30 June. Mid-year report

Transcription

1 Mid-year report mobilezone holding ag 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

2 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 Chairman of the Board Ruedi Baer Delegate and CEO Mid-year report 30 June 2003 mobilezone holding ag 2

3 Key figures Key figures Group 30/06/ /06/2002 (million CHF) Revenues Net sales EBITDA EBIT ) Net profit/loss for the year ) 30/06/ /12/2002 Shareholders equity as a percentage of total assets 24.7% 18.9% Number of employees whereof in Switzerland whereof in Germany Number of shops whereof in Switzerland whereof in Germany ) after impairment of goodwill of CHF 10.9 million Mid-year report 30 June 2003 mobilezone holding ag 3

4 Consolidated income statement 1 January to 30 June (in CHF 000) Revenues 166, ,731 Sales deductions including VAT 14,794 13,516 Net sales 152, ,215 Cost of materials and merchandise 121, ,184 Personnel costs 16,592 17,147 Other operating costs (net) 8,087 8,629 Operating profit before depreciation and amortization (EBITDA) 5,840 2,255 Depreciation of property, plant and equipment 1,896 1,516 Amortization of intangible assets Impairment of intangible assets 0 10,850 Operating profit/loss (EBIT) 3,644 10,341 Financial expenses 1, Financial income Profit/loss before income taxes 2,596 11,035 Income tax expense 1, Net profit/loss for the year ,918 (in CHF) (in CHF) Earnings per share basic Earnings per share diluted Mid-year report 30 June 2003 mobilezone holding ag 4

5 Consolidated balance sheet 30/06/ /12/2002 (in CHF 000) ASSETS Land and buildings 5,143 4,843 Other property, plant and equipment 9,071 9,429 Intangible 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 Provisions Non-current liabilities 13,574 19,333 Bank loans 2,344 3,463 Shareholder loans 5,500 0 Finance lease liabilities Trade accounts payable 22,695 44,495 Current tax liabilities 2, 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 5

6 Consolidated cash flow statement (condensed) 1 January to 30 June (in CHF 000) Net cash provided by / used in operating activities 1,519 6,510 Acquisitions of subsidiaries ,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 Exchange rate fluctuations Net decrease in cash and cash equivalents 2,012 5,997 Cash and cash equivalents as at 1January 11,173 16,541 Cash and cash equivalents as at 30 June 9,161 10,544 Mid-year report 30 June 2003 mobilezone holding ag 6

7 Consolidated statement of changes in equity Development of shareholders equity (in CHF 000) Share Additional Accumulated Translation Total capital paid-in capital deficits/retained adjustments earnings 31/12/2001 3,350 13,898 16, ,997 Capital increase from authorized capital 210 7,147 7,357 Net loss 11,918 11,918 Translation adjustments /06/2002 3,560 21,045 4, ,395 31/12/2002 3,560 21,317 7, ,161 Net profit Translation adjustments /06/2003 3,560 21,317 6, ,810 mobilezone Group Segment information 1 January to 30 June (in CHF 000) mobilezone mobilezone mobilezone Group management/ Group Switzerland Germany internal eliminations Revenues 166, , , ,680 50,664 46,051 2,599 Net sales 152, , , ,831 45,417 40,384 2,599 EBITDA 5,840 2,255 8,858 4,532 2,619 1, EBIT 3,644 10,341 1) 7,152 3,164 3,109 12,851 1) 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 7

8 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 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 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 31December 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. 5 Subsequent events This report was approved by the Board of Directors on 11 September 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 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 8

9 Company addresses mobilezone holding ag Phone ++41 (0) Fax ++41 (0) Investor Relations: Wolfgang Gross Media Relations: Ruedi Baer mobilezone ag Phone ++41 (0) Fax ++41 (0) globalzone ag Phone ++41 (0) Fax ++41 (0) Europea Trade AG Phone ++41 (0) Fax ++41 (0) Jamba! AG (Schweiz) Phone ++41 (0) Fax ++41 (0) Tebbe Harms Kleen GmbH & Co. KG Tiefenbachstraße 5 D Hausham Phone ++49 (0) Fax ++49 (0)