Quarterly Report • May 6, 2009
Quarterly Report
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Financial information (compared with corresponding period of preceding year)
TRADEDOUBLER AB (PUBL) For more information, please contact:
President and CEO Tel. +46 8 405 08 00 Casper Seifert, CFO Tel. +46 8 405 08 27 Ann-Charlotte Johansson, Group IR Manager Tel. +46 8 405 08 05
TradeDoubler AB , SE 111 57 Stockholm Telephone +46 (0)8-40 50 800, [email protected], www.tradedoubler.com Corp.reg.no. 556575-7423, Registered offices in Stockholm Municipality, Sweden.
| Jan. March Oct. Dec. | July-Sept. | April June | Jan. March | Full-year | ||
|---|---|---|---|---|---|---|
| SEK 000s | 2009 | 2008 | 2008 | 2008 | 2008 | 2008 |
| Total revenues | 844 222 | 814 239 | 788 527 | 866 910 | 987 020 | 3456696 |
| Total gross profit | 186 820 | 195 033 | 180 805 | 180 386 | 190 861 | 747 085 |
| Total operating profit | 26 704 | 8757 | 47 985 | 40 699 | 52 500 | 149 941 |
| Total profit before tax | 27 564 | 3517 | 46 934 | 28934 | 49 591 | 128 976 |
| Total profit after tax | 19 9 20 | 3 6 8 0 | 34 745 | 17 175 | 38 804 | 94 404 |
of sales, 2009 began well and the transaction-based business developed strong. Despite weak economic conditions, we retained or exceeded our sales targets in virtually all markets except the UK. In the UK, the trend was weaker than expected, but we retained and strengthened our market position, although total market volume declined. I have respect for the challenges in the prevailing recession, and the strategic priorities for 2009 are retained: ensuring continued cost-efficiency, leveraging the potential in the acquisition of the IMW Group and establishing a more solutions-oriented sales model in the market .
-based digital marketing -111 57 Stockholm, Sweden Telephone +46 08 40 50 800, [email protected] om, www.tradedoubler.c om, Corp. reg. no. 556575-7423, Registered offices in Stockholm Municipality. TradeDoubler Q1 2009 - 1 (9)
| SEK 000s | Jan. March Oct. Dec. | July Sept. April June Jan. March | $Q1$ vs $Q1$ | Full-year | |||
|---|---|---|---|---|---|---|---|
| Gross profit | 2009 | 2008 | 2008 | 2008 | 2008 | $\%$ | 2008 |
| Central Europe | 37 157 | 35 132 | 35 9 24 | 32 186 | 31 274 | 18.8 | 134 516 |
| Northern and Eastern Europe + Japan | 26 124 | 21786 | 25 372 | 27 449 | 22 6 63 | 15.3 | 97 270 |
| UK and Irland | 44 777 | 63 549 | 58 411 | 55 442 | 74 081 | $-39,6$ | 251 483 |
| Southern Europe | 78 762 | 74 566 | 61 098 | 65 309 | 62 843 | 25.3 | 263816 |
| Total | 186 820 | 195 033 | 180 805 | 180 386 | 190 861 | $-2.1$ | 747 085 |
| Operating profit | |||||||
| Central Europe | 21 608 | 20 124 | 21 518 | 16 223 | 18 5 43 | 16.5 | 76 408 |
| Northern and Eastern Europe + Japan | 13 3 3 3 | 6 17 1 | 14 237 | 14 0 36 | 9 1 5 3 | 45.7 | 43 597 |
| UK and Irland | 24 865 | 32 684 | 25 939 | 27 186 | 36 371 | $-31,6$ | 122 180 |
| Southern Europe | 54 979 | 51 006 | 38 313 | 42 753 | 42 050 | 30.7 | 174 122 |
| Parent Company and eliminations | $-88081$ | $-101229$ | $-52022$ | $-59498$ | $-53617$ | 64.3 | $-266366$ |
| Total | 26 704 | 8756 | 47 985 | 40 700 | 52 500 | $-49.1$ | 149 941 |
SEK against EUR and GBP. Consolidated gross profit was positively affec ted in an amount of SEK 15.9 M, while
Depreciation totaled SEK 9.4 M (8.5), of which SEK 6.1 M (5.5) related to intangible assets and SEK 3.3 M (3.0) to tangible assets.
