Earnings Release • Nov 3, 2010
Earnings Release
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(Numerical data in brackets refers to the corresponding period in 2009 unless otherwise stated.)
| Jul-Sep | Jul-Sep* | Jan-Sep | Jan-Sep* | Full year* | |
|---|---|---|---|---|---|
| MSEK | 2010 | 2009 | 2010 | 2009 | 2009 |
| Net sales | 698 | 711 | 2,068 | 2,289 | 3,014 |
| Gross profit | 155 | 143 | 477 | 518 | 690 |
| Total costs | -130 | -329 | -427 | -643 | -795 |
| Operating profit | 25 | -186 | 50 | -126 | -105 |
| Profit before tax | 8 | -225 | 43 | -150 | -127 |
| Net profit | 11 | -237 | 41 | -184 | -178 |
| *) Including items in gross profit and costs which amounted to SEK -209 M in total during the period January-September. | |||||
| CEO's comments "We see a continued improvement in sales within the core business Network (Affiliate and Campaign) due to the company's focus on this area and a continued favourable advertising climate. In our largest region, Southern Europe, the gross profit rose by 14 per cent in local currency during the quarter. The gross profit in Northern and Eastern Europe |
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| also improved. The service area Search in the UK was marked by a continued decline. Overall improvement measures taken are gradually having an impact on the Group. The work on boosting sales through strong product development has resulted in improved tracking and targeting with immediate effects for our customers. At the same time, a long-term investment in mobile and social media has been initiated. We have increased our efforts with the local companies and have seen clear results from better operational follow-up and strong internal control. |
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| We continued to focus on costs and cash flow during the quarter. The number of employees has been reduced by holding back on recruitment, which has resulted in lower personnel costs. The work is now continuing to boost sales and maintain cost control, while at the same time, executing strategic and necessary long-term changes. |
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| In October, we presented a new strategic focus, whose pillars are "One performance-based world-class network", "One cost-efficient company", and "One sales and results-driven corporate culture". In line with this strategy, improvements are now being made to the business structure, market structure and organisation. The goal is to grow faster than the market with scalable profitability. " |
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| Urban Gillström, President and CEO |
"We see a continued improvement in sales within the core business Network (Affiliate and Campaign) due to the company's focus on this area and a continued favourable advertising climate. In our largest region, Southern Europe, the gross profit rose by 14 per cent in local currency during the quarter. The gross profit in Northern and Eastern Europe also improved. The service area Search in the UK was marked by a continued decline. Overall improvement measures taken are gradually having an impact on the Group. The work on boosting sales through strong product development has resulted in improved tracking and targeting with immediate effects for our customers. At the same time, a long-term investment in mobile and social media has been initiated. We have increased our efforts with the local companies and have seen clear results from better operational follow-up and strong internal control.
We continued to focus on costs and cash flow during the quarter. The number of employees has been reduced by holding back on recruitment, which has resulted in lower personnel costs. The work is now continuing to boost sales and maintain cost control, while at the same time, executing strategic and necessary long-term changes.
In October, we presented a new strategic focus, whose pillars are "One performance-based world-class network", "One cost-efficient company", and "One sales and results-driven corporate culture". In line with this strategy, improvements are now being made to the business structure, market structure and organisation. The goal is to grow faster than the market with scalable profitability. "
Consolidated net sales fell by 10 per cent to SEK 2,068 (2,289) compared with the corresponding period in 2009, while gross profit declined by 8 per cent to SEK 477.3 M (517.6). The gross margin thus increased to 23.1 (22.6) per cent.
Net sales declined by 2 per cent in local currencies. Increased sales within Network (Affiliate and Campaign) were outweighed by a decline within Search in the UK and within Technology.
The gross profit was unchanged in local currencies compared with the corresponding period in 2009, excluding last year's dissolution of reserves of SEK +5.0 M, reconciliation differences of SEK -16.1 M and a write-down of trade receivables of SEK -7.0 M. Region Southern Europe increased its gross profit in local currencies by 7 per cent while the UK and Ireland region declined by 10 per cent. The changes in other regions were minor.
The run rate of underlying costs in local currencies was unchanged, adjusted for last year's impairment of goodwill of SEK -152.4 M, a provision of SEK -30.0 M for unutilized office space in London, and other items of SEK -8.5 M. Moreover, total costs, including depreciation/amortisation and impairment, of SEK 427.0 M (643.3) in total, were impacted by change projects during 2010.
Operating profit improved to SEK 50.3 M (-125.7) and the operating margin amounted to 2.4 (-5.5) percent. Comparing with the corresponding period last year, consideration should be given to the items during the period January-September last year which are described above under gross profit and costs of SEK -209 M in total.
