Quarterly Report • Jul 23, 2015
Quarterly Report
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| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | ||
|---|---|---|---|---|---|---|
| FINANCIAL OVERVIEW, SEK M | 2015 | 2014 | 2015 | 2014 | Change % | 2014 |
| Net sales excluding change related items | 419 | 411 | 851 | 856 | -1% | 1,743 |
| Gross profit excluding change related items | 84 | 91 | 173 | 192 | -10% | 379 |
| Gross margin (%) | 19.9% | 22.1% | 20.3% | 22.4% | 21.7% | |
| Operating costs excl. depr. and change related costs | -90 | -87 | -176 | -176 | 0% | -339 |
| EBITDA excluding change related items | -6 | 4 | -3 | 16 | -118% | 39 |
| EBITDA-margin (%) | -1.4% | 0.9% | -0.3% | 1.8% | 2.3% | |
| Change related items1 | -7 | -12 | -14 | -12 | -20 | |
| EBITDA | -13 | -9 | -17 | 3 | -609% | 20 |
| Impairment goodwill | 0 | 0 | 0 | 0 | -60 | |
| Operating profit (EBIT) | -19 | -14 | -29 | -7 | -63 | |
| Net investments in non-financial fixed assets (Capitalized expense) | -8 | -3 | -23 | -7 | -17 | |
| Cash-flow from operating activities | -32 | -43 | -30 | -119 | -110 | |
| Liquid assets incl financial investments, at period's end | 323 | 380 | 323 | 380 | 372 | |
| Net cash2 , at period's end |
77 | 135 | 77 | 135 | 126 |
1Change related items during Q2 2015 that impacted net sales related to an adjustment for errors in recurring invoicing to one large customer since mid 2013. Change related costs are mainly related to severance payments.
2Current investment and liquid assets less interest-bearing liabilities
"The underlying gross profit development during the second quarter was in line with the year-on-year trend of previous quarter. However, the development within different markets varies considerably due to specific market reasons and our own performance. We see good results and year-on-year revenue growth in the United Kingdom, Germany, Spain, Sweden and Poland while especially France is more challenging. Total operating costs increased compared to the first quarter 2015 due to higher product development costs in line with the strategy. Capitalised product development expenditure was on the same level as in the previous quarter.
During the second quarter we made good further progress with the realisation of our new offerings. We are currently running test campaigns in selected markets using integrated Tradedoubler and Adnologies technology and are seeing encouraging results. In September, we will have a beta product to further test and develop together with selected clients.
While we continue to roll out ADAPT, our market-leading business intelligence tool, we are adding new functionalities and are in the process of incorporating data relating to online user journeys. This is a major step forward and enables clients to have great insights into how their consumers interact with performance channels.
We have more exciting launches planned during the second half of 2015 focusing on new solutions that deliver data-driven insights and functionalities that help us to create smarter performance marketing results for our clients.
With these new offerings we are extending our addressable market considerably and we are now in the process of strengthening our commercial teams in the markets to ensure that we will be able to take full advantage of the market potential"
Tradedoubler operates within the dynamic environment of digital and mobile commerce, which is characterised by positive trends in both consumer and advertising expenditure. The digital marketing sector in Europe is changing rapidly. Channels such as social media, video and mobile are increasing their market share and advertising is increasingly traded on an automated, real-time basis. At the same time, growth within traditional affiliate marketing is declining.
To address a larger part of the dynamic digital marketplace, Tradedoubler launched a corporate strategy in November 2014 with the ultimate aim of taking a leadership position with a significantly expanded performance marketing offering. The strategy will be achieved through the optimisation of multiple high quality traffic sources. The use of Tradedoubler's proprietary integrated performance marketing technology and deep, data-driven insights into online consumer behaviour will create better results for Tradedoubler´s clients and increase revenues for both Tradedoubler and its clients. Running marketing campaigns in an automated way will improve Tradedoubler´s margins.
Tradedoubler estimates that its present addressable affiliate market including private networks, from a gross profit
potential, will increase more than five-fold from some 3 billion SEK per year. This larger addressable market includes the current affiliate marketing business and additionally branding as well as performance display marketing budgets. Tradedoubler already handles significant amounts of data through its advanced technology platform and works closely with many leading advertisers and publishers in Europe. Hence, the company is well positioned to take a significantly larger share of existing customers' advertising expenditure.
The acquisition of the independent technology company, Adnologies, in January 2015, has advanced the progress of Tradedoubler's new corporate strategy. The Adnologies' technology stack, including a demand side platform connected to over 80 different sources of traffic and fully functional tracking and retargeting capabilities, is being integrated into Tradedoubler's own technology. Test campaigns running on an integrated technology set-up are live in several markets and are showing positive results. In parallel, the development team in Stockholm has grown significantly during the last 6 months and Adnologies' developers are an integrated part of Tradedoubler's increased product development capabilities.
Tradedoubler is continuing to roll out its market-leading business intelligence tool, ADAPT and initial client demand has been positive. Detailed data relating to online customer journeys is currently being integrated into ADAPT and insights based on this user journey data will demonstrate the value of different performance channels in influencing online purchases.
In the second quarter Tradedoubler launched Conversions API, which is a new technology that allows Tradedoubler's advertisers and publishers to receive conversion data in real time so that they can keep track of the status of their performance marketing activity. Further product launches are planned during the second half of 2015.
During the last quarter Tradedouber has made further good progress in realising its corporate strategy with clear priorities and strong focus on the areas with the greatest commercial opportunity. Tradedoubler is extending its addressable market considerably and is in the process of strengthening its commercial teams to ensure to be well placed to take full advantage of this opportunity. In summary, Tradedoubler has the following:
The strategy realisation is progressing well and initial positive results are expected during 2016.
