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Mid-year report
mobilezone holding ag
2003 30 June Mid-year report Mid-year report of the Board of Directors
2
Key figures Group
3
Consolidated income statement
4
Consolidated balance sheet
5
Consolidated cash flow statement ( condensed )
6
Consolidated statement of changes in equity
7
Segment information
7
Notes to the consolidated interim financial statements
8
mobilezone Group
Mid-year report as at 30 June 2003
Dear Shareholders, Ladies and Gentlemen : The consolidated interim financial statements for the mobilezone Group are characterized by the contrasting development in the two segments of Switzerland and Germany. While the operating profit more than doubled in Switzerland in comparison to the previous year, the situation has again deteriorated in Germany. Overall, the Group was able to achieve a positive operating result of CHF 3.6 million again ( previous year CHF –10.3 million ) and a positive consolidated net result of CHF 0.8 million ( previous year CHF –11.9 million ). Shareholders’ equity amounted to CHF 17.8 million ( 24.7% of total assets ) as at 30 June 2003 and interest-bearing liabilities were reduced by CHF 0.7 million to CHF 17.8 million. The continuing weakness of the economic environment in Germany and the significant deterioration in the profit situation resulted in provisional insolvency proceedings being instituted against Otto Boenicke GmbH & Co. at the beginning of August. The Group’s other operational German company, Tebbe Harms Kleen GmbH & Co.KG, which recorded a positive result, is not affected by this development. The deconsolidation of Boenicke is not expected to have any significant influence on the second semester result. However, the effects on the structure of the balance sheet ( debt equity ratio and net debt ) are expected to be positive. As previously announced, after parting company with the unprofitable German subsidiary, the Group can now focus its full concentration on business in the profitable Swiss market.
Outlook mobilezone is confident about the second semester. On the one hand the losses in Germany will cease to apply, on the other hand a pleasing second semester is expected in Switzerland in view of the very good results in July and August. In addition to a large number of product innovations, the launches of NOKIA N-Gage ( 8 October 2003 ) and Vodafone live by Swisscom ( mid-November 2003 ) will provide a further boost to Christmas sales. The opening of new branches planned for the second half of the year in Basel ( at Claraplatz and Main Railway Station ) and Zurich ( Bahnhofstrasse ) will lend even more strength to mobilezone’s market position.
Regensdorf, 12 September 2003
Charles Gebhard
Ruedi Baer
Chairman of the Board
Delegate and CEO
Mid-year report 30 June 2003
mobilezone holding ag
2
mobilezone Group
Key figures
Key figures Group
30 / 06 / 2003
30 / 06 / 2002
( million CHF ) Revenues
167.0
159.7
Net sales
152.2
146.2
EBITDA
5.8
EBIT
3.6
– 10.3 1)
2.3
Net profit / loss for the year
0.8
– 11.9 1)
30 / 06 / 2003
31 / 12 / 2002
Shareholders’ equity
17.8
17.2
as a percentage of total assets
24.7 %
18.9 %
577
590
Number of employees whereof in Switzerland
288
275
whereof in Germany
289
315
191
202
Number of shops whereof in Switzerland whereof in Germany 1)
88
89
103
113
after impairment of goodwill of CHF 10.9 million
Mid-year report 30 June 2003
mobilezone holding ag
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mobilezone Group
Consolidated income statement
1 January to 30 June
2003
2002
( in CHF 000 ) Revenues
166,970
159,731
Sales deductions including VAT
– 14,794
– 13,516
Net sales
152,176
146,215
– 121,657
– 118,184
– 16,592
– 17,147
– 8,087
– 8,629
5,840
2,255
– 1,896
– 1,516