Consolidated net financ ial items contributed income of SEK 0.9 M (-3.0) to earnings. Profit before tax fell by 44.4 per cent to SEK 27.6 M (49.6). Consolidated net profit fell by 48.7 per cent to SEK 19.9 M (38.8), resulting in a net margin of SEK 2.4 per c ent (3.9). The recognized tax rate for the Group was 27.7 per cent (21.8).
existing clients and highly favorable cost controls. The EBIT/GP- margin was 58.2 per cent (59.3).
Consolidated revenue and earnings Consolidated revenue for the period amounted to SEK 844.2 M (987.0), a decline of 14.5 per cent, compared with the same period of 2008. The decline was primarily the result of weaker ec onomic c onditions and a reduc tion in low-margin clients in TSW in the UK. Consolidated operating profit (EBIT) fell by 49.1 per cent to SEK 26.7 M (52.5), resulting in an EBIT/GP-margin of 14.3 per cent (27.7). EBITwas positively affec ted by currency effects in an amount of SEK 8.7 M, primarily due to the fluc tuation of Northern and Eastern Europe and Japan are growing with favorable profitability. The operationswere affec ted by the recession, and its impact was intensified because the td Campaign produc t, which is sensitive to economic fluc tuations, is the dominant product in Eastern Europe. TradeDouble operations contributed to increased focus on sales, greater efficienc y and improved processes. Several new clients were rec ruited during the period . The improved EBIT/GP- margin of 51.0 per cent (40.4) was primarily the result of greater efficienc y in the major markets.
the cost base increased by SEK 7.2 M. UK and Ireland was the region that was most severely affected by the weak economy. Gross profit for the region fell by 39.6 per cent to SEK 44.8 M (74.1). The substantial decline was in part due to an unusually strong first quarter of 2008 in the region
Although the effec ts of the recession are evident in increased margin pressure, TradeDoubler retained its market position. Operating profit was positively affected by sound cost controls. The EBIT/GP-margin amounted to 55.5 per cent (49.1).
Regional trends Central Europe continued to develop well. The effects of the weak economy were most evident on operations in Denmark. Operations were charac terized by add-on sales to Southern Europe, continued to grow with favorable margins. The margin pressure evident in more mature markets, such as the UK, is also evident here, although it is partially c ounterac ted by inc reased efficienc y and to a certain extent also by sales to new clients, primarily within td Affiliate. Spanish operations were affec ted by the ec onomic slowdown, but the trend remained stable.
-based digital marketing -111 57 Stockholm, Sweden Telephone +46 08 40 50 800, [email protected] om, www.tradedoubler.c om, Corp. reg. no. 556575-7423, Registered offices in Stockholm Municipality. TradeDoubler Q1 2009 - 2 (9)
The region reported EBIT/GP margin of 69.8 per cent (66.9), which was driven by continued favorable sales and sound c ost controlsin
Operating profit from td Search, TSW and td Searchware was retained during the quarter, primarily and amounted to SEK 13.5 M (13.5), of which SEM/SEO contributed SEK 4.0 M (12.3).
On March 31, 2009, cash and cash equivalents amounted to SEK 151.1 M (188.7). Consolidated cash flow before changes in working c apital amounted to SEK 39.7 M (45.4). The change in working capital for the period c ontributed SEK 10.3 M (52.9).
The c redit period for accounts receivable was somewhat improved with the exception of Southern
Improved routineswere introduced for payments to search engines. Payments are now administered centrally, whic h inc reases c ontrol over working capital.
Net investments in tangible assets amounted to SEK 2.3 M (-1.1) and related mainly to office equipment, as well as network and server equipment. Net investment in intangible assets amounted to SEK 0.9 M (1.2).
On March 31, 2009, the Group had financ ing totaling SEK 257.5 M (362.5). During the period, available credit fac ilitieswith banks were reduced by SEK 80,0 M to SEK 207.5 M, while at the same time, the c ompany raised a subordinated loan in an amount of SEK 50.0 M. The subordinated loan extends for three years and ensures that the Group has access to the necessary funding for the foreseeable future. The subordinated loan, which is on market terms, carries interest of STIBOR plus 13
-based digital marketing -111 57 Stockholm, Sweden Telephone +46 08 40 50 800, [email protected] om, www.tradedoubler.c om, Corp. reg. no. 556575-7423, Registered offices in Stockholm Municipality. TradeDoubler Q1 2009 - 3 (9)
In the Gro problems during the latter part of 2008, new management was appointed during the period. percentage points, whic h is considered to be on market terms. Redemption is possible within 12 months at 104 per cent of nominal value and thereafter at nominal value.