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.
Consolidated net sales during the interim period amounted to SEK 846 M (856). Excluding change related items net sales were SEK 851 M (856), a decline of 1 per cent or 8 per cent adjusted for changes in exchange rates.
Consolidated net sales during the second quarter 2015 were SEK 414 M (411). Change related items affecting net sales were SEK 5 M (0) and referred to an adjustment for errors in recurring invoicing to one large customer since mid-2013. Management has no knowledge of any other similar errors. For more information regarding change related items see page 7.
Excluding change related items net sales in the second quarter were SEK 419 M (411), an increase of 2 per cent or a decline of 4 per cent adjusted for changes in exchange rates.
Gross profit during the interim period was SEK 168 M (192). Gross profit excluding the above mentioned change related item was SEK 173 M (192), which was a decline of 10 per cent or 16 per cent adjusted for changes in exchange rates.
Gross profit during the second quarter was SEK 78 M (91). Gross profit excluding the change related item mentioned above was SEK 84 M (91). This was a decline of 8 per cent or 13 per cent adjusted for changes in exchange rates. The latter was an improvement compared to Q1 2015 over Q1 2014 with some 6 percentage points verses the -19 percent disclosed in the previous report. This can be explained by the fact that revenues and gross profit from two former large pan European Tradedoubler customers had ceased by the end of Q1 last year.
Gross margin, excluding change related items, during the interim period was 20.3 per cent (22.4) and 19.9 per cent (22.1) in the second quarter. The decrease is mainly due to price pressure within affiliate.
Operating costs, excluding depreciation, amounted to SEK 185 M (189) during the interim period. Operating costs, excluding change related items and depreciation, was SEK 176 M (176). For information regarding change related items see page 7.
Operating costs, excluding depreciation, amounted to SEK 91 M (99) during the second quarter and included change related items of SEK 1.6 M mainly referring to severance payments. Operating costs, excluding change related items and depreciation, was SEK 90 M (87). This was an increase of 3 per cent or a decrease of 2 per cent adjusted for changes in exchange rates. The reduction can mainly be explained by lower headcount. Full time equivalents at the end of the second quarter were 355 (378).
Operating profit before depreciation and amortisation (EBITDA) during the interim period was SEK -17 M (3). Adjusted for change related costs EBITDA amounted to SEK -3 M (16). Depreciation and amortisation was SEK 13 M (11) and operating profit (EBIT) during the interim period amounted to SEK -29 M (-7).
Operating profit before depreciation and amortisation (EBITDA) in the second quarter 2015 was SEK -13 M (-9). Adjusted for change related items, EBITDA was SEK -6 M (4). Depreciation and amortisation was SEK 6 M (5) and operating profit (EBIT) amounted to SEK -19 M (-14).
Net financial items during the interim period were SEK -9 M (-5). Financial income and expenses amounted to SEK -5 M (-1) and were mainly affected by interest income, revaluations of the short term investments and interest expense related to the bond issue. Exchange rate effects were SEK -3 M (-4).
Net financial items in the second quarter 2015 were SEK -7 M (-4). Financial income and expenses amounted to SEK -4 M (-1) and mainly included interest income, revaluations of the short term investments and interest expense related to the bond issue. During the second quarter financial income was SEK 3 M lower compared to the first quarter of 2015. This is mainly due to a revised finance policy, decided by the board, that over time prohibit investments in high yield bonds. These have therefore to a very large extent been sold off during the second quarter. Exchange rate effects were SEK -3 M (-3).
Profit after tax for the interim period was SEK -32 M (-12), corporate income tax affected profit by SEK 6 M (0.3). Profit after tax for the second quarter was SEK -22 M (-16).
In Tradedoublers core business, Performance Marketing, net sales during the interim period amounted to SEK 833 M (830) which was a decline of 0 per cent or 7 per cent adjusted for changes in exchange rates. Net sales during the second quarter were SEK 407 M (399). This was an increase of 2 per cent or a decline of 5 per cent adjusted for changes in exchange rates. Net sales for Affiliate, increased 3 per cent or declined 3 per cent adjusted for exchange rates while net sales within Technology declined by 38 per cent or 41 per cent adjusted for exchange rates. The decline relates to the previous mentioned errors within recurring invoicing, excluding these effects the decline was 1% adjusted for exchange rates. Revenues for Technology was positively impacted by the purchase of Adnologies GmbH.
EBITDA for Performance Marketing during the interim period was SEK 52 M (79). EBITDA during the second quarter 2015 was SEK 25 M (34). Affiliate was negatively affected by decreasing gross margin relating to price pressure. Technology is negatively impacted by the acquisition of Adnologies, increased staffing cost related to the new strategy and the above mentioned onetime adjustment of SEK 5 M.
Net sales within Tradedoublers non-core business, "Other", during the interim period amounted to SEK 13 M (26), which was a decline of 52 per cent. Adjusted for changes in exchange rates the decline was 54 per cent. During the second quarter "Other" net sales amounted to SEK 7 M (12), which was a decline of 42 per cent. Adjusted for changes in exchange rates the decline was 45 per cent. "Other" is primarily constituted of
the non-strategic campaigns business, which is continuing to decline according to plan.
EBITDA was SEK 3 M (1.8) during the interim period. EBITDA was SEK 2.7 M (0.6) during the second quarter 2015. The EBITDAlevel was maintained through a reduction of costs.
