Quarterly Report • May 15, 2019
Quarterly Report
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TRADEDOUBLER INTERIM REPORT JANUARY – MARCH 2019
| Table of contents 2 |
|---|
| CEO Matthias Stadelmeyer's comments 5 |
| Tradedoubler - Connect and Grow 6 |
| The Group's Results 7 |
| Operational segments 8 |
| Miscellaneous 11 |
| Key ratios 23 |
| Definitions 23 |
| SEK M | Jan-Mar 2019 |
Jan-Mar 2018 |
Change in % |
Full year 2018 |
|---|---|---|---|---|
| Net sales adjusted for change related items | 306 | 288 | 6.5% | 1,173 |
| Gross profit adjusted for change related items | 66 | 65 | 1.4% | 264 |
| Gross margin (%) | 21.5% | 22.6% | 22.5% | |
| Operating costs excl. depr. and change related costs | -53 | -58 | -8.5% | -222 |
| EBITDA adjusted for change related items | 13 | 8 | 42 | |
| EBITDA-margin (%) | 4.3% | 2.6% | 3.6% | |
| Change related items 1 | 0 | 0 | -3 | |
| EBITDA | 13 | 8 | 39 | |
| Operating profit (EBIT) | 4 | 2 | 17 | |
| Net profit | -2 | -4 | 15 | |
| Net investments in non-financial fixed assets | -5 | -4 | -18 | |
| Cash flow from operating activities | -4 | -18 | -3 | |
| Liquid assets incl financial investments, at period's end | 33 | 48 | 44 | |
| Net cash2 , at period's end |
-77 | -85 | -65 |
1 For more information regarding change related items see page 9
2 Liquid assets less interest-bearing liabilities
"Tradedoubler´s results in the first quarter 2019 are within our expectations and reflect the continued positive trend of our business.
The growth rate of net sales improved to 7% in the year-on-year comparison and follows the trend of the last four quarters, where we improved net sales growth rates continuously from -14% in Q1 2018 to -8% in Q2, -2% in Q3, 5% in Q4 and now 7% in Q1 2019 (all non-currency adjusted). Contributing reasons for growth of net sales are new client wins and the fact that we generally win more business than we lose.
Due to the changes in the client portfolio and linked changes in the product mix our gross margin declined to 21.5% and the growth of gross profit was therefore smaller than the growth in net sales.
Costs are on the same level as recent quarters but lower than in Q1 2018 which results in an EBITDA of SEK 13 M and an improved EBITDA margin of 4.3%. EBITDA has been impacted by the change of reporting standard to IFRS 16. Without the adjustment for IFRS 16 EBITDA is SEK 9.4 M which is an increase of 10% vs Q1 last year.
As announced before we released a new publisher interface on 20 March and received very positive feedback form the market about the usability and functionality. As these new interfaces are all API based we are now able to develop new functionalities agile and quick and have been able to release some more added tools in the meantime already. This helps our partners and us to make connections quicker and drive growth.
All business areas develop to plan, and we continue on our mission to continuously improve our business by creating growth for our clients and partners."
Stockholm – 15 May 2019
Matthias Stadelmeyer
For advertisers and publishers, who want to grow their business, Tradedoubler offers performance marketing and technology solutions powering a unique network of connections. Combining 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.
Building and growing relations is our lifeblood and our key expertise for 20 years. 260 employees based in 15 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 have generated over 8 billion Euro in revenue, more than 3 billion clicks and 58 million conversions for our clients in 2018.
If not explicitly stated, the disclosed financial information refers to reported numbers that are not adjusted for change related items nor changes in exchange rates. For more information regarding change related items see page 9.
Consolidated net sales during the first quarter were SEK 306 M (288), which was an increase of 7 per cent or 2 per cent adjusted for changes in exchange rates. The increase in net sales is related to some more low margin customer wins compared with the last 12 months.
Gross profit during the first quarter was SEK 66 M (65) which was an increase of 1 per cent or a decrease of 3 per cent adjusted for changes in exchange rates. The growth is lower compared to the growth in net sales due to changes in the client and product mix and a therefore decreased gross margin of 21.5 per cent (22.6) during the first quarter.
NET SALES (SEK M) / GROSS MARGIN (%),
adjusted for change related items
288 283 292 310 306 22.6% 23.2% 22.3% 21.9% 21.5% 0% 5% 10% 15% 20% 25% 30% 35% 0 50 100 150 200 250 300 350 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19
Operating costs, excluding depreciation, amounted to SEK 53 M (57) during the first quarter. Operating costs, excluding change related items and depreciation, were SEK 53 M (58). This was a decrease of 9 per cent or 11 per cent adjusted for changes in exchange rates. The reduced costs are a result of various efficiency projects that have been finalised some time ago.
