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TradeDoubler
Earnings Release • May 5, 2023
3209_10-q_2023-05-05_14f021e3-1f2f-4bfd-bd17-5ed7ea8398eb.pdf
Earnings Release
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The first quarter, January – March 2023
- Total revenue amounted to SEK 459 M (404) an increase of 14% or 8% adjusted for changes in exchange rates compared to the same period last year.
- Gross profit was SEK 98 M (83) an increase of 19% or 13% adjusted for changes in exchange rates. Gross margin was 21.4% (20.4).
- Operating costs excluding depreciation and adjusted for change related items were SEK 74 M (61), an increase of 21% or 17% adjusted for changes in exchange rates.
- EBITDA amounted to SEK 24 M (21). Adjusted for change related items, EBITDA was SEK 24 M (22).
- Investments in immaterial assets, mainly related to product development, were SEK 8 M (7).
- Cash flow from operating activities was SEK 40 M (8).
- Earnings per share, before and after dilution were SEK 0.16 (0.19).
PAGE | 02
| SEK M | Jan-Mar 2023 |
Jan-Mar 2022 |
|---|---|---|
| Total revenue | 459 | 404 |
| Gross profit | 98 | 83 |
| Gross margin | 21,4% | 20,4% |
| Operating costs excl. depreciation and change related costs | -74 | -61 |
| EBITDA adjusted for change related items | 24 | 22 |
| EBITDA-margin adjusted for change related items (%) | 5,3% | 5,3% |
| Change related items1 | 0 | 0 |
| EBITDA | 24 | 21 |
| Operating profit (EBIT) | 12 | 13 |
| Net profit | 7 | 9 |
| Net investments in non-financial fixed assets |
-8 | -8 |
| Cash flow from operating activities |
40 | 8 |
| Liquid assets including financial investments, at period's end |
117 | 88 |
| Net cash2 , at period's end |
27 | -6 |
1 For more information regarding change related items see page 10
2 Liquid assets less interest-bearing liabilities
Stockholm, 5 May 2023
Dear Shareholders,
In the first quarter of 2023, Tradedoubler continued the trend of now seven consecutive quarterly results with double-digit Gross Profit growth – in Q1, 13% currency adjusted -, and continued increased EBITDA – in Q1, SEK 24,5 M. The gross margin has slightly increased to 21,4% while the EBITDA margin is stable at 5,3%.
Regions & Products
We were able to continue the growth in Gross Profit in all Tradedoubler regions with the Nordics & Poland and the DACH region being the main drivers, while France & Benelux, the UK & Ireland and the region "South" contribute in a material way.
Across all our offerings of Affiliate Marketing, Metapic, Grow and the Campaigns business including Appiness and Cost-per-Lead campaigns we generated continued good growth rates matching the expectations for each product.
Margins
The increase of the Gross margin to 21,4% goes along-side the continued change in our product mix with the new products increasing their share of Tradedoubler's business. These products (Metapic, Grow, Campaigns) have a higher margin than the traditional Affiliate Marketing business. The EBITDA margin has been stable at 5,3%. The increase in costs is solely related to investments into the new products and there especially into Metapic and product development itself.
Market
v
While the external market environment with high inflation, reduced consumer spendings and therefore increased challenges for our client´s continues, we do not see an effect on our business for the time being. While there are obvious larger shifts in how digital marketing strategies are planned and operated, our portfolio of performance marketing solutions seems to match the needs of our clients for results-focused marketing campaigns.
Our vision is to generate more revenue for our clients than any other partner and we receive encouraging signals from our clients that we are on a good way.
I want to thank our teams across all markets and units for their commitment to our strategy and their great contribution. I am amazed by the talent, the energy, and the dedication our colleagues put into the development of our business.
Sincerely yours,
Matthias Stadelmeyer President and CEO
PAGE | 04
For advertisers and publishers, who want to grow their business, Tradedoubler offers performance marketing and technology solutions powering a unique network of connections. Combining over 20 years of digital marketing innovation and expertise, global presence, and a market leading technology platform we offer tailored performance solutions based on our clients' needs.
Industry-leading affiliate marketing network
Affiliate marketing is a risk-free solution for advertisers looking to increase sales or leads as they only pay for results.
Private-label partner management platform
Private-label partner management platform: Our award-winning technology platform allows advertisers, publishers, or agencies to manage partnerships directly themselves or setup and run their own private affiliate network.
Campaign management
We offer performance-based campaigns tailored to our client's needs and based on programmatic and non-programmatic inventory. From lead generation to display, native advertisement, video, and app install.
Marketing-leading business intelligence
Data driven insights including user journey reporting and analysis to optimize digital ad spend for the best return across all channels.
Building and growing relations is our lifeblood and our key expertise for more than 20 years. 304 employees based in 15 offices connect advertisers and publishers in more than 80 countries around the globe to grow their business.
With our performance marketing solutions and through our network of 180.000 publishers we generated over 3.7 billion Euro in revenue for our customers, more than 3.8 billion clicks and 91 million conversions for our clients last year.
