30 June


Jun 30, 2018 - Dear Shareholders, Ladies and Gentlemen: The interim report of the mobilezone Group reveals a strong increase in sales in the business ...

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Mid-year report

mobilezone holding ag

2004

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 interim report of the mobilezone Group reveals a strong increase in sales in the business activities that were continued in Switzerland and a very strong improvement in the operating result. In part, this is due to the continuing high demand for mobile telephones and mobilezone’s excellent market position, which was achieved by permanently optimizing locations and consistently specializing in cell phone products and accessories. In the period under review the Group’s last remaining operative unit in Germany, the Kleen Group, was sold and deconsolidated as of May 31, 2004. In total, the discontinued business activities once again encumbered the consolidated earnings with a loss in the amount of CHF 179 000 (previous year: loss of CHF 3 544 000). For the Group as a whole the EBITDA (earnings before interest, taxes, depreciation, and amortization) could be increased by CHF 6.6 million to CHF 12 439 000 and the consolidated profits could be increased by CHF 7.4 million to CHF 8 215 000. On June 30, 2004, shareholders’ equity totaled CHF 36 660 000 (55 % of the balance sheet total) and net cash totaled CHF 13 612 000. Due to its excellent liquidity, mobilezone plans to buy back and reduce up to 5% of the share capital in order to optimize its equity capital. The buy-back is going to be executed by way of issuing tradable put options. mobilezone has mandated swissfirst Bank AG for handling the share buy-back. Details about the intended buy-back program will probably be agreed at the beginning of September.

Forecast As always, the second half of the year is shaped by the sales during the Christmas season. The many new products announced by all manufacturers should have a positive impact on demand. The first cell phones with UMTS are expected in the fourth quarter. After they have been popular with business clients, UMTS will now also become attractive for private individuals, and cell phones will thus also become pocket TVs. Cell phone allowing the use of wireless LAN for data transfer or economical telephoning via the Internet (voice over IP) will also come on the market in the fourth quarter. Customers’ increased demand for advice and equipment configuration speaks in favor of mobilezone’s specialized team. Moreover, mobilezone will be the exclusive distributor of the Secufon, which is manufactured in Switzerland by Precisa with plans to start selling these cell phones in October/November 2004. This “cell phone for seniors” has four keys for easy operation and is equipped with an alarm key and GPS, which allows locating and, if necessary, rescuing the user. In addition to the ongoing optimization of locations, in the second half of the year new stores will be opened in Liestal (Rathausstrasse), Locarno (Largo Zorzi), and Vevey (shopping center “Midi-Coindet”). After the success of the flagship store at the Bellevue, Zurich (opened on March 3, 2004), the sales area of the store at the Waaghausplatz in Bern was expanded so that at the end of October a second largescale branch can be opened in the federal capital. Regensdorf, August 16, 2004

Charles Gebhard

Ruedi Baer

Chairman of the Board

Delegate and CEO

Mid-year report 30 June 2004

mobilezone holding ag

2

mobilezone Group

Key figures

Key figures Group

30/06/2004

30/06/2003

( million CHF ) Total Group: Revenues

159.3

167.0

Net sales

148.0

152.2

EBITDA

12.4

5.8

EBIT

10.3

3.6

8.2

0.8

Revenues

138.7

118.9

Net sales

Net profit Whereof continuing operations (Switzerland):

129.7

109.3

EBITDA

12.6

8.5

EBIT

10.5

6.8

8.4

4.3

30/06/2004

31/12/2003

36.7

28.3

Net profit

Shareholders’ equity as a percentage of total assets

55%

34%

Net cash

13.6

11.9

Number of employees

289

378

289

293

0

85

whereof in Switzerland whereof in Germany Number of shops whereof in Switzerland whereof in Germany

