Interim / Quarterly Report • Jul 22, 2016
Interim / Quarterly Report
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Net Insight AB (publ) reg.no. 556533–4397
"Net sales increased by 42 percent with an operating margin of 9 percent, at the same time as we continued to invest in Live OTT and conducted a commercial launch of Sye."
• Net sales amounted to SEK 132.3 (93.2) million, up by 42.0 percent year on year. The increase was 39.7 percent in comparable currencies. Organic growth was 21.3 percent.
• Operating earnings amounted to SEK 12.0 (4.9) million, corresponding to an operating margin of 9.0 (5.3) percent.
• Total cash flow was SEK -10.5 (2.2) million.
• Net sales were SEK 242.3 (180.9) million, up 33.9 percent. In comparable currencies, the increase was 33.0 percent. Organic growth was 12.7 percent.
• Operating earnings were SEK 19.8 (11.1) million, corresponding to an operating margin of 8.2 (6.1) percent.
• Total cash flow was SEK 1.3 (12.4) million.
ì Commercial launch of Sye solution for true live OTT at the beginning of April.
ì Launch of Nimbra Gateway, a new media transport solution that supports migration to IP.
ì Net Insight's product management and services operations were coordinated into cohesive global functions in the quarter. This means that the organizational integration of ScheduALL has now been completed.
ì Net Insight's Board resolved to repurchase own shares.
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jul 2015- | Jan-Dec | ||||
|---|---|---|---|---|---|---|---|---|---|
| SEK millions | 2016 | 2015 | Change | 2016 | 2015 | Change | Jun 2016 | 2015 | Change |
| Net sales by region | |||||||||
| Western Europe | 60.5 | 58.1 | 4.2% | 108.4 | 95.9 | 13.0% | 205.5 | 193.1 | 6.4% |
| Americas | 38.7 | 22.6 | 71.1% | 73.9 | 58.3 | 26.8% | 130.7 | 115.1 | 13.6% |
| Rest of World | 33.2 | 12.5 | 165.5% | 60.1 | 26.8 | 124.3% | 100.9 | 67.6 | 49.2% |
| Total net sales | 132.3 | 93.2 | 42.0% | 242.3 | 180.9 | 33.9% | 437.1 | 375.8 | 16.3% |
| Operating earnings | 12.0 | 4.9 | 141.5% | 19.8 | 11.1 | 78.1% | 27.9 | 19.2 | 45.1% |
| Operating Margin | 9.0% | 5.3% | 8.2% | 6.1% | 6.4% | 5.1% | |||
| Net Income | 5.7 | 3.6 | 55.8% | 19.7 | 7.6 | 157.9% | 14.0 | 1.9 | 626.5% |
| EBITDA | 8.9 | 7.1 | 24.8% | 11.9 | 14.8 | -19.8% | 20.4 | 23.3 | -12.6% |
| EBITDA margin | 6.7% | 7.6% | 4.9% | 8.2% | 4.7% | 6.2% | |||
| Diluted and Basic EPS (SEK) |
0.01 | 0.01 | 56.9% | 0.05 | 0.02 | 159.8% | 0.04 | 0.00 | 628.3% |
| Total Cash Flow | -10.5 | 2.2 | -573.5% | 1.3 | 12.4 | -89.5% | -112.3 | -101.1 | 11.0% |
| Adjusted* | |||||||||
| Net Sales | 134.1 | 93.2 | 43.9% | 246.7 | 180.9 | 36.4% | 445.1 | 379.4 | 17.3% |
| Operating earnings | 14.4 | 4.9 | 191.8% | 25.6 | 11.1 | 130.6% | 42.1 | 27.6 | 52.4% |
| Operating Margin | 10.8% | 5.3% | 10.4% | 6.1% | 9.5% | 7.3% | |||
| *) See table page 7. |
As we now close the books for the second quarter 2016, it's clear that Net Insight has delivered its strongest quarter ever. Sales were SEK 132 million, up 42 percent year over year. The quarter also delivered a record organic growth of 21 percent, when adjusted for the acquisition of ScheduALL.
It's obviously satisfying to deliver strong sales growth, but as CEO it's even more important to report that Net Insight has a strong core business, and that our growth is firmly secured in the various geographical regions and customer segments. Region Rest of World showed the strongest sales growth (166 percent), followed by North and South Americas (71 percent), and Western Europe (4 percent). We experienced an increased interest in Africa and Saudi Arabia in the period, which resulted in a couple of major contracts.
Operating earnings for the second quarter was SEK 12 million, compared to SEK 5 million last year. Profitability also gathered strength in the quarter, despite continued investments in the development of Live OTT and the launch of Sye.
The commercial tests currently underway in Live OTT are proceeding according to plan, as we've previously communicated, although it will be some time before revenues hit the bottom line. This is due to a naturally long sales cycle in combination with a renewed business model, where the revenue is first made visible when the viewers are using the new services. It's important to point out that our technology is innovative and that it always takes time for new technology to gain foothold on the market. Therefore it is important to continue our marketing initiatives unabated, especially since the customers' offerings need to develop as well. We launched Sye on a commercial scale in the second quarter and we'll continue to invest in the development of Live OTT in accordance with our strategic plan, and we're very confident about our offering.
Sye was awarded TV Technology's "Best of Show" at the prestigious NAB Show in Las Vegas. We also announced a number of new partnerships regarding Sye, with Accedo, a global supplier of TV applications, and with Verimatrix, a software provider for managing digital rights (DRM). There are multiple aims for these partnerships, but the key purpose is to facilitate for customers to choose their future solutions for Live OTT.
In the quarter, Net Insight also launched its new media transport solution, Nimbra Gateway, which can be connected with various competitors' transport solutions. This means that we're able to strengthen our position further and approach new customer segments, which generates new business.
The acquisition of ScheduALL at the end of 2015 extended our product portfolio. We also expanded our joint
customer base to 500 customers around the world. We now have a unique market breadth, which provides us with a stable foundation to continue to build on. The integration of ScheduALL continued according to plan, and product management and services were coordinated in the quarter, and we've now integrated these global functions.
One of our joint competitive offerings is Customer Provisioned Networks, where broadcasters are able to easily order and use network capacity for real-time, high-quality video transmissions. More customers also decided to implement this solution in the quarter. These deals are the result of successful cross-sales between Nimbra and ScheduALL.
