June 30, 2013


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Half-year report

June 30, 2013

Half-year report 2013 • mobilezone group

2

4

1

2

2009 11

100

10

80

9

60

8

40

7

20

6

0

5

2013

2010

12

120

2009

13

140

2012

14

160

2011

180

2010

EBIT (CHF million)*

2009

Net sales (CHF million)*

2013

6

2

2012

8

3

2012

10

4

2011

12

5

2011

14

6

2010

16

7

2013

18

8

2012

20

9

2011

10

2010

EBITDA (CHF million)*

2009

Consolidated profit (CHF million)*

2013

Key figures

*January 1 to June 30

Share price since 2007 200% 175% 150% 125% 100% 75% 50% 25%

mobilezone

2013

2012

2011

2010

2009

2008

2007

0%

SPI

Half-year report 2013 • mobilezone group

Group (CHF 000 or as indicated) Net sales Gross profit Operating profit (EBITDA) Operating profit (EBIT) Net profit Total assets Net cash & cash equivalents Shareholders’ equity Net cash from operating activities Investments in property, plant & equipment and intangible assets Number of full-time employees as of June 30 Number of shops as of June 30 Data per title (in CHF or as indicated) Outstanding shares as of June 30 (pieces) Earnings per share – undiluted /diluted Equity per share Payout per share3 Share price (highest /lowest) Share price as of June 30

3

Jan. – June 2013 148 832 52 399 15 172 10 558 8 827 30.06.2013 98 315 –17 302 29 595

% Jan. – June 2012 146 115 35.21 48 915 10.21 13 448 7.11 8 629 5.91 7 443 30.06.2012 95 416 4 6 121 30.12 60 023 4

15 675 2 767

9 127 4 346

795 132

749 139

35 772 996 0.25 0.83 0.60 9.88/8.94 9.03

1

as a percentage of net sales

2

as a percentage of the balance sheet total

3

Dividend distribution on April 17, 2013, or April 16, 2012, respectively

4

 he previous year’s figures have been adjusted because of the changeover T in accounting and reporting standards from IFRS to Swiss GAAP FER.

35 772 996 0.21 1.68 4 0.60 10.40/9.00 9.42

% 33.51 9.21 5.91 5.11

62.92

Half-year report 2013 • mobilezone group

We offer our customers one-stop shopping! In the Swiss market, only one company can offer its customers all-around the most comprehensive line of mobile phones, subscriptions and services for mobile phones: mobilezone. Our customers are diverse and sophisticated. That’s why we’re ready every day to respond to a great variety of people and their requirements. And that is also why we invest in our employees: through ongoing training we make sure that our customers receive the same competent and readily understandable advice in all our shops. To make sure that we can meet all our customers’ needs, we have expanded our product range in the areas of Internet, mobile and fixed-line telephony by acquiring TalkTalk Telecom GmbH. That is a benefit for us – and for our customers!

4

Half-year report 2013 • mobilezone group

Contents 2

Key figures

6

Report to Shareholders

8

Consolidated income statement 

9

Consolidated balance sheet

10

Consolidated statement of cash flows

11

Consolidated statement of changes in shareholders’ equity

12

Segment information

13

Notes to the consolidated half-year report

15

Companies

5

Half-year report 2013 • mobilezone group

6

Report to Shareholders

MOBILEZONE ACHIEVED A CONSOLIDATED PROFIT OF CHF 8.8 MILLION IN THE FIRST SIX MONTHS – AN INCREASE OF 18.6 PERCENT Dear Shareholders Despite a very challenging market environment, mobilezone was able to increase its sales in the first half of 2013 by 1.9 percent to CHF 148.8 million (2012: CHF 146.1 million) and achieved a consolidated profit of CHF 8.8 million (2012: CHF 7.4 million), an increase of 18.6 percent over the previous year. The operating profit margin rose to 5.9 percent (2012: 5.1 percent). The Group’s gross profit margin continued to grow from 33.5 percent to 35.2 percent, and thus a gross profit of CHF 52.4 million (2012: CHF 48.9 million) was achieved. The increase in the gross profit margin is also due to the integration of TalkTalk, which took effect on April 1, 2013. Subsequently, operating profit (EBIT) grew by CHF 1.9 million or 22.4 percent to CHF 10.5 million (2012: CHF 8.6 million).