If not explicitly stated, the disclosed financial information refers to reported numbers that are not adjusted for change related items nor changes in exchange rates. For more information regarding change related items see page 10.
Total revenue during the first quarter amounted to 459 M (404), an increase of 14% or 8% adjusted for changes in exchange rates compared to the same period last year. The growth in revenue is mainly driven by existing clients in the travel segment.
Gross profit during the first quarter was SEK 98 M (83) an increase of 19% or 13% adjusted for changes in exchange rates. Gross margin was 21.4% (20.4). The increase in gross margin is primarily related to low comparables due to reduced revenue at a specific low-margin customer, as well as due to changes in the product mix where higher margin campaigns drive up gross margin.
Operating costs excluding depreciation and change related items during the first quarter was SEK 74 M (61), an increase of 21% or 17% adjusted for changes in exchange rates. The increased costs are mainly related to increased salary costs and investments into Metapic, Appiness and Grow.
Operating profit before depreciation and amortisation (EBITDA) in the first quarter was SEK 24 M (21). Adjusted for change related items, EBITDA was SEK 24 M (22). Depreciation and amortisation was SEK 12 M (8). Depreciation has increased due to last year's increased investments in product development. Operating profit thus amounted to SEK 12 (13) M in the first quarter.
EBITDA (SEK M) & EBITDA/GP (%), adjusted for change related items
Net financial items in the first quarter were SEK -3 M (-3) where of exchange rates effects were SEK -2 M (-1). Financial income and expenses amounted to SEK -1 M (-2).
Profit after tax during the first quarter amounted to SEK 7 M (9), corporate income tax was SEK -2 M (-1).
If not explicitly stated, the disclosed financial information refers to reported numbers that are not adjusted for change related items nor changes in exchange rates. For more information regarding change related items see page 10.
Tradedoubler's operational segments are presented at a regional level where Tradedoubler's segments consists of DACH (Germany and Switzerland), France & Benelux (France and Netherlands), Nordics (Sweden, Norway, Denmark, Finland, and Poland), South (Italy and Spain) and UK & Ireland.
| SEK M | Jan-Mar | Jan-Mar |
|---|---|---|
| 2023 | 2022 | |
| Revenue | ||
| DACH | 75 | 91 |
| France & Benelux | 91 | 91 |
| Nordics | 180 | 137 |
| South | 55 | 43 |
| UK & Ireland | 57 | 43 |
| Total Revenue | 459 | 404 |
| EBITDA | ||
| DACH | 10,6 | 8,6 |
| France & Benelux | 12,7 | 11,1 |
| Nordics | 13,6 | 9,6 |
| South | 5,3 | 5,1 |
| UK & Ireland | 1,7 | 2,5 |
| Total | 43,8 | 36,8 |
| Group mgmt. & support functions | -19,4 | -15,6 |
| Total EBITDA | 24,5 | 21,2 |
| Depreciation and impairment | -12,3 | -8,3 |
| Operating profit as in consolidated income statement | 12,1 | 12,9 |
| EBITDA/Total revenue, % | ||
| DACH | 14,1 | 9,4 |
| France & Benelux | 13,9 | 12,2 |
| Nordics | 7,6 | 7,0 |
| South | 9,5 | 11,8 |
| UK & Ireland | 2,9 | 5,9 |
| Total EBITDA Margin | 5,3 | 5,2 |
Total revenue – operational segments
Total revenue during the first quarter amounted to SEK 459 M (404), which was an increase of 14 per cent. All regions except DACH increased their revenues compared to the comparison period. DACH's decline in revenue was affected by a specific low-margin customer, which does not affect the gross margin very much.
PAGE | 09
EBITDA – operational segments
EBITDA during the quarter increased compared to last year in all regions except for UK&Ireland. The decreased EBITDA in UK&Ireland is not related to lower business momentum but rather investments in personnel cost.
During the first quarter, costs for group management and support functions amounted to SEK 19 (16) million. The increase in costs is mainly due to increased costs within Product & IT as well as an increase in global roles within the company.
Cash Flow
Cash flow from operating activities before changes in working capital was SEK 19 M (19) in the first quarter. Changes in working capital were SEK 21 M (-11) and are as always very dependent on timing effects related to clients and publisher payments.
Net investments in tangible and intangible assets during the first quarter mainly related to product development amounted to SEK -8 M (-7). Cash flow for the quarter amounted to SEK 23 M (-7).
Financial Position
Cash and cash equivalents at the end of the quarter amounted to SEK 117 M (87). Interestbearing liabilities amounted to SEK 90 M (93) and relates to the loan agreements with Reworld Media S.A. Net cash hence amounted to SEK 27 M (-6) at the end of the first quarter.
Consolidated shareholders' equity amounted to SEK 320 M (273) at the end of the quarter and the equity/asset ratio was 32.6 per cent (31.7). The return on equity during the rolling 12 months ending March 2023 was 7.7 per cent (13.0).