2016 is a really exciting year for all sports lovers, with the Euro 2016 Football Championship in France and the Olympics in Brazil. These sporting events made a positive contribution to business in the period, and I look forward to watching exciting games and impressive sporting achievements. I also look forward to continue to drive progress in the future of television, and to creating new business opportunities for ourselves and our customers.
New ways of delivering content for live sporting events will be a key driver for the continued progress of Live OTT. Our broad-based offering, which currently includes a number of different product lines, has strengthened our market position, which means that we're now more relevant to our customers than ever. Our ambition is to identify and develop new income models for our customers and their customers, but our main goal is to create an entirely new interactive experience for TV viewers around the world. And that's amazing.
Stockholm, July 2016
Fredrik Tumegård, CEO
" Sye awarded "Best of Show" in Las Vegas
Net sales were SEK 132.3 (93.2) million, up 42.0 percent year on year, of which organic growth was 21.3 percent. In comparable currencies, the increase was 39.7 percent. Revenues of SEK 1.8 million, that ScheduALL had recognized as an independent company, could not be included in the second quarter under IFRS. Adjusted for this (see table on page 7), net sales were SEK 134.1 (93.2) million.
Compared to the corresponding period in the previous year, the increase in net sales was driven by the acquisition of Schedu-ALL, corresponding to SEK 19.3 (0) million, and growth in Rest of World and North and South Americas. Generally, the quarter was positively affected by deliveries relating to the Euro 2016 Football Championship and the Olympics. Disregarding additional sales from the acquisition of ScheduALL in 2015, the quarter is Net Insight's strongest ever.
In Western Europe, net sales were SEK 60.5 (58.1) million. This corresponds to an increase of 4.2 percent, which is attributable to sales of ScheduALL products. Even adjusted for revenue from these products, second quarter sales remain strong historically, albeit slightly below the second quarter last year. Deliveries mainly took place to existing customers in the quarter, while some orders were driven by the Euro 2016 Football Championships in France and preparations ahead of the Olympics in Brazil.
Net sales in North and South Americas amounted to SEK 38.7 (22.6) million, corresponding to an increase of 71.1 percent. Growth in the quarter is partly driven by the acquisition of ScheduALL, but also deliveries mainly to South America, relating to the Olympics and additional purchases in North America, mainly from existing customers.
Rest of World experienced a strong quarter from several perspectives. Net sales were SEK 33.2 (12.5) million, corresponding to an increase of 165.5 percent. Sales mainly in the Middle East and southern Africa drove growth in the quarter. In the Middle East, Net Insight concluded important deals with new and existing customers for Nimbra networks and ScheduALL solutions, as well as an existing customer who ordered a combined Nimbra and ScheduALL solution to facilitate ordering and using network capacity in a Customer Provisioned Network.
Net sales in the Broadcast & Media (BMN) business area were 93 (82) percent, in Digital Terrestrial TV (DTT) 7 percent (16) and in CATV/IPTV 0 percent (2) of total sales.
Net sales from hardware were SEK 66.3 (49.9) million. The increase was mainly driven by some major deliveries to customers in Western Europe and Rest of World for expansion orders, and lies within the framework for normal quarterly variations. Net sales from software licenses increased by SEK 6.2 million to SEK 28.7 (22.6) million, where the increase is related to sales of Schedu-ALL. Support and service amounted to SEK 35.7 (21.4) million, with ScheduALL contributing the majority of the increase, but a greater installed base also increase service revenues. The above figures exclude other operating income of SEK 1.5 (-0.7) million, consisting of translation differences on accounts receivable in foreign currencies.
Net sales in the first six months of the year amounted to SEK 242.3 (180.9) million, corresponding to an increase of 33.9 percent. In comparable currencies, the increase was 33.0 percent. Organic growth totalled 12.7 percent, and is mainly driven by transactions in Rest of World. Revenue of SEK 4.4 million which ScheduALL had recognized as an independent company could not be included in the six-month period under IFRS. Adjusted for this, see table on page 7, net sales were SEK 246.7 (180.9) million.
| Key Ratios | Apr-Jun 2016 |
Apr-Jun 2015 |
Jan-Jun 2016 |
Jan-Jun 2015 |
|---|---|---|---|---|
| Net sales, SEK millions | 132.3 | 93.2 | 242.3 | 180.9 |
| Gross margin | 62.8% | 60.6% | 62.3% | 60.4% |
| Operating margin | 9.0% | 5.3% | 8.2% | 6.1% |
| Opex/Net sales | 53.8% | 55.3% | 54.1% | 54.2% |
| EBITDA margin | 6.7% | 7.6% | 4.9% | 8.2% |
| Adjusted* | ||||
| Net Sales | 134.1 | 93.2 | 246.7 | 180.9 |
| Operating Margin | 10.8% | 5.3% | 10.4% | 6.1% |
| *) See table page 7. |
Net sales in Western Europe were SEK 108.4 (95.9) million, corresponding to an increase of 13.0 percent. The increase is mainly driven by the acquisition of ScheduALL, although the region also returned modest growth adjusted for the acquisition.
Net sales were SEK 73.9 (58.3) million in North and South Americas, up 26.8 percent. The increase is driven by the acquisition of ScheduALL following a weaker first quarter in North America compared to the first quarter 2015.
Net sales in Rest of World were SEK 60.1 (26.8) million in the first half of 2016, up 124.3 percent. The increase is attributable to both organic and acquired growth, with the Middle East and southern Africa showing strong increases and new customer growth.
Net sales in the Broadcast & Media (BMN) business area were 87 (84) percent, in Digital Terrestrial TV (DTT) 12 (14) percent and in CATV/IPTV 1 (2) percent.
Net sales from hardware were SEK 111.0 (104.1) million. Net sales from software licenses increased by SEK 20.6 million to SEK 58.7 (38.1) million, and support and service totalled SEK 71.3 (38.3) million. The increase in revenue from software, and support and service, is mainly driven by the acquisition of ScheduALL, but even adjusted for the acquisition the proportion of software sales, and support and service, was up. The above figures exclude other operating income of SEK 1.3 (0.4) million, consisting of translation differences on accounts receivable in foreign currencies.
The second quarter was less affected by acquisition-related expenses and revaluation of synthetic option and share programs compared to the two preceding quarters. See the table on page 7 for an overview.
Gross profit was SEK 83.1 (56.5) million, with the increase driven by higher sales volumes. Gross margin was 62.8 (60.6) percent. This improvement was also due to increased sales volumes.
