Quarterly Report • Oct 25, 2021
Quarterly Report
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• No significant events occurred during the third quarter
| KEUR | 2021 Jul-Sep |
2020 Jul-Sep |
2021 Jan-Sep |
2020 Jan-Sep |
2020 Jan-Dec |
|---|---|---|---|---|---|
| Net sales | 34,280 | 23,714 | 94,170 | 66,681 | 98,284 |
| Gross profit | 17,457 | 12,029 | 48,414 | 34,516 | 50,966 |
| EBITDA | 6,547 | 3,625 | 15,407 | 10,418 | 13,311 |
| Adjusted EBITDA | 6,639 | 3,844 | 17,337 | 10,733 | 16,273 |
| FX gain/loss on operating items | 754 | -373 | 605 | -270 | -629 |
| EPS, before and after dilution | 0.03 | -1.20 | 0.04 | -3.17 | -0.45 |
| Adjusted EPS, before and after dilution | 0.03 | 0.01 | 0.09 | 0.04 | 0.27 |
It has been another successful quarter for the company with strong growth momentum. Net sales in the third quarter 2021 increased by 44.6 percent to EUR 34.3m compared to EUR 23.7m in the same period last year. Organic growth (excluding currency effects) was 34.0 percent driven mainly by our tech-enabled customers and the EMEA region.
EBITDA, adjusted for items affecting comparability, amounted to EUR 6.6m (3.8) in the quarter corresponding to a margin of 19.4 (16.2) percent. We have increased profitability considerably during the last twelve months, mainly due to positive scale effects on higher volumes.
The tech-enabled customers continued to grow strongly, showing a year-over-year growth rate of 57.9 percent in the quarter, driven by overall positive development both from customers that have been with us for many years, as well as from new customers.
The established customers increased sales by 37.6 percent compared to the same quarter last year. This growth is spread evenly across geographies and most customers which shows that we are continuing to increase our share-of-wallet in this segment.
The integration work with our new colleagues at GapFish – a leading panel company in the DACH region (Germany, Austria and Switzerland) acquired in June 2021 - proceeds according to plan. The collaboration across the two organizations has been very positive, and we are now starting to go to market as one team with a richer combined offering than either company standalone.
We are making good progress on our M&A strategy and continue to see this as an important strategic focus area going forward.
We have had a successful first nine-months of 2021 and expect to deliver a strong full year 2021, substantially exceeding our annual target of 20 percent organic growth. During our IPO roadshow, we talked about the importance of exceeding expectations, and we will most certainly deliver on that in 2021.
Looking beyond Q4, I am encouraged by the strong trading momentum that we see continuing into 2022.
Finally, I am also pleased to see more and more inperson activity starting to happen across the industry. Q4 2021 will see many trade events returning where we can meet our customers and partners face-to-face, of course with some caution. From October, we have also started welcoming our Cint colleagues back to our global offices. Still, our return-to-office rollout will be guided by our team's health & safety, travel, and networking preferences to ensure we maintain the right work-life balance for everyone.
"Another quarter of strong growth, ahead of our financial target"
| KEUR | 2021 Jul-Sep |
2020 Jul-Sep |
2021 Jan-Sep |
2020 Jan-Sep |
2020 Jan-Dec |
|---|---|---|---|---|---|
| Net sales | 34,280 | 23,714 | 94,170 | 66,681 | 98,284 |
| Net sales growth | 44.6% | 34.6% | 41.2% | 37.9% | 36.6% |
| Organic net sales growth | 34.0% | 31.9% | 36.1% | 23.9% | 27.3% |
| Organic growth excl ccy effects | 34.0% | 35.6% | 40.5% | 24.6% | 29.5% |
| Gross profit | 17,457 | 12,029 | 48,414 | 34,516 | 50,966 |
| Gross margin | 50.9% | 50.7% | 51.4% | 51.8% | 51.9% |
| Capitalised development cost | 1,920 | 1,334 | 5,745 | 4,621 | 6,377 |
| Operating Expenses | -12,830 | -9,738 | -38,751 | -28,719 | -44,032 |
| EBITDA | 6,547 | 3,625 | 15,407 | 10,418 | 13,311 |
| Items affecting comparability | 92 | 219 | 1,929 | 315 | 2,962 |
| Adjusted EBITDA | 6,639 | 3,844 | 17,337 | 10,733 | 16,273 |
| Adjusted EBITDA margin | 19.4% | 16.2% | 18.4% | 16.1% | 16.6% |
| FX gain/loss on operating items(1) | 754 | -373 | 605 | -270 | -629 |
| EPS, basic and diluted | 0.03 | -1.20 | 0.04 | -3.17 | -0.45 |
| Adjusted EPS, basic and diluted | 0.03 | 0.01 | 0.09 | 0.04 | 0.27 |
| Net Working Capital | 14,952 | 4,431 | 14,952 | 4,431 | 4,904 |
| Operating Cashflow | 4,657 | 2,892 | 3,417 | 10,961 | 12,395 |
| Net Debt(+) / Cash(-) | -45,935 | 5,509 | -45,935 | 5,509 | 6,537 |
(1) FX gain/loss from revaluation of operating balance sheet items have not been included in the Adjusted EBITDA
LTM Net sales (KEUR) & Quarterly Growth (%)
Net sales in the quarter increased by 44.6 percent to EUR 34.3m (23.7). Sales from GapFish, acquired on 1 June 2021, added EUR 2.5m to group sales. Organic growth was 34.0 percent and organic growth excluding currency effects was 34.0 percent. Net sales in the first nine months increased by 41.2 percent to EUR 94.2m (66.7).
