Advanced Digital N

  • ADB Group Reports Record First-Half 2008 Financial Results

    Published: 06:30 12.08.2008 GMT+2 /HUGIN /Source: ADB Holdings S.A. /SWX: ADBN /ISIN: CH0021194664

    ADB Group Reports Record First-Half 2008 Financial Results

    First-half year results at the record level

    Revenue grew 40% compared to first-half 2007

    EBIT reached 6.5% of revenue

    Gross margin increased 68% from first-half 2007

    67% of Digital TV Equipment revenue from high definition TV products

    Five new customer wins announced during the first-half

    High visibility for the rest of the year

    Increased guidance for full year 2008

    Geneva - August 12, 2008, 07:00 a.m. (CET)

    ADB Holdings SA (SWX: ADBN) reported today ADB Group's unaudited consolidated financial results for the first half of the year 2008.

    Revenue for the first-half 2008 reached US$ 169.9 million, increasing 40% compared to the same period in 2007. Gross profit increased to a record level of US$ 67.7 million or 39.9% of revenue, increasing 68% over the first-half of 2007, and ahead of the Group's expectations. This development had three main contributors: greater efficiency in the operating activities due to significantly improved supply chain management; successful cost reduction programs, and a favorable sales mix during the first-half of the year, with higher contributions from high-end products. Operating expenses, including the costs of research and development, accounted for US$ 59.5 million in the first half of 2008, representing an increase of 41% year-on-year, as a result of increased royalty costs due to larger sales volume, employee compensation plan and unfavorable foreign exchange development in European currencies. Earnings Before Interest and Taxes rose to US$ 11.1 million or 6.5% of the revenue during the first-half of 2008, compared to a loss of US$ 0.8 million for the same period in 2007. Net profit from continuing operations reached US$ 7.6 million or 4.5% of the revenue, and a final net profit after a correction for discontinued operations was US$ 4.7 million.

    The Group net cash generation from operating activities during the first-half of 2008 exceeded US$ 52 million. As a result, the Group had a net cash position of US$ 28.3 million at the end of June, with cash and reserves totaling US$ 67.7 million. The Group has also introduced a hedging plan for the rest of the year.

    Andrew Rybicki, Chairman and CEO of ADB Group, commented: "I am very pleased with our overall results during the first half of 2008. After two years of a very hard work the company is finally getting back to the performance track. The main drivers for the growth were continuing and solid demand for high-definition TV products combined with successful customer base expansion, helped by the European Football Championship and the Beijing Olympic Games. Increased profitability was largely a result of improved efficiencies, favorable product mix and streamlined supply chain operations. It is also an impressive achievement from our staff whom I wholeheartedly congratulate for this. We are now set for the second half of 2008."

    Outlook for 2008

    ADB Group regards the second half of 2008 with reasonable confidence, but remains cautious due to external macroeconomic factors. The Group increases its full year guidance for continuing operations to be as follows:

    Revenue growth range 12-16% (up from 9-13%)

    Gross margin range of 36-38% (up from 33-36%)

    Earnings before interest and taxes range 4-6% (up from 3-5%)

    Business segment performance

    Digital TV Equipment segment

    The Digital TV Equipment yielded US$ 166 million of revenue during the first-half of 2008, and delivered Earnings Before Interest and Taxes of US$ 16 million, or 9.7% of revenue.

    High-definition TV (HDTV) product sales accounted for 67% of the Digital TV Equipment revenue, up from 49% in the first half of 2007 and 57% in the entire year 2007. Personal Video Recorders (both high and standard definition) represented 29% of the Digital TV Equipment revenue, compared to 22% in the first half of 2007 and 26% of the full year 2007.

    The first half of the year was particularly strong for IPTV segment, which constituted 31% of the Group revenue. The main drivers were both excellent performance of ADB's products as well as rapid pace of deployment at recently acquired customers. Terrestrial segment represented 20% of Group revenue, compared to 12% in 2007. This segment's share of revenue increased due to strong take-up in Northern Europe and solid demand in Italy. Cable maintains its position as the largest segment of the Group, representing 35% of the overall sales. Satellite segmental sales represented 11% of the overall Group revenue, delivering mainly high-end products.