Sales and marketing expenses increased by SEK 3.8 million to SEK 36.4 (32.6) million in the quarter. The increase is mainly associated with the introduction of Sye (Live OTT). Administrative expenses increased to SEK 14.9 (7.9) million. The increase is attributable to the consolidation of ScheduALL, revaluation of sharebased programs, which had a modest effect on profit as a result of the strong share price in the second quarter, and an increased number of improvement projects. Development expenses were SEK 19.9 (11.0) million in the quarter. The increase is mainly driven by the acquisition of ScheduALL. Total development expenditures were SEK 38.4 (22.3) million, with the increase mainly driven by Sye and the acquisition of ScheduALL.
Operating earnings were SEK 12.0 (4.9) million, where the increase was due to increased sales volumes that were partly offset by an increased cost mass. Operating margin was 9.0 (5.3) percent, and EBITDA was 6.7 (7.6) percent. The reduction in EBITDA was mainly due to increased development expenditures, largely as a result of the focus on Sye and the acquisition of ScheduALL.
Net financial items were negative at SEK -3.4 (-0.3) million. In the quarter, Net Insight's share price increased, eliciting that the revaluation of the synthetic options programs, that some staff participate in, affected income by SEK -2.7 (0.3) million. Translation differences on intra-group balances in foreign currencies also contributed to the negative net financial items.
Net income for the period were SEK 5.7 (3.6) million, corresponding to a net margin of 4.3 (3.9) percent.
In the first half of 2016 gross earnings were SEK 150.9 (109.2) million, resulting from the increase in net sales described above in section Revenues. Gross margin increased by two percentage points, amounting to 62.3 (60.4) percent, as a result of increased net sales.
Operating expenses increased to SEK 131.2 (98.1) million, mainly as a result of the acquisition of ScheduALL, the initiatives aimed at Sye and to some extent non-recurring expenses in the first quarter of SEK 3.4 million resulting from a minor reorganization. Operating expenses decreased by SEK 1.1 (0.4) million as a result of the revaluation of a share-based incentive program, see page 7. Total development expenditures increased by SEK 31.5 million, amounting to SEK 76.0 (44.5) million. The increase is attributable to the development of Sye, the acquisition of ScheduALL and the aforementioned non-recurring expenses relating to a reorganization or the Research and Development.
Operating earnings were SEK 19.8 (11.1) million, corresponding to an operating margin of 8.2 (6.1) percent. The increase in operating profit is mainly due to increased sales volumes, which were partly offset by increased operating expenses. EBITDA was 4.9 (8.2) percent. The reduction is attributable to increased development expenditures.
Net financial items were SEK 5.1 (-0.8) million. The improvement is caused by a revaluation of synthetic options programs of SEK 6.3 (0.3) million as a result of a lower share price as at 30 June 2016 compared to 31 December 2015, and from translation differences on intra-group and bank balances in foreign currencies.
Net income for the period were SEK 19.7 (7.6) million, corresponding to a net margin of 8.1 (4.2) percent
Cash flow for the second quarter was SEK -10.5 (2.2) million. The negative cash flow is caused by a build-up of accounts receivable resulting from increased sales. Cash flow for the six-month period was SEK 1.3 (12.4) million.
Cash and cash equivalents at the end of the quarter were SEK 195.0 (307.1) million. The year on year decrease was largely due to the purchase price for ScheduALL.
Remaining tax loss carry-forwards for group companies were SEK 78.0 (100.1) million at the end of the period.
Equity was SEK 552.6 (545.0) million, with an equity/assets ratio of 77.3 (86.4) percent. The change in the equity/assets ratio is primarily due to the acquisition of ScheduALL and a business model where support charges are invoiced in advance. This means that a liability accumulates which reduces the equity/assets ratio.
Investments in the second quarter were SEK 19.4 (12.7) million, of which SEK 18.5 (11.3) million related to capitalization of expenditure for development. Depreciation and amortization in the period was SEK 15.4 (13.5) million, of which SEK 14.1 (13.0) million related to amortization of capitalized expenditure for development.
Investments in the first half-year were SEK 41.8 (25.3) million, of which SEK 38.6 (23.4) million related to capitalization of expenditure for development. Depreciation and amortization in the period were SEK 30.7 (27.2) million, of which SEK 28.0 (26.1) million related to amortization of capitalized expenditure for development.
At the end of the period, the net value of capitalized expenditure for development was SEK 219.6 (170.4) million. Capitalized expenditure for development of SEK 37.1 million was received coincident with the acquisition of ScheduALL in the fourth quarter 2015.
At the end of the quarter, Net Insight had 202 (138) employees, of which 121 (123) were employed by the parent company Net Insight AB (publ).
Parent company net sales in the second quarter were SEK 146.8 (116.0) million and net earnings for the period were SEK 11.2 (6.2) million.
For the six-month period, net sales were SEK 268.5 (226.5) million, and net income for the period were SEK 30.5 (12.5) million.
Net Insight's operations and results of operations are affected by a number of external and internal factors. The company conducts a continuous process to identify all risks present, and to assess how each risk should be managed.
Primarily, those risks the company is exposed to are marketrelated risks (including competition, technological progress and political risks), operational risks (including product liability, intellectual property, disputes, customer dependency and contract risks) as well as financial risks.
No additional critical risks and uncertainty factors, other than those reviewed in the Annual Report for 2015, arose in 2016.
For a complete review of the company's risk and sensitivity analysis, and its risk management process, see page 32 of the Annual Report for 2015.
In the past three calendar years, average seasonality has been fairly modest. In the first quarter, net sales were 22 percent, in the second quarter 26 percent, in the third quarter 25 percent, and in the fourth quarter 27 percent of yearly sales.