Consolidated net financial items amounted to SEK -7.2 M (-24.8), which were largely due to changes in foreign exchange rates in respect of receivables from foreign subsidiaries. The Group had no external interest-bearing loans at 30 September.
Profit before tax thus amounted to SEK 43.1 M (-150.5). Profit after tax amounted to SEK 41.3 M (-183.7). The tax expense was positively impacted by Group utilising tax loss carryforwards more effectively from 2010.
The net margin for the first nine months of 2010 was 2.0 (neg) per cent.
The cash flow from operating activities before changes in working capital, amounted to SEK 32.5 (28.6) M, during the first nine months of 2010.
The change in working capital amounted to SEK -115.8 M (-71.1). The decrease was mainly due to a normalisation of payment flows after the proceeds of the rights issue were received during the first quarter. The cash flow from operating activities thus amounted to SEK -83.4 M (-42.5).
Net investments in non-current assets amounted to SEK -5.2 M (-13.2). The cash flow from financing activities amounted to SEK -199.2 M (-39.3) and consisted of amortisation of loans of SEK 242.1 M and the remaining proceeds from the rights issue of SEK 42.8 M. Thus, the cash flow for the nine month period amounted to SEK -287.8 M (-95.1).
On 30 September 2010, cash and cash equivalents amounted to SEK 136.2 M (40.5) and the Group had no interest-bearing liabilities (SEK 248.0 M). The Swedish Tax Agency repaid SEK 22.5 M during the third quarter, after an adjustment of TradeDoubler's tax return for income year 2008. The refund has no impact on earnings.
Consolidated net sales fell by 2 per cent to SEK 697.9 (710.7) compared with the corresponding period last year, while the gross profit increased by 8 per cent to SEK 154.7 M (143.4). The gross margin thus increased to 22.2 (20.2) per cent.
Net sales increased by 6 per cent in local currencies. Increased sales within Network (Affiliate and Campaign) were partly off-set by a decline within Search in the UK and within Technology.
Operating profit improved to SEK 24.8 M (-185.9). An impairment of goodwill of SEK 152.4 M and other items were reported during the third quarter 2009 (see comments on period January-September above).
Profit before tax amounted to SEK 8.5 M (-224.9). Net profit amounted to SEK 11.3 M (-237.1).
The cash flow from operating activities before changes in working capital was SEK 19.2 M (-19.7) during the third quarter 2010. The improvement compared with the corresponding period of the preceding year was due to a tax refund, better earnings and lower taxes paid. The change in working capital amounted to SEK 2.4 M (-33.5). The cash flow from operating activities thus amounted to SEK 21.5 M (-53.2) and the cash flow for the period to SEK 20.4 M (-34.9)
Europe's leading partner within performance-based digital marketing TradeDoubler AB (publ), Sveavägen 20, 111 57 Stockholm, Sweden Telephone +46 (0)8-405 08 00, [email protected], www.tradedoubler.com, Corporate reg. no. 556575-7423, The registered office of the board of directors is in Stockholm. TradeDoubler Interim report January - September 2010 - 2 (10)
| MSEK | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year |
|---|---|---|---|---|---|
| Gross profit (GP) | 2010 | 2009 | 2010 | 2009 | 2009 |
| Central Europe | 33 | 32 | 101 | 107 | 145 |
| Northern and Eastern Europe | 21 | 18 | 68 | 69 | 95 |
| UK and Ireland | 32 | 34 | 98 | 121 | 160 |
| Southern Europe | 69 | 60 | 210 | 220 | 290 |
| Total | 155 | 143 | 477 | 518 | 690 |
| Central Europe | 18 | 15 | 53 | 61 | 79 |
|---|---|---|---|---|---|
| Northern and Eastern Europe | 10 | 6 | 28 | 34 | 44 |
| UK and Ireland | 14 | -169 | 47 | -122 | -109 |
| Southern Europe | 45 | 37 | 136 | 147 | 187 |
| Parent Company and eliminations | -63 | -76 | -213 | -245 | -305 |
| Total | 25 | -186 | 50 | -126 | -105 |
The gross profit was unchanged in local currencies during the first nine months of the year compared with the corresponding period in 2009.
The gross profit in Central Europe during the first nine months of the year was 1 per cent higher in local currencies than in the corresponding period of the preceding year. The gross profit for Affiliate decreased during the period, which was counterbalanced by increased earnings in the service areas Campaign, Technology and Search. The gross profit for the third quarter increased by 3 per cent in local currencies compared with the corresponding quarter of the previous year.
The gross profit in Northern and Eastern Europe was unchanged in local currencies during the nine month period compared with last year. The gross profit for Affiliate and Technology decreased while Campaign and Search showed increased earnings. The gross profit increased by 11 per cent in local currencies during the third quarter, mainly due to an increased gross profit within the service area Campaigns.