Operating profit before depreciation and amortisation (EBITDA) in the first quarter was SEK 13 M (8). Adjusted for change related items, EBITDA was SEK 13 M (8). Depreciation and amortisation were SEK 9 M (6) and operating profit (EBIT) amounted to SEK 4 M (1.6).
Net financial items in the first quarter were SEK -5 M (-4), where of exchange rates effects were SEK -1.1 M (-1.4). Financial income and expenses amounted to SEK -4 M (-2.8).
In the first quarter corporate income tax was SEK -1.3 M (-0.9) and profit after tax was SEK -2.3 M (-4).
EBITDA (SEK M) / EBITDA/GP (%), adjusted for change related items
If not explicitly stated, the disclosed financial information refers to reported numbers that are not adjusted for change related items nor changes in exchange rates. For more information regarding change related items see page 9.
Tradedoubler's operational segments is presented at a regional level where Tradedoubler's segments consists of DACH (Germany, Austria and Switzerland), France & Benelux (France, Belgium and Netherlands), Nordics (Sweden, Norway, Denmark, Finland and Poland), South (Italy, Brazil and Spain) and UK & Ireland.
Net sales during the first quarter amounted to SEK 306 M (288), which was an increase of 7 per cent or 2 per cent adjusted for changes in exchange rates. This is the first quarter, for a long time, that all segments have positive or flat growth.
All segments, except UK & Ireland, reports higher EBITDA compared to last year. This is mainly explained by efficiency improvements and increased revenue in some of the segments.
Costs for group management and support functions during the first quarter were SEK 14 M (16), a decrease of 7 per cent or 7 per cent adjusted for changes in exchange rates.
| SEK M | Jan-Mar 2019 |
Jan-Mar 2018 |
Full year 2018 |
|---|---|---|---|
| Net Sales | |||
| DACH | 41 | 36 | 144 |
| France & Benelux | 83 | 78 | 315 |
| Nordics | 81 | 82 | 340 |
| South | 43 | 37 | 154 |
| UK & Ireland | 58 | 54 | 220 |
| Total Net Sales | 306 | 288 | 1,173 |
| EBITDA | |||
| DACH | 6 | 5 | 16 |
| France & Benelux | 9 | 5 | 28 |
| Nordics | 5 | 5 | 23 |
| South | 5 | 4 | 20 |
| UK & Ireland | 3 | 4 | 14 |
| Total | 27 | 23 | 101 |
| Group mgmt & support functions |
-14 | -16 | -62 |
| Total EBITDA | 13 | 8 | 39 |
| Depreciation and impairment | -9 | -6 | -22 |
| Operating profit as in consolidated income statement |
4 | 2 | 17 |
| EBITDA/Net sales, % | |||
| DACH | 14.3 | 14.0 | 11.3 |
| France & Benelux | 10.8 | 6.7 | 8.9 |
| Nordics | 5.9 | 6.2 | 6.6 |
| South | 10.7 | 10.8 | 13.1 |
| UK & Ireland | 5.3 | 6.9 | 6.7 |
| Total EBITDA Margin | 4.2 | 2.6 | 3.3 |
EBITDA in segments include change related items, see page 9 for more details about the segments affected.
Cash flow from operating activities before changes in working capital was SEK 6 M (1.7) in the first quarter 2019 and related to EBITDA reduced with paid taxes, paid interest and non-cash items. Changes in working capital were SEK -10 M (-19).
Net investments in tangible and intangible assets during the first quarter, mainly related to product development, amounted to SEK 5 M (4). Cash flow amounted to SEK -13 M (-21). Net cash decreased with SEK 12 M (21).
Cash flow from financing activities amounted to SEK -3.9 (0) and referred mainly to leasing agreements. As of 1 January 2019, the leasing costs for operating leases have been replaced by depreciation of use-of-right assets of SEK -3.6 M and financial interest expenses of SEK -0.5 M on the leasing liabilities in accordance with IFRS 16 Leases. Cash flow from operating activities was affected by SEK 3.7 M and cash flow from financing activities by SEK -3.7 M in the first quarter.
Cash and cash equivalents at the end of the first quarter 2019 amounted to SEK 33 (48) M and were affected by translation differences of SEK 1.5 M (0.4). Interestbearing liabilities amounted to SEK 110 M (133) and related to the loan agreements signed in 2018. SEK 71 M (of which book value amounts to SEK 70 M at the end of the first quarter 2019) refers to the loan with a Swedish credit institution, the loan has a contractual term of three years at marked fixed interest rate where customary financial covenants exist. SEK 40 M is related to the loan with the principal owner Reworld Media, which has been signed on similar terms as the loan with the credit institution with the exception of covenants. Net cash hence amounted to SEK -77 M (-85) at the end of the first quarter 2019.