Cost of materials and merchandise Personnel costs Other operating costs ( net ) Operating profit before depreciation and amortization ( EBITDA ) Depreciation of property, plant and equipment Amortization of intangible assets
– 300
– 230
Impairment of intangible assets
0
– 10,850
Operating profit / loss ( EBIT )
3,644
– 10,341
– 1,379
– 980
331
286
2,596
– 11,035
Financial expenses Financial income Profit / loss before income taxes Income tax expense
– 1,801
– 883
795
– 11,918
( in CHF )
( in CHF )
Earnings per share – basic
0.02
– 0.35
Earnings per share – diluted
0.02
– 0.35
Net profit / loss for the year
Mid-year report 30 June 2003
mobilezone holding ag
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mobilezone Group
Consolidated balance sheet
30 / 06 / 2003
31/ 12 / 2002
Land and buildings
5,143
4,843
Other property, plant and equipment
9,071
9,429
Intangible assets
( in CHF 000 ) ASSETS
2,058
2,100
Other financial assets
540
1,641
Non-current assets
16,812
18,013
Inventories
18,765
24,746
Trade accounts receivable
19,031
28,864
Other accounts receivable
8,384
7,843
Cash and cash equivalents
9,161
11,173
Current assets
55,341
72,626
Total assets
72,153
90,639
LIABILITIES AND SHAREHOLDERS’ EQUITY Share capital
3,560
3,560
Additional paid-in capital ( share premium )
21,317
21,317
Accumulated deficits
– 7,067
– 7,716
Shareholders’ equity
17,810
17,161
Bank loans
1,851
1,767
Shareholder loans
1,500
7,000
Finance lease liabilities
6,517
6,200
Deferred tax liabilities
1,959
1,938
Advances received
1,195
1,599
552
829
13,574
19,333
Bank loans
2,344
3,463
Shareholder loans
5,500
0
Finance lease liabilities
134
124
Trade accounts payable
22,695
44,495
2,269
825
Provisions Non-current liabilities
Current tax liabilities Other current liabilities
7,827
5,238
Current liabilities
40,769
54,145
Total liabilities and shareholders’ equity
72,153
90,639
Mid-year report 30 June 2003
mobilezone holding ag
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mobilezone Group
Consolidated cash flow statement ( condensed )
1 January to 30 June
2003
2002
1,519
– 6,510
( in CHF 000 ) Net cash provided by / used in operating activities Acquisitions of subsidiaries
– 446
– 10,273
Other investing activities
– 1,500
– 1,587
Net cash used in investing activities
– 1,946
– 11,860
Issuance of new shares
0
7,357
Other financing activities
– 1,851
5,056
Net cash used in / provided by financing activities
– 1,851
12,413
266
– 40
Net decrease in cash and cash equivalents
– 2,012
– 5,997
Cash and cash equivalents as at 1 January
11,173
16,541
9,161
10,544
Exchange rate fluctuations
Cash and cash equivalents as at 30 June
Mid-year report 30 June 2003
mobilezone holding ag
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mobilezone Group
Consolidated statement of changes in equity
Development of shareholders’ equity ( in CHF 000 )
Share capital
31/ 12 / 2001
3,350
13,898
210 —
Capital increase from authorized capital Net loss Translation adjustments
Additional Accumulated paid-in capital deficits /retained earnings
Translation adjustments
Total
16,749
0
33,997
7,147
—
—
7,357
—
– 11,918
—
– 11,918
—
—
—
– 41
– 41
30 / 06 / 2002
3,560
21,045
4,831
– 41
29,395
31/ 12 / 2002
3,560
21,317
– 7,666
– 50
17,161
Net profit
—
—
795
—
795
Translation adjustments
—
—
—
– 146
– 146
3,560
21,317
– 6,871
– 196
17,810
30 / 06 / 2003
mobilezone Group
Segment information
1 January to 30 June mobilezone Group
( in CHF 000 )
mobilezone Switzerland
mobilezone Germany
Group management / internal eliminations
2003
2002
2003
2002
2003
2002
2003
2002
Revenues
166,970
159,731
118,905
113,680
50,664
46,051
– 2,599
—
Net sales
152,176
146,215
109,358
105,831
45,417
40,384
– 2,599
—
5,840
2,255
8,858
4,532
– 2,619
– 1,623
– 399
– 654
3,644
10,341 1)
– 3,109
12,851 1)
– 399
– 654
EBITDA EBIT
–
7,152
3,164
–
Business segments are identical to geographical segments. 1)
includes impairment of goodwill of CHF 10,850,000.