Spain, Italy and France. td Search, TSW and search-related technology The margin of td Search/TSW amounted to 11.0 per cent (6.5) for the period. Consolidated net financ ial items amounted to income of SEK 0.9 (-2.9) and were positively affec ted during the quarter by exchange-rate effects corresponding to income of SEK 3.4 M (-1.2). Net interest expense amounted to SEK 2.5 M ( lower debt partially offset the higher costs for the subordinated loan.
due to cost controls and increased technology sales Of currency exposure in gross profit, EUR accounted for 55.5 per cent (45.9), while GBP accounted for 25.4 per cent (40.2).
Consolidated cash flow and financing TradeDoubler policy is to only hedge confirmed cash flows for currenc y fluc tuations against a third party.
During the period TradeDoubler reviewed its lending to subsidiaries and thus established that portions of this lending were to be considered net investments in ac cordanc e with IAS21 item 15. Currenc y effects of these net investments are recognized in equity.
Europe, where the average payment period from customers remained protracted. Overall, this had a favorable effect on cash flow for the Group and payment times to TradeDoubler travel, retail and c onsumer elec tronic s sec tors. At the end of the period, the c ompany had 1,692 (1,658) advertisers. The number of ac tive publishers totaled 130,867 (125,345). TradeDoubler ac tively rec ruits publishers and prioritizes quality, high conversion and c lear return requirements on traffic above brand and ad hoc-based advertising. The 25 largest advertisers generated 28.6 per cent (35.0) of the period largest publishers accounted to 20.2 per cent (12.8) of t the period.
(173.8) as of March 31, 2009. During the period, net debt was reduced by SEK 47.0 M from SEK 153.4 M on December 31, 2008. At the end of the quarter, TradeDoubler had 602 (594) employees. Thiswas a reduc tion of 35, c ompared with December 31, 2008. 36 per cent (34) were women. During the quarter, the average number of employees was 618 (587).
The rec ession and global uncertainty in financ ial markets caused the Group to adapt its short-term plans to the prevailing situation. The most important measures for 2009 are as follows:
As part of work to balance cost trends against revenue was conducted during the period. Further costs savings were implemented and about 45 persons will leave the Group through and inc luding the third quarter 2009.
Since the end of 2008, sales of td Search and td Searchware have been an integrated part of the local market td Search (SEO/SEM) brand. This integration means that the Group has better prerequisites for leveraging the IMW Group acquisition.
expand to new customers and inc rease in volume with existing customers, although with longer sales c ycles due to the weak economy. During the period, the company saw the results of renegotiations with existing customers during 2008. These renegotiations were a result of changes in search engine compensation models resulting in c ompensation declining across the board, which affected the SEM -margin. The largest share of sales is still in the UK, where the c ontinued weakness in the economy had a negative impac t on the company. SEO sales increased during the period, compared with the same period of 2008, which contributed to the improved search margin.
The Group currently has a strong c ustomer base and a virtually c omplete portfolio of produc ts in digital marketing. During the period, sales strategies were developed to enable the Group to increase the degree of add-on sales to existing clients
Three strategic priorities during 2009 by increasing the share of cross produc ts by applying a more solutions-oriented sales method.
On March 31, 2009, TradeDoubler had a share c apital of SEK 11.4 M distributed among 28,581,633 shares, each with a par value of SEK 0.40.
The average number of shares after dilution was 28,451,633 during the quarter, resulting in earnings per share of SEK 0.70 (1.36).
ing the quarter declined by 5.8 per cent to SEK 70.8 per cent (75.2). Sales consist primarily of license revenue from subsidiaries. Profit after tax for the quarter amounted to SEK 25.2 M (36.0). The Parent Company had an average of 93 (78) employees during the period.
The td Search and td Searchware products continue to The Parent Compan s from subsidiaries amounted to SEK 959.6 M (854.6) and included financ ing in c onjunc tion with the purchase of the IMW amounted to SEK 514.3 M (284.4).
