TradeDoubler

Quarterly Report • Nov 6, 2020

Interim Report January-September 2020

TABLE OF CONTENTS

Summary	3
Financial Overview	4
CEO Comments	5
Tradedoubler – Connect and Grow	6
The Group's Results	7
Operational Segments	9
Miscellaneous	13
Financial Reporting	16
Key Ratios	23
Definitions	24

SUMMARY

The third quarter July - September 2020

• Net sales amounted to SEK 285 M (280) an increase of 2% or 5% adjusted for changes in exchange rates compared to the same period last year.
• Gross profit was SEK 59 M (62), a decrease of -4% and -1% adjusted for changes in exchange rates. Gross margin was 20.7% (22.0).
• Operating costs excluding depreciation and change related items were SEK 42M (48), a decrease of -14% or -10% adjusted for changes in exchange rates.
• EBITDA amounted to SEK 16 M (12). Adjusted for change related items, EBITDA was SEK 17 M (13).
• Capitalised expenses for product development were SEK 6 M (5).
• Cash flow from operating activities was SEK 15 M (-37) and the sum of cash and interestbearing financial assets was SEK 56 M (25) at the end of the third quarter. Net cash in the third quarter increased by SEK 6 M to SEK -74 M.
• Earnings per share, before and after dilution were SEK -0.07 (-0.14).
• The tax authorities in the United Kingdom and Sweden have during the third quarter 2020 reached a mutual agreement on the double taxation procedure which is described in the 2019 annual report on page 28. The result of the agreement is that the tax adjustment is divided between the two jurisdictions in an equal proportion. Tradedoubler has in previous periods booked a tax receivable of SEK 14 M related to this issue, but based on a final agreement between competent authorities a cash tax refund around SEK 6 M will be received by the parent company, while the UK subsidiary is expected to receive a cash tax refund of SEK 1 M. The remainder will be rewarded as unused tax credit. This has resulted in a writedown of approximately SEK 7 M during the third quarter. The revised declarations will be submitted during the fourth quarter. The carrying amounts are based on the most probable result.

The interim period January - September 2020

• Net sales amounted to SEK 877 M (876), which is in line with the comparing period or -1% adjusted for changes in exchange rates compared to the same period last year.
• Gross profit was SEK 187 M (193), a decrease of -3% and -3% adjusted for changes in exchange rates. Gross margin was 21.3% (22.0).
• Operating costs excluding depreciation and change related items were SEK 141M (157), a decrease of -10% or -9% adjusted for changes in exchange rates.
• EBITDA amounted to SEK 45 M (32). Adjusted for change related items, EBITDA was SEK 46 M (36).
• Capitalised expenses for product development were SEK 17 M (16).
• Cash flow from operating activities was SEK 40 M (11) and the sum of cash and interestbearing financial assets was SEK 56 M (25) at the end of the interim period. Net cash in the interim period increased by SEK 12 M to SEK -74 M.
• Earnings per share, before and after dilution were SEK -0.06 (-0.35).
• The outbreak of covid-19 has had a mixed impact on the results of the interim period. Certain segments and markets have benefited from the situation while mainly the travel segment has declined sharply. Group management has taken an active role in controlling the company's costs as a response to the covid-19 crisis which has led to improved profitability compared to last year. The impact of the covid-19 crisis going forward is hard to estimate as most segments of the business are affected. The fourth quarter will like previous periods be very dependent on macroeconomic circumstances which may change daily.

FINANCIAL OVERVIEW

SEK M	Jul-Sep 2020	Jul-Sep 2019	Jan-Sep 2020	Jan-Sep 2019
Net Sales	285	280	877	876
Gross profit adjusted for change related items	59	62	187	193
Gross margin (%)	20.7%	22.0%	21.3%	22.0%
Operating costs excl. depreciation and change related costs	-42	-48	-141	-157
EBITDA adjusted for change related items	17	13	46	36
EBITDA-margin adjusted for change related items (%)	6.1%	4.8%	5.2%	4.1%
Change related items1	-1	-2	-1	-4
EBITDA	16	12	45	32
Operating profit (EBIT)	8	2	17	5
Net profit	-3	-6	-3	-16
Net investments in non-financial fixed assets	-6	-5	-17	-16
Cash flow from operating activities	15	-37	40	-25
Liquid assets including financial investments, at period's end	56	25	56	25
Net cash2 , at period's end	-74	-113	-74	-113

¹ For more information regarding change related items see page 10

² Liquid assets less interest-bearing liabilities

CEO COMMENTS

"Tradedoubler´s results in the third quarter 2020 are to a large extent influenced by the covid-19 crisis.

How our clients are impacted by the crisis is reflected as well in the performance of their programs and campaigns at Tradedoubler. Travel programs and campaigns are significantly reduced as well as all entertainment related businesses. Ecommerce related activities are growing largely resulting in 5% revenue growth in Q3 2020.

The slightly reduced margin of 20.7% is related to a lower share of campaigns business in our portfolio which is linked to the crisis as well. Clients invest more budget into pure performance activities and less into exposure campaigns which usually have a higher margin.

Costs remain lower and EBITDA in Q3 therefore increased again to 17m SEK with an improved EBITDA margin of 6.1%.

