Quarterly Report • Mar 29, 2012
Quarterly Report
Open in ViewerOpens in native device viewer
(The figures in brackets refer to the same period of 2010 unless otherwise specified.)
3
In the fourth quarter of 2011, the transaction volume increased by 5 per cent compared to the same quarter of last year. Our positive earnings for the quarter are a result of higher sales, a controlled cost level and the sale of parts of Paynova's shareholding in the Chinese associated company Chinova. Cash flow from Paynova's operating activities remains positive and strengthened compared to the previous year.
Paynova's sales activities during the quarter were targeted mainly towards online retailers and travel companies. Thanks to recent years' improvements in Paynova's financial position, we can now also take part in major procurements to a greater extent that before. This is due to a stronger balance sheet, a control point that is often one of the mandatory requirements in requests for tender. In the next few years, large-scale procurements in both the private and public sectors will be critical for Paynova since our offering meet the needs of sizeable players to a large degree.
The sale of parts of Paynova's shareholding in Chinova has now been completed. As previously communicated, our assessment is that the buyer has better scope to realize the necessary financing and marketing investments, and thereby secure Paynova's contractual license revenue from Chinova. Revenue from Chinova continued to grow during the fourth quarter and amounted to Sek 1,048 thousand for the full year.
Paynova has shown a sustained upward trend in both fixed customer revenue, i.e. non transactionbased revenue, and the number of customers. On the whole, we are seeing clear growth throughout out operations. In 2012 we will also intensify monitoring of both customer satisfaction and internal efficiency.
After the end of the quarter we have integrated a widely used European payment method. The method is called Sofort, and provides access to direct bank transfers in several European markets. By adding this payment method to our platform, Paynova will provide even higher satisfaction for e-merchants wanting to reach consumers across Europe.
Simon Thaning, VD
Together with Chinova, Paynova has also participated in the international partner Intertek's European road show. The goal was to attract and promote several key brand suppliers' e-commerce ventures outside their home countries and the initiative resulted in a number of interesting ongoing business opportunities, among other things in the UK and Italy. Paynova's role in these cross-border projects is to continue serving as a supplier of payment technology to Chinova and to assist the merchants in question with local payment methods in the Nordic region.
One key focus area in 2012 will be to ensure maximum system availability for all e-merchants, something that has become a growing competitive advantage in the increasingly business-critical e-commerce market. We are also further deepening our collaboration with partners that widen Paynova's offering, including Payzone (physical payments) and Retain 24 (gift cards).
Simon Thaning Stockholm, 16 February 2012
Paynova and the Chinese technology and e-commerce company LeiXun started Chinova in the autumn of 2009. In 2011 the shareholder base was expanded and Chinova came to be owned by LeiXun (48.5 per cent), Paynova (46.5 per cent) and Juno Capital (5.0 per cent). Chinova was given responsibility for developing and operating a Chinese e-commerce portal on behalf of China UnionPay (CUP).
Chinova and the eMall have now been in operation for more than 10 months and growth in transaction volumes and the number of registered users has surpassed all expectations. These transaction volumes and the number of registered users have been achieved through extensive marketing investments.
Through an agreement that was signed in connection with Chinova's formation, Paynova has the right to development fees (licence fees) equal to 0.1 per cent of Chinova's total transaction volume. The agreement extends over a very long period of time.
To ensure continued positive and powerful development for Chinova and at the same time secure Paynova's future development fees, Paynova's Board of Directors decided in November 2011 to accept a bid for 2,325 shares (50 per cent of Paynova's shareholding) in Chinova. The buyer is Great Union Investment Ltd, a consortium of investors that has indepth knowledge of Chinova's operations and consists of Lars Guldstrand, Christer Elmehagen and Claes Höglund, among others. Furthermore, GUI has an option to purchase an additional 1,162 shares in Chinova. The option must be exercised by 15 October 2012 at the latest. The purchase price amounts to Sek 7.5 million for 2,325 shares, with additional purchase consideration of Sek 3.75 million if the option is utilized.
The final agreement is based on the previously announced agreement with GUI, in which GUI was given an option to acquire all of Paynova's shares in Chinova. Under the new agreement, Paynova has chosen to retain at least 1,163 shares in Chinova.
Through the agreement, Paynova will ensure sus-
tained access to a continuous revenue source in the form of development fees at the same time that Chinova will gain an owner with better conditions to achieve success in the fast-growing Chinese e-commerce market.
