Quarterly Report • May 18, 2022
Quarterly Report
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January – March 2022
| Jan-Mar 2022 |
Jan-Mar 2021 |
Full year 2021 |
|
|---|---|---|---|
| Total revenue | 404 | 358 | 1 421 |
| Gross profit | 83 | 68 | 277 |
| Gross margin | 20.4% | 19.0% | 19.5% |
| Operating costs excl. depreciation and change related costs | -61 | -52 | -212 |
| EBITDA adjusted for change related items | 22 | 16 | 67 |
| EBITDA-margin adjusted for change related items (%) | 5.3% | 4.3% | 4.7% |
| Change related items1 | 0 | -1 | -6 |
| EBITDA | 21 | 14 | 61 |
| Operating profit (EBIT) | 13 | 6 | 28 |
| Net profit | 9 | 0 | 24 |
| Net investments in non-financial fixed assets |
-8 | -8 | -30 |
| Cash flow from operating activities |
8 | -13 | 54 |
| Liquid assets including financial investments, at period's end |
88 | 64 | 94 |
| Net cash2 , at period's end |
-6 | -57 | 1 |
1 For more information regarding change related items see page 10
2 Liquid assets less interest-bearing liabilities
Stockholm, 18 May 2022
the start of the year 2022 and the results for the first quarter are in line with our expectations and continue the good performance from last year.
Total revenue grew by 9%, gross profit by 14% and EBITDA increased to SEK 22M, all figures on currency adjusted comparison and without change related items.
Due to the significant macro-economic uncertainties, we experienced some bigger shifts in our business in Q1 that have had an impact on our results. Ecommerce and there especially retail and consumer electronics grew less than in the quarters before while at the same time travel is coming back to relevant levels and fashion clients are growing more than before. We saw as well that clients were more restrictive with additional media spendings which, to some extent, explains the lower growth of revenue compared to the growth of gross profit and with that the higher gross margin.
Our new products Metapic, Grow and Appiness continued to have a positive impact on the overall result. All these products have more than doubled their business compared to the same period last year and have as well a higher gross margin than the core business affiliate marketing.
We see ourselves well-prepared for the coming quarters while we continue our mission to grow the business of our clients and partners in the best possible way to create meaningful results for all stakeholders. We do that with passion and courage, and I look forward to your continued company on this journey.
Sincerely yours,
Matthias Stadelmeyer President and CEO
For advertisers and publishers, who want to grow their business, Tradedoubler offers performance marketing and technology solutions powering a unique network of connections. Combining over 20 years of digital marketing innovation and expertise, global presence, and a market leading technology platform we offer tailored performance solutions based on our clients' needs.
Affiliate marketing is a risk-free solution for advertisers looking to increase sales or leads as they only pay for results.
Private-label partner management platform: Our award-winning technology platform allows advertisers, publishers, or agencies to manage partnerships directly themselves or setup and run their own private affiliate network.
We offer performance-based campaigns tailored to our client's needs and based on programmatic and non-programmatic inventory. From lead generation to display, native advertisement, video, and app install.
Data driven insights including user journey reporting and analysis to optimize digital ad spend for the best return across all channels.
Building and growing relations is our lifeblood and our key expertise for more than 20 years. 266 employees based in 14 offices connect advertisers and publishers in more than 80 countries around the globe to grow their business.
With our performance marketing solutions and through our network of 180.000 publishers we generated over 3.7 billion Euro in revenue for our customers, more than 3.8 billion clicks and 91 million conversions for our clients last year.
If not explicitly stated, the disclosed financial information refers to reported numbers that are not adjusted for change related items nor changes in exchange rates. For more information regarding change related items see page 9.
Total revenue during the first quarter amounted to SEK 404 M (358) an increase of 13% or 9% adjusted for changes in exchange rates compared to the same period last year. The increase in revenue is to a large extent driven by large customers from the regions DACH and France & Benelux.
Gross profit during the first quarter was SEK 83 M (68) an increase of 21% or 14% adjusted for changes in exchange rates. Gross margin was 20.4% (19.0), the higher gross margin is driven by increasing sales from campaigns, which has higher margins than the core business.
Operating costs excluding depreciation and change related items during the first quarter was SEK 61 M (52), an increase of 16% or 13% adjusted for changes in exchange rates. The increased costs are mainly related to increased salary costs and increased provisions for doubtful debt. Further the currency effect is approximately impacting by SEK 2 M.
Operating profit before depreciation and amortisation (EBITDA) in the first quarter was SEK 21 M (14). Adjusted for change related items, EBITDA was SEK 22 M (16). Depreciation and amortisations were SEK 8 M (8). Operating profit thus amounted to SEK 13 (6) M in the first quarter.
Net financial items in the first quarter were SEK -3 M (-5) where of exchange rates effects were SEK -1 M (-3). Financial income and expenses amounted to SEK -2 M (-2).