Change Related Items
For comparability reasons and to indicate the underlying performance, Tradedoubler adjusts for change related items. The following items affect the comparability in this report.
The company did not register any change related items during the interim period 2023.
Change related items in 2022 amounted to SEK -0,3 M, and relates to costs linked to Reworld Media's share program to key management personnel which is described on page 8 in the Annual report 2022.
Seasonal Variations
Tradedoubler's operations particularly within Performance Marketing fluctuate with the development of e-commerce and online advertising. There are seasonal variations particularly within e-commerce. The highest level of activity is on "Black Friday" and before Christmas, which implies that the first and the fourth quarter of a year are normally the strongest for Tradedoubler.
The Parent Company
The parent company's total revenue amounted to SEK 43 M (33) during the first quarter. Revenue primarily consisted of internal licensing revenue to subsidiaries.
Operating profit (EBIT) was SEK 9 M (10) during the first quarter.
Net financial items amounted to SEK -2 M (-2) during the first quarter. Dividends from group companies during the year was SEK 0 M (1). Changes in exchange rates impacted with SEK -1.4 M (-1.3).
Corporate taxes were SEK 0 M (0) during the interim period. Profit after tax was SEK 7 M (8).
The parent company's receivables from group companies amounted to SEK 214 M (162) at the end of the quarter, of which none (0) were non-current. The parent company's liabilities to group companies were SEK 125 M (91), of which none (0) were non-current. Cash and cash equivalents amounted to SEK 35 M (33) at the end of the quarter.
Deferred tax assets amounted to SEK 0 M (0.1) at the end of the quarter.
No capitalisation of deferred tax on loss has been made since the assessment of the possibility of using deferred tax on loss carry forwards is unchanged compared to previous period.
Employees
On March 31, 2023, Tradedoubler's staff corresponded to 304 (268) full-time equivalents (FTE) and included permanent and temporary employees as well as consultants.
Risks and Uncertainty Factors
Tradedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described on page 7 in the 2022 Annual Report. No significant risks and uncertainty factors have arisen in addition to those described in the 2022 annual report.
Critical Estimates and Judgements
Tradedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described in note C2 in the 2022 Annual Report. No significant risks and uncertainty factors have arisen in addition to those described in the 2022 annual report. PAGE | 11
Transactions with Related Parties
Transactions with the company's principal owner
The company's principal owner, Reworld Media, has as a publisher in France received remuneration of EUR 151 K, EUR 12 K for provided HR-support and EUR 45 K in remuneration for rent, both related to Tradedoubler's French subsidiary. Reworld Media has during 2023 been invoiced for purchased services from Tradedoubler France of EUR 26 K in total. Other subsidiaries have invoiced Reworld Media EUR 0 K.
On the balance sheet day the loan from Reworld Media amounted to SEK 89 M (EUR 7.89 M). The loan has an amortization structure and matures in 2026. The loan is subscribed on market terms and the interest expense during the year has amounted to SEK 0.9 M. Amortizations of the loan has during the year amounted to SEK 0 M.
The arm's length principle has been applied on all these transactions.
Transactions with management and the board of directors
Aside from transactions in the normal course of business or to the board and senior executives, the following first-party transactions have occurred during 2023.
Tradedoubler's CEO Matthias Stadelmeyer has during the year received payment of EUR 7 K related to other services through his partly owned companies tryforyou GmbH and MY5 GmbH.
Tradedoubler's CTO during 2023, Francois Pacot has during the year received payment of EUR 30 K related to his monthly fee as consultant and EUR 65 K related to other services through his fully owned companies.
During Q4 2020 Tradedoubler's German subsidiary signed a lease agreement regarding an office in Munich with a German company owned by multiple members of the board and group management. Rent is paid at market rates and the expenses during the year amounted to 54 KEUR. During 2021 a similar lease agreement for premises in Mougins has been signed. Contracting parties are Tradedoubler's French subsidiary R-advertising and a French company owned by multiple members of the board and group management. Rent is paid at market rates and the expenses during the year amounted to 6 KEUR. During 2022 a similar lease agreement for premises in Berlin has been signed. Contracting parties are Tradedoubler's German subsidiary and a German company owned by multiple members of the board and group management. Rent is paid at market rates and the expenses during the year amounted to 26 KEUR.
The arm's length principle has been applied on all these transactions.
Foreign Exchange Risk
Foreign exchange risk refers to the risk that changes in exchange rates may affect the consolidated income statement, balance sheet and cash flow statement. Foreign exchange risk exists in the form of transaction risk and translation risk. Tradedoubler is exposed to foreign exchange risk in 14 countries involving eight different currencies, with Euro (EUR), Polish Zloty (PLN) and British pounds (GBP) representing the majority share. During the year approximately 47 (54) per cent of group sales were made in EUR, approximately 24 (19) in PLN and approximately 13 (11) per cent in GBP. Approximately 43 (41) per cent of the group's operational costs were in EUR, approximately 10 (12) per cent in PLN, and approximately 10 (11) per cent in GBP. Net investments in foreign currency or transaction risks are not currently hedged. Exposure attributable to exchange rate fluctuation in client and supplier invoices is limited since invoicing to customers and from suppliers largely occurs in local currency for all companies in the group.