The crisis will continue to impact our business in the coming quarters. It is uncertain for us to what extent as the affect will depend largely on macro-economic circumstances.

At the end of October we launched TD Grow, a smart self-service affiliate platform for smaller and medium sized businesses. This new product complements our existing serviced solutions and addresses a new target group for Tradedoubler. After a successful pre-launch in July clients have created already more than 200 affiliate programs on this platform."

Stockholm – 6 November 2020 Matthias Stadelmeyer

TRADEDOUBLER – CONNECT AND GROW

For advertisers and publishers, who want to grow their business, Tradedoubler offers performance marketing and technology solutions powering a unique network of connections. Combining over 20 years of digital marketing innovation and expertise, global presence and a market leading technology platform we offer tailored performance solutions based on our clients' needs.

• Industry-leading affiliate marketing network: Affiliate marketing is a risk-free solution for advertisers looking to increase sales or leads as they only pay for results.
• Private-label partner management platform: Our award-winning technology platform allows advertisers, publishers or agencies to manage partnerships directly themselves or setup and run their own private affiliate network.
• Campaign management: We offer performance-based campaigns tailored to our client´s needs and based on programmatic and non-programmatic inventory. From lead generation to display, native advertisement, video and app install.
• Market-leading business intelligence: Data driven insights including user journey reporting and analysis to optimize digital ad spend for the best return across all channels.

Building and growing relations is our lifeblood and our key expertise for more than 20 years. 230 employees based in 14 offices connect advertisers and publishers in more than 80 countries around the globe to grow their business.

With our performance marketing solutions and through our network of 180.000 publishers we generate over 8 billion Euro in revenue, more than 3 billion clicks and 58 million conversions for our clients per year.

THE GROUP'S RESULTS

If not explicitly stated, the disclosed financial information refers to reported numbers that are not adjusted for change related items nor changes in exchange rates. For more information regarding change related items see page 10.

Consolidated net sales during the interim period were SEK 877 M (876), which was in line with the same period last year. Adjusted for changes in exchange rates the increase was 1 per cent.

Consolidated net sales during the third quarter were SEK 285 M (280) which was a decrease of -1 per cent. Adjusted for changes in exchange rates the increase in net sales was 5%. The covid-19 crisis has severely impacted the net sales of travel clients which prior to the crisis has been a large part of the total business of Tradedoubler. This decrease has been covered to a large extent by other growing segments like the retail segment.

Gross profit during the interim period was SEK 187 M (193) which was a decrease of -3 per cent and equally much adjusted for changes in exchange rates.

Gross profit during the third quarter was SEK 59 M (62) which was a decrease of -4 per cent or -1 per cent adjusted for changes in exchange rates. The decline in gross profit is mainly due to the fact that campaigns with high margins decreased sharply compared to the previous year.

Gross margin during the interim period was 21.3 per cent (22.0) and 20.7 per cent (22.0%) during the third quarter.

Operating costs, excluding depreciation, amounted to SEK 142 M (160) during the interim period. Operating costs, excluding change related items and depreciation, were SEK 141 M (157). This was a decrease of -10 per cent or -9 per cent adjusted for changes in exchange rates.

Operating costs, excluding depreciation, amounted to SEK 43 M (50) during the third quarter. Operating costs, excluding change related items and depreciation, were SEK 42 M (48). This was a decrease of -14 per cent or a change of -10 per cent adjusted for changes in exchange rates. The decreased costs are mainly related to fewer employees compared to last year. Other variable costs have been reduced as well as reaction to the covid-19 crisis.

Operating profit before depreciation and amortisation (EBITDA) during the interim period was SEK 45 M (32). Adjusted for change related items, EBITDA was SEK 46 M (36). Depreciation and amortisation were SEK 28 M (27).

On July 1, 2020 Tradedoubler invested in a newly started company, MP Media Ventures GmbH, where Tradedoubler's ownership share amounts to 30%. The results are reported in the consolidated income statement as an associated company according to the equity method.

THE GROUP'S RESULTS

Earnings of participations in associated companies affected operating profit by SEK -0.1 (-) M. Operating profit thus amounted to SEK 17 (5) million in the interim period.

Operating profit before depreciation and amortisation (EBITDA) in the third quarter was SEK 16 M (12). Adjusted for change related items, EBITDA was SEK 17 M (13).

Depreciation and amortisation in the third quarter were SEK 8 M (10). Results from participations in associated companies was SEK -0.1 M. Thus the operating profit (EBIT) amounted to SEK 8 M (2).

Net financial items during the interim period were SEK -10 M (-18) where of exchange rates effects were SEK -3.4 M (-3.1). Financial income and expenses amounted to SEK -6.7 M (-14.5).

Net financial items in the third quarter were SEK -3.7 M (-7.8) where of exchange rates effects were SEK -1.8 M (-1.5). The negative effect from exchanges rates is mainly related to having the loan denominated in EUR while the EUR/SEK rate has decreased, this effect is currently not hedged. Financial income and expenses amounted to SEK -2.0 M (-1.7).

Profit after tax during the interim period amounted to SEK -2.5 M (-15.7), corporate income tax was SEK -9.1 M (-2.7). In the third quarter corporate income tax was SEK -7.4 M (-0.6) and profit after tax was SEK 3.0 M (-6.2). The increase in tax costs is mainly due to a write-down of deferred tax assets of SEK 7 M, related to the double taxation case between the tax authorities in the UK and Sweden.