Consolidated shareholders' equity amounted to SEK 241 M (215) at the end of the first quarter 2019 and the equity/asset ratio was 30.9 per cent (30). The return on equity during the rolling 12 months ending 31 March 2019 was 7.1 per cent (neg).
For comparability reasons and to indicate the underlying performance, Tradedoubler adjust for change related items. The following items affect the comparability in this report.
During 2018 change related items amounted to SEK -0.4 M and related to severance payment of SEK -0.7 M (France & Benelux) and a revalutation of the contingent purchase price in the acquisition of Metapic of SEK 0.3 M (Group management).
During the first quarter 2018 change related items amounted to SEK 0.1 M.
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 fourth quarter is normally the strongest for Tradedoubler.
The parent company's net sales amounted to SEK 14 M (19) during the first quarter. Revenue primarily consisted of internal licensing revenue to subsidiaries.
Operating profit (EBIT) was SEK -6 M (-2.4) during the first quarter.
Net financial items amounted to SEK -6 M (-5) during the first quarter. Dividends from group companies impacted the period with SEK 0 M (0.5). Changes in exchange rates impacted with SEK -2.4 M (-1.7).
Corporate taxes were SEK 0 M (0) during the first quarter. Profit after tax was SEK -12 M (-7).
The parent company's receivables from group companies amounted to SEK 82 M (76) at the end of the first quarter 2019, of which none (0) were non-current.
The parent company's liabilities to group companies were SEK 68 M (55), of which none (0) were non-current. Cash and cash equivalents amounted to SEK 9 M (26) at the end of the first quarter 2019.
Deferred tax assets amounted to SEK 14 M (14) at the end of the first quarter and related to previous Group loans. 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 periods.
At the end of the first quarter 2019, Tradedoubler's staff corresponded to 258 (264) full-time equivalents (FTE) and included permanent and temporary employees as well as consultants.
Tradedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described on page 7 in the 2018 Annual Report. No significant risks and uncertainty factors have arisen in addition to those described in the 2018 annual report.
For information regarding critical estimates and judgements in the financial statements, see note C2 in the 2018 annual report. No critical estimates or judgements are considered to have arisen since the latest submitted annual report.
Aside from transactions in the normal course of business, to board and senior executives the following third-party transactions have occurred during the first quarter 2019. Reworld Media has received remuneration of 12 KEUR for provided HR-support and 37 KEUR in remuneration for rent, both related to Tradedoubler's French subsidiary. In May 2018 Tradedoubler entered into a loan agreement with Reworld Media of SEK 40 M on market terms, interest expense during the first
quarter 2019 amounted to SEK 1.2 M. The arm's length principle has been applied on all these transactions.
Foreign exchange risk refers to the risk that changes in exchange rates may affect the consolidated income statement, balance sheet and cash flow statement. Foreign exchange risk exists in the form of transaction risk and translation risk. Tradedoubler is exposed to foreign exchange risk in 14 countries involving eight different currencies, with Euro (EUR) and British pounds (GBP) representing the majority share. During the first quarter 2019 approximately 55 (52) per cent of group sales were made in EUR and approximately 19 (19) per cent in GBP. Approximately 41 (42) per cent of the group's operational costs were in EUR and approximately 13 (13) 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.
No significant events have occurred after the balance sheet date.
This interim report is prepared in accordance with IAS 34, interim financial reporting and the Swedish annual accounts act. The extent and nature of financial assets and liabilities are of the same nature and level as reported on 31 December 2018. Financial liabilities carrying values are the same as the fair values.
For information on the accounting policies applied, see the 2018 annual report.
IFRS 16 Leases has replaced IAS 17 from 1 January 2019. According to the new standard, the lessee must report the obligation to pay leasing fees as a lease liability in the balance sheet. The right to use the underlying asset during the lease period is reported as an asset. Depreciation of the asset is reported in the income statement as well as interest on the lease liability. Remaining leasing fees are reported partly as payment of interest and partly as amortization of leasing debt, which affects financial position and key ratios. The standard excludes leases with a lease term of less than 12 months and lease contracts for which the underlying asset is of low value.