    The Group technology received significant recognition during the first-half of the year. In March, the IPTV World Forum awarded ADB Group with "Best IPTV Customer Premise Equipment Technology", for the second year in a row. It is exceptional for the same company to be able to win the award two subsequent times.

    In May the Group obtained a first CableLabs' "tru2way(TM)" (formerly known as OCAP) certification for its new box model specially designed for the US cable market. Building on this achievement, in June ADB Group signed a Memorandum of Understanding with the leading US cable operators and major consumer electronics companies for the committed development of "tru2way", the new interactive technology platform for the US cable market. This is a significant milestone in the Group North American strategy.

    Software and Services segment

    The Software and Services recorded revenue of US$ 9.4 million, out of which US$ 4.4 million were intergroup sales. The segment recorded a Loss Before Interest and Taxes of US$ 4.9 million. Revenue fell short of the Group expectations due to a faster than anticipated reduction of development services demand from one customer in US. Therefore the Group has decided to accelerate the reorganization of its Software and Services activities in the US to focus mainly on supporting Group's North American growth strategies.

    The Software and Services segment remains a powerful facilitator in building the Group overall business, and plays an important role in the Group overall strategy. Following the official adoption of open-standard middleware by the US cable, the Group is currently seeing an increased interest and commitments to deploying such technologies in North America. Therefore, the Group intends to continue its investment in this segment to develop a complete product and services offering and targeting its self-sustainability and profitability.

    Revenue analysis per region and customer base

    During the first half of 2008, Europe, Middle East and Africa accounted for 92% of revenue while Asia Pacific represented 2% and the Americas 6%. Both West and East European customers accounted for a large part of the growth, Eastern Europe representing 18% of the Group's total revenue. The top 10 customers of the Group grew strongly during the first half of 2008, representing 88% of revenue. No customer represented more than 18% of the Group's revenue. Many new customers are in the early stage of their development, representing a great potential for the Group going forward. Overall, Group's customer base continues to evolve favourably with a well balanced mix of recurring and new customers: close to half of the Group's top 10 customers in first-half 2008 have maintained their position for three years or more.

    Organisational update

    During the first-half of 2008, Mr. François Pogodalla was nominated CEO of Advanced Digital Broadcast S.A., the Group's affiliate operating the Digital TV Equipment activities. He also continues holding the position of ADB Group's Deputy CEO. Ms. Tina Nyfors was appointed Executive Vice President, Corporate Development, and Mr. Janusz Szajna was appointed President of ADB Group Eastern Europe. The Group's US activities were strengthened by Mr. Tim Schermerhorn, who joined in May to lead the US cable set-top box business unit as General Manager, ADB Americas.

    Share buy-back

    During the first half of the year, ADB Group continued its buyback programme by acquiring 36,500 shares at an average price of CHF 29.90 per share. In July, the Company purchased 52,764 shares at an average price of CHF 30.29 per share. Subsequently the number of shares held in treasury at the time of this release is 253,353.


    Following the decision to abandon the New Initiatives business segment, announced at the beginning of year 2008, and the application of IFRS 5: "Non-current Assets Held for Sale and Discontinued Operations", financial data is reported only in respect of the continuing operations of the Group unless otherwise indicated. Analysis and comparison to previous periods are also made with reference to the continuing operations only.

    Conference Call

    The management of ADB Group will hold a conference call to discuss first-half 2008 financial results and outlook for the full year, today at 15:00 CET.

    To connect to this conference, participants will be required to dial: +41 (0) 44 580 33 41.

    To ask a question, participants will be required to dial: 01

    The main financial statements for the first half of 2008 are attached to this press release. This press release and further information on ADB Group can be found on the Group's website at

  • Advanced Digital N

    die erwarteten genialen resultate.... guidance erhöhung.... die aktie wird heute tagesgewinner! die gibt's nicht mehr lange für unter 40 franken!