The e-commerce portal – China UnionPay EMall – has been open since April 2011 and the transaction volumes are rising steadily after a few cautious start-up months. At 31 December the cumulative transaction volume was close to RMB 1 billion. Growth in transaction volumes and the number of registered users has been achieved through extensive investments in aggressive marketing, a strategy that Chinova will continue to pursue.
The initial period has confirmed the effectiveness of the platform and the business-critical processes.
The business models are currently under review and the partnership with ChinaPay is being extended in order to further develop these operations.
The transaction with GUI will strengthen Paynova's capital base. Through the sale, the Parent Company Paynova will report a capital gain of approximately Sek 4.5 million.
The associated company Chinova remains is in continued need of capital, not least in view of the cost-intensive nature of planned marketing investments. So far, GUI has provided Chinova with a total of around Sek 11 million that will be invested in ongoing development of Chinova's e-commerce solutions.
The transaction volume was Sek 4,205,310 thousand (4,084,969) for the full year 2011 and Sek 1,085,922 thousand (1,030,109) for the fourth quarter. Transaction-based revenue amounted to Sek 30,632 thousand (30,567) for the full year and Sek 7,806 thousand (7,914) for the fourth quarter. Net revenue after direct transaction costs was Sek 22,608 thousand (21,476) for the full year and Sek 5,865 thousand (5,712) for the fourth quarter.
The level of the previous year's transaction volume was significantly affected by individual events during the year. The year's volume has been achieved without these individual events and instead through steady growth.
Net revenue after direct transaction costs increased during 2011 compared to the previous year as a result of lower costs from acquirers.
Operating expenses excluding direct transaction costs and amortization/depreciation amounted to Sek 21,181 thousand (20,920) for the full year and Sek 5,449 thousand (1,813) for the fourth quarter. The different between the full years is mainly attributable to the dissolution of Vat provisions in the fourth quarter of 2010, which had a positive impact on earnings of Sek 5,469 thousand.
Amortization/depreciation totalled Sek 6,787 thousand (6,623) for the full year and Sek 1,666 thousand (1,647) for the fourth quarter.
Profit/loss from financial investments was Sek -452 thousand (-494) for the full year and Sek -103 thousand (-410) for the fourth quarter.
In the fourth quarter, half of the shares in the asso-
ciated company Chinova were sold to Great Union Investment Ltd with a resulting capital gain of Sek 6,353 thousand.
At 31 December 2011 the Group had cash and cash equivalents of Sek 240 thousand (24) and a bank overdraft facility of 3,000 thousand (3,000), of which Sek 308 thousand (374) has been utilized, as well as Sek 0 thousand (250) in blocked accounts. Interest-bearing liabilities are reported at Sek 4,408 thousand (5,874) and consolidated equity at Sek 16,490 thousand (5,579), equal to an equity/assets ratio of 66 per cent (22).
The improvement in equity is mainly due to the new share issue for Sek 10,000 thousand in the first quarter of 2011 and the sale of shares in the associated company Chinova. The first proceeds were received at the beginning of January 2012.
Cash flow from operating activities before changes in working capital was Sek 10,295 thousand (6,898) for the full year and Sek 8,075 thousand (5,113) for the fourth quarter.
In 2011 Paynova invested in non-current assets for a total amount of Sek 1,353 thousand (1,497). The self-produced production system is reported as an intangible asset with a value of Sek 11,716 thousand (16,801). Costs for development projects were capitalized in an amount of Sek 1,345 thousand (1,470) for the full year and Sek 345 thousand (445) for the fourth quarter. Capitalized development costs are amortized on a straight-line basis over a period of five years. Investments in other non-current assets amounted to Sek 8 thousand (27) for 2011.
In the first quarter of 2011 the Board of Paynova carried out a directed share issue. The issue was carried out in accordance with an authorization gran-
| Issues | No. of new shares | Subscription price SEK |
Subscription period |
|---|---|---|---|
| Option rights 2012 * | 1,530,000 | 1.30 | 1 May 2012 – 31 May 2012 |
*) Within the framework of an employee incentive scheme, the Annual General Meeting on 14 May 2009 approved the issuance of 1,650,000 share options, of which 1,530,000 options have been granted. No additional grants will take place.
ted by the 2010 AGM to cover the company's capital needs in 2011 above and beyond the cash flow generated by operating activities.
