Quarterly Report • Feb 6, 2013
Quarterly Report
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(The Group's numbers in this year-end report are recognised excluding discontinued operations unless otherwise stated. Numerical data in brackets refers to the corresponding period in 2011 unless otherwise stated. Rounding off differences may arise.)
This year-end report will be presented at a press and analyst conference on 6 February 2013 at 10.00 a.m. in Tradedoubler's premises at Sveavägen 20.The presentation may also be followed via a webcast using the link:
http://financials.tradedoubler.com/en-gb/investorrelations.
| Oct-Dec | Oct-Dec | Full year | Full year | |
|---|---|---|---|---|
| SEK M | 2012 | 2011 | 2012 | 2011 |
| Net sales | 567.7 | 701.5 | 2,307.7 | 2,612.7 |
| Gross profit | 134.6 | 167.2 | 541.5 | 626.5 |
| Operating profit | -2.1 | 38.7 | 0.0 | 127.1 |
| Net profit for continuing operations | 1.1 | 38.3 | -10.2 | 92.2 |
| Cash-flow from operating activities | -6.6 | 67.9 | -14.9 | 123.6 |
| Earnings per share for continuing operations, SEK | 0.0 | 0.9 | -0.2 | 2.2 |
| Cash-flow per share for continuing operations, SEK | -0.4 | 0.8 | -2.8 | 1.6 |
| Operating profit/Gross profit (%) | -1.6 | 23.2 | 0.0 | 20.3 |
| Return on equity last 12 months (%) | -1.9 | 16.8 | -1.9 | 16.8 |
During Q4 2012, we completed major steps to implement our core performance marketing strategy and to streamline our business. All of the measures we announced during our Q3 report have been initiated and the majority have also been completed. This ensures that we are in a significantly stronger position as we commence 2013. Our cost level entering 2013 is under control, we have a clear product strategy, an enhanced operational model and we are aggressively engaging with new
high value prospects.
Our Q4 performance demonstrated the anticipated seasonal improvement on Q3. Net sales and gross profit were 17 per cent lower compared to the same period last year on a constant exchange rate basis ― unchanged from the previous quarter. Our sales teams' focus on driving opportunities aligned with our strategy has already started to deliver results. The share of gross profit generated by our performance marketing solutions increased at the expense of the campaign segment compared to Q4 2011.
In Q4 operating costs excluding depreciation and change-related costs averaged SEK 39 M per month. We have made significant progress in our cost restructuring and as a consequence we can now specify that the anticipated cost range excluding depreciation will be between SEK 35 M and SEK 37 M per month in 2013 on average, which is at the lower end of the previously communicated range. Change-related costs amounted to SEK 10.9 M during the quarter, in line with our estimate of approx. SEK 10 M in the previous report. We will continue to closely manage our cost structure and do not anticipate any further change-related costs during 2013.
Our new senior management team comprising CFO Jonas Ragnarsson, CTO Magnus Nyström, COO Andrew Buckman who joined on 1st January 2013 and myself, is now complete and brings a wealth of knowledge, expertise and industry experience to Tradedoubler.
Both the management team and the organisation as a whole have worked tirelessly to bring a strong performance marketing focus back to Tradedoubler and have implemented key measures to ensure that Tradedoubler has a strong platform on which to strengthen its leadership position.
We are continuing to focus on the three prioritised areas in our strategy.
Sales teams are now targeting major revenue opportunities in key markets with both new and existing clients. Our technology solution is fully integrated into our commercial offering and is actively promoted by our sales teams. An international account management team has been formed to service large international clients. This dedicated team is delivering improved and consistent service to our largest clients, while also bringing a strategic perspective to these key accounts. Incentive systems have been adjusted to reflect our clear commercial goal of returning to growth.
In the quest to increase our focus on performance marketing, we are in the process of closing our operations in Russia, which will be completed during Q1 2013. The Russian market for performance marketing has not developed at the rate anticipated and traditional campaigns will continue to dominate this market for the foreseeable future. We have therefore decided to close the Moscow office and manage the operations from Poland.
During Q4 we established a product road map for 2013 that will improve our product offering in performance marketing. This road map targets three main areas: mobile, billing/payment and automation. In mobile we are regarded as the industry leader, a view shared by the UK's Effective Mobile Marketing Awards which in December 2012 gave Tradedoubler the award for the best mobile affiliate campaign of 2012. Our goal in mobile is to reinforce this leading position in order to secure a strong market share as this channel increases in importance going forward. With more efficient billing/payment, we aim to strengthen our relationships particularly with publishers, through a more flexible system. Automation is not only a way to improve our efficiency, but also plays an important role in enhancing customer service.
Entering 2013, we have reorganised our country teams into six regional units, which will allow us to better serve the needs of our clients. Responsibility for client management across three smaller markets (Austria, Belgium and Ireland) has been transferred to strengthened regional teams in three key markets (France, Germany and UK), and the local offices have been closed.
A single Nordic organisation has been formed to improve service levels to our customers in this region.
A specialist client support team has been established in Telford, UK to handle client administration. This frees our international and local account teams to focus on driving improvements in our clients' performance marketing programmes.
In summary, the changes we have made have increased our business focus. Costs are under control and will be brought down further, while our competitiveness will be strengthened.
We are continuing to work hard to restore growth. As I said in the Q3 report, we anticipate returning to growth in line with the market during the second half of this year.
Rob Wilson President and CEO
All major indicators show that the internet will continue to represent an area of growth and therefore opportunity. This is true for both e-commerce and online advertising expenditure.
E-commerce continues to increase and while the rate of growth is slowing in some markets, healthy growth is forecast to continue. While in some markets forecasts for overall advertising spend have recently been revised downwards, continued growth of around 10 per cent per year is predicted for online ad spend.
The combination of these two factors creates a good basis for continued growth in performance marketing, despite that prices and margins in this maturing sector are under continued pressure. We expect the performance marketing segment to grow by 3-7 per cent per year over the next few years.
The product road map for 2013 focuses on three main areas:
In mobile, the model involving purchases in mobile applications is increasing, which is creating a clear need for clients to monitor such activity. We are continuing to develop our offering in this area to maintain our leadership position.
With more efficient billing/payment, publishers will gain access to faster and more flexible payment mechanisms which will also deliver more efficient prepayment flows for advertisers.
