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(GETM.L) Getmobile Europe PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 03-11-09 | RNS |
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RNS Number : 8483B Getmobile Europe PLC 03 November 2009 getmobile europe plc (the 'Company') Daniel Wild assuming executive position getmobile europe plc announces that non executive director Daniel Wild is assuming an executive role during the temporary absence through illness of CEO Tim Schwenke. Daniel Wild is a founding director of getmobile AG and was, until October 2007, joint CEO of the Company with Tim Schwenke. .
This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 8029Z
Getmobile Europe PLC
29 September 2009
Chairman's Statement
Introduction
getmobile europe plc (the "Company") is a UK registered company whose shares are traded on AIM in London, and on Entry Standard in Frankfurt.
In a trading update released on 26 June 2009 the Company reported that trading in our mobile phone contracts business had deteriorated and that when combined with planned losses in our new ecommerce initiatives a loss would be incurred for the 6 months to 30 June 2009.
The trading update also noted that the Company was reviewing a possible sale of the mobile phone contracts business. In view of the continuing poor performance of the mobile phone contract business the board has concluded that it should either sell the business for modest consideration or alternatively continue to operate the business on a much reduced scale - we have already cut the cost base of the business. Sales discussions are underway with certain interested parties.
There has been no improvement in trading since the update provided in June, and as a result the board has decided that it is appropriate to write off all acquisition goodwill in the Company and its subsidiaries (the "Group") along with the other intangible assets associated with the acquisition of the mobile phone contracts business. This has resulted in an exceptional impairment provision of EUR11.74 million.
While encouraging progress is continuing to be made in our new ecommerce businesses they continue to absorb resources. However with cash balances of EUR10.73 million, and no debt, at 30 June 2009 our balance sheet remains strong.
Results
Sales fell from EUR48.98 million in the 6 months to 30 June 2008 to EUR16.88 million in the 6 months to 30 June 2009, a reduction of EUR32.10 million. Approximately EUR16 million of this reduction resulted from the planned cessation of low margin sales of phone handsets to third party wholesalers, with the balance reflecting primarily reduced activity in the mobile phones contract business where the number of contracts sold fell from 69,654 to 33,995, representing a fall of 51.2% in the number of contracts sold. Turnover in our early stage ecommerce business was EUR1.22 million (2008 EUR4,000)
The reduction in the number of contracts and an associated decrease in margins reflects an overall smaller market for new and churning post paid mobile phone contracts due to reduced consumer demand and competition from low cost prepaid products. The Company estimates that the addressable post paid mobile phone contract market in Germany has reduced from between eight to nine million contracts to between five to six million contracts per annum. We have also seen increased credit denial rates to our customers by the mobile phone contract operators as a result of the recession and their concentration on maximizing their own direct sales channels.
The Company incurred a group operating loss before taxation for the 6 months to 30 June 2009 of EUR11.91 million (2008: profit EUR1.65 million). This reflects the EUR11.74 million exceptional impairment provision against goodwill and intangibles and an EBITDA (Earnings before interest, tax, depreciation and amortisation) loss of EUR0.20 million (2008: EBITDA profit EUR1.62 million).
The breakdown of our revenues was as follows:
Six months ended Year ended
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
Revenues EUR m EUR m EUR m
Sale of mobile phone contracts 15.66 32.54 76.93
and ancillary income
Sale of hand sets to third party - 16.40 24.40
distributors
New ecommerce initiatives 1.22 - 0.17
Total revenue 16.88 48.94 101.50
The breakdown of EBITDA in the Group was as follows:
Six months ended Year ended
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
EUR m EUR m EUR m
EBITDA
Mobile phone and handset trading 0.24 1.79 3.87
operating profit
Losses of new e-commerce (0.44) (0.17) (0.42)
initiatives
Cost of prospectus - Deutsche B? - (0.23)
listing
(0.20) 1.62 3.22
The loss per share for the 6 months ended 30 June 2009 was 126.11 Euro cents (2008: 13.06 Euro cents earnings). The adjusted loss per share after adding back the EUR11.74 million exceptional impairment provision was 1.82 Euro cents (2008: 13.06 Euro cents earnings).