Costs for group management and support functions during the interim period amounted to SEK 72 M (78), a decline of 7 per cent or 9 per cent adjusted for changes in exchange rates. Costs for group management and support functions in the second quarter 2015 were SEK 40 M (44), a reduction of 7 per cent or 9 per cent adjusted for changes in exchange rates.
| SEK M | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year |
|---|---|---|---|---|---|
| Net Sales | 2015 | 2014 | 2015 | 2014 | 2014 |
| DACH | 51 | 45 | 101 | 106 | 201 |
| France & Benelux | 79 | 102 | 181 | 218 | 416 |
| North | 74 | 74 | 153 | 155 | 330 |
| South | 44 | 44 | 88 | 95 | 194 |
| UK & Ireland | 151 | 121 | 285 | 229 | 509 |
| Affiliate | 399 | 386 | 809 | 803 | 1,650 |
| Technology | 8 | 13 | 20 | 27 | 51 |
| Total Performance Marketing | 407 | 399 | 833 | 830 | 1,701 |
| Other | 7 | 12 | 13 | 26 | 32 |
| Total Net Sales | 414 | 411 | 846 | 856 | 1,733 |
| EBITDA | |||||
| DACH | 3 | 3 | 6 | 9 | 17 |
| France & Benelux | 1 | 6 | 5 | 15 | 25 |
| North | 7 | 7 | 12 | 15 | 37 |
| South | 4 | 2 | 5 | 6 | 13 |
| UK & Ireland | 8 | 6 | 14 | 14 | 31 |
| Affiliate | 23 | 25 | 44 | 59 | 124 |
| Technology | 1 | 9 | 10 | 20 | 35 |
| Total Performance Marketing | 25 | 34 | 52 | 79 | 159 |
| Other | 3 | 1 | 3 | 2 | -8 |
| Group mgmt & support functions | -40 | -44 | -72 | -78 | -132 |
| Total EBITDA | -13 | -9 | -17 | 3 | 20 |
| Depreciation and impairment | -6 | -5 | -13 | -11 | -83 |
| Operating profit as in consolidated income statement | -19 | -14 | -29 | -7 | -63 |
| EBITDA/Net sales, % | |||||
| DACH | 6 | 7 | 6 | 9 | 8 |
| France & Benelux | 2 | 6 | 3 | 7 | 6 |
| North | 10 | 9 | 8 | 10 | 11 |
| South | 10 | 6 | 6 | 7 | 7 |
| UK & Ireland | 5 | 5 | 5 | 6 | 6 |
| Affiliate | 6 | 6 | 5 | 7 | 7 |
| Technology | 16 | 72 | 49 | 74 | 70 |
| Total Performance Marketing | 6 | 9 | 6 | 10 | 9 |
| Other | 41 | 5 | 26 | 7 | -24 |
Total EBITDA Margin -3 -2 -2 0 1
Cash flow from operating activities, before changes in working capital, amounted to SEK -21 M (1) during the interim period and referred to EBITDA adjusted for paid taxes, paid interest and non-cash items. Changes in working capital was SEK -9 M (-119) and the large change versus the same period last year was mainly explained by normalised payment patterns.
Net investments in tangible and intangible assets during the interim period amounted to SEK -20 M (-7). These investments mainly related to product development which has increased in line with the strategy launched in November last year. Total number of developers have increased by some 25 since the launch of the strategy. Cashflow from Net investments in short term investments amounted to SEK 155 M (-48). Cashflow amounted to SEK 102 M (-185).
Cash flow from operating activities before changes in working capital was SEK -14 M (-7) in the second quarter 2015. Changes in working capital decreased to SEK -18 M (-37) compared to SEK +9 M in Q1 2015. This fluctuation in working capital can mainly be explained by random changes in payment patterns. During the last 12 months the total change in working capital has been SEK -5 M.
Net investments in tangible and intangible assets during the second quarter amounted to SEK -8 M (-3).
Tradedoubler has invested parts of the proceeds from the bond issue finalized in December 2013 in interest bearing financial instruments. At end of the second quarter 2015, a total of SEK 105 M (253) was placed in interest bearing financial instruments. Cashflow from Net short term financial
investments increased to SEK 94 M (3) during the second quarter. This increase was due to a revised financial policy, decided by the board, which over time prohibit investments in high yield bonds and therefore these to a very large extent has been sold off. Cashflow amounted to SEK 54 M (-53).
Cash and cash equivalents at the end of the interim period amounted to SEK 218 (128) M and was affected by translation differences of SEK -0.1 M (8). In addition, SEK 105 M (253) was invested in interest-bearing financial instruments. The sum of cash and cash equivalents and interest-bearing financial assets was therefore SEK 323 M (380). Interest-bearing liabilities amounted to SEK 246 M (245) and referred to the full five-year unsecured bond issue with maturity date in the fourth quarter 2018. Net cash hence amounted to SEK 77 M (135) at the end of the second quarter 2015.
Consolidated shareholders' equity amounted to SEK 411 M (500) at the end of the interim period. The return on equity during the rolling 12 months ending June 2015 was -23 per cent (-4) and the equity/asset ratio was 34 per cent (39).
Change related items for the interim period were SEK 14 M and included change related revenues for badwill related to the acquisition of Adnologies which amounted to SEK 0.8 M and an adjustment for errors in recurring invoicing for one large customer since mid-2013 of SEK -5 M. Change related costs included severance payments SEK 4.5 M and costs for closing down the office in Norway, moving costs for the UK office and costs related to the acquisition of Adnologies. For information about change related items in 2014, see the 2014 annual report.
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 before Christmas, which implies that the fourth quarter is normally the strongest for Tradedoubler.
The parent company's net sales was SEK 18 M (23) during the second quarter and to SEK 36 M (53) during the interim period. Revenue primarily consisted of licensing revenue.