Tradedoubler renegotiated the current loan deal with Reworld Media S.A. during the fourth quarter 2019. This facility is denominated in EUR and currently not hedged.
PAGE | 13
Significant events after the balance sheet date
No significant events have occurred after the balance sheet date.
Accounting policies
Tradedoubler applies International Financial Reporting Standards (IFRS) as adopted by the European Union. Tradedoubler's report for the Group is prepared in accordance with IAS 34, Interim Financial reporting and the Annual Accounts Act. Parent company accounts are prepared in accordance with the Annual Accounts Act. For the group and the parent company the same accounting principles and calculation basis's have been applied as in the latest annual report.
For financial instruments reported at amortised cost; accounts receivables, other current receivables and cash and cash equivalents, accounts payables and other current liabilities are deemed to correspond to carrying amount. Long term loans are measured at amortized cost, where accrued cost is determined on the basis of the effective interest rate measured when the liability was carried. The fair value of other liabilities is not deemed to deviate materially from the carrying amount.
No new or amended standards have been applied in 2023. For information on the accounting policies applied, see the 2022 annual report.
The share
The total number of shares at the end of the year was 45,927,449 (45,927,449), of which 790,760 (790,760) were in own custody. The average number of outstanding shares during the year was 45,136,689 (45,136,689).
Earnings per share, before and after dilution, amounted to SEK 0.16 (0.19) during the first quarter. Equity per share amounted to SEK 6.96 (5.94) at the closing date.
The share price closed at SEK 5.08 on the final trading day of the quarter, which was higher than at year-end 2022 when the share price closed at SEK 3.835.
Long term financial targets
The company's long-term financial targets, adopted by the board of directors, are to grow net sales in excess of 5 per cent annually in local currency and deliver an EBITDA/Gross profit-ratio in excess of 20 per cent over a business cycle.
Annual report
The annual report 2022 is available on Tradedoubler's website. Shareholders who would like to receive the annual report by post are requested to contact Tradedoubler at [email protected] or by telephone +46 8 405 08 00
Contact information
Matthias Stadelmeyer, President and CEO, telephone +46 8 405 08 00 Viktor Wågström, CFO, telephone +46 8 405 08 00. E-mail: [email protected]
Financial information
Interim report Jan-Jun 2023 20 July 2023 Interim report Jan-Sep 2023 3 November 2023 Year-end report 2023 9 February 2024
English version
Both an English version and a Swedish version of this report have been prepared. In the event of a difference between the two reports, the Swedish version shall prevail.
Other
Tradedoubler discloses the information provided herein pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was released for publication on 5 May 2023 at 08.00 a.m. CET. Numerical data in brackets refers to the corresponding periods in 2022 unless otherwise stated. Rounding off differences may arise.
Review
This interim report has not been reviewed by the company's auditor Ernst & Young AB.
The Board of Directors' declaration
The Board of Directors and the CEO declare that the year-end report provides a true and fair overview of the Parent Company's and the Group's operations, financial position and results of operations as well as describing the material risks and uncertainties facing the Parent Company and other companies in the Group.
Stockholm, 5 May 2023
Pascal Chevalier Chairman
Gautier Normand Board member
Jérémy Parola Board member Erik Siekmann Board Member
Matthias Stadelmeyer President and CEO
Financial reports
PAGE | 15 16
FINANCIAL REPORTING
Consolidated income statement
| SEK 000's | Jan-Mar | Jan-Mar |
|---|---|---|
| 2023 | 2022 | |
| Net Sales | 458 064 | 403 697 |