The company has chosen to applty the standard according to the modified retrospective approach, which means that it will be reported retroactively with the cumulative effect of an initial application of the standard on the first date of application, 1 January 2019. Comparative figures are not restated and is still reported in accordance with IAS 17 Leases. The company has
chosen to exclude leasing agreements where the underlying asset is of low value. As of 1 January 2019, the leasing costs for previous operating leases relating to lease agreements have been replaced by depreciation on utilisation rights and financial interest expense on the lease liabilities. On 1 January 2019, the change relating to the recognition of the lease agreements affected the balance sheet by SEK 46 M, without any impact on equity.
| SEK M | 1 Jan 2019 |
|---|---|
| Lease liability | |
| Operating leases as of 31 December 2018 | 51.4 |
| Discounting with the group's weighted average marginal lending rate |
-2.6 |
| Lease liability for operating leases as of 31 December 2018 |
48.8 |
| Deduction leases of low value | -2.8 |
| Lease liability recorded 1 January 2019 | 46.0 |
| Right-of-use asset | |
| Lease liability recorded 1 January 2019 | 46.0 |
| Right-of-use asset recorded 1 January | 46.0 |
2019
As of 31 March 2019, the change has affected the balance sheet by SEK 41 M and the income statement by SEK -0.2 M. Cash flow from operating activities was affected by SEK 3.6 M and cash flow from financing activities by SEK -3.7 M.
The total number of shares at the end of the first quarter 2019 was 45,927,449 (45,927,449), of which 790,760 (2,010,473) were in own custody after use of own shares in the first quarter 2019 for the final contingent additional purchase price in the Metapic acquisition. The average number of outstanding shares during the first quarter was 44,878,963 (43,916,976).
Earnings per share, before and after dilution, amounted to SEK -0.05 (-0.08) during the first quarter. Equity per
share amounted to SEK 5.25 (4.69) at the end of the first quarter 2019.
The share price closed at SEK 3.46 on the final trading day of the first quarter 2019, which was higher than at year-end 2018 when the share price closed at SEK 3.18.
The company's long-term financial targets, adopted by the board of directors, are to grow net sales in excess of 5 per cent annually in local currency and deliver an EBITDA/Gross profit-ratio in excess of 20 per cent over a business cycle.
The annual report 2018 is available on Tradedoubler´s website. Shareholders who would like to receive the annual report by post are requested to contact Tradedoubler at [email protected] or by telephone +46 8 405 08 00.
| Interim report Jan-Jun 2019 | 18 July 2019 |
|---|---|
| Interim report Jan-Sep 2019 | 7 November 2019 |
| Year-end report 2019 | 6 February 2020 |
Matthias Stadelmeyer, President and CEO, telephone +46 8 405 08 00
Viktor Wågström, CFO, telephone +46 8 405 08 00 E-mail: [email protected]
Both an English version and a Swedish version of this report have been prepared. In the event of a difference between the two reports, the Swedish version shall prevail.
Tradedoubler discloses the information provided herein pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was released for publication on 15 May 2019 at 08.00 a.m. CET. Numerical data in brackets refers to the corresponding periods in 2018 unless otherwise stated. Rounding off differences may arise.
This interim report has not been reviewed by the company's auditor Ernst & Young AB.
The Board of Directors and the CEO declare that the interim report for the period January to March 2019 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, 15 May 2019
Pascal Chevalier Gautier Normand Chairman Board member Jérémy Parola Erik Siekmann Board member Board member Nils Carlsson Matthias Stadelmeyer
