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SpectrumOne AB — Interim / Quarterly Report 2018
Nov 14, 2018
8586_rns_2018-11-14_dff6d412-7e64-497f-af7d-13be10f16cd2.pdf
Interim / Quarterly Report
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Q3 INTERIM REPORT
July – September 2018
TargetEveryone AB (publ) 556526-6748
Third quarter1
- Net sales amounted to MSEK 3.2 (13.7)
- EBITDA amounted to MSEK -7.4 (13.7)
- EBIT amounted to MSEK -10.3 (10.7)
- EBT amounted to MSEK -10.4 (4.6)
- Earnings per share before dilutions amounted to SEK -0.23 (0.09)
- Appointed Torkel Johannessen as new CEO
First nine months1
- Net sales amounted to MSEK 16.8 (70.5)
- EBITDA amounted to MSEK -15.7 (18.0)
- EBIT amounted to MSEK -23.3 (5.1)
- EBT amounted to MSEK -27.2 (-6.7)
- Earnings per share before dilutions amounted to SEK -0.58 (-0.22)
Significant events after the reporting period
- Online sales launched
- October sales estimated MSEK 2.0
- Extraordinary General Meeting held in November
CEO Torkel Johannessen presents TargetEveryone´s new platform. Se full presentation at targeteveryone.com/investor
1 the comparable 2017-numbers include the divested subsidiaries Vianett and Sendega
About TargetEveryone
TargetEveryone is a global MARTECH company, enabling our clients to streamline their 1-1 digital marketing, content and experiences within one SasS online platform. Within our solution, Email marketing, SMS, SMS landing pages, Native App development, proximity marketing, QR codes and mobile payment solutions all converge in our easy to use multichannel distribution system. For smalland medium sized customers the company provides an online subscription solution, whilst we serve larger clients directly or through our partner network. The solution is based on big data to analyze and refine the customers behavior and demands. TargetEveryone has over 3000 clients in more than 92 countries, and has experienced strong growth as marketing investments continues to move from traditional media to digital media. Customers include Nespresso, Coop, Vita, Match, DNB, Krogh Optikk, Cirkel K and Red Cross. TargetEveryone´s headquarter is in Oslo, with branch offices in Sweden, Holland, Portugal, India and USA. TargetEveryone is listed on Nasdaq First North in Stockholm and Merkur Market in Oslo.
www.targeteveryone.com
CEO statement
Preparing the company for the future
My first six weeks in TargetEveryone have been exciting and challenging. During these 40 days we have implemented a new customer centric value chain, made significant changes to the organization, launched our online subscription service, terminated legacy business and devoted much effort to strategy and go-to market planning for our new software platform. The organization is constrained by devoting a lot of time and efforts towards business- and product development of our new platform – Spectrum – whilst at the same time maintaining focus on selling our existing product suite and serving our customers and partners. When we launch our new software platform on December 1st, this will realign the focus of the whole company.
I am disappointed by the financial performance in our last quarters, and have put great effort into addressing major problems to regain momentum. Going forward, I am confident that our whole organization will work effectively to prepare the landing strip for a fantastic new software solution, combined with increasing leverage on our current business.
TargetEveryone going forward
I have spent the first weeks getting a deeper understanding of the operation, and quickly implemented changes across the whole value chain of the company. I have met many of our shareholders to collect their views on our company, talked to a lot of our current and potential customers to understand their needs, visited our partners in Portugal and Scandinavia and our subsidiary in India. I fast-tracked launch of our Online Sales service, and made several changes in the organization to make it more streamlined towards servicing our client´s needs. Going forward it is quite clear to me that TargetEveryone needs to work across three strategic break-through objectives.
Firstly, we will finish the development and launch Spectrum. This is a new software that will combine customer intelligence and market insight with a brand new version of our multichannel distribution solution. It is a game changer. Spectrum will be our primary solution towards enterprise customers, opening up for a completely new price model at up to X10 of
where we are now. I have made changes in the organization to make clear responsibilities both regarding sales and product development, and I am happy to see a total change in speed and focus.
Secondly, we will carry on developing the Online Subscription solution that launched October 27th. This service is based on our current product, and has a huge global potential towards SME-customers.
As of today, we have global presence with this service. Our only significant expansion cost is advertising; and we will focus investments in the regions and countries where we experience best return.