Profit after tax during the first quarter amounted to SEK 9 M (0), corporate income tax was SEK -1 M (-1).
If not explicitly stated, the disclosed financial information refers to reported numbers that are not adjusted for change related items nor changes in exchange rates. For more information regarding change related items see page 10.
Tradedoubler's operational segments are presented at a regional level where Tradedoubler's segments consists of DACH (Germany and Switzerland), France & Benelux (France and Netherlands), Nordics (Sweden, Norway, Denmark, Finland, and Poland), South (Italy and Spain) and UK & Ireland.
| SEK M | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2022 | 2021 | 2021 | |
| Revenue | |||
| DACH | 91 | 69 | 296 |
| France & Benelux | 91 | 69 | 312 |
| Nordics | 137 | 125 | 484 |
| South | 43 | 41 | 167 |
| UK & Ireland | 43 | 53 | 162 |
| Total Revenue | 404 | 358 | 1 421 |
| EBITDA | 8.6 | 5.1 | 21.6 |
| DACH | |||
| France & Benelux | 11.1 | 6.2 | 36.7 |
| Nordics | 9.6 | 9.1 | 32.1 |
| South | 5.1 | 4.0 | 17.6 |
| UK & Ireland | 2.5 | 3.3 | 9.5 |
| Total | 36.8 | 27.7 | 117.5 |
| Group mgmt. & support functions | -15.4 | -13.5 | -56.5 |
| Total EBITDA | 21.4 | 14.2 | 61.0 |
| Depreciation and impairment | -8.3 | -8.6 | -32.6 |
| Results from associated company | 0.0 | 0.0 | 0.0 |
| Operating profit as in consolidated income statement | 12.9 | 5.7 | 28.4 |
| EBITDA/Total revenue, % | 9.4 | 7.4 | 7.3 |
| DACH | |||
| France & Benelux | 12.2 | 8.9 | 11.8 |
| Nordics | 7.0 | 7.3 | 6.6 |
| South | 11.8 | 9.8 | 10.5 |
| UK & Ireland | 5.9 | 6.2 | 5.9 |
| Total EBITDA Margin | 5.2 | 4.0 | 4.3 |
Total revenue during the first quarter amounted to SEK 404 M (358), which was an increase of 13 per cent or 9 per cent adjusted for changes in exchange rates. All regions except UK & Ireland are growing in revenue compared to last year. We see the highest growth rates in the regions DACH and France & Benelux, which is partly related to growth in the travel segment.
EBITDA during the quarter increased in all regions except for UK & Ireland, which is due to lower revenue compared to last year. France & Benelux increase their EBITDA the most due to having similar cost level as last year and at the same time growing revenues.
EBITDA-margin is higher than the same quarter last year and is driven by the increased gross profit margins.
Costs for group management and support functions during the first quarter amounted to SEK 15 M (14).
Cash flow from operating activities before changes in working capital was SEK 19 M (8) in the first quarter. Changes in working capital were SEK -11 M (-21) and is as always very dependent on the payment patterns from customers.
Net investments in tangible and intangible assets during the first quarter mainly related to product development amounted to SEK -11 M (-9). Cash flow from investing activities were affected by the investment in the Swedish online video shopping company Onbaz AB. Cash flow for the quarter thus amounted to SEK -7 M (-26).
Cash and cash equivalents at the end of the quarter amounted to SEK 87 M (64). Interestbearing liabilities amounted to SEK 93 M (121) and relates to the loan agreements with Reworld Media S.A. Net cash hence amounted to SEK -6 M (-57) at the end of the first quarter.
Consolidated shareholders' equity amounted to SEK 273 M (234) at the end of the quarter and the equity/asset ratio was 31.7 per cent (28.2). The return on equity during the rolling 12 months ending March 2022 was 11.6 per cent (5.2).
For comparability reasons and to indicate the underlying performance, Tradedoubler adjusts for change related items. The following items affect the comparability in this report.
Change related items in 2022 amounted to SEK -0,3 M, and relates to costs linked to Reworld Media's share program to key management personnel which is described on page 8 in the Annual report 2021.
Change related items in the interim period 2021 amounted to SEK -1.3 M and related to costs linked to Reworld Media's share program to key management personnel.
Tradedoubler's operations particularly within Performance Marketing fluctuate with the development of e-commerce and online advertising. There are seasonal variations particularly within e-commerce. The highest level of activity is on "Black Friday" and before Christmas, which implies that the first and the fourth quarter of a year are normally the strongest for Tradedoubler.
The parent company's total revenue amounted to SEK 33 M (20) during the first quarter. Revenue primarily consisted of internal licensing revenue to subsidiaries.
Operating profit (EBIT) was SEK 10 M (1) during the first quarter.
