Quarterly Report • May 3, 2022
Quarterly Report
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• No significant events after the close of the period
| Pro form a(1) | ||||
|---|---|---|---|---|
| KEUR | 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
2021 Jan-Mar |
| Net sales | 67,342 | 28,147 | 138,925 | 48,994 |
| Net sales growth | 139.3% | 33.1% | 41.4% | - |
| Organic net sales growth excl currency effects | 27.8% | 40.2% | 36.2% | - |
| Gross profit | 41,284 | 14,497 | 71,155 | 30,796 |
| Gross margin | 61.3% | 51.5% | 51.2% | 62.9% |
| EBITDA | 3,666 | 3,124 | 6,060 | - |
| EBITDA margin | 5.4% | 11.1% | 4.4% | - |
| Adjusted EBITDA | 8,137 | 5,535 | 25,821 | 8,290 |
| Adjusted EBITDA margin | 12.1% | 19.7% | 18.6% | 16.9% |
| FX gain/loss on operating item s | -103 | 805 | 1,193 | 615 |
| EPS, before dilution | -0.03 | -0.01 | -0.04 | - |
| Adjusted EPS, before dilution | 0.02 | 0.04 | 0.12 | - |
| Net debt | 58,840 | -66,179 | 36,498 | - |
| (1) Pro forma figures include Cint organic and Lucid. |
The year has started at a high pace with net sales increasing by 27.8 percent on organic basis excluding currency effects or by 139.3 percent to EUR 67.3m, including the acquired businesses in 2021, compared to 28.1m in the same period last year. The first quarter growth, on a pro forma basis, was 32.4 percent.
Our business segments have also shown positive incremental results this quarter. On a pro forma basis, our core business or the marketplace segment continued to grow strongly, at a rate of 30 percent. Within our media measurement segment, our largest customer grew by 160 percent year-over-year, to over USD 1m in Q1. In addition, we also saw our first TV measurement sales coming through this quarter. Total growth on a pro forma basis in the first quarter in this segment was 67 percent.
EBITDA, adjusted for items affecting comparability, amounted to EUR 8.1m in the quarter corresponding to a margin of 12.1 percent compared to 16.9 percent on a pro forma basis for the last year. The lower profitability compared to last year is in line with our expectations as we are consolidating Lucid, have been impacted by FX fluctuations and also start accounting for the cost for our new incentive program. A more comparable adjusted EBITDA margin for Q1 2021 would have been 13.2 percent. We expect to see a progressive improvement of the profitability during the year, in line with the underlying business seasonality and as scalability and synergies for the combined company come.
In December 2021, we completed the acquisition of US based Lucid, a programmatic research technology platform that provides access to first-party survey data in over 110 countries. Since the start of 2022, we have been focused on combining the two businesses to bring the best out of each in all perspectives, including unlocking the synergies we had identified when we announced the transaction.
The go-forward executive leadership team for the combined business was announced in January. Our next level of leadership that runs the functional businesses was finalized in February. At the end of March, all structural changes related to the organization required to deliver the cost synergies were completed. This has given us considerable visibility on how we manage our people costs proactively going forward.
At the start of the year, we also kicked off multiple dedicated integration workstreams to align the varying parts of the business. These workstreams are currently running at full steam ahead, and the outcomes so far have been nothing but promising. We are excited to see the people, products and processes of two trailblazing companies coming together.
We look forward to delivering another year of profitable growth for Cint. At the time of the acquisition of Lucid, our analysis pointed towards run-rate annual EBITDA synergies of EUR 40m to be fully implemented within 24 months of closing, with initial benefits in the first six months after closing. I am happy to say that the initial findings give high confidence confirming at least the EUR 40m run-rate synergy value and the ramping up is happening faster than expected, driven by initial focus on OPEX synergies. Benefits will be seen from Q2 and onwards. We estimate non-recurring integration costs to amount to approximately EUR 40m in total for 2022-2023 with the largest part of costs being in 2022. A majority of this investment is taken to drive process efficiencies which will create value beyond the synergy plan and get us state of the art system support.
We feel confident about our financial targets of reaching, and then maintaining, annual organic sales growth of at least 25 percent in the medium term while delivering at least 25 percent EBITDA margin.
Tom Buehlmann CEO, Cint
Cint is a global software leader in digital insights gathering. The Cint platform automates the insights gathering process so that companies can gain access to insights faster with unparalleled scale. Cint has one of the world's largest consumer networks for digital survey-based research, made up of more than 160 million engaged respondents across more than 130 countries. More than 3,200 insights-driven companies - including SurveyMonkey, Zappi, Kantar and GfK - use Cint to accelerate how they gather consumer insights and supercharge business growth.
In December 2021, Cint completed the acquisition of USbased Lucid – a programmatic research technology platform that provides access to first-party survey data in over 110 countries. Bringing together Cint's European heritage, broad audience reach, and enterprise transformation capabilities with Lucid's deep access to US consumers and Media Measurement solutions will make the combined organization a global leader in technologyenabled insights.
The acquisition of Lucid was closed on 29 December 2021 and Lucid Group has been fully consolidated from the start of the fiscal year 2022.
Net sales in the quarter increased by 139.3 percent to EUR 67.3m (28.1). Sales from Lucid, added EUR 27.4m to net sales in the quarter and sales from GapFish added EUR 2.4m to net sales. Organic growth was 33.2 percent (33.1) and organic growth excluding currency effects was 27.8 percent (40.2).
Gross profit in the quarter increased by 184.8 percent to EUR 41.3m (14.5) and the gross margin amounted to 61.3 percent (51.5). Selected investments into supply to drive net sales applied some pressure on gross margin in the first quarter compared to last year.
EBITDA in the quarter amounted to EUR 3.7m (3.1) and the EBITDA margin amounted to 5.4 percent (11.1). Items affecting comparability for the quarter, totalled EUR 4.5m (2.4) and were mainly costs related to the integration of Lucid. Adjusting for these items, the EBITDA amounted to EUR 8.1m (5.5) and the adjusted EBITDA margin amounted to 12.1 percent (19.7). Adjusted EBITDA, excluding the FX effect from the revaluation of operating balance sheet items, amounted to EUR 8.2m (4.7) and the margin 12.2 percent (16.8).
During the quarter a new share option program, valued in accordance with IFRS 2, was launched. The total cost for this program amounted to EUR 1.0m and is included in the personnel expense line. For more details about the program please refer to the section Significant events during the quarter.
The comparison of the adjusted EBITDA for the quarter of 8.1m (12.1 percent margin) with the pro forma for Q1 2021 of 8.3m (16.9 percent margin) is distorted by the FX effect from the revaluation of operating balance sheet items with an impact of EUR 0.7m and the share option programme mentioned above as there was no corresponding programme in 2021.