A higher degree of automation will enable advertisers and publishers to cooperate more effectively and seamlessly via our technology platform.
Consolidated net sales during the full year 2012 amounted to SEK 2,307.7 M (2,612.7), a fall of 10 per cent adjusted for changes in exchange rates. Net sales during the fourth quarter 2012 amounted to SEK 567.7 M (701.5), a decline of 17 per cent adjusted for changes in exchange rates.
Gross profit during the full year amounted to SEK 541.5 M (626.5), a fall of 12 per cent adjusted for changes in exchange rates. Gross profit during the quarter amounted to SEK 134.6 M (167.2), a fall of 17 per cent adjusted for changes in exchange rates. Network's gross profit declined during the quarter to SEK 119.1 M (151.4) a decrease of 19 per cent adjusted for changes in exchange rates, while Technology reported gross profit of SEK 15.5 M (15.9), which was unchanged between the years adjusted for changes in exchange rates.
Gross margin during the full year decreased to 23.5 per cent from 24.0 per cent during 2011. Gross margin was 23.7 per cent during the quarter, compared to 23.8 per cent during the same quarter of 2011.
Operating costs including depreciation and amortisation amounted to SEK 541.5 M (499.5) for the full year, an increase of 10 per cent adjusted for changes in exchange rates, of which approximately SEK 31 M related to change-related costs. Operating costs during the quarter amounted to SEK 136.7 M (128.5), an increase of 9 per cent adjusted for changes in exchange rates, of which SEK 10.9 M was change-related costs. The latter consisted mainly of costs for closing offices and removing certain managerial positions.
Depreciation, amortisation and impairment losses amounted to SEK 22.2 M (18.6) during the full year and to SEK 9.1 M (4.6) during the fourth quarter. Intangible assets mainly related to an older product series, was written down by SEK 5.3 M during the quarter.
Operating profit (EBIT) amounted to SEK 0.0 M (127.1) during the full year. Operating profit during the quarter was SEK -2.1 M (38.7).
Financial income and expenses during the full year amounted to SEK 0.3 M (-12.7). During the quarter, financial income and expenses amounted to SEK -1.1 M (-0.9). The Group had no interest-bearing loans at the end of 2012 (0.0).
Profit after tax for remaining operations amounted to SEK -10.2 M (92.2) during the full year. During the quarter, profit after tax for remaining operations was SEK 1.1 M (38.3). Tax affected profit negatively during the full year by SEK -10.5 M (-22.2) and positively by SEK 4.4 M (0.4) during the quarter. Of this, SEK -5.1 M during the full year and SEK 6.0 M during the quarter related to adjustments in respect of previous periods. The reduction in corporation tax in the UK and Sweden with effect from 2013, resulted in a revaluation of the company's deferred tax receivables, which had a negative impact on results with SEK -1.6 M.
Gross profit during the fourth quarter 2012 amounted to SEK 119.1 M (151.4), a decrease of 19 per cent adjusted for changes in exchange rates. The focus of our sales teams on driving opportunities aligned with the group strategy has already started to deliver results. The share of gross profit generated by our performance marketing solutions has increased at the expense of the campaign segment compared to Q4 2011.
Operating profit (EBIT) amounted to SEK -8.7 M (30.9) during the quarter. Change-related costs have in certain cases been charged to specific market units, and in other cases been allocated to all units.
Market unit Central achieved a gross profit of SEK 27.2 M (36.2) during the quarter, a fall of 21 per cent adjusted for changes in exchange rates. Operating profit was SEK -6.8 M (6.0). The decline in gross profit was mainly explained by falling sales in the campaign segment. Operating profit was charged with costs for closure of local offices in Belgium and Austria, whose operations were taken over by the offices in France, Netherlands and Germany.
France reported a gross profit of SEK 23.0 M (26.1) during the quarter, a decline of 7 per cent adjusted for changes in exchange rates. Operating profit amounted to SEK 7.0 M (10.2). The campaign segment also developed weakly in this market unit.
Gross profit in North East amounted to SEK 30.9 M (34.3) during the quarter, a decline of 9 per cent adjusted for changes in exchange rates. Operating profit was SEK -5.8 M (0.4). In accordance with the strategy to focus on performance marketing, it was decided to devote less resources to the Russian operations which are mainly dominated by campaign marketing. The operations will be managed from Poland and the Moscow office is being closed.
Market unit North West reported a gross profit of SEK 20.2 M (30.6) during the quarter, a decline of 35 per cent adjusted for changes in exchange rates. Operating profit amounted to SEK -3.0 M (7.0). The decline in the quarter is the result of a loss of competitive position earlier in the year. The operations in Ireland are currently managed from the UK, and the local office has been closed.
The South East market unit achieved a gross profit of SEK 10.5 M (16.0) during the quarter, a fall of 31 per cent adjusted for changes in exchange rates. Operating profit was SEK -0.2 M (6.2). Gross profit fell due to the fact that the unit lost some large clients earlier in the year and other large clients reduced their budgets in light of the weak economy.
Gross profit in the South West market unit amounted to SEK 7.4 M (8.1) during the quarter, a decline of 4 per cent adjusted for changes in exchange rates. Operating profit was SEK 0.1 M (1.2). South West was also adversely affected by clients reducing their activity due to the weak economic climate.
Gross profit during the fourth quarter 2012 amounted to SEK 15.5 M (15.9), which was unchanged between the years adjusted for changes in exchange rates. Operating profit (EBIT) during the quarter amounted to SEK 6.6 M (7.8).