Gross profit in the quarter increased by 45.1 percent to EUR 17.5m (12.0) and the gross margin amounted to 50.9 percent (50.7). Gross profit for the first nine months amounted to EUR 48.4m (34.5) and the gross margin amounted to 51.4 percent (51.8).
EBITDA in the quarter amounted to EUR 6.5m (3.6) and the EBITDA margin amounted to 19.1 percent (15.3). Deducting items affecting comparability for the quarter, i.e. in total EUR 0.1m relating to cost for strategic projects, the adjusted EBITDA amounted to EUR 6.6m (3.8) and the adjusted EBITDA margin amounted to 19.4 percent (16.2). Adjusted EBITDA, excluding the FX effect from the revaluation of operating balance sheet items, amounted to EUR 5.9m (4.2) and the margin 17.2% (17.8).
EBITDA in the first nine months amounted to EUR 15.4m (10.4) and the EBITDA margin amounted to 16.4 percent (15.6). Deducting items affecting comparability for the period, i.e EUR 1.9 (0.3) the adjusted EBITDA amounted to EUR 17.3m (10.7) and the adjusted EBITDA margin 18.4 percent (16.1). Adjusted EBITDA, excluding the FX effect from the revaluation of operating balance sheet items, amounted to EUR 16.7m (11.0) and the margin 17.8% (16.5).
The operating profit in the quarter amounted to EUR 4.0m (1.8) with an operating margin of 11.5 percent (7.8). Operating profit in the first nine months amounted to EUR 8.8m (5.2) with an operating margin of 9.4 percent (7.9).
Profit for the quarter amounted to EUR 4.0m (0.8) and EPS (basic and diluted) amounted to EUR 0.03 (-1.20). Profit for the first nine months amounted to EUR 8.0m (2.2) and EPS (basic and diluted) amounted to EUR 0.04 (-3.17).
The group's operating cash flow before changes in working capital in the quarter amounted to EUR 5.5m (2.5) and the net cash flow amounted to EUR -0.5m (-3.8).
The group's operating cash flow before changes in working capital for the first nine months amounted to EUR 13.8m (8.9) and the net cash flow amounted to EUR 44.3m (3.8).
The Group's investments in tangible fixed assets amounted to EUR 0.1m (28k) in the quarter. Investments in intangible fixed assets amounted to EUR 2.8m (1.8) and consisted of capitalised development costs for the platform, investments into new features and functions to support future growth. Cashflow from investing activities was also impacted by EUR 2.0m in the quarter related to closing adjustment of purchase price for the acquisition of GapFish GmbH done in the second quarter 2021.
The Group's investments in tangible and intangible fixed assets in the nine-month period totalled EUR 7.8m (6.1). Cash-flow from investing activities was also impacted by the acquisitions of GapFish GmbH and amounted to 19.7m (-) in the period.
For details on the depreciation and amortisation for the third quarter, please refer to note 7.
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.
During the quarter, net sales were impacted by EUR -4k (-423k) due to currency fluctuations. Net sales during the first nine months were impacted by EUR -2.1m (-0.3).
The revaluation of balance sheet items had a positive impact on the total operating expenses of EUR 0.8m (-0.4) during the quarter. For the first nine months, there was a positive impact of EUR 0.6m (-0.3). This impact is included in both EBITDA and adjusted EBITDA.
Net sales increased by 40 percent to EUR 15.3m (10.9). Sales growth was driven by a high level of customer intake as well as a strong growth in the existing customer base.
The Americas is the largest market, accounting for well over 50 percent of the global insights market. North America is the most advanced market in terms of using consumer intelligence and where corporations spend the most to gather insights. An innovation culture permeates the region, which is undergoing several shifts and trends, such as an increased insourcing and adoption of direct digital solutions. The US has grown at a high pace as it is the main driver of tech-enabled solutions globally.
Cint's strategy in the US is to leverage existing size and scale, optimizing sales execution and continuing to grow with its customers as well as through M&A.
Net sales increased by 53 percent to EUR 16.1m (10.5). Sales growth was driven by a strong customer intake and growth in the existing customer base. The acquisition of GapFish added EUR 2.5m to sales in the quarter. Excluding GapFish, the net sales growth was 29%.
The market is more fragmented than the Americas, with smaller Middle Eastern and African markets growing at a higher pace. The European region has a long experience in the survey field with a strong adoption of direct digital tools, i.e self-service models via tech-enabled insight platforms. There is an ongoing shift toward insourcing and adoption of direct digital tools reflected in the popularity and fast adoption of the self-service tools and insights software. With the acquisition of GapFish in June 2021, Cint has significantly strengthened its position in the large DACH region. Germany is the third largest market for market research, governed by some of the strictest data and privacy legislations in Europe.
Cint's focus is on maintaining the company's strong market position and exploring entries into new markets such as France, South Africa and Middle East.
Net sales increased by 28 percent to EUR 2.9m (2.3). The APAC region remained strong during the quarter, with many customers seeing a good development.
The APAC market is a fast-growing region, yet less developed than the Americas and EMEA and more fragmented due to cultural and language differences, forcing software providers to localise offerings to gain traction in local markets.
Similar to other markets, the insight market in the APAC region is undergoing a shift from offline to online, with direct digital-tools and software platforms acting as drivers of digitalisation, opening for significant market potential for such actors going forward.
Cint's focus continues to be on expanding customer reach, organically and structurally.
As at end of the third quarter, 97 percent of Cint's customers made a purchase at least once per quarter on average during the last twelve months.
The total number of active customers was 3,042 by the end of the third quarter 2021. This corresponded to an increase of 516 compared to the same period last year and 527 compared to year-end 2020. All regions contributed positively to this development.