Thirdly, we will capitalize and grow with our current platform consisting of campaign editor and multichannel distribution software. This will be done both as an integrated part of Spectrum, as well as a stand-alone feature for the customers who prefers that. Our global partner network provides us with a lot of opportunity in
this area, as market maturity varies a lot. The key to success is an aligned product suite and stable systems.
Based on our understanding of the market, we will serve both the high and low end. With Spectrum, we will target the enterprise market, focusing on larger customers with a need for market-and customer insight combined with multichannel distribution. With our online subscription service, we will provide an easy to use multichannel distribution solution to any customer across the globe, starting at USD 79 per month + consumption.
Number of customers
Actions taken
The sales for the third quarter were disappointing. As the summer months fall into Q3, this is normally our most challenging quarter but even taking this into account, we performed below par. In October, this trend may have turned around, and we have started Q4 with sales of MSEK 2.0 for the first month. We expect Q4 to carry on with good numbers. After my first weeks, it is clear to me that we have not been working aligned, and that we can make great improvements with right focus and structure. The company has been working on too many different activities, and we still have much legacy after earlier divestments and noncore products, that have taken too much attention. To turn this development, I will
continue to take action across the whole value chain of the company.
Besides launching Online sales, I have reorganized the sales, implemented a structured reporting process, and put myself as head of global sales to be in touch with our front line towards the market. We have also renegotiated our partner agreements in Portugal. We have shut down non-core cost generating activities in Sweden, to make our Swedish team fully focused on selling our core products.
At the product side, we have spent much time over the last weeks on streamlining our current product suite. We will remove features that we do not capitalize on, and prioritize the features that the customers really want and are willing to pay for. This will unleash a lot of capacity, working on value-creating activities towards the customers. I expect a few months before we see the result of these adjustments, since we have a back-log that must be delivered as promised.
Spectrum
I am really looking forward to our launch of Spectrum, where we finally implement the technology made possible through our 30% investment in Cloud Explorers last year. Combining customer/market insight with a full suite of multichannel distribution tools is unique and we cannot find many competitors combining these two areas. The customers and partners I have spoken to, confirm this view, which makes me confident in the future. We have already given a demo of its capabilities, available on our web page. We will start to onboard clients carefully in December, to make sure that everything works as we expect, before we do a full rollout during Q1.
We know that the market gives us great tailwind – the Martech market is estimated at \$ 125 billion globally, and grows annually up to 30% driven by digital megatrends that disrupts
existing marketing channels. We frequently see news that shows us that the investor market has great beliefs in Martech and future revenue streams.
We look forward to launching Spectrum and combine outstanding segmentation with an effective campaign editor, and a precise multichannel distribution in one integrated solution.
STOCKHOLM, NOV 2018 TORKEL JOHANNESSEN CEO
OPERATIONS
CUSTOMERS AND NEW BUSINESSES
The third quarter was the first quarter with only sales from core services, after we discontinued VMSPlay Sweden in Q2. The sales in the third quarter grew with 20% compare with the same quarter in 2017, and 64% for the first nine months. We expected the Q3 sales to be higher, and the organic growth needs to be accelerated.
The partner revenue also decreased both in absolute and relative revenue. Vendasta was fully integrated in August, but we expect a few months before the sales from the associated media and advertising becomes significant.
The number of customers has increased steadily through the year, but there was only two new revenue generating customers in Norway in Q3. The development outside Norway is better, but in general TargetEveryone needs faster onboarding of new clients.
The company is experiencing positive development in Sweden and Holland. These countries are accelerating the revenue and the number of signed contracts. The estimated revenue for October at MSEK 2.0 is also a proof that Q4 will be high performing this year.
To address the development, the new CEO has implemented several changes as described in the CEO statement above.
REVENUE AND EARNINGS
The consolidated income statement for the third quarter of 2018 comprises the parent company TargetEveryone AB and the subsidiaries VMSPlay Sweden AB, TargetEveryone Sweden AB, TargetEveryone AS, Mediaphone AS and Indian TargetEveryone IT Ltd. The 30% ownership of Cloud Explorers AS is also included in the results.
