Interim / Quarterly Report • Jul 21, 2017
Interim / Quarterly Report
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Net Insight AB (publ) reg.no. 556533–4397
"Weaker sales second quarter but strong positioning ahead of future business opportunities."
| SEK millions | Apr–Jun 2017 |
Apr–Jun 2016 |
Change | Jan–Jun 2017 |
Jan–Jun 2016 |
Change | Jul 2016– Jun 2017 |
Jan–Dec 2016 |
Change |
|---|---|---|---|---|---|---|---|---|---|
| Net sales by region | |||||||||
| Western Europe | 38.9 | 60.5 | -35.7% | 87.0 | 108.4 | -19.8% | 210.0 | 231.4 | -9.2% |
| Americas | 27.3 | 38.7 | -29.3% | 61.1 | 73.9 | -17.2% | 150.5 | 163.2 | -7.8% |
| Rest of World | 27.2 | 33.2 | -17.9% | 55.8 | 60.1 | -7.1% | 104.7 | 108.9 | -3.9% |
| Net sales | 93.5 | 132.3 | -29.3% | 203.9 | 242.3 | -15.8% | 465.2 | 503.5 | -7.6% |
| Operating earnings | -21.5 | 12.0 | -14.1 | 19.8 | 18.5 | 52.4 | -64.7% | ||
| Operating margin | -23.0% | 9.0% | -6.9% | 8.2% | 4.0% | 10.4% | |||
| Net income | -12.8 | 5.7 | -0.9 | 19.7 | 16.9 | 37.4 | -55.0% | ||
| EBITDA | -16.6 | 8.9 | -20.7 | 11.9 | 6.0 | 38.6 | -84.4% | ||
| EBITDA margin | -17.8% | 6.7% | -10.2% | 4.9% | 1.3% | 7.7% | |||
| Diluted and Basic EPS (SEK) | -0.03 | 0.01 | 0.00 | 0.05 | 0.04 | 0.10 | -55.0% | ||
| Total cash flow | -28.5 | -10.5 | -13.2 | 1.3 | 6.4 | 20.9 | -69.5% |
As previously communicated, sales for the second quarter were at an unsatisfactory level. Net sales for the second quarter were SEK 93.5 million, down 29 percent year-on-year. Operating earnings were SEK -21.5 (12.0) million.
" We hosted a successful event alongside STCC where our technology operated seamlessly.
The weaker sales are due to three primary factors. Firstly, the global media market is undergoing major restructuring, with customer needs and consumer behavior the main drivers of change. A direct consequence of this, which was particularly noticeable in the quarter, was that many customers needed more time to reach important investment decisions. We've always worked in close dialogue with our customers, and are now intensively supporting them in their decision making processes. For some customers, this relates to technical innovation and adaptations of existing systems, for others, it's about new business models. Although the market realignment leads to uneven order flows in the short term, we're confident about our offering and business strategy in the longer term. Our focused strategic initiatives in product development in recent years mean that we're now more well-positioned than ever, and we're confident that our initiatives will result in positive sales and profitability.
Secondly, the comparative period in 2016 benefitted from a number of global sporting events such as the summer Olympics and the Euro soccer championships. There were not any commensurate events with the same global effect on our customers' willingness to invest in the current period. However, progress is positive at local level. For example, we'll be delivering solutions to Telekom Malaysia for the Southeast Asian Games 2017. Another important positive indicator is that we've also won virtually all of our local tenders.
Thirdly, in 2016 we initiated a strategic journey towards building a more responsive and customer oriented organization. This includes the creation of a total offering with a joint product portfolio, as opposed to selling individual products. Furthermore, we have employed new competence within the company. The largest changes have now been completed and we have a more homogenous, productive and customer-oriented organization. Even if we saw weaker sales during second quarter, we are strongly positioned in order to make use of future business opportunities ahead.
Net Insight is active on a promising market undergoing extensive changes. The market has progressed from TV 1.0 encompassing linear TV, to TV 2.0 offering streamed services such as Netflix and Hulu. We're now approaching TV 3.0, where viewers are becoming more involved and par-
ticipate in ways only made possible by our OTT technology Sye. We're still the only operator globally to offer synchronized live services over the Internet across multiple screens simultaneously, and our technology has won numerous awards since launch. Our focus on live OTT has allowed us to drive market progress, and we've created a total offering that consolidates our position. In the quarter, we hosted a successful event alongside STCC where our technology operated seamlessly. This significantly reduced the technology risk in the company and clarified the business opportunities to our customers. We could see that viewers stayed in front of their screens for longer and were more active during broadcasts. More viewers were also able to follow broadcasts on location, or around the country. These are key factors for owners of global events and media rights, where costs and return requirements are continuously increasing.
To conclude, I'd like to emphasize that we're confident about our long-term strategy and expect sales for the second half-year in line with the record year 2016.
Stockholm, Sweden, July 21, 2017
Fredrik Tumegård, CEO
From a market perspective Net Insight experienced strong growth in 2016. In terms of overall market size, 2016 was a very strong event year with both the Olympics and Euro 2016. Early signals from the industry body IABM indicates a slightly smaller market size during 2017 for video transport, which is normal after a big event year.
Changing viewing patterns continue to put the broadcasting and media industry under pressure to change. Live sports, a key segment for Net Insight's traditional Nimbra business, are holding up better than other forms of content. Efficiency drivers for better resource management through workflow automation and more cost-effective production of content remain the industry's priorities. From a network perspective, the transition to IP for transport, and within the studio, as well as embracing virtualization, are cautiously taking off.
We will continue to monitor market developments closely. Investments in the transition to 4K are also slower than expected although expected to pick up through 2017.
Finally, evolution of business models, whether to tackle the rise of OTT content or the long-term transition to OPEX-based spending, continue to challenge the industry.