To enable tracking of the underlying business of the Group, items affecting comparability, or non-recurring items, are excluded from Adjusted EBITDA. In the quarter, in total EUR 4.5m was adjusted for of which integration costs amounted to EUR 4.1m. The costs are recognized in the respective line in the income statement. Please refer to note 10 Alternative Performance Measures for details of the non-recurring items split by line and category.
The operating profit in the quarter amounted to EUR - 7.3m (1.2) with an operating margin of -10.8 percent (4.2).
Profit for the quarter amounted to EUR -6.1m (1.3) and EPS (basic and diluted) amounted to EUR -0.03 (-0.01). Adjusted EPS (basic and diluted) amounted to EUR 0.02 (0.04).
Operating cash flow before changes in working capital in the quarter amounted to EUR 0.04m (1.7), negatively impacted by income taxes paid and integration cost.
Cash flow from changes in working capital amounted to EUR -17.6m (-6.0) in the quarter. The negative impact in the quarter was mainly related to payments of transaction costs for Lucid amounting to EUR 14.4m.
Cash flow from investing activities for the quarter amounted to EUR -4.6m (-2.8). Investments in intangible fixed assets amounted to EUR -4.3m (-2.7) in the quarter and consisted of capitalized development costs for the
platform, investments into new features and functions to support future growth. The increase compared with the same period last year was mainly due to the capitalization of development cost in Lucid.
The Group's investments in tangible fixed assets amounted to EUR -0.2m (-0.1) in the quarter. For details on the depreciation and amortization, please refer to note 7.
Cash flow from financing activities amounted to EUR 0.8m (69.1). The cash flow impact for the quarter was related to proceeds from new long-term incentive programs launched in the beginning of the quarter amounting to EUR 1.4m and payments of financial lease liabilities amounting to EUR -0.6m. The same quarter last year was mainly impacted by transactions related to the IPO.
The net cash flow in the quarter amounted to EUR -21.3m (61.9) with a EUR 14.4m negative impact from payments related to the acquisition of Lucid.
Net working capital amounted to EUR 28.8m (11.1) at the end of the quarter. The increase in net working capital compared to last year was mainly related to an increase in business due to the acquisition of Lucid and general growth. Total working capital contribution from the newly acquired entities in Lucid amounted to EUR 8.2m at the end of the quarter. At the end of the first quarter last year the net working capital was positively impacted by high liabilities for vendor payments related to the IPO.
The group ended the quarter with a total cash position of EUR 55.7m (68.7) and a total debt of EUR 114.6m (2.5). Net debt was EUR 58.8m at the end of the quarter compared to net cash of EUR 66.2m at the end of the same quarter 2021 and net debt of EUR 36.5m at the end of the fiscal year 2021. The increase in net debt compared to the same quarter last year mainly related to the financing of the acquisition of Lucid with a new external bank loan amounting to EUR 107.4m arranged at the end of last year.
At the end of the quarter, total consolidated equity of the Group amounted to EUR 1,156.3m to be compared with EUR 1,147.9m at the end of the fiscal year 2021.
Due to the global nature of the business, the company is exposed to currency fluctuations with most of the net sales in USD and EUR and a large part of the operating expenses in SEK and USD.
During the quarter, net sales were impacted by EUR 1.2m (-1.1) from currency fluctuations.
The revaluation of balance sheet items had a negative impact on the results with an increase of total operating expenses of EUR -0.1m (0.8) during the quarter. This impact is included in both EBITDA and adjusted EBITDA.
During the quarter the integration project to fully combine Lucid with Cint was launched. The analysis made by Cint at the announcement of the acquisition indicated annual run-rate EBITDA synergies of EUR 40m to be fully implemented within 24 months starting from 2022, with initial benefits in the first 6 months after closing. The synergy potential was estimated to come from a combination of growth synergies amounting to EUR 9.8m, COGS synergies of EUR 8.6m and OPEX synergies of EUR 21.6m.
The initial findings give high confidence confirming at least the EUR 40m run-rate synergy value and the ramping up is happening faster than expected, driven by initial focus on OPEX synergies. Benefits will be seen from Q2 and onwards.
The cost for the integration is estimated to approximately EUR 40m. Two thirds of such cost is expected in 2022 and one third in 2023. The integration cost is driven primarily by investments into new and upgraded CRM and ERP systems and processes, and people related costs such as project management and severance payments. Total integration costs for the quarter amounted to EUR 4.1m.
Following the completion of the Lucid transaction in the fourth quarter 2021, Cint announced a new executive committee on 19 January 2022. The New Executive Committee consists of:
The number of shares and votes has increased by 36,292,902 during January 2022 following the registration with the Swedish Companies Registration Office of the new issue of shares for the share consideration directed to the sellers in the acquisition of Lucid. The new issue of shares was approved at an EGM on
17 December 2021. As of 31 March 2022, the total number of shares and votes was 212,976,588.
At an extraordinary general meeting held on 1 February 2022 it was resolved to elect two new members of the board of directors, to elect a new chair of the board of directors and to determine the remuneration to the new members of the board of directors. The general meeting resolved, in accordance with the nomination committees' proposal, to elect Patrick Comer and Carl Sparks as new members of the board of directors in the Company. The board of directors thus consists of the ordinary members Patrick Comer, Cecilia Qvist, Anna Belfrage, Daniel Berglund, Antonia Brandberg Björk, Kaveh Rostampor, Niklas Savander, Carl Sparks and Rickard Torell for the period until the next annual general meeting. The general meeting also resolved to elect Patrick Comer as chair of the board of directors. This also meant that Patrick Comer replaced Niklas Savander in the Nomination Committee from that date.
Two new long-term incentive programs, resolved on the extra general meeting held in December 2021, were launched in the first quarter 2022.
The warrant program is encompassing about 30 employees with maximum 4,259,532 number of warrants. Each warrant entitles the employee to subscribe for one share. The warrant program covers the period 2022/2024.
The share option program is encompassing about 70 employees with maximum 4,259,532 number of options. Each option entitles the employee to subscribe for one share subject to certain vesting criteria. The option program covers the period 2022/2025.
The right to participate in the warrant program and share option program shall rest with certain senior executives and key employees of the Group. Both programs were launched in the beginning of the first quarter 2022. For more information on the programs, please see note 6 in the Annual report.
As a result of the Russian invasion of Ukraine, Cint decided to wind down its office in Moscow with five full-time employees. The actions taken will not have any significant impact on the Group financial statements.
No significant events after the close of the period were identified.
At the end of the period, the total number of FTEs (employees and consultants) was 1,047 (374). The average number of FTEs in the quarter was 1,053 (364). The total number of employees was 863 (258) at the end of the period. The average number of employees during the quarter was 871 (250).
The increase compared with last year is related to the acquisition of Lucid.
On 28 October 2021, as part of the acquisition of Lucid, Cint registered the first tranche of the directed new share issue amounting to 13,076,200 shares.