If not explicitly stated, the disclosed financial information refers to reported numbers that are not adjusted for change related items nor changes in exchange rates. For more information regarding change related items see page 10.

Tradedoubler's operational segments are presented at a regional level where Tradedoubler's segments consists of DACH (Germany and Switzerland), France & Benelux (France and Netherlands), Nordics (Sweden, Norway, Denmark, Finland and Poland), South (Italy and Spain) and UK & Ireland.

Net sales

Net sales during the interim period amounted to SEK 877 M (876), which in line with same period previous year. In certain markets Government support related to Covid-19 has been received, which has been recognized in net sales.

Net sales during the third quarter amounted to SEK 285 M (280), which was an increase of 2 per cent or 5 per cent adjusted for changes in exchange rates. The net sales from travel clients recovered slightly in the third quarter compared to previous quarter. This is directly related to the covid-19 crisis. Despite this decline in travel, DACH, and Nordics are growing due to strong positions in retail segments. France & Benelux, South, and UK & Ireland's net sales decreased due to their exposure to travel clients.

EBITDA

EBITDA for the operational segments has improved in all markets except for France & Benelux in the interim period. EBITDA/Net sales margin improved in nearly all segments compared to the same period last year. The main reason is lower salary costs due to fewer employees.

Costs for group management and support functions during the interim period amounted to SEK 33 M (37), a decrease of 13 per cent. Costs during the third quarter were SEK 9 M (12).

SEK M	Jul Sep 2020	Jul Sep 2019	Jan Sep 2020	Jan Sep 2019
Net Sales DACH	47.1	38.8	142.2	115.9
France & Benelux	60.7	69.8	182.5	232.6
Nordics	103.3	79.5	300.8	238.2
South	31.7	38.1	116.0	120.8
UK & Ireland	42.6	54.1	135.1	168.3
Total Net Sales	285.3	280.3	876.6	875.9
EBITDA DACH	4.4	3.2	13.3	9.5
France & Benelux	5.2	6.2	17.2	23.0
Nordics	8.1	6.1	22.4	14.8
South	4.5	5.2	15.2	14.6
UK & Ireland	3.1	3.1	9.5	7.3
Total	25.1	23.8	77.6	69.1
Group mgmt. & support functions	-8.7	-12.0	-32.6	-37.3
Total EBITDA	16.4	11.8	45.0	31.9
Depreciation and impairment	-8.2	-9.6	-28.2	-27
Results from associated company	-0.1	-	-0.1	-
Operating profit as in consolidated income statement	8.2	2.2	16.7	4.6
EBITDA/Net sales, % DACH	9.2	8.4	9.4	8.2
France & Benelux	8.5	8.9	9.4	9.9
Nordics	7.8	7.6	7.5	6.2
South	14.1	13.6	13.1	12.1
UK & Ireland	7.2	5.8	7.0	4.9
Total EBITDA Margin	5.8	4.2	5.1	3.6

Segments include change related items, see page 10 for more details about the segments affected.

Cash Flow

Cash flow from operating activities before changes in working capital, referring to EBITDA reduced by paid taxes, paid interest and non-cash items amounted to SEK 28 M (8) during the interim period. Changes in working capital were SEK 12 M (-33).

Net investments in tangible and intangible assets during the interim period mainly related to product development amounted to SEK 17 M (16). Cash flow amounted to SEK 5 M (-20).

Cash flow from operating activities before changes in working capital was SEK 8 M (-1) in the third quarter 2020. Changes in working capital were SEK 6 M (-35).

Net investments in tangible and intangible assets during the third quarter mainly related to product development amounted to SEK 5.8 M (5.4). Cash flow thus amounted to SEK 3 M (-14).

Financial Position

Cash and cash equivalents at the end of the interim period amounted to SEK 56 M (25) and were affected by translation differences of SEK 2,3 M (1.5). Interest-bearing liabilities amounted to SEK 130 M (122) and relates to the loan agreements signed in the third quarter 2019 with Reworld Media S.A. Net cash hence amounted to SEK -74 M (-113) at the end of the interim period.

Consolidated shareholders' equity amounted to SEK 229 M (234) at the end of the interim period and the equity/asset ratio was 30.4 per cent (30.5). The return on equity during the rolling 12 months ending September 2020 was 0.6 per cent (-4.8).

Change Related Items

For comparability reasons and to indicate the underlying performance, Tradedoubler adjust for change related items. The following items affect the comparability in this report.

Change related items in the interim period 2020 amounted to SEK -1 M. They relate to costs linked to Reworld Media's share program to key management personnel.

During the interim period 2019 change related items amounted to SEK -4.1 M and related to severance payment of SEK -3.6 M spread over several segments, costs for closing of office SEK -0.8 M and a revaluation of the contingent purchase price in the acquisition of Metapic of SEK 0.3 M (Group management).

Seasonal Variations

Tradedoubler's operations particularly within Performance Marketing fluctuate with the development of e-commerce and online advertising. There are seasonal variations particularly within e-commerce. The highest level of activity is on "Black Friday" and before Christmas, which implies that the first and the fourth quarter of a year are normally the strongest for Tradedoubler.