The global media market is undergoing significant realignment where changing customer needs and consumer behavior are the main drivers. Although this leads to uneven order flow in the short term, it is ultimately expected to generate significant business opportunities for Net Insight.
market to catch up with technology. Net Insight continues to approach the market with undiminished strength through active dialogue with a number of new and existing high-profile operators.
The challenge for live OTT is to create content that increases audience participation and improves interactivity. We expect to sign more live OTT agreements during 2017, which will not significantly affect sales initially. In addition, Net Insight is expected to initiate at least one live OTT collaboration with a major reference customer in broadcasting or sporting rights before the end of the year.
Sales in the second half of the year are expected to be in line with the corresponding period in 2016, implying sales in the range of +/- 10% compared to the same period last year.
Net sales in the second quarter of 2017 were SEK 93.5 (132.3) million, a decrease of -29.3 percent year-on-year. In comparable currencies, net sales decreased by -30.8 percent. This is due to three primary factors: the absence of major global events such as the summer Olympics and the Euro soccer championships, delayed investment decisions on the market and effects of the internal transformation the company initiated in 2016.
Net sales in the Western Europe region were SEK 38.9 (60.5) million. Compared to the second quarter 2016, Western Europe has been most affected by the absence of major events. Sales were also adversely affected by delayed investment decisions from existing customers in the UK and elsewhere. The reason for the delayed investment decisions is partly normal timing issues, but also market restructuring that is leading to sector consolidation, for example. The transactions taking place in the quarter were mainly to existing customers. As previously announced in a press release, the Sye deal with STCC contributed less than SEK 1 million to sales in the quarter, but serves as an important base for gaining new Sye customers. It was also a good opportunity to test the technology in a real environment, which worked flawlessly.
Net sales in the Americas region were SEK 27.3 (38.7) million in the second quarter. The region was positively affected in the second quarter 2016 by the summer Olympics in Brazil. There were no corresponding deals with the same scope in 2017 that has created the same willingness to investments among the customers. Some of Net Insight's customers are also undergoing restructuring, either by acquiring other companies or being acquired, which has affected these customers' willingness to invest. In addition, Net Insight's focus on new competencies and reorganization of the sales organization has not yet fed through fully, which affected sales efficiency in the period.
Net sales in the Rest of World region were SEK 27.2 (33.2) million. In the quarter, Net Insight won a major order relating to deliveries for the Southeast Asian games 2017. The end customer is new to Net Insight. Other deals were with new and existing customers. The region was affected to a more limited extent by the aforementioned factors that affected Net Insight as a whole in the second quarter. The change in the region compared to the second quarter 2016 is within the range of normal quarterly fluctuations.
Net sales in the Broadcast & Media (BMN) business area were 91 (93) percent, in Digital Terrestrial TV (DTT) 8 (7) percent and in CATV/IPTV 1 (0) percent of total sales.
Net sales from hardware were SEK 33.4 (66.3) million. Net sales from software licenses were SEK 21.1 (28.7) million. The decrease is due to the causes outlined in the sections describing regional performance. Support and services amounted to SEK 40.8 (35.7) million. The above figures exclude other operating revenue of SEK -1.8 (1.5) million, which consists of translation differences on accounts receivable in foreign currencies.
Net sales in the first half of the year were SEK 203.9 (242.3) million, a decrease of -15.8 percent. In comparable currencies, net sales decreased by -18.4 percent.
Net sales in the Western Europe region were SEK 87.0 (108.4) million, corresponding to a decrease of -19.8 percent. The reduction in sales is due to the downturn in the second quarter outlined above.
Net sales in the Americas region were SEK 61.1 (73.9) million, a decrease of -17.2 percent. Here too, the reduction is mainly due to causes that have affected the company as a whole.
Net sales in the Rest of World region were SEK 55.8 (60.1) million in the first half of 2017, corresponding to a decrease of -7.1 percent. The decrease lies within what can be considered normal fluctuations between periods.
Net sales in the Broadcast & Media (BMN) business area were 91 (87) percent, in Digital Terrestrial TV (DTT) 8 (12) percent and in CATV/ IPTV 1 (1) percent of total sales.
Net sales from hardware were SEK 77.4 (111.0) million. Net sales from software licenses were SEK 49.4 (58.7) million. The decrease is due to the causes outlined in the sections describing regional performance, where the absence of major global events were the main factors influencing hardware sales. Net sales from support and services amounted to SEK 79.0 (71.3) million. The increase is aminly due to a larger installed customer base and related maintenance agreements. The above figures exclude other operating revenue of SEK -1.9 (1.3) million, which consists of translation differences on accounts receivable in foreign currencies.
Gross earnings in the second quarter were SEK 53.8 (83.1) million. The decrease in gross earnings were due to lower sales volume. Gross margin was 57.5 (62.8) percent. Gross earnings includes amortization of capitalized development expenditure of SEK -15.9 (-14.1) million. The lower gross margin is due to amortization of capitalized development expenditure comprising a larger relative proportion of net sales. Gross margin excluding amortization of capitalized development expenditure increased year-on-year, amounting to 74.5 (73.4) percent.
Operating expenses in the second quarter were SEK 75.3 (71.1) million. Sales and marketing expenses increased by SEK 3.3 million to SEK 39.7 (36.4) million, mainly driven by increased marketing and sales activities and more resources allocated to sales and marketing of Sye. Development expenses increased to SEK 21.6 (19.9) million as a result of higher development expenses for Sye, which are due to increased resources and a lower rate of capitalization of development expenditure. The overall increase in total development expenditure was restricted by a decrease in development expenses relating to other development. Total development expenditure was SEK 38.9 (38.4) million. The company will maintain a high rate of investment for all its product lines in order to ensure future competitiveness, including additional functionality and capacity in Sye.
Operating earnings were SEK -21.5 (12.0) million, equating to an operating margin of -23.0 (9.0) percent. The press release dated July 4, 2017 indicated the expected operating earnings in the range of SEK -25 and -30 million. The slightly reduced loss figure is due to a number of small ticket items that were unforeseeable at the time of the press release. The lower year-on-year operating earnings are mainly due to reduced sales volumes and, to some extent, cost increases mainly attributable to Sye.