Net financial items amounted to SEK -2 M (-5) during the first quarter. Dividends from group companies impacted the quarter with SEK 1 M (0). Changes in exchange rates impacted with SEK -1 M (-3).
The parent company's receivables from group companies amounted to SEK 162 M (148) at the end of the quarter, of which none (0) were non-current. The parent company's liabilities to group companies were SEK 91 M (82), of which none (0) were non-current. Cash and cash equivalents amounted to SEK 33 M (20) at the end of the first quarter.
Deferred tax assets amounted to SEK 0.1 M (0.1) at the end of the quarter.
No capitalisation of deferred tax on loss has been made since the assessment of the possibility of using deferred tax on loss carry forwards is unchanged compared to previous period.
On March 31, 2022, Tradedoubler's staff corresponded to 266 (245) full-time equivalents (FTE) and included permanent and temporary employees as well as consultants.
Tradedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described on page 7 in the 2021 Annual Report. No significant risks and uncertainty factors have arisen in addition to those described in the 2021 annual report.
Tradedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described in note C2 in the 2021 Annual Report. Excluding Covid-19 no significant risks and uncertainty factors have arisen in addition to those described in the 2021 annual report.
The company's principal owner, Reworld Media, has as a publisher in France received remuneration of EUR 1 K, EUR 12 K for provided HR-support and EUR 40 K in remuneration for rent, both related to Tradedoubler's French subsidiary. Reworld Media has during 2022 been invoiced for purchased services from Tradedoubler France of EUR 37 K in total. Other subsidiaries have invoiced Reworld Media EUR 13 K.
On the balance sheet day, the loan from Reworld Media amounted to SEK 96 M (EUR 9.42 M). The loan has an amortization structure and matures in 2026. The loan is subscribed on market terms and the interest expense during the year has amounted to SEK 1 M. Amortizations of the loan has during the year amounted to SEK 0 M.
The arm's length principle has been applied on all these transactions.
Management in Tradedoubler has taken part in the main owner Reworld Media's share program. A total of 200,859 share options have been granted to senior executives. The conditions of the share program are that the senior executives are allotted half of the shares if the senior executive is still employed within Tradedoubler on 27 September 2021. Remaining shares are allotted to the senior executive if they are still employed within Tradedoubler on 27 September 2022. Reworld Media's share price was EUR 1.9 on the allotment date, which was approximately 20 SEK. The value of these shares on the grant date was EUR 381,632, which equals 4,022,425 SEK. This amount is reported as an expense on an ongoing basis during the share program´s earning period and a provision for social security contributions is imposed based on the prevailing share price on the balance sheet date. In 2022, the reported costs of the share program amounted to SEK 332 K, of which debt for social security contributions amounts to SEK 107 K.
Aside from transactions in the normal course of business or to the board and senior executives, the following first-party transactions have occurred during 2022.
Tradedoubler's CEO Matthias Stadelmeyer has during the year received payment of EUR 7 K related to other services through his partly owned companies tryforyou GmbH and MY5 GmbH.
Tradedoubler's CTO Francois Pacot has during the year received payment of EUR 75 K related to his monthly fee as consultant and EUR 44 K related to other services through his fully owned companies.
During Q4 2020 Tradedoubler´s German subsidiary signed a lease agreement regarding an office in Munich with a German company owned by multiple members of the board and group management. Rent is paid at market rates and the expenses during the year amounted to 53 KEUR. During 2021 a similar lease agreement for premises in Mougins has been signed. Contracting parties are Tradedoubler´s French subsidiary R-advertising and a French company owned by multiple members of the board and group management. Rent is paid at market rates and the expenses during the year amounted to 6 KEUR.
The arm's length principle has been applied on all these transactions.
Foreign exchange risk refers to the risk that changes in exchange rates may affect the consolidated income statement, balance sheet and cash flow statement. Foreign exchange risk exists in the form of transaction risk and translation risk. Tradedoubler is exposed to foreign exchange risk in 14 countries involving eight different currencies, with Euro (EUR), Polish Zloty (PLN) and British pounds (GBP) representing the majority share. During first quarter approximately 54 (49) per cent of group sales were made in EUR, approximately 19 (19) in PLN and approximately 11 (15) per cent in GBP. Approximately 41 (42) per cent of the group's operational costs were in EUR, approximately 12 (11) per cent in PLN, and approximately 11 (10) per cent in GBP. Net investments in foreign currency or transaction risks are not currently hedged. Exposure attributable to exchange rate fluctuation in client and supplier invoices is limited since invoicing to customers and from suppliers largely occurs in local currency for all companies in the group.
Tradedoubler renegotiated the current loan deal with Reworld Media S.A. during the fourth quarter 2019. This facility is denominated in EUR and currently not hedged.
No significant events have occurred after the balance sheet date.
