AND International Publishers
amsterdam : AND

April 19, 2011 01:21 ET

Final full year figures 2010 AND International Publishers NV

ROTTERDAM, NETHERLANDS--(Marketwire - Apr 19, 2011) -


Revenue grows with 40%, net profit 69% up

· Revenue 2010 EUR 7 million compared to EUR 5 million in 2009

· Net profit 2010 EUR 2.5 million compared to EUR 1.5 million in 2009

· Operating result 2010 EUR 3.8 million compared to EUR 1.7 million in 2009

· Earnings per share 2010 EUR 0.66 compared to EUR 0.43 in 2009

· AND forced market breakthrough for navigation on iPhone

· New digital maps of Western Europe and Northern America

Rotterdam, 19 April 2011 - AND International Publishers NV has realized a strong growth in revenue and profit in 2010. Revenue grew by about 40%, while net profit rose by 69%. Earnings per share rose from EUR 0.43 to EUR 0.66. AND reached important commercial success by closing multiple contracts for the sale of digital maps for turn-by-turn navigation.

AND Chief Executive Officer Maarten Oldenhof: "We have always said that the smartphone takes an increasingly important role in the lives of people. The enormous increase in the use of smartphones, sales increased by 72% compared to 2009, offered AND new opportunities. Through our successful partnership with for example Navmii, AND forced a market breakthrough in the European navigation market."

Course of events in 2010: Commercial success

An important milestone for AND in 2010 was the introduction of navigation on the iPhone with the British Navmii. The navigation app was offered for a breakthrough price of EUR 3.99 in the app store from Apple. Many country versions of the software have been launched in 2010 for the iPhone, followed by versions for the iPad. The app reached the number one position across all paid for applications apps in several countries. With the breakthrough price the app is the one of the best selling navigation products in iTunes.

In November, AND signed a contract with NNG (Nav N Go), known for iGO My way navigation, for the use of the navigation maps of Western Europe. The iGO My way software is already installed in millions of navigation devices worldwide. NNG sells private label PNDs and smartphones for mobile navigation throughout Europe.

Product development

In 2010 AND continued to work on the production of the navigation map of Western Europe, the digital map of North America and a global geocoded Points of Interest (POI) database.

The last Western European countries Norway, Italy, United Kingdom and Ireland have been released in 2010. Now all sixteen countries of Western Europe have been mapped.

In November AND has released the digital map of Canada and the United States. This vector map can be used for geocoding, map viewing, route planning, etc. This map is very suitable for online companies, social networks, blogs, etc.

In December, AND launched a comprehensive, fully geocoded Point of Interest (POI) database. This database contains 2.5 million points and areas.

Map 2.0

Shortly after the earthquake in Haiti AND released a digital map of the island which is freely available to all parties who assist in relief efforts, recovery and rebuilding. This map is available as raw data in Shape format, via the Internet (Map 2.0) and as an app for the iPhone (iMaps Haiti).

Financial position

As in 2009, AND had no bank debts at the end of the year. Shareholders' equity amounted to over 89% of the balance sheet total. Besides the positive development of revenue, AND significantly reduced its cost base in 2010. Total operating expenses have decreased with about 2.8 million. Last year investments in the development of new maps could be reduced since the coverage for Western Europe is ready.

This year AND prepared for a lawsuit because of a dispute for the delivery of maps of the United Kingdom. However a settlement has been arranged. Revenue includes a material amount for this settlement.

In September 2010, the act of the amendment of the articles of association, as agreed on 18 May 2010 on the General Meeting of Shareholders, has passed. This amendment contained the reduction of the nominal value of the AND shares. Because of the lowering of the share capital it is easier for AND to pay dividend, because the company's equity will rise faster above the issued share capital and the legal and statutory reserves.

Market trends

Navigation and location-based services are becoming a commodity. One out of five phones is now a smartphone. These developments offer great opportunities for AND. In 2010, many new navigation apps for smartphones in different price ranges became available on the market.

The popularity of app stores are a major contribution to the success of smartphones. In iTunes, the app store from Apple, navigation apps belong to the category with the most revenue. In addition, in-app purchases for navigation software is very popular, such as traffic info and speed cameras.

In 2010 social media have made their entry into the location-based services market. Check in services such as Foursquare, Gowalla rapidly gain popularity. Facebook has also launched its location service Places. AND expects a further roll out in 2011 and more than half a billion people will be introduced to location-based services. To respond to this development, AND launched a global gocoded POI database at the end of 2010. POI's are a great anchor to add context. The addition of relevant context to a POI, such as weather, demographics, location recommendations and patterns it is easier to provide relevant information and advertisements to the user.

Strategy

AND provides digital maps for location-based services and is the only independent company in the global mapping market. The company focuses on the further development of its advanced database to position itself even more effectively in the market. The company joined forces with EMG (China) and Orion (Dubai). The companies carry out a feasibility study to create a Global Digital Mapping Alliance (GDMA).

Outlook for 2011

The economic climate, market developments and business models are all very uncertain in the market for digital maps. The development of the results in 2011 will depend on the strength of the economic recovery and developments in the market for navigation and location based services. Therefore, AND is not in the position to provide an outlook for the full year 2011.

Risks

For a detailed description of the risk factors applicable to AND International Publishers NV and its subsidiaries, reference is made to page 14 of the Annual Report 2010.

The Annual General Shareholders' Meeting takes place at 31 May 2011 in Rotterdam. For a detailed explanation of the figures reference is made to the financial statements on www.and.com 2010.

Rotterdam, 19 April 2011

Chief Executive Officer

M.P. Oldenhof

This is a translation of the Dutch press release. In the event of any discrepancy, the Dutch version will prevail.

For full press release including financial statements click this link: http://hugin.info/132841/R/1507338/442154.pdf

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(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: AND International Publishers via Thomson Reuters ONE

[HUG#1507338]

Contact Information

  • For more information
    Contact:
    Maarten Oldenhof
    (CEO)
    Tel.: +31 10 8851200
    or check www.and.com