Third quarter
Net sales for the third quarter of the year amounted to SEK 3.2 (13.7) million, a decrease of SEK 10.5 million or 77%. The lower net sales are primarily caused by the divestment of the subsidiaries Vianett and Sendega in August 2017. These companies were divested because they strategically were non-core low-margin business. The gross profit amounted to SEK 1.7 (3.8) million for the consolidated operations. The third quarter was the first with only core operations, after VMSPlay Sweden AB stopped its activities in May. Thus, the gross margin at 53.0% is a representative level going forward. Operating expenses excluding direct costs and depreciation amounted to SEK 9.1 (13.1) million. The personnel costs are at the same level as previous quarters. Other external costs have increased, mainly due to a lower degree of capitalization. Depreciation amounts to SEK 2.9 (2.9) million including share of earnings from associated companies. This primarily refers to intangible fixed assets that arose after acquisitions of the Norwegian companies TargetEveryone AS, Cloud Explorers AS and DigiMatch AS. The decrease compare to last year is a result of the divestment of ViaNett and Sendega.
Operating profit (EBIT) for the period amounted to SEK -10.3 (10.8) million. The operating
margin is negative. The operating result is lower than the corresponding period of the previous year because the divestment of ViaNett and Sendega generated Other revenue of MSEK 22.9 with the same effect on the operating profit. Net financial items amounted to SEK 0.0 (-6.2) million. The net financials were affected with the loss of a receivable of SEK 1.1 million, related to first quarter. Parallelly, a significant amount of accrued interests related to the previous convertible loans were reversed, because of too high provisions. Profit before tax for the period amounted to SEK -10.4 (4.6) million. Earnings per share before dilution amounted to SEK -0.23 (0.09). After dilution, earnings per share amounted to SEK -0.22 (0.06).
First nine months
Net sales for the first nine months of the year amounted to SEK 16.8 (70.5) million, a decrease of SEK 54.0 million. The gross profit was SEK 6.3 (20.6) million for the consolidated operations. Operating expenses excluding direct costs and depreciation amounted to SEK 24.1 (27.2) million. The majority of the costs related to development and the listing at Merkur Market are capitalized. The development cost in the first nine months includes both new and old platform. In general, the costs related to running operations have been stable during the period. There has been made corrections in the costs, primarily for the first quarter, due to correct capitalization of development costs with an effect of SEK -2.3 million compare to costs presented in the second quarter report. Depreciation amounts to SEK 7.6 (12.9) million including share of earnings from associated companies. This primarily relates to intangible fixed assets arising after acquisitions of the Norwegian companies TargetEveryone AS, Cloud Explorers AS and DigiMatch AS. The decrease compare to last year is a result of sales of Vianett and Sendega. Operating profit (EBIT) for the period amounted to SEK -23.2 (5.1)
million. Net financial items amounted to SEK - 3.9 (-11.8) million. The Group is charged with interest expenses for convertible loans and short-term loans. Profit before tax for the period amounted to SEK -27.7 (-6.7) million. Earnings per share before dilution amounted to SEK -0.58 (-0.22). After dilution, earnings per share amounted to SEK -0.57 (-0.15).
CASH FLOW AND FINANCIAL POSITION Third quarter
Cash flow from operating activities before changes in working capital amounted to SEK - 7.4 (-3.2) million for the third quarter. Changes in working capital have affected cash flow by SEK -2.3 (-4.0) million. Current quarter changes are related to a reduction of account receivables at SEK 2.3 million and a decrease in accounts payable at SEK 4.6 million, which in total has a negative effect on cash flow. Cash flow from operating activities after changes in working capital amounted to SEK -9.8 (0.8) million. Investment activities had a cash flow effect of SEK -0.1 (-3.0) million during the period. Cash flow from financing activities was SEK 11.4 (12.0) million, which in total generated a cash flow effect at SEK 1.5 (9.7) million.
First nine months
Cash flow from operating activities before changes in working capital amounted to SEK - 16.8 (1.1) million for the first nine months of the year. Changes in working capital had a positive impact on cash flow of SEK 4.2 (-4.8) million. This is primarily a result of the decrease in accounts receivable amounted to SEK 6.1 million. Cash flow from operating activities after changes in working capital amounted to SEK - 12.6 (-3.7) million. Investment activities affected cash flow negative during the period with SEK 2.4 (3.0) million due to investments in intangible assets. Financing activities amounted to SEK 8.4 (13.6) million are explained by issuance of share capital less down payment of convertible debt and other debts.