Operating profit (EBIT) amounted to SEK -22 M (-15) during the quarter and to SEK -36 M (-20) during the interim period.
Net financial items amounted to SEK -4 M (1.8) during the second quarter and to SEK -6 M (1.1) during the interim period. Changes in exchange rates has impacted the interim period with SEK –1.5 M (-4).
Profit after tax was SEK -21 M (-9) during the quarter and to SEK -33 M (-13) in the interim period.
The parent company's receivables from group companies amounted to SEK 73 M (74) at the end of the interim period, of which none (0) were non-current. The parent company's liabilities to group companies were SEK 127 M (155), of which none (0) were non-current. Cash and cash equivalents amounted to SEK 154 M (89) at the end of the interim period.
During the fourth quarter 2013 the parent company issued a bond loan with the nominal value of SEK 250 M. The proceeds from the bond loan and excess cash was to some extent invested in short term investments and commercial papers at the end of the interim period. Short term commercial papers are disclosed in cash and cash equivalents.
Deferred tax assets amounted to SEK 47 M (34) at the end of the interim period. The deferred tax assets are mainly related to carry-forwards of SEK 23 M and deferred tax receivables related to previous Group loans of SEK 14 M. For more information, see notes to the consolidated financial statements, note C2 Critical estimates and judgments in the Annual Report 2014.
At the end of the second quarter Tradedoubler's staff corresponded to 355 (378) full-time equivalents and includes permanent and temporary employees as well as consultants. Expenditures for employees and consultants classified as capitalised expenses are not included in the reported head count.
Tradedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described on page 9 in the 2014 Annual Report. No significant risks and uncertainty factors have arisen in addition to those described in the 2014 annual report.
For information regarding critical estimates and judgements in the financial statements see note c2 in the 2014 annual report. No critical estimates or judgements are considered to have arisen since the latest submitted annual report.
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.
Pascal Chevalier, Henrik Kvick, Mikael Nachemson, Gautier Normand, Mernosh Saatchi and Peter Åström were elected regular board members. Pascal Chevalier was elected as chairman of the board of directors and Mikael Nachemson to vice chairman.
The annual general meeting resolved to adopt a share price related incentive program for 20-25 senior executive and other key employees within the TradeDoubler group.
For more information see report from Tradedoubler's annual general meeting.
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 17 countries involving eight different currencies, with Euro (EUR) and British pounds (GBP) representing the majority share. In 2014, approximately 48 per cent of group sales were made in
EUR and approximately 29 per cent in GBP. In 2014, approximately 31 per cent of the group's costs were in EUR and approximately 20 per cent in GBP.
The German technology company Adnologies was acquired in January 2015 to support the new corporate strategy. Acquisition investments and expenditures, as well as the effect upon the result for the interim period was limited. At the time of the acquisition the company had 15 employees.
No significant events have occurred after the end of the reporting period
This interim report is prepared in accordance with IAS 34, interim financial reporting and the Swedish annual accounts act. The nature of financial assets and liabilities are essentially the same as at December 31, 2014 and the carrying values are the same as the fair values. No new or amended standards have been applied in 2015. For information on the accounting policies applied, see the 2014 annual report.
The total number of shares at the end of the interim period was 42,807,449 of which 475,000 were in own custody. The average number of outstanding shares during the interim period was 42,332,449.
Earnings per share, before and after dilution, amounted to SEK - 0.52 (-0.37) during the second quarter and -0.76 (-0.28) in the interim period. Equity per share amounted to SEK 9.7 (11.8) at the end of the interim period.
The share price closed at SEK 7.10 on the final trading day of the second quarter 2015, which was lower than at year-end 2014 when the share price closed at SEK 10.25.
The company's long term financial targets, adopted by the Board is 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.
This interim report will be presented at a teleconference on the 23rd of July 2015 at 10.00 a.m. CET. The presentation will be held in English and may be followed via webcast on the website:
and by telephone: Sweden: +46 8 566 426 90
| UK: | +44 203 428 14 33 |
|---|---|
| US: | +1 855 831 59 45 |
The presentation material will be published concurrently with the interim report.
Interim report Jan – Sep 2015 12 November 2015 Year-end report 2015 6 February 2016
Matthias Stadelmeyer, President and CEO, telephone +46 8 405 08 00 Tomas Ljunglöf, 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.
Tradedoubler discloses the information provided herein pursuant to the Swedish Securities Markets Act. The information was released for publication on 23rd of July 2015 at 08.00 a.m. CET. Numerical data in brackets refers to the corresponding periods in 2014 unless otherwise stated. Rounding off differences may arise.
This interim report has not been reviewed by the company's auditor Ernst & Young AB.
The Board of Directors and the CEO declare that the interim report for the period January – June 2015 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, 23 th of July 2015
Gautier Normand Henrik Kvick Board member Board member
Mernosh Saatchi Peter Åström Board member Board member
Matthias Stadelmeyer President and CEO
Pascal Chevalier Mikael Nachemson Chairman Board member and vice chairman
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | |
|---|---|---|---|---|---|
| SEK 000s | 2015 | 2014 | 2015 | 2014 | 2014 |
| Net Sales | 413,958 | 410,798 | 845,983 | 856,065 | 1,732,649 |
| Cost of goods sold | -335,850 | -320,147 | -677,875 | -664,153 | -1,355,589 |
| Gross profit | 78,108 | 90,651 | 168,108 | 191,912 | 377,060 |
| Selling expenses | -45,336 | -56,537 | -97,941 | -112,087 | -217,119 |
| Administrative expenses | -36,871 | -37,793 | -74,163 | -67,421 | -119,221 |
| Development expenses | -15,214 | -10,422 | -25,110 | -19,652 | -44,075 |
| Writedown goodwill | - | - | - | - | -59,993 |
| Operating profit | -19,312 | -14,102 | -29,105 | -7,247 | -63,347 |
| Net financial items | -6,724 | -4,437 | -8,810 | -4,729 | -19,332 |
| Profit before tax | -26,036 | -18,539 | -37,915 | -11,976 | -82,679 |
| Tax | 3,992 | 2,730 | 5,942 | 299 | 335 |
| Net Profit | -22,044 | -15,809 | -31,973 | -11,677 | -82,344 |
All earnings accrue to the parent company's shareholders.