Entire profit distributed to shareholders In April 2013 mobilezone distributed a dividend of CHF 0.60 just as in the previous year. The distribution to shareholders amounted to an unchanged total of CHF 21.4 million. The company will continue to pursue its goal of a shareholder-friendly dividend distribution policy that allows shareholders to profit from attractive dividend yields.

Successful integration of TalkTalk Effective April 1, mobilezone took over 100 percent of the shares of TalkTalk Telecom GmbH based in Zug. With this acquisition, mobilezone strengthens its own fixed-line and Internet sectors and expects to realize synergies regarding customer acquisition, administration, and purchasing of services. The existing fixed-line business of mobilezone has been successfully integrated into TalkTalk’s business. TalkTalk‘s and mobilezone’s offers in the areas of fixed-line telephony and Internet are already being marketed at this time under the product name TalkTalk.

Half-year report 2013 • mobilezone group

7

Outlook for the second half of 2013: Strengthening product line and services Regarding fiscal year 2013 as a whole, mobilezone is optimistic. Not least because of the positive development in providing services, mobilezone is convinced that it will surpass the previous year’s result in 2013 despite the very competitive market environment. For the second half of 2013 mobilezone expects one or even two new Apple iPhones, which, as before, should boost mobile phone sales for several months. It is expected that other market participants, such as Samsung, HTC, Nokia, and Sony, will also launch new products in the fall. Thanks to these developments, mobilezone is well positioned for the second half of 2013.

Regensdorf, August 23, 2013 mobilezone holding ag

Urs T. Fischer President of the Board of Directors

Martin Lehmann Chief Executive Officer

Half-year report 2013 • mobilezone group

8

Consolidated income statement

January 1 to June 30 (CHF 000)

2013

2012

Net sales

148 832

146 115

Other operating income Cost of goods and materials Personnel costs Other operating costs Operating profit (EBITDA)

57 –96 433 –26 839 –10 445 15 172

30 –97 200 –24 707 –10 790 13 448

Depreciation of property, plant & equipment Amortization of intangible assets Operating profit (EBIT)

–2 456 –2 158 10 558

–2 629 –2 190 8 629

Financial income Financial expense Profit before taxes

66 –164 10 460

203 –73 8 759

Income tax expense Net profit

–1 633 8 827

–1 316 7 443

CHF 0.25 0.25

CHF 0.21 0.21

Earnings per share Earnings per share – diluted

Half-year report 2013 • mobilezone group

9

Consolidated balance sheet

(CHF 000)

June 30, 2013

December 31, 2012

Assets Property, plant & equipment Intangible assets Other accounts receivable Fixed assets

9 518 3 893 367 13 778

10 798 4 397 92 15 287

Securities Inventories Trade accounts receivable Other accounts receivable Accruals Cash & cash equivalents Current assets

1 000 24 446 29 971 4 837 7 540 16 743 84 537

0 25 496 22 892 3 693 16 361 26 453 94 895

Total assets

98 315

110 182

Liabilities and shareholders’ equity Share capital Treasury shares Capital reserves Retained earnings Shareholders’ equity

358 –1 510 9 784 20 963 29 595

358 –1 510 9 784 57 562 66 194

Liabilities to banks Deferred tax liabilities Long-term liabilities

26 000 2 496 28 496

6 000 2 486 8 486

Trade accounts payable Current income tax liabilities Current bank liabilities Deferrals Other current liabilities Current liabilities