Board member President and CEO
| SEK 000s | Jan-Mar 2019 |
Jan-Mar 2018 |
Full year 2018 |
|---|---|---|---|
| Net Sales | 306,185 | 287,534 | 1,173,105 |
| Cost of goods sold | -240,228 | -222,460 | -909,265 |
| Gross profit | 65,957 | 65,075 | 263,840 |
| Selling expenses | -38,720 | -41,352 | -161,132 |
| Administrative expenses | -16,340 | -14,722 | -57,187 |
| Development expenses | -6,929 | -7,433 | -27,658 |
| Other income and expenses | 302 | - | -556 |
| Operating profit | 4,269 | 1,567 | 17,307 |
| Net financial items | -5,276 | -4,216 | 913 |
| Profit before tax | -1,007 | -2,649 | 18,220 |
| Tax | -1,338 | -893 | -3,118 |
| Net Profit | -2,345 | -3,541 | 15,102 |
| SEK 000s | Jan-Mar 2019 |
Jan-Mar 2018 |
Full year 2018 |
|---|---|---|---|
| Profit for the period, after tax | -2,345 | -3,541 | 15,102 |
| Other comprehensive income | |||
| Items that subsequently will be reversed in the income statement |
|||
| Translation difference, net after tax | 6,467 | 13,111 | 12,747 |
| Total comprehensive income for the period, after tax |
4,122 | 9,570 | 27,849 |
| Comprehensive income attributable to: | |||
| Parent company shareholders | 4,122 | 9,570 | 27,849 |
| SEK | Jan-Mar 2019 |
Jan-Mar 2018 |
Full year 2018 |
|---|---|---|---|
| Earnings per share | -0.05 | -0.08 | 0.34 |
| Number of Shares | |||
| Weighted average | 44,878,963 | 43,916,976 | 44,172,948 |
| Jan-Mar 2019 |
Jan-Mar 2018 |
Full year 2018 |
|
|---|---|---|---|
| Gross profit (GP) / revenue (%) | 21.5 | 22.6 | 22.5 |
| EBITDA / revenue (%) | 4.2 | 2.6 | 3.3 |
| EBITDA / gross profit (GP) (%) | 19.5 | 11.7 | 14.7 |
| Equity/assets ratio (%) | 30.9 | 30.0 | 31.8 |
| Return on equity (12 months) (%) | 7.1 | -5.6 | 6.8 |
| Average number of employees | 253 | 266 | 254 |
| Return on Capital Employed (12 months) (%) | 10.5 | 2.4 | 10.5 |
| Working Capital end of period (SEK M) | -77 | -72 | -84 |
| Cash flow from operating activities per share, SEK | -0.1 | -0.4 | -0.1 |
| Equity per share, SEK | 5.2 | 4.7 | 5.1 |
| Stock price at the end of the period, SEK | 3.5 | 2.2 | 3.2 |
| SEK 000s | Jan-Mar 2019 |
Jan-Mar 2018 |
Full year 2018 |
|---|---|---|---|
| Opening balance | 235,986 | 205,521 | 205,521 |
| Total comprehensive income for the period | 4,122 | 9,570 | 27,849 |
| Equity-settled share-based payments | - | 95 | 60 |
| Decrease of shares in own custody | 1,009 | - | 2,556 |
| Closing balance | 241,117 | 215,186 | 235,986 |
| SEK 000s | 31 Mar 2019 |
31 Mar 2018 |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Goodwill | 298,206 | 292,599 |
| Intangible fixed assets | 43,508 | 43,788 |
| Tangible fixed assets | 1,780 | 2,874 |
| Right-of-use assets | 43,710 | - |
| Other non-current receivables | 4,957 | 4,966 |
| Shares and participation in other companies | 11,128 | 11,128 |
| Deferred tax assets | 32,215 | 18,221 |
| Total non-current assets | 435,504 | 373,576 |
| Accounts receivable | 268,655 | 261,833 |
| Tax assets | 8,717 | 8,397 |
| Other current receivables | 33,505 | 28,985 |
| Cash & cash equivalents | 32,721 | 47,792 |
| Total current assets | 343,598 | 347,007 |
| Total assets | 779,102 | 720,583 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 241,117 | 215,186 |
| Deferred tax liabilities | 1,476 | 1,383 |
| Other provisions | 644 | 1,469 |
| Contingent additional purchase price long-term | - | 1,565 |
| Lease liabilities long-term | 25,955 | - |
| Other interest-bearing debts | 109,515 | - |
| Total non-current liabilities | 137,590 | 4,417 |
| Accounts payable | 16,648 | 16,092 |
| Current liabilities to publishers | 273,598 | 256,112 |
| Bond loan | - | 133,219 |
| Tax liabilities | 6,824 | 2,794 |
| Contingent additional purchase price short-term | - | 2,000 |
| Lease liabilities short-term | 14,891 | - |