| Other revenue | 860 | 295 |
| Total revenue | 458 925 | 403 991 |
| Cost of goods sold | -360 756 | -321 406 |
| Gross profit | 98 169 | 82 585 |
| Selling expenses | -57 459 | -47 617 |
| Administrative expenses | -16 487 | -15 561 |
| Development expenses | -12 087 | -6 552 |
| Operating profit | 12 136 | 12 855 |
| Net financial items | -3 264 | -2 859 |
| Profit before tax | 8 872 | 9 997 |
| Tax | -1 563 | -1 234 |
| Net Profit | 7 308 | 8 762 |
Consolidated statement of comprehensive income
| SEK 000's | Jan-Mar | Jan-Mar |
|---|---|---|
| 2023 | 2022 | |
| Profit for the period, after tax | 7 308 | 8 762 |
| Other comprehensive income | ||
| Items that subsequently will be reversed in the income statement | ||
| Translation difference, net after tax | 4 533 | 2 223 |
| Total comprehensive income for the period, after tax | 11 841 | 10 986 |
| Comprehensive income attributable to: Parent company shareholders | 11 841 | 10 986 |
| SEK | Jan-Mar | Jan-Mar |
|---|---|---|
| 2023 | 2022 | |
| Earnings per share, before and after dilution | 0,16 | 0,19 |
| Number of Shares - Weighted average | 45 136 689 | 45 136 689 |
Key ratios Group
| SEK M | Jan-Mar | Jan-Mar |
|---|---|---|
| 2023 | 2022 | |
| Gross profit (GP) / revenue (%) | 21,4 | 20,4 |
| EBITDA / revenue (%) | 5,3 | 5,2 |
| EBITDA / gross profit (GP) (%) | 24,9 | 25,7 |
| Equity/assets ratio (%) | 32,6 | 31,7 |
| Return on equity (12 months) (%) | 7,7 | 13,0 |
| Average number of employees | 299 | 266 |
| Return on Capital Employed | ||
| (12 months) (%) | 11,4 | 11,6 |
| Working Capital end of period (SEK M) | -129,4 | -115,3 |
| Cash flow from operating activities per share, SEK | 0,88 | 0,18 |
| Equity per share, SEK | 6,96 | 5,94 |
| Stock price at the end of the period, SEK | 5,08 | 5,02 |
Consolidated statement of changes in equity
| SEK 000's | Jan-Mar | Jan-Mar |
|---|---|---|
| 2023 | 2022 | |
| Opening balance | 307 715 | 261 313 |
| Total comprehensive income for the period | 11 841 | 10 986 |
| Equity-settled share-based compensation | 0 | 285 |
| Closing balance | 319 556 | 272 584 |
Consolidated statement of financial position
| SEK 000's | 31 Mar | 31 Mar | 31 Dec |
|---|---|---|---|
| 2023 | 2022 | 2022 | |
| ASSETS | |||
| Goodwill | 319 169 | 295 643 | 311 360 |
| Intangible fixed assets | 68 842 | 60 155 | 68 509 |
| Tangible fixed assets | 3 896 | 3 819 | 4 042 |
| Right-of-use assets | 38 985 | 39 468 | 42 440 |
| Other non-current receivables | 16 641 | 8 167 | 15 173 |
| Shares and participation in associated companies | 3 000 | 3 000 | - |
| Deferred tax assets | 17 642 | 25 149 | 17 520 |
| Total non-current assets | 468 175 | 435 401 | 462 043 |
| Accounts receivable | 342 993 | 283 020 | 417 795 |
| Tax assets | 5 627 | 9 633 | 8 250 |
| Other current receivables | 47 651 | 44 338 | 55 882 |
| Cash & cash equivalents | 116 746 | 87 610 | 93 471 |
| Total current assets | 513 017 | 424 601 | 575 397 |
| Total assets | 981 192 | 860 002 | 1 037 439 |
| EQUITY AND LIABILITIES | |||
| Shareholders' equity | 319 556 | 272 584 | 307 715 |
| Deferred tax liabilities | 1 680 | 1 574 | 1 680 |
| Other provisions | 214 | 309 | 51 |
| Lease liabilities long-term | 28 471 | 26 867 | 31 981 |
| Other interest-bearing debts | 75 853 | 81 000 | 74 635 |
| Total non-current liabilities | 319 556 | 272 584 | 307 715 |
| Current interest-bearing debts | 13 712 | 12 436 | 13 532 |
| Accounts payable | 8 912 | 13 657 | 10 748 |
| Current liabilities to publishers | 350 642 | 313 033 | 407 485 |
| Tax liabilities | 11 624 | 10 619 | 11 498 |
| Lease liabilities short-term | 10 053 | 11 957 | 10 119 |
| Other current liabilities | 160 475 | 115 966 | 167 995 |
| Total current liabilities | 555 418 | 477 668 | 621 378 |
| Total shareholder´s equity and liabilities | 981 192 | 860 002 | 1 037 439 |
Consolidated statement of cash flows
| SEK 000's | Jan-Mar | Jan-Mar | |
|---|---|---|---|
| 2023 | 2022 | ||
| Operating activities | |||
| Profit before tax | 8 872 | 9 997 | |
| Adjustments for items not included in cashflow | 8 972 | 10 280 | |