The Parent Company

The parent company's net sales amounted to SEK 72 M (49) during the interim period and to SEK 24 M (16) during the third quarter. Revenue primarily consisted of internal licensing revenue to subsidiaries.

Operating profit (EBIT) was SEK 14 M (-14) during the interim period and SEK 6 M (-6) during the third quarter.

Net financial items amounted to SEK -6 M (-15) during the interim period and to SEK -2 M (-6) during the third quarter. Dividends from group companies impacted the interim period with SEK 0.8 M (2.4). Changes in exchange rates impacted with SEK -1.8 M (-4.3).

Corporate taxes were SEK -8 M (0) during the interim period and SEK -8 M (0) during the third quarter. Profit after tax was SEK 0.5 M (-29) during the interim period and SEK -4.2 M (-12) during the third quarter. Tax expenses increased in the third quarter due to a write-down of a deferred tax asset as an agreement was concluded by the tax authorities in the UK and Sweden regarding the double taxation case mentioned in the 2019 annual report on page 28. The outcome is a cash tax effect around SEK 6 M in the parent company compared with previously estimated SEK 14 M.

The parent company's receivables from group companies amounted to SEK 128 M (106) at the end of the interim period, of which none (0) were non-current. The parent company's liabilities to group companies were SEK 85 M (68), of which none (0) were non-current. Cash and cash equivalents amounted to SEK 23 M (7) at the end of the interim period.

Deferred tax assets amounted to SEK 6 M (14) at the end of the interim period. The deferred tax asset has decreased due to the agreement concluded by the tax authorities in the United Kingdom and Sweden regarding a double taxation case mentioned above.

No capitalisation of deferred tax on loss has been made since the assessment of the possibility of using deferred tax on loss carry forwards is unchanged compared to previous period.

Employees

At the 30th of September 2020, Tradedoubler's staff corresponded to 235 (252) full-time equivalents (FTE) and included permanent and temporary employees as well as consultants.

Risks and Uncertainty Factors

Tradedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described on page 7 in the 2019 Annual Report. No significant risks and uncertainty factors have arisen in addition to those described in the 2019 annual report.

Critical Estimates and Judgements

Tradedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described in note C2 in the 2019 Annual Report. No significant risks and uncertainty factors have arisen in addition to those described in the 2019 annual report.

Transactions with Related Parties

Aside from transactions in the normal course of business or to the board and senior executives, the following third-party transactions have occurred during 2020. Tradedoubler's CTO, Francois Pacot, has during the year received payment of EUR 90 K related to his monthly fee as consultant and EUR 203 K related to other services through his fully owned companies. Reworld Media has as a publisher in France received remuneration of EUR 20 K, EUR 36 K for provided HR-support and EUR 112 K in remuneration for rent, both related to Tradedoubler's French subsidiary. Reworld Media has during 2020 been invoiced for purchased services from Tradedoubler France of EUR 97 K in total.

In May 2018 Tradedoubler entered into a loan agreement with Reworld Media. This loan was renegotiated and increased in Q3 2019 so that the company could replace the loan from a Swedish credit institution. At the end of the quarter the loan amounted to SEK 135 M (EUR 12.84 M). The loan has an amortization structure and matures in 2026. The loan is subscribed on market terms and the interest expense during the interim period has amounted to SEK 3.0 M. The second and last payment amounting to EUR 312 K related to the arrangement of the loan was paid to Reworld Media in March 2020. The loan has as of the end of the period been amortized by SEK 6.4 M during 2020.

Management in Tradedoubler have taken part in the main owner Reworld Media's share program. A total of 200,387 share options have been granted to senior executives. The conditions of the share program are that the senior executives are allotted half of the shares if the senior executive is still employed within Tradedoubler on 27 September 2021. Remaining shares are allotted to the senior executive if they are still employed within Tradedoubler on 27 September 2022. Reworld Media's share price was EUR 1.9 on the allotment date, which was approximately 20 SEK. The value of these shares on the grant date was EUR 381,632, which equals 4,022,425 SEK. This amount is reported as an expense on an ongoing basis during the share program´s validity period and a provision for social security contributions is imposed based on the prevailing share price on the balance sheet date. In the interim period the reported costs of the share program amounted to SEK 914 K, of which debt for social security contributions amounts to SEK 295 K.

The arm's length principle has been applied on all these transactions.

Foreign Exchange Risk

Foreign exchange risk refers to the risk that changes in exchange rates may affect the consolidated income statement, balance sheet and cash flow statement. Foreign exchange risk exists in the form of transaction risk and translation risk. Tradedoubler is exposed to foreign exchange risk in 14 countries involving eight different currencies, with Euro (EUR) and British pounds (GBP) representing the majority share. During the interim period 2020 approximately 49 (52) per cent of group sales were made in EUR and approximately 16 (19) per cent in GBP. Approximately 40 (42) per cent of the group's operational costs were in EUR and approximately 8 (12) per cent in GBP. Net investments in foreign currency or transaction risks are not currently hedged. Exposure attributable to exchange rate fluctuation in client and supplier invoices is limited since invoicing to customers and from suppliers largely occurs in local currency for all companies in the group.