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | |
|---|---|---|---|---|---|
| SEK 000s | 2015 | 2014 | 2015 | 2014 | 2014 |
| Profit for the period, after tax | -22,044 | -15,809 | -31,973 | -11,677 | -82,344 |
| Other comprehensive income | |||||
| Items that subsequently will be reversed in the income statement | |||||
| Translation difference, net after tax | -586 | 13,667 | 2,094 | 14,845 | 26,992 |
| Total comprehensive income for the period, after tax | -22,630 | -2,142 | -29,879 | 3,168 | -55,352 |
| Comprehensive income attributable to: | |||||
| Parent company shareholders | -22,630 | -2,142 | -29,879 | 3,168 | -55,352 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | |
|---|---|---|---|---|---|
| SEK | 2015 | 2014 | 2015 | 2014 | 2014 |
| Earnings per share | -0.52 | -0.37 | -0.76 | -0.28 | -1.95 |
| Number of Shares | |||||
| Weighted average | 42,332,449 | 42,332,449 | 42,332,449 | 42,332,449 | 42,332,449 |
The earnings per share above apply before and after dilution.
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | |
|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2014 | |
| Gross profit (GP) / revenue (%) | 18.9 | 22.1 | 19.9 | 22.4 | 21.8 |
| EBITDA / revenue (%) | -3.1 | -2.1 | -2.0 | 0.4 | 1.1 |
| EBITDA / gross profit (GP) (%) | -16.7 | -9.7 | -9.9 | 1.7 | 5.2 |
| Equity/assets ratio (%) | 34.0 | 38.7 | 34.0 | 38.7 | 34.5 |
| Return on equity (12 months) (%) | -22.5 | -3.9 | -22.5 | -3.9 | -17.4 |
| Average number of employees | 346 | 374 | 353 | 381 | 371 |
| Return on Capital Employed (12 months) (%) | -11.7 | -1.0 | -11.7 | -1.0 | -7.8 |
| Working Capital end of period (SEK M) | -124 | -123 | -124 | -123 | -131 |
| Cash-flow from operating activities per share, SEK | -0.8 | -1.0 | -0.7 | -2.8 | -2.6 |
| Equity per share, SEK | 9.7 | 11.8 | 9.7 | 11.8 | 10.4 |
| Stock price at the end of the period, SEK | 7.1 | 11.9 | 7.1 | 11.9 | 10.3 |
| 30 Jun | 30 Jun | 31 Dec | |
|---|---|---|---|
| SEK 000s | 2015 | 2014 | 2014 |
| Assets | |||
| Non-current assets | |||
| Goodwill | 323,032 | 374,558 | 323,682 |
| Intangible fixed assets | 65,513 | 58,956 | 57,603 |
| Tangible fixed assets | 7,255 | 4,503 | 3,667 |
| Other non-current receivables | 5,533 | 4,327 | 5,510 |
| Deferred tax assets | 55,916 | 44,535 | 48,186 |
| Total non-current assets | 457,248 | 486,880 | 438,647 |
| Accounts receivable | 380,741 | 385,797 | 421,753 |
| Tax assets | 11,042 | 8,455 | 19,030 |
| Other current receivables | 41,705 | 28,652 | 33,821 |
| Short term investments | 105,097 | 252,768 | 255,259 |
| Cash & cash equivalents | 218,200 | 127,651 | 116,747 |
| Total current assets | 756,785 | 803,322 | 846,610 |
| Total assets | 1,214,034 | 1,290,202 | 1,285,257 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | 411,462 | 499,570 | 441,341 |
| Deferred tax liabilities | 7,069 | 4,597 | 6,974 |
| Other provisions | 1,054 | 1,023 | 1,138 |
| Bond loan | 246,221 | 245,131 | 245,676 |
| Total long-term liabilities | 254,345 | 250,751 | 253,788 |
| Accounts payable | 16,379 | 13,845 | 12,142 |
| Current liabilities to publishers | 336,698 | 343,065 | 371,925 |
| Tax liabilities | 1,871 | 2,812 | 3,727 |
| Other current liabilities | 193,279 | 180,159 | 202,334 |
| Total current liabilities | 548,227 | 539,881 | 590,128 |
| Total shareholder´s equity and liabilities | 1,214,034 | 1,290,202 | 1,285,257 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | |
|---|---|---|---|---|---|
| SEK 000s | 2015 | 2014 | 2015 | 2014 | 2014 |
| Opening balance | 434,092 | 511,917 | 441,341 | 506,535 | 506,535 |
| Total comprehensive income for the period | -22,630 | -2,142 | -29,879 | 3,168 | -55,352 |
| Equity-settled share-based payments | - | 379 | - | 450 | 741 |
| Repurchase of shares | - | - | - | - | - |
| Dividend | - | -10,583 | - | -10,583 | -10,583 |
| Closing balance | 411,462 | 499,571 | 411,462 | 499,571 | 441,341 |
All capital accrues to the parent company's shareholders.