Responsibility for sales of the unit's products is being gradually transferred to local sales teams, which will make a positive contribution to the Group's total sales in the longer term.
| SEK M | Oct-Dec | Oct-Dec | Full year | Full year |
|---|---|---|---|---|
| Gross profit (GP) | 2012 | 2011 | 2012 | 2011 |
| Market Unit Central | 27.2 | 36.2 | 111.9 | 131.4 |
| Market Unit France | 23.0 | 26.1 | 86.9 | 99.7 |
| Market Unit North East | 30.9 | 34.3 | 117.6 | 127.8 |
| Market Unit North West | 20.2 | 30.6 | 85.2 | 112.4 |
| Market Unit South East | 10.5 | 16.0 | 45.6 | 63.1 |
| Market Unit South West | 7.4 | 8.1 | 33.2 | 36.3 |
| Total Network | 119.1 | 151.4 | 480.4 | 570.6 |
| Business Unit Technology | 15.5 | 15.9 | 61.1 | 55.9 |
| Total gross profit | 134.6 | 167.2 | 541.5 | 626.5 |
| Market Unit Central | -6.8 | 6.0 | -13.1 | 19.7 |
|---|---|---|---|---|
| Market Unit France | 7.0 | 10.2 | 16.7 | 34.6 |
| Market Unit North East | -5.8 | 0.4 | -22.6 | 4.1 |
| Market Unit North West | -3.0 | 7.0 | -12.9 | 12.2 |
| Market Unit South East | -0.2 | 6.2 | 2.9 | 25.6 |
| Market Unit South West | 0.1 | 1.2 | 1.5 | 6.0 |
| Total Network | -8.7 | 30.9 | -27.5 | 102.2 |
| Business Unit Technology | 6.6 | 7.8 | 27.5 | 24.8 |
| Total EBIT | -2.1 | 38.7 | 0.0 | 127.1 |
| Market Unit Central | -25.1 | 16.5 | -11.7 | 15.0 |
|---|---|---|---|---|
| Market Unit France | 30.6 | 38.9 | 19.2 | 34.7 |
| Market Unit North East | -18.8 | 1.2 | -19.2 | 3.2 |
| Market Unit North West | -14.9 | 22.8 | -15.2 | 10.9 |
| Market Unit South East | -2.1 | 38.4 | 6.4 | 40.6 |
| Market Unit South West | 1.7 | 14.9 | 4.5 | 16.6 |
| Business Unit Technology | 42.3 | 49.2 | 45.0 | 44.4 |
Tradedoubler's operations, particularly within Network, fluctuate with the development of e-commerce and online advertising. Although these areas are showing positive underlying growth, there are fluctuations during the year particularly within e-commerce. The highest level of activity is before Christmas, which implies that the fourth quarter is normally the strongest for Tradedoubler.
Cash flow from operating activities during the fourth quarter 2012 amounted to SEK -6.6 M (67.9), after a change in working capital of SEK -21.9 M (27.3). The negative change in working capital was mainly due to an unfavourable effect between the third and the fourth quarter in liabilities to publishers as well as large payments to the same before year-end. Cash flow from operating activities before changes in working capital amounted to SEK 15.3 M (40.7) during the quarter.
Cash flow from operating activities during the full year 2012 amounted to SEK -14.9 (123.6). The negative development in cash flow from operating activities is due to lower earnings with falling volumes and negative working capital development.
Net investments in intangible assets decreased during the quarter to SEK 6.9 M (9.8) but increased to SEK 36.2 M (25.8) during the full year. These investments mainly consist of improvements to production and business systems and product development.
Cash flow from financing activities, which consists of paid dividend during the full year, amounted to SEK 64.0 M (0).
Cash flow from continuing operations during the quarter amounted to SEK -15.0 M (34.2), and to SEK -120.1 M (68.1) during the full year.
Cash and cash equivalents amounted to SEK 164.4 M (290.7) at year-end. At the same time the Group had no interest-bearing loans (0.0).
Consolidated shareholders' equity amounted to SEK 488.4 M (580.8) at end of 2012. The return on equity was negative, (16.8 per cent).
The parent company's net sales amounted to SEK 33.4 M (49.2) during the fourth quarter 2012 and to SEK 128.9 M (193.6) during the full year 2012. Revenue primarily consisted of licensing revenue and remuneration from subsidiaries for centrally performed services.
Financial income and expenses amounted to SEK -6.0 M (-380.0) during the quarter and to SEK -1.0 M (-363.5) during the full year. The difference between the years in financial income and expenses is explained by write downs of shares in a subsidiary, costs for discontinued operations and income in the shape of dividend from subsidiaries, which in all impacted the financial net 2011 with approximately SEK -365 M.
Profit after tax amounted to SEK -19.7 M (-367.8) for the quarter and to SEK -38.1 M (-335.4) for the full year.
The parent company's receivables from group companies amounted to SEK 121.1 M (157.3), at year-end, of which none (0.0) were non-current. The parent company's liabilities to group companies amounted to SEK 191.1 M (71.1), of which none (0.0) were non-current. Cash and cash equivalents amounted to SEK 57.1 M (52.2).
Deferred tax receivables amounted to SEK 24.8 M (0.0) at yearend. The difference is due to deferred tax receivables related to carry-forwards of SEK 10.8 M and deferred tax receivables related to previous Group loans of SEK 14.0 M. For more information, see Risks and uncertainty factors.
During the fourth quarter of 2011, Tradedoubler sold its Search operations and has subsequently reported this as a discontinued operation.
During the fourth quarter 2012, the discontinued operation affected the Group's results by SEK 2.2 M (-148.6) wherein the total net profit for continuing and discontinued operations during the quarter amounted to SEK 3.3 M (-110.4).
The result from discontinued operations for 2012 has not affected the Group's cash flow. For more information regarding discontinued operations, see page 18.
The Board proposes in accordance with Tradedoubler's policies that no dividend should be declared for 2012 (SEK 1.50 per share).
Tradedoubler has a policy of distributing at least 50 per cent of its profit after tax provided that a suitable capital structure is maintained. The distribution may occur through share dividends, share redemption and share buybacks.
No transactions between Tradedoubler and related parties impacting the company's financial position and results have taken place, aside from remuneration to board and senior executives.
At year-end, Tradedoubler's staff corresponded to 465 (498) full-time equivalents (FTEs), which includes full-time, temporary and contract employees.
Tradedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described on pages 15-17 of the 2011 Annual Report.
Tradedoubler has a deferred tax receivable of SEK 14 M attributable to a previous intra-group loan. The receivable arose when the right to deduction for interest expenses related to the loan was denied in the subsidiary, on account of which an application for repayment of previously paid tax on interest income has been made for the parent company. The company expects that full repayment of the amount will be made, however, there is always a risk in this type of case.
Apart from the above-mentioned tax receivable, no significant risks and uncertainties are considered to have arisen since the latest submitted annual report, other than greater uncertainty about the future economic and market trend in Europe and increased customer credit risks as a result of this.