  • Advanced Digital N

    ordentliches Volumen... das gabs schon lange nicht mehr. Und wenn, dann gings kräfig nach Süden. Naja mal sehen ob das Vertrauen zurückerobert werden kann. Nun bleibt zu hoffen, dass die erhöhten Prognosen für 2008 erreicht werden.

  • Advanced Digital N

    na, die letzten tage gings wirklich kräftig nach oben und heute war ja echt ein hammertag mit 4.28 % bei einem smi von minus 1.40 %.

    für mich hat sich das warten gelohnt. meinen einstandspreis habe ich bald erreicht. ich bin im moment sehr froh, dass ich dabei geblieben bin.

    mag mir wirklich niemand das mit dem stop-trading erklären?

    Börsenerfolg ist eine Kunst und keine Wissenschaft. André Kostolany

  • Advanced Digital N

    es gibt hier im cash ein Forum wo solches Zeug steht, kann dir aber nicht sagen wo, habe die Übersicht nicht so.

    ganz kurz:


    Um einen möglichst fairen und geordneten Handel sicherstellen zu können, kann die SWX entsprechende Massnahmen ergreifen. Dies ist der Fall, wenn ein potentieller Folgekurs zu stark vom Referenzpreis abweicht und kann während dem laufenden Handel oder während der Eröffnung eintreten. Tritt dies ein, so wird der Handel entweder unterbrochen oder die Eröffnung erfolgt verzögert. Damit wird versucht, starke Schwankungen zu vermeiden. Der erste Kurs nach dem Stop Trading oder dem Delayed Opening wird wie bei der Eröffnung nach dem Meistausführungsprinzip bestimmt.

    Wenn die Informationen, die eine Kursbewegung voraussichtlich auslösen, vor Eröffnung des Handels allgemein bekannt sind, kann die SWX das Stop Trading temporär ausser Kraft setzen, muss dies allen Mitgliedern aber bereits vor der Eröffnung bekannt geben.

    Falls du es noch genauer wissen willst schau unter…l_info/swx/swx_2_2_d.html

    Leider werden wir diese Seite nicht mehr lange geniessen können...

  • Advanced Digital N

    das jahr ist ja nicht zu ende, aber diese entwicklung war abzusehen. denn die unternehmung ist ja deutlich unterbewertet, wurde aber immer runtergeprügelt (sehr viele short positionen), da das management immer wieder gravierende fehler gemacht hat. es war absehbar, dass sie mit der beweiserbringung, dass sie liefern und nicht nur lafern und dies nachhaltig, die shorties dann kalte füsse bekommen...

    25.04.08 wrote:

    naja, aber ADB wird einer der top perfomrer in 2008 werden (top 10). von einem preisziel will ich nicht sprechen, aber als beispiel: ob du dann wenn du für 60 verkaufst, einen EP von 28 oder 32 hast, ist für dich dann wohl nicht mehr so wichtig :)

    22.05.08 wrote:


    jetzt sind keine weiteren breaking news mehr zu erwarten. die aktie wird sich weiterhin im range 28 zu 35 bewegen. bei den h108 zahlen im august gibt's dann ne guidance erhöhung und dann sollte dann die post abegehen.

  • Advanced Digital N

    sunny wrote:

    die erwarteten genialen resultate.... guidance erhöhung.... die aktie wird heute tagesgewinner! die gibt's nicht mehr lange für unter 40 franken!

    wow, diese aussage hielt ich für ziemlich optimistisch. aber nun sind wir ja bald bei den 40 franken.

    darf ich dich sunny mal nach einem realistischen kursziel fragen?

    Börsenerfolg ist eine Kunst und keine Wissenschaft. André Kostolany

  • Advanced Digital N

    Revinco wrote:

    Ich setze stopp-loss bei 39.5 - hoffentlich geschieht es morgen für die Gewinnmitnahmen (+15%)

    Genau bei 39.5 erwischt :lol:

    Vermögen strukturieren und sich möglichst für die unplanbaren Marktereignissen vorbereiten.