| Income taxes paid/received | 1 209 | -1 151 | |
| Cashflow from operating activities before changes in working capital | 19 053 | 19 125 | |
| Changes in working capital | 20 660 | -11 077 | |
| Cashflow from operating activities | 39 713 | 8 048 | |
| Investing activities | |||
| Investments in intangible assets | -8 267 | -7 299 | |
| Investments in tangible assets | -202 | -588 | |
| Investments in financial assets | -3 870 | -2 656 | |
| Divestment of financial assets | 0 | 0 | |
| Cashflow from investing activities | -12 534 | -10 542 | |
| Financing activities | |||
| Repayment of external loans | -21 | -472 | |
| Payment of finance lease liability | -4 111 | -3 830 | |
| Cashflow from financing activities | -4 132 | -4 302 | |
| Cashflow for the period | 23 047 | -6 796 | |
| Cash and cash equivalents | |||
| On the opening date | 93 471 | 94 088 | |
| Translation difference in cash and cash equivalents | 228 | 111 | |
| Cash and cash equivalents on the closing date | 116 746 | 87 403 | |
| Adjustments for non-cash items | |||
| Depreciation and impairment | 12 342 | 8 329 | |
| Other | -3 370 | 1 950 | |
| Total non-cash items | 8 972 | 10 280 |
Income statement Parent company
| SEK 000's | Jan-Mar | Jan-Mar |
|---|---|---|
| 2023 | 2022 | |
| Net Sales | 41 835 | 32 694 |
| Other revenue | 682 | 20 |
| Total revenue | 42 517 | 32 715 |
| Cost of goods sold | -7 075 | -4 393 |
| Gross profit | 35 442 | 28 321 |
| Selling expenses | -715 | -554 |
| Administrative expenses - | -15 230 | -12 792 |
| Development expenses | -10 206 | -5 300 |
| Operating profit | 9 290 | 9 675 |
| Net financial items | -1 902 | -1 816 |
| Profit before tax | 7 388 | 7 859 |
| Tax | - | - |
| Net profit | 7 388 | 7 859 |
Balance sheet Parent company
| SEK 000's | 31 Mar | 31 Mar | 31 Dec |
|---|---|---|---|
| 2023 | 2022 | 2022 | |
| Assets | |||
| Intangible assets | 68 248 | 58 961 | 67 711 |
| Equipment, tools, fixtures and fittings | 247 | 281 | 283 |
| Participation in group companies | 186 824 | 181 089 | 186 879 |
| Deferred tax assets | 43 | 70 | 43 |
| Total non-current assets | 255 362 | 240 401 | 254 916 |
| Accounts receivable | 6 109 | 2 784 | 6 749 |
| Receivables from Group companies | 213 897 | 161 990 | 201 156 |
| Tax assets | 1 291 | 1 291 | 1 014 |
| Other current receivables | 4 004 | 6 948 | 4 289 |
| Cash & cash equivalents | 34 578 | 33 343 | 54 987 |
| Total current assets | 259 878 | 206 356 | 268 196 |
| Total assets | 515 240 | 446 757 | 523 112 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | 112 134 | 106 716 | 104 746 |
| Other interest-bearing debts | 75 464 | 80 965 | 74 225 |
| Total non-current liabilities | 75 464 | 80 965 | 74 225 |
| Current interest-bearing debts | 13 712 | 12 436 | 13 532 |
| Accounts payable | 1 993 | 4 556 | 4 171 |
| Liabilities to Group companies | 125 129 | 91 252 | 120 982 |
| Other current liabilities | 186 808 | 150 832 | 205 455 |
| Total current liabilities | 327 642 | 259 077 | 344 141 |
| Total shareholder´s equity and liabilities | 515 240 | 446 757 | 523 112 |
Consolidated income statement
| SEK 000's | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun |
|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| Net Sales | 458 064 | 462 212 | 387 603 | 382 563 | 403 697 | 415 682 | 316 452 | 332 558 |
| Other revenue | 860 | 1 431 | 1 062 | 688 | 295 | -1 433 | 355 | 336 |
| Total revenue | 458 925 | 463 643 | 388 665 | 383 252 | 403 991 | 414 249 | 316 807 | 332 895 |
| Cost of goods sold | -360 756 | -361 610 | -308 573 | -301 883 | -321 406 | -339 258 | -250 184 | -265 808 |
| Gross profit | 98 169 | 102 032 | 80 092 | 81 369 | 82 585 | 74 990 | 66 623 | 67 087 |
| Total costs | -86 033 | -85 169 | -74 064 | -74 014 | -69 730 | -64 588 | -62 012 | -59 371 |
| Operating profit | 12 136 | 16 863 | 6 029 | 7 354 | 12 855 | 10 402 | 4 611 | 7 716 |
| Net financial items | -3 264 | -1 693 | -3 115 | -2 003 | -2 859 | -570 | -2 531 | 7 450 |
| Profit before tax | 8 872 | 15 170 | 2 913 | 5 351 | 9 997 | 9 832 | 2 079 | 15 166 |