| Jan-Mar | Apr-Jun | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Jun | Jan-Jun | Jul 2015- | Jan-Dec | |
|---|---|---|---|---|---|---|---|---|---|
| SEK millions (if not defined differently) | 2016 | 2016 | 2015 | 2015 | 2015 | 2016 | 2015 | Jun 2016 | 2015 |
| Net sales by region | |||||||||
| Western Europe | 47.8 | 60.5 | 58.1 | 37.1 | 60.0 | 108.4 | 95.9 | 205.5 | 193.1 |
| Americas | 35.2 | 38.7 | 22.6 | 29.2 | 27.6 | 73.9 | 58.3 | 130.7 | 115.1 |
| Rest of World | 26.9 | 33.2 | 12.5 | 17.9 | 23.0 | 60.1 | 26.8 | 100.9 | 67.6 |
| Net sales | 110.0 | 132.3 | 93.2 | 84.3 | 110.6 | 242.3 | 180.9 | 437.1 | 375.8 |
| Net sales YoY, change in % | 25.3% | 42.0% | -7.4% | -24.9% | 20.4% | 33.9% | 3.3% | 13.6% | -0.9% |
| Income statement | |||||||||
| Gross earnings | 67.8 | 83.1 | 56.5 | 51.5 | 65.4 | 150.9 | 109.2 | 267.8 | 226.1 |
| Gross margin | 61.7% | 62.8% | 60.6% | 61.1% | 59.1% | 62.3% | 60.4% | 61.3% | 60.2% |
| Operating expenses | 60.0 | 71.1 | 51.5 | 42.0 | 66.8 | 131.2 | 98.1 | 239.9 | 206.8 |
| Opex/Net sales | 54.6% | 53.8% | 55.3% | 49.8% | 60.4% | 54.1% | 54.2% | 54.9% | 55.0% |
| Operating earnings | 7.8 | 12.0 | 4.9 | 9.5 | -1.4 | 19.8 | 11.1 | 27.9 | 19.2 |
| Operating margin | 7.1% | 9.0% | 5.3% | 11.3% | -1.3% | 8.2% | 6.1% | 6.4% | 5.1% |
| Operating earnings, adjusted | 11.2 | 14.4 | 4.9 | 12.2 | 4.3 | 25.6 | 11.1 | 42.1 | 27.6 |
| Operating margin, adjusted | 9.9% | 10.8% | 5.3% | 14.5% | 3.8% | 10.4% | 6.1% | 9.5% | 7.3% |
| Profit/loss after financial items | 16.3 | 8.5 | 4.7 | 9.0 | -12.7 | 24.8 | 10.3 | 21.2 | 6.7 |
| Net Income | 14.0 | 5.7 | 3.6 | 6.5 | -12.2 | 19.7 | 7.6 | 14.0 | 1.9 |
| Net margin | 12.8% | 4.3% | 3.9% | 7.7% | -11.0% | 8.1% | 4.2% | 3.2% | 0.5% |
| EBITDA | |||||||||
| Operating earnings | 7.8 | 12.0 | 4.9 | 9.5 | -1.4 | 19.8 | 11.1 | 27.9 | 19.2 |
| Amortization of capitalized R&D expenditure | 14.0 | 14.1 | 13.0 | 13.7 | 14.2 | 28.0 | 26.1 | 55.9 | 54.0 |
| Other depreciation & amortization | 1.3 | 1.4 | 0.5 | 0.5 | 1.3 | 2.6 | 1.1 | 4.3 | 2.8 |
| Capitalization of R&D expenditure | -20.0 | -18.5 | -11.3 | -12.3 | -16.9 | -38.6 | -23.4 | -67.8 | -52.7 |
| EBITDA | 3.0 | 8.9 | 7.1 | 11.4 | -2.9 | 11.9 | 14.8 | 20.4 | 23.3 |
| EBITDA margin | 2.7% | 6.7% | 7.6% | 13.5% | -2.6% | 4.9% | 8.2% | 4.7% | 6.2% |
| Balance sheet | |||||||||
| Working capital | 35.7 | 43.3 | 39.6 | 47.5 | 46.9 | 42.2 | 38.6 | 44.3 | 41.9 |
| Working capital/Net sales | 32.4% | 32.7% | 42.5% | 56.3% | 42.4% | 17.4% | 21.4% | 10.1% | 11.2% |
| Return on capital employed | 1.4% | 2.1% | 0.9% | 1.8% | -0.2% | 3.4% | 1.9% | 5.0% | 3.5% |
| Equity/asset ratio | 77.8% | 77.3% | 86.4% | 84.9% | 79.3% | 77.3% | 86.4% | 77.3% | 79.3% |
| Return on equity | 2.6% | 1.0% | 0.7% | 1.2% | -2.3% | 3.6% | 1.4% | 2.6% | 0.4% |
| Cash and cash equivalents | 204.9 | 195.0 | 307.1 | 298.6 | 193.6 | 195.0 | 307.1 | 195.0 | 193.6 |
| Total cash flow | 11.8 | -10.5 | 2.2 | -8.5 | -105.0 | 1.3 | 12.4 | -112.3 | -101.1 |
| The share | |||||||||
| Dividend per share, SEK | - | - | - | - | - | - | - | - | - |
| Earnings per share diluted and basic, SEK | 0.04 | 0.01 | 0.01 | 0.02 | -0.03 | 0.05 | 0.02 | 0.04 | 0.00 |
| Cash flow per share, SEK | 0.03 | -0.03 | 0.01 | -0.02 | -0.27 | 0.00 | 0.03 | -0.04 | -0.26 |
| Equity per share basic and diluted, SEK | 1.40 | 1.43 | 1.40 | 1.41 | 1.37 | 1.43 | 1.40 | 1.43 | 1.37 |
| Average number of oustanding shares in thousands, basic and diluted |
387,158 | 387,158 | 389,933 | 389,484 | 387,200 | 387,158 | 389,933 | 387,750 | 389,138 |
| Share price at end of period, SEK | 4.74 | 6.00 | 2.64 | 2.68 | 8.30 | 6.00 | 2.64 | 6.00 | 8.30 |
| Employees | |||||||||
| No. of employees at the end of the period | 204 | 202 | 138 | 138 | 205 | 202 | 138 | 202 | 205 |
For definitions, see page 13.