Transac tions between companies within the TradeDoubler Group consist primarily of license fees and delivery of central servic es. Transac tions with related parties are pric es based on commercial terms.
During the period from March 31, 2009 up until the Annual General Meeting on May 6, 2009, Lars Lundquist is the Chairman of the Board of Direc tors following March 31, 2009.
Stockholm, May 6, 2009 TradeDoubler AB (publ)
On behalf of the Board of Directors
rjan Frid, President and CEO
-based digital marketing -111 57 Stockholm, Sweden Telephone +46 08 40 50 800, [email protected] om, www.tradedoubler.c om, Corp. reg. no. 556575-7423, Registered offices in Stockholm Municipality. TradeDoubler Q1 2009 - 4 (9)
| SEK 000s | 2009 | 2008 | 2008 | 2008 | 2008 | 2008 |
|---|---|---|---|---|---|---|
| Revenue | 844 222 | 814 239 | 788 527 | 866 910 | 987 020 | 3 456 696 |
| Cost of goods sold | $-657$ 402 | $-619206$ | $-607722$ | $-686524$ | $-796$ 159 | $-2709611$ |
| Gross profit | 186 820 | 195 033 | 180 805 | 180 386 | 190 861 | 747 085 |
| Selling expenses | $-101861$ | $-127444$ | $-98.309$ | $-98108$ | $-96454$ | $-420315$ |
| Administrative expenses | $-45022$ | -43 29 2 | $-21626$ | $-26494$ | $-30866$ | $-122228$ |
| Development expenses | $-13233$ | $-15540$ | $-12885$ | $-15085$ | $-11041$ | $-54551$ |
| Operating profit | 26 704 | 8757 | 47 985 | 40 699 | 52 500 | 149 941 |
| Net financial items | 860 | $-5240$ | $-1051$ | $-11765$ | $-2909$ | $-20965$ |
| Profit before tax | 27 564 | 3517 | 46 934 | 28 934 | 49 591 | 128 976 |
| Tax | $-7644$ | 163 | $-12189$ | $-11759$ | $-10787$ | $-34.572$ |
| Net profit | 19 920 | 3 6 8 0 | 34 745 | 17 175 | 38 804 | 94 404 |
| Profit after tax attributable to: | ||||||
| Equity holders of the Parent Company | 19 9 20 | 3 6 8 0 | 34 745 | 17 175 | 38 804 | 94 404 |
| Jan. March Oct. Dec. | July Sept. April June Jan. March | Full-vear | ||||
|---|---|---|---|---|---|---|
| SEK 000s | 2009 | 2008 | 2008 | 2008 | 2008 | 2008 |
| Profit for the quarter | 19 920 | 3 680 | 34 745 | 17 175 | 38 804 | 94 404 |
| Other comprehensive income | ||||||
| Exchange-rate differences | 21 623 | -31883 | 6.804 | 27 439 | $-64910$ | -62 550 |
| Total comprehensive income, after tax | 41 543 | $-28,203$ | 41 549 | 44 614 | $-26106$ | 31 854 |
| Comprehensive income attributable to | ||||||
| Parent Company shareholders | 41 543 | $-28,203$ | 41 549 | 44 614 | $-26106$ | 31 854 |
| Jan. March Oct. Dec. | July Sept. April June Jan. March | Full-vear | ||||
|---|---|---|---|---|---|---|
| SEK | 2009 | 2008 | 2008 | 2008 | 2008 | 2008 |
| Profit per share | 0.70 | 0.13 | .22 | 0.60 | .36 | 3.31 |
| Profit per share after dilution | 0.70 | 0.13 | .22 | 0.60 | .36 | 3.31 |
| Number of shares | ||||||
| Weighted average before dilution | 28 581 633 | 28 451 633 | 28 497 839 | 28 563 062 | 28 581 633 | 28 532 275 |
| Weighted average after dilution | 28 581 633 | 28 451 633 | 28 497 839 | 28 563 062 | 28 581 633 | 28 532 275 |
| Jan. March Oct. Dec. | July Sept. April June Jan. March | Full-vear | Full-vear | ||||
|---|---|---|---|---|---|---|---|
| 2009 | 2008 | 2008 | 2008 | 2008 | 2008 | 2007 | |
| Operating profit (EBIT)/gross profit (%) | 14.3 | 4.5 | 26.5 | 22.6 | 27.5 | 20.1 | 30.6 |
| Net profit/gross profit (%) | 10.7 | .9 | 19.2 | 9.5 | 20.3 | 12.6 | 24.0 |