| Tax | -1 563 | -5 221 | -853 | -1 830 | -1 234 | -1 080 | -1 964 | 101 |
| Net Profit | 7 308 | 9 948 | 2 060 | 3 521 | 8 762 | 8 752 | 116 | 15 267 |
Consolidated statement of financial position
| SEK 000's | 31 Mar 2023 |
31 Dec 2022 |
30 Sep 2022 |
30 Jun 2022 |
31 Mar 2022 |
31 Dec 2021 |
30 Sep 2021 |
30 Jun 2021 |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Intangible fixed assets |
388 011 | 379 868 | 370 812 | 365 151 | 355 798 | 351 312 | 347 030 | 343 925 |
| Other fixed assets | 80 164 | 82 174 | 91 083 | 88 798 | 79 603 | 79 717 | 72 226 | 92 969 |
| Current receivables | 396 271 | 481 926 | 378 662 | 359 163 | 336 991 | 397 616 | 303 817 | 304 252 |
| Cash & cash equivalents |
116 746 | 93 471 | 77 936 | 84 856 | 87 610 | 94 007 | 78 210 | 55 105 |
| Total assets | 981 192 | 1 037 439 | 918 493 | 897 968 | 860 002 | 922 652 | 801 283 | 796 250 |
| Shareholders' equity and liabilities |
||||||||
| Shareholders' equity |
319 556 | 307 715 | 291 865 | 284 913 | 272 584 | 261 313 | 249 708 | 247 785 |
| Long-term non interest-bearing debt |
30 365 | 33 712 | 31 661 | 32 560 | 28 750 | 29 916 | 31 533 | 32 713 |
| Long-term interest bearing debt |
75 853 | 74 635 | 79 644 | 78 251 | 81 000 | 80 229 | 102 434 | 101 376 |
| Current non interest-bearing debt |
541 706 | 607 846 | 502 047 | 489 808 | 465 232 | 538 759 | 405 296 | 402 064 |
| Current interest bearing debt |
13 712 | 13 532 | 13 276 | 12 436 | 12 436 | 12 436 | 12 312 | 12 312 |
| Total | 981 192 | 1 037 439 | 918 493 | 897 968 | 860 002 | 922 652 | 801 283 | 796 250 |
Consolidated cash flow statement
| SEK 000's | Jan | Oct | Jul | Apr | Jan | Oct | Jul | Apr |
|---|---|---|---|---|---|---|---|---|
| Mar | Dec | Sep | Jun | Mar | Dec | Sep | Jun | |
| 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| Operating activities | ||||||||
| Profit before tax | 8 872 | 15 170 | 2 913 | 5 351 | 9 997 | 9 832 | 2 079 | 15 166 |
| Adjustments for items not | ||||||||
| included in cash flow | 8 972 | 15 778 | 9 952 | 7 390 | 10 280 | 4 250 | 10 224 | -5 189 |
| Tax paid | 1 209 | 8 643 | -129 | -5 213 | -1 151 | -358 | -2 271 | -1 586 |
| Cash flow from changes in | ||||||||
| working capital | 20 660 | -7 369 | -4 200 | 3 083 | -11 077 | 33 739 | 5 043 | -624 |
| Cash flow from operating | 39 713 | 32 222 | 8 536 | 10 612 | 8 048 | 47 464 | 15 075 | 7 767 |
| activities | ||||||||
| Cash flow from investing | -12 534 | -8 895 | -12 682 | -8 893 | -10 542 | -8 823 | 10 964 | -7 373 |
| activities | ||||||||
| Cash flow from financing | -4 132 | -9 998 | -3 910 | -8 705 | -4 302 | -24 206 | -3 173 | -9 278 |
| activities | ||||||||
| Cash flow for the period | 23 047 | 13 329 | -8 055 | -6 986 | -6 796 | 14 435 | 22 866 | -8 884 |
| Cash and cash equivalents | ||||||||
| On the opening date | 93 471 | 77 936 | 84 857 | 87 322 | 94 007 | 78 210 | 55 105 | 64 190 |
| Translation difference | 228 | 2 205 | 1 135 | 4 520 | 111 | 1 362 | 239 | -201 |
| Cash and cash equivalents on the closing date |
116 746 | 93 471 | 77 936 | 84 857 | 87 322 | 94 007 | 78 210 | 55 105 |
Key ratios Group
| Jan Mar 2023 |
Oct Dec 2022 |
Jul Sep 2022 |
Apr Jun 2022 |
Jan Mar 2022 |
Oct Dec 2021 |
Jul Sep 2021 |
Apr Jun 2021 |
|
|---|---|---|---|---|---|---|---|---|
| Gross profit (GP) / revenue (%) |
21,4 | 22,0 | 20,6 | 21,2 | 20,4 | 18,1 | 21,0 | 20,2 |
| EBITDA / revenue (%) | 5,3 | 5,6 | 4,0 | 4,3 | 5,2 | 4,4 | 4,0 | 4,7 |
| EBITDA / gross profit (GP) (%) | 24,9 | 25,5 | 19,3 | 20,1 | 25,7 | 24,4 | 19,1 | 23,4 |
| Equity/assets ratio (%) | 32,6 | 29,9 | 31,8 | 31,7 | 31,7 | 28,3 | 31,2 | 31,1 |
| Return on equity last 12 months (%) |
7,7 | 8,5 | 8,5 | 7,9 | 13,0 | 9,8 | 10,3 | 9,0 |
| Average number of employees |
282 | 290 | 288 | 276 | 266 | 263 | 255 | 251 |
| Return on Capital Employed last 12 months (%) |
11,4 | 11,6 | 9,7 | 9,4 | 11,6 | 10,0 | 9,0 | 10,0 |
| Working capital at the end of the period (SEK M) |
-129 | -113 | -113 | -119 | -115 | -126 | -96 | -90 |