Andrew Buckman was appointed COO (Chief Operating Officer), with effect from 1st of January 2013. Magnus Nyström was appointed CTO (Chief Technology Officer) after holding the position on a temporary basis during the autumn of 2012. The group management team consists of these two persons plus CEO Rob Wilson and CFO Jonas Ragnarsson.
The organisational structure is being changed in order to obtain increased business focus and higher efficiency. The new market units are the following:
DACH: Austria, Germany, Switzerland East: Lithuania, Poland, Russia France & Benelux: Belgium, France, Netherlands Nordics: Denmark, Finland, Norway, Sweden
Northwest: Ireland, UK
South: Brazil, Italy, Portugal, Spain
As an effect of this a new segment reporting reflecting the new organisation will be introduced from 2013. Technology will continue to be reported as a separate segment. Tradedoubler will report in accordance with the new segments from the first quarter 2013. Updated information and historical numbers for the new segments will be reported in a separate press release which will be published ahead of the interim report for the first quarter 2013.
No significant events have occurred after the end of the reporting period.
The market in performance marketing is expected to continue to show growth during 2013. The company is expected to return to growth in line with the market during the second half of 2013.
Operating costs before depreciation and amortisation are expected to amount to SEK 35-37 M per month during 2013. The cost range was previously estimated at SEK 35-39 M.
This year-end report is prepared in accordance with IAS 34, Interim Financial Reporting and the Swedish Annual Accounts Act. Since the interim report for the second quarter of 2012, the key ratio "equity per share" is calculated on the basis of equity on the balance sheet date instead of on the average equity for the period. Other accounting policies and calculation methods are unchanged compared with the 2011 Annual Report.
For information on the accounting policies applied, see the 2011 Annual Report.
The total number of shares at the end of the year was 42,807,449, of which 130,000 were in own custody. The average number of outstanding shares during the full year 2012 was 42,677,449.
Earnings per share for continuing operations amounted to SEK 0.0 (0.9) during the fourth quarter 2012 and to SEK -0.2 (2.2) during the full year 2012. Equity per share amounted to SEK 11.4 (13.6) at year-end.
The share price closed at SEK 12.50 on the final trading day of 2012, which was lower than the previous year-end, when the share price closed at SEK 27.30.
This year-end report will be presented at a press and analyst conference on 6 February 2013 at 10.00 a.m. in Tradedoubler's premises at Sveavägen 20, Stockholm. The presentation may be followed via a webcast on the website:
http://financials.tradedoubler.com/en-gb/investorrelations, and by telephone:
| Sweden | +46 8 505 56477 |
|---|---|
| UK | +44 20 336 45374 |
| US | +1 877 7889023 |
The presentation material will be published concurrently with the year-end report.
The annual report 2012 will be presented on 16 April 2013 and will be 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 Madeleine Moritz by telephone on +46 8 405 08 00.
The Annual General Meeting 2013 will be held on 7 May 2013 at 5:00 p.m. in Tradedoubler's premises at Sveavägen 20 in Stockholm.
Shareholders who wish to have a matter addressed at the annual general meeting may submit a proposal to Tradedoubler's Board of Directors by e-mail: [email protected]. Proposals should be submitted no later than 27 March 2013 in order to be considered to be included in the notice convening the annual meeting.
More information about the annual general meeting may be found under the corporate governance tab on the company's website, and may be reached via the following link: http://financials.tradedoubler.com/en-gb/corporategovernance/annual-general-meeting
| Interim report January-March 2013 | 3 May 2013 |
|---|---|
| Interim report January-June 2013 | 26 July 2013 |
| Interim report January-September 2013 | 30 October 2013 |
| Year-end report 2013 | 6 February 2014 |
Rob Wilson, President and CEO, telephone +44 (0) 7500 667 587 Jonas Ragnarsson, CFO, telephone +46 8 405 08 00 E-mail: [email protected]
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.
This year-end report has not been subject to review by the company's auditor Ernst & Young AB.
Stockholm, 6 February 2013
Rob Wilson
President and CEO
| Oct-Dec | Oct-Dec | Full year | Full year | |
|---|---|---|---|---|
| SEK 000s | 2012 | 2011 | 2012 | 2011 |
| Net Sales | 567,738 | 701,455 | 2,307,718 | 2,612,701 |
| Cost of goods sold | -433,151 | -534,213 | -1,766,240 | -1,986,163 |
| Gross profit | 134,587 | 167,241 | 541,478 | 626,539 |
| Selling expenses | -85,829 | -88,607 | -342,841 | -335,928 |
| Administrative expenses | -40,733 | -26,366 | -159,544 | -120,840 |
| Development expenses | -10,148 | -13,532 | -39,092 | -42,711 |
| Operating profit | -2,124 | 38,737 | 1 | 127,060 |
| Net financial items | -1,092 | -888 | 317 | -12,693 |
| Profit before tax | -3,216 | 37,849 | 317 | 114,367 |
| Tax | 4,365 | 405 | -10,475 | -22,201 |
| Net profit for continued operations | 1,149 | 38,254 | -10,158 | 92,166 |
| Net profit for discontinued operations | 2,192 | -148,630 | 2,192 | -143,069 |
| Total net profit | 3,342 | -110,376 | -7,965 | -50,904 |
All earnings accrue to the parent company's shareholders.
| Oct-Dec | Oct-Dec | Full year | Full year | |
|---|---|---|---|---|
| SEK 000s | 2012 | 2011 | 2012 | 2011 |
| Profit for the period, after tax | 3,342 | -110,376 | -7,965 | -50,904 |
| Other comprehensive income | ||||
| Translation difference, net after tax | -12,694 | -3,480 | -20,480 | 21,060 |
| Exchange difference on increased net investment, net after tax* | - | - | - | -8,130 |
| Reversal of exchange difference on increased net investment, net after tax* | - | 98,077 | - | 98,077 |
| Reversal of translation difference, net after tax* | - | 3,765 | - | 3,765 |
| Total comprehensive income for the period, after tax | -9,352 | -12,014 | -28,445 | 63,868 |
| Comprehensive income attributable to: | ||||
| Parent company shareholders | -9,352 | -12,014 | -28,445 | 63,868 |
*These items are related to the discontinued operations.