EQUITY AND SHARE
The average number of shares amounted to 43,433,218 before and 44,171,146 after dilution. The number of registered shares at the end of the quarter amounted to 54,188,407. The company's equity ratio amounts to 69.5 (45.3) %. The Group s equity ́ decreased SEK 5.4 million during the second quarter.
Significant events after the reporting period
Online sales was launched in October. October sales is estimated to SEK 2.0 million.
Investments
No investments in tangible assets was made in the third quarter.
Personnel
The number of employees at the end of the quarter amounted to 39 (42) persons, of which 3 persons receive compensation through invoicing from their own companies. The Swedish companies have 1 employee, the Norwegian 16, and the Indian company have 22 people.
Parent company
Parent company sales for the third quarter amounted to SEK 0.0 (0.0) million and other income to SEK 0.0 (0.1) million. Profit before tax for the period amounted to SEK -0.7 (2.1) million.
Transactions with related parties
During the period, the Norwegian company XIB Group AS has invoiced the Company SEK 0.06 million. XIB Group AS is partly owned by Björn Forslund, CEO of the TargetEveryone Group. Fredric Forsman, chairman of the board, has
during the quarter invoiced the Company for legal services amounting to SEK 0.38 million.
RISKS
Regarding risks, please refer to the Annual Report 2017.
ACCOUNTING POLICIES
From fiscal year 2014, the annual and consolidated financial statements are established by applying the Swedish Annual Accounts Act and the Swedish Accounting Standards Board BFNAR 2012:1 Annual report and consolidated (K3).
AUDIT
This report has not been reviewed by an auditor.
ANNUAL REPORT
TargetEveryone AB's annual report has been available on the website - www.targeteveryone. com, from March 29, 2018.
UPCOMING REPORTS Interim Report Q4 2018 February 14, 2019
Stockholm November 2018
Fredric Forsman, chairman of the board Matt Harris, member
For further information contact:
Torkel Johannessen, CEO, +47 458 60 292, [email protected] Vegard Brattum, CFO, +47 977 00 338, [email protected]
Certified Adviser:
Mangold Fondkommission AB (556585-1267) Box 55 691102 15 Stockholm Phone: +46 8 503 015 50 www.mangold.se
INCOME STATEMENT - GROUP
| SEK, thousands | Q3 18 | Q3 17 | YTD 18 | YTD 17 | FY 17 |
|---|---|---|---|---|---|
| Net revenue | 3 167 | 13 690 | 16 782 | 70 499 | 78 264 |
| Other income | - | 22 930 | 2 164 | 24 599 | 26 771 |
| Total revenue | 3 167 | 36 620 | 18 946 | 95 098 | 105 035 |
| Cost of services | -1 488 | -9 857 | -10 508 | -49 868 | -53 690 |
| Other external costs | -5 391 | -8 013 | -14 950 | -14 975 | -18 474 |
| Personnel costs | -2 674 | -5 065 | -6 953 | -12 037 | -17 036 |
| Depreciation and amortization | -2 282 | -2 930 | -6 747 | -12 939 | -14 979 |
| Other expenses | -1 060 | 12 | -2 239 | -195 | -433 |
| Share of earnings from associated companies | -618 | - | -819 | - | - |
| Total operating expenses | -13 513 | -25 853 | -42 216 | -90 014 | -104 612 |
| Operating profit | -10 346 | 10 767 | -23 270 | 5 084 | 423 |
| Interest income and similar items | 216 | 184 | 494 | 477 | 794 |
| Interest expenses and similar items | -237 | -6 357 | -4 394 | -12 297 | -17 316 |
| Net financial | -21 | -6 173 | -3 900 | -11 820 | -16 522 |