Tradedoubler applies International Financial Reporting Standards (IFRS) as adopted by the European Union. Tradedoubler's report for the Group is prepared in accordance with IAS 34, Interim Financial reporting and the Annual Accounts Act. Parent company accounts are prepared in accordance with the Annual Accounts Act. For the group and the parent company the same accounting principles and calculation basis's have been applied as in the latest annual report.
For financial instruments reported at amortised cost; accounts receivables, other current receivables and cash and cash equivalents, accounts payables and other current liabilities are deemed to correspond to carrying amount. The fair value of other long- and current liabilities is not deemed to deviate materially from the carrying amount.
No new or amended standards have been applied in 2022. For information on the accounting policies applied, see the 2021 annual report.
The total number of shares at the end of the interim period was 45,927,449 (45,927,449), of which 790,760 (790,760) were in own custody. The average number of outstanding shares during the year was 45,136,689 (45,136,689).
Earnings per share, before and after dilution, amounted to SEK 0.19 (0.00) during the first quarter. Equity per share amounted to SEK 5.94 (5.11) at the closing date.
The share price closed at SEK 5.02 on the final trading day of the quarter, which was lower than at year-end 2021 when the share price closed at SEK 7.36.
The company's long-term financial targets, adopted by the board of directors, are to grow net sales in excess of 5 per cent annually in local currency and deliver an EBITDA/Gross profit-ratio in excess of 20 per cent over a business cycle.
The annual report 2021 is available on Tradedoubler's website. Shareholders who would like to receive the annual report by post are requested to contact Tradedoubler at [email protected] or by telephone +46 8 405 08 00
Matthias Stadelmeyer, President and CEO, telephone +46 8 405 08 00 Viktor Wågström, CFO, telephone +46 8 405 08 00. E-mail: [email protected]
Interim report Jan-Jun 2022 21 July 2022 Interim report Jan-Sep 2022 3 November 2022 Year-end report 2022 10 February 2023
Both an English version and a Swedish version of this report have been prepared. In the event of a difference between the two reports, the Swedish version shall prevail.
Tradedoubler discloses the information provided herein pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was released for publication on 18 May 2022 at 08.00 a.m. CET. Numerical data in brackets refers to the corresponding periods in 2021 unless otherwise stated. Rounding off differences may arise.
This interim report has not been reviewed by the company's auditor Ernst & Young AB.
The Board of Directors and the CEO declare that the interim report for the period January to March 2022 provides a true and fair overview of the Parent Company's and the Group's operations, financial position and results of operations as well as describing the material risks and uncertainties facing the Parent Company and other companies in the Group.
Stockholm, 18 May 2022
Pascal Chevalier Chairman
Nils Carlsson Board member Erik Siekmann Board Member
Jérémy Parola Board member
Gautier Normand Board member
Matthias Stadelmeyer President and CEO
| SEK 000's | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2022 | 2021 | 2021 | |
| Net Sales | 403,697 | 357,128 | 1,421,820 |
| Other revenue | 295 | 402 | -340 |
| Total revenue | 403,991 | 357,530 | 1,421,480 |
| Cost of goods sold | -321,406 | -289,529 | -1,144,779 |
| Gross profit | 82,585 | 68,000 | 276,701 |
| Selling expenses | -47,617 | -42,074 | -169,022 |
| Administrative expenses | -15,561 | -13,798 | -51,165 |
| Development expenses | -6,552 | -6,465 | -28,121 |
| Results from associated companies | - | - | - |
| Operating profit | 12,855 | 5,664 | 28,392 |
| Net financial items | -2,859 | -5,320 | -971 |