| Cash flow from operating activities per share, SEK |
0,88 | 0,71 | 0,19 | 0,24 | 0,18 | 1,05 | 0,33 | 0,17 |
| Equity per share, SEK | 7,0 | 6,7 | 6,4 | 6,2 | 5,9 | 5,7 | 5,4 | 5,4 |
| Stock price at the end of the period, SEK |
5,08 | 3,84 | 3,73 | 5,10 | 5,02 | 7,36 | 5,60 | 4,74 |
Segments
| SEK M | Jan | Oct | Jul | Apr | Jan | Oct | Jul | Apr |
|---|---|---|---|---|---|---|---|---|
| Mar | Dec | Sep | Jun | Mar | Dec | Sep | Jun | |
| 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| DACH | ||||||||
| Net sales | 75,5 | 83,2 | 68,8 | 79,1 | 91,0 | 90,4 | 60,8 | 75,6 |
| EBITDA | 10,6 | 7,8 | 6,1 | 6,7 | 8,6 | 5,1 | 5,7 | 5,6 |
| France & Benelux | ||||||||
| Net sales | 91,0 | 90,1 | 80,2 | 83,0 | 90,7 | 90,1 | 78,1 | 74,3 |
| EBITDA | 12,7 | 14,4 | 9,3 | 10,2 | 11,1 | 11,6 | 9,6 | 9,3 |
| Nordics | ||||||||
| Net sales | 180,2 | 181,9 | 140,0 | 135,8 | 136,6 | 139,0 | 104,6 | 115,3 |
| EBITDA | 13,6 | 10,6 | 6,6 | 8,9 | 9,6 | 8,6 | 6,9 | 7,4 |
| South | ||||||||
| Net sales | 55,4 | 54,4 | 48,2 | 40,2 | 42,9 | 52,6 | 36,9 | 36,4 |
| EBITDA | 5,3 | 5,5 | 5,6 | 3,9 | 5,1 | 5,5 | 4,1 | 3,9 |
| UK & Ireland | ||||||||
| Net sales | 57,0 | 54,0 | 51,6 | 45,2 | 42,9 | 42,1 | 36,4 | 31,3 |
| EBITDA | 1,7 | 1,6 | 2,5 | 2,1 | 2,5 | 2,4 | 2,0 | 1,9 |
| Group management & support functions |
||||||||
| Net sales | - | - | - | - | - | - | - | - |
| EBITDA | -19,4 | -13,9 | -14,6 | -15,5 | -15,6 | -15,0 | -15,6 | -12,4 |
| Total | ||||||||
| Net sales | 458,9 | 463,6 | 388,7 | 383,3 | 404,0 | 414,2 | 316,8 | 332,9 |
| EBITDA | 24,5 | 26,1 | 15,4 | 16,3 | 21,2 | 18,3 | 12,7 | 15,7 |
Tradedoubler uses the key ratios of capital employed and equity to enable the reader to assess the possibility of dividend, implementation of strategic investments and the group's ability to meet financial commitments. Further, Tradedoubler use the key ratio EBITDA excluding change related items for investors to be able to understand the underlying business performance.
Capital employed
Total assets less current and long-term noninterest-bearing liabilities, including deferred tax liabilities.
Cash flow from operating activities per share
Cash flow from operating activities divided by average number of outstanding shares.
Change related items
Change related items refer to non-recurring items that are disclosed separately to make it easier for the reader to understand the underlying change in revenue and expenses in the comparison between periods.
EBITDA
EBITDA is revenue before tax, net financial items and depreciation/amortization and impairment.
EBITDA-margin or EBITDA/Revenue
EBITDA as a percentage of revenue.
Equity/assets ratio
Shareholders' equity as a percentage of total assets.
Equity per share
Shareholders' equity divided by the number of outstanding shares.
Gross profit (GP) / Revenue
Gross profit divided by net sales.
Net margin
Profit after tax as a percentage of sales.
Operating margin
Operating profit as a percentage of revenue.
Return on shareholders' equity
Revenue for the period as a percentage of the average shareholders' equity, calculated as open and closing shareholders' equity divided by two.
Return on capital employed
Operating profit plus interest income as a percentage of average capital employed, calculated as opening and closing capital employed divided by two.
Revenue per share
Revenue of the year divided by the average number of shares.
Revenue per share before and after dilution
Revenue of the year divided by the average number of shares after full dilution.
Share price / equity
Share price divided by shareholders' equity per share.
Stock price at the end of the period
Tradedoubler's share price last trading day for the period.
Working capital
Total current assets (excluding tax assets) less cash and cash equivalents, and total current non-interest bearing liabilities (Excluding short-term lease liabilities and tax liabilities).
Tradedoubler AB Regeringsgatan 29 SE-111 53 Stockholm Phone: +46 8 40 50 800 E-mail: [email protected]
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