Tradedoubler renegotiated the current loan deal with Reworld Media S.A. during the third quarter 2019. This facility is denominated in EUR and currently not hedged.

MISCELLANEOUS

Significant events after the balance sheet date

No significant events have occurred after the balance sheet date.

Accounting policies

Tradedoubler applies International Financial Reporting Standards (IFRS) as adopted by the European Union. Tradedoubler's report for the Group is prepared in accordance with IAS 34, Interim Financial reporting and the Annual Accounts Act. Parent company accounts are prepared in accordance with the Annual Accounts Act. For the group and the parent company the same accounting principles and calculation basis's have been applied as in the latest annual report with the additions below.

For financial instruments reported at amortised cost; accounts receivables, other current receivables and cash and cash equivalents, accounts payables and other current liabilities are deemed to correspond to carrying amount. The fair value of other long- and current liabilities is not deemed to deviate materially from the carrying amount.

No new or amended standards have been applied in 2020. For information on the accounting policies applied, see the 2019 annual report.

The share

The total number of shares at the end of the interim period was 45,927,449 (45,927,449), of which 790,760 (790,760) were in own custody. The average number of outstanding shares during the interim period was 45,136,689 (45,050,780).

Earnings per share, before and after dilution, amounted to SEK -0.06 (-0.35) during the interim period and to SEK -0.07 (-0.14) during the third quarter. Equity per share amounted to SEK 4.98 (5.10) at the end of the interim period.

The share price closed at SEK 2.89 on the final trading day of the interim period, which was lower than at year-end 2019 when the share price closed at SEK 3.29.

Long term financial targets

The company's long-term financial targets, adopted by the board of directors, are to grow net sales in excess of 5 per cent annually in local currency and deliver an EBITDA/Gross profit-ratio in excess of 20 per cent over a business cycle.

Annual report

The annual report 2019 is available on Tradedoubler´s website. Shareholders who would like to receive the annual report by post are requested to contact Tradedoubler at ir@tradedoubler.com or by telephone +46 8 405 08 00.

Financial information

Year-end report 2020 23 February 2021

Contact information

Matthias Stadelmeyer, President and CEO, telephone +46 8 405 08 00 Viktor Wågström, CFO, telephone +46 8 405 08 00. E-mail: ir@tradedoubler.com

English version

Both an English version and a Swedish version of this report have been prepared. In the event of a difference between the two reports, the Swedish version shall prevail.

MISCELLANEOUS

Other

Tradedoubler discloses the information provided herein pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was released for publication on 6 November 2020 at 08.00 a.m. CET. Numerical data in brackets refers to the corresponding periods in 2019 unless otherwise stated. Rounding off differences may arise.

Review

This interim report has not been reviewed by the company's auditor Ernst & Young AB.

The Board of Directors' declaration

The Board of Directors and the CEO declare that the interim report for the period January to September 2020 provides a true and fair overview of the Parent Company's and the Group's operations, financial position and results of operations as well as describing the material risks and uncertainties facing the Parent Company and other companies in the Group.

Stockholm, 6 november 2020

Pascal Chevalier Chairman

Nils Carlsson Board member

Jérémy Parola Board member Gautier Normand Board member

Erik Siekmann Board Member

Matthias Stadelmeyer President and CEO

FINANCIAL REPORTING

Consolidated income statement

SEK 000's	Jul-Sep 2020	Jul-Sep 2019	Jan-Sep 2020	Jan-Sep 2019
Net Sales	285,315	280,306	876,574	875,871
Cost of goods sold	-226,173	-218,680	-690,009	-683,290
Gross profit	59,143	61,626	186,565	192,581
Selling expenses	-32,537	-36,083	-103,867	-120,559
Administrative expenses	-12,488	-15,124	-43,747	-44,455
Development expenses	-5,878	-8,244	-22,172	-23,284
Other income and expenses	-	-	-	302
Results from associated companies	-61	-	-61	-
Operating profit	8,179	2,175	16,718	4,585
Net financial items	-3,721	-7,821	-10,145	-17,610
Profit before tax	4,458	-5,645	6,573	-13,025
Tax	-7,442	-563	-9,103	-2,656
Net Profit	-2,984	-6,209	-2,530	-15,681

Consolidated statement of comprehensive income

SEK 000's	Jul-Sep 2020	Jul-Sep 2019	Jan-Sep 2020	Jan-Sep 2019
Profit for the period, after tax	-2,984	-6,209	-2,530	-15,681
Other comprehensive income
Items that subsequently will be reversed in the income statement
Translation difference, net after tax	1,092	4,695	-1,879	12,731
Total comprehensive income for the period, after tax	-1,892	-1,514	-4,409	-2,950
Comprehensive income attributable to: Parent company shareholders	-1,892	-1,514	-4,409	-2,950

Earnings per share

SEK	Jul-Sep 2020	Jul-Sep 2019	Jan-Sep 2020	Jan-Sep 2019
Earnings per share	-0.07	-0.14	-0.06	-0.35
Number of Shares
Weighted average	45,136,689	45,136,689	45,136,689	45,007,826