| Other current liabilities | 88,434 | 90,764 |
| Total current liabilities | 400,394 | 500,980 |
| Total shareholder´s equity and liabilities | 779,102 | 720,583 |
| SEK 000s | Jan-Mar 2019 |
Jan-Mar 2018 |
Full year 2018 |
|---|---|---|---|
| Operating activities | |||
| Profit before tax | -1,007 | -2,649 | 18,220 |
| Adjustments for items not included in cashflow | 7,351 | 5,507 | -3,592 |
| Income taxes paid/received | -555 | -1,127 | -14,099 |
| Cashflow from operating activities before changes in working capital |
5,789 | 1,732 | 529 |
| Changes in working capital | -10,011 | -19,305 | -3,778 |
| Cashflow from operating activities | -4,222 | -17,573 | -3,248 |
| Investing activities | |||
| Investments in intangible assets | -4,840 | -3,425 | -17,144 |
| Investments in tangible assets | -80 | -187 | -665 |
| Investments in financial assets | 116 | -32 | -46 |
| Cashflow from investing activities | -4,804 | -3,644 | -17,854 |
| Financing activities | |||
| Newly raised loan | - | - | 111,000 |
| Repurchase of own bond | - | - | -115,740 |
| Payment of additional contingent purchase price | -255 | -68 | -68 |
| Payment of finance lease liability | -3,652 | - | - |
| Cashflow from financing activities | -3,906 | -68 | -4,808 |
| Cashflow for the period | -12,932 | -21,285 | -25,910 |
| Cash and cash equivalents | |||
| On the opening date | 44,171 | 68,662 | 68,662 |
| Translation difference in cash and cash equivalents | 1,482 | 415 | 1,419 |
| Cash and cash equivalents on the closing date | 32,721 | 47,792 | 44,171 |
| Adjustments for non-cash items | |||
| Depreciation and impairment | 8,594 | 6,051 | 21,599 |
| Other | -1,243 | -544 | -25,191 |
| Total non-cash items | 7,351 | 5,507 | -3,592 |
| SEK 000s | Jan-Mar 2019 |
Jan-Mar 2018 |
Full year 2018 |
|---|---|---|---|
| Net Sales | 14,340 | 18,565 | 69,416 |
| Cost of goods sold | -1,397 | -1,693 | -6,442 |
| Gross profit | 12,943 | 16,872 | 62,974 |
| Selling expenses | -389 | -32 | -534 |
| Administrative expenses | -13,323 | -13,351 | -54,180 |
| Development expenses | -5,542 | -5,928 | -21,233 |
| Operating profit | -6,311 | -2,439 | -12,974 |
| Net financial items | -6,112 | -4,886 | 10,613 |
| Profit before tax | -12,423 | -7,325 | -2,360 |
| Tax | - | - | 75 |
| Net profit | -12,423 | -7,325 | -2,285 |
| SEK 000s | 31 Mar 2019 |
31 Mar 2018 |
|---|---|---|
| Assets | ||
| Intangible assets | 43,192 | 43,263 |
| Equipment, tools, fixtures and fittings | 380 | 1,184 |
| Participation in group companies | 185,823 | 185,893 |
| Deferred tax assets | 14,079 | 14,004 |
| Total non-current assets | 243,474 | 244,344 |
| Accounts receivable | 295 | 832 |
| Receivables from Group companies | 82,274 | 76,045 |
| Tax assets | 1,291 | 628 |
| Other current receivables | 6,215 | 7,140 |
| Cash & cash equivalents | 8,614 | 25,699 |
| Total current assets | 98,689 | 110,343 |
| Total assets | 342,163 | 354,687 |
| Shareholders' equity and liabilities | ||
| Shareholders equity | 71,300 | 75,153 |
| Contingent additional purchase price long term | - | 1,565 |
| Other interest-bearing debts | 109,515 | - |
| Total non-current liabilities | 109,515 | 1,565 |
| Accounts payable | 5,399 | 4,635 |
| Liabilities to Group companies | 68,278 | 54,619 |
| Bond loan | - | 133,219 |
| Contingent additional purchase price short term | - | 2,000 |
| Other liabilities | 87,671 | 83,497 |
| Total current liabilities | 161,348 | 277,969 |
| Total shareholder´s equity and liabilities | 342,163 | 354,687 |
| SEK 000s | Jan-Mar 2019 |
Oct-Dec 2018 |
Jul-Sep 2018 |
Apr-Jun 2018 |
Jan-Mar 2018 |
Oct-Dec 2017 |
Jul-Sep 2017 |
Apr-Jun 2017 |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 306,185 | 310,324 | 292,352 | 282,895 | 287,534 | 295,341 | 257,631 | 284,487 |