The group has identified a number of items which are material due to the significance of their nature and/or amount. These are listed separately here to provide a better understanding of the financial performance of the group:
| Jan-Mar | Apr-Jun | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Jun | Jan-Jun | Jul 2015- | Jan-Dec | ||
|---|---|---|---|---|---|---|---|---|---|---|
| SEK millions | Note | 2016 | 2016 | 2015 | 2015 | 2015 | 2016 | 2015 | Jun 2016 | 2015 |
| Accounting effects due to the acquisition of ScheduALL in October 2015 |
||||||||||
| Deferred revenue | (a) | -2.6 | -1.8 | - | - | -3.6 | -4.4 | - | -8.0 | -3.6 |
| Amortization on intangible assets | (b) | -0.7 | -0.7 | - | - | -0.7 | -1.4 | - | -2.1 | -0.7 |
| Acquisistion related costs | (c) | - | - | - | -2.7 | -1.4 | - | - | -4.1 | -4.1 |
| -3.3 | -2.5 | 0.0 | -2.7 | -5.7 | -5.8 | 0.0 | -14.3 | -8.4 | ||
| Effects of the Net Insight share price development during the period |
||||||||||
| Share-based benefits | (d) | 2.0 | -0.9 | 0.4 | - | -3.2 | 1.1 | 0.4 | -2.1 | -2.8 |
| Synthetic opitons, change in value | (e) | 9.0 | -2.7 | 0.3 | - | -12.0 | 6.3 | 0.3 | -5.7 | -11.8 |
| 11.0 | -3.6 | 0.6 | 0.0 | -15.2 | 7.4 | 0.6 | -7.8 | -14.6 | ||
| Other | ||||||||||
| Restructuring | (f) | -3.4 | - | - | - | - | -3.4 | - | -3.4 | - |
| -3.4 | 0.0 | 0.0 | 0.0 | 0.0 | -3.4 | 0.0 | -3.4 | 0.0 |
(a) Support revenues that ScheduALL would have recognized if they had remained a stand-alone entity, but that Net Insight is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. The effects of these business combination rules will gradually decrease, and has most effect on the income during the first six months after the acquisition.
We believe that the disclosed supplemental non-IFRS financial information provides useful information to investors because management uses this information, in addition to financial data prepared in accordance with IFRS, to attain a more transparent understanding of Net Insight´s performance in the first six months of 2016. The adjustments below refers to some of the items listed in the section Material profit and loss items above and the notes refers to this section. Corresponding adjustments have been made for the comparative periods.
| Apr-Jun 2016 |
Apr-Jun 2016 |
Apr-Jun 2016 |
Jan-Jun 2016 |
Jan-Jun 2016 |
Jan-Jun 2016 |
||
|---|---|---|---|---|---|---|---|
| SEK millions | IFRS | Adjustment | Non-IFRS | IFRS | Adjustment | Non-IFRS | Note |
| Net sales | 132,3 | 1.8 | 134.1 | 242.3 | 4.4 | 246.7 | |
| Cost of sales | -49.2 | -49.2 | -91.4 | -91.4 | |||
| Gross earnings | 83.1 | 1.8 | 84.9 | 150.9 | 4.4 | 155.4 | |
| Gross margin | 62.8% | 63.3% | 62.3% | 63.0% | |||
| Sales and marketing expenses | -36.4 | 0.7 | -35.7 | -67.6 | 1.4 | -66.2 | (b) |
| Administration expenses | -14.9 | -14.9 | -26.2 | -26.2 | (c) | ||
| Development expenses | -19.9 | -19.9 | -37.4 | -37.4 | |||
| Operating earnings | 12.0 | 2.5 | 14.4 | 19.8 | 5.8 | 25.6 | |
| Operating margin | 9.0% | 10.8% | 8.2% | 10.4% | |||
| Net financial items | -3.4 | 2.7 | -0.7 | 5.1 | -6.3 | -1.2 | (e) |
| Profit before tax | 8.5 | 5.2 | 13.7 | 24.8 | -0.4 | 24.4 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jul 2015- | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK thousands | 2016 | 2015 | 2016 | 2015 | Jun 2016 | 2015 |
| Net sales | 132,331 | 93,198 | 242,286 | 180,937 | 437,122 | 375,773 |
| Cost of sales | -49,233 | -36,719 | -91,364 | -71,730 | -169,353 | -149,719 |
| Gross earnings | 83,098 | 56,479 | 150,922 | 109,207 | 267,769 | 226,054 |
| Sales and marketing expenses | -36,388 | -32,631 | -67,574 | -61,935 | -128,018 | -122,379 |
| Administration expenses | -14,852 | -7,861 | -26,175 | -15,138 | -51,535 | -40,498 |
| Development expenses | -19,904 | -11,038 | -37,402 | -21,030 | -60,329 | -43,957 |
| Operating earnings | 11,954 | 4,949 | 19,771 | 11,104 | 27,887 | 19,220 |
| Net financial items | -3,425 | -263 | 5,069 | -777 | -6,717 | -12,563 |
| Profit before tax | 8,529 | 4,686 | 24,840 | 10,327 | 21,170 | 6,657 |
| Tax | -2,870 | -1,054 | -5,153 | -2,694 | -7,192 | -4,733 |
| Net income | 5,659 | 3,632 | 19,687 | 7,633 | 13,978 | 1,924 |
| Net income for the period attributable to the shareholders | 5,659 | 3,632 | 19,687 | 7,633 | 13,978 | 1,924 |
| of the parent company | ||||||
| Earnings/loss per share, based on net profit attributable to | ||||||
| the parent company's shareholders during the period | ||||||
| Earnings per share, basic (SEK) | 0.01 | 0.01 | 0.05 | 0.02 | 0.04 | 0.00 |
| Earnings per share, diluted (SEK) | 0.01 | 0.01 | 0.05 | 0.02 | 0.04 | 0.00 |
| Average number of oustanding shares in thousands, basic | 387,158 | 389,933 | 387,158 | 389,933 | 387,750 | 389,138 |
| Average number of oustanding shares in thousands, diluted | 387,158 | 389,933 | 387,158 | 389,933 | 387,750 | 389,138 |
| SEK thousands | ||||||
|---|---|---|---|---|---|---|
| Net Income | 5,659 | 3,632 | 19,687 | 7,633 | 13,978 | 1,924 |
| Other comprehensive income | ||||||
| Items that may be reclassified subsequently to the | ||||||
| income statement | ||||||
| Translation differences | 3,314 | -367 | 1,321 | 524 | 1,263 | 466 |
| Total other comprehensive income, after tax | 3,314 | -367 | 1,321 | 524 | 1,263 | 466 |
| Total other comprehensive income for the period | 8,973 | 3,265 | 21,008 | 8,157 | 15,241 | 2,390 |
| Total comprehensive income for the period attributable to the shareholders of the parent company |
8,973 | 3,265 | 21,008 | 8,157 | 15,241 | 2,390 |
| Jun 30 | Jun 30 | Dec 31 | |
|---|---|---|---|
| SEK thousands | 2016 | 2015 | 2015 |
| ASSETS | |||