| Profit before tax | 9,997 | 343 | 27,421 |
| Tax | -1,234 | -569 | -3,511 |
| Net Profit | 8,762 | -225 | 23,910 |
| SEK 000's | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2022 | 2021 | 2021 | |
| Profit for the period, after tax | 8,762 | -225 | 23,910 |
| Other comprehensive income | |||
| Items that subsequently will be reversed in the income | |||
| statement | |||
| Translation difference, net after tax | 2,223 | 7,598 | 2,223 |
| Total comprehensive income for the period, after tax | 10,986 | 7,373 | 10,986 |
| Comprehensive income attributable to: Parent company shareholders |
10,986 | 7,373 | 32,753 |
| SEK | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2022 | 2021 | 2021 | |
| Earnings per share, before and after dilution | 0,19 | 0,00 | 0,53 |
| Number of Shares - Weighted average | 45,136,689 | 45,136,689 | 45,136,689 |
| SEK M | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2022 | 2021 | 2021 | |
| Gross profit (GP) / revenue (%) | 20.4 | 19.0 | 19.5 |
| EBITDA / revenue (%) | 5.2 | 4.0 | 4.3 |
| EBITDA / gross profit (GP) (%) | 25.7 | 21.0 | 22.0 |
| Equity/assets ratio (%) | 31.7 | 28.2 | 28.3 |
| Return on equity (12 months) (%) | 13.0 | 5.2 | 9.8 |
| Average number of employees | 266 | 245 | 254 |
| Return on Capital Employed | |||
| (12 months) (%) | 11.6 | 6.5 | 10.0 |
| Working Capital end of period (SEK M) | -115.3 | -95.9 | -126.2 |
| Cash flow from operating activities per share, SEK | 0.18 | -0.29 | 1.20 |
| Equity per share, SEK | 5.94 | 5.11 | 5.69 |
| Stock price at the end of the period, SEK | 5.02 | 4.62 | 7.36 |
| SEK 000's | Jan-Mar 2022 |
Jan-Mar 2021 |
Full year 2022 |
|---|---|---|---|
| Opening balance | 261,313 | 226,468 | 226,468 |
| Total comprehensive income for the period | 10,986 | 7,373 | 32,753 |
| Equity-settled share-based compensation | 285 | 627 | 2,092 |
| Closing balance | 272,584 | 234,468 | 261,313 |
| SEK 000's | 31 Mar | 31 Mar | 31 Dec |
|---|---|---|---|
| 2022 | 2021 | 2021 | |
| ASSETS | |||
| Goodwill | 295,643 | 293,030 | 293,888 |
| Intangible fixed assets | 60,155 | 50,675 | 57,424 |
| Tangible fixed assets | 3,819 | 3,438 | 3,566 |
| Right-of-use assets | 39,468 | 44,621 | 42,466 |
| Other non-current receivables | 8,167 | 6,754 | 8,464 |
| Shares and participation in associated companies | 3,000 | - | - |
| Shares and participation in other companies | - | 11,128 | - |
| Deferred tax assets | 25,149 | 23,135 | 25,222 |
| Total non-current assets | 435,401 | 432,782 | 431,030 |
| Accounts receivable | 283,020 | 296,104 | 353,139 |
| Tax assets | 9,633 | 6,413 | 9,123 |
| Other current receivables | 44,338 | 31,280 | 35,354 |
| Cash & cash equivalents | 87,610 | 64,190 | 94,007 |
| Total current assets | 424,601 | 397,987 | 491,622 |
| Total assets | 860,002 | 830,769 | 922,652 |
| EQUITY AND LIABILITIES | |||
| Shareholders' equity | 272,584 | 234,468 | 261,313 |
| Deferred tax liabilities | 1,574 | 1,523 | 1,574 |
| Other provisions | 309 | 363 | 305 |
| Lease liabilities long-term | 26,867 | 31,971 | 28,036 |
| Other interest-bearing debts | 81,000 | 108,513 | 80,229 |
| Other non-current liabilities | - | 507 | - |
| Total non-current liabilities | 109,750 | 142,877 | 110,145 |
| Current interest-bearing debts | 12,436 | 12,449 | 12,436 |
| Accounts payable | 13,657 | 13,268 | 15,071 |
| Current liabilities to publishers | 313,033 | 302,169 | 361,518 |
| Tax liabilities | 10,619 | 6,603 | 9,882 |
| Lease liabilities short-term | 11,957 | 11,053 | 14,218 |
| Other current liabilities | 115,966 | 107,882 | 138,069 |
| Total current liabilities | 477,668 | 453,424 | 551,194 |
| Total shareholder´s equity and liabilities | 860,002 | 830,769 | 922,652 |
| SEK 000's | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2022 | 2021 | 2021 | |
| Operating activities | |||
| Profit before tax | 9,997 | 343 | 27,421 |
| Adjustments for items not included in cashflow | 10,280 | 8,189 | 17,474 |
| Income taxes paid/received | -1,151 | -897 | -5,111 |