| Earnings before tax | -10 367 | 4 594 | -27 170 | -6 736 | -16 099 |
| Tax on profit | 591 | -1 984 | 1 772 | 525 | 1 068 |
| Earnings | -9 776 | 2 610 | -25 398 | -6 211 | -15 031 |
| Earnings attributable to parent company | -9 776 | 2 735 | -25 398 | -6 488 | -15 308 |
| Earnings attributable to minority interest | - | -125 | - | 277 | 277 |
| Earnings | -9 776 | 2 610 | -25 398 | -6 211 | -15 031 |
| Number of shares before dilution | 54 188 407 | 28 330 799 | 54 188 407 | 28 330 799 | 28 330 799 |
| Number of shares after dilution | 54 188 407 | 41 352 329 | 54 188 407 | 41 352 329 | 41 352 329 |
| Number of shares on average before dilution | 43 433 218 | 28 330 799 | 43 433 218 | 28 027 714 | 28 027 714 |
| Earnings per share, before dilution | -0,23 | 0,09 | -0,58 | -0,22 | -0,55 |
| Number of shares on average after dilution | 44 171 146 | 41 352 329 | 44 171 146 | 40 702 045 | 40 702 045 |
| Earnings per share, after dilution | -0,22 | 0,06 | -0,57 | -0,15 | -0,38 |
BALANCE SHEET - GROUP
| Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |
|---|---|---|---|---|---|---|---|
| SEK, thousands | 2018 | 2018 | 2018 | 2017 | 2017 | 2017 | 2017 |
| ASSETS | |||||||
| Fixed assets | |||||||
| Intangible assets | |||||||
| Capital expenditure for research and | |||||||
| development | 80 714 | 78 503 | 75 558 | 66 553 | 63 837 | 149 490 | 154 596 |
| Goodwill | - | - | - | - | - | - | 329 |
| Total Intangible assets | 80 714 | 78 503 | 75 558 | 66 553 | 63 837 | 149 490 | 154 925 |
| Tangible assets | |||||||
| Equipment, tools an installations | 310 | 314 | 304 | - | - | - | 47 |
| Total tangible assets | 310 | 314 | 304 | - | - | - | 47 |
| Financial assets | |||||||
| Shares in associated companies | 11 252 | 11 871 | 11 871 | 12 072 | - | - | - |
| Finansiella placeringar | 63 | 50 | 47 | - | - | - | - |
| Deferred taxes | - | - | - | - | - | 692 | 631 |
| Other long-term receivables | - | - | - | 45 | 1 066 | 254 | 262 |
| Total financial assets | 11 315 | 11 921 | 11 918 | 12 117 | 1 066 | 946 | 893 |
| Total fixed assets | 92 339 | 90 738 | 87 780 | 78 670 | 64 903 | 150 436 | 155 865 |
| Current assets | |||||||
| Receivables | |||||||
| Account receivables | 3 381 | 4 042 | 7 346 | 6 887 | 4 577 | 28 177 | 22 631 |
| Other receivables | 18 820 | 23 984 | 29 802 | 28 693 | 32 062 | 5 599 | 5 095 |
| Prepayments and accrued income | 524 | 374 | 1 986 | 2 302 | 1 047 | 5 207 | 2 700 |
| Total receivables | 22 725 | 28 400 | 39 134 | 37 882 | 37 686 | 38 983 | 30 426 |
| Cash and bank balance | 2 449 | 924 | 1 549 | 9 027 | 12 692 | 2 998 | 3 111 |
| Total current assets | 25 174 | 29 324 | 40 683 | 46 909 | 50 378 | 41 981 | 33 537 |
| TOTAL ASSETS | 117 513 | 120 062 | 128 463 | 125 579 | 115 281 | 192 417 | 189 402 |
BALANCE SHEET - GROUP
| Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |
|---|---|---|---|---|---|---|---|
| SEK, thousands | 2018 | 2018 | 2018 | 2017 | 2017 | 2017 | 2017 |
| EQUITY and LIABILITIES | |||||||
| Equity | |||||||
| Share capital | 108 377 | 106 308 | 61 662 | 141 654 | 141 654 | 141 654 | 141 654 |
| Not registered share capital | - | - | - | 7 515 | - | - | |
| Other capital contribution | 106 001 | 105 209 | 104 596 | 107 236 | 108 278 | 108 278 | 108 278 |
| Other equity | -132 708 | -124 443 | -121 538 | -205 897 | -197 685 | -204 660 | -201 319 |