In the second quarter, net financial items were positively affected by SEK 2.3 (-2.7) million for the revaluation of synthetic options programs due to a lower share price in the quarter. Net financial items amounted to SEK 2.3 (-3.4) million.
Profit/loss before tax was SEK -19.3 (8.5) million, and net earnings for the period were SEK -12.8 (5.7), resulting in a net margin of -13.6 (4.3) percent.
Gross earnings were SEK 119.7 (150.9) million in the first half of 2017. The decrease is a direct result of lower net sales. Gross margin was 58.7 (62.3) percent. Gross earnings includes amortization of capitalized development expenditure of SEK -29.9 (-28.0) million. The lower gross margin is due to amortization of capitalized development expenditure comprising a larger relative proportion of net sales. Gross margin excluding amortization of capitalized development expenditure was in line with the previous year, amounting to 73.4 (73.9) percent.
Operating expenses in the six-month period were SEK 133.8 (131.2) million. Sales and marketing expenses increased by SEK 6.5 million to SEK 74.0 (67.6) million, mainly driven by increased marketing and sales activities and more resources allocated to sales and marketing of Sye. Development expenses were SEK 34.0 (37.4). The decrease is due to
| Key Ratios | Apr–Jun 2017 |
Apr–Jun 2016 |
Jan–Jun 2017 |
Jan–Jun 2016 |
|---|---|---|---|---|
| Net sales, SEK millions | 93.5 | 132.3 | 203.9 | 242.3 |
| Gross margin | 57.5% | 62.8% | 58.7% | 62.3% |
| Operating margin | -23.0% | 9.0% | -6.9% | 8.2% |
| Opex/Net sales | 80.6% | 53.8% | 65.6% | 54.1% |
| EBITDA margin | -17.8% | 6.7% | -10.2% | 4.9% |
the high rate of capitalization of development expenditure in the first quarter 2017. Total development expenditure was SEK 78.4 (76.0) million. It is worth noting that the comparative period was charged with expenses of SEK 3.4 million relating to reorganization that took place in the first quarter 2016. The increase in development expenditure is attributable to the development of Sye.
Operating earnings for the six-month period were SEK -14.1 (19.8) million, equating to an operating margin of -6.9 (8.2) percent. The loss is mainly due to reduced sales volumes and, to some extent, cost increases for the development, sales and marketing of Sye. Adjusted operating earnings, see table on page 7, was SEK -11.4 (25.6) million, corresponding to an adjusted operating margin of -5.5 (10.4) percent.
Net financial items were SEK 7.8 (5.1) million, of which SEK 8.4 (6.3) were attributable to revaluation of synthetic options programs.
Profit/loss before tax was SEK -6.3 (24.8) million, and net earnings for the period were SEK -0.9 (19.7), resulting in a net margin of -0.4 (8.1) percent. See also section Tax on page 13.
Second quarter investments were SEK 19.1 (19.4) million, of which SEK 17.3 (18.5) million related to capitalization of development expenditure. Depreciation, amortization and impairment in the period was SEK 22.2 (15.4) million, of which SEK 15.9 (14.1) million related to amortization of capitalized development expenditure. The amount includes impairment loss of customer relationships totaling SEK 4.0 million relating to final settlement for the acquisition of ScheduALL in October 2015. The impairment loss will not impact profit as it is offset by compensation received.
First six months investments were SEK 47.3 (41.8) million, of which SEK 44.4 (38.6) million related to capitalization of development expenditure. Depreciation, amortization and impairment in the period was SEK 37.8 (30.7) million, of which SEK 29.9 (28.0) million related to impairment loss of capitalized development expenditure. The amount includes amortization of customer relationships totaling SEK 4.0 million relating to final settlement for the acquisition of ScheduALL in October 2015. The impairment loss will not impact profit as it is offset by compensation received.
The net value of capitalized development expenditure at the end of the period was SEK 245.5 (228.9) million.
Cash flow in the second quarter was SEK -28.5 (-10.5) million. The negative cash flow is due to reduced and delayed invoicing in the quarter, which led to decreased customer payments and stockpiling as a result of lower sales volumes.
Cash flow in the first half year was SEK -13.2 (1.3) million. The negative cash flow was due to low invoicing and stockpiling.
Cash and cash equivalents at the end of the quarter were SEK 201.4 million, compared to SEK 214.9 million as of December 31, 2016.
Remaining tax loss carry-forwards for Group companies were SEK 69.7 million at the end of the period, compared to SEK 51.5 million as of December 31, 2016.
Equity was SEK 559.2 million, compared to SEK 565.3 million as of December 31, 2016. The equity/assets ratio of 77.0 percent, compared to 77.3 percent as of December 31, 2016. See also section Equity on page 13.
At the end of the period, Net Insight had 213 (202) employees, of which 131 (121) were employed by parent company Net Insight AB (publ).
The parent company's net sales in the second quarter were SEK 110.9 (146.8) million, and net earnings were SEK -7.8 (11.2) million. In the second quarter, intra-group sales were SEK 36.4 (31.6) million, and intragroup purchases SEK -40.8 (-34.6) million.
In the six-month period, net sales were SEK 235.5 (268.5) million, and net income was SEK 10.4 (30.5) million. In the six-month period, intragroup sales were SEK 71.6 (62.4) million and intragroup purchases SEK -65.4 (-62.6) million.
Progress in the parent company, in the second quarter and six-month period, was largely in line with the group progress indicated above.
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 market-related 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 2016, arose or are expected to arise in 2017.
For a complete review of the company's risk and sensitivity analysis, and its risk management process, see pages 30-31 and 46-47 of the Annual Report for 2016.
In the past three calendar years, average seasonality has been fairly modest. In the first quarter, net sales were 22 percent and in the second, third and fourth quarters 26 percent of yearly sales.