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | |
|---|---|---|---|---|---|
| SEK 000s | 2015 | 2014 | 2015 | 2014 | 2014 |
| Operating activities | |||||
| Profit before tax | -26,036 | -18,539 | -37,915 | -11,976 | -82,679 |
| Adjustments for items not included in cash flow | 12,163 | 15,794 | 16,473 | 18,791 | 99,637 |
| Income taxes paid | 87 | -3,767 | 94 | -6,006 | -11,851 |
| Cash flow from operating activities before changes in working | -13,787 | -6,512 | -21,348 | 809 | 5,107 |
| capital | |||||
| Changes in working capital | -18,253 | -36,886 | -9,103 | -119,463 | -115,404 |
| Cash flow from operating activities | -32,040 | -43,398 | -30,451 | -118,654 | -110,297 |
| Investing activities | |||||
| Net investments in intangible assets | -7,591 | -2,789 | -16,133 | -6,909 | -16,642 |
| Net investments in tangible assets | -626 | -102 | -4,009 | -155 | -692 |
| Net investments in financial assets | 178 | 1 | 178 | 26 | -899 |
| Net investments in stocks and subsidiaries | -2 | 0 | -2,844 | 0 | -1,521 |
| Net investments in short term investments | 94,264 | 3,475 | 154,803 | -48,490 | -53,205 |
| Cash flow from investing activities | 86,224 | 585 | 131,995 | -55,528 | -72,959 |
| Financing activities | |||||
| External loans | 0 | 0 | 0 | 0 | 0 |
| Repurchase of own shares | 0 | 0 | 0 | 0 | 0 |
| Dividend paid to parent company's shareholders | 0 | -10,583 | 0 | -10,583 | -10,583 |
| Cash flow from financing activities | 0 | -10,583 | 0 | -10,583 | -10,583 |
| Cash flow for the period | 54,184 | -53,396 | 101,544 | -184,765 | -193,839 |
| Cash and cash equivalents | |||||
| On the opening date | 165,078 | 173,366 | 116,747 | 304,662 | 304,662 |
| Translation difference in cash and cash equivalents | -1,059 | 7,682 | -88 | 7,754 | 5,924 |
| Cash and cash equivalens on the closing date | 218,203 | 127,651 | 218,203 | 127,651 | 116,747 |
| Adjustments for non-cash items | |||||
| Depreciation and impairment | 6,733 | 5,290 | 12,534 | 10,505 | 83,039 |
| Other | 5,430 | 10,504 | 3,939 | 8,286 | 16,598 |
| Total non-cash items | 12,163 | 15,794 | 16,473 | 18,791 | 99,637 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | |
|---|---|---|---|---|---|
| SEK 000s | 2015 | 2014 | 2015 | 2014 | 2014 |
| Net Sales | 18,388 | 23,156 | 36,264 | 52,988 | 113,141 |
| Cost of goods sold | -1,413 | -1,879 | -2,865 | -3,866 | -6,779 |
| Gross profit | 16,976 | 21,277 | 33,399 | 49,122 | 106,361 |
| Selling expenses | -3 | -1,156 | -8 | -2,260 | -2,619 |
| Administrative expenses | -28,720 | -28,360 | -53,630 | -53,235 | -104,292 |
| Development expenses | -10,056 | -7,031 | -15,686 | -13,166 | -28,935 |
| Operating profit | -21,803 | -15,269 | -35,925 | -19,539 | -29,484 |
| Net financial items | -3,639 | 1,756 | -6,016 | 1,114 | -532 |
| Profit before tax | -25,443 | -13,514 | -41,941 | -18,425 | -30,017 |
| Tax | 4,882 | 4,535 | 8,624 | 5,583 | 9,789 |
| Net profit | -20,561 | -8,979 | -33,317 | -12,842 | -20,228 |
| 30 Jun | 30 Jun | 31 Dec | |
|---|---|---|---|
| SEK 000s | 2015 | 2014 | 2014 |
| Assets | |||
| Intangible assets | 65,513 | 58,875 | 57,592 |
| Equipment, tools, fixtures and fittings | 456 | 727 | 540 |
| Participation in group companies | 161,888 | 160,881 | 158,700 |
| Deferred tax assets | 46,735 | 33,904 | 38,110 |
| Total non-current assets | 274,592 | 254,387 | 254,942 |
| Accounts receivable | 10,006 | 5,782 | 5,615 |
| Receivables from Group companies | 72,614 | 74,214 | 86,646 |
| Tax assets | 835 | 1,426 | 1,067 |
| Other current receivables | 12,588 | 11,456 | 9,451 |
| Short term investments | 105,097 | 252,768 | 255,259 |
| Cash & cash equivalents | 153,569 | 89,262 | 58,980 |
| Total current assets | 354,710 | 434,907 | 417,018 |
| Total assets | 629,302 | 689,294 | 671,960 |
| Shareholders' equity and liabilities | |||
| Shareholders equity | 153,043 | 193,415 | 186,360 |
| Bond loan | 246,221 | 245,131 | 245,676 |
| Accounts payable | 9,623 | 7,292 | 8,163 |
| Liabilities to Group companies | 126,538 | 155,139 | 130,391 |
| Other liabilities | 93,876 | 88,317 | 101,369 |
| Total current liabilities | 476,258 | 495,879 | 485,599 |
