where possible. Such a system cannot provide absolute certainty that objectives will be realized. Neither can it guarantee prevention of potential cases of material mistakes, damage, fraud or breaches of statutory laws.

The 2018 annual report describes the primary strategic, operational and financial risks. In terms of the risks and uncertainties described in the annual report, there have been no notable changes over the first half of this financial year. There were no cases of material damage, fraud or breaches of law detected in the first half year.

Board of Management statement
The Board of Management hereby declares that, to the best of its knowledge, the summarized interim consolidated half-yearly report as of 30 June 2019, drawn up in accordance with IAS 34 “Interim financial reporting”, represents a faithful rendering of the assets, liabilities, financial position and profit of AND International Publishers NV and its subsidiaries as stated in the consolidated financial report, and that the Board report as included in this half-yearly report represents a faithful rendering of the information required in relation to item 5:25d subs 8 and 9 of the Dutch Financial Supervision Act. Half-year 2019 trading update - AND International Publishers NV

Replacement of Grant Thornton as auditor
Because of applicable Dutch legislation applicable to auditors of Public Interest Entities (PIE’s) like AND, AND’s auditor Grant Thornton is no longer allowed to perform the audit on AND’s financial statements from 2019 onwards. For reasons beyond control of AND management, AND is experiencing difficulties in finding a replacement for Grant Thornton. In fact, currently it seems unlikely that AND will find a new auditor before year-end 2019. Discussions with a.o. AFM, NBA and Euronext, aimed to find a timely and suitable solution, are ongoing.

Closing of AND Products India
The closing of AND Products India, communicated in the course of 2018, is progressing well. Management aims to have finalized this process in the 2nd half-yer of 2019.

Outlook for the second half year of 2019
In line with previous years AND International Publishers NV does not make forward looking statements.

Note to editor, Not for publication:
For further information, please contact Thierry Jaccoud on 0031-10-8851200 or go to www.and.com


About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

The Nomination Committee's proposal regarding Board of Directors and auditor of Oasmia Pharmaceutical AB for AGM 201915.9.2019 21:00:00 CESTPress release

Oasmia's Nomination Committee has informed the company of its proposal regarding Board of Directors and auditor ahead of the Annual General Meeting September 26, 2019. The Nomination Committee proposes Hege Hellström and Anders Härfstrand as new board members. In addition, the nomination committee proposes re-election of the current Board members Jörgen Olsson, Peter Zonabend, Gunilla Öhman and Sven Rohmann. Jörgen Olsson is proposed to be re-elected as Chairman of the Board. Hege Hellström has worked at the biotechnology company Sobi since 2013 and was president for EMENAR (Europe, Middle East, North Africa and Russia). Prior to that, she was globally responsible for the Cardiovascular business area within Sanofi, VP Renal Europe and Head of Regional Liaisons, Sanofi, VP Renal and Endocrine Europe, Genzyme, General Manager Benelux Genzyme. Before Genzyme, she was 13 years at Baxter. Hege Hellström is 54 years old and has a degree in Bioengineering from Ullevaal School of Bioengineerin

Valberedningens förslag till styrelse och revisor för Oasmia Pharmaceutical AB inför årsstämman 201915.9.2019 21:00:00 CESTPressemelding

Oasmias valberedning har informerat bolaget om sitt förslag avseende styrelse och revisor inför årsstämman den 26 september 2019. Valberedningen föreslår Hege Hellström och Anders Härfstrand till nya styrelseledamöter. Därutöver föreslås omval av de nuvarande styrelseledamöterna Jörgen Olsson, Peter Zonabend, Gunilla Öhman och Sven Rohmann. Jörgen Olsson föreslås bli omvald som styrelsens ordförande. Hege Hellström har sedan 2013 arbetat på bioteknikbolaget Sobi som chef för EMENAR (Europa, Mellanöstern, Nordafrika och Ryssland). Dessförinnan har hon varit globalt ansvarig för affärsområdet Cardiovascular inom Sanofi, VP Renal Europa och Head of Regional Liaisons på Sanofi samt VP Renal and Endocrine Europe och General Manager Benelux på Genzyme. Innan Genzyme var hon 13 år på Baxter. Hege Hellström är 54 år och har utbildning i Bio-engineering från Ullevaal School of Bioengineering, Oslo, Norge samt en utbildning i marknadsföring och finansiering vid BI, Norwegian Business School. And