On 29 December, as part of the acquisition of Lucid, Cint registered the second tranche of the directed new share issue amounting to 26,385,683 shares.
As of 31 December 2021, the total number of shares and votes was 176,683,686. The 36,292,902 consideration shares relating to the acquisition of Lucid were registered in January 2022.
As of 31 March 2022, the total number of shares and votes was 212,976,588.
The parent company's activities are focused on direct or indirect holding of shares in the operational subsidiaries. In addition, the parent company provides management services to the Group. At the end of the period, the parent company had 8 employees. The parent company has no external business activities, and the risks are mainly related to the operations of the subsidiaries.
The parent company's operating profit was SEK -24.1m (-8.9) in the first quarter. The parent company's financial position by end of the period, measured in terms of total equity in relation to total assets ratio, was 91.0 percent (97.4) and it had a cash balance of SEK 90.7m (482.6).
Net sales in the Marketplace segment, including the core business in Cint, and the Software and Services businesses in Lucid, increased by 121 percent to EUR 61.0m (27.7) in the quarter. Sales from Lucid added EUR 21.9m to net
sales in the quarter and GapFish added EUR 2.4m to net sales. Organic growth in net sales for the quarter was 33 percent. Marketplace gives customers instant programmatic connections to millions of global respondents to conduct cost-effective digital market research at speed and scale, delivered through automated matching of survey criteria and deep profiling data.
Net sales in the Media Measurement segment, including the Connected Data business in Cint and the Audience business in Lucid, increased by 1,240 percent to EUR 6.3m (0.5) in the quarter. Sales from Lucid added EUR 5.5m to net sales in the quarter. Organic growth in net sales for the quarter was 70 percent. Media Measurement delivers proprietary brand lift metrics and daily survey results for customers to measure digital campaign effective-ness and optimize their media performance in real-time.
Net sales in the Americas region increased by 202 percent to EUR 39.2m (13.0) in the quarter. Sales from Lucid added EUR 21.1m to net sales in the quarter. Excluding Lucid, the net sales growth was 40 percent.
Net sales in EMEA increased by 84 percent to EUR 23.0m (12.5) in the quarter. Sales from Lucid added EUR 4.6m to net sales in the quarter and GapFish added EUR 2.4m to net sales. Organic growth in net sales for the quarter was 28 percent.
Net sales in APAC increased by 93 percent to EUR 5.1m (2.6) in the quarter. Sales from Lucid added EUR 1.8m to net sales in the quarter. Excluding Lucid, the net sales growth was 25 percent.
Net sales from tech-enabled insights companies increased by 90 percent to EUR 19.7m (10.4) in the quarter. Sales from Lucid added EUR 5.0m to net sales in the quarter and GapFish added EUR 0.4m to net sales. Organic growth in net sales for the quarter was 37 percent.
Net sales from established insights companies increased by 168 percent to EUR 47.7m (17.8) in the quarter. Sales from Lucid added EUR 22.4m to net sales in the quarter and GapFish added EUR 2.0m to net sales. Organic growth in net sales for the quarter was 31 percent.
B2B customers and connected consumers do not include any contributions from Lucid.
The total number of active customers was 3,225 by the end of the first quarter. This corresponded to an increase of 117 compared to year-end 2021. All regions contributed positively to this development
The total number of completed surveys during the last twelve months was 130 million. The number of completes has increased strongly during the last years as a result of increased volumes and onboarding of customers to Cint's Enterprise solution, in-creased digitalization and the rise of tech-enabled companies.
As at end of the year, the total number of connected consumers (new and active in the last 12 months) was 160 million, an increase of 11 million since year-end 2021 and of 62 million since year-end 2019. The drivers to this increase were mainly:
| Annual General Meeting | May 17, 2022 |
|---|---|
| Interim report Q2 | Jul 22, 2022 |
| Interim report Q3 | Oct 27, 2022 |
CEO Tom Buehlmann and CFO Joakim Andersson will present the results through a telephone conference which will be held at 10.00 CEST on 3 May. The conference call will also be webcast.
Please make sure you are connected to the phone conference by calling in a few minutes before the conference begins.
Sweden: +46 10 884 80 16 International: +44 20 3936 2999 Access code: 275 259
Link to the live broadcast: webcast. The report will be available at Cint™ Investors in connection with the publication. The presentation will be available in connection to the conference call and a replay will be available at the site later the same day.
| KEUR | Note | 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
|---|---|---|---|---|---|
| Net Sales | 4 | 67,342 | 28,147 | 138,925 | 178,120 |
| Cost of services sold | -26,058 | -13,650 | -67,769 | -80,177 | |
| Capitalized development cost | 4,250 | 1,879 | 7,826 | 10,197 | |
| Personnel expenses | -26,907 | -8,440 | -38,456 | -56,922 | |
| Other operating income | -85 | 1,258 | 2,829 | 1,487 | |
| Other external expenses | -14,876 | -6,069 | -37,295 | -46,102 | |
| EBITDA | 3,666 | 3,124 | 6,060 | 6,602 | |
| Depreciation | 7 | -858 | -330 | -1,476 | -2,004 |
| EBITA | 2,808 | 2,794 | 4,584 | 4,598 | |
| Amortization and impairment | 7 | -10,098 | -1,617 | -7,733 | -16,214 |
| Operating profit/loss | -7,290 | 1,177 | -3,148 | -11,616 | |
| Net financial expenses | 9 | -363 | 671 | 2,086 | 1,052 |
| Earnings before tax | -7,653 | 1,849 | -1,062 | -10,563 | |
| Income tax expense | 1,525 | -528 | -2,156 | -103 | |
| Profit/loss for the period | -6,127 | 1,321 | -3,218 | -10,666 | |
| Profit/loss for the period attributable to: | |||||
| Parent Company shareholders | -6,127 | 1,321 | -3,218 | -10,666 | |
| 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
||