| Total shareholder´s equity and liabilities | 629,302 | 689,294 | 671,960 |
| 30 Jun | 30 Jun | 31 Dec | |
|---|---|---|---|
| SEK 000s | 2015 | 2014 | 2014 |
| Group | |||
| Pledged assets | |||
| Rent deposits | 7,048 | 6,116 | 7,569 |
| Contingent liabilities | none | none | none |
| Parent company | |||
| Pledged assets | |||
| Rent deposits | 1,530 | 1,530 | 1,530 |
| Contingent liabilities | 2,006 | 2,445 | 1,048 |
| Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | |
|---|---|---|---|---|---|---|---|---|
| SEK 000s | 2015 | 2015 | 2014 | 2014 | 2014 | 2014 | 2013 | 2013 |
| Net Sales | 413,958 | 432,025 | 452,488 | 424,096 | 410,798 | 445,267 | 504,323 | 478,835 |
| Cost of goods sold | -335,850 | -342,025 | -366,289 | -325,147 | -320,147 | -344,005 | -389,640 | -371,637 |
| Gross profit | 78,108 | 90,000 | 86,199 | 98,949 | 90,651 | 101,262 | 114,683 | 107,198 |
| Total costs | -97,421 | -99,793 | -154,900 | -86,348 | -104,752 | -94,407 | -136,830 | -91,735 |
| Operating profit | -19,312 | -9,793 | -68,701 | 12,601 | -14,102 | 6,854 | -22,147 | 15,463 |
| Net financial items | -6,724 | -2,086 | -9,653 | -4,950 | -4,437 | -291 | -3,474 | 1,074 |
| Profit before tax | -26,036 | -11,879 | -78,354 | 7,651 | -18,539 | 6,563 | -25,620 | 16,537 |
| Tax | 3,992 | 1,950 | 2,451 | -2,415 | 2,730 | -2,431 | 5,229 | -4,011 |
| Net profit | -22,044 | -9,929 | -75,903 | 5,236 | -15,809 | 4,132 | -20,392 | 12,525 |
| 30 Jun | 31 Mar | 31 Dec | 30 Sep | 30 Jun | 31 Mar | 31 Dec | 30 Sep | |
|---|---|---|---|---|---|---|---|---|
| SEK 000s | 2015 | 2015 | 2014 | 2014 | 2014 | 2014 | 2013 | 2013 |
| Assets | ||||||||
| Intangible fixed assets | 388,545 | 388,234 | 381,284 | 432,998 | 433,514 | 424,280 | 423,569 | 420,936 |
| Other fixed assets | 68,703 | 65,335 | 57,362 | 53,793 | 53,366 | 49,875 | 50,263 | 42,673 |
| Current receivables | 429,584 | 411,370 | 474,604 | 402,006 | 422,903 | 461,703 | 488,630 | 517,463 |
| Short term investments | 105,097 | 200,357 | 255,259 | 250,203 | 252,768 | 255,820 | 201,794 | 0 |
| Cash & cash equivalents | 218,200 | 165,078 | 116,747 | 159,870 | 127,651 | 173,366 | 304,662 | 186,303 |
| Total assets | 1,210,130 | 1,230,374 | 1,285,257 | 1,298,870 | 1,290,202 | 1,365,042 | 1,468,917 | 1,167,375 |
| Shareholders' equity and liabilities | ||||||||
| Shareholders' equity | 411,462 | 434,092 | 441,341 | 507,181 | 499,570 | 511,917 | 506,535 | 513,107 |
| Long-term non-interest bearing debt | 8,124 | 8,431 | 8,112 | 7,423 | 5,620 | 5,734 | 5,542 | 5,441 |
| Long-term interest bearing debt | 246,221 | 245,949 | 245,676 | 245,404 | 245,131 | 244,859 | 244,586 | 0 |
| Current non-interest bearing debt | 544,324 | 541,902 | 590,128 | 538,863 | 539,881 | 602,532 | 712,254 | 648,826 |
| Total shareholder´s equity and liabilities |
1,210,130 | 1,230,374 | 1,285,257 | 1,298,870 | 1,290,202 | 1,365,042 | 1,468,917 | 1,167,375 |
| Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | |
|---|---|---|---|---|---|---|---|---|
| SEK 000s | 2015 | 2015 | 2014 | 2014 | 2014 | 2014 | 2013 | 2013 |
| Operating activities | ||||||||
| Profit before tax | -26,036 | -11,879 | -78,354 | 7,651 | -18,539 | 6,563 | -25,620 | 16,537 |
| Adjustments for items not included in cash flow |
12,163 | 4,310 | 82,849 | -2,003 | 15,794 | 2,997 | 39,648 | 4,861 |
| Tax paid | 87 | 8 | -3,988 | -1,857 | -3,767 | -2,239 | -4,694 | -3,563 |
| Cash flow from changes in working capital |
-18,253 | 9,150 | -22,416 | 26,475 | -36,886 | -82,577 | 64,894 | 11,571 |
| Cash flow from operating activities | -32,040 | 1,589 | -21,909 | 30,266 | -43,398 | -75,256 | 74,228 | 29,406 |
| Cash flow from investing activities | 86,224 | 45,772 | -15,085 | -2,346 | 585 | -56,113 | -210,651 | -6,765 |
| Cash flow from financing activities | 0 | 0 | 0 | 0 | -10,583 | 0 | 244,586 | 0 |
| Cash flow for the period | 54,184 | 47,360 | -36,994 | 27,920 | -53,396 | -131,369 | 108,163 | 22,641 |
| Cash and cash equivalents | ||||||||
| On the opening date | 165,078 | 116,747 | 159,870 | 127,651 | 173,366 | 304,662 | 186,303 | 166,592 |
| Translation difference | -1,059 | 971 | -6,129 | 4,299 | 7,682 | 73 | 10,196 | -2,930 |