Mid-year report 30 June 2003
mobilezone holding ag
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mobilezone Group
Notes to the consolidated interim financial statements
1
Accounting policies The accounting policies applied in the interim fincial statements correspond to those set out in the 2002 annual report and are in agreement with the International Financial Reporting Standards ( IFRS ). The unaudited interim financial statements have been prepared in accordance with IAS 34.
2
Changes in the scope of consolidation As per 1 January 2003, the scope of consolidation was expanded by the acquisition of Europea Trade AG and Premium Time AG, which were merged as per 1 January 2003. The purchase price, paid in cash, amounted to CHF 2.0 million. It corresponded to the net asset value of the two companies as per 31 December 2002 and therefore no goodwill resulted from this acquisition. The net cash outflow related to this acquisition in the period under review amounted to CHF 0.4 million, net of a prepayment of CHF 1.1 million with the cash and cash equivalents acquired. The contribution of the companies acquired to consolidated net sales was CHF 14.1 million. Their contribution to net earnings was insignificant.
3
Financing activities In the period under review, bank loans of CHF 1.2 million were repaid. Shareholder loans of CHF 5.5 million were reclassified to current liabilities due to the Companys intention to repay these loans in the second half-year.
4
Other disclosures in accordance with IAS 34 No significant unusual events occurred during the reporting period with the exception of the acquisitions mentioned in Note 2. Management is not aware of any significant contingent liabilities requiring disclosure. As regards seasonality, the second half-year normally shows higher revenues and earnings compared to the first half-year because of stronger sales during the Christmas period.
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Subsequent events This report was approved by the Board of Directors on 11 September 2003. On 6 August 2003 the provisional insolvency procedure was opened for the subsidiaries Otto Boenicke GmbH & Co. and Otto Boenicke Vertriebsgesellschaft mbH. Since the Group still controlled these businesses as per 30 June 2003, they were fully consolidated. They contributed a negative EBIT of CHF 3.5 million and net sales of CHF 21.9 million to the consolidated interim income statement. The two companies will be excluded from the scope of consolidation as from 1July 2003. No significant effects of the de-consolidation are expected on the consolidated results for the second half-year. The effects on the structure of the balance sheet (debt equity ratio and net debt) are expected to be positive.
Mid-year report 30 June 2003
mobilezone holding ag
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Company addresses mobilezone holding ag Riedthofstrasse 124 CH-8105 Regensdorf Phone ++ 41 ( 0 ) 43 388 77 11 Fax ++ 41 ( 0 ) 43 388 77 12 E-mail: mobilezoneholding @ mobilezone.ch www.mobilezoneholding.ch Investor Relations : Wolfgang Gross Media Relations : Ruedi Baer mobilezone ag Riedthofstrasse 124 CH-8105 Regensdorf Phone ++ 41 ( 0 ) 43 388 77 11 Fax ++ 41 ( 0 ) 43 388 77 12 E-mail: info @ mobilezone.ch www.mobilezone.ch globalzone ag Riedthofstrasse 124 CH-8105 Regensdorf Phone ++ 41 ( 0 ) 43 388 77 11 Fax ++ 41 ( 0 ) 43 388 77 12 E-mail : info @ mobilezone.ch www.globalzone.ch Europea Trade AG Riedthofstrasse 124 CH-8105 Regensdorf Phone ++ 41 ( 0 ) 43 388 77 11 Fax ++ 41 ( 0 ) 43 388 77 12 E-mail: info @ mobilezone.ch Jamba ! AG ( Schweiz ) Riedthofstrasse 124 CH-8105 Regensdorf Phone ++ 41 ( 0 ) 43 388 77 11 Fax ++ 41 ( 0 ) 43 388 77 12 E-mail : michael.federspiel@ jamba.net www.jamba.ch Tebbe Harms Kleen GmbH & Co. KG Tiefenbachstraße 5 D- 83734 Hausham Phone ++ 49 ( 0 ) 8026 92 95 11 Fax ++ 49 ( 0 ) 8026 92 95 15