Mid-year report 30 June 2004

94

121

94

92

0

29

mobilezone holding ag

3

mobilezone Group

1 January to 30 June ( in CHF 000 )

Consolidated income statement

2004

2003

Total Group

2004

2003

Continued operations

2004

2003

Discontinued operations

Revenues

159 346

166 970

138 730

118 853

20 616

48 117

Sales deductions including VAT

– 11 381

– 14 794

– 9 025

– 9 547

– 2 356

– 5 247

Net sales

147 965

152 176

129 705

109 306

18 260

42 870

– 117 652

– 121 657

– 101 952

– 84 932

– 15 700

– 36 725

– 12 521

– 16 592

– 10 837

– 10 758

– 1 684

– 5 834

Other operating costs (net)

– 5 353

– 8 087

– 4 309

– 5 157

– 1 044

– 2 930

Operating profit before depreciation and amortization (EBITDA)

12 439

5 840

12 607

8 459

– 168

– 2 619

Depreciation of property, plant and equipment

– 1 488

– 1 896

– 1 391

– 1 406

– 97

– 490

– 763

– 300

– 763

– 300

0

0

158

0

0

0

158

0

10 346

3 644

10 453

6 753

– 107

–3 109

– 256

– 1 379

– 182

– 942

– 74

– 437

792

331

790

329

2

2

Profit before income taxes

10 882

2 596

11 061

6 140

– 179

– 3 544

Income tax expense

– 2 667

– 1 801

– 2 667

– 1 801

0

0

8 215

795

8 394

4 339

– 179

– 3 544

( in CHF )

( in CHF )

Earnings per share – basic

0.23

0.02

Earnings per share – diluted

0.23

0.02

Cost of materials and merchandise Personnel costs

Amortization of intangible assets Net result from termination of activities Operating profit ( EBIT ) Financial expenses Financial income

Net profit

Mid-year report 30 June 2004

mobilezone holding ag

4

mobilezone Group

Consolidated balance sheet

30/06/2004

31/12/2003

5 220

6 004

( in CHF 000 ) ASSETS Property, plant and equipment Investments in associated companies Intangible assets

842

583

2 608

2 981

Other financial assets

72

72

Non-current assets

8 742

9 640

Inventories

19 265

22 641

Trade accounts receivable

20 815

32 044

Other accounts receivable

4 759

6 335

Cash & cash equivalents

13 612

11 941

Current assets

58 451

72 961

Total assets

67 193

82 601

3 574

3 560

Additional paid-in capital ( share premium )

21 479

21 317

Retained earnings

11 607

3 392

Shareholders’ equity

36 660

28 269

2 310

2 297

LIABILITIES AND SHAREHOLDERS’ EQUITY Share capital

Deferred tax liabilities Advances received

656

936

Provisions

970

720

Non-current liabilities

3 936

3 953

Trade accounts payable

16 384

40 587

5 491

4 167

Current tax liabilities Other current liabilities

4 722

5 625

Current liabilities

26 597

50 379

Total liabilities and shareholders’ equity

67 193

82 601

Mid-year report 30 June 2004

mobilezone holding ag

5

mobilezone Group

Consolidated cash flow statement ( condensed )

1 January to 30 June

2004

2003

4 442

1 519

– 1 535

– 446

( in CHF 000 ) Net cash provided by operating activities Disposals / acquisitions of subsidiaries Other investing activities

– 1 359

– 1 500

Net cash used in investing activities

– 2 894

– 1 946

Issuance of new shares

176

0

Other financing activities

– 22

– 1 851

Net cash provided by / used in financing activities

154

– 1 851

Translation adjustments on cash & cash equivalents

– 31

266

Net increase / decrease in cash & cash equivalents

1 671

– 2 012

Cash & cash equivalents as at 1 January

11 941

11 173

Cash & cash equivalents as at 30 June

13 612

9 161

Details on assets and liabilities from disposed german companies are disclosed in Note 2 on page 8. The issuance of new shares concerns exercised employee stock options.