Key ratios Group

SEK M	Jul-Sep 2020	Jul-Sep 2019	Jan-Sep 2020	Jan-Sep 2019
Gross profit (GP) / revenue (%)	20.7	22.0	21.3	22.0
EBITDA / revenue (%)	5.8	4.2	5.1	3.6
EBITDA / gross profit (GP) (%)	27.8	19.2	24.1	16.5
Equity/assets ratio (%)	30.4	30.5	30.4	30.5
Return on equity (12 months) (%)	0.6	-4.8	0.6	-4.8
Average number of employees	229	237	230	249
Return on Capital Employed (12 months) (%)	5.2	3.8	5.2	3.8
Working Capital end of period (SEK M)	-87.3	-54.7	-87.3	-54.7
Cash flow from operating activities per share, SEK	0.32	-0.82	0.88	-0.56
Equity per share, SEK	4.98	5.10	4.98	5.10
Stock price at the end of the period, SEK	2.89	3.30	2.89	3.30

Consolidated statement of changes in equity

SEK 000's	Jul-Sep 2020	Jul-Sep 2019	Jan-Sep 2020	Jan-Sep 2019
Opening balance	230,125	235,558	232,643	235,986
Total comprehensive income for the period	-1,892	-1,514	-4,409	-2,950
Equity-settled share-based compensation	619	-	619	-
Decrease of shares in own custody	-	-	-	1,009
Closing balance	228,853	234,045	228,853	234,045

SEK 000's	30 Sep 2020	30 Sep 2019	31 Dec 2019
Assets
Goodwill	297,021	303,333	299,094
Intangible fixed assets	45,538	43,771	44,662
Tangible fixed assets	1,216	1,259	1,227
Right-of-use assets	25,247	35,999	32,116
Other non-current receivables	4,280	5,569	5,819
Shares in associated companies	18	-	-
Shares and participation in other companies	11,128	11,128	11,128
Deferred tax assets	25,988	32,465	32,976
Total non-current assets	410,435	433,524	427,021
Accounts receivable	255,192	268,091	329,309
Tax assets	7,406	7,547	6,639
Other current receivables	24,708	32,278	26,452
Cash & cash equivalents	56,182	25,263	48,193
Total current assets	343,488	333,179	410,594
Total assets	753,923	766,703	837,615
Shareholders' equity and liabilities
Shareholders' equity	228,853	234,045	232,643
Deferred tax liabilities	1,492	1,476	1,492
Other provisions	486	792	915
Lease liabilities long-term	13,117	20,529	15,897
Other interest-bearing debts	117,080	137,767	121,526
Total non-current liabilities	132,176	160,565	139,830
Current interest-bearing debts	12,818	-	12,687
Accounts payable	27,925	11,391	30,689
Current liabilities to publishers	261,165	263,944	318,651
Tax liabilities	2,596	4,046	3,959
Lease liabilities short-term	10,319	13,027	14,699
Other current liabilities	78,073	79,687	84,456
Total current liabilities	392,895	372,094	465,142
Total shareholder´s equity and liabilities	753,923	766,703	837,615

Consolidated statement of financial position

Consolidated statement of cash flows

SEK 000's	Jul-Sep 2020	Jul-Sep 2019	Jan-Sep 2020	Jan-Sep 2019
Operating activities
Profit before tax	4,458	-5,645	6,573	-13,025
Adjustments for items not included in cashflow	5,730	4,632	26,216	24,071
Income taxes paid/received	-1,737	-433	-4,556	-3,165
Cashflow from operating activities before changes in working capital	8,452	-1,446	28,233	7,881
Changes in working capital	6,090	-35,415	11,713	-33,308
Cashflow from operating activities	14,542	-36,862	39,946	-25,428
Investing activities
Investments in intangible assets	-5,813	-5,413	-16,770	-15,589
Investments in tangible assets	-155	-19	-503	-194
Investments in financial assets	-1,122	-531	1,306	-428
Cashflow from investing activities	-5,813	-5,413	-16,770	-15,589
Financing activities
Raised loans	-	103,663	-	103,663
Repayment of external loans	-	-71,000	-6,394	-71,000
Payment of additional contingent purchase price	-	-	-	-255
Payment of finance lease liability	-3,975	-3,777	-12,091	-11,195
Cashflow from financing activities	-3,975	28,886	-18,485	21,213
Cashflow for the period	3,476	-13,939	5,493	-20,425
Cash and cash equivalents
On the opening date	49,010	38,807	48,193	44,171
Translation difference in cash and cash equivalents	3,511	396	2,311	1,518
Cash and cash equivalents on the closing date	55,998	25,264	55,998	25,263
Adjustments for non-cash items
Depreciation and impairment	8,226	9,650	28,197	27,277
Other	-2,496	-5,018	-1,982	-3,206
Total non-cash items	5,730	4,632	26,216	24,071

SEK 000's	Jul-Sep 2020	Jul-Sep 2019	Jan-Sep 2020	Jan-Sep 2019
Net Sales	23,819	15,639	72,254	49,368
Cost of goods sold	-807	-1,490	-3,543	-4,118
Gross profit	23,012	14,149	68,711	45,250
Selling expenses	-167	-396	-568	-1,124
Administrative expenses -	-11,724	-12,818	-35,120	-39,238
Development expenses	-4,959	-6,684	-18,537	-18,632
Operating profit	6,161	-5,750	14,487	-13,744
Net financial items	-2,381	-6,385	-5,970	-15,322
Profit before tax	3,781	-12,135	8,517	-29,067
Tax	-8,000	-	-8,000	-
Net profit	-4,219	-12,135	517	-29,067