| Cost of goods sold | -240,228 | -242,276 | -227,274 | -217,256 | -222,460 | -229,758 | -197,252 | -222,296 |
| Gross profit | 65,957 | 68,048 | 65,078 | 65,639 | 65,075 | 65,583 | 60,379 | 62,191 |
| Total costs | -61,687 | -59,156 | -58,738 | -65,131 | -63,507 | -70,341 | -56,472 | -67,953 |
| Operating profit | 4,269 | 8,893 | 6,340 | 507 | 1,567 | -4,759 | 3,907 | -5,763 |
| Net financial items | -5,276 | -3,782 | -3,926 | 12,838 | -4,216 | -3,349 | -2,866 | 10,199 |
| Profit before tax | -1,007 | 5,111 | 2,413 | 13,345 | -2,649 | -8,108 | 1,041 | 4,436 |
| Tax | -1,338 | -693 | -888 | -645 | -893 | -1,688 | -1,088 | -2,871 |
| Net profit | -2,345 | 4,418 | 1,525 | 12,700 | -3,541 | -9,796 | -47 | 1,565 |
| SEK 000s | 31 Mar 2019 |
31 Dec 2018 |
30 Sep 2018 |
30 Jun 2018 |
31 Mar 2018 |
31 Dec 2017 |
30 Sep 2017 |
30 Jun 2017 |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Intangible fixed assets | 341,715 | 335,702 | 336,645 | 338,375 | 336,387 | 326,193 | 326,120 | 328,966 |
| Other fixed assets | 93,790 | 50,095 | 48,820 | 49,559 | 37,189 | 37,182 | 38,992 | 39,387 |
| Current receivables | 310,877 | 311,414 | 297,900 | 295,966 | 299,215 | 286,033 | 264,950 | 262,443 |
| Short-term investments | - | - | - | - | - | - | 10,399 | 10,399 |
| Cash & cash equivalents | 32,721 | 44,171 | 47,009 | 53,010 | 47,792 | 68,662 | 50,656 | 87,143 |
| Total assets | 779,102 | 741,382 | 730,374 | 736,909 | 720,583 | 718,070 | 691,117 | 728,337 |
| Shareholders' equity and liabilities |
||||||||
| Shareholders' equity | 241,117 | 235,986 | 233,211 | 230,915 | 215,186 | 205,521 | 207,987 | 212,418 |
| Long-term non-interest bearing debt |
28,075 | 1,966 | 3,125 | 2,991 | 2,852 | 2,672 | 2,441 | 2,470 |
| Long-term interest-bearing debt |
109,515 | 109,337 | 109,159 | 108,981 | - | - | 132,674 | 132,401 |
| Current non-interest-bearing debt |
400,394 | 394,093 | 379,865 | 389,280 | 369,327 | 376,930 | 348,015 | 381,048 |
| Current interest-bearing debt | - | - | 5,014 | 4,741 | 133,219 | 132,946 | - | - |
| Total shareholder´s equity and liabilities |
779,102 | 741,382 | 730,374 | 736,909 | 720,583 | 718,070 | 691,117 | 728,337 |
| SEK 000s | Jan-Mar 2019 |
Oct-Dec 2018 |
Jul-Sep 2018 |
Apr-Jun 2018 |
Jan-Mar 2018 |
Oct-Dec 2017 |
Jul-Sep 2017 |
Apr-Jun 2017 |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Profit before tax | -1,007 | 5,111 | 2,413 | 13,345 | -2,649 | -8,108 | 1,041 | 4,436 |
| Adjustments for items not included in cash flow |
7,351 | 120 | 5,352 | -14,571 | 5,507 | 9,380 | -3,917 | -11,947 |
| Tax paid | -555 | -495 | -1,068 | -11,410 | -1,127 | -1,507 | -3,847 | -2,117 |
| Cash flow from changes in working capital |
-10,011 | 3,027 | -9,118 | 21,619 | -19,305 | 10,196 | -22,129 | -15,406 |
| Cash flow from operating activities |
-4,222 | 7,763 | -2,421 | 8,983 | -17,573 | 9,960 | -28,852 | -25,034 |
| Cash flow from investing activities |
-4,804 | -5,027 | -4,562 | -4,621 | -3,644 | 7,254 | -6,332 | -479 |
| Cash flow from financing activities |
-3,906 | -5,250 | 0 | 510 | -68 | 0 | 0 | -46,562 |
| Cash flow for the period | -12,932 | -2,514 | -6,983 | 4,872 | -21,285 | 17,215 | -35,185 | -72,075 |
| Cash and cash equivalents | ||||||||
| On the opening date | 44,171 | 47,009 | 53,010 | 47,793 | 68,662 | 50,656 | 87,143 | 159,475 |
| Translation difference | 1,482 | -324 | 982 | 346 | 415 | 792 | -1,303 | -258 |
| Cash and cash equivalents on the closing date |
32,721 | 44,169 | 47,009 | 53,010 | 47,792 | 68,662 | 50,656 | 87,143 |
| Jan-Mar 2019 |
Oct-Dec 2018 |
Jul-Sep 2018 |
Apr-Jun 2018 |
Jan-Mar 2018 |
Oct-Dec 2017 |
Jul-Sep 2017 |
Apr-Jun 2017 |
|
|---|---|---|---|---|---|---|---|---|
| Gross profit (GP) / revenue (%) | 21.5 | 21.9 | 22.3 | 23.2 | 22.6 | 22.2 | 23.4 | 21.9 |
| EBITDA / revenue (%) | 4.2 | 4.4 | 3.9 | 2.2 | 2.6 | 2.2 | 4.1 | -0.4 |