| Intangible assets | |||
| Capitalized expenditure for development | 219,576 | 170,387 | 208,792 |
| Goodwill | 60,089 | 4,354 | 59,242 |
| Other intangible assets | 26,169 | 1,214 | 25,590 |
| Tangible assets | |||
| Equipment | 3,835 | 4,084 | 3,743 |
| Financial fixed assets | |||
| Deferred tax asset | 18,868 | 20,912 | 23,322 |
| Deposits | 437 | 327 | 379 |
| Totalt non-current assets | 328,974 | 201,278 | 321,068 |
| Current assets | |||
| Inventories | 47,259 | 39,647 | 56,037 |
| Accounts receivable | 124,450 | 70,386 | 84,620 |
| Other receivables | 18,959 | 12,242 | 15,051 |
| Cash and cash equivalents | 195,044 | 307,081 | 193,616 |
| Total current assets | 385,712 | 429,356 | 349,324 |
| TOTAL ASSETS | 714,686 | 630,634 | 670,392 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to parent company's shareholders | |||
| Share capital | 15,597 | 15,597 | 15,597 |
| Other paid-in capital | 1,192,727 | 1,192,727 | 1,192,727 |
| Translation difference | 1,094 | -169 | -227 |
| Accumulated deficit | -656,860 | -663,112 | -676,547 |
| Total shareholders' equity | 552,558 | 545,043 | 531,550 |
| Non-current liabilities | |||
| Other liabilities | 26,708 | 4,499 | 23,198 |
| Total non-current liabilities | 26,708 | 4,499 | 23,198 |
| Current liabilities | |||
| Accounts payable | 22,136 | 21,915 | 21,410 |
| Other liabilities | 113,284 | 59,177 | 94,234 |
| Total current liabilities | 135,420 | 81,092 | 115,644 |
| TOTAL EQUITY AND LIABILITIES | 714,686 | 630,634 | 670,392 |
| Attributable to parent company's shareholders | |||||
|---|---|---|---|---|---|
| SEK thousands | Share capital |
Other paid-in capital |
Translation differences |
Accumulated deficit |
Total shareholders' equity |
| 1/1/2015 | 15,597 | 1,192,727 | -693 | -670,745 | 536,886 |
| Repurchase of own shares | - | - | - | 0 | 0 |
| Total comprehensive income | - | - | 524 | 7,633 | 8,157 |
| 6/30/2015 | 15,597 | 1,192,727 | -169 | -663,112 | 545,043 |
| 7/1/2015 | 15,597 | 1,192,727 | -169 | -663,112 | 545,043 |
| Repurchase of own shares | - | - | - | -7,726 | -7,726 |
| Total comprehensive income | - | - | -58 | -5,709 | -5,767 |
| 12/31/2015 | 15,597 | 1,192,727 | -227 | -676,547 | 531,550 |
| 1/1/2016 | 15,597 | 1,192,727 | -227 | -676,547 | 531,550 |
| Repurchase of own shares | - | - | - | - | 0 |
| Total comprehensive income | - | - | 1,321 | 19,687 | 21,008 |
| 6/30/2016 | 15,597 | 1,192,727 | 1,094 | -656,860 | 552,558 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jul 2015- | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK thousands | 2016 | 2015 | 2016 | 2015 | Jun 2016 | 2015 |
| Ongoing activities | ||||||
| Profit/loss before tax | 8,529 | 4,686 | 24,840 | 10,327 | 21,170 | 6,657 |
| Income tax paid | -600 | -16 | -600 | -79 | -600 | -79 |
| Depreciation and amortization | 15,449 | 13,493 | 30,681 | 27,165 | 60,290 | 56,774 |
| Other items not affecting liquidity | 8,528 | 251 | -1,209 | 1,499 | 3,305 | 6,013 |
| Cash flow from operating activities before changes in working capital |
31,906 | 18,414 | 53,712 | 38,912 | 84,165 | 69,365 |
| Changes in working capital | ||||||
| Increase-/decrease+ in inventories | 7,837 | 739 | 8,778 | 4,560 | -7,612 | -11,830 |
| Increase-/decrease+ in receivables | -28,500 | -11,801 | -43,738 | -3,434 | -42,318 | -2,014 |
| Increase+/decrease- in liabilities | -3,447 | 7,638 | 23,275 | -2,359 | 31,349 | 5,715 |
| Cash flow from operating activities | 7,796 | 14,990 | 42,027 | 37,679 | 65,584 | 61,236 |
| Investment activities | ||||||
| Investment in intangible assets, net | -19,066 | -11,769 | -40,604 | -23,886 | -72,196 | -55,478 |
| Investment in tangible assets, net | -363 | -973 | -1,216 | -1,439 | -1,649 | -1,872 |
| Acquisition or group companies, net effect on cash | - | - | - | - | -98,217 | -98,217 |
| Investment in financial assets, net | -14 | -31 | -58 | 51 | -60 | 49 |
| Cash flow from investment activities | -19,443 | -12,773 | -41,878 | -25,274 | -172,122 | -155,518 |
| Financing activities | ||||||
| Option premium | 1,150 | - | 1,150 | - | 2,010 | 860 |
| Repurchase of own shares | - | - | - | - | -7,726 | -7,726 |
| Cash flow from financing activities | 1,150 | 0 | 1,150 | 0 | -5,716 | -6,866 |
| Net change in cash and cash equivalents | -10,497 | 2,217 | 1,299 | 12,405 | -112,254 | -101,148 |
| Exchange differences in cash and cash equivalents | 691 | -13 | 129 | 358 | 217 | 446 |
| Cash and cash equivalents at the beginning of the period | 204,850 | 304,877 | 193,616 | 294,318 | 307,081 | 294,318 |
| Cash and cash equivalents at the end of the period | 195,044 | 307,081 | 195,044 | 307,081 | 195,044 | 193,616 |
| Apr-Jun 2016 | Apr-Jun 2015 | Jan-Jun 2016 | Jan-Jun 2015 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK millions | WE | AM | RoW | Total | WE | AM | RoW | Total | WE | AM | RoW | Total | WE | AM | RoW | Total |
| Net sales | 61 | 39 | 33 | 132 | 58 | 23 | 12 | 93 | 108 | 74 | 60 | 242 | 96 | 58 | 27 | 181 |
| Regional contribution | 24 | 14 | 9 | 47 | 19 | 5 | 0 | 24 | 43 | 27 | 14 | 84 | 32 | 14 | 1 | 47 |
| Regional contribution margin |
40% | 36% | 26% | 35% | 32% | 23% | -1% | 26% | 39% | 37% | 23% | 35% | 34% | 25% | 2% | 26% |
| Adjustment for R&D amortization |
7 | 4 | 3 | 14 | 8 | 3 | 2 | 13 | 13 | 8 | 7 | 28 | 14 | 8 | 4 | 26 |
| Adjusted regional contribution |
31 | 18 | 12 | 61 | 27 | 8 | 2 | 37 | 56 | 35 | 20 | 112 | 46 | 23 | 4 | 73 |
| Adjusted regional contribution margin |
51% | 46% | 36% | 46% | 46% | 37% | 13% | 40% | 52% | 48% | 34% | 46% | 48% | 39% | 17% | 41% |
Regional Contribution is defined as Gross earnings less Sales and marketing expenses.