The gross profit in the UK and Ireland during the first nine months of the year showed a decline of 12 per cent in local currencies compared with the previous year. The decline was primarily due to a negative development within the service areas Campaign, Technology and Search, while the largest service area Affiliate showed an increase in earnings. The gross profit in the third quarter fell by 10 per cent in local currencies. However, Affiliate and Campaign developed positively. Affiliate, which is the largest service area, showed an improved gross profit for the third consecutive quarter.
The Group largest region, Southern Europe delivered a gross profit for the first nine months of the year which was 7 per cent higher in local currencies than the corresponding period of the preceding year. All service areas displayed a positive development, especially Search, which doubled its earnings compared with the corresponding period of the preceding year. The increase in gross profit during the third quarter was 14 per cent in local currencies. The gross profit also increased in all service areas during the quarter.
Central functions include the finance, HR and legal departments, product development and product management, IT support, operations and development as well as TradeDoubler's international sales organisation. Overhead costs in the marketing companies only include costs for the local sales organisations.
TradeDoubler announced in October that the company had decided to introduce a new business structure from year-end. The new business structure means that the company's core businesses, Affiliate and Campaign, will be brought together within Network, while the service areas Search and Technology will become independent units. It is intended to report according to these segments from 2011.
TradeDoubler simultaneously presented three strategic pillars for the company's continued development: One performance-based world-class network, One cost-efficient company, and One sales and results-driven corporate culture.
The parent company's net sales amounted to SEK 75.8 M (194.4). Revenues primarily consisted of licensing revenue and remuneration from subsidiaries for centrally performed services. The decrease in net sales was mainly due to lower licensing revenues.
Profit after tax amounted to SEK -5.5 M (69.1).
The average number of full-time equivalents in the parent company was 94 (92). The parent company's receivables from subsidiaries amounted to SEK 625.4 M (1,019.0) at the end of the third quarter and include financing in connection with the acquisition of IMW Group in 2007. The parent company's liabilities to subsidiaries amounted to SEK 106.4 M (515.6).
The parent company's settlement of debts to subsidiaries means that reduced net investments no longer exist in respect of certain loans from subsidiaries to the parent company.
At the end of the third quarter 2010, TradeDoubler's staff corresponded to 534 (580) full-time equivalents, including permanent, temporary, and hired employees. This was a decrease of 53 compared with 30 June 2010, which was mainly due to a restrictive human resources policy, which also explains the decline from the previous year. The average number of full-time equivalents during the first nine months of the year was 579 (596). From the third quarter 2010, the definition of the number of full-time equivalents is expressed more precisely as only including employees that are still in employment at the end of the month.
TradeDoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described in the annual report for 2009 on pages 22-23 and pages 66-67. It is assessed that no significant risks or uncertainties have arisen.
This interim report is prepared in accordance with the Swedish Annual Accounts Act and IAS 34, Interim Financial Reporting. For information regarding the accounting policies applied, see the 2009 Annual Report. The accounting policies and methods of calculation are unchanged, compared with the 2009 Annual Report apart from the fact that the assessment has been made that reduced net investments no longer exist in respect of certain loans from subsidiaries to the parent company. This means that foreign exchange differences in respect of
these loans are reported in the income statement from 2010 instead of via other comprehensive income as previously.
The new accounting standards that are effective from the first quarter 2010 have had no impact on TradeDoubler.
TradeDoubler AB had a share capital of SEK 17.1 M on 30 September 2010, distributed among 42,807,449 shares with a quota value of SEK 0.40. The average number of shares during the period January-September 2010 was 42,655,326. Earnings per share during the first nine months of 2010 totalled SEK 0.97 (-6.43).
Both English and Swedish versions of this report have been prepared. In the event of variation between the two reports, the Swedish version shall prevail.
TradeDoubler discloses the information provided herein pursuant to the Swedish Securities Markets Act. The information was submitted for publication on 3 November 2010 at 8 a.m. CET.
A meeting with analysts and the media has been arranged on 3 November at 11 a.m. in TradeDoubler's premises at Sveavägen 20, Stockholm.
The presentation may also be followed via telephone:
| Sweden: | +46 (0)8 - 5352 6440 |
|---|---|
| UK | +44 20 7138 0824 |
| US: | +1 212 444 0481 |
| Code: | 1428766 |
The presentation material will be published concurrently with the quarterly report on: www.tradedoubler.com/ir
The Annual General Meeting 2010 resolved that the nomination committee shall be composed of representatives of the three largest shareholders in terms of the number of votes on 30 June and the chairman of the board. The nomination committee is composed of the following persons:
The nomination committee may be contacted via the chairman by e-mail [email protected] or by telephone +46 (0)706-56 92 62.
TradeDoubler's annual general meeting will be held on 5 May 2011 in Stockholm.