Under the authorization, new shares were issued in order to strengthen the company's financial position and to enable the implementation of financial restructuring measures such as repayment of loans. These capital needs and financing referred to both payment of the finally approved Vat liability and the funds needed to secure the company's investments in new markets and product development in collaboration with Payzone and other partners.
No capitalization of the deferred tax asset on tax loss carryforwards is reported. The unutilized tax loss carryforwards in the Parent Company in connection with the 2011 tax assessment amount to Sek 257,247 thousand (259,517).
The total share capital at 31 December 2011 amounted to Sek 8,705 thousand, divided between 87,049,545 shares with a quota value of Sek 0.10 each. Consolidated equity at 31 December 2011 was Sek 16,490 thousand (5,579).
The number of customers has decreased somewhat compared to 2010 in connection with the restructuring of Paynova's business model that was completed during 2011. This has had a negative impact on the transaction volume and transaction-based revenue. However, the restructuring process has had a positive effect on earnings through a decrease in costs resulting from the elimination of smaller and unprofitable customers.
The company's cost mass has now reached a sustainable long-term level.
The gross transaction margin was 0.73 per cent (0.75) for the full year and 0.72 per cent (0.77) for the fourth quarter. The net transaction margin was 0.54 per cent (0.53) for the full year and 0.54 per cent (0.55) for the fourth quarter.
Other revenue includes account maintenance fees of Sek 819 thousand (5,880) for the full year 2011 and Sek 204 thousand (1,470) for the fourth quarter. The account maintenance fees should be seen as a temporary revenue source that will decrease over time.
At 31 December 2011 Paynova had 13 employees (14), of whom 4 were women (4). Sickness absence has been low during the year. The average number of employees during the year was 14 (14).
No related party transactions took place during the fourth quarter.
Through its business activities, Paynova is exposed to risks. The most significant risks in business activities include:
Paynova cooperates with leading players in the market to stay at the cutting edge of fraud prevention measures. Although the company works very actively to detect and prevent fraud, there is no guarantee that Paynova will not be a victim of fraud, beyond that which is normally experienced in this type of business, or that Paynova's credibility will not be damaged in another way.
Paynova has been PCI-certified (according to the Payment Card Industry Data Security Standard) since 2006 and constantly strives to improve and update its security as the PCI rules are tightened. Although Paynova works actively to prevent payments from being processed in contravention of the applicable rules and regulations of the card issuer networks, there is no guarantee that Paynova will not suffer damage in the future.
Liquidity risk is the risk that Paynova will be unable to meet its payment obligations when due. Paynova focuses on minimizing this risk by conducting its operations among other things with the help of high cost control and good advance planning.
Financing risk is defined as the risk that financing of operations will be difficult and/or expensive to obtain. In view of the company's development and the new share issue for Sek 10 million carried out by the company in March 2011, the Board's assessment is that no financing risk exists for the coming 12-month period. In the event of deviations from the planned development, the situation could change.
In addition to these risks, there are risks associated with currency exposure, dependency on key persons, market confidence, suppliers of financial services, products, systems and intellectual property rights.
A more detailed description of Paynova's risk exposure is provided in the company's annual report for 2010.
| KSEK | Q4 2011 | Q4 2010 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|
| Operating income | |||||
| Transaction-based revenue | 7,806 | 7,914 | 30,632 | 30,567 | 31,308 |
| Other revenue | 1,302 | 1,642 | 2,848 | 6,867 | 1,026 |
| Total operating income | 9,108 | 9,556 | 33,480 | 37,434 | 32,334 |
| Operating expenses | |||||
| Direct transaction costs | -1,941 | -2,202 | -8,024 | -9,091 | -10,854 |
| Production costs | -534 | -577 | -2,165 | -2,050 | -2,509 |
| Other external expenses | -2,338 | 1,440 | -8,786 | -7,939 | -16,910 |
| Personnel costs | -2,576 | -2,676 | -10,229 | -10,931 | -15,044 |
| Amortization/depreciation and impairment | -1,666 | -1,647 | -6,787 | -6,623 | -6,161 |
| Total operating expenses | -9,055 | -5,662 | -35,991 | -36,634 | -51,478 |
| OPERATING PROFIT/LOSS | 53 | 3,894 | -2,511 | 800 | -19,144 |
| Gain on the sale of shares in associated company | 6,353 | - | 6,353 | - | - |
| Other financial expenses | -103 | -410 | -453 | -494 | -1,430 |
| Total profit/loss from financial investments | 6,250 | -410 | 5,900 | -494 | -1,430 |
| PROFIT/LOSS AFTER FINANCIAL ITEMS | 6,303 | 3,484 | 3,389 | 306 | -20,574 |
| Income tax expense | - | - | - | - | - |
| PROFIT/LOSS FOR THE PERIOD | 6,303 | 3,484 | 3,389 | 306 | -20,574 |
| Items recognized directly in equity | |||||
| Profit/loss from participations in associates | -1,142 | 230 | -2,318 | -913 | -467 |
| Foreign exchange difference | 104 | 1 | 118 | 4 | 22 |
| COMPREHENSIVE INCOME FOR THE PERIOD * |
5,265 | 3,715 | 1,189 | -603 | -21,019 |
| Earnings per share, SEK | 0.07 | 0.04 | 0.04 | 0.00 | -0.25 |
| Diluted earnings per share, SEK | 0.07 | 0.04 | 0.04 | 0.00 | -0.25 |
* The full amount of comprehensive income is attributable to owners of the Parent Company.
