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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: jeanpierre.melcher@ 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 : michael.federspiel@ jamba.net www.jamba.ch