Year-end report 8 February 2011 Interim report January-March 2011 4 May 2011 Interim report January-June 2011 3 August 2011 Interim report January-Sept. 2011 2 November 2011
Urban Gillström, President and CEO, telephone +46 (0)70-785 76 00 Erik Skånsberg, CFO, telephone +46 (0)70-264 70 35 [email protected]
TradeDoubler AB (publ), Sveavägen 20, SE 111 57 Stockholm, Telephone +46 (0)8-405 08 00, [email protected], www.tradedoubler.com Corporate registration number 556575-7423 The registered office of the board of directors is in Stockholm
This interim report has not been examined by the company's auditor Ernst & Young AB.
Stockholm, 3 November 2010 On behalf of the board
Urban Gillström, President and CEO TradeDoubler AB (publ)
TradeDoubler is active on the growing and rapidly changing European market for internet marketing. Digital marketing offers methods for advertisers to effectively market themselves and drive their sales. Digital marketing has greater reach than TV advertising in an increasing number of target groups and countries.
The company currently conducts operations in 18 European countries and reaches about 75 per cent of Europe's internet users TradeDoubler is the only player that is represented in principle on all relevant markets in Europe, which is a distinct competitive advantage. The company's most important markets are the UK, France and Germany, which combined, account for two thirds of total internet marketing in Europe.
TradeDoubler operates as an independent third party and arranges adverts amongst advertisers and websites/publishers which supply space on their homepages. TradeDoubler had approximately 1,750 advertisers and approximately135,000 active publishers at the end of the third quarter. TradeDoubler also offers services which help advertisers to optimise their marketing via search engines.
TradeDoubler creates value for both advertisers and publishers with its solid knowledge of internet marketing, transaction tracking, advanced administrative systems and its continuously updated network of advertisers and publishers.
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year | |
|---|---|---|---|---|---|
| SEK 000s | 2010 | 2009 | 2010 | 2009 | 2009 |
| Net Sales | 697,914 | 710,694 | 2,067,987 | 2,288,952 | 3,014,349 |
| Cost of goods sold | -543,231 | -567,319 | -1,590,656 | -1,771,318 | -2,324,457 |
| Gross profit | 154,683 | 143,375 | 477,331 | 517,635 | 689,893 |
| Selling expenses | -84,741 | -89,171 | -274,750 | -280,539 | -374,959 |
| Administrativ e expenses * |
-37,631 | -78,764 | -124,064 | -178,245 | -227,610 |
| Dev elopment expenses |
-7,512 | -8,895 | -28,164 | -32,112 | -42,062 |
| Goodwill write-down | - | -152,400 | - | -152,400 | -150,339 |
| Operating profit | 24,799 | -185,855 | 50,354 | -125,661 | -105,077 |
| Net financial items | -16,340 | -39,066 | -7,239 | -24,820 | -21,953 |
| Profit before tax | 8,459 | -224,920 | 43,115 | -150,482 | -127,029 |
| Tax | 2,830 | -12,151 | -1,841 | -33,263 | -51,463 |
| Net profit | 11,290 | -237,071 | 41,274 | -183,745 | -178,493 |
| Profit after tax attributable to: | |||||
| Equity holders of the Parent Company | 11,290 | -237,071 | 41,274 | -183,745 | -178,493 |
| Statement of comprehensive income | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year |
| SEK 000s | |||||
| 2010 | 2009 | 2010 | 2009 | 2009 | |
| Profit for the period, after tax | 11,290 | -237,071 | 41,274 | -183,745 | -178,493 |
| Other comprehensive income | |||||
| Exchange-rate differences | -14,318 | -26,083 | -21,858 | 26,227 | 24,491 |
| Total comprehensive income for the period, after tax | -3,028 | -263,154 | 19,416 | -157,518 | -154,002 |
| Comprehensive income attributable to | |||||
| Parent company shareholders | -3,028 | -263,154 | 19,416 | -157,518 | -154,002 |
| Profit per share | |||||
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year | |
| SEK | 2010 | 2009 | 2010 | 2009 | 2009 |
| Profit per share | 0.26 | -8.29 | 0.97 | -6.43 | -5.31 |
| Profit per share after dilution | 0.26 | -8.29 | 0.97 | -6.43 | -5.31 |
| Number of Shares | |||||
| Weighted av erage before dilution Weighted av erage after dilution |
42,807,449 42,807,449 |
28,581,663 28,581,663 |
42,655,326 42,655,326 |
28,581,633 28,581,633 |
33,590,996 33,590,996 |
| Key data - Group | |||||
|---|---|---|---|---|---|
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year | |
| 2010 | 2009 | 2010 | 2009 | 2009 | |
| Gross profit (GP) / rev enue (%) |
22.2 | 20.2 | 23.1 | 22.6 | 22.9 |
| Operating profit (EBIT ) / rev enue (%) |
3.6 | -26.2 | 2.4 | -5.5 | -3.5 |
| Operating profit (EBIT) / gross profit (GP) (%) | 16.0 | -129.6 | 10.5 | -24.3 | -15.2 |
| Net profit/gross profit (GP) (%) | 7.3 | -165.4 | 8.6 | -35.5 | -25.9 |
| Equity/assets ratio (%) | 37.9 | 10.5 | 37.9 | 10.5 | 27.8 |
| Return on equity (%) | 14.7 | -79.4 | 14.7 | -79.4 | -46.2 |
| Av erage number of employees |
534 | 578 | 567 | 595 | 589 |
| Margin td Affiliate + td Campaign | |||||
| (transaction margin) (%) ** | 20.2 | 21.1 | 21.0 | 21.2 | 21.2 |
| Margin td Search (Search margin) (%) ** | 9.0 | 9.9 | 10.6 | 9.1 | 10.2 |
*) Last year's administrative expenses include a provision of SEK -30 M for unutilised office space in London and other items of SEK -8.5 M.