| Cashflow from operating activities before changes in | 19,125 | 7,635 | 39,783 |
| working capital | |||
| Changes in working capital | -11,077 | -20,794 | 17,364 |
| Cashflow from operating activities | 8,048 | -13,159 | 57,148 |
| Investing activities | |||
| Investments in intangible assets | -7,299 | -6,567 | -26,908 |
| Investments in tangible assets | -588 | -1,837 | -2,688 |
| Investments in financial assets | -2,656 | -358 | -2,051 |
| Divestments of other companies | - | - | 17,653 |
| Cashflow from investing activities | -10,542 | -8,763 | -13,994 |
| Financing activities | |||
| Repayment of external loans | -472 | -21 | -28,561 |
| Payment of finance lease liability | -3,830 | -4,390 | -12,507 |
| Cashflow from financing activities | -4,302 | -4,410 | -41,068 |
| Cashflow for the period | -6,796 | -26,332 | 2,085 |
| Cash and cash equivalents | |||
| On the opening date | 94,007 | 88,715 | 88,715 |
| Translation difference in cash and cash equivalents | 111 | 1,807 | 3,206 |
| Cash and cash equivalents on the closing date | 87,322 | 64,190 | 94,007 |
| Adjustments for non-cash items | |||
| Depreciation and impairment | 8,329 | 8,586 | 32,574 |
| Unrealized profit from divestures of shares in | -1,589 | - | -9,291 |
| Dynadmic | |||
| Other | 1,950 | -397 | -5,809 |
| Total non-cash items | 10,280 | 8,189 | 17,474 |
| SEK 000's | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2022 | 2021 | 2021 | |
| Net Sales | 32,694 | 19,554 | 106,489 |
| Other revenue | 20 | 181 | -1,143 |
| Total revenue | 32,715 | 19,735 | 105,346 |
| Cost of goods sold | -4,393 | -1,570 | -12,207 |
| Gross profit | 28,321 | 18,165 | 93,139 |
| Selling expenses | -554 | -140 | -2,494 |
| Administrative expenses | -12,792 | -11,256 | -52,788 |
| Development expenses | -5,300 | -5,365 | -23,977 |
| Operating profit | 9,675 | 1,404 | 13,879 |
| Net financial items | -1,816 | -4,831 | -19,492 |
| Profit before tax | 7,859 | -3,427 | -5,613 |
| Tax | - | - | -31 |
| Net profit | 7,859 | -3,427 | -5,645 |
| SEK 000's | 31 Mar | 31 Mar | 31 Dec |
|---|---|---|---|
| 2022 | 2021 | 2021 | |
| Assets | |||
| Intangible assets | 58,961 | 56,084 | 48,824 |
| Equipment, tools, fixtures and fittings | 281 | 313 | 68 |
| Participation in group companies | 181,089 | 178,089 | 187,881 |
| Deferred tax assets | 70 | 70 | 102 |
| Total non-current assets | 240,401 | 234,556 | 236,874 |
| Accounts receivable | 2,784 | 3,929 | -4,058 |
| Receivables from Group companies | 161,990 | 177,742 | 147,938 |
| Tax assets | 1,291 | 1,014 | 1,291 |
| Other current receivables | 6,948 | 4,644 | 5,663 |
| Cash & cash equivalents | 33,343 | 45,217 | 19,936 |
| Total current assets | 206,356 | 232,546 | 170,770 |
| Total assets | 446,757 | 467,102 | 407,645 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | 106,716 | 74,564 | 98,658 |
| Other interest-bearing debts | 80,965 | 107,948 | 79,727 |
| Total non-current liabilities | 80,965 | 107,948 | 79,727 |
| Current interest-bearing debts | 12,436 | 12,449 | 12,436 |
| Accounts payable | 4,556 | 4,621 | 5,618 |
| Liabilities to Group companies | 91,252 | 81,676 | 98,195 |
| Other current liabilities | 150,832 | 126,387 | 172,469 |
| Total current liabilities | 259,077 | 225,133 | 288,717 |
| SEK 000's | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun |
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | |
| Net Sales | 403,697 | 415,682 | 316,452 | 332,558 | 357,128 | 358,384 | 283,411 | 282,081 |
| Other revenue | 295 | -1,433 | 355 | 336 | 402 | 491 | 1,904 | 4,587 |
| Total revenue | 403,991 | 414,249 | 316,807 | 332,895 | 357,530 | 358,874 | 285,315 | 286,668 |
| Cost of goods sold | -321,406 | -339,258 | -250,184 | -265,808 | -289,529 | -290,878 | -226,173 | -222,398 |
| Gross profit | 82,585 | 74,990 | 66,623 | 67,087 | 68,000 | 67,997 | 59,143 | 64,271 |
| Total costs | -69,730 | -64,588 | -62,012 | -59,371 | -62,337 | -59,779 | -50,902 | -60,510 |
| Results from | - | |||||||
