Tele Atlas N.V.
Tele Atlas N.V. english
Tele Atlas revenues up by 8% in first half year
Corporate-news announcement sent by DGAP.
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PRESS RELEASE
‘s-Hertogenbosch, August 6, 2002
Tele Atlas revenues up by 8% in first half year
* EBITDA more than doubles
* European business generates operating profit
* North American database reaches competitive level
Tele Atlas, a worldwide leading developer in digital geographic databases,
realized revenues of EUR 39.5 million for the first half of 2002 (first half
2001: EUR 36.5 million), an improvement of 8% on the comparable period of 2001.
Both European and North American activities contributed to the revenue growth.
The operating result for the European business grew from a loss of EUR 1.7
million in the first half of 2001 to an operating profit of EUR 0.5 million.
Total operating expenses (excluding depreciation and amortization) increased by
1.8%. As a result of last year’s restructuring and ongoing severe cost control,
European costs fell by 11%. In North America, costs increased by 18% as a
consequence of the continued build-up of the database. The database covering
North America has now reached a more than competitive level.
EBITDA improved from EUR 3.3 million to EUR 7.7 million. EBITDA for Europe rose
by 42.5% from EUR 9.4 million to EUR 13.4 million. EBITDA in the United States
improved from a loss of EUR 6.1 million to a loss of EUR 5.7 million.
The net loss amounted to EUR 9.5 million. This was due chiefly to the high level
of investments for the build-up of the American databases.
Revenues in Europe increased from EUR 30.8 to EUR 33.3 million. As in the first
quarter of 2002, 75% of turnover was achieved in the in-car navigation segment.
Navigation revenues grew by a modest 11% in the first half of 2002 compared to
the same period of 2001 due to lower car sales and the termination of Bosch’s
contract with Mercedes. However, the account with SiemensVDO has been renewed
and expanded. Improved technical cooperation and joint marketing and
distribution activities are expected to result in a significant increase in Tele
Atlas’s market share with this important platform. Measured over the first
half, the aftermarket grew considerably compared to the same period of 2001,
although this market is still affected by the weak economic climate and lower
consumer confidence.
GIS and location based service sales were down 6% in the first six months of
2002 compared to the same period of the previous year. However, developments in
location based services are becoming a reality and important partnerships have
been and are being forged in preparation of the launch of several important
services later in 2002 and to a greater extent in 2003. As an example, Wanadoo
signed a contract in the second quarter of 2002 with Tele Atlas for various web-
based applications. Overall, this segment, although promising for the future, is
expected to perform modestly in 2002.At the end of the second quarter, a
milestone was reached with the completion of an extensive fieldwork project
covering more than 50% of the population of the United States. With this
additional information, the database is fully competitive and will be used for
the creation of products in different market segments later this year. The
database has the highest accuracy currently available in the market. The unique
high-density embedded traffic location codes make it possible to derive products
with real time traffic information (in cooperation with Westwood One) in 71
metropolitan areas. Market research has demonstrated that the availability of
such real time traffic information is a key requirement for both navigation as
well as location based service applications in North America. Tele Atlas’s
traffic-enabled maps thus give it a competitive edge for the future market
development.
George Fink has been appointed president and COO of Tele Atlas’s North American
operations as of July 1, 2002. His appointment coincides with the start of a new
phase in the development of Tele Atlas North America, as the now fully
competitive database will be launched in the different market segments and the
partner network will be further expanded and developed. As a result Tele Atlas
expects to rapidly gain market share in North America.
OUTLOOK
Despite the growth in revenues in the first six months of 2002, Tele Atlas sees
no clear signs yet of a rapid economic recovery and therefore remains cautious
with regard to growth for the remainder of 2002. Nevertheless, the company
expects to grow its market share in both Europe and North America in the medium
term thanks to new and enhanced partnerships in location based services and
navigation.
Note for the editor:
For further information go to www.teleatlas.com or contact:
Jasper Vredegoor, investor relations manager Tele Atlas
E-mail: jasper.vredegoor@teleatlas.com
Website: http://www.teleatlas.com
Tele Atlas is a worldwide leader in the production and development of detailed
geographic databases, which are used in a broad spectrum of applications. Tele
Atlas is actively engaged in the markets for car navigation systems, GIS
applications and location based services and telematics. Through their
combination of coverage, content and detail, Tele Atlas’s products are the
quality benchmark in a highly specialized market.
end of message, (c)DGAP 06.08.2002
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WKN: 927101; ISIN: NL0000233948; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München, Stuttgart
060900 Aug 02
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