| Earnings per share before and after dilution, EUR | -0.03 | -0.01 | -0.04 | -0.07 |
| 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
|
|---|---|---|---|---|
| Profit/loss for the period | -6,127 | 1,321 | -3,218 | -10,666 |
| Other comprehensive income | ||||
| Items that may be transferred to income | ||||
| Exchange differences on translation of foreign operations | 14,007 | -108 | -7,341 | 6,774 |
| Hedge accounting of net investments | -2,162 | - | - | - |
| Tax effect from items in OCI | 445 | - | - | - |
| Other comprehensive income for the period | 12,290 | -108 | -7,341 | 6,774 |
| Total comprehensive income for the period | 6,163 | 1,213 | -10,559 | -3,893 |
| KEUR | 2022 31 Mar |
2021 31 Mar |
2021 31 Dec |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 906,495 | 102,411 | 905,411 |
| Other intangible assets | 327,821 | 37,530 | 329,999 |
| Right-of-use assets | 4,844 | 2,594 | 5,522 |
| Equipment, tools and installations | 1,206 | 602 | 1,241 |
| Other financial assets | 1,089 | 236 | 1,107 |
| Deferred tax assets | 21,997 | 5,400 | 10,641 |
| Total non-current assets | 1,263,452 | 148,773 | 1,253,921 |
| Current assets | |||
| Accounts receivable | 90,921 | 33,207 | 91,136 |
| Current tax assets | 1,535 | - | 2,396 |
| Other receivables | 1,916 | 3 0 | 1,906 |
| Prepaid expenses and accrued income | 26,186 | 16,935 | 24,665 |
| Cash and cash equivalents | 55,712 | 68,688 | 77,674 |
| Total current assets | 176,270 | 118,860 | 197,777 |
| TOTAL ASSETS | 1,439,722 | 267,633 | 1,451,698 |
| KEUR | 2022 31 Mar |
2021 31 Mar |
2021 31 Dec |
|---|---|---|---|
| EQUITY | |||
| Total equity attributable to the shareholders of the parent company | 1,156,306 | 220,965 | 1,147,925 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Borrowings | 109,892 | - | 108,869 |
| Lease liabilities | 2,570 | 1,619 | 3,073 |
| Deferred tax liabilities | 77,080 | 4,816 | 78,150 |
| Total non-current liabilities | 189,542 | 6,435 | 190,092 |
| Current liabilities | |||
| Lease liabilities | 2,090 | 890 | 2,230 |
| Accounts payable | 46,423 | 11,194 | 48,585 |
| Current tax liabilities | 1,530 | 230 | 4,802 |
| Other current liabilities | 7,940 | 3,962 | 4,459 |
| Accrued expenses and deferred income | 35,891 | 23,958 | 53,604 |
| Total current liabilities | 93,874 | 40,234 | 113,680 |
| TOTAL EQUITY AND LIABILITIES | 1,439,722 | 267,633 | 1,451,698 |
Equity attributable to the equity holders of the parent company
| KEUR | Share capital | Additional paid in capital |
Reserves | Retained earnings, including profit/loss for the period |
Total equity |
|---|---|---|---|---|---|
| Opening balance, 1 Jan 2021 | 1,300 | 143,383 | -9,397 | 3,876 | 139,162 |
| Profit/loss for the period Jan-Mar | 1,321 | 1,321 | |||
| Other comprehensive income | -108 | -108 | |||
| Total comprehensive income | - | - | -108 | 1,321 | 1,213 |
| New share issue | 113 | 80,959 | 81,072 | ||
| Transaction cost net of tax | -2,435 | -2,435 | |||
| Payments from share-based incentive program | 1,953 | 1,953 | |||
| Closing balance, 31 Mar 2021 | 1,413 | 223,860 | -9,505 | 5,197 | 220,965 |
| Profit/loss for the period Apr-Dec | -4,539 | -4,539 | |||
| Other comprehensive income | -7,233 | -7,233 | |||
| Total comprehensive income | - | - | -7,233 | -4,539 | -11,772 |
| New share issue | 752 | 947,854 | 948,606 | ||
| Transaction cost net of tax | -9,875 | -9,875 | |||
| Closing balance, 31 Dec 2021 | 2,165 | 1,161,840 | -16,738 | 658 | 1,147,925 |
| Profit/loss for the period Jan-Mar | -6,127 | -6,127 | |||
| Other comprehensive income | 12,290 | 12,290 | |||
| Total comprehensive income | - | - | 12,290 | -6,127 | 6,163 |
| Payments from share-based incentive program | 1,439 | 1,439 | |||
| Share-based incentive program (IFRS 2) | 982 | 982 | |||
| Tax on share-based incentive program (IFRS 2) | -202 | -202 | |||
| Closing balance, 31 Mar 2022 | 2,165 | 1,164,059 | -4,448 | -5,469 | 1,156,306 |
| KEUR | 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
|---|---|---|---|---|
| Cash flow from operating activities | ||||
| Operating profit/loss | -7,290 | 1,177 | -3,148 | -11,616 |
| Adjustments for non-cash items | 11,403 | 817 | 8,234 | 18,820 |
| Interest paid | -544 | -133 | -151 | -562 |
| Income tax paid | -3,524 | -206 | -1,391 | -4,709 |
| Cash flow from operating activities before changes in working capital | 4 5 | 1,655 | 3,544 | 1,933 |
| Cash flow from changes in working capital | -17,608 | -6,033 | -41,465 | -53,040 |
| Cash flow from operating activities | -17,563 | -4,378 | -37,921 | -51,107 |
| Cash flow from investing activites | ||||
| Acquisitions of intangible assets | -4,310 | -2,707 | -9,502 | -11,105 |
| Acquisitions of tangible assets | -245 | -61 | -301 | -486 |
| Acquistions of entites | - | - | -473,133 | -473,133 |
| Cash flow from investing activities | -4,555 | -2,767 | -482,936 | -484,724 |
| Cash flow from financing activities | ||||
| Bank overdraft facility | - | -5,310 | -5,310 | - |
| Repayment of loans | - | - | -7,100 | -7,100 |
| Repayment of lease liabilities | -642 | -260 | -1,128 | -1,510 |
| New loan | - | - | 106,345 | 106,345 |
| New shares issue | - | 75,572 | 512,537 | 436,965 |
| Transaction cost new share issue | - | -2,897 | -12,310 | -9,413 |
| Proceeds from share-based incentive program | 1,439 | 1,953 | 1,953 | 1,439 |
| Cash flow from financing activities | 797 | 69,058 | 594,987 | 526,725 |
| Net cash flow | -21,321 | 61,914 | 74,129 | -9,106 |
| Decrease/increase of cash and cash equivalents | ||||
| Cash and cash equivalents at the beginning of the period | 77,674 | 6,909 | 6,909 | 68,688 |
| Currency translation difference in cash and cash equivalents | -641 | -135 | -3,364 | -3,870 |
| Cash and cash equivalents at the end of the period | 55,712 | 68,688 | 77,674 | 55,712 |
| KSEK | 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
|---|---|---|---|---|
| Net sales | 43,624 | 18,906 | 80,324 | 105,041 |
| Personnel expenses | -28,452 | -8,382 | -31,230 | -51,301 |
| Other external expenses | -39,256 | -19,390 | -35,001 | -54,866 |
| Operating profit/loss | -24,084 | -8,866 | 14,093 | -1,125 |
| Interest expenses and similar profit/loss items | -5,160 | -29 | -32 | -5,164 |