| 81 670 | 87 074 | 44 720 | 50 508 | 52 247 | 45 272 | 48 613 | |
| Minority interest in equity | - | - | - | - | - | 1 660 | 1 722 |
| Total equity | 81 670 | 87 074 | 44 720 | 50 508 | 52 247 | 46 932 | 50 335 |
| Provisions | |||||||
| Deferred taxes | 13 283 | 13 874 | 14 464 | 13 473 | 14 024 | 34 447 | 35 701 |
| Total provisions | 13 283 | 13 874 | 14 464 | 13 473 | 14 024 | 34 447 | 35 701 |
| Liabilities | |||||||
| Long-term liabilities | |||||||
| Convertible loans | - | - | - | - | - | - | 36 629 |
| Liability acquisitions | - | - | - | - | - | 5 538 | 6 789 |
| Other long-term liabilities | 3 040 | 3 081 | 2 975 | 3 203 | 3 265 | 3 636 | 4 165 |
| Total long-term liabilities | 3 040 | 3 081 | 2 975 | 3 203 | 3 265 | 9 174 | 47 583 |
| Short-term liabilities | |||||||
| Bank overdraft | 505 | 277 | 502 | 468 | 30 | 1 504 | 741 |
| Account payables | 3 804 | 6 994 | 9 342 | 3 213 | 3 663 | 31 645 | 26 490 |
| Convertible loans | 1 230 | 3 429 | 38 279 | 39 257 | 38 338 | 37 459 | - |
| Other current liabilities | 11 345 | 1 860 | 12 963 | 11 067 | 1 912 | 25 440 | 22 880 |
| Accrued expenses and deferred income | 2 636 | 3 473 | 5 218 | 4 390 | 1 802 | 5 816 | 5 672 |
| Total short-term liabilities | 19 520 | 16 033 | 66 304 | 58 395 | 45 745 | 101 864 | 55 783 |
| Total liabilities | 22 560 | 19 114 | 69 279 | 61 598 | 49 010 | 111 038 | 103 366 |
| TOTAL EQUITY AND LIABILITIES | 117 513 | 120 062 | 128 463 | 125 579 | 115 281 | 192 417 | 189 402 |
SHAREHOLDER'S EQUITY - GROUP
| Group | Share capital |
Not registered share cap. |
Other contributed capital |
Currency translation reserve |
Retained earnings |
Total | Minority interest |
Total shareholde r capital |
|---|---|---|---|---|---|---|---|---|
| Opening balance | 106 308 | - | 105 209 | 2 224 | -126 667 | 87 074 | - | 87 074 |
| Jul 1, 2018 | ||||||||
| New issue | 2 069 | - | 899 | - | - | 2 968 | - | 2 968 |
| Costs new issue | - | - | -107 | - | - | -107 | - | -107 |
| Translation difference | - | - | - | 1 511 | - | 1 511 | - | 1 511 |
| Earnings | - | - | - | - | -9 776 | -9 776 | - | -9 776 |
| Equity reduction | - | - | - | - | - | - | - | - |
| Change in non | - | - | - | - | - | - | - | - |
| controlling interests | ||||||||
| Closing balance | 108 377 | - | 106 001 | 3 735 | -136 443 | 81 670 | - | 81 670 |
| Sep 30, 2018 |
| Group | Share | Not | Other | Currency | Retained | Total | Minority | Total |
|---|---|---|---|---|---|---|---|---|
| capital | registered | contributed | translation | earnings | interest | shareholde | ||
| share cap. | capital | reserve | r capital | |||||
| Opening balance | 141 654 | - | 108 278 | -2 623 | -202 037 | 45 272 | 1 660 | 46 932 |
| Jul 1, 2017 | ||||||||
| New issue | - | - | - | - | - | - | - | - |
| Costs new issue | - | - | - | - | - | - | - | - |
| Translation difference | - | - | - | 2 636 | - | 2 636 | 68 | 2 704 |
| Earnings | - | - | - | - | 2 735 | 2 735 | -124 | 2 611 |
| Equity reduction | - | - | - | - | - | - | - | - |
| Change in non | - | - | - | - | 1 604 | 1 604 | -1 604 | - |
| controlling interests | ||||||||
| Closing balance | 141 654 | - | 108 278 | 13 | -197 698 | 52 247 | - | 52 247 |
| Sep 30, 2017 |
| Group | Share capital |
Not registered share cap. |
Other contributed capital |
Currency translation reserve |
Retained earnings |
Total | Minority interest |