| Oct-Dec | Oct-Dec | Full year | Full year | |
|---|---|---|---|---|
| SEK | 2012 | 2011 | 2012 | 2011 |
| Profit per share for continued operations | 0.0 | 0.9 | -0.2 | 2.2 |
| Total profit per share (including discontinued operations) | 0.1 | -2.6 | -0.2 | -1.2 |
| Number of Shares | ||||
| Weighted average | 42,677,449 | 42,677,449 | 42,677,449 | 42,677,449 |
The earnings per share above apply before and after dilution.
| Oct-Dec | Oct-Dec | Full year | Full year | |
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| Gross profit (GP) / revenue (%) | 23.7 | 23.8 | 23.5 | 24.0 |
| Operating profit (EBIT ) / revenue (%) | -0.4 | 5.5 | 0.0 | 4.9 |
| Operating profit (EBIT) / gross profit (GP) (%) | -1.6 | 23.2 | 0.0 | 20.3 |
| Net profit/gross profit (GP) (%) | 0.9 | 22.9 | -1.9 | 14.7 |
| Equity/assets ratio (%) | 41.0 | 40.4 | 41.0 | 40.4 |
| Return on equity (12 months) (%) | -1.9 | 16.8 | -1.9 | 16.8 |
| Average number of employees | 479 | 536 | 487 | 544 |
| Return on Capital Employed (12 months) (%) | 0.2 | 23.4 | 0.2 | 23.4 |
| Cash-flow per share for continuing operations, SEK | -0.4 | 0.8 | -2.8 | 1.6 |
| Equity per share, SEK | 11.4 | 13.6 | 11.4 | 13.6 |
| Stock price at the end of the period, SEK | 12.5 | 27.3 | 12.5 | 27.3 |
| 31 dec | 31 dec | |
|---|---|---|
| SEK 000s | 2012 | 2011 |
| Assets | ||
| Intangible fixed assets | 408,364 | 404,054 |
| Tangible fixed assets | 10,117 | 10,968 |
| Financial fixed assets | 3,647 | 3,549 |
| Deferred tax assets | 36,007 | 21,111 |
| Total fixed assets | 458,135 | 439,683 |
| Accounts receivables | 519,268 | 642,432 |
| Tax assets | 11,819 | 28,632 |
| Other current receivables | 36,408 | 35,149 |
| Cash & cash equivalents | 164,445 | 290,745 |
| Total current assets | 731,939 | 996,957 |
| Total assets | 1,190,074 | 1,436,640 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 488,382 | 580,843 |
| Deferred tax liabilities | 4,597 | 7,625 |
| Other provisions | 1,013 | 1,044 |
| Total long-term liabilities | 5,609 | 8,669 |
| Accounts payable | 20,642 | 29,407 |
| Current liabilities to publishers | 402,514 | 498,346 |
| Tax liabilities | 6,112 | 9,251 |
| Other current liabilities | 266,815 | 310,124 |
| Total current liabilities | 696,083 | 847,128 |
| Total shareholder´s equity and liabilities | 1,190,074 | 1,436,640 |
| Oct-Dec | Oct-Dec | Full year | Full year | |
|---|---|---|---|---|
| SEK 000s | 2012 | 2011 | 2012 | 2011 |
| Opening balance | 497,734 | 592,667 | 580,843 | 516,784 |
| Total comprehensive income for the period, continued operations | -11,544 | 37,031 | -30,637 | 112,914 |
| Total comprehensive income for the period, discontinued operations* | 2,192 | -49,046 | 2,192 | -49,046 |
| Equity-settled share-based payments | - | 191 | - | 191 |
| Dividend | - | - | -64,016 | - |
| Closing balance | 488,382 | 580,843 | 488,382 | 580,843 |
All capital accrues to the parent company's shareholders.
*See disclosure regarding discontinued operations, page 18.
| SEK 000s 2012 2011 2012 2011 Operating activities Profit before tax -3,216 37,849 317 114,367 Adjustments for items not included in cash flow 22,867 -5,473 49,825 16,098 Income taxes paid -4,381 8,283 -15,106 -14,463 Cash flow from operating activities before changes in working 15,270 40,659 35,036 116,002 capital Changes in working capital -21,870 27,264 -49,980 7,626 Cash flow from operating activities -6,600 67,923 -14,944 123,628 |
Oct-Dec | Oct-Dec | Full year | Full year |
|---|---|---|---|---|
| Investing activities | ||||
| Net investments in intangible assets -6,925 -9,803 -36,220 -25,828 |
||||
| Net investments in tangible assets -1,546 1,359 -4,721 -3,877 |
||||
| Net investments in financial assets 4 3 -874 -209 -1,394 |
||||
| Net investments in stocks and subsidiaries - -24,421 - -24,421 |
||||
| Cash flow from investing activities -8,428 -33,739 -41,150 -55,520 |
||||
| Financing activities | ||||
| Dividend paid to parent company's shareholders - - -64,016 - |
||||
| Cash flow from financing activities - - -64,016 - |
||||
| Cash flow for the period from continuing operations -15,028 34,184 -120,110 68,108 |
||||
| Cash flow from discontinued operations | ||||
| Cash flow from operating activities - -2,007 - 3,903 |
||||
| Cash flow from investing activities - -51 - -51 |
||||
| Cash flow from financing activities - - - - |
||||
| Cash flow for the period from discontinued operations - -2,058 - 3,852 |
||||
| Cash flow for the period -15,028 32,126 -120,110 71,960 |
||||
| Cash and cash equivalents | ||||
| On the opening date 173,287 261,636 290,745 209,744 |
||||
| Translation difference in cash and cash equivalents 6,187 -3,017 -6,189 9,041 |
||||
| Cash and cash equivalens on the closing date 164,445 290,745 164,445 290,745 |
||||
| Adjustments for non-cash items | ||||
| Depreciation 9,066 3,937 20,324 16,776 |
||||
| Other 13,801 -9,410 29,501 -678 |
||||
| Total non-cash items 22,867 -5,473 49,825 16,098 |
* Attributable to discontinued operations.