Working capital trend
| Apr–Jun | Apr–Jun | Jan–Jun | Jan–Jun | Jul 2016– | Jan–Dec | |
|---|---|---|---|---|---|---|
| SEK millions (if not defined differently) | 2017 | 2016 | 2017 | 2016 | Jun 2017 | 2016 |
| Net sales by region | ||||||
| Western Europe | 38.9 | 60.5 | 87.0 | 108.4 | 210.0 | 231.4 |
| Americas | 27.3 | 38.7 | 61.1 | 73.9 | 150.5 | 163.2 |
| Rest of World | 27.2 | 33.2 | 55.8 | 60.1 | 104.7 | 108.9 |
| Net sales | 93.5 | 132.3 | 203.9 | 242.3 | 465.2 | 503.5 |
| Net sales YoY, change in % | -29.3% | 42.0% | -15.8% | 33.9% | 6.4% | 34.0% |
| Income statement | ||||||
| Gross earnings | 53.8 | 83.1 | 119.7 | 150.9 | 284.4 | 315.7 |
| Gross margin | 57.5% | 62.8% | 58.7% | 62.3% | 61.1% | 62.7% |
| Operating expenses | 75.3 | 71.1 | 133.8 | 131.2 | 265.9 | 263.3 |
| Opex/Net sales | 80.6% | 53.8% | 65.6% | 54.1% | 57.2% | 52.3% |
| Operating earnings | -21.5 | 12.0 | -14.1 | 19.8 | 18.5 | 52.4 |
| Operating margin | -23.0% | 9.0% | -6.9% | 8.2% | 4.0% | 10.4% |
| Operating earnings, adjusted | -20.2 | 14.4 | -11.4 | 25.6 | 24.8 | 61.7 |
| Operating margin, adjusted | -21.5% | 10.8% | -5.5% | 10.4% | 5.3% | 12.1% |
| Profit/loss after financial items | -19.3 | 8.5 | -6.3 | 24.8 | 15.8 | 46.9 |
| Net income | -12.8 | 5.7 | -0.9 | 19.7 | 16.9 | 37.4 |
| Net margin | -13.6% | 4.3% | -0.4% | 8.1% | 3.6% | 7.4% |
| EBITDA | ||||||
| Operating earnings | -21.5 | 12.0 | -14.1 | 19.8 | 18.5 | 52.4 |
| Amortization of capitalized development expenditure | 15.9 | 14.1 | 29.9 | 28.0 | 59.0 | 57.1 |
| Other depreciation, amortization & impairment | 6.4 | 1.3 | 7.9 | 2.6 | 11.6 | 6.3 |
| Capitalization of development expenditure | -17.3 | -18.5 | -44.4 | -38.6 | -83.0 | -77.2 |
| EBITDA | -16.6 | 8.9 | -20.7 | 11.9 | 6.0 | 38.6 |
| EBITDA margin | -17.8% | 6.7% | -10.2% | 4.9% | 1.3% | 7.7% |
| Total development expenditure | ||||||
| Development expenses | 21.6 | 19.9 | 34.0 | 37.4 | 68.6 | 72.0 |
| Capitalization of development expenditure | 17.3 | 18.5 | 44.4 | 38.6 | 83.0 | 77.2 |
| Total development expenditure | 38.9 | 38.4 | 78.4 | 76.0 | 151.6 | 149.1 |
| Total development expenditure/Net sales | 41.7% | 29.0% | 38.5% | 31.4% | 32.6% | 29.6% |
| Balance sheet | ||||||
| Working capital | 36.5 | 43.3 | 42.8 | 42.2 | 47.4 | 47.1 |
| Working capital/Net sales | 10.2% | 10.1% | 10.2% | 10.1% | 10.2% | 9.3% |
| Return on capital employed | 3.3% | 5.2% | 3.3% | 5.2% | 3.3% | 9.6% |
| Equity/asset ratio | 77.0% | 77.3% | 77.0% | 77.3% | 77.0% | 77.4% |
| Return on equity | 3.0% | 2.6% | 3.0% | 2.6% | 3.0% | 6.8% |
| Cash and cash equivalents Total cash flow |
201.4 -28.5 |
195.0 -10.5 |
201.4 -13.2 |
195.0 1.3 |
201.4 6.4 |
214.9 20.9 |
| The share | ||||||
| Dividend per share, SEK | – | – | – | – | – | – |
| Earnings per share diluted and basic, SEK | -0.03 | 0.01 | 0.00 | 0.05 | 0.04 | 0.10 |
| Cash flow per share, SEK | -0.07 | -0.03 | -0.02 | 0.00 | 0.01 | 0.05 |
| Equity per share basic and diluted, SEK | 1.45 | 1.43 | 1.45 | 1.43 | 1.45 | 1.47 |
| Average number of oustanding shares in thousands, | ||||||
| basic and diluted | 385,658 | 387,158 | 385,658 | 387,158 | 385,832 | 386,582 |
| Share price at end of period, SEK | 6.55 | 6.00 | 6.55 | 6.00 | 6.55 | 8.90 |
| Employees | ||||||
| No. of employees at the end of the period | 213 | 202 | 213 | 202 | 213 | 215 |
For definitions, see page 14.
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:
| SEK millions | Note | Apr–Jun 2017 |
Apr–Jun 2016 |
Jan–Jun 2017 |
Jan–Jun 2016 |
Jul 2016– Jun 2017 |
Jan–Dec 2016 |
|---|---|---|---|---|---|---|---|
| Accounting effects due to the acquisition of ScheduALL in October 2015 |
|||||||
| Deferred revenue | (a) | -0.6 | -1.8 | -1.3 | -4.4 | -3.4 | -6.5 |
| Amortization on intangible assets | (b) | -0.7 | -0.7 | -1.5 | -1.4 | -2.9 | -2.8 |
| -1.3 | -2.5 | -2.7 | -5.8 | -6.3 | -9.4 | ||
| Effects of the Net Insight share price development during the period |
|||||||
| Share-based benefits | (c) | 0.6 | -0.9 | 1.8 | 1.1 | -0.3 | -1.0 |
| Synthetic opitons, change in value | (d) | 2.3 | -2.7 | 8.4 | 6.3 | -1.1 | -3.2 |
| 2.9 | -3.6 | 10.2 | 7.4 | -1.3 | -4.1 | ||
| Other | |||||||
| Restructuring | (e) | – | – | – | -3.4 | – | -3.4 |
| 0.0 | 0.0 | 0.0 | -3.4 | 0.0 | -3.4 |
All items in the table above effects operating earnings, except for (d) that effects net financial items.