| Total net financial items | -5,160 | -29 | -32 | -5,164 |
| Earnings before tax | -29,244 | -8,894 | 14,061 | -6,289 |
| Taxes for the period | 4,954 | 1,822 | 10,557 | 13,689 |
| Net loss/profit for the period | -24,290 | -7,072 | 24,618 | 7,400 |
| KSEK | 2022 31 Mar |
2021 31 Mar |
2021 31 Dec |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Shares in subsidiary | 12,246,979 | 1,373,148 | 12,238,578 |
| Deferred tax assets | 43,643 | 4,408 | 38,689 |
| Intercompany non-current assets | 268,656 | 273,458 | 268,656 |
| Total non-current assets | 12,559,277 | 1,651,014 | 12,545,923 |
| Current assets | |||
| Intercompany receivables | 283,610 | 112,623 | 200,497 |
| Other current receivables | 3,642 | 6,469 | 3,642 |
| Prepaid expenses and accrued income | 13,094 | 3,004 | 7,030 |
| Total current receivables | 300,346 | 122,097 | 211,169 |
| Cash and cash equivalents | 90,712 | 482,552 | 165,386 |
| Total current assets | 391,058 | 604,649 | 376,556 |
| TOTAL ASSETS | 12,950,336 | 2,255,663 | 12,922,478 |
| KSEK | 2022 31 Mar |
2021 31 Mar |
2021 31 Dec |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Total restricted equity | 21,298 | 13,663 | 21,298 |
| Total non-restricted equity | 11,758,131 | 2,184,433 | 11,760,017 |
| Total equity | 11,779,429 | 2,198,096 | 11,781,315 |
| Non-current liabilities | |||
| External loan | 1,110,008 | - | 1,087,580 |
| Total non-current liabilities | 1,110,008 | - | 1,087,580 |
| Current liabilities | |||
| Accounts payable | 13,430 | 4,925 | 31,688 |
| Intercompany liabilities | 21,481 | 21,546 | 1,382 |
| Other liabilities | 16,916 | 6,486 | 10,279 |
| Accrued expenses and deferred income | 9,072 | 24,610 | 10,235 |
| Total current liabilities | 60,899 | 57,567 | 53,583 |
| TOTAL EQUITY AND LIABILITIES | 12,950,336 | 2,255,663 | 12,922,478 |
Cint Group AB (publ) ("Cint"), Corp. Reg. No 559040-3217 is the Parent Company registered in Sweden with its main office in Stockholm at Luntmakargatan 18, 111 37 Stockholm, Sweden.
Unless otherwise stated, all amounts are in thousands of EUR (KEUR). Data in parentheses pertain to the comparative period.
This interim report was authorised for issue by the board of directors on 3 May 2022.
Cint applies International Financial Reporting Standards (IFRS) as adopted by the EU. The accounting policies applied are consistent with those described in the 2021 Annual Report for Cint Group AB (publ) except for the new accounting principle mentioned below. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting.
The Parent Company's interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2.
During the first quarter 2022, the company has implemented hedge accounting in accordance with IFRS 9 Financial Instruments. This means that currency effects from hedging instruments have been recorded in other comprehensive income. The purpose of this change is to hedge the translation differences from foreign entities and will make the financial reports more transparent and the Income statement less affected by currency impacts related to financing of the foreign entities. This change do not impact previous periods.
Cint's chief operating decision maker (CODM) is represented by the chief executive officer (CEO) who monitors the operating result for the Group to manage the organisation and evaluate resources. The assessment of the Group's operation is based on the financial information reported to the CEO. The financial information reported to the CEO refers to the Group on a consolidated basis since the Group's offerings comprise the company's single platform. Therefore, the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements.
(i) Earnings per share before dilution Basic earnings per share is calculated by dividing:
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:
In accordance with IFRS 9 certain financial instruments should be measured at fair value in the balance sheet. As defined for Level 3 in IFRS 9, the fair value is calculated according to inputs that are not based on observable market data. Due to the acquisition of GapFish in 2021 the Group has a financial liability in accordance with Level 3 of EUR 2.5m. The liability has a fair value estimation based on an assessment of amount and time of recognition.
An account of the Group's material financial and business risks can be found in the administration report and under Note 3 in the 2021 Annual Report. The current Covid-19 pandemic continues to affect all global markets and the Group is following the situation on continuously basis. No direct effects have been noted on the company's financial performance yet but is continuously evaluated. Since the acquisition of Lucid is significant for the Group, there can be increased risks related to the integration. The risk preliminary identified is that the integration can be more complex and take longer time than anticipated. This is something that management will follow, and when needed, mitigate, and act on continuously during 2022. No further significant risks are deemed to have arisen during the period.
| Net sales by region | 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
|---|---|---|---|---|
| Americas | 39 231 | 13 003 | 62 694 | 88 923 |
| EMEA | 23 033 | 12 519 | 64 461 | 74 975 |
| APAC | 5 077 | 2 624 | 11 769 | 14 222 |
| Total | 67 342 | 28 147 | 138 925 | 178 120 |
| Net sales by customer type | 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
| Established insights companies | 47 668 | 17 766 | 87 961 | 117 863 |
| Tech-enabled companies | 19 674 | 10 380 | 50 963 | 60 257 |
| Total | 67 342 | 28 147 | 138 925 | 178 120 |
| Net sales by business segment | 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
| Marketplace | 61 025 | 27 675 | 136 454 | 169 805 |
| Media measurement | 6 316 | 471 | 2 470 | 8 315 |
| Total | 67 342 | 28 147 | 138 925 | 178 120 |
No transactions between Cint and related parties that materially affected the financial position or results have taken place, except for a transaction with shareholders in February 2021 in relation to a conversion of a loan of EUR 5.5m into new shares.