Established insights companies
Net sales increased by 38 percent to EUR 21.5m (15.6) in the quarter.
Net sales increased by 58 percent to EUR 12.8m (8.1) in the quarter.
As at end of the third quarter, the average revenue adjusted customer tenure was 7.0 years which is computed as the aggregate of each customer's tenure multiplied by respective share of sales the last twelve months.
The total number of completed surveys during the last twelve months was 96 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. Increased digitalization and the rise of tech-enabled companies has also led to increased number of completes.
As at end of the third quarter, the total number of connected consumers (new and active in the last 12 months) was 145 million, an increase of 1 million since year-end 2020 and of 47 million since year-end 2019. The drivers to this increase were mainly:
The Group ended the quarter with a total cash position of EUR 51.1m (6.9m as at year end 2020) and a total debt of EUR 5.2m (13.4). Net cash was EUR 45.9m at the end of the third quarter compared to a net debt of EUR 6.5m as at year-end 2020.
On 19 February, Cint's shares commenced trading on Nasdaq Stockholm following an initial public offering. The offering comprised 72,000,000 shares of which 10,555,555 were newly issued shares. The newly issued shares provided Cint with proceeds of EUR 75.6m (SEK 760m) before transaction costs.
In connection with the outbreak of the Covid-19 pandemic, Cint was granted government loans and tax payment deferrals amounting to a total of EUR 3.1m which was registered as part of the net working capital and included in other current liabilities in the balance sheet. During the second and third quarter, all such grants have either been forfeited or settled. Cint does not have any remaining outstanding Covid-19 related loans.
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 on closing was split into EUR 20.4m in cash and EUR 5.1m in newly issued Cint shares.
On 18 February 2021, an extraordinary general meeting resolved to establish two share-based incentive programs: a warrant program and a share savings program. The vesting period of the share saving program starts in the beginning of Q4 2021. Please find details on these both programs in the Interim Report for January to June 2021.
In order to enable a continued fast paced execution of the company's strategic priorities, Cint's financial position and liquidity was strengthened in connection with the IPO in February 2021 through a new share issue amounting to in total EUR 81.1m before transaction cost.
At the end of the period, the Group's equity amounted to EUR 233.1m to be compared with EUR 139.2m as at year end 2020.
In the first quarter 2021, Cint entered into an agreement on a new EUR 50m senior unsecured revolving credit facility with SEB. The credit facility is designated to be applied towards acquisitions, working capital and general corporate purposes.
At the end of the period, the total number of FTEs (employees and consultants) was 445 (303). The average number of FTEs in the third quarter was 435 (292). The total number of employees was 308 (229) at the end of the period. The average number of employees during the quarter was 303 (229)
Organisational Updates In July 2021, Marie-Louise Howett assumed the position as Chief Human Resources Officer and will be part of the company's senior executive team.
The number of shares and votes changed as a result of a split of each share on ten (10) shares (a so-called share split 10:1) and the share issue of in total 11,324,139 shares that was carried out in connection with the admission to trading of the company's shares on Nasdaq Stockholm on 19 February 2021.
On 1 June, as part of the purchase price for the acquired shares in GapFish, Cint issued 587,254 shares to the sellers.
As of 30 September 2021, the total number of shares and votes was 137,221,803
A nomination committee has been established ahead of the annual general meeting 2022. The committee consist of Robert Furuhjelm (Chairman) appointed by Nordic Capital, Jan Dworsky appointed by Swedbank Robur, Emma Viotti appointed by Handelsbanken Fonder and Niklas Savander in the capacity of Chairman of the Board of Cint Group AB.
| Year-end report 2021 | 22 Feb 2022 |
|---|---|
| Annual report 2021 | 14 Apr 2022 |
| Interim report Q1 | 3 May 2022 |
| Interim report Q2 | 22 Jul 2022 |
| Interim report Q3 | 27 Oct 2022 |
On 23 November 2020, the company adopted the following financial targets and dividend policy:
The parent company's activities are focused on indirectly holding the shares in the operational group Cint AB and its subsidiaries. In addition, the parent company provides management services to the group which were scaled-up in the fourth quarter 2020 following the decision to list the company on Nasdaq Stockholm. 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 loss was SEK -0.4m (-0.5) in the third quarter and SEK -10.3m (-1.7) in the nine-month period. The parent company's financial position by end of the period, measured in terms of total equity in relation to total assets ratio, was 99 percent and it had a cash balance of SEK 200.2m, to be compared with a ratio of 98 percent and a cash balance of SEK 5.6m by end of December 2020.