| associated comp. | - | - | - | - | -17 | -61 | - | |
| Operating profit | 12,855 | 10,402 | 4,611 | 7,716 | 5,664 | 8,201 | 8,179 | 3,760 |
| Net financial items | -2,859 | -570 | -2,531 | 7,450 | -5,320 | 1,877 | -3,721 | 2,922 |
| Profit before tax | 9,997 | 9,832 | 2,079 | 15,166 | 343 | 10,078 | 4,458 | 6,683 |
| Tax | -1,234 | -1,080 | -1,964 | 101 | -569 | -515 | -7,442 | -599 |
| Net Profit | 8,762 | 8,752 | 116 | 15,267 | -225 | 9,563 | -2,984 | 6,084 |
| SEK 000's | 31 Mar | 31 Dec | 30 Sep | 30 Jun | 31 Mar | 31 Dec | 30 Sep | 30 Jun |
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | |
| Assets | ||||||||
| Intangible fixed | 355,798 | 351,312 | 347,030 | 343,925 | 343,706 | 334,744 | 342,558 | 339,826 |
| assets | ||||||||
| Other fixed assets | 79,603 | 79,717 | 72,226 | 92,969 | 89,076 | 82,505 | 67,877 | 74,720 |
| Current receivables | 336,991 | 397,616 | 303,817 | 304,252 | 333,797 | 333,410 | 287,306 | 298,445 |
| Cash & cash equivalents |
87,610 | 94,007 | 78,210 | 55,105 | 64,190 | 88,715 | 56,182 | 49,011 |
| Total assets | 860,002 | 922,652 | 801,283 | 796,250 | 830,769 | 839,373 | 753,923 | 762,002 |
| Shareholders' | ||||||||
| equity | ||||||||
| and liabilities | ||||||||
| Shareholders' | 272,584 | 261,313 | 249,708 | 247,785 | 234,468 | 226,468 | 228,853 | 230,125 |
| equity | ||||||||
| Long-term non | ||||||||
| interest-bearing | 28,750 | 29,916 | 31,533 | 32,713 | 34,364 | 30,240 | 15,096 | 14,543 |
| debt | ||||||||
| Long-term interest | 81,000 | 80,229 | 102,434 | 101,376 | 108,513 | 106,198 | 117,080 | 116,172 |
| bearing debt | ||||||||
| Current non | ||||||||
| interest-bearing | 465,232 | 538,759 | 405,296 | 402,064 | 440,975 | 464,261 | 380,077 | 388,419 |
| debt | ||||||||
| Current interest | 12,436 | 12,436 | 12,312 | 12,312 | 12,449 | 12,206 | 12,818 | 12,744 |
| bearing debt | ||||||||
| Total | 860,002 | 922,652 | 801,283 | 796,250 | 830,769 | 839,373 | 753,923 | 762,002 |
| SEK 000's | Jan | Oct | Jul | Apr | Jan | Oct | Jul | Apr |
|---|---|---|---|---|---|---|---|---|
| Mar | Dec | Sep | Jun | Mar | Dec | Sep | Jun | |
| 2022 | 2021 | 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | |
| Operating activities | ||||||||
| Profit before tax | 9,997 | 9,832 | 2,079 | 15,166 | 343 | 10,078 | 4,458 | 6,683 |
| Adjustments for items not | ||||||||
| included in cash flow | 10,280 | 4,250 | 10,224 | -5,189 | 8,189 | -5,687 | 5,730 | 6,061 |
| Tax paid | -1,151 | -358 | -2,271 | -1,586 | -897 | 6,960 | -1,737 | -2,647 |
| Cash flow from changes in | ||||||||
| working capital | -11,077 | 33,739 | 5,043 | -624 | -20,794 | 37,209 | 6,090 | 19,593 |
| Cash flow from operating | 8,048 | 47,464 | 15,075 | 7,767 | -13,159 | 48,559 | 14,542 | 29,690 |
| activities | ||||||||
| Cash flow from investing | -10,542 | -8,823 | 10,964 | -7,373 | -8,763 | -9,919 | -7,090 | -5,930 |
| activities | ||||||||
| Cash flow from financing | -4,302 | -24,206 | -3,173 | -9,278 | -4,410 | -8,903 | -3,975 | -10,173 |
| activities | ||||||||
| Cash flow for the period | -6,796 | 14,435 | 22,866 | -8,884 | -26,332 | 29,737 | 3,476 | 13,587 |
| Cash and cash equivalents | ||||||||
| On the opening date | 94,007 | 78,210 | 55,105 | 64,190 | 88,715 | 55,998 | 49,010 | 39,383 |
| Translation difference | 111 | 1,362 | 239 | -201 | 1,807 | 2,980 | 3,511 | -3,960 |
| Cash and cash equivalents on the closing date |
87,322 | 94,007 | 78,210 | 55,105 | 64,190 | 88,715 | 55,998 | 49,010 |
| Jan Mar 2022 |
Oct Dec 2021 |
Jul Sep 2021 |
Apr Jun 2021 |
Jan Mar 2021 |
Oct Dec 2020 |
Jul Sep 2020 |
Apr Jun 2020 |
|
|---|---|---|---|---|---|---|---|---|
| Gross profit (GP) / revenue (%) |
20.4 | 18.1 | 21.0 | 20.2 | 19.0 | 18.9 | 20.7 | 22.4 |
| EBITDA / revenue (%) | 5.2 | 4.4 | 4.0 | 4.7 | 4.0 | 4.7 | 5.8 | 5.0 |
| EBITDA / gross profit (GP) (%) | 25.7 | 24.4 | 19.1 | 23.4 | 21.0 | 25.0 | 27.8 | 22.4 |
| Equity/assets ratio (%) | 31.7 | 28.3 | 31.2 | 31.1 | 28.2 | 27.0 | 30.4 | 30.2 |