  • Seimen AG

    Das KGV des Tagi ist so hoch weil die Firma im 2007 nur einen Ertrag pro Aktie von 0.09 Rappen erzielt oder ausgewiesen hat. Schätzung für 2008 ist jedoch CHF 2.22 pro Aktie ergibt ein aktuelles KGV von ca. 17!

    Wenn ich jedoch den Cashflow's pro Aktie analysiere ist der für 2007 nicht so übel und auch die Prognosen für 2008 und 2009 sehen momentan gut aus. Scheint so als hätten sie halt sehr viel Kohle wieder investieren müssen Rückstellungen/Abschreibungen daher eventuell der Tiefe Ertrag pro Aktie 2007.


    2007 CHF 3.19

    2008 CHF 5.97 geschätzt durch Analysten

    2009 CHF 6.80 geschätzt durch Analysten

  • Advanced Digital N

    Seimen AG wrote:


    ADB soll deutlich unterbewertet sein. Warum wird ADB im Tagesanzeiger (Züricher Ausgabe) jeweils als teuerste Firma mit einem KGV von 418.9 aufgeführt?

    weil man den tagi nie als referenz nehmen sollte. besser selber überlegen.

  • Advanced Digital N

    sunny wrote:

    weil man den tagi nie als referenz nehmen sollte. besser selber überlegen.

    Das kann ich selber bestätigen :D ... obwohl es in meinem Fall natürlich äusserste Verkaufslimite war (Tageshoch vom Freitag)

    Vermögen strukturieren und sich möglichst für die unplanbaren Marktereignissen vorbereiten.


    Geneva, Switzerland: Advanced Digital Broadcast, a leading supplier of technology to the global digital television industry, announced today that it will focus on a number of revenue enhancing features and solutions specifically designed to support digital television operators at IBC2008.

    “We are proud to present such a range of solutions, and the latest applications built on our technology platforms, which complement and build on our family of high-definition digital TV products. Two thirds of our product shipments are already in HDTV, so this is really mainstream for us”, said François Pogodalla, CEO of ADB S.A. “Our job is to deliver to our customers advanced value-adding technology compatible with mass-deployment requirements. This requires the ability to meet the highest level of performance, quality and scalability standards over a comprehensive line of products.”

    ADB will show at IBC its latest range of Advanced Video Coding and High Definition (HD) set-top boxes, providing a complete product portfolio for cable, IPTV, satellite, and terrestrial operators, alongside a number of new features such as pause live TV on USB. The company will also present a number of solutions designed to optimise new revenue streams including push Video-on-Demand (pVoD) and multi-room content sharing.

    ADB has established itself as the leading supplier of hybrid IPTV set-top boxes (STBs) in Europe, and a valued partner for systems integrators and technology providers worldwide. In recognition of this expertise, the IPTV industry has rewarded the company with a number of awards including the IPTV World Series Award in both 2007 and 2008. ADB’s IPTV digital video recorder (DVR) the 5810TWX has been nominated for this year’s Cable and Satellite International Product if the Year Award in two categories: “The Best Customer Premise Technology” and “The Best HDTV Technology or Project”.

    A comprehensive portfolio of versatile product solutions for satellite, cable and terrestrial operators will be on display at IBC2008, including:

    ADB will unveil the ADB-2810W, its latest entry-level HD IPTV set-top box specially designed for operators looking for cost efficiency without compromising on the features. The unit supports the most deployed video standards including MPEG-4 HD/SD, WMV9, DivX and XviD. It offers 3D user interface, and UPnP-based home networking, and Windows Media Connect. The unit is fully supported by ADB’s IPTV SDK allowing for operator customisation.

    Based on the award-winning 3000 series design, the ADB-3810TW, which includes all features of the 2810W, and combines IPTV, digital terrestrial television and High Definition Television (HDTV) in a single unit fitted with the latest high performance single-chip microprocessor, will showcase home networking and internet content streaming applications. The product is based on the latest advanced, single-chip architecture which provides decoding of various IPTV and internet content, to ensure that operators can distribute HDTV services cost effectively.