21 297 1 749 7 045 6 288 3 845 40 224

23 031 1 654 2 176 4 712 3 929 35 502

Total liabilities and shareholders’ equity

98 315

110 182

Half-year report 2013 • mobilezone group

10

Consolidated statement of cash flows January 1 to June 30 (CHF 000) Profit before taxes

2013

2012

10 460

8 759

98 4 614 – 258 – 25 0

–130 4 819 –17 13 20

– 2 882 9 192 1 324 – 3 478 1 126 – 4 496 15 675

–1 523 2 583 –4 534 480 3 883 –5 226 9 127

Adjustments to reconcile profit before tax to net cash flow: Non-cash transactions Interest income Depreciation and amortization Changes of adjustments (net) Loss from disposals of fixed assets Other changes Working capital adjustments Trade accounts receivable Other accounts receivable Inventories Trade accounts payable Other accounts payable Income taxes paid Net cash from operating activities Acquisitions Property, plant & equipment Intangible assets Securities in fixed assets Acquisition of subsidiaries less cash & cash equivalents Proceeds from disposals of Property, plant & equipment Sale of subsidiaries less cash & cash equivalents Interest received Net cash from investing activity

–1 111 –1 656 – 1 000 – 25 161

–1 980 –2 366 0 –8 088

51 0 45 – 28 832

616 –108 73 –11 853

Interest paid Purchase of treasury shares Opening of bank loan Amortization bank loan Dividends paid Net cash from financing activity Effect of currency translation

– 75 0 25 000 –131 –21 373 3 421 26

–65 0 10 000 –390 –21 374 –11 829 0

– 9 710 26 453 16 743

–14 555 30 998 16 443

Net increase/decrease in cash & cash equivalents Cash & cash equivalents at January 1 Cash & cash equivalents at June 30

Half-year report 2013 • mobilezone group

11

Consolidated statement of changes in shareholders’ equity Movement of shareholders’ equity (CHF 000)

Share capital

Treasury shares

Capital

Retained earnings

Total

At December 31, 2011 Net profit Purchase of treasury shares Sale of treasury shares Dividends paid Profit/loss from trading treasury shares Foreign currency differences At June 30, 2012

358

–1 500

9 784

65 314 7 443

358

–1 500

9 784

73 956 7 443 0 0 –21 374 0 –2 60 023

At December 31, 2012 Net profit Purchase of treasury shares Sale of treasury shares Dividends paid Profit/loss from trading treasury shares Acquisition Foreign currency differences At June 30, 2013

358

–1 510

9 784

– 21 374 –2 51 381 57 562 8 827

– 21 373

358

–1 510

9 784

– 24 092 39 20 963

66 194 8 827 0 0 –21 373 0 –24 092 39 29 595

As of June 30, 2013, mobilezone holding ag holds 150,998 (June 30, 2012: 150,000) treasury shares for trading. The number of shares has not changed since December 31, 2012. For purposes of comparability, the previous year’s figures and classifications have been adjusted in accordance with Swiss GAAP FER.

Half-year report 2013 • mobilezone group

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Segment reporting

Income statement January 1 to June 30 (CHF 000)

Total mobilezone group

Trade

Service Providing

Unallocated / Eliminations

2013

2012

2013

2012

2013

2012

2013

2012

Net sales with third parties Net sales with other segments Net sales

148 832 0 148 832

146 115 0 146 115

118 059 193 118 252

124 911 180 125 091

32 215 0 32 215

22 413 18 22 431

– 1 442 – 193 –1 635

–1 209 –198 –1 407

Other operating income Cost of goods and materials Personnel costs Other operating costs

57 – 96 433 –26 839 –10 445

30 – 97 200 – 24 707 –10 790

472 – 83 184 –18 183 –10 512

839 – 89 291 –17 757 –11 415

57 –15 211 – 8 021 – 2 359

0 – 9 566 – 6 525 –1 764

– 472 1 962 –635 2 426

–809 1 657 –425 2 389

Operating profit (EBITDA)