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 during the first six months of 2017. 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 | Apr–Jun | Jan–Jun | Jan–Jun | Jul 2016– | Jan–Dec | ||
|---|---|---|---|---|---|---|---|
| SEK millions (if not defined differently) | Note | 2017 | 2016 | 2017 | 2016 | Jun 2017 | 2016 |
| Net sales | 93.5 | 132.3 | 203.9 | 242.3 | 465.2 | 503.5 | |
| Deferred revenue | (a) | 0.6 | 1.8 | 1.3 | 4.4 | 3.4 | 6.5 |
| Net sales, adjusted | 94.1 | 134.1 | 205.2 | 246.7 | 468.5 | 510.1 | |
| Net sales adjusted YoY, change in % | -29.9% | 43.9% | -16.8% | 36.4% | 9.2% | 34.5% | |
| Cost of sales | -39.7 | -49.2 | -84.2 | -91.4 | -180.7 | -187.9 | |
| Gross earnings, adjusted | 54.4 | 84.9 | 121.0 | 155.4 | 287.8 | 322.2 | |
| Gross margin, adjusted | 57.8% | 63.3% | 59.0% | 63.0% | 61.4% | 63.2% | |
| Operating expenses | -75.3 | -71.1 | -133.8 | -131.2 | -265.9 | -263.3 | |
| Amortization intangible assets, business combinations | (b) | 0.7 | 0.7 | 1.5 | 1.4 | 2.9 | 2.8 |
| Operating earnings, adjusted | -20.2 | 14.4 | -11.4 | 25.6 | 24.8 | 61.7 | |
| Operating margin, adjusted | -21.5% | 10.8% | -5.5% | 10.4% | 5.3% | 12.1% | |
| Net financial items | 2.3 | -3.4 | 7.8 | 5.1 | -2.7 | -5.4 | |
| Synthetic options, change in value | (d) | -2.3 | 2.7 | -8.4 | -6.3 | 1.1 | 3.2 |
| Profit/loss before tax, adjusted | -20.3 | 13.7 | -11.9 | 24.4 | 23.1 | 59.5 |
| SEK thousands | Apr–Jun 2017 |
Apr–Jun 2016 |
Jan–Jun 2017 |
Jan–Jun 2016 |
Jul 2016– Jun 2017 |
Jan–Dec 2016 |
|---|---|---|---|---|---|---|
| Net sales | 93,504 | 132,331 | 203,914 | 242,286 | 465,150 | 503,522 |
| Cost of sales | -39 695 | -49 233 | -84 212 | -91 364 | -180 720 | -187 872 |
| Gross earnings | 53,809 | 83,098 | 119,702 | 150,922 | 284,430 | 315,650 |
| Sales and marketing expenses | -39,694 | -36,388 | -74,036 | -67,574 | -143,556 | -137,094 |
| Administration expenses | -14,026 | -14,852 | -25,716 | -26,175 | -53,790 | -54,249 |
| Development expenses | -21,620 | -19,904 | -34,028 | -37,402 | -68,579 | -71,953 |
| Operating earnings | -21,531 | 11,954 | -14,078 | 19,771 | 18,505 | 52,354 |
| Net financial items | 2,252 | -3,425 | 7,782 | 5,069 | -2,716 | -5,429 |
| Profit/loss before tax | -19,279 | 8,529 | -6,296 | 24,842 | 15,789 | 46,929 |
| Tax | 6,528 | -2,870 | 5,397 | -5,153 | 1,067 | -9,483 |
| Net income | -12,751 | 5,659 | -899 | 19,687 | 16,856 | 37,442 |
| Net income for the period attributable to the | ||||||
| shareholders of the parent company | -12,751 | 5,659 | -899 | 19,687 | 16,856 | 37,442 |
| Earnings per share, based on net income attributable to the parent company's shareholders during the period |
Apr–Jun 2017 |
Apr–Jun 2016 |
Jan–Jun 2017 |
Jan–Jun 2016 |
Jul 2016– Jun 2017 |
Jan–Dec 2016 |
|---|---|---|---|---|---|---|
| Earnings per share, basic (SEK) | -0.03 | 0.01 | 0.00 | 0.05 | 0.04 | 0.10 |
| Earnings per share, diluted (SEK) | -0.03 | 0.01 | 0.00 | 0.05 | 0.04 | 0.10 |
| Average number of oustanding shares in thousands, basic | 385,658 | 387,158 | 385,658 | 387 158 | 385,832 | 386,582 |
| Average number of oustanding shares in thousands, diluted | 385,658 | 387,158 | 385,658 | 387 158 | 385,832 | 386,582 |
| SEK thousands | Apr–Jun 2017 |
Apr–Jun 2016 |
Jan–Jun 2017 |
Jan–Jun 2016 |
Jul 2016– Jun 2017 |
Jan–Dec 2016 |
|---|---|---|---|---|---|---|
| Net income | -12,751 | 5,659 | -899 | 19,687 | 16,856 | 37,442 |
| Other comprehensive income Items that may be reclassified subsequently to the income statement |
||||||
| Translation differences | -3,848 | 3,314 | -5,242 | 1,321 | 56 | 6,619 |
| Total other comprehensive income, after tax | -3,848 | 3,314 | -5,242 | 1,321 | 56 | 6,619 |
| Total other comprehensive income for the period | -16,599 | 8,973 | -6,141 | 21,008 | 16,912 | 44,061 |
| Total comprehensive income for the period attributable to the shareholders of the parent company |
-16,599 | 8,973 | -6,141 | 21,008 | 16,912 | 44,061 |
| SEK thousands | Jun 30, 2017 | Dec 31, 2016 |
|---|---|---|
| ASSETS | ||
| Intangible assets | ||
| Capitalized expenditure for development | 245,473 | 228,867 |
| Goodwill | 60,008 | 64,136 |
| Other intangible assets | 17,287 | 26,037 |
| Tangible assets | ||
| Equipment | 4,042 | 3,123 |
| Financial fixed assets | ||
| Deferred tax asset | 20,068 | 15,520 |
| Deposits | 333 | 309 |
| Totalt non-current assets | 347,211 | 337,992 |
| Current assets | ||
| Inventories | 55,419 | 47,065 |
| Accounts receivable | 108,520 | 111,121 |
| Other receivables | 13,395 | 19,198 |
| Cash and cash equivalents | 201,407 | 214,943 |
| Total current assets | 378,741 | 392,327 |
| TOTAL ASSETS | 725,952 | 730,319 |