| Equity/assets ratio (%) | 20.6 | 18.8 | 20.2 | 18.2 | 21.4 | 18.8 | 16.2 |
| Return on equity (%) | 22.4 | 28.9 | 42.7 | 51.3 | 52.3 | 28.9 | 43.0 |
| Average number of employees | 618 | 640 | 642 | 631 | 587 | 624 | 461 |
| Margin td Affiliate + td Camp.s (Transaction)(%) | 24.0 | 22.3 | 23.0 | 22.9 | 22.3 | 22.4 | 23.1 |
| Marain td Search (Search)(%) | 11.0 | 10.1 | 9.8 | 6.3 | 6.5 | 7.6 | 7.1 |
-based digital marketing -111 57 Stockholm, Sweden Telephone +46 08 40 50 800, [email protected] om, www.tradedoubler.c om, Corp. reg. no. 556575-7423, Registered offices in Stockholm Municipality. TradeDoubler Q1 2009 - 5 (9)
| March 31, | Dec. 31. | Sept. 30, | June 30, | March 31. | Dec. 31, | |
|---|---|---|---|---|---|---|
| SEK 000s | 2009 | 2008 | 2008 | 2008 | 2008 | 2008 |
| Intangible fixed assets | 657 664 | 631 657 | 691894 | 678 807 | 664 460 | 730 667 |
| Tangible fixed assets | 22 2 1 2 | 22 675 | 20 437 | 21 204 | 19746 | 24918 |
| Financial fixed assets | 2410 | 1475 | 967 | 955 | 951 | 803 |
| Deferred tax assets | 52761 | 45829 | 55 679 | 45935 | 46 033 | 49 455 |
| Total fixed assets | 735 047 | 701 636 | 768 977 | 746 901 | 731 190 | 805 843 |
| Accounts receivables | 677 264 | 673948 | 671836 | 780 237 | 746 126 | 685749 |
| Current investments | 477 485 | |||||
| Other current receivables | 60 288 | 42 3 13 | 54 571 | 66 512 | 138 114 | 43763 |
| Cash and cash equivalents | 151088 | 133 389 | 82 605 | 52719 | 188 653 | 224 157 |
| Total current assets | 888 640 | 849 650 | 809 012 | 899 468 | 1072893 | 1431154 |
| Total assets | 1623687 | 1551286 | 1577989 | 1646369 | 1804083 | 2236997 |
| Shareholder's equity | 333 907 | 291 914 | 319312 | 300 166 | 339 905 | 361 308 |
| Subordinated Ioan | 50 000 | |||||
| Deferred tax liabilities | 16 578 | 17 232 | 19995 | 28 165 | 28 49 2 | 33 2 2 7 |
| Other provisions | 44 | 121 | 1121 | 1 1 2 1 | ||
| Total long-term liabilities | 400 485 | 309 146 | 20039 | 28 28 6 | 368 397 | 34 348 |
| Current interest-bearing liabiliites | 207 500 | 286 827 | 324769 | 392 198 | 362 500 | 964707 |
| Current liabilities to publishers | 425 221 | 396 707 | 343 279 | 350044 | 348 212 | 311 660 |
| Tax liabilities | 48 5 89 | 24 497 | 34818 | 25729 | 46 358 | 48 100 |
| Accounts payable | 189 382 | 186 698 | 364888 | 456379 | 391 348 | 257913 |
| Other current liabilities | 352 510 | 347 411 | 170884 | 93 567 | 286 147 | 258 961 |
| Total current liabilities | 1 223 202 | 1 242 140 | 1 238 638 | 1317917 | 1 434 565 | 1841341 |
| Total shareholders' equity and liabilities | 1957594 | 1843200 | 1577989 | 1646369 | 2 142 867 | 2236997 |
| Jan. - March Oct. - Dec., July - Sept., April - June, Jan. - March | Full-year | Full-year | |||||
|---|---|---|---|---|---|---|---|
| SEK 000s | 2009 | 2008 | 2008 | 2008 | 2008 | 2008 | 2007 |
| Opening balance on January 1 | 291914 | 319312 | 300 166 | 339 905 | 361 308 | 361 308 | 348 965 |
| Comprehensive income for the period | 41 543 | $-28203$ | 41 549 | 44 6 14 | $-26106$ | 31854 | 118780 |
| Share-related compensations settled | |||||||
| with equity instruments | 450 | 805 | $-18694$ | 558 | 4 7 0 3 | $-11628$ | 13978 |
| Repurchase of shares | $-3758$ | $-7312$ | $-11070$ | ||||
| New share issues | 49 | 49 | 7 0 3 0 | ||||
| Dividend | $-78.599$ | $-78.599$ | $-140076$ | ||||
| Tax effect of exercise of options | 12631 | ||||||