CEO Tom Buehlmann and CFO Joakim Andersson will present the results through a telephone conference which will be held at 11.00 CEST on 25 October. 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: +468-566 427 04 International: +44 333 300 9267 US: +1 631 913 1422 US-PIN: 1763 3011#
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 | 2021 Jul-Sep |
2020 Jul-Sep |
2021 Jan-Sep |
2020 Jan-Sep |
2020 Jan-Dec |
|---|---|---|---|---|---|---|
| Net Sales | 4 | 34,280 | 23,714 | 94,170 | 66,681 | 98,284 |
| Cost of services sold | -16,823 | -11,685 | -45,756 | -32,165 | -47,318 | |
| Capitalised development cost | 1,920 | 1,334 | 5,745 | 4,621 | 6,377 | |
| Personnel expenses | -8,224 | -6,476 | -24,496 | -18,797 | -26,805 | |
| Other operating income | 815 | -319 | 2,055 | -164 | -497 | |
| Other external expenses | -5,422 | -2,943 | -16,311 | -9,759 | -16,730 | |
| EBITDA | 6,547 | 3,625 | 15,407 | 10,418 | 13,311 | |
| Depreciation | 7 | -391 | -300 | -1,066 | -892 | -1,192 |
| EBITA | 6,155 | 3,326 | 14,342 | 9,527 | 12,119 | |
| Amortisation and impairment | 7 | -2,197 | -1,485 | -5,523 | -4,281 | -5,828 |
| Operating profit/loss | 3,958 | 1,841 | 8,819 | 5,246 | 6,290 | |
| Net financial income/expenses | 9 | 859 | -837 | 1,349 | -2,300 | -2,791 |
| Earnings before tax | 4,817 | 1,004 | 10,168 | 2,945 | 3,500 | |
| Income tax expense | -826 | -210 | -2,171 | -770 | -613 | |
| Profit/loss for the period | 3,991 | 793 | 7,997 | 2,176 | 2,886 | |
| Profit/loss for the period attributable to: |
||||||
| Parent Company shareholders | 3,991 | 793 | 7,997 | 2,176 | 2,886 | |
| 2021 | 2020 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|---|
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec | |
| Earnings per share before and after dilution, EUR |
0.03 | -1.20 | 0.04 | -3.17 | -0.45 |
| 2021 Jul-Sep |
2020 Jul-Sep |
2021 Jan-Sep |
2020 Jan-Sep |
2020 Jan-Dec |
|
|---|---|---|---|---|---|
| Profit/loss for the period | 3,991 | 793 | 7,997 | 2,176 | 2,886 |
| Other comprehensive income Items that may be transferred to income |
|||||
| Exchange differences on translation of foreign operations |
-642 | -2,166 | 279 | -4,398 | -3,620 |
| Other comprehensive income for the period |
-642 | -2,166 | 279 | -4,398 | -3,620 |
| Total comprehensive income for the period |
3,349 | -1,373 | 8,276 | -2,222 | -734 |
| 2021 | 2020 | 2020 | |
|---|---|---|---|
| KEUR | 30 Sep | 30 Sep | 31 Dec |
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 122,906 | 100,212 | 100,714 |
| Other intangible assets | 50,014 | 35,504 | 36,214 |
| Right-of-use assets | 2,728 | 2,559 | 2,869 |
| Equipment, tools and installations | 777 | 577 | 606 |
| Other financial assets | 252 | 231 | 234 |
| Deferred tax assets | 4,986 | 5,051 | 5,226 |
| Total non-current assets | 181,663 | 144,133 | 145,862 |
| Current assets | |||
| Accounts receivable | 38,144 | 22,840 | 27,282 |
| Current tax assets | 55 | 6 | 81 |
| Other receivables | 403 | 38 | 31 |
| Prepaid expenses and accrued income | 16,768 | 14,786 | 19,539 |
| Cash and cash equivalents | 51,098 | 6,286 | 6,909 |
| Total current assets | 106,468 | 43,955 | 53,842 |
| TOTAL ASSETS | 288,131 | 188,088 | 199,704 |
| 2021 | 2020 | 2020 | |
| KEUR | 30 Sep | 30 Sep | 31 Dec |
| EQUITY | |||
| Total equity attributable to the | |||
| shareholders of the parent company | 233,116 | 137,674 | 139,162 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Borrowings | 2,520 | 5,044 | 5,366 |
| Lease liabilities | 1,668 | 1,904 | 1,811 |
| Deferred tax liabilities | 7,749 | 4,985 | 4,878 |
| Total non-current liabilities | 11,937 | 11,932 | 12,055 |
| Current liabilities | |||
| Lease liabilities | 975 | 564 | 959 |
| Account payables | 15,209 | 8,787 | 12,446 |
| Bank overdraft facilities | - | 4,284 | 5,310 |
| Other current liabilities | 3,893 | 4,890 | 4,688 |
| Accrued expenses and deferred income | 23,001 | 19,958 | 25,084 |
| Total current liabilities | 43,078 | 38,483 | 48,486 |
| 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 January 2020 | 1,122 | 111,371 | -5,777 | 990 | 107,706 |
| Profit/loss for the period Jan-Sep | 2,176 | ||||
| Other comprehensive income | -4,398 | ||||
| Total comprehensive income | -4,398 | 2,176 | 2,176 | ||
| Transactions with shareholders of the parent company: New share issue |
178 | 32,012 | 32,189 | ||
| Total transactions with shareholders of the parent company: |
178 | 32,012 | 32,189 | ||
| Closing balance, 30 September 2020 | 1,300 | 143,383 | -10,175 | 3,166 | 137,674 |
| Profit/loss for the period Oct-Dec | |||||
| Other comprehensive income | 778 | 710 | |||
| Total comprehensive income | 778 | 710 | 1,488 | ||
| Closing balance, 31 December 2020 | 1,300 | 143,383 | -9,397 | 3,876 | 139,162 |
| Profit/loss for the period | 7,997 | ||||
| Other comprehensive income | 279 | ||||