    The acclaimed ADB-5810TWX – a product designed specifically for making true convergence user and operator friendly. Offering the highest level of sophistication and features familiar from 2810 and 3810 series, this product provides the convenience of personal video recording. The unit is AVC based and compliant with SD and HD transmissions at MPEG-2 and MPEG-4 levels, as well as other important video formats such as WMV9, DivX and XviD. The unit supports 3D graphics for enhanced user interface design. It also offers the additional benefit of hybrid recording from both DVB-T and IP transmissions. A powerful media convergence platform, the unit is DLNA 1.5 and UPnP certified for seamless home networking and supports Windows Media DRM.

    All displayed IPTV products are supported by ADB’s Software Development Kit, a complete set of tools allowing operators and other third parties to seamlessly develop customised applications on ADB’s products. The SDK is particularly intended for tier 2 and tier 3 telecom operators wishing to deploy IPTV services customised to their requirements.

    The ADB-4820C will be shown in Europe for the first time. This unique product has been specifically designed to operate with new flat panel television sets and has an innovative space saving design which mounts to the back of a TV. With its HDMI-CEC support, the box can be operated with the TV’s remote control and does not require a dedicated one. The unit is fully integrated with OCAP™ software from Vidiom ( and Osmosys ( ensuring compatibility with the new generation of digital cable networks. A fully interactive, unique set-top box optimised for the next generation US cable networks incorporating tru2way technology, this unit is the first to be fully tru2way certified and features a high-speed DOCSIS® return channel to support high-bandwidth two-way communications for Video on Demand (VoD), secure application download and delivery of current and future advanced applications and services.

    The ADB-6882CX: A powerful and fully interactive dual-HD media centre with DVR functionality optimised for US cable networks. The unit supports high-quality digital recording and playback, allowing users to be in complete control of their television experience and benefits from advanced features such as watch one program & record up to three programs simultaneously. The product is designed to meet DLNA certification standards, ensuring that it can act as a home networking server or client over Ethernet and MoCA™ interfaces.

    ADB will be demonstrating a number of DVB-C products, including the ADB-3810C, ADB-5800C and ADB-5810CX HDTV unit, targeted to cable operators. A complete set of features is available for these products such as USB-based time-shift TV, 3D graphics, and VoD support.

    ADB will display its range of set-top boxes for digital television operators under it’s i-CAN™ retail brand including the high definition i-CAN 3801T, incorporating an advanced and attractive feature-set including pause-TV on USB, and a high definition compatible DVR, the i-CAN 5810TX for HD services. Both products are being commercially rolled-out.

    ADB will demonstrate the wide availability of 3D graphics on its products, offering enhanced user interfaces design at no additional hardware cost.

    ADB will also demonstrate its recent advances in new technology, with an innovative solution content sharing in a multi-room scenario.

    ADB’s high definition demonstrations will be made in partnership with high quality, high definition content supplied by BBC Motion Gallery (

    Mr. Francois Pogodalla added: “Our customers are operating in an innovative, fast-moving and competitive industry, and need the most advanced digital broadcasting tools available at conditions that maximize performance and quality, We believe our knowledge and expertise of the industry, combined with our award-winning technology, allows us to offer our customers solutions that are well adapted to their growth and development requirements. We are also very pleased to have again received nominations for our products. We are committed to continuous innovation, including minimizing the environmental footprint of our products, and further improving user experience. We like being at the forefront of the digital revolution.”

  • ADB Group Launches A Share Repurchase Programme

    Geneva - September 10, 2008, 07:00 a.m. (CET)

    ADB Holdings SA (SWX: ADBN) announced today that its Board of Directors has approved a share repurchase programme.

    The Company will purchase up to 330,000 of its own shares, or up to 5.33% of its share capital, on the regular market starting today, at the market price. The programme will commence on 10 September, and will last until 31 March, 2009. The Company retains the right to amend the duration of the programme. The repurchased shares will be held in treasury and would be available for purposes such as employee incentive schemes, financing of acquisitions and/or any other future use in the Company's interest.

    At the launch of this share repurchase programme, the Company held 287,589 shares in treasury.

    The Company has appointed Bank Vontobel AG as agent for this operation. The repurchase will not require a separate trading line with SWX.