Total shareholde r capital |
|---|---|---|---|---|---|---|---|---|
| Opening balance | 141 654 | 7 515 | 107 236 | 305 | -206 202 | 50 508 | - | 50 508 |
| Jan 1, 2018 | ||||||||
| New issue | 59 240 | -7 515 | 10 426 | - | - | 62 151 | - | 62 151 |
| Costs new issue | - | - | -9 021 | - | - | -9 021 | - | -9 021 |
| Translation difference | - | - | -2 640 | 3 430 | 2 640 | 3 430 | - | 3 430 |
| Earnings | - | - | - | - | -25 398 | -25 398 | - | -25 398 |
| Equity reduction | -92 517 | - | - | 92 517 | - | - | - | |
| Change in non | - | - | - | - | - | - | - | - |
| controlling interests | ||||||||
| Closing balance | 108 377 | - | 106 001 | 3 735 | -136 443 | 81 670 | - | 81 670 |
| Sep 30, 2018 |
| Group | Share | Not | Other | Currency | Retained | Total | Minority | Total |
|---|---|---|---|---|---|---|---|---|
| capital | registered | contributed | translation | earnings | interest | shareholde | ||
| share cap. | capital | reserve | r capital | |||||
| Opening balance | 135 592 | 6 943 | 108 266 | -2 860 | -193 168 | 54 773 | 1 708 | 56 481 |
| Jan 1, 2017 | ||||||||
| New issue | 6 062 | -6 943 | 12 | - | - | -869 | - | -869 |
| Costs new issue | - | - | - | - | - | - | - | - |
| Translation difference | - | - | - | 2 873 | - | 2 873 | -27 | 2 846 |
| Earnings | - | - | - | - | -6 488 | -6 488 | 277 | -6 211 |
| Equity reduction | - | - | - | - | - | - | - | - |
| Change in non | - | - | - | - | 1 958 | 1 958 | -1 958 | - |
| controlling interests | ||||||||
| Closing balance | 141 654 | - | 108 278 | 13 | -197 698 | 52 247 | - | 52 247 |
| Sep 30, 2017 |
CASH FLOW STATEMENT – GROUP
| SEK, thousands | Q3 18 | Q3 17 | YTD 18 | YTD 17 | FY 17 |
|---|---|---|---|---|---|
| Cash flow from operating activities before working | |||||
| capital changes | -7 446 | -3 207 | -16 805 | 1 119 | -5 294 |
| Changes in working capital | -2 309 | 3 974 | 4 242 | -4 773 | -12 098 |
| Cash flow from operating activities after working | |||||
| capital changes | -9 755 | 767 | -12 563 | -3 654 | -17 392 |
| Cash flow from investing activities | -86 | -3 046 | -2 409 | -3 046 | 46 735 |
| Cash flow from financing activities | 11 366 | 11 973 | 8 394 | 13 622 | -26 086 |
| Cash flow for the period | 1 525 | 9 694 | -6 578 | 6 922 | 3 257 |
| Cash and cash equivalents at beginning | 924 | 2 998 | 9 027 | 5 770 | 5 770 |
| Cash and cash equivalents at end | 2 449 | 12 692 | 2 449 | 12 692 | 9 027 |
INCOME STATEMENT – PARENT COMPANY
| SEK, thousands | Q3 18 | Q3 17 | YTD 18 | YTD 17 | FY 17 |
|---|---|---|---|---|---|
| Net revenue | - | - | 1 500 | - | 3 999 |
| Other income | - | 71 | 232 | 134 | 206 |
| Total revenue | - | 71 | 1 732 | 134 | 4 205 |
| Other external costs | -1 400 | -5 543 | -4 122 | -9 261 | -11 090 |
| Personnel costs | - | -197 | -219 | -197 | -319 |
| Other expenses | -388 | -98 | -388 | -196 | -4 409 |
| Total operating expenses | -1 788 | -5 838 | -4 729 | -9 654 | -15 818 |
| Operating profit | -1 788 | -5 767 | -2 997 | -9 520 | -11 613 |
| Share of earnings from associated companies | -155 | 13 727 | 1 926 | 13 727 | -31 671 |
| Interest income and similar items | 356 | 172 | 619 | 253 | 564 |
| Interest expenses and similar items | 866 | -6 077 | -3 325 | -11 668 | -16 645 |
| Net financial | 1 222 | 7 822 | -2 706 | 2 312 | -16 081 |
| Earnings before tax | -721 | 2 055 | -3 777 | -7 208 | -59 365 |