| Total comprehensive income | 279 | 7,997 | 8,276 | ||
| Transactions with shareholders of the parent company: |
|||||
| New share issue | 118 | 86,043 | 86,161 | ||
| Transaction cost net of tax | -2,435 | -2,435 | |||
| Share based incentive program | 1,953 | 1,953 | |||
| Total transactions with shareholders of the parent company: |
118 | 85,561 | 85,679 | ||
| Closing balance, 30 Sep, 2021 | 1,418 | 228,944 | -9,118 | 11,873 | 233,116 |
| KEUR | 2021 Jul-Sep |
2020 Jul-Sep |
2021 Jan-Sep |
2020 Jan-Sep |
2020 Jan-Dec |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Operating profit/loss | 3,958 | 1,841 | 8,819 | 5,246 | 6,290 |
| Adjustments for non-cash items | 1,930 | 1,281 | 5,642 | 4,735 | 6,309 |
| Interest received | 0 | 9 | 3 | 19 | 25 |
| Interest paid | -75 | -29 | -126 | -285 | -337 |
| Income tax paid | -313 | -602 | -566 | -778 | -625 |
| Cash flow from operating activities before changes in working capital |
5,500 | 2,500 | 13,772 | 8,937 | 11,663 |
| Cash flow from changes in working capital |
-843 | 392 | -10,355 | 2,024 | 732 |
| Cash flow from operating activities | 4,657 | 2,892 | 3,417 | 10,961 | 12,395 |
| Cash flow from investing activities | -4,855 | -1,782 | -27,449 | -6,074 | -7,881 |
| Cash flow from financing activities | |||||
| Bank overdraft facility | - | -4,646 | -5,310 | -3,148 | -1,842 |
| Repayment of lease liabilities | -316 | -251 | -900 | -745 | -973 |
| New shares issue | - | 75,572 | 2,850 | 2,850 | |
| Transaction cost new share issue | - | -2,982 | - | ||
| Proceeds from share-based incentive program |
0 | 1,953 | - | ||
| Cash flow from financing activities | -316 | -4,897 | 68,333 | -1,043 | 35 |
| Net cash flow | -515 | -3,787 | 44,301 | 3,844 | 4,549 |
| Decrease/increase of cash and cash equivalents Cash and cash equivalents at the beginning of the period Currency translation difference in |
51,665 -53 |
10,158 -85 |
6,909 -113 |
2,570 -128 |
2,570 -210 |
| cash and cash equivalents Cash and cash equivalents at the end of the period |
51,098 | 6,286 | 51,098 | 6,286 | 6,909 |
| KSEK | 2021 Jul-Sep |
2020 Jul-Sep |
2021 Jan-Sep |
2020 Jan-Sep |
2020 Jan-Dec |
|---|---|---|---|---|---|
| Net sales | 13,065 | - | 40,578 | - | 26,850 |
| Personnel expenses | -7,649 | - | -22,183 | - | -5,033 |
| Other external expenses | -5,790 | -517 | -28,658 | -1,716 | -23,377 |
| Operating profit/loss | -374 | -517 | -10,263 | -1,716 | -1,559 |
| Result from financial investments Interest expenses and similar profit/loss items |
- | -60 | -30 | -137 | -181 |
| Total net financial items | - | -60 | -30 | -137 | -181 |
| Earnings before tax | -374 | -577 | -10,293 | -1,853 | -1,740 |
| Taxes for the period | 67 | 108 | 2,227 | 382 | 186 |
| Net loss/profit for the period | -307 | -469 | -8,066 | -1,471 | -1,554 |
In the Parent Company, no items are recognized in other comprehensive income and, therefore, total comprehensive income for the period was consistent with income for the period.
As the Parent Company's functional currency is SEK, all parent company financials are reported in KSEK.
| KSEK | 2021 30 Sep |
2020 30 Sep |
2020 31 Dec |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Shares in subsidiary | 1,631,025 | 1,396,102 | 1,373,148 |
| Ch Intercompany receivables | - | - | - |
| Deferred tax assets | 11,281 | 2,781 | 2,586 |
| Total non-current assets | 1,642,306 | 1,398,883 | 1,375,734 |
| Current assets | |||
| Intercompany receivables | 419,746 | - | 44,759 |
| Other current receivables | 3,642 | - | |
| Prepaid expenses and accrued income | 6,116 | 401 | 116 |
| Total current receivables | 429,504 | 401 | 44,875 |
| Cash and cash equivalents | 200,154 | 1,829 | 5,574 |
| Total current assets | 629,658 | 2,230 | 50,449 |
| TOTAL ASSETS | 2,271,964 | 1,401,113 | 1,426,183 |
| 2021 | 2020 | 2020 | |
| KSEK | 30 Sep | 30 Sep | 31 Dec |
| EQUITY AND LIABILITIES | |||
| Total restricted equity | 13,722 | 12,531 | 12,531 |
| Total non-restricted equity | 2,234,897 | 1,382,312 | 1,382,229 |
| Total equity | 2,248,619 | 1,394,843 | 1,394,760 |
| Current liabilities | |||
| Accounts payable | 8,565 | 6 | 1,180 |
| Intercompany liabilities | 13 | - | 5,894 |
| Other liabilities | 2,613 | 6,263 | 5,480 |
| Accrued expenses and deferred income | 12,154 | - | 18,869 |
| Total current liabilities | 23,345 | 6,270 | 31,423 |
| TOTAL EQUITY AND LIABILITIES | 2,271,964 | 1,401,113 | 1,426,183 |
As the Parent Company's functional currency is SEK, all parent company financials are reported in KSEK.
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 25 October 2021.
Cint applies International Financial Reporting Standards (IFRS) as adopted by the EU. The accounting policies applied are consistent with those described in the 2020 Annual Report for Cint Group AB (publ). 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.