| SEK th | 31 dec 2011 |
31 dec 2010 |
31 dec 2009 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Capitalized development costs | 11,716 | 16,801 | 21,714 |
| Tangible assets | 122 | 279 | 518 |
| Financial assets | 1,016 | 4,709 | 5,622 |
| Current assets | |||
| Promissory notes receivable | - | 746 | 746 |
| Other current assets | 12,077 | 3,225 | 5,259 |
| Cash and cash equivalents | 240 | 24 | 958 |
| Cash and cash equivalents, customer funds | 12,526 | 12,385 | 21,048 |
| TOTAL ASSETS | 37,697 | 38,169 | 55,865 |
| Equity attributable to owners of the Parent Company | 16,490 | 5,579 | 6,182 |
| LIABILITIES | |||
| Current liabilities | |||
| Short-term borrowing, interest-bearing | 4,408 | 5,874 | 6,500 |
| Customer funds owed | 12,526 | 12,385 | 21,048 |
| Other current liabilities, non interest-bearing | 4,273 | 14,331 | 22,135 |
| TOTAL EQUITY AND LIABILITIES | 37,697 | 38,169 | 55,865 |
| Pledged assets | 7,500 | 9,700 | 9,700 |
| Contingent liabilities | None | None | None |
| SEK th | 2011 | 2010 | 2009 |
|---|---|---|---|
| Opening balance at beginning of period | 5,579 | 6,182 | 5,065 |
| New share issue | 10,000 | - | 25,263 |
| Issue expenses | -279 | - | -3,601 |
| Premium for option programme | - | - | 474 |
| Comprehensive income for the period | 1,189 | -603 | -21,019 |
| CLOSING BALANCE AT END OF PERIOD | 16,490 | 5,579 | 6,182 |
| SEK th | 2011 | 2010 | 2009 |
|---|---|---|---|
| Cash flow from operating activities before change in working capital |
10,295 | 6,898 | -13,788 |
| Change in working capital | -20,591 | -6,366 | -1,057 |
| Cash flow from operating activities | -10,296 | 532 | -14,845 |
| Cash flow from investing activities | 45 | -1,470 | -8,006 |
| Proceeds from new share issue | 10,000 | - | 25,263 |
| Issued expenses paid | -279 | - | -3,601 |
| Premium for option programme | - | - | 474 |
| Change in promissory note receivable | 746 | - | - |
| Cash flow for the period | 216 | -938 | -715 |
| Cash and cash equivalents at beginning of period | 24 | 958 | 1,651 |
| Foreign exchange difference in cash and cash equivalents | 0 | 4 | 2 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD* | 240 | 24 | 958 |
*) The granted bank overdraft facility amounts to SEK 3,000 thousand, of which SEK 308 thousand has been utilized.