| Group contribution | - | - | - | - | 263 |
| Tax on profit | - | - | - | - | - |
| Earnings | -721 | 2 055 | -3 777 | -7 208 | -59 102 |
BALANCE SHEET – PARENT COMPANY
| Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |
|---|---|---|---|---|---|---|---|
| SEK, thousands | 2018 | 2018 | 2018 | 2017 | 2017 | 2017 | 2017 |
| ASSETS | |||||||
| Fixed assets | |||||||
| Financial assets | |||||||
| Shares in subsidiaries | 65 941 | 65 941 | 65 941 | 60 931 | 90 895 | 167 057 | 166 837 |
| Shares in associated companies | 12 072 | 12 072 | 12 072 | 12 072 | |||
| Total financial assets | 78 013 | 78 013 | 78 013 | 73 003 | 90 895 | 167 057 | 166 837 |
| Total fixed assets | 78 013 | 78 013 | 78 013 | 73 003 | 90 895 | 167 057 | 166 837 |
| Current assets | |||||||
| Receivables | |||||||
| Account receivables | 135 | 135 | 60 | 60 | - | - | 19 |
| Receivables from group companies | 29 921 | 17 166 | 7 178 | 4 371 | 14 963 | 575 | - |
| Other receivables | 16 860 | 22 238 | 27 864 | 27 882 | 30 949 | 2 430 | 1 661 |
| Prepayments and accrued income | 439 | 160 | 2 463 | 1 423 | 172 | 1 451 | 461 |
| Total receivables | 47 355 | 39 699 | 37 565 | 33 736 | 46 084 | 4 456 | 2 141 |
| Cash and bank balance | 146 | 109 | 164 | 6 401 | 10 146 | 820 | 11 |
| Total current assets | 47 501 | 39 808 | 37 729 | 40 137 | 56 230 | 5 276 | 2 152 |
| TOTAL ASSETS | 125 514 | 117 821 | 115 742 | 113 140 | 147 125 | 172 333 | 168 989 |
BALANCE SHEET – PARENT COMPANY
| Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |
|---|---|---|---|---|---|---|---|
| SEK, thousands | 2018 | 2018 | 2018 | 2017 | 2017 | 2017 | 2017 |
| EQUITY and LIABILITIES | |||||||
| Equity | |||||||
| Restricted equity | |||||||
| Share capital | 108 377 | 106 308 | 61 662 | 141 654 | 141 654 | 141 654 | 141 654 |
| Not registered share capital | - | - | - | 7 515 | - | - | - |
| Other equity | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| 108 380 | 106 311 | 61 665 | 149 172 | 141 657 | 141 657 | 141 657 | |
| Unrestricted equity | |||||||
| Share premium reserve | 105 998 | 110 814 | 109 639 | 104 592 | 110 926 | 110 926 | 110 926 |
| Accumulated loss | -100 075 | -105 683 | -105 111 | -133 480 | -139 087 | -139 088 | -139 088 |
| Earnings | -3 777 | -3 056 | -4 511 | -59 102 | -7 208 | -9 263 | -5 127 |
| 2 146 | 2 075 | 17 | -87 990 | -35 369 | -37 425 | -33 289 | |
| Total equity | 110 526 | 108 386 | 61 682 | 61 182 | 106 288 | 104 232 | 108 368 |
| Liabilities | |||||||
| Long-term liabilities | |||||||
| Convertible loans | - | - | - | - | - | - | 36 629 |
| Total long-term liabilities | - | - | - | - | - | - | 36 629 |
| Short-term liabilities | |||||||
| Bank overdraft | - | - | - | - | - | - | 295 |
| Account payables | 810 | 3 067 | 2 266 | 676 | 524 | 2 456 | 2 323 |
| Convertible loans | 1 230 | - | - | - | - | 4 497 | 1 918 |
| Other current liabilities | 11 384 | 3 863 | 47 739 | 47 721 | 39 244 | 58 432 | 17 890 |
| Accrued expenses and deferred | |||||||
| income | 1 564 | 2 505 | 4 055 | 3 561 | 1 069 | 2 716 | 1 566 |
| Total short-term liabilities | 14 988 | 9 435 | 54 060 | 51 958 | 40 837 | 68 101 | 23 992 |
| Total liabilities | 14 988 | 9 435 | 54 060 | 51 958 | 40 837 | 68 101 | 60 621 |
| TOTAL EQUITY AND LIABILITIES | 125 514 | 117 821 | 115 742 | 113 140 | 147 125 | 172 333 | 168 989 |