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:
An account of the Group's material financial and business risks can be found in the administration report and under Note 3 in the 2020 Annual Report. The current Covid-19 pandemic continues to affect all global markets and the Group is following the situation on continuously basis. As described in the sections "Comment by the CEO" and "The Group's Financial Position", no direct effects have been noted on the company's financial performance yet. No further significant risks are deemed to have arisen during the period.
| 2021 | 2020 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|---|
| Net sales by region | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec |
| Americas | 15,278 | 10,941 | 42,307 | 30,146 | 44,909 |
| EMEA | 16,088 | 10,502 | 43,696 | 30,379 | 44,171 |
| APAC | 2,914 | 2,271 | 8,167 | 6,156 | 9,204 |
| Total | 34,280 | 23,714 | 94,170 | 66,681 | 98,284 |
| 2021 | 2020 | 2021 | 2020 | 2020 | |
| Net sales by customer segment | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec |
| Established insights companies | 21,507 | 15,626 | 58,563 | 43,368 | 62,897 |
| Tech-enabled companies | 12,772 | 8,087 | 35,607 | 23,313 | 35,386 |
| Total | 34,280 | 23,714 | 94,170 | 66,681 | 98,284 |
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.
| 2021 Jul-Sep |
2020 Jul-Sep |
2021 Jan-Sep |
2020 Jan-Sep |
2020 Jan-Dec |
|
|---|---|---|---|---|---|
| Earnings per share before and after dilution, EUR |
0.03 | -1.20 | 0.04 | -3.17 | -0.45 |
| Calculation of earnings per share: Earnings attributable to Parent Company shareholders, KEUR |
3,991 | 793 | 7,997 | 2,176 | 2,886 |
| Interest attributable to preference shares, KEUR |
- | -4,345 | -2,581 | -11,251 | -15,782 |
| Total | 3,991 | -3,555 | 5,416 | -9,076 | -12,896 |
| Weighted average number of ordinary shares |
137,221,803 | 2,969,832125,013,748 | 2,867,385 | 28,844,591 | |
| Number of potential shares from warrants | 608,017 | - | 159,608 | - | - |
| 2021 Jul-Sep |
2020 Jul-Sep |
2021 Jan-Sep |
2020 Jan-Sep |
2020 Jan-Dec |
|
|---|---|---|---|---|---|
| Adjusted Earnings per share before and after dilution, EUR |
0.03 | 0.01 | 0.09 | 0.04 | 0.27 |
| Calculation of adjusted earnings per share(1) | |||||
| Earnings attributable to Parent Company shareholders, KEUR |
3,991 | 793 | 7,997 | 2,176 | 2,886 |
| Adjustment for items affecting comparability(2), KEUR |
72 | - | 1,532 | - | 2,352 |
| Add-back of amortization of intangible | |||||
| assets from acquisitions(2), KEUR | 565 | 583 | 1,645 | 1,778 | 2,431 |
| Total | 4,628 | 1,376 | 11,174 | 3,954 | 7,669 |
| Weighted average number of ordinary shares |
137,221,803 | 98,581,922 | 125,013,748 | 90,272,870 | 28,844,591 |
| Number of potential shares from warrants | 608,017 | - | 159,608 | - | - |
(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
| 2021 | 2020 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|---|
| KEUR | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec |
| EBITDA | 6,547 | 3,625 | 15,407 | 10,418 | 13,311 |
| Depreciations | -391 | -300 | -1,066 | -892 | -1,192 |
| EBITA | 6,155 | 3,326 | 14,342 | 9,527 | 12,119 |
| Amortization of capitalised development cost |
-881 | -702 | -2,800 | -1,895 | -2,663 |
| Amortization of acquired assets | -1,316 | -783 | -2,723 | -2,386 | -3,166 |
| Operating profit/loss | 3,958 | 1,841 | 8,819 | 5,246 | 6,290 |
On 1 June, Cint acquired GapFish GmbH, a Berlin based market research company that operates online panel community for the DACH region.
The contribution from acquisitions to Group revenue for the period was EUR 0.9m, with operating profit of EUR 0.4m. If the company had been owned for the full year, the company would have contributed revenue of approximately EUR 4.7m and operating profit of EUR 0.5m.
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 September 2021 the unpaid purchase consideration amounts to 2.5 m.
| KEUR | GapFish |
|---|---|
| Goodwill | 20,182 |
| Other intangible assets | 11,478 |
| Other fixed assets | 303 |
| Short term receivables | 2,218 |
| Cash and cash equivalents | 2,674 |
| Short and long term liabilities | -6,739 |
| Purchase consideration | 30,116 |
| Paid by new share issue | 5,275 |
| Unpaid purchase consideration | 2,520 |
| Paid purchase consideration | 22,321 |
| Cash and cash equivalents in the aquired company | 2,674 |
| Paid purchase consideration net of cash and cash equivalents in the aquired | |
|---|---|
| company | 19,647 |
| 2021 Jul-Sep |
2020 Jul-Sep |
2021 Jan-Sep |
2020 Jan-Sep |
2020 Jan-Dec |
|
|---|---|---|---|---|---|
| Interest income | 108 | 9 | 111 | 19 | 25 |
| Interest expenses | 115 | -329 | -126 | -1,883 | -2,052 |
| Realised and unrealised currency | |||||
| effects | 636 | -517 | 1,364 | -437 | -763 |
| Financial income/expenses net | 859 | -837 | 1,349 | -2,300 | -2,791 |
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 metrics |
Definition | Reason for use of metrics |
|---|---|---|
| Net sales growth | Change in net sales compared to same period 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 acquisitions/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, amortisation and impairment. |
Operating profit/loss before depreciation, amortisation and impairment on tangible and intangible non-current assets. The purpose is to assess the Group's operational activities. EBITDA is a supplement to operating 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 amortisation of intangible non current assets. |