**) The transaction margin is calculated without fixed charges and connection charges for all periods (does not apply for the Search margin).
| 30 Sep | 30 Jun | 31 Mar | 31 Dec | 30 Sep | |
|---|---|---|---|---|---|
| SEK 000s | 2010 | 2010 | 2010 | 2009 | 2009 |
| Assets | |||||
| Intangible fixed assets | 431,530 | 475,058 | 450,749 | 477,276 | 474,221 |
| Tangible fixed assets | 16,355 | 19,002 | 20,653 | 21,425 | 23,762 |
| Financial fixed assets | 2,193 | 2,197 | 2,388 | 2,520 | 3,652 |
| Deferred tax assets | 33,808 | 27,985 | 27,719 | 28,831 | 46,488 |
| Total fixed assets | 483,885 | 524,242 | 501,508 | 530,052 | 548,123 |
| Accounts receiv ables |
613,730 | 638,226 | 603,061 | 657,049 | 650,708 |
| Tax assets | 45,564 | 47,374 | 44,518 | 21,454 | 4,011 |
| Other current receiv ables |
39,534 | 36,647 | 38,180 | 80,427 | 37,816 |
| Cash & cash equiv alents |
136,212 | 121,469 | 148,201 | 436,596 | 40,505 |
| Total current assets | 835,039 | 843,716 | 833,959 | 1,195,526 | 733,040 |
| Total assets | 1,318,924 | 1,367,958 | 1,335,468 | 1,725,578 | 1,281,163 |
| Shareholders' equity and liabilities | |||||
| Shareholders' equity | 500,409 | 503,437 | 473,490 | 480,507 | 134,396 |
| Subordinated loan | - | - | - | 50,000 | 50,000 |
| Deferred tax liabilities | 19,544 | 15,578 | 17,649 | 23,862 | 19,840 |
| Other prov isions |
854 | 1,474 | - | - | - |
| Total long-term liabilities | 20,399 | 17,052 | 17,649 | 73,862 | 69,840 |
| Current interest-bearing liabilities | - | - | - | 192,065 | 197,961 |
| Accounts payable | 68,540 | 72,718 | 78,312 | 127,432 | 86,381 |
| Current liabilities to publishers | 387,015 | 403,435 | 386,084 | 418,615 | 374,249 |
| Tax liabilities | - | 2,669 | 3,668 | - | - |
| Other current liabilities | 342,562 | 368,646 | 376,264 | 433,096 | 418,336 |
| Total current liabilities | 798,117 | 847,468 | 844,328 | 1,171,209 | 1,076,928 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year | |
|---|---|---|---|---|---|
| SEK 000s | 2010 | 2009 | 2010 | 2009 | 2009 |
| Opening balance | 503,437 | 397,550 | 480,507 | 291,914 | 291,914 |
| Comprehensiv e income for the period |
-3,028 | -263,154 | 19,416 | 157,518 | -154,002 |
| Share-related compensation settled | |||||
| with equity instruments | - | - | - | - | -551 |
| New share issues | - | - | 486 | - | 343,146 |
| Total shareholders equity | 500,409 | 134,396 | 500,409 | 134,396 | 480,507 |
All the equity is attributable to the parent company's shareholders.