| Total shareholders' equity | 333 907 | 291914 | 319312 | 300 166 | 339 905 | 291914 | 361 308 |
-based digital marketing -111 57 Stockholm, Sweden Telephone +46 08 40 50 800, [email protected] om, www.tradedoubler.c om, Corp. reg. no. 556575-7423, Registered offices in Stockholm Municipality. TradeDoubler Q1 2009 - 6 (9)
| Jan. March Oct. Dec. | July Sept. | April - June Jan. - March | Full-year | Full-year | |||
|---|---|---|---|---|---|---|---|
| SEK 000s | 2009 | 2008 | 2008 | 2008 | 2008 | 2008 | 2007 |
| Operating activities | |||||||
| Operating profit | 27 5 64 | 3516 | 46935 | 28933 | 49 592 | 128 976 | 208 956 |
| Adjustment for items not included in cash flow | 9831 | 8783 | $-10117$ | 9784 | 13 249 | 21 699 | 33 233 |
| Tax paid | 2 3 2 4 | 3341 | $-5605$ | $-29069$ | $-17453$ | -48 786 | $-16000$ |
| Cash flow from operating activities before | |||||||
| changes in working capital | 39719 | 15 640 | 31 213 | 9648 | 45 388 | 101889 | 226 189 |
| Cash flow from changes in working capital | |||||||
| Changes in working capital | 10 3 35 | 72 159 | 71 384 | $-80324$ | 52 871 | 116090 | $-85785$ |
| Cash flow from operating activities | 50 054 | 87799 | 102 597 | -70 676 | 98 259 | 217979 | 140 404 |
| Investing activities | |||||||
| Acquisition of subsidiaries | -722 692 | ||||||
| Net investments in intangible assets | $-851$ | $-820$ | $-1700$ | $-10620$ | $-1199$ | $-14339$ | |
| Net investments in tangible assets | $-2344$ | $-5057$ | $-517$ | $-4844$ | 1096 | $-9322$ | $-12763$ |
| Cash flow from investing activities | 3195 | -5877 | $-2217$ | -15 464 | $-103$ | 23 661 | 735 455 |
| Financing activities | |||||||
| New share issues | 49 | 49 | 7 0 3 0 | ||||
| Purchase of own shares | $-3758$ | $-7312$ | $-11070$ | ||||
| Subordinated loan | 50 000 | ||||||
| Changes in interest-bearing investments | $-79327$ | $-37942$ | $-67429$ | 29 698 | $-124722$ | $-200395$ | 516 637 |
| Dividend paid to shareholders | $-78599$ | -78 599 | $-140076$ | ||||
| Cash flow from financing activities | -29 327 | 37 942 | $-71138$ | -56 213 | 124 722 | -290 015 | 383 591 |
| Cash flow for the period | 17 532 | 43 980 | 29 242 | $-142353$ | $-26566$ | $-95697$ | -211 460 |
| Cash and cash equivalents: | |||||||
| On the opening date | 133 389 | 82 605 | 52719 | 188 653 | 224 157 | 548 134 | 433 082 |
| Translation difference | 167 | 6807 | 644 | 6419 | $-8938$ | 4932 | 2 5 3 5 |
| Cash and cash equivalents on the closing date | 151 088 | 133 392 | 82 605 | 52719 | 188 653 | 457 369 | 224 157 |
| Adjustment for non-cash items | |||||||
| Depreciation | 9 3 8 1 | 7978 | 8577 | 8 2 2 6 | 8 5 4 6 | 33 3 27 | 19 255 |
| Expenses related to share-related compensation | 450 | 805 | $-18694$ | 1 5 5 8 | 4 7 0 3 | $-11628$ | 13978 |
| Total non-cash items | 9831 | 8783 | $-10117$ | 9784 | 13 249 | 21 699 | 33 233 |
-based digital marketing -111 57 Stockholm, Sweden Telephone +46 08 40 50 800, [email protected] om, www.tradedoubler.c om, Corp. reg. no. 556575-7423, Registered offices in Stockholm Municipality. TradeDoubler Q1 2009 - 7 (9)
| Jan. March Oct. Dec. July Sept. April June Jan. March | Full-year | |||||
|---|---|---|---|---|---|---|
| SEK 000s | 2009 | 2008 | 2008 | 2008 | 2008 | 2008 |
| Revenue | 70819 | 24 28 1 | 82952 | 87 702 | 75 165 | 270 100 |