| Oct-Dec | Oct-Dec | Full year | Full year | |
|---|---|---|---|---|
| SEK 000s | 2012 | 2011 | 2012 | 2011 |
| Net Sales | 33,420 | 49,190 | 128,906 | 193,554 |
| Cost of goods sold | -2,562 | -2,106 | -8,636 | -7,931 |
| Gross profit | 30,857 | 47,085 | 120,270 | 185,623 |
| Selling expenses | -401 | -779 | -2,696 | -6,010 |
| Administrative expenses | -34,034 | -28,373 | -142,514 | -119,216 |
| Development expenses | -10,492 | -8,401 | -31,368 | -32,140 |
| Operating profit | -14,069 | 9,532 | -56,308 | 28,257 |
| Net financial items | -6,016 | -379,971 | -999 | -363,513 |
| Profit before tax | -20,086 | -370,438 | -57,306 | -335,256 |
| Tax | 373 | 2,658 | 19,230 | -113 |
| Net profit | -19,713 | -367,780 | -38,076 | -335,369 |
| 31 dec | 31 dec | |
|---|---|---|
| SEK 000s | 2012 | 2011 |
| Assets | ||
| Intangible fixed assets | 54,438 | 26,601 |
| Fixed tangible assets | 3,458 | 5,520 |
| Financial fixed assets | 198,105 | 206,327 |
| Deffered tax assets | 24,802 | - |
| Total fixed assets | 280,802 | 238,449 |
| Accounts receivables | 2,846 | 6,339 |
| Receivables from Group companies | 121,053 | 157,307 |
| Tax assets | 2,407 | 7,191 |
| Other current receivables | 9,450 | 11,100 |
| Cash & cash equivalents | 57,094 | 52,224 |
| Total current assets | 192,849 | 234,161 |
| Total assets | 473,651 | 472,610 |
| Shareholders' equity and liabilities | ||
| Shareholders equity | 172,105 | 274,198 |
| Accounts payable | 12,150 | 10,299 |
| Liabilities to Group companies | 191,076 | 71,119 |
| Other liabilities | 98,319 | 116,994 |
| Total current liabilities | 301,546 | 198,412 |
| Total shareholder´s equity and liabilities | 473,651 | 472,610 |
| 31 dec | 31 dec | |
|---|---|---|
| SEK 000s | 2012 | 2011 |
| Group | ||
| Pledged assets | none | none |
| Rent deposits | 3,647 | 3,549 |
| Contingent liabilities | none | none |
| Parent company | ||
| Pledged assets | none | none |
| Contingent liabilities | 2,259 | 6,939 |
| Okt-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | |
|---|---|---|---|---|---|---|---|---|
| SEK 000s | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 |
| Net Sales | 567,738 | 526,115 | 573,660 | 640,206 | 701,455 | 653,926 | 604,760 | 652,561 |
| Cost of goods sold | -433,151 | -406,399 | -432,873 | -493,816 | -534,213 | -501,386 | -455,283 | -495,280 |
| Gross profit | 134,587 | 119,715 | 140,786 | 146,390 | 167,241 | 152,540 | 149,477 | 157,281 |
| Total costs | -136,711 | -127,475 | -143,547 | -133,741 | -128,505 | -121,280 | -127,239 | -122,455 |
| Operating profit | -2,124 | -7,760 | -2,761 | 12,648 | 38,737 | 31,260 | 22,237 | 34,826 |
| Net financial items | -1,092 | 2,223 | -1,088 | 273 | -888 | -4,970 | 2,094 | -8,929 |
| Profit before tax | -3,216 | -5,537 | -3,849 | 12,921 | 37,849 | 26,290 | 24,331 | 25,897 |
| Tax | 4,365 | -5,041 | -6,988 | -2,811 | 405 | -6,369 | -10,352 | -5,886 |
| Net profit | 1,149 | -10,577 | -10,837 | 10,109 | 38,254 | 19,921 | 13,979 | 20,012 |
| 41,639 | 30 Sep | 30 Jun | 31 Mar | 31 Dec | 30 Sep | 30 Jun | 31 Mar | |
|---|---|---|---|---|---|---|---|---|
| SEK 000s | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 |
| Assets | ||||||||
| Intangible fixed assets | 408,364 | 423,595 | 427,356 | 406,048 | 404,054 | 428,644 | 405,883 | 406,738 |
| Other fixed assets | 49,771 | 51,320 | 42,277 | 38,581 | 35,629 | 47,854 | 47,527 | 45,560 |
| Current receivables | 567,494 | 553,547 | 622,317 | 668,812 | 706,213 | 717,459 | 681,006 | 691,012 |
| Cash & cash equivalents | 164,445 | 173,288 | 179,352 | 268,222 | 290,745 | 261,636 | 214,260 | 245,633 |
| Total assets | 1,190,074 | 1,201,749 | 1,271,302 | 1,381,663 | 1,436,640 | 1,455,593 | 1,348,676 | 1,388,944 |
| Shareholders' equity and liabilities | ||||||||
| Shareholders' equity | 488,382 | 497,734 | 522,329 | 587,636 | 580,843 | 592,667 | 551,122 | 530,870 |
| Long-term non-interest bearing debt | 5,609 | 7,743 | 8,479 | 8,576 | 8,669 | 10,685 | 11,420 | 12,199 |
| Current non-interest bearing debt | 696,083 | 696,272 | 740,494 | 785,451 | 847,128 | 852,241 | 786,134 | 845,875 |
| Total shareholder´s equity and liabilities |
1,190,074 | 1,201,749 | 1,271,302 | 1,381,663 | 1,436,640 | 1,455,593 | 1,348,676 | 1,388,944 |
| Okt-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | |
|---|---|---|---|---|---|---|---|---|
| SEK 000s | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 |
| Operating activities | ||||||||
| Profit before tax | -3,216 | -5,537 | -3,851 | 12,921 | 37,849 | 26,289 | 24,331 | 25,897 |
| Adjustments for items not included in | ||||||||
| cash flow | 22,867 | 3,815 | 21,373 | 1,769 | -5,473 | 4,675 | 8,789 | 8,108 |
| Tax paid | -4,381 | -7,355 | -291 | -3,079 | 8,283 | -8,020 | -11,174 | -3,552 |
| Cash flow from changes in working | -21,870 | 22,515 | -29,978 | -20,648 | 27,263 | 22,821 | -53,804 | 11,346 |
| capital | ||||||||
| Cash flow from operating activities | -6,600 | 13,438 | -12,747 | -9,037 | 67,922 | 45,765 | -31,858 | 41,799 |
| Cash flow from investing activities | -8,428 | -10,629 | -9,596 | -12,496 | -33,739 | -9,403 | -7,944 | -4,434 |