| EQUITY AND LIABILITIES | ||
| Equity attributable to parent company's shareholders | ||
| Share capital | 15,597 | 15,597 |
| Other paid-in capital | 1,192,727 | 1,192,727 |
| Translation difference | 1,150 | 6,392 |
| Accumulated deficit | -650,311 | -649,412 |
| Total shareholders' equity | 559,163 | 565,304 |
| Non-current liabilities | ||
| Other liabilities | 28,955 | 43,222 |
| Total non-current liabilities | 28,955 | 43,222 |
| Current liabilities | ||
| Accounts payable | 19,383 | 14,996 |
| Other liabilities | 118,451 | 106,797 |
| Total current liabilities | 137,834 | 121,793 |
| TOTAL EQUITY AND LIABILITIES | 725,952 | 730,319 |
| Attributable to parent company's shareholders | |||||
|---|---|---|---|---|---|
| SEK thousands | Share capital |
Other paid-in capital |
Translation dif ferences |
Accumulated deficit |
Total shareholders' equity |
| January 1, 2016 | 15,597 | 1,192,727 | -227 | -676,547 | 531,550 |
| Repurchase of own shares | – | – | – | 0 | 0 |
| Total comprehensive income | – | – | -1,321 | 19,687 | 18,366 |
| June 30, 2016 | 15,597 | 1,192,727 | -1,548 | -656,860 | 549,916 |
| July 1, 2016 | 15,597 | 1,192,727 | -1,548 | -656,860 | 549,916 |
| Repurchase of own shares | – | – | – | -10,307 | -10,307 |
| Total comprehensive income | – | – | 7,940 | 17,755 | 25,695 |
| December 31, 2016 | 15,597 | 1,192,727 | 6,392 | -649,412 | 565,304 |
| January 1, 2017 | 15,597 | 1,192,727 | 6,392 | -649,412 | 565,304 |
| Repurchase of own shares | – | – | – | – | 0 |
| Total comprehensive income | – | – | -5,242 | -899 | -6,141 |
| June 30, 2017 | 15,597 | 1,192,727 | 1,150 | -650,311 | 559,163 |
| Apr–Jun | Apr–Jun | Jan–Jun | Jan–Jun | Jul 2016– | Jan–Dec | |
|---|---|---|---|---|---|---|
| SEK thousands | 2017 | 2016 | 2017 | 2016 | Jun 2017 | 2016 |
| Ongoing activities | ||||||
| Profit/loss before tax | -19,279 | 8,529 | -6,296 | 24,840 | 15,789 | 46,925 |
| Income tax paid | 0 | -600 | 0 | -600 | -101 | -701 |
| Depreciation, amortization & impairment | 22,242 | 15,449 | 37,762 | 30,681 | 70,549 | 63,468 |
| Other items not affecting liquidity | -797 | 8,528 | -6,777 | -1,209 | 12,291 | 17,859 |
| Cash flow from operating activities before changes | ||||||
| in working capital | 2,166 | 31,906 | 24,689 | 53,712 | 98,528 | 127,551 |
| Changes in working capital | ||||||
| Increase-/decrease+ in inventories | -6,840 | 7,837 | -8,270 | 8,778 | -14,629 | 2,419 |
| Increase-/decrease+ in receivables | -13,264 | -28,500 | 7,098 | -43,738 | 19,000 | -31,836 |
| Increase+/decrease- in liabilities | 7,802 | -3,298 | 9,874 | 23,424 | 422 | 13,972 |
| Cash flow from operating activities | -10,136 | 7,945 | 33,391 | 42,176 | 103,321 | 112,106 |
| Investment activities | ||||||
| Investment in intangible assets | -17,746 | -19,066 | -45,666 | -40,604 | -84,834 | -79,772 |
| Investment in tangible assets | -1,327 | -363 | -1,681 | -1,216 | -2,668 | -2,203 |
| Increase-/decrease+ in financial assets, net | -23 | -14 | -24 | -58 | 104 | 70 |
| Cash flow from investment activities | -19,096 | -19,443 | -47,371 | -41,878 | -87,398 | -81,905 |
| Financing activities | ||||||
| Option premium | 763 | 1,001 | 763 | 1,001 | 763 | 1,001 |
| Repurchase of own shares | – | – | – | – | -10,307 | -10,307 |
| Cash flow from financing activities | 763 | 1,001 | 763 | 1,001 | -9,544 | -9,306 |
| Net change in cash and cash equivalents | -28,469 | -10,497 | -13,217 | 1,299 | 6,379 | 20,895 |
| Exchange differences in cash and cash equivalents | -270 | 691 | -319 | 129 | -16 | 432 |
| Cash and cash equivalents at the beginning of the period | 230,146 | 204,850 | 214,943 | 193,616 | 195,044 | 193,616 |
| Cash and cash equivalents at the end of the period | 201,407 | 195,044 | 201,407 | 195,044 | 201,407 | 214,943 |
| Apr–Jun 2017 | Apr–Jun 2016 | Jan–Jun 2017 | Jan–Jun 2016 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK millions | WE | AM | RoW | Total | WE | AM | RoW | Total | WE | AM | RoW | Total | WE | AM | RoW | Total |
| Net sales | 39 | 27 | 27 | 94 | 61 | 39 | 33 | 132 | 87 | 61 | 56 | 204 | 108 | 74 | 60 | 242 |
| Regional contribution | 10 | 2 | 3 | 14 | 24 | 14 | 9 | 47 | 26 | 11 | 9 | 46 | 43 | 27 | 14 | 84 |
| Regional contribution | ||||||||||||||||
| margin | 25% | 7% | 10% | 15% | 40% | 36% | 26% | 35% | 30% | 17% | 16% | 22% | 39% | 37% | 23% | 35% |
| Administration expenses | -14 | -15 | -26 | -26 | ||||||||||||
| Development expenses | -22 | -20 | -34 | -37 | ||||||||||||
| Net financial items | 2 | -3 | 8 | 5 | ||||||||||||
| Profit/loss before tax | -19 | 9 | -6 | 25 |
Regional Contribution is defined as Gross earnings less Sales and marketing expenses.