| Cost of goods sold | $-3516$ | $-3133$ | $-2.595$ | $-2047$ | $-2471$ | $-10246$ |
| Gross profit | 67 303 | 21 148 | 80 357 | 85 655 | 72 694 | 259 854 |
| Selling expenses | $-1103$ | $-6098$ | $-1182$ | $-2758$ | $-6756$ | $-16794$ |
| Administrative expenses | -22 832 | -36 555 | $-17551$ | $-20842$ | $-23379$ | $-98327$ |
| Development expenses | $-8953$ | $-13764$ | $-12996$ | $-8368$ | $-11042$ | $-46$ 170 |
| Operating profit | 34 415 | 35 269 | 48 628 | 53 687 | 31 517 | 98 563 |
| Net financial items | $-863$ | 15935 | 12169 | 42 804 | 9018 | $-5682$ |
| Profit before tax | 33 552 | -19334 | 60797 | 10883 | 40 535 | 92 881 |
| Tax | $-8372$ | 6 209 | $-16979$ | $-9944$ | $-4578$ | $-25292$ |
| Net profit | 25 180 | -13 125 | 43818 | 939 | 35 957 | 67 589 |
| Parent company balance sheet | ||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | |
| SEK 000s | 2009 | 2008 | 2008 | 2008 | 2008 | 2007 |
| Tangible fixed assets | 8962 | 8 1 8 1 | 6362 | 6995 | 7 2 4 6 | 7 5 8 6 |
| Shares in Group companies | 52 663 | 52787 | 49 138 | 58 246 | 58 246 | 58 246 |
| Other long-term receiv ables | 536 | 552 | 552 | 552 | 552 | |
| Total fixed assets | 61 625 | 61 504 | 56 052 | 65 793 | 66 044 | 66 384 |
| Accounts receiv able | 3 4 7 0 | 2936 | 2 4 5 3 | 4835 | 3700 | 2 5 3 9 |
| Prepaid expenses and accrued income | 13973 | 8824 | 521 | 1 580 | 1 186 | |
| Current investments | $\Omega$ | 477 485 | ||||
| Other current receiv ables | 25 2 26 | 3 100 | 926 | 9 1 7 5 | 19 644 | 6373 |
| Tax receiv ables | 1743 | 13 3 3 0 | ||||
| Receivables from Group companies | 959 640 | 588 892 | 643723 | 1 1 1 3 3 6 2 | 854 607 | 842 954 |
| Cash and cash equivalents | 24 7 6 3 | 2612 | 6965 | 15 131 | 102 517 | |
| Total current assets | 1 027 072 | 606 364 | 656 331 | 1 142 282 | 893 082 | 1 433 054 |
| Total assets | 1088697 | 667868 | 712 383 | 1 208 075 | 959 126 | 1499438 |
| Shareholder's equity | 149 490 | 114 921 | 185 043 | 172 027 | 201 036 | 206 473 |
| Long term interest bearing liabilities | 50 000 | |||||
| Other long-term liabilities | ||||||
| Total long-term liabilities | 50 000 | |||||
| Current interest bearing liabilities | 207 500 | 286 827 | 324 769 | 392 198 | 362 500 | 964 707 |
| Accounts payable | 12 801 | 15070 | 7705 | 49 238 | 7 1 5 7 | 8 6 6 0 |
| Liabilities to Group companies | 514 341 | 140 690 | 75 347 | 494 567 | 284 432 | 196 151 |
| Tax liabilities | 27 001 | 3 1 3 2 | 40 652 | 27 662 | 21829 | 53 130 |
| Other liabilities | 127564 | 107228 | 78867 | 72 383 | 82172 | 70 317 |
| Total current liabilities | 889 207 | 552 947 | 527 340 | 1036048 | 758 090 | 1 292 965 |
| Total shareholders' equity and liabilities | 1088697 | 667868 | 712 383 | 1 208 075 | 959 126 | 1499438 |
| Pledged assets and contingent liabilities - Parent Company | ||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31 | |
| SEK 000s | 2009 | 2008 | 2008 | 2008 | 2008 | 2008 |
| Pledged assets | 23 565* | 5073 | 4 6 4 7 | 11 647 | 11 674 | 489 132 |
| Contingent liabilities | 7815 | 13 440 | 24 042 | 24 042 | 24 042 | 24 042 |
*Pledged assets have increased
-based digital marketing -111 57 Stockholm, Sweden
Telephone +46 08 40 50 800, [email protected] om, www.tradedoubler.c om, Corp. reg. no. 556575-7423, Registered offices in Stockholm Municipality. TradeDoubler Q1 2009 - 8 (9)