Pauldirekt, our closed community shopping business has progressed very satisfactorily and has grown its number of registered users from 15,000 at the end of December 2008 to 580,000 at the end August 2009
Premingo, our household contracts platform, is now operating at close to breakeven and management are examining how best to achieve its full potential.
Our 25 % associated company investment in Shirtinator has performed well. Shirtinator is trading profitably and ahead of expectations at the time of investment. As separately announced on 29 September, we have purchased an additional 11.87% stake in Shirtinator to bring our overall investment to 36.87%. Depending on its continued performance and the price and availability of additional shares the Company would consider increasing this stake beyond 50% in due course.
Financial Position
Net assets as at 30 June 2009 were EUR10.24 million as compared to EUR22.65 million as at 31 December 2008, principally reflecting, the impact of the EUR11.74 million impairment provision.
Cash balances as at 30 June 2009 were EUR10.73 million (31 December 2008: EUR9.03 million). The Group has no debt.
Planned capital commitments of EUR0.77 million to Premingo and Pauldirekt in the second half of the year, the purchase of the additional 11.87% stake in Shirtinator, and the payment of the 2008 dividend on 2 July, when allied to anticipated operating losses and seasonal working capital requirements will lead to a reduced cash balance as at 31 December 2009.
Business Development and Strategy
In the past the primary focus of Getlogics GmbH our 64% warehousing and logistics subsidiary, and of Getperformance GmbH (our 100% subsidiary direct response advertising support company - which has recently changed its name from GetonTV GmbH) was the support of the mobile phone contract business. Their focus is now changing to the support of our other ecommerce companies and the generation of third party sales.
Getlogics has invested in new warehousing in anticipation of the growth of the Pauldirekt. Getperformance has been successful in generating third party sales and the intention is to grow these businesses as independent profit centres.
The Company intends to continue to invest selectively in e-commerce activities. However, until such time as we have greater clarity on the position of the core mobile contract business we intend to adopt a cautious approach and preserve our capital. In the case of Pauldirekt we are investigating the potential to introduce a third party investor to accelerate its next stage of development and validate the commercial value of the business model.
Dividend
The Company paid a final dividend in respect of the year ended 31 December 2008 of 6 cents on 2 July 2009. The directors do not intend to recommend the payment of an interim dividend for 2009.
Outlook
As noted above, in light of its continuing underperformance we have initiated discussion on the sale of our mobile phone contracts business. In addition the cost base has been reduced.
The outlook for our remaining subsidiaries, Getperformance, Getlogics, Premingo and Pauldirekt appears promising in the medium term although, taken together, they are, in aggregate, likely to be loss making in 2009. Our associate Shirtinator is developing well and trading profitably.
Our ecommerce management expertise allied to our cash resources facilitates the ongoing search for selective ecommerce investment opportunities.