SFL - Change of name to SFL Corporation Ltd. approved13.9.2019 22:55:00 CESTPress release

SFL Corporation Ltd. (the “Company”) today announced that its 2019 Annual General Meeting resolved to change the name of the Company from “Ship Finance International Limited” to “SFL Corporation Ltd.”. The Company’s common shares will continue to trade under the ticker “SFL” on the New York Stock Exchange. ISIN and instrument ID for the Company's listed securities remain unchanged. September 13, 2019 The Board of Directors SFL Corporation Ltd. Hamilton, Bermuda Investor and Analyst Contacts: Aksel Olesen, Chief Financial Officer, SFL Management AS +47 23 11 40 36 André Reppen, Senior Vice President, SFL Management AS +47 23 11 40 55 Media Contact: Ole B. Hjertaker, Chief Executive Officer, SFL Management AS +47 23 11 40 11 About SFL SFL has a unique track record in the maritime industry, being consistently profitable and paying dividends every quarter since 2004. The Company’s fleet of more than 90 vessels is split between tankers, bulkers, container vessels and offshore assets, and SF

SFL - 2019 Annual General Meeting13.9.2019 22:10:00 CESTPress release

SFL Corporation Ltd. (the “Company”) advises that the 2019 Annual General Meeting of the Shareholders of the Company was held on September 13, 2019 at 10:30 a.m. at the Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HM CX, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2018 were presented to the Meeting. In addition, the following resolutions were passed: 1. To set the maximum number of Directors to be not more than eight. 2. To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorised to fill such vacancies as and when it deems fit. 3. To re-elect Harald Thorstein as a Director of the Company. 4. To re-elect Bert M. Bekker as a Director of the Company. 5. To re-elect Gary Vogel as a Director of the Company. 6. To re-elect Keesjan Cordia as a Director of the Company. 7. To re-elect James O’Shaughnessy as a Director of the Company. 8. To approve

FRO – 2019 Annual General Meeting13.9.2019 19:27:00 CESTPress release

Frontline Ltd. (the “Company”) advises that the 2019 Annual General Meeting of the Shareholders of the Company was held on September 13, 2019 at 10:00 a.m. at the Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HM CX, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2018 were presented to the Meeting. In addition, the following resolutions were passed: To set the maximum number of Directors to be not more than eight. To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorised to fill such vacancies as and when it deems fit. To re-elect John Fredriksen as a Director of the Company. To re-elect James O’Shaughnessy as a Director of the Company. To re-elect Ulrika Laurin as a Director of the Company. To re-elect Ola Lorentzon as a Director of the Company. To re-appoint PricewaterhouseCoopers AS of Oslo, Norway as auditors and to authorise the Director

Presentation och videointervju med Arcomas VD från Bolagsdagen den 12:e september.13.9.2019 19:04:00 CESTPressemelding

Arcomas VD Jesper Söderqvist presenterade Arcoma på Bolagsdagen på Erik Penser Bank den 12:e september 2019. Nu finns presentation och videointervju tillgänglig. Se presentationen här Se videointervjun här Om Arcoma Arcoma, med lång erfarenhet av branschen, är en ledande leverantör av integrerade digitala röntgensystem med hög kvalitet och avancerad teknik. Arcomas produkter erbjuder den senaste digitala bildtekniken kombinerat med tekniskt avancerade rörliga positioneringssystem, vilket tillsammans med ergonomisk skandinavisk design, erbjuder kunden kompletta, konfigurerbara och funktionella digitala röntgensystem. Bolagets produkter säljs via återförsäljare samt via OEM-kunder och det finns idag över 3 500 av Arcomas röntgensystem installerade i hela världen. Arcoma är listat på Nasdaq First North Growth Market. Certified Adviser är Erik Penser Bank (tel: 08-4638300, e-mail: certifiedadviser@penser.se) För mer information om bolaget besök www.arcoma.se