Annual Report. Apart from these risks, no other significant risks or unc ertainty fac tors are deemed to
Reporting Standards as adopted by the EU. This interim report was prepared in accordance with the Swedish Annual Ac counts Ac t and IAS34 Interim Financial Reporting.
A large number of amendments of existing standards, new interpretations and a new standard (IFRS 8) took effect on January 1, 2009. As far as TradeDoubler is concerned, only IFRS 8 Operating Segments and the amendments to IAS 1 Preparation of Financial Statementswere deemed relevant. The application of IFRS8 did not result in any changes i reporting segments, and the ac counting princ iples applied for segment reporting thus agree with those desc ribed in the 2008 Annual Report. The amendment of IAS1 resulted in a c hange in how financ ial statements are presented. In accordance with IAS 1, comprehensive income. auditors. Publication of the interim report
During the first quarter of 2009, TradeDoubler reviewed its lending to subsidiaries and thus established that portions of this lending were to be considered net investments in ac cordanc e with IAS21 item 15. Currency effects of these net investments are rec ognized in equity.
In other respec ts, the same ac counting principles and calculation methods were applied as in the most recent annual report.
This report was prepared in both a Swedish and an English version. In cases of variation between the two, the Swedish version shall apply.
This interim report was not reviewe
TradeDoubler divides risks into market-related risks and operative and financ ial risks. These risks, together with sensitivity analyses, are described in detail in the 2008 This information is such that TradeDoubler must publish it pursuant to the Securities Market Ac t. The information was published on May 6, 2009 at 12:00 noon CET.
have arisen. Accounting principles TradeDoubler applies the International Financ ial A teleconference for shareholders, media and analysts will be held on May 6 at 14.00 CET. The conference will be held in English. To participate, please call the following numbers:
SWE + 46 (0)8 5051 3791 UK +44 (0)20 7806 1966
US +1 718 247 0887
The presentation material will be published simultaneously with the interim report and made website.
The teleconference will also be available live and on demand by audiocasting on the www.tradedoubler.com/ir and www.financ ialhearings.com. The recording will be
available from about one hour after the teleconference has ended.
comprehensive income divided into two reports, an income statement and a statement of other Printed copies of annual reports are distributed by post to those who so request and can also be downloaded www.tradedoubler.com
Interim report, January June 2009: Aug. 18, 2009 Interim report, January Sept. 2009: Nov. 3, 2009 Year-end report 2009: Feb. 9, 2010 2009 Annual Report: April 2010
President and CEO Tel. +46 8 405 08 00 [email protected] om
Casper Seifert, CFO Tel. +46 8 405 08 27 [email protected]
Ann-Charlotte Johansson, Group IR Manager Tel. +46 8 405 08 05 [email protected]
-based digital marketing -111 57 Stockholm, Sweden Telephone +46 08 40 50 800, [email protected] om, www.tradedoubler.c om, Corp. reg. no. 556575-7423, Registered offices in Stockholm Municipality. TradeDoubler Q1 2009 - 9 (9)
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