| Cash and cash equivalents on the closing date |
218,203 | 165,078 | 116,747 | 159,870 | 127,651 | 173,366 | 304,662 | 186,303 |
| Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | |
|---|---|---|---|---|---|---|---|---|
| 2015 | 2015 | 2014 | 2014 | 2014 | 2014 | 2013 | 2013 | |
| Gross profit (GP) / revenue (%) | 18.9 | 20.8 | 19.1 | 23.3 | 22.1 | 22.7 | 22.7 | 22.4 |
| EBITDA / revenue (%) | -3.1 | -0.8 | -0.4 | 4.3 | -2.1 | 2.7 | -1.2 | 4.3 |
| EBITDA / gross profit (GP) (%) | -16.7 | -3.9 | -2.1 | 18.4 | -9.7 | 11.9 | -5.2 | 19.2 |
| Equity/assets ratio (%) | 34.0 | 35.3 | 34.5 | 39.0 | 38.7 | 37.5 | 34.5 | 44.0 |
| Return on equity last 12 months (%) | -22.5 | -20.4 | -17.4 | -5.3 | -3.9 | 0.7 | 2.3 | 6.5 |
| Average number of employees | 360 | 346 | 358 | 362 | 374 | 389 | 454 | 455 |
| Return on Capital Employed last 12 months (%) |
-11.7 | -10.3 | -7.8 | -1.2 | -1.0 | 3.3 | 3.8 | 8.8 |
| Working capital at the end of the period (SEK M) |
-124 | -144 | -131 | -142 | -123 | -143 | -227 | -133 |
| Cash-flow from operating activities per share, SEK |
-0.8 | 0.0 | -0.5 | 0.7 | -1.0 | -1.8 | 1.8 | 0.7 |
| Equity per share, SEK | 9.7 | 10.3 | 10.4 | 12.0 | 11.8 | 12.1 | 12.0 | 12.1 |
| Stock price at the end of the period, SEK |
7.1 | 7.6 | 10.3 | 8.8 | 11.9 | 16.9 | 18.7 | 21.0 |
| Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Okt-Dec | Jul-Sep | |
|---|---|---|---|---|---|---|---|---|
| SEK M | 2015 | 2015 | 2014 | 2014 | 2014 | 2014 | 2013 | 2013 |
| DACH | ||||||||
| Net sales | 50.6 | 50.5 | 48.8 | 46.5 | 45.3 | 60.3 | 62.7 | 61.7 |
| EBITDA | 3.1 | 3.3 | 3.4 | 4.4 | 3.0 | 6.2 | 4.1 | 6.9 |
| France & Benelux | ||||||||
| Net sales | 79.4 | 101.8 | 104.7 | 93.4 | 101.5 | 116.6 | 124.0 | 109.0 |
| EBITDA | 1.3 | 4.0 | 3.2 | 6.9 | 6.3 | 9.0 | 8.2 | 8.7 |
| North | ||||||||
| Net sales | 74.2 | 79.1 | 94.9 | 79.9 | 74.5 | 80.9 | 94.4 | 83.5 |
| EBITDA | 7.1 | 5.3 | 13.5 | 8.7 | 6.9 | 7.9 | 3.3 | 9.3 |
| South | ||||||||
| Net sales | 44.0 | 44.1 | 46.9 | 51.8 | 44.2 | 50.6 | 56.2 | 64.1 |
| EBITDA | 4.3 | 1.2 | 1.6 | 5.0 | 2.5 | 3.9 | 2.3 | 6.6 |
| UK & Ireland | ||||||||
| Net sales | 151.0 | 134.0 | 147.1 | 133.5 | 120.8 | 108.0 | 127.5 | 123.8 |
| EBITDA | 7.5 | 6.9 | 9.6 | 7.9 | 6.3 | 7.3 | 8.9 | 9.1 |
| Technology | ||||||||
| Net sales | 8.0 | 16.8 | 11.2 | 12.3 | 12.9 | 14.1 | 15.1 | 14.9 |
| EBITDA | 1.3 | 6.8 | 6.8 | 8.7 | 9.2 | 10.8 | 8.4 | 11.5 |
| Other | ||||||||
| Net sales | 6.7 | 5.8 | -1.1 | 6.7 | 11.5 | 14.7 | 24.5 | 21.9 |
| EBITDA | 2.7 | 0.6 | -9.6 | 0.2 | 0.6 | 1.2 | 1.8 | 0.8 |
| Group management & support functions | ||||||||
| Net sales | - | - | - | - | - | - | - | - |
| EBITDA | -40.4 | -31.6 | -30.3 | -23.6 | -43.5 | -34.2 | -43.0 | -32.3 |
| Total | ||||||||
| Net sales | 414.0 | 432.0 | 452.5 | 424.1 | 410.8 | 445.3 | 504.3 | 478.8 |
| EBITDA | -13.0 | -3.5 | -1.8 | 18.2 | -8.8 | 12.1 | -6.0 | 20.6 |
A publisher that has, during the last month, generated a recordable transaction in the Tradedoubler network.
Total assets less current and long-term noninterest-bearing liabilities, including deferred tax liabilities.
EBITDA is revenue before tax, net financial items and depreciation/amortization and impairment.
EBITDA as a percentage of revenue. Equity/assets ratio - Shareholders' equity as a percentage of total assets.
Net margin Profit after tax as a percentage of sales.
Operating margin Operating profit as a percentage of revenue.
Total of shareholders' equity, minority interests, shareholder loans and deferred tax liabilities divided by total assets.
Price of the share divided by shareholders' equity per share.
Share price divided by revenue for the year per share.
Revenue for the period as a percentage of the average shareholders' equity, calculated as open and closing shareholders' equity divided by two.
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 of the year divided by the average number of shares after full dilution.
Total equity as a percentage of total assets.
Total current assets less cash and cash equivalents, short term investments and total current liabilities.
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