Mid-year report 30 June 2004

mobilezone holding ag

6

mobilezone Group

Consolidated statement of changes in equity

Movements of shareholders’ equity ( in CHF 000 )

Share capital

31/12/2002

3 560

Additional Accumulated Cumulative paid-in capital deficits /retained translation earnings adjustments 21 317

– 7 666

Net profit

– 50

17 161

795

Translation adjustments

Total

795 – 146

– 146

30/06/2003

3 560

21 317

– 6 871

– 196

17 810

31/12/2003

3 560

21 317

3 467

– 75

28 269

8 140

75

8 215

14

162

3 574

21 479

Net profit Translation adjustments 30/06/2004

176 11 607

mobilezone Group

0

36 660

Segment information

1 January to 30 June ( in CHF 000 )

mobilezone Group 2004

2003

Retail and Trade Mobile 2004

Fixed Line Telecommunication

Discontinuing operations

Others / Eliminations

2003

2004

2003

2004

2003

2004

2003

Revenues

159 346

166 970

130 529

110 601

8 274

8 333

20 616

48 117

– 73

– 81

Net sales

147 965

152 176

122 156

101 843

7 622

7 544

18 260

42 870

– 73

– 81

EBITDA

12 439

5 840

11 118

7 690

1 416

1 168

– 168

– 2 619

73

– 399

EBIT

10 346

3 644

9 215

6 034

1 165

1 118

– 107

– 3 109

73

– 399

Mid-year report 30 June 2004

mobilezone holding ag

7

mobilezone Group

Notes to the consolidated interim financial statements

1

Accounting policies The accounting policies applied in preparing the interim report are in accordance with those set out in the 2003 annual report and are in compliance with the International Financial Reporting Standards (IFRS). The unaudited interim report has been prepared in accordance with IAS 34.

2

Changes in the scope of consolidation Effective May 31, 2004, the scope of consolidation was reduced through the sale of the remaining three companies in Germany (Tebbe Harms Kleen GmbH & Co. KG, Kleen Vertriebs GmbH & Co. KG, and Kleen Handels GmbH). In total, discontinuing these business activities led to a profit of CHF 158,000, which is listed separately on the earnings statement. The net outflow of funds in the amount of CHF 1.5 million listed in the consolidated cash flow statement consists of the cash resources as of May 31, 2004, minus the sales proceeds, which were received in cash and are insignificant. The contribution of these companies to the first six months of the 2004 fiscal year are listed separately on the earnings statement in the column entitled “discontinuing operations.” In the first six months of fiscal year 2004 the impact of these companies on the Group’s net cash flow was neutral regarding operating-, investing-, and financing activities. At the time of their deconsolidation the current assets totaled CHF 3.2 million, the non-current assets amounted to CHF 0.4 million, and the short-term liabilities totaled CHF 3.7 million.

3

Other disclosures in accordance with IAS 34 Except for the deconsolidations mentioned in Note 2 above, there are no important events or business transactions occurred in the period under review that would have to be reported here. No significant contingent liabilities that must be reported are known to exist.

4

Subsequent events No events occurring after the balance sheet day that would have a significant impact on the annual financial statement or would have to be disclosed here are known. This report was approved by the Board on August 13, 2004.

Mid-year report 30 June 2004

mobilezone holding ag

8

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 mobilezone international ag Riedthofstrasse 124 CH-8105 Regensdorf Phone ++ 41 ( 0 ) 43 388 77 11 Fax ++ 41 ( 0 ) 43 388 77 12 Europea Trade AG Riedthofstrasse 124 CH-8105 Regensdorf Phone ++ 41 ( 0 ) 43 388 77 11 Fax ++ 41 ( 0 ) 43 388 77 12 E-mail: [email protected] europea.ch globalzone ag Riedthofstrasse 124 CH-8105 Regensdorf Phone ++ 41 ( 0 ) 43 388 77 11 Fax ++ 41 ( 0 ) 43 388 77 97 E-mail : info @ globalzon.ch www.globalzone.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 : [email protected] jamba.net www.jamba.ch