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year | |
|---|---|---|---|---|---|
| SEK 000s | 2010 | 2009 | 2010 | 2009 | 2009 |
| Operating activities | |||||
| Profit before tax | 8,459 | -224,921 | 43,115 | -150,482 | -127,030 |
| Adjustments for items not included in cash flow | 5,123 | 223,411 | 21,593 | 242,731 | 249,959 |
| Income taxes paid | 5,568 | -18,216 | -32,246 | -63,666 | -76,888 |
| Cash flow from operating activities before changes in | 19,150 | -19,726 | 32,462 | 28,583 | 46,041 |
| working capital | |||||
| Changes in working capital | 1,226 | -33,467 | -115,850 | -71,085 | 18,669 |
| Cash flow from operating activities | 20,376 | -53,193 | -83,388 | -42,502 | 64,710 |
| Investing activities | |||||
| Net inv estments in intangible assets |
-475 | - | -1,526 | - | -1,816 |
| Net inv estments in tangible assets |
-603 | -1,379 | -3,645 | -10,913 | -11,096 |
| Net inv estments in financial assets |
-14 | -325 | -37 | -2,334 | -1,202 |
| Cash flow from investing activities | -1,092 | -1,704 | -5,208 | -13,247 | -14,114 |
| Financing activities | |||||
| New share issues | - | - | 42,820 | - | 300,812 |
| External loan | - | 30,000 | - | 80,000 | 80,000 |
| Amortisation | - | -10,000 | -242,065 | -119,327 | -124,762 |
| Cash flow from financing activities | - | 20,000 | -199,245 | -39,327 | 256,050 |
| Cash flow for the period | 19,284 | -34,897 | -287,841 | -95,076 | 306,646 |
| Cash and cash equivalents | |||||
| On the opening date | 121,469 | 73,891 | 436,595 | 133,389 | 133,389 |
| Translation difference in cash and cash equiv alents |
-4,541 | 1,511 | -12,542 | 2,192 | -3,439 |
| Cash and cash equivalens on the closing date | 136,212 | 40,505 | 136,212 | 40,505 | 436,596 |
| Adjustments for non-cash items | |||||
| Depreciation | 7,735 | 9,409 | 24,451 | 28,279 | 39,115 |
| Goodwill write-down | - | 152,400 | - | 152,400 | 150,339 |
| Other | -2,612 | 61,602 | -2,858 | 62,052 | 60,505 |
| Total non-cash items | 5,123 | 223,411 | 21,593 | 242,731 | 249,959 |
Europe's leading partner within performance-based digital marketing
TradeDoubler AB (publ), Sveavägen 20, 111 57 Stockholm, Sweden
Telephone +46 (0)8-405 08 00, [email protected], www.tradedoubler.com, Corporate reg. no. 556575-7423, The registered office of the board of directors is in Stockholm. TradeDoubler Interim report January - September 2010 - 8 (10)
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year | |
|---|---|---|---|---|---|
| SEK 000s | 2010 | 2009 | 2010 | 2009 | 2009 |
| Net Sales | 15,424 | 56,008 | 75,828 | 194,352 | 255,563 |
| Cost of goods sold | -2,823 | -3,357 | -8,549 | -9,630 | -12,443 |
| Gross profit | 12,601 | 52,651 | 67,280 | 184,722 | 243,120 |
| Selling expenses | -2,334 | -1,130 | -5,260 | -4,088 | -5,465 |
| Administrativ e expenses |
-25,062 | -29,680 | -98,344 | -85,598 | -120,904 |
| Dev elopment expenses |
-5,937 | -6,317 | -23,527 | -22,329 | -30,334 |
| Operating profit | -20,731 | 15,524 | -59,851 | 72,708 | 86,418 |
| Net financial items | 10,275 | 10,203 | 50,946 | 20,003 | 2,008 |
| Profit before tax | -10,456 | 25,726 | -8,905 | 92,711 | 88,425 |
| Tax | 3,439 | -7,617 | 3,443 | -23,565 | -21,057 |
| Net profit | -7,017 | 18,109 | -5,462 | 69,147 | 67,368 |
| 30 sep | 30 jun | 31 mar | 31 dec | 30 sep | |
|---|---|---|---|---|---|
| SEK 000s | 2010 | 2010 | 2010 | 2009 | 2009 |
| Assets | |||||
| Subscribed capital unpaid | - | - | - | 42,334 | - |
| Intangible fixed assets | 2,972 | 2,560 | 2,560 | 1,816 | - |
| Fixed tangible assets | 10,890 | 11,806 | 12,822 | 13,348 | 14,468 |
| Financial fixed assets | 389,672 | 420,381 | 394,944 | 410,757 | 52,189 |
| Deffered tax assets | 4,100 | 661 | - | - | - |