The CEO reviews the business from Western Europe (WE), North and South America (Americas, AM) and Rest of World (RoW) geographic perspectives. The segments are new from January 1st, 2016, due to a new global sales organization. Comparable periods have been converted to reflect the new segments.
| Group's financial instruments by category | Jun 30, 2016 | Dec 31, 2015 | ||||||
|---|---|---|---|---|---|---|---|---|
| SEK thousands | Value tier |
Loan receivables and accounts receivables |
Assets measured at fair value through profit or loss |
Value tier |
Loan receivables and accounts receivables |
Assets measured at fair value through profit or loss |
||
| Assets in Balance Sheet | ||||||||
| Derivative instruments | 2 | - | - | 2 | - | 543 | ||
| Accounts receivable and other receivables, excluding interim receivables |
136,464 | - | 91,175 | - | ||||
| Cash and cash equivalents | 195,044 | - | 193,616 | - | ||||
| Total | 331,508 | 0 | 284,791 | 543 |
| Group's financial instruments by category | Jun 30, 2016 | 31 Dec, 2015 | ||||||
|---|---|---|---|---|---|---|---|---|
| SEK thousands | Value tier |
Other finan cial liabilities |
Liabilities measured at fair value through profit or loss |
Value tier |
Other financial liabilities |
Liabilities measured at fair value through profit or loss |
||
| Liabilities in Balance Sheet | ||||||||
| Synthetic options | 2 | - | 7,356 | 2 | - | 12,626 | ||
| Derivative instruments | 2 | - | 743 | 2 | - | - | ||
| Accounts payable and other liabilities, excluding non-financial liabilities |
30,191 | - | 27,519 | - | ||||
| Total | 30,191 | 8,099 | 27,519 | 12,626 |
The fair value of derivative instruments is measured using exchange rates of currency forwards on the reporting date where the resulting value is discounted to present value.
The closing balance for synthetic options represents the total assessed value of a number of outstanding options, which has been measured on the basis of accepted market principles and are based on Net Insight´s share price.
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jul 2015- | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK thousands | 2016 | 2015 | 2016 | 2015 | Jun 2016 | 2015 |
| Net sales | 146,810 | 116,025 | 268,504 | 226,516 | 494,936 | 452,948 |
| Cost of sales | -58,839 | -47,073 | -104,855 | -91,565 | -194,301 | -181,011 |
| Gross earnings | 87,971 | 68,952 | 163,649 | 134,951 | 300,635 | 271,937 |
| Sales and marketing expenses | -26,598 | -30,483 | -50,592 | -57,946 | -102,297 | -109,651 |
| Administration expenses | -11,694 | -7,855 | -19,169 | -15,125 | -35,749 | -31,705 |
| Development expenses | -30,933 | -22,347 | -61,186 | -44,456 | -106,342 | -89,612 |
| Operating earnings | 18,746 | 8,267 | 32,702 | 17,424 | 56,247 | 40,969 |
| Net financial items | -2,852 | -270 | 5,483 | -807 | -6,443 | -12,733 |
| Earnings before tax | 15,894 | 7,997 | 38,185 | 16,617 | 49,804 | 28,236 |
| Tax | -4,674 | -1,796 | -7,666 | -4,091 | -9,966 | -6,391 |
| Net income | 11,220 | 6,201 | 30,519 | 12,526 | 39,838 | 21,845 |
| Jun 30 | Jun 30 | Dec 31 | |
|---|---|---|---|
| SEK thousands | 2016 | 2015 | 2015 |
| ASSETS | |||
| Intangible assets | |||
| Other intangible assets | 5,159 | 1,214 | 3,493 |
| Tangible fixed assets | |||
| Equipment | 3,636 | 4,084 | 3,494 |
| Financial assets | |||
| Participations in group companies | 248,243 | 117,427 | 248,243 |
| Deferred tax asset | - | 2,454 | 154 |
| Deposits | 256 | 197 | 205 |
| Total non-current assets | 257,294 | 125,376 | 255,589 |
| Current assets | |||
| Inventories | 47,259 | 39,647 | 56,037 |
| Accounts receivable | 114,239 | 70,386 | 77,983 |
| Receivables from group companies | 188,968 | 190,748 | 162,926 |
| Other receivables | 15,096 | 12,496 | 12,913 |
| Cash and cash equivalents | 164,787 | 281,912 | 164,955 |
| Total current assets | 530,349 | 595,189 | 474,814 |
| Total assets | 787,643 | 720,565 | 730,403 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Restricted equity | 128,419 | 128,419 | 128,419 |
| Non-restricted equity | 526,876 | 494,764 | 496,357 |
| Total equity | 655,295 | 623,183 | 624,776 |
| Non-current liabilities | |||
| Deferred tax liabilities | 6,921 | - | - |
| Other liabilities | 16,184 | 4,499 | 21,032 |
| Total non-current liabilities | 23,105 | 4,499 | 21,032 |
| Current liabilities | |||
| Accounts payable | 19,457 | 21,656 | 20,288 |
| Liabilitis to group companies | 14,182 | 15,278 | 0 |
| Other liabilities | 75,604 | 55,949 | 64,307 |
| Total current liabilities | 109,243 | 92,883 | 84,595 |
| Total equity and liabilities | 787,643 | 720,565 | 730,403 |
This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable regulations of the Swedish Annual Accounts Act. The Interim Report of the parent company complies with chapter 9 of the Swedish Annual Accounts Act, Interim Financial Reporting, and RFR 2 Accounting for Legal Entities.
Disclosures in accordance with IAS 34.16A are presented in the interim financial statements and the associated notes as well as elsewhere in the interim financial report.
