Decreasing net sales, partly offset by lower costs 

The first quarter January – March 2014

  • Net sales were SEK 445 M (528), a decrease of 16 per cent year on year, or 19 per cent adjusted for changes in exchange rates.
  • Almost half of the revenue decline versus Q1 2013 was due to the following previously communicated factors; lower revenues from two large pan-European customers, a decline in France largely related to market specific reductions in the e-mail channel, reductions in non-core business and markets where offices recently were closed.
  • Gross margin amounted to 22.7 (22.6) per cent and gross profit was SEK 101 M (119), a decrease with 15 per cent. Adjusted for changes in exchange rates the decrease was 18 per cent. The gross profit generation relating to the above mentioned pan-European customers ceased during the latter part of the interim period. Gross profit relating to them amounted to SEK 5 M during the quarter.
  • Operating cost decreased by SEK 11 M compared to the first quarter 2013 and amounted to SEK 89 (100) M. The reduction was primarily a result of a significant reduction of staff to 367 (476). The decrease was mainly attributed to the restructuring programme announced at the end of last year.
  • EBITDA amounted to SEK 12 (19) M, lower costs compensated for more than half of the gross profit decline.
  • Cash flow from operating activities was SEK -75 M (5). The development during the quarter was due to a normalization of working capital.
  • Earnings per share, before and after dilution, amounted to SEK 0.10 (0.28).
  • Richard Julin was appointed to the new role Chief Revenue Officer and Tomas Ljunglöf was appointed as new CFO.

Significant events after the balance sheet date

  • Matthias Stadelmeyer has been appointed acting President and CEO of Tradedoubler while the recruitment process of a permanent CEO is ongoing. The Board decided in April that Rob Wilson would leave his position as President and CEO of Tradedoubler.
FINANCIAL OVERVIEW, SEK MJan-Mar 2014Jan-Mar 2013Change %2Fyll year 2013
Net sales445528-19%2,001
Gross profit101119-18%455
Gross margin22.7%22.6%22.7%
Total costs excluding depreciation-89-100-14%-402
EBITDA margin3%4%3%
Operating profit (EBIT)715-58%24
Net investments in fixed assets-4-9-32
Cash-flow from operating activities-755126
Liquid assets incl financial investments, at period’s end429150506
Net cash1, at period’s end184150262
1. Current investment and liquid assets excluding interest-bearing liabilities
2. Per cent changes are adjusted for changes in exchange rates

Acting CEO Matthias Stadelmeyer’s comments on the first quarter 2014

“Tradedoubler is showing a continued decrease in net sales in the first quarter, while total market reported increasing revenues. The reduction in costs is explained by the recent restructure of the company. The execution has gone according to plan and is still expected to reduce operating costs by SEK 55 M on an annual basis, with full impact from second half of 2014.

The company’s short term focus is to improve top-line developments and operational efficiency. Several projects have already been initiated with the aim to streamline internal processes, free up time for more client facing activities and improving operational performance. I see a substantial potential for further improvements.

I am proud of recently having been appointed acting CEO. Our solid financial position, active owners and dedicated personnel as well as our strong product offering and large pan European network of advertisers and publishers give us a good foundation to increase market share and turn the negative revenue trend around.”


This interim report will be presented at a teleconference on the 6th of May 2014 at 10.00 a.m. CET. To follow the presentation, please dial (SE) +46 8 505 982 61, (UK) +44 207 660 20 79 or (US) +1 855 716 15 92. The presentation may also be followed via webcast using the link:


Tradedoubler discloses the information provided herein pursuant to the Swedish Securities Markets Act. The information was released for publication on 6th of May 2014 at 08.00 a.m. CET. The Group’s numbers in this interim report are recognised excluding discontinued operations unless otherwise stated. Numerical data in brackets refers to the corresponding period in 2013 unless otherwise stated. Rounding off differences may arise.

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