| Return on equity last 12 months (%) |
13.0 | 9.8 | 10.3 | 9.0 | 5.2 | 3.1 | 0.6 | -0.8 |
| Average number of employees |
266 | 263 | 255 | 251 | 245 | 240 | 229 | 224 |
| Return on Capital Employed last 12 months (%) |
11.6 | 10.0 | 9.0 | 10.0 | 6.5 | 6.5 | 5.2 | 3.8 |
| Working capital at the end of the period (SEK M) |
-115 | -126 | -96 | -90 | -96 | -119 | -87 | -82 |
| Cash flow from operating activities per share, SEK |
0.18 | 0.99 | 0.33 | 0.17 | -0.29 | 1.08 | 0.32 | 0.66 |
| Equity per share, SEK | 5.9 | 5.7 | 5.4 | 5.4 | 5.1 | 4.9 | 5.0 | 5.0 |
| Stock price at the end of the period, SEK |
5.02 | 7.36 | 5.60 | 4.74 | 4.62 | 2.92 | 2.89 | 2.76 |
| SEK M | Jan | Oct | Jul | Apr | Jan | Oct | Jul | Apr |
|---|---|---|---|---|---|---|---|---|
| Mar | Dec | Sep | Jun | Mar | Dec | Sep | Jun | |
| 2022 | 2021 | 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | |
| DACH | ||||||||
| Total revenue | 91.0 | 90.4 | 60.8 | 75.6 | 69.0 | 58.0 | 47.1 | 48.7 |
| EBITDA | 8.6 | 5.1 | 5.7 | 5.6 | 5.1 | 5.0 | 4.4 | 4.5 |
| France & Benelux | ||||||||
| Total revenue | 90.7 | 90.1 | 78.1 | 74.3 | 69.5 | 79.1 | 60.7 | 54.8 |
| EBITDA | 11.1 | 11.6 | 9.6 | 9.3 | 6.2 | 8.5 | 5.2 | 6.1 |
| Nordics | ||||||||
| Total revenue | 136.6 | 139.0 | 104.6 | 115.3 | 125.1 | 128.1 | 103.3 | 102.8 |
| EBITDA | 9.6 | 8.6 | 6.9 | 7.4 | 9.1 | 8.3 | 8.1 | 7.6 |
| South | ||||||||
| Total revenue | 42.9 | 52.6 | 36.9 | 36.4 | 41.3 | 46.0 | 31.7 | 44.7 |
| EBITDA | 5.1 | 5.5 | 4.1 | 3.9 | 4.0 | 4.9 | 4.5 | 5.7 |
| UK & Ireland | ||||||||
| Total revenue | 42.9 | 42.1 | 36.4 | 31.3 | 52.7 | 47.6 | 42.6 | 35.7 |
| EBITDA | 2.5 | 2.4 | 2.0 | 1.9 | 3.3 | 3.0 | 3.1 | 2.4 |
| Group management & support functions |
||||||||
| Total revenue | - | - | - | - | - | - | - | - |
| EBITDA | -15.4 | -15.0 | -15.6 | -12.4 | -13.5 | -12.8 | -8.7 | -11.7 |
| Total | ||||||||
| Total revenue | 404.0 | 414.2 | 316.8 | 332.9 | 357.5 | 358.9 | 285.3 | 286.7 |
| EBITDA | 21.2 | 18.3 | 12.7 | 15.7 | 14.2 | 17.0 | 16.5 | 14.4 |
Tradedoubler uses the key ratios of capital employed and equity to enable the reader to assess the possibility of dividend, implementation of strategic investments and the group's ability to meet financial commitments. Further, Tradedoubler use the key ratio EBITDA excluding change related items for investors to be able to understand the underlying business performance.
Total assets less current and long-term noninterest-bearing liabilities, including deferred tax liabilities.
Cash flow from operating activities divided by average number of outstanding shares.
Change related items refer to non-recurring items that are disclosed separately to make it easier for the reader to understand the underlying change in revenue and expenses in the comparison between periods.
EBITDA is revenue before tax, net financial items and depreciation/amortization and impairment.
EBITDA as a percentage of revenue.
Shareholders' equity as a percentage of total assets.
Shareholders' equity divided by the number of outstanding shares.
Gross profit divided by net sales.
Profit after tax as a percentage of sales.
Operating profit as a percentage of revenue.
Revenue for the period as a percentage of the average shareholders' equity, calculated as open and closing shareholders' equity divided by two.
Operating profit plus interest income as a percentage of average capital employed, calculated as opening and closing capital employed divided by two.
Revenue of the year divided by the average number of shares.
Revenue of the year divided by the average number of shares after full dilution.
Share price divided by shareholders' equity per share.
Tradedoubler's share price last trading day for the period.
Total current assets (excluding tax assets) less cash and cash equivalents, and total current non-interest bearing liabilities (Excluding short-term lease liabilities and tax liabilities).
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