| EBITDA / gross profit (GP) (%) | 19.5 | 20.1 | 17.7 | 9.3 | 11.7 | 9.9 | 17.3 | -1.7 |
| Equity/assets ratio (%) | 30.9 | 31.8 | 31.9 | 31.3 | 30.0 | 28.7 | 30.2 | 29.2 |
| Return on equity last 12 months (%) |
7.1 | 6.8 | 0.4 | -0.3 | -5.6 | -4.8 | -7.5 | -10.3 |
| Average number of employees | 253 | 248 | 253 | 259 | 266 | 289 | 284 | 305 |
| Return on Capital Employed last 12 months (%) |
10.5 | 10.5 | 6.3 | 5.5 | 2.4 | 2.8 | 1.8 | 0.7 |
| Working capital at the end of the period (SEK M) |
-77 | -84 | -85 | -94 | -72 | -93 | -81 | -109 |
| Cash flow from operating activities per share, SEK |
-0.1 | 0.2 | -0.1 | 0.2 | -0.4 | 0.2 | -0.7 | -0.6 |
| Equity per share, SEK | 5.2 | 5.1 | 5.1 | 5.0 | 4.7 | 4.5 | 4.5 | 4.6 |
| Stock price at the end of the period, SEK |
3.5 | 3.2 | 2.7 | 1.9 | 2.2 | 3.2 | 4.0 | 5.0 |
| SEK M | Jan-Mar 2019 |
Oct-Dec 2018 |
Jul-Sep 2018 |
Apr-Jun 2018 |
Jan-Mar 2018 |
Oct-Dec 2017 |
Jul-Sep 2017 |
Apr-Jun 2017 |
|---|---|---|---|---|---|---|---|---|
| DACH | ||||||||
| Net sales | 41.0 | 39.4 | 33.3 | 35.2 | 36.2 | 39.2 | 33.8 | 41.1 |
| EBITDA | 5.9 | 3.5 | 3.2 | 4.6 | 5.0 | 3.7 | 2.5 | 3.3 |
| France & Benelux | ||||||||
| Net sales | 83.2 | 83.2 | 79.2 | 74.8 | 77.9 | 79.1 | 66.8 | 68.9 |
| EBITDA | 9.0 | 8.7 | 8.4 | 5.9 | 5.2 | 4.7 | 2.6 | 2.6 |
| Nordics | ||||||||
| Net sales | 81.0 | 93.2 | 85.2 | 80.0 | 81.8 | 84.4 | 66.2 | 72.5 |
| EBITDA | 4.8 | 6.1 | 6.8 | 4.6 | 5.1 | 6.5 | 5.3 | 4.2 |
| South | ||||||||
| Net sales | 43.3 | 43.7 | 37.9 | 34.6 | 37.4 | 38.9 | 36.1 | 36.1 |
| EBITDA | 4.6 | 5.5 | 5.7 | 4.9 | 4.0 | 3.7 | 5.0 | 5.4 |
| UK & Ireland | ||||||||
| Net sales | 57.7 | 50.9 | 56.8 | 58.3 | 54.4 | 53.7 | 54.8 | 65.7 |
| EBITDA | 3.1 | 3.0 | 3.1 | 4.3 | 3.7 | 0.9 | 2.2 | 0.8 |
| Group management & support functions |
||||||||
| Net sales | - | - | - | - | - | - | - | - |
| EBITDA | -14.5 | -13.1 | -15.6 | -18.1 | -15.5 | -12.9 | -7.1 | -17.4 |
| Total | ||||||||
| Net sales | 306.2 | 310.3 | 292.4 | 282.9 | 287.5 | 295.3 | 257.6 | 284.5 |
| EBITDA | 12.9 | 13.6 | 11.5 | 6.1 | 7.6 | 6.5 | 10.5 | -1.0 |
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.
Average FTE (full-time employees) for the period, which includes permanent, temporary and hired consultants.
Total assets less current and long-term noninterest-bearing liabilities, including deferred tax liabilities.
Cash flow from operating activities divided by average number of outstanding shares.
Change related items refer to non-recurring items that are disclosed separately to make it easier for the reader to understand the underlying change in revenue and expenses in the comparison between periods.
EBITDA is revenue before tax, net financial items and depreciation/amortization and impairment.
EBITDA divided by gross profit.
EBITDA as a percentage of revenue
EBITDA divided by net sales
Shareholders' equity as a percentage of total assets.
Shareholders' equity divided by the number of outstanding shares.
Gross profit divided by net sales
Profit after tax as a percentage of sales
Operating profit as a percentage of revenue.
Revenue for the period as a percentage of the average shareholders' equity, calculated as open and closing shareholders' equity divided by two.
Operating profit plus interest income as a percentage of average capital employed, calculated- as opening and closing capital employed divided by two.
Revenue of the year divided by the average number of shares
Revenue of the year divided by the average number of shares after full dilution
Share price divided by shareholders' equity per share
Tradedoubler's share price last trading day for the period
Total current assets less cash and cash equivalents, short term investments and total current liabilities.
INTERIM REPORT JA NUAR Y – MARCH 2019 25
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