Pierce Casey
Chairman
Group Income Statement
for the six months ended 30 June 2009
Six months ended Year ended
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
Notes EUR000's EUR000's EUR000's
Revenue 2 16,882 48,984 101,458
Cost of sales (13,145) (43,267) (90,192)
Gross profit 3,737 5,717 11,266
Administrative expenses excluding depreciationand
amortisation (3,932) (4,096) (8,042)
(Loss)/Earnings before interest, tax, depreciation and amortisation (195) 1,621 3,224
Administrative expenses - depreciation and amortisation (180) (129) (248)
- exceptional items 3 (11,742) - -
Total administrative expenses (15,854) (4,225) (8,290)
Share of post tax profit of associates 35 43 101
Group operating (loss)/profit from continuing operations 2 (12,082) 1,535 3,077
Finance revenue 4 169 115 269
Finance costs 4 - - (1)
(Loss)/Profit from continuing operations before taxation (11,913) 1,650 3,345
Income tax expense 6 (2) (480) (972)
(Loss)/Profit for the period from continuing operations (11,915) 1,170 2,373
(Loss)/Profit for the period attributable to:
Equity holders of the parent (11,914) 1,234 2,513
Minority interest (1) (64) (140)
(11,915) 1,170 2,373
Euro Cents Euro Cents Euro Cents
(Loss)/earnings per share 7
Basic and diluted (126.11) 13.06 26.60
Adjusted and diluted (1.82) 13.06 28.98
Group Statement of Changes in Equity
for the six months ended 30 June 2009
Share capital Distributable reserves Shareholder Minority Total
equity interest equity
EUR000's EUR000's EUR000's EUR000's EUR000's
At 1 January 2008 1,364 20,126 21,490 18 21,508
Profit for the period 1,234 1,234 (64) 1,170
Other movements:
Group equity attributable to 122 122
minority interest
Share based payments 30 30 30
Dividend paid (945) (945) (945)
At 30 June 2008 1,364 20,445 21,809 76 21,885
Profit/(loss) for the period 1,279 1,279 (76) 1,203
Other movements:
Group equity attributable to 3 3
minority interest
Dividends paid (472) (472) (472)
Share based payments 30 30 30
At 31 December 2008 1,364 21,282 22,646 3 22,649
Loss for the period (11,914) (11,914) (11,914)
Other movements:
Group equity attributable to minority 45 45
interest
Share based payments 31 31 31
Dividend declared and approved (567) (567) (567)
At 30 June 2009 1,364 8,832 10,196 48 10,244
Group Balance Sheet
as at 30 June 2009
Six months ended Year ended
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
Notes EUR000's EUR000's EUR000's
Non current assets
Intangible assets 252 11,807 11,960
Property, plant and equipment 409 231 284
Investment in associated 5 425 128 41
companies
Other investments 150
Deferred tax asset - 182 65
1,236 12,348 12,350
Current assets
Inventories 1,021 2,382 1,756
Trade and other receivables 3,476 11,071 11,592
Overseas tax paid in advance 314 289 -
Cash and cash equivalents 10,733 9,719 9,028
15,544 23,461 22,376
Total assets 16,780 35,809 34,726
Current liabilities
Trade and other payables 6,268 13,375 11,526
Corporation and overseas taxes 268 549 296
Other financial liabilities - - 150
6,536 13,924 11,972
Non current liabilities
Deferred tax - - 105
Net assets 10,244 21,885 22,649
Equity attributable to equity holders of the
parent
Called up share capital 1,364 1,364 1,364
Distributable reserves 8,832 20,445 21,282
Group shareholders equity 10,196 21,809 22,646
Minority interest 48 76 3
10,244 21,885 22,649
Group Statement of Cash Flows
for the six months ended 30 June 2009
Six months ended Year ended
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
EUR000's EUR000's EUR000's
Operating activities
(Loss)/profit for the period (11,915) 1,170 2,373
Adjustments to reconcile
profit for the year to net
cash inflow from operating
activities
Tax on continuing operations 2 480 972
Net finance revenue (169) (115) (268)
Net profit on sale of - (15) (15)
associates
Share of post tax profits of (35) (43) (101)
associates
Impairment of goodwill and 11,742
other intangibles
Depreciation and impairment of 76 45
property, 104
plant and equipment
Amortisation of intangible 104 84 144
assets
Share-based payments 32 30 60
Decrease/(increase) in 735 (673) (47)
inventories
Decrease /(increase) in trade 8,216 1,906 1,493
and other receivables
(Decrease)/increase in trade (6,164) 1,214 310
and other payables
Cash generated from operations 2,624 4,083 5,025
Income taxes paid (320) (96) (438)
Net cash flow from operating 2,304 3,987 4,587
activities
Investing activities
Interest received 169 115 269
Dividend from associate 22 145
Sale of property, plant and - 21
equipment
Sale of associates - 68 68
Investment in associates (390) - -
Investment in subsidiary undertakings net of cash (125) (19) (17)
acquired
Other investment (150) - -
Payments to acquire property, (125) (68) (201)
plant and equipment
Payments to acquire (88) (150)
intangibles (excluding
goodwill)
Net cash flow from investing (599) 8 135
activities
Financing activities
Interest paid - - (1)
Dividends paid to equity - - (1,417)
shareholders of the parent
Net cash flow from financing - - (1,418)
activities
Increase/(decrease) in cash 1,705 3,995 3,304
and cash equivalents
Cash and cash equivalents at 9,028 5,724 5,724
the beginning of the year
Cash and cash equivalents at 10,733 9,719 9,028
the period end
Notes to the Financial Information
1. Basis of preparation
The Group's financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union other than IAS 34 ("Interim Financial Reporting") and as applied in accordance with the provisions of the Companies Act 2006.
