Continued focus on operational execution
The first quarter January – March 2013
Net sales amounted to SEK 527.9 M (640.2), a decrease of 14 per cent adjusted for changes in exchange rates. The decline is explained by a signficant, but expected, volume drop in the non-strategic campaigns business as well as the loss of some major clients within the performance marketing segment early 2012.
Gross profit amounted to SEK 119.5 M (146.4).
EBITDA amounted to SEK 19.1 M (18.1), an increase of 21 per cent adjusted for changes in exchange rates which is primarily attributed to a reduction of the cost base by 20 per cent adjusted for changes in exchange rates. Last year the EBITDA was affected by SEK 5.4 M in change-related costs.
Earnings per share, before and after dilution, increased to SEK 0.3 (0.2).
Changed outlook for operating costs
The monthly cost run rate for operating costs before depreciation and amortisation during Q1 stood on average at SEK 33.5 M, below the lower end of our guidance in the year-end report 2012, of SEK 35-37 M. Tradedoubler anticipates that the costs during the remainder of 2013 will continue at approximately the same level as during the first quarter. For more information regarding outlook see page 8 in the report.
FINANCIAL OVERVIEW, SEK M | Jan-Mar | Jan-Mar | Change % | Full year |
2013 | 2012 | 2012 | ||
Net sales | 527,9 | 640,2 | -13,9% | 2 307,7 |
Gross profit | 119,5 | 146,4 | -15,0% | 541,5 |
as a percentage of net sales | 22,6% | 22,9% |
| 23,5% |
Total costs excluding depreciation | -100,4 | -128,3 | -19,5% | -519,3 |
average per month | -33,5 | -42,8 |
| -43,3 |
EBITDA | 19,1 | 18,1 | 20,7% | 22,2 |
as a percentage of net sales | 3,6% | 2,8% |
| 1,0% |
Adjusted EBITDA2 | 19,1 | 23,5 | -9,9% | 53,3 |
as a percentage of net sales | 3,6% | 3,7% |
| 2,3% |
Operating profit (EBIT) | 14,9 | 12,6 | 44,2% | 0,0 |
Cash-flow from operating activities | 4,8 | -9,0 | -14,9 | |
Net investments in intangible assets | -8,2 | -8,1 | -36,2 | |
Earnings per share, SEK | 0,3 | 0,2 | -0,2 | |
Cash-flow from operating activities per share, SEK | 0,1 | -0,2 | -0,4 | |
Return on equity (12 months) (%) | -1,5 | 14,7 | -1,9 |
Per cent changes are adjusted for changes in exchange rates
Adjusted for change-related costs in 2012
Presentation
This interim report will be presented at a press and analyst conference on 3 May 2013 at 10.00 a.m. CET in Tradedoubler’s premises at Sveavägen 20.
Other information
Tradedoubler discloses the information provided herein pursuant to the Swedish Securities Markets Act. The information was released for publication on 3 May 2013 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 2012 unless otherwise stated. Rounding off differences may arise.