| Total fixed assets | 407,633 | 435,408 | 410,326 | 425,921 | 66,657 |
| Accounts receiv ables |
3,572 | 2,600 | 2,257 | 3,301 | 3,057 |
| Receiv ables from Group companies |
292,354 | 311,160 | 315,507 | 536,635 | 1,019,041 |
| Tax assets | 34,395 | 40,706 | 34,329 | 12,422 | 1,750 |
| Other current receiv ables |
8,448 | 9,698 | 10,431 | 11,704 | 8,526 |
| Cash & cash equiv alents |
-3,851 | -713 | 36,063 | 270,836 | - |
| Total current assets | 334,918 | 363,452 | 398,587 | 834,898 | 1,032,373 |
| Total assets | 742,552 | 798,860 | 808,913 | 1,303,153 | 1,099,030 |
| Shareholders' equity and liabilities | |||||
|---|---|---|---|---|---|
| Shareholders equity | 511,106 | 541,535 | 545,437 | 534,638 | 192,556 |
| Subordinated loan | - | - | - | 50,000 | 50,000 |
| Long-term liabilities to Group companies | - | - | - | 320,281 | - |
| Deferred tax liability | - | - | 1,179 | 5,638 | 5,621 |
| Total long-term liabilities | - | - | 1,179 | 375,919 | 55,621 |
| Current interest-bearing liabilities | - | - | - | 192,065 | 207,048 |
| Accounts payable | 10,509 | 12,205 | 11,739 | 11,945 | 7,990 |
| Liabilities to Group companies | 106,412 | 133,037 | 119,328 | 51,350 | 515,582 |
| Tax liabilities | - | - | - | - | - |
| Other liabilities | 114,525 | 112,082 | 131,230 | 137,237 | 120,233 |
| Total current liabilities | 231,446 | 257,324 | 262,297 | 392,596 | 850,854 |
| Total shareholder´s equity and liabilities | 742,552 | 798,860 | 808,913 | 1,303,153 | 1,099,030 |
| 30 Sep | 30 Jun | 31 Mar | 31 Dec | 30 Sep | |
|---|---|---|---|---|---|
| SEK 000s | 2010 | 2010 | 2010 | 2009 | 2009 |
| Group | |||||
| Pledged assets | none | none | 94,226 | 91,876 | 143,550 |
| Rent deposits | 2,190 | 2,194 | 2,385 | 2,517 | 3,652 |
| Contingent liabilities | none | none | none | none | none |
| Parent company | |||||
| Pledged assets | none | none | 21,442 | 21,442 | 23,565 |
| Contingent liabilities | 143,794 | 162,677 | 6,299 | 3,094 | 30,662 |
Europe's leading partner within performance-based digital marketing
TradeDoubler AB (publ), Sveavägen 20, 111 57 Stockholm, Sweden
Telephone +46 (0)8-405 08 00, [email protected], www.tradedoubler.com, Corporate reg. no. 556575-7423, The registered office of the board of directors is in Stockholm. TradeDoubler Interim report January - September 2010 - 9 (10)
| Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | |
|---|---|---|---|---|---|---|---|---|
| SEK 000s | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 |
| Net Sales | 697,914 | 660,897 | 709,176 | 725,397 | 710,694 | 734,036 | 844,222 | 814,239 |
| Cost of goods sold | -543,231 | -502,119 | -545,306 | -553,139 | -567,319 | -546,596 | -657,402 | -619,206 |
| Gross profit | 154,683 | 158,777 | 163,870 | 172,258 | 143,375 | 187,440 | 186,820 | 195,033 |
| Total costs | -129,884 | -149,260 | -147,833 | -151,673 | -329,230 | -153,951 | -160,116 | -186,276 |
| Operating profit | 24,799 | 9,517 | 16,037 | 20,584 | -185,855 | 33,489 | 26,704 | 8,757 |
| Net financial items | -16,340 | 16,476 | -7,374 | 2,868 | -39,066 | 13,386 | 859 | -5,240 |
| Profit before tax | 8,459 | 25,993 | 8,663 | 23,452 | -224,920 | 46,875 | 27,564 | 3,517 |
| Tax | 2,830 | 954 | -5,625 | -18,200 | -12,151 | -13,468 | -7,644 | 163 |
| Net profit | 11,290 | 26,947 | 3,037 | 5,252 | -237,071 | 33,407 | 19,920 | 3,680 |
| 30 Sep | 30 Jun | 31 Mar | 31 Dec | 30 Sep | 30 Jun | 31 Mar | 31 Dec | |
|---|---|---|---|---|---|---|---|---|
| SEK 000s | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 |
| Assets | ||||||||
| Intangible fixed assets | 431,530 | 475,058 | 450,749 | 477,276 | 474,221 | 706,120 | 657,664 | 631,657 |
| Other fixed assets | 52,356 | 49,184 | 50,760 | 52,776 | 73,902 | 93,105 | 77,383 | 69,979 |