| 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
|
|---|---|---|---|---|
| Earnings per share before dilution, EUR | -0.03 | -0.01 | -0.04 | -0.07 |
| Earnings per share after dilution, EUR | -0.03 | -0.01 | -0.04 | -0.07 |
| Calculation of earnings per share: | ||||
| Earnings attributable to Parent Company shareholders, KEUR | -6,127 | 1,321 | -3,218 | -10,666 |
| Interest attributable to preference shares, KEUR | - | -2,581 | -2,581 | - |
| Total | -6,127 | -1,260 | -5,799 | -10,666 |
| Weighted average number of ordinary shares | 212,976,588 | 100,989,139 | 133,533,618 | 161,530,481 |
| Number of potential shares from warrants | 457,347 | - | 432,933 | 444,876 |
| 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
|
|---|---|---|---|---|
| Adjusted Earnings per share before dilution, EUR | 0.02 | 0.04 | 0.12 | 0.09 |
| Adjusted Earnings per share after dilution, EUR | 0.02 | 0.04 | 0.11 | 0.09 |
| Calculation of adjusted earnings per share(1) | ||||
| Earnings attributable to Parent Company shareholders, KEUR | -6,127 | 1,321 | -3,218 | -10,666 |
| Adjustment for items affecting comparability(2), KEUR | 3,549 | 1,914 | 15,690 | 17,325 |
| Add-back of amortization of intangible assets from acquisitions(2), KEUR | 5,969 | 588 | 2,934 | 8,315 |
| Total | 3,391 | 3,823 | 15,406 | 14,974 |
| Weighted average number of ordinary shares | 212,976,588 | 100,989,139 | 133,533,618 | 161,530,481 |
| Number of potential shares from warrants | 457,347 | - | 432,933 | 444,876 |
(1) Following the conversion of preference shares to ordinary shares during the quarter, part of the IPO process, interest attributable to preference shares have been excluded from the adjusted EPS calculation and weighted numbers have been recalculated for improved comparability going forward
(2) Net of tax effect
| KEUR | 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
|---|---|---|---|---|
| EBITDA | 3,666 | 3,124 | 6,060 | 6,602 |
| Depreciations | -858 | -330 | -1,476 | -2,004 |
| EBITA | 2,808 | 2,794 | 4,584 | 4,598 |
| Amortization of capitalized development cost | -2,326 | -851 | -3,912 | -5,387 |
| Amortization of acquired assets | -7,772 | -766 | -3,820 | -10,827 |
| Operating profit/loss | -7,290 | 1,177 | -3,148 | -11,616 |
On 29 December, Cint acquired 100 percent of the shares in Lucid. Since the impact on the income statement between closing and 31 December 2021 was concluded to be not significant, the Lucid group was consolidated from 31 December 2021. There is consequently no impact in the income statement from Lucid in the fiscal year 2021.
The preliminary consideration amounted to USD 1,070 million, on a cash and debt free basis. At the time of the closing the total consideration was EUR 985.0m whereof EUR 503.7m related to the issue of 36,292,902 new shares in Cint based on the share price as per 29 December 2021 and EUR 481.3 million was paid in cash. The cash consideration was also impacted by a positive currency adjustment from a hedge amounting to EUR 19.3m. The cash consideration was financed by USD 120 million (EUR 106.3m) debt financing and from the directed share issue in two tranches in a total amount of SEK 4,400 million (EUR 437.0m) which was announced by Cint on 28 October 2021.
The preliminary purchase price allocation for Lucid is presented below. Since the transaction was completed close to the year end of 2021 the purchase price allocation will be evaluated and updated during 2022. The preliminary purchase price allocation indicates a reported goodwill of EUR 772.1m and refers mainly to future profit generation and future synergies. The integration between Cint and Lucid organizations started directly after the transaction date. Other intangibles amount to EUR 271.4m and relates to technology (EUR 182.3m), customer relations (EUR 67.8m) and brand (EUR 21.2m).
| 2021 Financial Performance Lucid Group | 2021 Jan-Mar |
2021 Apr-Jun |
2021 Jul-Sep |
2021 Oct-Dec |
2021 FY |
|---|---|---|---|---|---|
| Net sales | 20,847 | 24,508 | 25,951 | 31,519 | 102,826 |
| Gross profit | 16,300 | 18,997 | 20,737 | 23,882 | 79,916 |
| Gross margin, % | 78.2% | 77.5% | 79.9% | 75.8% | 77.7% |
| Adjusted EBITDA | 2,755 | 2,865 | 2,326 | 2,822 | 10,768 |
| Adjusted EBITA margin, % | 13.2% | 11.7% | 9.0% | 9.0% | 10.5% |
The deviation between the above data compared to data published in the Q4 2021 report is related to updated exchange rates.
On 1 June, Cint acquired GapFish GmbH, a Berlin based market research company that operates one of the largest online panel communities in the DACH region. The acquisition included 91 percent of the shares and was made at an enterprise value of EUR 28.0m on a cash and debt free basis (for 100 per cent of the shares). The consideration paid was split into EUR 22.4m in cash and EUR 5.1m in newly issued Cint shares.
The contribution to Group revenue for the full year was EUR 6.5m, with profit of EUR 0.8m. If the company had been owned for the full year, the company would have contributed revenue of approximately EUR 10.3m and profit of EUR 0.9m.
The purchase price allocation for GapFish GmbH is presented below. The surplus value reported as goodwill refers to the acquired company's future profit generation and the profit synergies that the acquisition entails and does not meet the conditions for separate accounting. Other intangibles amount to 11.5m and are primarily allocated to technology and customer relations. As per December 2021 the unpaid purchase consideration amounts to EUR 2.5 m.
Acquisition-related expenses amounted to EUR 0.4m related to the acquisition of GapFish GmbH and EUR 17.8m related to the acquisition of Lucid.
| Fair value of acquired net assets - acquisitions financial 2021 | Lucid | GapFish | Total |
|---|---|---|---|
| Intangible assets | 271 393 | 11 540 | 282 933 |
| Proprietary software | 8 384 | - | 8 384 |
| Right-of-use assets | 47 219 | 1 024 | 48 243 |
| Other non-current assets | 4 350 | 303 | 4 653 |
| Current receivables | 8 410 | 1 194 | 9 604 |
| Cash and cash equivalents | 27 846 | 2 674 | 30 520 |
| Deferred tax liabilities | -70 562 | -3 474 | -74 036 |
| Other non-current liabilities | -939 | -258 | -1 197 |
| Current liabilities | -83 205 | -3 029 | -86 234 |
| Total acquired net assets | 212 896 | 9 974 | 222 870 |
| Distribution of purchase consideration | |||
| Paid through share issue | 503 745 | 5 275 | 509 020 |
| Unpaid purchase consideration | - | 2 520 | 2 520 |
| Purchase consideration paid | 481 292 | 22 361 | 503 653 |
| Total purchase consideration | 985 037 | 30 156 | 1 015 193 |
| Fair value of acquired net assets | 212 896 | 9 974 | 222 870 |
| Goodwill | 772 142 | 20 182 | 792 324 |
| Effect on cash and cash equivalents attributable to acquisition | |||
| Purchase consideration paid | 481 292 | 22 361 | 503 653 |
| Cash and cash equivalents in acquired company | 27 846 | 2 674 | 30 520 |
| Total effect on cash flow of completed acquisitions | 453 446 | 19 687 | 473 133 |
| Annual sales financial year 2021 and profit/loss from acquired companies consolidated in the Group | |||
| Net sales | - | 6 520 | 6 520 |
| Profit/loss for the year | - | 799 | 799 |
| Estimated sales and profit/loss from acquired companies if they had been wholly owned for the entire 2021 financial year |
|||
| Net sales | 102 826 | 10 305 | 113 130 |
| Profit/loss for the year | -32 260 | 905 | -31 355 |
The deviation between the above income statement data for Lucid compared to data published in the Q4 2021 report is related to updated exchange rates. Also, Profit/loss for the year is updated with final tax calculations.