15 172

13 448

6 845

7 467

6 681

4 576

1 646

1 405

Depreciation of property, plant & equipment Amortization intangible assets Operating profit (EBIT)

–2 456 –2 158 10 558

– 2 629 – 2 190 8 629

– 2 159 –7 4 679

– 2 451 – 88 4 928

– 288 –2 151 4 242

–178 – 2 102 2 296

–9 0 1 637

0 0 1 405

Fixed assets Current assets Total assets

13 778 84 537 98 315

15 186 80 230 95 416

7 729 67 769 75 498

9 361 71 405 80 766

5 960 33 297 39 257

5 825 15 201 21 026

89 – 16 529 –16 440

0 –6 376 –6 376

Liabilities

68 720

42 713

110 835

94 882

20 292

14 976

– 62 407

–67 145

2 767

4 346

899

1 093

1 880

3 253

– 12

0

Statement of financial position (CHF 000)

Investments in property, plant & equipment and intangible assets Reconciliation IFRS – Swiss GAAP FER   (CHF 000) Fixed assets IFRS Goodwill offset against shareholders’ equity IAS 19 Fixed assets Swiss GAAP FER

28 267 – 13 071 – 10 15 186

14 200 – 4 839 0 9 361

14 057 – 8 232 0 5 825

The management of mobilezone group is the main decision maker and determines the business activities. The mobilezone group has two reportable segments, which correspond to the management structure of the group. The segment Trade consists of mobilezone ag, mobilezone business ag, and mobilezone trade ag. The segment Service Providing consists of TalkTalk AG (formerly mobilezone com ag), mobiletouch ag, and mobiletouch austria gmbH. The mobilezone group monitors performance on the basis of the segment operating profit before interest and taxes (EBIT). The total assets of each segment comprise all assets of the segment. Internal reporting of the mobilezone group is based on Swiss GAAP FER. The segment Trade operates only in Switzerland. The segment Service Providing is active both in Switzerland and since January 2012 also in Austria. The item "Unallocated/Eliminations" comprises transactions between the segments and the holding company as well as the holding company’s earnings. Within the assets, loans between group companies are eliminated.

10 0 –10 0

Half-year report 2013 • mobilezone group

13

Notes to the consolidated half-year report 1

Principles of Group accounting These consolidated financial statements constitute the unaudited consolidated semi-annual financial statements for the first six months of 2013 ending on June 30, 2013. The Group’s financial statements are prepared in accordance with Swiss GAAP FER (Swiss Accounting and Reporting Recommendations). Swiss GAAP FER was applied for the first time in the preparation of the Group’s 2012 audited annual report. The Group’s 2013 semi-annual financial statements were prepared in accordance with FER 31 “Complementary Recommendation for Listed Companies.” Thus, the mobilezone group is adopting the recommendation FER 31 (taking effect January 1, 2015) early on. Accordingly, FER 12 “Interim Financial Reporting” is no longer applicable. The unaudited semi-annual financial statements do not include all the information and disclosures that are required in the consolidated annual report. Therefore, these statements should be read in connection with the Group’s 2012 annual report for the year ending December 31, 2012, which was the first report to be prepared in accordance with Swiss GAAP FER. The half-year report for the six months ending June 30, 2012, was still prepared in accordance with the International Financial Reporting Standards (IFRS).

2

Restatement Swiss GAAP FER As already explained in the 2012 annual report, the mobilezone group’s Board of Directors decided in the second half of 2012 to switch the Group’s accounting and reporting from IFRS (International Financial Reporting Standards) to Swiss GAAP FER effective January 1, 2012. Swiss GAAP FER is a recognized, comprehensible, and comprehensive accounting standard; it will ensure the company’s continued publication of readily understandable financial reporting. The main adjustments in valuation and financial reporting for the mobilezone group are detailed in the reconciliation of IFRS and FER in the 2012 annual report on pages 47 and 48 under items number 1.1 and 1.2. The effects of these adjustments on the semi-annual financial reports of previous periods are shown below: Balance sheet (CHF 000)

6/30/2012

12/31/2011

Shareholders’ equity IFRS

65 784

79 717

Adjustment goodwill

– 5 753

– 5 753

– 10

– 10

Adjustment pension benefits Adjustment deferred tax assets Shareholders’ equity Swiss GAAP FER

2

2

60 023

73 956

No adjustments due to the changeover from IFRS to Swiss GAAP FER were made in the income statement for the first six months of 2012.