| Current receiv ables |
698,827 | 722,247 | 685,758 | 758,930 | 692,535 | 710,668 | 737,552 | 716,261 |
| Cash & cash equiv alents |
136,212 | 121,469 | 148,201 | 436,596 | 40,505 | 73,891 | 151,088 | 133,389 |
| Total assets | 1,318,924 | 1,367,958 | 1,335,468 | 1,725,578 | 1,281,163 | 1,583,784 | 1,623,687 | 1,551,286 |
| Shareholders' equity and liabilities | ||||||||
| Shareholders' equity | 500,409 | 503,437 | 473,490 | 480,507 | 134,396 | 397,550 | 333,907 | 291,914 |
| Long-term interest bearing debt | - | - | - | 50,000 | 50,000 | 50,000 | 50,000 | - |
| Long-term non-interest bearing debt | 20,399 | 17,052 | 17,649 | 23,862 | 19,840 | 16,268 | 16,578 | 17,232 |
| Current interest bearing debt | - | - | - | 192,065 | 197,961 | 177,500 | 207,500 | 286,827 |
| Current non-interest bearing debt | 798,117 | 847,468 | 844,328 | 979,144 | 878,966 | 942,466 | 1,015,702 | 955,312 |
| Total shareholder´s equity and liabilities | 1,318,924 | 1,367,958 | 1,335,468 | 1,725,578 | 1,281,163 | 1,583,784 | 1,623,687 | 1,551,286 |
| Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | |
|---|---|---|---|---|---|---|---|---|
| SEK 000s | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 |
| Operating activities | ||||||||
| Profit before tax | 8,459 | 25,993 | 8,662 | 23,452 | -224,921 | 46,875 | 27,564 | 3,516 |
| Adjustments for items not included in cash flow | 5,123 | 6,579 | 9,891 | 7,229 | 223,411 | 9,489 | 9,831 | 8,783 |
| Tax paid | 5,568 | -10,887 | -26,927 | -13,223 | -18,216 | -47,774 | 2,324 | 3,341 |
| Cash flow from changes in working capital | 1,226 | -46,108 | -70,967 | 89,754 | -33,467 | -47,953 | 10,335 | 72,159 |
| Cash flow from operating activities | 20,376 | -24,423 | -79,341 | 107,212 | -53,193 | -39,363 | 50,054 | 87,799 |
| Cash flow from inv esting activ ities |
-1,092 | -775 | -3,341 | -867 | -1,704 | -8,348 | -3,195 | -5,877 |
| Cash flow from financing activ ities |
- | - | -199,245 | 295,377 | 20,000 | -30,000 | -29,327 | -37,942 |
| Cash flow for the period | 19,284 | -25,198 | -281,927 | 401,722 | -34,897 | -77,711 | 17,532 | 43,980 |
| Cash and cash equivalents | ||||||||
| On the opening date | 121,469 | 148,201 | 436,596 | 40,505 | 73,891 | 151,088 | 133,389 | 82,605 |
| Translation difference | -4,541 | -1,534 | -6,468 | -5,631 | 1,511 | 514 | 167 | 6,804 |
| Cash and cash equivalens on the closing date | 136,212 | 121,469 | 148,201 | 436,596 | 40,505 | 73,891 | 151,088 | 133,389 |
| Key data - Group | ||||||||
|---|---|---|---|---|---|---|---|---|
| Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | |
| 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 | |
| Gross profit (GP) / rev enue (%) |
22.2 | 24.0 | 23.1 | 23.7 | 20.2 | 25.5 | 22.1 | 24.0 |
| Operating profit (EBIT ) / rev enue (%) |
3.6 | 1.4 | 2.3 | 2.8 | -26.2 | 4.6 | 3.2 | 1.1 |
| Operating profit (EBIT) / gross profit (GP) (%) | 16.0 | 6.0 | 9.8 | 11.9 | -129.6 | 17.9 | 14.3 | 4.5 |
| Net profit/gross profit (GP) (%) | 7.3 | 17.0 | 1.9 | 3.0 | -165.4 | 17.8 | 10.7 | 1.9 |
| Equity/assets ratio (%) | 37.9 | 36.8 | 35.5 | 27.8 | 10.5 | 25.1 | 20.6 | 18.8 |
| Return on equity (%) | 14.7 | -44.8 | -48.4 | -46.2 | -79.4 | 26.3 | 22.4 | 30.9 |
| Av erage number of employees |
534 | 587 | 588 | 569 | 578 | 589 | 618 | 640 |
| Margin td Affiliate + td Campaign | ||||||||
| (transaction margin) (%) * | 20.2 | 22.0 | 20.9 | 21.2 | 21.1 | 21.3 | 21.3 | 22.5 |
| Margin td Search (Search margin) (%) * | 9.0 | 10.2 | 12.6 | 15.0 | 9.9 | 8.6 | 9.0 | 10.1 |
*) The transaction margin is calculated without fixed charges and connection charges for all periods (does not apply for the Search margin).
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