The CEO reviews the business from Western Europe (WE), Americas (North and South America, AM) and Rest of World (RoW) geographic perspectives.
| Group's financial instruments by category |
Jun 30, 2017 | Dec 31, 2016 | ||||
|---|---|---|---|---|---|---|
| SEK thousands | Valuetier | Loan receivables and accounts receivables |
Assets measured at fair value through profit or loss |
Valuetier | Loan receivables and accounts receivables |
Assets measured at fair value through profit or loss |
| Assets in Balance Sheet | ||||||
| Derivative instruments | 2 | – | 88 | 2 | – | 975 |
| Accounts receivable and other receivables, excluding interim receivables |
109,627 | – | 121,056 | – | ||
| Cash and cash equivalents | 201,407 | – | 214,943 | – | ||
| Total | 311,034 | 88 | 335,999 | 975 |
| Group's financial instruments by category |
Jun 30, 2017 | Dec 31, 2016 | ||||
|---|---|---|---|---|---|---|
| SEK thousands | Valuetier | Other financial liabilities |
Liabilities measured at fair value through profit or loss |
Valuetier | Other financial liabilities |
Liabilities measured at fair value through profit or loss |
| Liabilities in Balance Sheet | ||||||
| Synthetic options | 2 | – | 9,130 | 2 | – | 16,782 |
| Derivative instruments | 2 | – | 227 | 2 | – | – |
| Accounts payable and other liabilities, excluding non-financial liabilities |
24,079 | – | 18,856 | – | ||
| Total | 24,079 | 9,357 | 18,856 | 16,782 |
The fair value of derivative instruments is measured using exchange rates of currency forwards on the reporting date. 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 2016– | Jan–Dec | |
|---|---|---|---|---|---|---|
| SEK thousands | 2017 | 2016 | 2017 | 2016 | Jun 2017 | 2016 |
| Net sales | 110,941 | 146,810 | 235,539 | 268,504 | 534,986 | 567,951 |
| Cost of sales | -50,180 | -58,839 | -93,151 | -104,855 | -229,736 | -241,440 |
| Gross earnings | 60,761 | 87,971 | 142,388 | 163,649 | 305,250 | 326,511 |
| Sales and marketing expenses | -29,583 | -26,598 | -53,711 | -50,592 | -116,480 | -113,361 |
| Administration expenses | -12,072 | -11,694 | -21,776 | -19,169 | -47,014 | -44,407 |
| Development expenses | -31,764 | -30,933 | -63,179 | -61,186 | -119,876 | -117,883 |
| Operating earnings | -12,658 | 18,746 | 3,722 | 32,702 | 21,880 | 50,860 |
| Net financial items | 2,044 | -2,852 | 7,401 | 5,483 | -1,787 | -3,704 |
| Profit/loss before tax | -10,614 | 15,894 | 11,123 | 38,185 | 20,093 | 47,156 |
| Tax | 2,821 | -4,674 | -725 | -7,666 | 6,380 | -561 |
| Net income | -7,793 | 11,220 | 10,398 | 30,519 | 26,473 | 46,595 |
| SEK thousands | Jun 30, 2017 | Dec 31, 2016 |
|---|---|---|
| ASSETS | ||
| Intangible assets | ||
| Other intangible assets | 6,076 | 5,477 |
| Tangible fixed assets | ||
| Equipment | 3,853 | 2,918 |
| Financial assets | ||
| Participations in group companies | 290,927 | 299,243 |
| Deferred tax asset | – | 185 |
| Deposits | 155 | 161 |
| Total non-current assets | 301,011 | 307,984 |
| Current assets | ||
| Inventories | 55,419 | 47,065 |
| Accounts receivable | 91,853 | 100,883 |
| Receivables from group companies | 141,238 | 111,348 |
| Other receivables | 9,836 | 21,405 |
| Cash and cash equivalents | 186,569 | 194,423 |
| Total current assets | 484,915 | 475,124 |
| Total assets | 785,926 | 783,108 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Restricted equity | 128,419 | 128,419 |
| Non-restricted equity | 538,902 | 532,645 |
| Total equity | 667,321 | 661,064 |
| Non-current liabilities | ||
| Deferred tax liabilities | 540 | – |
| Other liabilities | 15,431 | 34,483 |
| Total non-current liabilities | 15,971 | 34,483 |
| Current liabilities | ||
| Accounts payable | 17,800 | 13,269 |
| Other liabilities | 84,834 | 74,292 |
| Total current liabilities | 102,634 | 87,561 |
| Total equity and liabilities | 785,926 | 783,108 |
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.