| KEUR | 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
|---|---|---|---|---|
| Interest income | 6 1 | 3 | 115 | 173 |
| Interest expenses | -544 | -284 | -151 | -411 |
| Realized and unrealized currency effects | 120 | 952 | 2,122 | 1,290 |
| Financial income/expenses net | -363 | 671 | 2,086 | 1,052 |
Certain information in this report that management and analysts use to assess the Group's development is not defined in IFRS. Management believes that this information makes it easier for investors to analyse the Group's earnings trend and financial position. Investors should consider this information as a supplement to, rather than a replacement of, the financial reporting in accordance with IFRS.
| Alternative performance measures | Definition | Reason for use of measures |
|---|---|---|
| Net sales growth | Change in net sales compared to same per-iod previous year. |
The measure shows growth in net sales compared to the same period during previous year. The measure is a key ratio for a company within a growth industry. |
| Organic net sales growth | Change in net sales compared to same period previous year adjusted for acquisi tions/divestments. |
The measure shows growth in net sales adjusted for acquisitions during the last 12 months. Acquired businesses are included in organic growth once they have been part of the Group for four quarters. The measure is used to analyse underlying growth in net sales. |
| Gross profit | Net sales for the period reduced by the total cost of services sold. |
Gross profit is the profit after deducting the costs associated with providing the services. |
| Gross margin | Gross profit as a percentage of net sales. | The measure is an indicator of a company's gross earning ability. |
| EBITDA | Operating profit/loss before depreciation, |
Operating profit/loss before depreciation, |
| amortization and impairment. | amortization and impairment on tangible and intangible non-current assets. The purpose is to assess the Group's operational activities. EBITDA is a supplement to opera-ting income. |
|
| EBITDA margin | EBITDA in relation to the Company's net sales. | EBITDA in relation to net sales. To readers of financial reports, the measure is an indicator of a company's earning ability. |
| EBITA | Operating profit/loss before amortization of intangible non-current assets. |
Operating profit/loss before amortization of intangible non-current assets. The purpose is to assess the Group's operational activi-ties. EBITA is a supplement to operating income. |
| EBITA margin | EBITA in relation to the Company's net sales. | EBITA in relation to net sales. To readers of financial reports, the measure is an indicator of a company's earning ability. |
| Operating profit/loss | Profit for the period before financial income, financial expenses and tax |
Net sales less total operating expenses. Operating profit is relevant for investors to understand the earnings trend before int-erest and tax |
|---|---|---|
| Operating margin | Operating profit/loss in percentage of net sales. Operating profit/loss in percentage of net sales. To readers of financial reports, the measure is an indicator of a company's earning ability. |
|
| Items affecting comparability | Significant and unusual items. | Refers to items that are reported separately as they are of a significant nature, affect comparison and are considered unusual to the Group's ordinary operations. Examples are acquisition-related expenses and restructuring costs. |
| Adjusted EBITDA | Operating profit/loss before depreciation, amortization and impairment adjusted for items affecting comparability. |
EBITDA adjusted for items affecting comp arability. The purpose is to show EBITDA excluding items that affect comparison with other periods. |
| Adjusted EBITDA margin | Adjusted EBITDA in relation to the Com-pany's net sales. |
Adjusted EBITDA in relation to net sales. To readers of financial reports, the measure is an indicator of a company's earning ability. |
| Adjusted EBITA | Operating profit/loss before amortization and impairment and not amortization of intangible assets from acquisitions adjusted for items affecting comparability. |
EBITA adjusted for items affecting comp arability. The purpose is to show EBITA excluding items that affect comparison with other periods. |
| Adjusted margin |
EBITA Adjusted EBITA in relation to the Company's net sales. |
Adjusted EBITA in relation to net sales. To readers of financial reports, the measure is an indicator of a company's earning ability. |
| Adjusted operating profit | Operating profit/loss adjusted for items affecting comparability. |
Operating profit/loss according to the income statement before items affecting comparability. The measure is a supplement to operating profit/loss adjusted for items affecting comparison. The purpose is to show the operating profit/loss excluding items that affect comparison with other periods. |
| Adjusted operating margin | Adjusted operating profit/loss in relation to the Company's net sales. |
Adjusted operating profit/loss in relation to net sales. To readers of financial reports, the measure is an indicator of a company's earning ability. |
| Adjusted earnings per share (EPS) | Profit/loss for the period adjusted for items affecting comparability (net of tax effect), add back of amortization of intangible ass-ets from acquisitions (net of tax effect) and interest attributable to preference share. |
Adjusted EPS shows the company's under-lying operative profit generation capability per share. |
|---|---|---|
| Net debt | Interest-bearing non-current and current liabilities less financial assets. |
The measure shows the Company's real level of debt. |
| Net working capital | Current assets less current liabilities | The measure is used since it shows the tie-up of short-term capital in the operations and facilitates the understanding of changes in the cash flow from operating activities |
| B2B customers | Total registered as new and active cust-omers in the last 12 months |
- |
| Connected consumers | Total registered as new and active panellists in the last 12 months |
- |
| Total customer spend | Total amount spent and processed on the platforms including total project value and any take-rates or fees |
- |
| Alternative performance measures, KEUR | 2022 Jan-Mar |
2021 Jan-Mar |
2021 Jan-Dec |
Rolling 12-months |
|---|---|---|---|---|