Balance sheet Parent company

SEK 000's	30 Sep 2020	30 Sep 2019	31 Dec 2019
Assets
Intangible assets	45,353	43,539	44,387
Equipment, tools, fixtures and fittings	37	50	54
Participation in group companies	186,856	185,823	185,823
Deferred tax assets	6,130	14,079	14,130
Total non-current assets	238,376	243,491	244,394
Accounts receivable	2,822	1,024	5,105
Receivables from Group companies	127,553	106,044	138,745
Tax assets	1,844	1,340	1,617
Other current receivables	3,283	4,247	4,656
Cash & cash equivalents	23,404	6,684	25,094
Total current assets	158,905	119,340	175,216
Total assets	397,282	362,831	419,610
Shareholders' equity and liabilities
Shareholders' equity	68,376	54,655	67,302
Other interest-bearing debts	117,080	137,767	121,526
Total non-current liabilities	117,080	137,767	121,526
Current interest-bearing debts	12,818	-	12,687
Accounts payable	6,515	2,664	9,133
Liabilities to Group companies	84,581	67,588	86,597
Other current liabilities	107,911	100,155	122,365
Total current liabilities	211,826	170,408	230,782
Total shareholder´s equity and liabilities	397,282	362,831	419,610

SEK 000's	Jul-Sep 2020	Apr-Jun 2020	Jan-Mar 2020	Oct-Dec 2019	Jul-Sep 2019	Apr-Jun 2019	Jan-Mar 2019	Oct-Dec 2018
Net Sales	285,315	286,668	304,590	332,819	280,306	289,380	306,185	310,324
Cost of goods sold	-226,173	-222,398	-241,438	-260,969	-218,680	-224,381	-240,228	-242,276
Gross profit	59,143	64,271	63,152	71,850	61,626	64,998	65,957	68,048
Total costs	-50,902	-60,510	-58,373	-68,249	-59,452	-66,858	-61,687	-59,156
Operating profit	8,179	3,760	4,779	3,601	2,175	-1,860	4,269	8,893
Net financial items	-3,721	2,922	-9,347	736	-7,821	-4,513	-5,276	-3,782
Profit before tax	4,458	6,683	-4,568	4,337	-5,645	-6,373	-1,007	5,111
Tax	-7,442	-599	-1,063	-358	-563	-754	-1,338	-693
Net Profit	-2,984	6,084	-5,631	3,979	-6,209	-7,127	-2,345	4,418

Consolidated income statement

Consolidated statement of financial position

SEK 000's	30 Sep 2020	30 Jun 2020	31 Mar 2020	31 Dec 2019	30 Sep 2019	30 Jun 2019	31 Mar 2019	31 Dec 2018
Assets
Intangible fixed assets	342,558	339,826	355,252	343,756	347,104	343,424	341,715	335,702
Other fixed assets	67,877	74,720	80,673	83,265	86,421	88,995	93,790	50,095
Current receivables	287,306	298,445	326,436	362,401	307,916	303,552	310,877	313,648
Cash & cash equivalents	56,182	49,011	39,338	48,193	25,263	38,806	32,721	44,171
Total assets	753,923	762,002	801,699	837,615	766,703	774,777	779,102	743,616
Shareholders' equity and liabilities
Shareholders' equity	228,853	230,125	239,972	232,643	234,045	235,558	241,117	235,986
Long-term non-interest bearing debt	15,096	14,543	16,955	18,304	22,797	25,022	28,075	1,966
Long-term interest bearing debt	117,080	116,172	129,341	121,526	137,767	109,694	109,515	109,337
Current non-interest bearing debt	380,077	388,419	401,954	452,455	372,094	404,503	400,394	396,327
Current interest-bearing debt	12,818	12,744	13,477	12,687	-	-	-	-
Total shareholder´s equity and liabilities	753,923	762,002	801,699	837,615	766,703	774,777	779,102	743,616

SEK 000's	Jul-Sep 2020	Apr-Jun 2020	Jan-Mar 2020	Oct-Dec 2019	Jul-Sep 2019	Apr-Jun 2019	Jan-Mar 2019	Oct-Dec 2018
Operating activities
Profit before tax	4,458	6,683	-4,568	4,337	-5,645	-6,373	-1,007	5,111
Adjustments for items not included in cash flow	5,730	6,061	14,424	7,888	4,632	12,088	7,351	120
Tax paid	-1,737	-2,647	-172	-535	-433	-2,177	-555	-495
Cash flow from changes in working capital	6,090	19,593	-13,970	22,675	-35,415	12,118	-10,011	3,027
Cash flow from operating activities	14,542	29,690	-4,286	34,365	-36,862	15,655	-4,222	7,763
Cash flow from investing activities	-7,090	-5,930	-2,947	-6,840	-5,963	-5,444	-4,804	-5,027
Cash flow from financing activities	-3,975	-10,173	-4,337	-2,694	28,886	-3,766	-3,906	-5,250
Cash flow for the period	3,476	13,587	-11,570	24,830	-13,939	6,445	-12,932	-2,514
Cash and cash equivalents
On the opening date	49,010	39,383	48,193	25,264	38,807	32,721	44,171	47,009
Translation difference	3,511	-3,960	2,760	-1,900	396	-360	1,482	-324
Cash and cash equivalents on the closing date	55,998	49,010	39,383	48,193	25,264	38,807	32,721	44,171