The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 December 2008.
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2008.
The financial information contained in this interim statement does not amount to statutory financial statements within the meaning of section 435 Companies Act 2006. The financial statements for the year ended 31 December 2008, from which information has been extracted, were prepared under IFRS and have been delivered to the Registrar of Companies. The report of the auditors was unqualified in accordance with section 495 Companies Act 2006 and did not contain a statement under sections 498 (2) or (3) Companies Act 2006.
2. Revenue and segmental analysis
The Group's revenue, operating profit by destination and source, were all derived from external customers in the European Union where its net assets are located. All revenues arose in the Group's German businesses.
3. Exceptional items
Six months ended Year ended
30 June 2009 Unaudited 30 June 2008 Unaudited 31 December 2008
Audited
EUR000's EUR000's EUR000's
Impairment of goodwill 11,378 - -
Impairment of other 364 - -
intangibles
11,742 - -
As noted in the Chairman's Statement there is uncertainty as to the future profitability of the Group's mobile telephone contracts business and following a review of the impact of this it has been concluded that the value of the Group's goodwill and other associated intangibles assets is impaired and these assets have been written off as at 30 June 2009.
4. Finance revenues and costs
Six months ended Year ended
30 June 2009 Unaudited 30 June 2008 Unaudited 31 December
2008
Audited
EUR000's EUR000's EUR000's
Finance revenue
Bank interest receivable 65 115 269
Write back of provision for 104 - -
finance fee
169 115 269
Finance costs - bank interest - - (1)
payable
169 - (1)
5. Investment in associated companies
Six months ended Year ended
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
EUR000's EUR000's EUR000's
At 1 January 41 137 137
Cost of investments 390 10 -
Disposal of investments (19) (62) (52)
Share of profits after tax 35 43 101
Dividend received (22) (145)
At end of period 425 128 41
6. Income tax expense
Six months ended Year ended
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
EUR000's EUR000's EUR000's
Current income tax:
UK corporation tax - 43 90
Foreign tax 41 267 445
Current income tax charge 41 310 535
Amounts over provided in previous years - UK - - (3)
Amounts under provided in previous years - Foreign - - 48
Total current income tax 41 310 580
Deferred tax:
Origination and reversal of temporary differences (39) 170 392
Tax charge in the income statement 2 480 972
Tax charge in the income statement is disclosed as
follows:
Income tax expense on continuing operations 2 480 972
2 480 972
As at 31 December 2008 a deferred tax asset of EUR65,000 (30 June 2008: EUR182,000), relating to historic losses carried forward in the Company's German subsidiary getmobile AG and tax adjustments in relation to its former silent partners investors, was recognised and included in non current assets. As at 31 December 2008 a deferred tax liability of EUR105,000 (June 2008: EURnil) in relation to intangible fixed asset value adjustments on acquisition was included in non current liabilities.
Both of these balances have been released in full in the period to 30 June 2009 due to utilisation of losses forward, the write off of the associated intangible fixed assets and the uncertainty of future recoverability of the remaining portion of the deferred tax asset.
7. (Loss) earnings per share
Six months ended Year ended
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
EUR000's EUR000's EUR000's
(Loss) Profit for period for basic and diluted earnings per share (11,914) 1,234 2,513
No. No. No.