Effective January 1, 2017, Net Insight applies the following new or amended International Financial Reporting Standards (IFRS):
• Amendments to IAS 12: Recognition of Deferred Tax Assets for Unrealized Losses
These amendments are not judged to have any material impact on the group's or parent company's results or financial position.
Except for stated 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.
The preparation of the Interim Report requires management to make judgements, estimates and assumptions that affect the company's earnings and position and information presented generally. Estimates and judgements 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.
Figures in brackets in this report refer to comparison with the corresponding period or date in the previous year, if not stated otherwise. Divergences due to rounding may occur in this report.
At the end of the reporting period, the parent company had a total of 4,275,000 of its own class B shares, at an average cost of SEK 4.22 per share and with a par value of SEK 0.04 per share. The shares are held as own shares. The parent company has the right to reissue these shares at a later date.
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 384,658,009 class B shares outstanding. All shares issued by the parent company were fully paid.
The group reported tax of SEK 5.4 (-5.2) million for the first half-year 2017. Reported tax corresponds to an effective tax rate of 86 (21) percent. Profit/loss before tax of SEK -6.3 (24.8) million includes value changes on synthetic options of SEK 8.4 (6.3) million. The value change on synthetic options is not taxable if an income, or tax deductible if a cost. The significant difference in effective tax rates between periods is mainly due to the relative share the value change on synthetic options is of profit/loss before tax. The effective tax rate is also affected by the relative effects of foreign tax rates and temporary differences.
Remaining tax loss carry-forwards for group companies amounted to SEK 69.7 million at the end of the period, compared to SEK 51.5 million as of December 31, 2016.
During the second quarter of 2017, after decisions at the AGM, Net Insight introduced synthetic option programs, where the participants acquire the synthetic options at market price. The calculation of the fair value on the grant date was based on the conditions stated in the table below.
| Synthetic options, the calculation of the fair value on the grant date was based on the following |
|
|---|---|
| conditions: | 2017 |
| Averaged volume-weighted price paid for the | |
| Net Insight B shares, SEK | 6.79 |
| Strike price, SEK | 8.10 |
| Assuemed volatility1 | 34% |
| Term | 3 years |
| Risk-free interest | -0.52% |
| Adjusment of fair value due to CAP, SEK | -0.02 |
| Fair value, SEK | 1.09 |
| Number of options issued, thousands | 700 |
1 The assumed volatility was based on future forecasts based on the historical volatility of Net Insight B shares and other public shares, which are considered comparable with Net Insight.
The terms and the accounting policies for the program corresponds to the year-2015 program, see pages 52-53 of the Annual Report for 2016.
The AGM also decided to introduce a synthetic option program for employees outside of Sweden. The program, starting in July, is linked to employment with Net Insight and are presented as an employee cost. The calculation of the fair value on the grant date was based on the conditions stated in the table above.
On July 4, 2017, Net Insight announced that net sales in the second quarter 2017 had decreased by some 30 percent year-on-year, which also resulted in negative operating earnings and negative cash flow. The sales downturn in the second quarter is attributable to three primary factors: the absence of major global events such as the summer Olympics and Euro soccer championships, delayed investment decisions on the market and the effects of the company's internal restructuring initiated in 2016. An element of the profit decrease is due to the initiatives in live OTT. Net Insight also announces that sales for the second half 2017 are expected to be in line with the corresponding period in 2016.
This Report has not been reviewed by the company's auditors.
Västeuropa (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. The APMs in this report may differ from similar-titled measures used by other companies. 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 is 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. Reconciliations, see table Five-year summary on previous page. 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 table 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.
Reconciliations, see table Financial information on page 6. Investments Investments in intangible and tangible assets.
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. Changes in working capital in the cash flow statement also includes adjustments for items not affecting liquidity and changes in non-current operating assets and liabilities.
Working capital/Net sales Working capital in relation to Net sales, rolling four quarters. Slightly updated definition from previous reports, comparable periods has also been updated. Reconciliations, see table below. Equity/asset ratio Shareholders' equity divided by the balance sheet total.
Return on capital employed Operating earnings plus interest income, in relation to average capital employed, rolling four quarters. Capital employed is total assets less non-interest bearing liabilities, including deferred tax liabilities. The Company has no interest-bearing liabilities. Return on equity Net income as a percentage of average shareholders' equity, rolling four quarters.
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 acquisition of group companies, divided by average number of outstanding 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 86 in the 2016 Annual Report.
Net Insight delivers products, software and services for effective, highquality media transport, coupled with the effective management of resources, all, which creates an enhanced TV experience. Net Insight's offerings stretch from the TV camera lens to the studio, 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.
Net Insight's ambition is to be a growth company, and our target is to create profitable growth. On a market in fundamental transformation, growth and profitability is created through close and strategic partnerships with customers. Innovative solutions are created together that generate business benefit. To grow for the long term, we need to transform Net Insight into a more 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 2017 October 27, 2017 Year-end report 2017 February 14, 2018
The Board of Directors and the CEO certify that the Interim report for the period January - June 2017 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 21, 2017
Lars Berg Chairman Jan Barchan Board member Cecilia Beck-Friis Board member
Crister Fritzson Board member
Gunilla Fransson Board member
Anders Harrysson Board member
Charlotta Falvin Board member
Fredrik Tumegård CEO
For more information, please contact:
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)73 037 10 57 Email: [email protected]
Net Insight AB (publ), reg.no 556533-4397 Box 42093 126 14 Stockholm Tel. +46 (0)8 – 685 04 00 www.netinsight.net
This information is information that Net Insight AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.45 am CET on July 21, 2017.
Telefon: +46 (0)8 685 04 00, [email protected], www.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 2017. Net Insight AB (publ), Sweden. All rights reserved. Net Insight, Nimbra, Sye and ScheduALL are trademarks of Net Insight Intellectual Property AB, Sweden. All other registered trademarks are the property of their respective owners.
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