| Q4 2011 | Q3 2011 | Q2 2011 | Q1 2011 | Q4 2010 | Q3 2010 | |
|---|---|---|---|---|---|---|
| Gross transaction volume, SEK th | 1,085,922 | 1,064,305 | 1,079,154 | 955,706 | 1,030,109 | 997,189 |
| Transaction-based revenue, SEK th | 7,806 | 7,829 | 7,713 | 7,284 | 7,914 | 7,385 |
| Transaction costs, SEK th | -1,941 | -2,057 | -1,974 | -2,052 | -2,202 | -2,227 |
| Net transactions, SEK th | 5,865 | 5,772 | 5,739 | 5,232 | 5,712 | 5,158 |
| Profit/loss after financial items, SEK th | 6,303 | -209 | -1,455 | -1,249 | 3,484 | -695 |
| Basic earnings per share, SEK | 0.07 | 0.00 | -0.02 | -0.02 | 0.04 | -0.01 |
| Diluted earnings per share, SEK | 0.07 | 0.00 | -0.02 | -0.01 | 0.04 | -0.01 |
| Equity, SEK | 16,490 | 11,223 | 11,899 | 13,578 | 5,579 | 1,864 |
| Equity per share, SEK | 0.19 | 0.13 | 0.14 | 0.16 | 0.07 | 0.02 |
| Diluted equity per share, SEK | 0.19 | 0.13 | 0.14 | 0.15 | 0.07 | 0.02 |
| Operating margin, % | 0.9 | neg. | neg. | neg. | 49 | neg. |
| Return on operating capital, % | 0.2 | neg. | neg. | neg. | 15 | neg. |
| Return on capital employed, % | 0.4 | neg. | neg. | neg. | 105 | neg. |
| Return on equity, % | 38 | neg. | neg. | neg. | 100 | neg. |
| Equity/assets ratio, % * | 66 | 47 | 53 | 55 | 22 | 6 |
| Debt/equity ratio, % | 27 | 64 | 43 | 32 | 105 | 349 |
*) Calculation of the equity/assets ratio does not include customer funds.
| SEK th | Q4 2011 | Q4 2010 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|
| Operating income | |||||
| Transaction-based revenue | 7,806 | 7,914 | 30,632 | 30,567 | 31,308 |
| Other revenue | 1,302 | 1,642 | 2,848 | 6,867 | 1,026 |
| Total operating income | 9,108 | 9,556 | 33,480 | 37,434 | 32,334 |
| Operating expenses | |||||
| Direct transaction costs | -1,941 | -2,202 | -8,024 | -9,091 | -10,854 |
| Production costs | -534 | -577 | -2,165 | -2,050 | -2,509 |
| Other external expenses | -2,313 | 1,468 | -8,786 | -7,906 | -16,687 |
| Personnel costs | -2,577 | -2,676 | -10,230 | -10,931 | -15,017 |
| Amortization/depreciation | -1,585 | -1,647 | -6,787 | -6,623 | -6,161 |
| Total operating expenses | -8,950 | -5,634 | -35,992 | -36,601 | -51,228 |
| OPERATING PROFIT/LOSS | 158 | 3,922 | -2,512 | 833 | -18,894 |
| Profit/loss from financial investments |
|||||
| Financial income | 4,509 | - | 4,520 | 16 | 45 |
| Financial expenses | -447 | -410 | -807 | -510 | -1,535 |
| Total profit/loss from financial investments |
4,062 | -410 | 3,713 | -494 | -1,490 |
| PROFIT/LOSS AFTER | |||||
| FINANCIAL ITEMS | 4,220 | 3,512 | 1,201 | 339 | -20,384 |
| Income tax expense | - | - | - | -4 | 124 |
| PROFIT/LOSS FOR THE | |||||
| PERIOD | 4,220 | 3,512 | 1,201 | 335 | -20,260 |
| Items recognized directly in equity |
|||||
| Group contributions received | - | - | - | -12 | 346 |
| COMPREHENSIVE INCOME FOR THE PERIOD |
4,220 | 3,512 | 1,201 | 323 | -19,914 |
| SEK th | 31 dec 2011 |
31 dec 2010 |
31 dec 2009 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 11,716 | 16,801 | 21,714 |
| Tangible assets | 122 | 279 | 518 |
| Financial assets | 3,820 | 7,383 | 7,383 |
| Total non-current assets | 15,658 | 24,463 | 29,615 |
| Current assets | |||
| Current receivables | 12,077 | 4,064 | 7,357 |
| Cash and cash equivalents | 240 | 24 | 484 |
| Cash and cash equivalents, customer funds | 12,526 | 12,385 | 21,048 |
| Total current assets | 24,843 | 16,473 | 28,889 |
| TOTAL ASSETS | 40,501 | 40,936 | 58,504 |
| Equity | 18,547 | 7,625 | 7,302 |
| Current liabilities | 21,954 | 33,311 | 51,202 |
| TOTAL EQUITY AND LIABILITIES | 40,501 | 40,936 | 58,504 |
| Pledged assets | 7,500 | 9,700 | 9,700 |
| Contingent liabilities | None | None | None |
This interim report is presented in accordance with IAS 34 (Interim Financial Reporting) and the Swedish Annual Accounts Act. The interim report of the Parent Company complies with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2.2 (Accounting for Legal Entities). The interim report should be read together with the annual report for 2010.