| Cash flow from financing activities | - | - | -64,016 | - | - | - | - | - |
| Cash flow from continuing | ||||||||
| operations | -15,028 | 2,809 | -86,359 | -21,533 | 34,183 | 36,362 | -39,802 | 37,365 |
| Cash flow from discontinued | - | - | - | - | -2,058 | 3,362 | 1,115 | 1,433 |
| operations | ||||||||
| Cash flow for the period | -15,028 | 2,809 | -86,359 | -21,533 | 32,125 | 39,724 | -38,687 | 38,798 |
| Cash and cash equivalents | ||||||||
| On the opening date | 173,287 | 179,352 | 268,222 | 290,745 | 261,636 | 214,260 | 245,633 | 209,744 |
| Translation difference | 6,187 | -8,873 | -2,511 | -990 | -3,016 | 7,653 | 7,314 | -2,909 |
| Cash and cash equivalens on the | ||||||||
| closing date | 164,445 | 173,287 | 179,352 | 268,222 | 290,745 | 261,636 | 214,260 | 245,633 |
| Okt-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | |
|---|---|---|---|---|---|---|---|---|
| 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | |
| Gross profit (GP) / revenue (%) | 23.7 | 22.8 | 24.5 | 22.9 | 23.8 | 23.3 | 24.7 | 24.1 |
| Operating profit (EBIT ) / revenue (%) | -0.4 | -1.5 | -0.5 | 2.0 | 5.5 | 4.8 | 3.7 | 5.3 |
| Operating profit (EBIT) / gross profit (GP) (%) |
-1.6 | -6.5 | -2.0 | 8.6 | 23.2 | 20.5 | 14.9 | 22.1 |
| Net profit/gross profit (GP) (%) | 0.9 | -8.8 | -7.7 | 6.9 | 22.9 | 13.1 | 9.4 | 12.7 |
| Equity/assets ratio (%) | 41.0 | 41.4 | 41.1 | 42.5 | 40.4 | 40.7 | 40.9 | 38.2 |
| Return on equity (12 months) (%) | -1.9 | 4.9 | 10.7 | 14.7 | 16.8 | 13.8 | 13.0 | 16.5 |
| Average number of employees | 479 | 489 | 487 | 493 | 536 | 553 | 541 | 545 |
| Return on Capital Employed (12 months) (%) |
0.2 | 7.9 | 15.2 | 19.0 | 23.4 | 22.4 | 22.1 | 21.4 |
| Cash-flow per share, SEK | -0.4 | 0.1 | -2.0 | -0.5 | 0.8 | 0.9 | -0.9 | 0.9 |
| Equity per share, SEK | 11.4 | 11.7 | 12.2 | 13.8 | 13.6 | 13.9 | 12.9 | 12.4 |
| Stock price at the end of the period, SEK |
12.5 | 14.0 | 16.9 | 31.1 | 27.3 | 23.0 | 40.5 | 46.8 |
| Okt-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | |
|---|---|---|---|---|---|---|---|---|
| SEK M | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 |
| Market Unit Central | ||||||||
| Gross profit | 27.2 | 24.7 | 28.4 | 31.5 | 36.2 | 31.8 | 31.2 | 32.3 |
| Operating profit | -6.8 | -4.2 | -3.5 | 1.4 | 6.0 | 4.3 | 4.1 | 5.3 |
| Market Unit France | ||||||||
| Gross profit | 23.0 | 19.9 | 20.6 | 23.5 | 26.1 | 22.7 | 22.9 | 27.9 |
| Operating profit | 7.0 | 3.1 | 1.1 | 5.4 | 10.2 | 6.8 | 6.0 | 11.6 |
| Market Unit North East | ||||||||
| Gross profit | 30.9 | 26.6 | 30.3 | 30.0 | 34.3 | 31.4 | 30.6 | 31.5 |
| Operating profit | -5.8 | -4.9 | -5.9 | -6.0 | 0.4 | 1.9 | 0.3 | 1.5 |
| Market Unit North West | ||||||||
| Gross profit | 20.2 | 16.7 | 22.1 | 26.0 | 30.6 | 27.3 | 26.3 | 28.2 |
| Operating profit | -3.0 | -7.0 | -4.3 | 1.4 | 7.0 | 3.2 | -0.1 | 2.2 |
| Market Unit South East | ||||||||
| Gross profit | 10.5 | 9.1 | 13.5 | 12.5 | 16.0 | 15.0 | 15.5 | 16.6 |
| Operating profit | -0.2 | -0.2 | 1.5 | 1.8 | 6.2 | 5.8 | 6.1 | 7.5 |
| Market Unit South West | ||||||||
| Gross profit | 7.4 | 8.3 | 8.9 | 8.6 | 8.1 | 9.8 | 9.3 | 9.0 |
| Operating profit | 0.1 | -0.4 | 0.9 | 0.9 | 1.2 | 2.3 | 1.3 | 1.3 |
| Technology | ||||||||
| Gross profit | 15.5 | 14.5 | 17.0 | 14.3 | 15.9 | 14.5 | 13.7 | 11.9 |
| Operating profit | 6.6 | 5.8 | 7.5 | 7.6 | 7.8 | 6.9 | 4.6 | 5.5 |
| Total | ||||||||
| Gross profit | 134.6 | 119.7 | 140.8 | 146.4 | 167.2 | 152.5 | 149.5 | 157.3 |
| Operating profit (EBIT) | -2.1 | -7.8 | -2.8 | 12.6 | 38.7 | 31.3 | 22.2 | 34.8 |
| Okt-Dec | Okt-Dec | Full year | Full year | |
|---|---|---|---|---|
| SEK 000s | 2012 | 2011 | 2012 | 2011 |
| Net Sales | -290 | 75,448 | -290 | 343,990 |
| Cost of goods sold | 4,914 | -68,207 | 4,914 | -312,178 |
| Gross profit | 4,624 | 7,241 | 4,624 | 31,812 |
| Total costs | -2,419 | -10,220 | -2,419 | -39,536 |
| Operating profit | 2,205 | -2,979 | 2,205 | -7,724 |
| Net financial items | 2 9 |
-1,905 | 2 9 |
270 |
| Profit before tax | 2,234 | -4,885 | 2,234 | -7,454 |
| Tax | -42 | 3,142 | -42 | 11,272 |
| Net profit excl capital loss for the year for discontinued operations | 2,192 | -1,742 | 2,192 | 3,818 |
| Capital loss | 0 | -146,887 | 0 | -146,887 |
| Net profit for the year for discontinued operations | 2,192 | -148,629 | 2,192 | -143,069 |
| Other comprehensive income | ||||
| Net profit from discontinued operations | 2,192 | -148,629 | 2,192 | -143,069 |
| Translation difference on equity net after tax | - | -115 | - | 311 |
| Exchange difference on increased net investment, net after tax | - | - | - | -8,130 |
| Reversal of exchange difference on increased net investment, net after tax | - | 98,077 | - | 98,077 |
| Reversal of translation difference on equity, net after tax | - | 3,765 | - | 3,765 |
| Total other comprehensive income from discontinued operations | 2,192 | -46,902 | 2,192 | -49,046 |
Discontinued operations refers to the operations in the Search market unit, which were divested during the fourth quarter of 2011.