The preparation of the Interim Report requires management to make judgments, estimates and assumptions that affect the company's earnings and position and information presented generally. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Net Insight introduced a new global sales organization from January 1, 2016, which divides the CEO review of the business into new geographical regions. Hence, the segment reporting has changed to Western Europe (WE), North and South America (Americas, AM) and Rest of World (RoW). Comparable periods have been converted to reflect the new segments.
Except for the new principle above, the same accounting principles and basis of calculation as those used in the latest Annual Report have been applied to the group and parent company. For a description of these accounting principles, please refer to the Annual Report.
Figures in brackets in this report refer to comparison with the corresponding period or date in the previous year. Divergences due to rounding may occur in this report.
At the end of the reporting period, the parent company had a total of 2 775 000 of its own class B shares, at an average cost of SEK 2.78 per share. The shares are held as own shares. The parent company has the right to reissue these shares at a later date. No own shares have been acquired during 2016.
Total amount of class B shares in Net Insight are 388 933 009. At the end of the reporting period, there were 1 000 000 class A shares and 386 158 009 class B shares outstanding. All shares issued by the parent company were fully paid.
A press release on 1 July announced that the company had won a large order from a major leading network operator for a European sporting league. The new contribution network will be able to connect 20 arenas via optical fibre and enable 4K and HD broadcasting to TV viewers and corporate customers. Delivery of the new network will take place in the third quarter, and the network will be implemented in September. The value of the initial phase is estimated to exceed EUR 1 million.
This Report has not been reviewed by the company's auditors.
Western Europe (WE) Western Europe. Americas (AM) North and South America. Rest of World (RoW) Countries outside of Western Europe and Americas.
Alternative performance measures (APM) Non-IFRS financial measures are presented to enhance an investor's possibility to evaluate the ongoing operating results, to aid in forecasting future periods and to facilitate meaningful comparison of result between periods.
Change in Net sales in comparable currencies The relation between the Net sales for the period, excluding Other revenues, recalculated using the foreign currency rates from the comparative period and the corresponding sales for the comparative period. Other revenue are in all material respect related to translation differences on unhedged accounts receivable in foreign currencies. Only sales from business combinations that's been part of the Group for the whole comparative period are recalculated.
Organic growth Net sales for the period in relation to Net sales for the comparative period, excluding Net sales from business combinations that not been part of the Group for the whole comparative period. Gross margin Gross earnings as a percentage of net sales.
Operating margin Operating earnings as a percentage of net sales. Net margin Net Income as a percentage of net sales.
EBITDA Operating earnings before depreciation and amortization and capitalization of development expenditure. Reconciliations, see table Financial information on page 6.
EBITDA margin EBITDA as a percentage of net sales.
Adjusted financial items See tabel Consolidated Income Statement, Adjusted on page 7.
Operating expenses Sales and marketing expenses, Administration expenses and Development expenses.
Total development (R&D) expenditure Development expenses and capitalized expenditures for development.
Total cash flow Change in cash and cash equivalents during the period, excluding exchange differences in cash and cash equivalents. Working capital Current assets less cash and cash equivalents, accounts payable and other interest-free current liabilities. The Company has no interest-bearing liabilities.
Equity/asset ratio Shareholders' equity divided by the balance sheet total.
Return on capital employed Profit/Loss before tax, excluding interest expenses, in relation to average capital employed. Capital employed is total assets less non-interest bearing liabilities, including deferred tax liabilities.
Return on equity Net income as a percentage of average shareholders' equity.
Earnings per share (EPS) diluted and basic Net income divided by the average number of outstanding shares during the period. Cash flow per share Total cash flow, excluding aquisition of group companies, divided by average number of outstandning shares during the period.
Equity per share diluted and basic Shareholders' equity divided by number of outstanding shares at the end of the period.
Number of outstanding shares Total number of shares in the Parent company, less the number of group companies holdings of shares in the Parent company (own/treasury shares).
Industry terms See Glossary on page 29 in the 2015 Annual Report.
Net Insight delivers products, software and services for effective, high-quality media transport, coupled with the effective management of resources, all, which creates an enhanced TV experience. Net Insight's offerings starts from the TV cameras to the TV studios, right through to the TV viewer. Net Insight's solutions offer network operators, TV and production companies the benefit of lower total cost of ownership and the potential for effective new media service launches.
Revenues are generated through direct and indirect sales of hardware, software and services. Revenues are primarily sourced from hardware sales, although revenues from software and services have increased in recent years.
Our ambition is to be a growth company, and our target is to create profitable growth. On a market in fundamental transformation, we create growth and profitability through close and strategic partnerships with customers. We create innovative solutions together that make our customers successful and generate business benefit. To grow for the long term, we need to transform Net Insight into a customer and market-oriented company.
Value drivers affect Net Insight's progress and can be divided into three groups: market transformation, innovative technology and global reach. Net Insight benefits from the general increase in video traffic, live streaming and file transfers, the adoption of remote production and workflows, more widespread TV broadcasting over the Internet and wider coverage of live events.
| Interim report January-September 2016 | 28 October | 2016 |
|---|---|---|
| Year-end report 2016 | 16 February | 2017 |
The Board of Directors and the CEO certify that the Interim report for the period January - June 2015 gives a true and fair overview of the Parent Company Net Insight AB and the Group's operations, their financial position and results of operations, and describes significant risks and uncertainties facing the Parent Company and other companies in the Group.
Stockholm, July 22, 2016
Chairman Board member Board member Board member
Lars Berg Jan Barchan Cecilia Beck-Friis Crister Fritzson
Gunilla Fransson Anders Harrysson Charlotta Falvin Fredrik Tumegård Board member Board member Board member CEO
Fredrik Tumegård, CEO, Net Insight AB (publ) Phone: +46 (0)8 685 04 00 Email: [email protected]
Thomas Bergström, CFO, Net Insight AB (publ) Phone: +46 (0)8 685 06 05 Email: [email protected]
Net Insight AB (publ), reg.no 556533-4397 Box 42093 126 14 Stockholm Phone: +46 (0)8 685 04 00 netinsight.net
This information is information that Net Insight AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 8.45 am CET on July 22, 2016.
Net Insight AB (publ) Phone +46 (0)8 685 04 00, [email protected], netinsight.net
The information presented in this document may be subject to change without notice. For further information on product status and availability, please contact [email protected] or visit www.netinsight.net ©Copyright 2016, Net Insight AB, Sweden. All rights reserved. Net Insight and Nimbra are trademarks of Net Insight AB, Sweden. All other registered trademarks are the property of their respective owners.
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