Operating profit/loss before amortisation of intangible non-current assets. The purpose is to assess the Group's operational activities. 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 interest 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, amortisation and impairment adjusted for items affecting comparability. |
EBITDA adjusted for items affecting comparability. The purpose is to show EBITDA excluding items that affect comparison with other periods. |
| Adjusted EBITDA margin | Adjusted EBITDA in relation to the Company'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 amortisation and impairment and not amortisation of intangible assets from acquisitions adjusted for items affecting comparability. |
EBITA adjusted for items affecting comparability. The purpose is to show EBITA excluding items that affect comparison with other periods. |
| Adjusted EBITA margin | 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 |
Adjusted operating profit/loss in relation to net sales. To readers of financial reports, the |
| sales. | 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 assets from acquisitions (net of tax effect) and interest attributable to preference share. |
Adjusted EPS shows the company's underlying 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 |
| Repeat buying | Customers that have made a purchase at least once per quarter on average during the last twelve months |
The repeat buying gives an indication on the customer loyalty and stickiness of the offering |
| Average customer tenure | The aggregate of each customer's tenure multiplied by respective share of sales the last twelve months |
The average customer tenure gives an indication on the customer loyalty and stickiness of the offering |
|||
|---|---|---|---|---|---|
| Connected consumers | Total registered as new and active panellists in the last 12 months |
- |
| Alternative Performance Measures, KEUR | 2021 | 2020 | 2021 | 2020 | 2020 |
|---|---|---|---|---|---|
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec | |
| Net sales previous period | 23,714 | 17,621 | 66,681 | 48,360 | 71,951 |
| Net sales current period | 34,280 | 23,714 | 94,170 | 66,681 | 98,284 |
| Net sales growth | 44.6% | 34.6% | 41.2% | 37.9% | 36.6% |
| Whereof acquired net sales previous period | - | 2,082 | - | 2,082 | 2 082 |
| Whereof acquired net sales current period | 2,501 | 3,223 | 3,440 | 9,346 | 9 346 |
| Net sales excluding acquired net sales previous period |
23,714 | 15,539 | 66,681 | 46,279 | 69,869 |
| Net sales excluding acquired net sales current period |
31,779 | 20,490 | 90,730 | 57,335 | 88,938 |
| Organic growth | 34.0% | 31.9% | 36.1% | 23.9% | 27.3% |
| Of which currency effects | -4 | -423 | -2,088 | -264 | -1,216 |
| Organic growth excluding currency effects, % | 34.0% | 35.6% | 40.5% | 24.6% | 29.6% |
| Net sales | 34,280 | 23,714 | 94,170 | 66,681 | 98,284 |
| Cost of services sold | -16,823 | -11,685 | -45,756 | -32,165 | -47,318 |
| Gross profit | 17,457 | 12,029 | 48,414 | 34,516 | 50,966 |
| Gross margin | 50.9% | 50.7% | 51.4% | 51.8% | 51.9% |
| Net sales | 34,280 | 23,714 | 94,170 | 66,681 | 98,284 |
| Operating profit/loss | 3,958 | 1,841 | 8,819 | 5,246 | 6,290 |
| Operating margin, % | 11.5% | 7.8% | 9.4% | 7.9% | 6.4% |
| Amortisation and write-offs of acquisition-related intangible assets |
1,316 | 783 | 2,723 | 2,386 | 3,166 |
| Amortisation of capitalised development expenses | 881 | 702 | 2,800 | 1,895 | 2,663 |
| EBITA | 6,155 | 3,326 | 14,342 | 9,527 | 12,119 |
| EBITA margin, % | 18.0% | 14.0% | 15.2% | 14.3% | 12.3% |
| Depreciation of tangible non-current assets | 391 | 300 | 1,066 | 892 | 1,192 |
| EBITDA | 6,547 | 3,625 | 15,407 | 10,418 | 13,311 |
| EBITDA margin, % | 19.1% | 15.3% | 16.4% | 15.6% | 13.5% |
| Items affecting comparability | |||||
| Compensation related costs | - | 70 | - | 70 | 70 |
| Cost for strategic projects | 92 | - | 3,270 | 91 | 2,738 |
| Covid related US PPP loans | - | - | -1,340 | - | - |
| Other | - | 149 | - | 154 | 154 |
| Items affecting comparability | 92 | 219 | 1,929 | 315 | 2,962 |
| FX gain/loss on operating balance sheet items | 754 | -373 | 605 | -270 | -629 |
| Adjusted operating profit | 4,050 | 2,060 | 10,748 | 5,560 | 9,252 |
| Adjusted operating margin, % | 11.8% | 8.7% | 11.4% | 8.3% | 9.4% |
| Adjusted EBITA | 6,247 | 3,544 | 16,271 | 9,842 | 15,081 |
| Adjusted EBITA margin, % | 18.2% | 14.9% | 17.3% | 14.8% | 15.3% |
| Adjusted EBITDA | 6,639 | 3,844 | 17,337 | 10,733 | 16,273 |
| Adjusted EBITDA margin, % | 19.4% | 16.2% | 18.4% | 16.1% | 16.6% |
| Adjusted EBITDA, excl FX gain/loss on | |||||
| operating balance sheet items | 5,885 | 4,217 | 16,732 | 11,003 | 16,902 |
| Adjusted EBITDA excl FX gain/loss on operating balance sheet items, % |
17.2% | 17.8% | 17.8% | 16.5% | 17.2% |
| Accounts receivable Other current receivable Accounts payable |
38,144 17,164 -15,209 |
22,840 14,823 -8,742 |
38,144 17,164 -15,209 |
22,840 14,823 -8,742 |
27,282 19,569 -12,446 |
|---|---|---|---|---|---|
| Other current liabilities | -25,146 | -24,490 | -25,146 | -24,490 | -29,502 |
| Net working capital | 14,952 | 4,431 | 14,952 | 4,431 | 4,904 |
| Bank overdraft facilities | - | 4,284 | - | 4,284 | 5,310 |
| Other interest-bearing liabilities (Borrowings) | 2,520 | 5,044 | 2,520 | 5,044 | 5,366 |
| Lease liabilities – Long term | 1,668 | 1,904 | 1,668 | 1,904 | 1,811 |
| Lease liabilities – Short term | 975 | 564 | 975 | 564 | 959 |
| Total interest-bearing debt | 5,163 | 11,795 | 5,163 | 11,795 | 13,446 |
| Cash and cash equivalents | 51,098 | 6,286 | 51,098 | 6,286 | 6,909 |
| Net debt | -45,935 | 5,509 | -45,935 | 5,509 | 6,537 |
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.