Return on equity. Profit for the period as a percentage of average equity calculated as opening plus closing equity divided by two.
Return on capital employed. Operating profit plus interest income as a percentage of average capital employed calculated as opening plus closing capital employed divided by two.
Equity per share. Equity divided by the number of outstanding shares on the balance sheet date.
Earnings per share. Net profit for the period attributable to the parent company's shareholders divided by the average number of shares.
Earnings per share after full dilution. Net profit/loss for the period divided by the average number of shares calculated after full dilution.
Cash flow per share. Cash flow divided by the average number of outstanding shares.
Operating margin. Operating profit as a percentage of sales.
Equity/assets ratio. Equity as a percentage of the balance sheet total.
Capital employed. Total assets less current and non-current non interest-bearing liabilities including deferred tax liabilities.
AdCode. An ad display system which is used in order to optimise and display the best ad on a publisher's website.
Affiliate. Used for a website which via adverts directs Internet visitor traffic to the advertising company's website.
Affiliate network. A system where advertisers that want to boost their Internet sales are matched together with website owners that want to boost their advertising revenue by means of an affiliate programme.
Affiliate programme. An agreement where the advertiser pays a fee to the publisher in order to relay traffic to the advertiser's website.
App download tracking. Software that enables the advertiser to monitor and obtain statistics about when consumers download and install software from the advertiser and how they use the software afterwards.
Cost-per-action (CPA). Means that the advertisers pay a fee which either is based on the sales generated by the advertising or on the number of leads (principally registrations) generated by the advert.
Cost-per-click (CPC). This pricing model means that advertisers pay a fee based on the number of clicks or unique visitors generated by the advertising.
Cost-per-lead (CPL). Means that the advertisers pay a fee which is based on the number of leads (primarily registrations) generated by the advert.
Cost-per-thousand impressions (CPM). A pricing model where advertisers pay a fee based on the number of views of an advert.
E-mail publishers. Use e-mail to send out targeted offers to a list of recipients.
Full-time equivalent (FTE) or full-time employees. The total number of full-time and temporary as well as contract employees.
Performance-based. Collective term for marketing activities on the Internet where publishers only get paid when a predetermined transaction is generated.
Product feed. A distribution system where advertisers can upload their product databases in order to enable publishers to create content and ads on their websites.
Publisher. (Also called affiliate) Websites that agree on display of adverts and direct Internet visitor traffic to the Advertising company's website.
Trackability. The process and method for follow-up of website traffic, primarily through use of cookies.
Portals. Websites which act as a gateway to the Internet and offer broad content and large volumes of traffic. On the portal, there are several links, a search engine and other services, for instance, free e-mail or filters and blocking possibilities.
Search engine optimizing publishers. Own websites which use search engines, e.g. Google and Yahoo!, in combination with their own knowledge about the search engine and the advertiser in order to display the advertiser high up in the search results list. These publishers help to generate greater volumes.
Voucher code. Voucher codes that are created and easily distributed to consumers via a publisher's website. The consumer can then use the voucher code when purchasing a product/service from the advertiser.
Tradedoubler creates results by improving clients' digital marketing. This happens through our performance-based advertising network and our through tools and services which help advertisers to make the most of their campaigns.
Tradedoubler is an international leader in performance-based digital marketing and technology. The company was founded in Sweden in 1999 as a pioneer within Affiliate marketing in Europe. International strategic understanding combined with advanced local knowledge means that Tradedoubler is still the most successful Pan-European company in performance marketing. Tradedoubler helps approximately 2,000 advertisers to achieve their business goals through its high quality network of about 140,000 publishers. The Group was the first to offer integrated solutions for e- and m-commerce, allowing advertisers to expand their online programmes to mobile units.
Tradedoubler strives for close collaboration with its customers in order to boost their sales and help them towards national and international success. Tradedoubler's advertisers include American Express, ClubMed, Dell, Disney, Expedia and CDON. Tradedoubler's share is listed on NASDAQ OMX Stockholm.
Tradedoubler's business model is based on the company:
The basis of the operations is that Tradedoubler arranges and optimises ads and campaign space between advertisers and publishers of websites. Through its knowledge of Internet marketing, technology platforms for handling transactions and tracking visitors, advanced administrative system and affiliate network, Tradedoubler improves business for both advertisers and publishers. Tradedoubler is able to receive payment in relation to the result generated since the outcome is clearly measurable.
A large portion of Tradedoubler's revenue is performancebased. Remuneration from advertisers to publishers – and to Tradedoubler – is only payable when the visitor performs a certain activity, such as clicking on an ad or executing a purchase.
The activities which determine the remuneration are CPM (costper-thousands impressions), CPC (cost-per-click), CPL (cost-perlead) and CPA (cost-per-action). Which one or combination of these activities forms the basis for the remuneration is decided on a case-by-case-basis. CPA and CPC are the most common. Tradedoubler's system tracks the customer activities generated by a certain advert in order to calculate the remuneration.
Tradedoubler discloses the information provided herein pursuant to the Swedish Securities Markets Act. The information was released for publication on 6 February 2013 at 08.00 a.m. CET.
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