| Net sales previous period | 28,147 | 21,146 | 98,284 | 105,285 |
| Net sales current period | 67,342 | 28,147 | 138,925 | 178,120 |
| Net sales growth | 139.3% | 33.1% | 41.4% | 69.2% |
| Whereof acquired net sales previous period | - | - | - | - |
| Whereof acquired net sales current period | 29,857 | - | 6,520 | 36,377 |
| Net sales excluding acquired net sales previous period | 28,147 | 21,146 | 98,284 | 105,285 |
| Net sales excluding acquired net sales current period | 37,485 | 28,147 | 132,404 | 141,743 |
| Organic growth | 33.2% | 33.1% | 34.7% | 34.6% |
| Of which currency effects | 1,180 | -1,063 | -1,100 | 1,127 |
| Organic growth excluding currency effects, % | 27.8% | 40.2% | 36.2% | 33.2% |
| Net sales | 67,342 | 28,147 | 138,925 | 178,120 |
| Cost of services sold | -26,058 | -13,650 | -67,769 | -80,177 |
| Gross profit | 41,284 | 14,497 | 71,155 | 97,943 |
| Gross margin | 61.3% | 51.5% | 51.2% | 55.0% |
| Total customer spend | 91,835 | 30,291 | 149,624 | 211,168 |
| Net sales | 67,342 | 28,147 | 138,925 | 178,120 |
| Operating profit/loss | -7,290 | 1,177 | -3,148 | -11,616 |
| Operating margin, % | -10.8% | 4.2% | -2.3% | -6.5% |
| Amortization and write-offs of acquisition-related intangible assets | 7,772 | 766 | 3,820 | 10,827 |
| Amortization of capitalized development expenses | 2,326 | 851 | 3,912 | 5,387 |
| EBITA | 2,808 | 2,794 | 4,584 | 4,598 |
| EBITA margin, % | 4.2% | 9.9% | 3.3% | 2.6% |
| Depreciation of tangible non-current assets | 858 | 330 | 1,476 | 2,004 |
| EBITDA | 3,666 | 3,124 | 6,060 | 6,602 |
| EBITDA margin, % | 5.4% | 11.1% | 4.4% | 3.7% |
| Items affecting comparability (by line in Income statement) | ||||
| Personnel expenses | 1,048 | 1,482 | 4,429 | 3,995 |
| Other operating income | - | -426 | -1,340 | -914 |
| Other external expenses | 3,421 | 1,355 | 16,673 | 18,739 |
| Items affecting comparability (by line in Income statement) | 4,470 | 2,411 | 19,761 | 21,820 |
| Items affecting comparability (by category) | ||||
| Cost for strategic projects | 233 | 2,837 | 21,101 | 18,498 |
| Integration costs | 4,061 | - | - | 4,061 |
| Covid related US PPP loans | - | -426 | -1,340 | -914 |
| Other | 176 | - | - | 176 |
| Items affecting comparability (by category) | 4,470 | 2,411 | 19,761 | 21,820 |
| FX gain/loss on operating balance sheet items | -103 | 805 | 1,193 | 285 |
| Adjusted operating profit | -2,820 -4.2% |
3,588 12.7% |
16,612 12.0% |
10,205 5.7% |
| Adjusted operating margin, % | ||||
| Adjusted EBITA | 7,278 | 5,205 | 24,345 | 26,419 |
| Adjusted EBITA margin, % | 10.8% | 18.5% | 17.5% | 14.8% |
| Adjusted EBITDA | 8,137 | 5,535 | 25,821 | 28,422 |
| Adjusted EBITDA margin, % | 12.1% | 19.7% | 18.6% | 16.0% |
| Adjusted EBITDA, excl FX gain/loss on operating balance sheet items Adjusted EBITDA margin, excl FX gain/loss on operating balance sheet items, % |
8,239 12.2% |
4,730 16.8% |
24,628 17.7% |
28,137 15.8% |
| Accounts receivable | 90,921 | 33,207 | 91,136 | 90,921 |
| Other current receivable | 28,102 | 16,965 | 26,571 | 28,102 |
| Accounts payable | -46,423 | -11,194 | -48,585 | -46,423 |
| Other current liabilities | -43,831 | -27,920 | -58,064 | -43,831 |
| Net working capital | 28,769 | 11,058 | 11,059 | 28,769 |
| Other interest-bearing liabilities (Borrowings) | 109,892 | - | 108,869 | 109,892 |
| Lease liabilities - Long term | 2,570 | 1,619 | 3,073 | 2,570 |
| Lease liabilities - Short term | 2,090 | 890 | 2,230 | 2,090 |
| Total interest-bearing debt | 114,552 | 2,509 | 114,172 | 114,552 |
| Cash and cash equivalents | 55,712 | 68,688 | 77,674 | 55,712 |
| Net debt | 58,840 | -66,179 | 36,498 | 58,840 |
The board of directors and executive management of Cint believes that the information provided below is of material importance to investors. Unless stated otherwise, the information and the calculations below derive from the Company's internal accounts and has neither been audited nor reviewed by the Company's auditor.
| 2022 2021 2020 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| KEUR | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net sales | 67,342 | 44,755 | 34,280 | 31,744 | 28,147 | 31,603 | 23,714 | 21,821 | 21,146 |
| Net sales growth, % | 139.3% | 41.6% | 44.6% | 45.5% | 33.1% | 34.0% | 34.6% | 36.1% | 43.8% |
| Gross profit | 41,284 | 22,741 | 17,457 | 16,460 | 14,497 | 16,449 | 12,029 | 11,135 | 11,353 |
| Gross margin, % | 61.3% | 50.8% | 50.9% | 51.9% | 51.5% | 52.1% | 50.7% | 51.0% | 53.7% |
| EBITDA | 3,666 | -9,348 | 6,547 | 5,737 | 3,124 | 2,892 | 3,625 | 3,719 | 3,074 |
| EBITDA margin, % | 5.4% | -20.9% | 19.1% | 18.1% | 11.1% | 9.2% | 15.3% | 17.0% | 14.5% |
| Adjusted EBITDA | 8,137 | 8,484 | 6,639 | 5,163 | 5,535 | 5,540 | 3,844 | 3,719 | 3,170 |
| Adjusted EBITDA margin, % | 12.1% | 19.0% | 19.4% | 16.3% | 19.7% | 17.5% | 16.2% | 17.0% | 15.0% |
| Non-recurring items | 4,470 | 17,831 | 9 2 | -574 | 2,411 | 2,647 | 219 | 1 | 9 5 |
| Operating profit/loss | -7,290 | -11,967 | 3,958 | 3,683 | 1,177 | 1,045 | 1,841 | 1,980 | 1,424 |
| Operating margin, % | -10.8% | -26.7% | 11.5% | 11.6% | 4.2% | 3.3% | 7.8% | 9.1% | 6.7% |
| Rolling 12-month | |||||||||
| Net sales | 178,120 | 138,925 | 125,773 | 115,207 | 105,285 | 98,284 | 90,271 | 84,178 | 78,392 |
| Gross profit | 97,943 | 71,155 | 64,863 | 59,435 | 54,110 | 50,966 | 47,322 | 44,953 | 42,228 |
| EBITDA | 6,602 | 6,060 | 18,300 | 15,379 | 13,361 | 13,311 | 11,348 | 9,342 | 6,731 |
| Adjusted EBITDA | 28,422 | 25,821 | 22,877 | 20,082 | 18,638 | 16,273 | 13,802 | 11,755 | 9,392 |
| Gross margin, % | 55.0% | 51.2% | 51.6% | 51.6% | 51.4% | 51.9% | 52.4% | 53.4% | 53.9% |
| EBITDA margin, % | 3.7% | 4.4% | 14.6% | 13.3% | 12.7% | 13.5% | 12.6% | 11.1% | 8.6% |
| Adjusted EBITDA margin, % | 16.0% | 18.6% | 18.2% | 17.4% | 17.7% | 16.6% | 15.3% | 14.0% | 12.0% |
Stockholm 3 May 2022
Cint Group AB (publ)
Tom Buehlmann, CEO
For more information, please contact: Joakim Andersson, CFO Tel: +46 760 44 8330 Email: [email protected]
Patrik Linzenbold, Head of IR Tel: +46 708 252 630 Email: [email protected]
This report has not been subject to review by the company's independent auditor.
This disclosure contains information that Cint Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on 3 May 2022.
This report is published in Swedish and English. In case of any differences between the English version and the Swedish original text, the Swedish version shall apply.
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