| 2021 | 2020 | 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| KEUR | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
| Net sales | 34,280 | 31,744 | 28,147 | 31,603 | 23,714 | 21,821 | 21,146 | 23,590 | 17,621 |
| Net sales growth, % | 44.6% | 45.5% | 33.1% | 34.0% | 34.6% | 36.1% | 43.8% | 59.2% | 40.1% |
| Gross profit | 17,457 | 16,460 | 14,497 | 16,449 | 12,029 | 11,135 | 11,353 | 12,806 | 9,659 |
| Gross margin, % | 50.9% | 51.9% | 51.5% | 52.1% | 50.7% | 51.0% | 53.7% | 54.3% | 54.8% |
| EBITDA | 6,547 | 5,737 | 3,124 | 2,892 | 3,625 | 3,719 | 3,074 | 930 | 1,619 |
| EBITDA margin, % | 19.1% | 18.1% | 11.1% | 9.2% | 15.3% | 17.0% | 14.5% | 3.9% | 9.2% |
| Adjusted EBITDA | 6,639 | 5,163 | 5,535 | 5,539 | 3,844 | 3,720 | 3,169 | 3,069 | 1,798 |
| Adjusted EBITDA margin, % | 19.4% | 16.3% | 19.7% | 17.5% | 16.2% | 17.0% | 15.0% | 13.0% | 10.2% |
| Non-recurring items | 92 | -574 | 2,411 | 2,647 | 219 | 1 | 95 | 2,139 | 179 |
| Operating profit/loss | 3,958 | 3,683 | 1,177 | 1,045 | 1,841 | 1,980 | 1,424 | -644 | 202 |
| Operating margin, % | 11.5% | 11.6% | 4.2% | 3.3% | 7.8% | 9.1% | 6.7% | -2.7% | 1.1% |
| Rolling 12-month | |||||||||
| Net sales | 125,773 | 115,207 | 105,285 | 98,284 | 90,271 | 84,178 | 78,392 | 71,951 | 63,183 |
| Gross profit | 64,863 | 59,435 | 54,110 | 50,966 | 47,322 | 44,953 | 42,228 | 38,794 | 33,710 |
| EBITDA | 18,300 | 15,379 | 13,361 | 13,311 | 11,348 | 9,342 | 6,731 | 4,833 | 3,663 |
| Adjusted EBITDA | 22,877 | 20,082 | 18,638 | 16,273 | 13,802 | 11,756 | 9,392 | 7,421 | 5,085 |
| Gross margin, % | 51.6% | 51.6% | 51.4% | 51.9% | 52.4% | 53.4% | 53.9% | 53.9% | 53.4% |
| EBITDA margin, % | 14.6% | 13.3% | 12.7% | 13.5% | 12.6% | 11.1% | 8.6% | 6.7% | 5.8% |
| Adjusted EBITDA margin, % | 18.2% | 17.4% | 17.7% | 16.6% | 15.3% | 14.0% | 12.0% | 10.3% | 8.0% |
The undersigned hereby confirm that this interim report for the period January-September 2021 provides a true and fair overview of the operations, financial position and results of the parent company and the Group and describes material risks and factors of uncertainties faced by the parent company and the companies in the Group.
Stockholm 25 October 2021
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 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 25 October 2021.
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.
Cint Group AB (publ) org nr 559040-3217
We have reviewed the condensed interim financial information (interim report) of Cint group AB (publ) as of 30 September 2021 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, October the 25th 2021
PricewaterhouseCoopers AB
Nicklas Kullberg Authorized Public Accountant
Cint was founded in 1998 and is a global software leader in the global insights market. Through its software platform, Cint allows corporations and market research agencies to obtain high quality insights, on a global scale, in a time- and costefficient way. Cint is positioned in the middle of the insights industry, connecting corporations seeking insights with connected consumers who are being incentivised to complete online consumer interviews.
As per 30 September 2021, Cint had a global footprint of over 145 million connected consumers across more than 130 countries and more than 3,000 B2B customers across 72 countries that use Cint to accelerate how they gather consumer insights and boost business growth. Cint's headquarters are located in Stockholm, Sweden, with 14 global offices including London, New York, Tokyo and Sydney. As per 30 September 2021, the Company had 445 FTEs.
The Company's business model comprises its proprietary software platform to provide instant access to the world's largest global network of connected consumers and to increase speed, efficiency and reduce cost for customers conducting insight gathering. The Company's back-end platform is built on micro services that provide a scalable architecture and facilitate fast, agile and continuous delivery of new functionalities. Cint operates a cloud-based multitenanted platform, implying capacity on tap with real-time up- and downscaling of data capacity and scalable product development processes. The multi-tenant platform structure entails several benefits, including cost efficiencies within maintenance and support, faster time to market for new functionality and broad adoption and gains amongst Cint's customer base.
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