000's 000's 000's
Weighted average number of ordinary shares for basic, adjusted 9,447 9,447 9,447
and diluted EPS
Basic and diluted (loss) earnings per share (cents) (126.11) 13.06 26.60
Adjusted and diluted (loss) earnings per share (1.82) 13.06 28.98
(cents)
The calculation of adjusted loss or earnings per share is based on the loss or profit attributable to equity holders of the parent used for the calculation of basic loss or earnings per share as set out above, adjusted by adding back the exceptional impairment provision of EUR11,742,000 (Year ended 31 December 2008: adding back the costs associated with the issue of a prospectus of EUR225,000), as the directors believe this is an appropriate measure of underlying performance.
8. Interim report
This interim financial information was approved by the Board of Directors on 28 September 2009.
This report will be sent to all shareholders and copies will be available from the Company's registered office - 4th Floor, 74 Chancery Lane, London WC2A IAD and on the Company's website - www.getmobile-europe.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 29-09-09 | RNS |
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RNS Number : 8031Z Getmobile Europe PLC 29 September 2009 getmobile europe plc ("getmobile" or the "Company") Acquisition of further 11.87% Stake in Shirtinator AG for EUR273,118 getmobile announces that it has acquired a further 11.87% stake in Shirtinator AG ("Shirtinator") at a cost of EUR273,118 taking its interest in the company to 36.87%. Shirtinator is an e-commerce business engaged in on-line marketing and retailing of customised printed T-shirts and other items of clothing primarily in Germany and other European markets. getmobile announced the acquisition of an initial 25% stake on 25 February 2009. Background Shirtinator was established in Munich in 2007 by a group of entrepreneurs, business angels and early stage investors. Shirtinator believes that it is now the third largest on-line vendor of customised printed T-shirts in Germany where 95% of its sales currently take place via its www.shirtinator.de website. The product range is also available on a number of additional websites including www.shirtinator.co.uk and www.shirtinator.sk as well as on its white label platform www.shirtinator.net. The business operates from its base in Munich and via a subsidiary based in Bratislava, Slovakia where its production and IT facilities are based. Shirtinator employs 20 people and is led by CEO Sven Rittau who, in 1999, was a co-founder of Zooplus AG, the leading European on-line pet supplies retailer which is quoted on the Deutsche B?'s Entry Standard Market. He was COO of Zooplus until 2007. The acquisition of this additional stake is in line with the Company's objective of expanding its range of e-commerce activities leveraging getmobile's management team's extensive knowledge and experience of e-commerce and direct marketing. Related Party Transaction getmobile has acquired the additional 11.87% stake for EUR273,118 in cash from Tiburon AG, an early-stage investment fund in which a number of the directors of getmobile are investors and, in some cases, are members of either its Vorstand or Supervisory Board. Accordingly the transaction is deemed to be a related party transaction for the purposes of AIM Rule 13. Shirtinator has performed ahead of expectations at the time of getmobile's original investment with unaudited revenues for the 6 months to 30 June 2009 of EUR1.86m and unaudited operating profits of approximately EUR146,000. Shirtinator had net cash balances at that date of approximately EUR800,000 providing the balance sheet strength to finance its continued anticipated growth getmobile believes that this trading performance reflects, inter alia, the benefit of getmobile's expertise in the use of television advertising and other media to generate increased business for Shirtinator. With the exception of any director who is involved in the transaction as a related party, getmobile's directors consider, having consulted with Davy Corporate Finance, its nominated advisor, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. It is not anticipated that the additional investment in Shirtinator will have a material impact on the results of getmobile for the year ended 31 December, 2009. This information is provided by RNS The company news service from the London Stock Exchange END
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| 24-09-08 | ||||
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Nice results, lets hope the SP improves.
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| 02-03-08 | ||||
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Is anyone concerned about their negative profit in relation to their market cap?
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| 15-12-06 | ||||
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the fundamnetals seem to be very interesting.
first half year 28.8 mil in revenues. they wrote down more than 50 mil of goodwill. second half year should be stronger (x-mas!) + they lately bought another player with revenues of nearly 10 mil and 0.5 profit. revenues in 2007 could reach + 70 mil. earnings should be positiv. More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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| 14-12-06 | ||||
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Great looking chart, looks set for solid rise on the back of director buying...
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They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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