The Boar d of Directors and the CEO hereby give their assurance that this interim report provides a true and fair picture of the business activities, financial position and results of operations of the Parent Company and the Group, and describes the significant risks and uncertainties to which the Parent Company and the Group companies are exposed.
Stockholm, 16 February 2012
Björn Wahlgren (Chairman)
Yngve Andersson Meg Tivéus Jan Lundblad
Simon Thaning CEO
year-en
d repo
| 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|
| Number of shares at end of period, thousands | 87,050 | 82,050 | 82,050 | 43,184 | 39,830 |
| Diluted number of shares at end of period, thousands |
87,050 | 82,050 | 82,050 | 43,184 | 42,981 |
| Average number of shares, thousands | 86,091 | 82,050 | 72,772 | 41,271 | 35,429 |
| Average diluted number of shares, thousands | 86,660 | 82,050 | 72,772 | 42,773 | 39,985 |
| Gross transaction volume, SEK th | 4,205,309 | 4,084,969 | 3,089,871 | 646,496 | 489,893 |
| Transaction-based revenue, SEK th | 30,632 | 30,567 | 31,308 | 17,188 | 15,377 |
| Transaction costs, SEK th | -8,024 | -9,091 | -10,854 | -10,479 | -9,495 |
| Net transactions, SEK th | 22,608 | 21,476 | 20,454 | 6,709 | 5,882 |
| Profit/loss after financial items, SEK th | 3,389 | 306 | -20,574 | -42,578 | -47,582 |
| Equity per share, SEK | 0.61 | 0.07 | 0.08 | 0.12 | 0.72 |
| Diluted equity per share, SEK th | 0.61 | 0.07 | 0.08 | 0.12 | 0.67 |
| Equity, SEK th | 16,490 | 5,579 | 6,182 | 5,065 | 28,848 |
| Interest-bearing net cash, SEK th | 8,358 | 6,511 | 15,506 | 10,272 | 30,613 |
| Equity/assets ratio, % * | 66 | 22 | 18 | 15 | 59 |
| Debt/equity ratio, % | 27 | 105 | 105 | 168 | - |
| Average number of employees | 14 | 14 | 19 | 23 | 22 |
| Capital expenditure, intangible assets, SEK th | 1,345 | 1,470 | 1,537 | 4,879 | 4,844 |
| Capital expenditure, tangible assets, SEK th | 8 | 27 | 139 | 218 | 191 |
| Capital expenditure, financial assets, SEK th | -1,375 | - | 6,332 | - | - |
*) Calculation of the equity/assets ratio does not include customer funds.
Annual General Meeting: 8 May 2012 Interim report January-March 2012: 8 May 2012 Interim report January-June 2012: 14 August 2012 Interim report January-September 2012: 30 October 2012
Year-end report 2012: 14 February 2013
Paynova is a leading provider of Internet-based payment services. The company caters primarily to major e-merchants and offers a basic service and a number of optional services, including advanced fraud protection. Paynova also offers a comprehensive service, including payment, that enables Western online merchants to sell their products on the Chinese market. The company has been listed on NGM Equity since February 2004.
This interim report has not been reviewed by the company's independent auditors.
Björn Wahlgren, Chairman +46 8-517 100 02 Simon Thaning, CEO +46 8-517 100 14 Jan Benjaminson, CFO +46 70-666 93 88
Corporate ID number 556584-5889 Box 4169 SE-102 64 Stockholm, Sweden Street address: Stadsgården 6
Phone: +46 8-517 100 00 Fax: +46 8-517 100 10 www.paynova.com
PAYN OVA AB (PUBL.) BOX 4169, SE-102 64 STOCKHOLM, SWEDEN. STREET ADDRESS: STADSGÅRDEN 6. PHONE: +46 8-517 100 00. FAX: +46 8-517 100 10. WWW.PAYN OVA .COM
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.