Consolidated cash flow statement

Key ratios Group

	Jul-Sep 2020	Apr-Jun 2020	Jan-Mar 2020	Oct-Dec 2019	Jul-Sep 2019	Apr-Jun 2019	Jan-Mar 2019	Oct-Dec 2018
Gross profit (GP) / revenue (%)	20.7	22.4	20.7	21.6	22.0	22.5	21.5	21.9
EBITDA / revenue (%)	5.8	5.0	4.6	3.8	4.2	2.5	4.2	4.4
EBITDA / gross profit (GP) (%)	27.8	22.4	22.3	17.6	19.2	11.0	19.5	20.1
Equity/assets ratio (%)	30.4	30.2	29.9	27.8	30.5	30.4	30.9	31.7
Return on equity last 12 months (%)	0.6	-0.8	-6.2	-5.0	-4.8	-1.5	7.1	6.8
Average number of employees	-87	-82	-63	-78	-55	-91	-77	-84
Return on Capital Employed last 12 months (%)	0.32	0.66	-0.09	0.76	-0.82	0.35	-0.09	0.17
Working capital at the end of the period (SEK M)	5.0	5.0	5.2	5.1	5.1	5.1	5.2	5.1
Cash flow from operating activities per share, SEK	2.89	2.76	2.15	2.29	3.30	3.50	3.46	3.18
Equity per share, SEK	20.7	22.4	20.7	21.6	22.0	22.5	21.5	21.9
Stock price at the end of the period, SEK	2.89	2.76	2.15	2.29	3.30	3.50	3.46	3.18

Segments

SEK M	Jul-Sep 2020	Apr-Jun 2020	Jan-Mar 2020	Oct-Dec 2019	Jul-Sep 2019	Apr-Jun 2019	Jan-Mar 2019	Oct-Dec 2018
DACH
Net sales	47.1	48.7	46.4	43.0	38.8	36.1	41.0	39.4
EBITDA	4.4	4.5	4.5	2.7	3.2	2.4	3.8	3.5
France & Benelux
Net sales	60.7	54.8	67.1	77.1	69.8	79.6	83.2	83.2
EBITDA	5.2	6.1	5.9	8.0	6.2	7.8	9.0	8.7
Nordics
Net sales	103.3	102.8	94.7	104.8	79.5	77.7	81.0	93.2
EBITDA	8.1	7.6	6.8	8.7	6.1	3.9	4.8	6.1
South
Net sales	31.7	44.7	39.5	48.4	38.1	39.5	43.3	43.7
EBITDA	4.5	5.7	5.1	6.4	5.2	4.8	4.6	5.5
UK & Ireland
Net sales	42.6	35.7	56.9	59.6	54.1	56.5	57.7	50.9
EBITDA	3.1	2.4	4.0	1.9	3.1	1.1	3.1	3.0
Group management & support functions
Net sales	-	-	-	-	-	-	-	-
EBITDA	-8.7	-11.7	-12.2	-14.9	-12.0	-12.9	-12.4	-13.1
Total
Net sales	285.3	286.7	304.6	332.8	280.3	289.4	306.2	310.3
EBITDA	16.5	14.4	14.1	12.7	11.8	7.2	12.9	13.6

KEY RATIOS

Tradedoubler uses the key ratios of capital employed and equity to enable the reader to assess the possibility of dividend, implementation of strategic investments and the group's ability to meet financial commitments. Further, Tradedoubler use the key ratio EBITDA excluding change related items for investors to be able to understand the underlying business performance.

DEFINITIONS

Capital employed

Total assets less current and long-term noninterest-bearing liabilities, including deferred tax liabilities

Cash flow from operating activities per share

Cash flow from operating activities divided by average number of outstanding shares

Change related items

Change related items refer to non-recurring items that are disclosed separately to make it easier for the reader to understand the underlying change in revenue and expenses in the comparison between periods

EBITDA

EBITDA is revenue before tax, net financial items and depreciation/amortization and impairment

EBITDA-margin

EBITDA as a percentage of revenue

Equity/assets ratio

Shareholders' equity as a percentage of total assets

Equity per share

Shareholders' equity divided by the number of outstanding shares

Gross profit (GP) / Revenue

Gross profit divided by net sales

Net margin Profit after tax as a percentage of sales

Operating margin

Operating profit as a percentage of revenue

Return on shareholders' equity

Revenue for the period as a percentage of the average shareholders' equity, calculated as open and closing shareholders' equity divided by two

Return on capital employed

Operating profit plus interest income as a percentage of average capital employed, calculated as opening and closing capital employed divided by two

Revenue per share

Revenue of the year divided by the average number of shares

Revenue per share before and after dilution Revenue of the year divided by the average number of shares after full dilution

Share price / equity

Share price divided by shareholders' equity per share

Stock price at the end of the period

Tradedoubler's share price last trading day for the period

Working capital

Total current assets less cash and cash equivalents, short term investments and total current liabilities