Half-year report 2013 • mobilezone group

14

3

Changes in scope of consolidation Effective April 1, 2013, mobilezone took over 100 percent of the shares of TalkTalk Telecom GmbH based in Zug. A provider of fixed-line, Internet, and mobile phone subscriptions, TalkTalk previously was part of the British corporation The Phone House Holdings (UK) Limited. With this acquisition mobilezone strengthens the fixed-line and Internet business areas of its wholly-owned subsidiary mobilezone com ag. Initial recognition of the company in the balance sheet is based on the audited financial statements as of March 31, 2013. Net cash used for the acquisition amounts to CHF 25 million, and this includes acquiring cash and cash equivalents in the amount of CHF 1.1 million. Goodwill was provisionally determined to amount to CHF 24 million as of the end of June 2013; this goodwill will be offset directly against shareholders’ equity. In June 2013 mobilezone com ag and TalkTalk Telecom GmbH were merged under the name TalkTalk AG.

4

Goodwill Goodwill is offset against shareholders’ equity (profit reserves) at the time of acquisition of the subsidiary. The theoretical capitalization of goodwill, based on a useful life of five years, would have the following effects on shareholders’ equity and net profit: Balance sheet (CHF 000)

6/30/2013

12/31/2012

6/30/2012

Shareholders’ equity acc. to balance sheet

29 595

66 194

60 023

Theoretical capitalization of net book value goodwill

28 087

6 012

6 896

Theoretical shareholders’ equity incl. net book value goodwill

57 682

72 206

66 919

Theoretical effect on net profit Net profit acc. to income statement

8 827

21 047

7 443

Theoretical amortization of goodwill

– 2 017

– 1 930

–1 046

6 810

19 117

6 397

Theoretical net profit after amortization of goodwill

5

Seasonality The business of the trade segment shows seasonal fluctuations because of the Christmas trade. Consolidated sales and result of the first half year are thus usually lower than those of the second half of the year.

6

Contingent liabilities There are no significant contingent liabilities subject to reporting requirements.

7

Events following the balance sheet date The company knows of no events following the balance sheet date that significantly affect the half-year report. On July 16, 2013, mobilezone announced that its wholly-owned subsidiary mobiletouch ag is taking over the Canon Repair Center of Swisscom IT Services. The Board of Directors approved this report on August 14, 2013.

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Companies

MOBILEZONE HOLDING AG

MOBILEZONE BUSINESS AG

Riedthofstrasse 124, 8105 Regensdorf

Bahnweg 4, 9107 Urnäsch

T +41 43 388 77 11 F +41 43 388 77 92

T +41 71 421 46 80 [email protected]

[email protected] www.mobilezone.ch/uber-uns/investoren Investor Relations: Markus Bernhard Media Relations: Martin Lehmann

MOBILETOUCH AG Spinnerei-Lettenstrasse, 8192 Zweidlen T 0840 303 303

MOBILEZONE AG

[email protected]

Riedthofstrasse 124, 8105 Regensdorf T +41 43 388 77 11

MOBILETOUCH AUSTRIA GMBH

[email protected] www.mobilezone.ch

Lemböckgasse 49, 1230 Wien

TALKTALK AG Poststrasse 18, Postfach 1359, 6301 Zug T 0800 300 250 [email protected] www.talktalk.ch

T +43 1 866 49 0 [email protected]