Full Year Report 2009
(Thomson Reuters ONE) - Stable fourth quarter and fully subscribed rights issue create opportunitiesJanuary - December 2009· Net sales amounted to SEK 3,014 M (3,457).· Gross profit (GP) was SEK 690 M (747) and the gross margin amountedto 22.9 (21.6) percent. Gross profit was positively impacted by changes inforeign exchange rates of SEK 37 M compared with the previous year.· Operating profit (EBIT) totaled SEK -105 M (150) and the operatingmargin was -3.5 (4.3) percent. Operating profit was positively impacted bychanges in foreign exchange rates of SEK 20 M compared with 2008.· Impairment of goodwill of SEK 150 M was carried out, in respect ofIMW Group in the UK which was acquired in 2007, due to a weak result and a moreconservative assessment of the future development. Non-recurring items amountedto SEK -180 (0) M in total.· Operating profit, adjusted for non-recurring items, amounted to SEK75 M (150). The decline was mainly attributable to lower gross profit, primarilydue to lower sales in the UK.· Profit after tax totaled SEK -178 M (94).· Earnings per share before/after dilution totaled SEK -5.29 (2.80).· The cash flow from operating activities amounted to SEK 65 M (218).· A rights issue of SEK 356 M was carried out in December withpreferential rights for existing shareholders, which was fully subscribed.· The Board of Directors proposes to the Annual General Meeting adividend of SEK 0.0 (0.0) per share.October- December 2009· Net sales amounted to SEK 725 M (814).· Gross profit (GP) was SEK 172 M (195) and the gross margin amountedto 23.7 (24.0) percent. Gross profit was negatively impacted by changes inforeign exchange rates of SEK -3 M compared with the fourth quarter of theprevious year.· Operating profit (EBIT) totaled SEK 21 M (9) and the operating marginwas 2.8 (1.1) percent. Operating profit was negatively impacted by changes inforeign exchange rates of SEK -3 M compared with the corresponding period in2008. The improvement was due to lower overhead costs which were counterbalancedby lower gross profit.· Profit after tax amounted to MSEK 5 (4).· Earnings per share before/after dilution totaled SEK 0.16 (0.11).· The cash flow from operating activities amounted to SEK 107 M (88).CEO's commentsThe result for the final quarter of the year was stable and without surprises.My assessment is that we shall maintain our market shares within our mainbusiness Affiliate. The decline in sales and gross profit is due to generalprice pressure and lower demand, mainly owing to the fact that the advertisingclimate continues to be weak. The integration of td Search and the work onstrengthening the sales offering is starting to deliver results. We see animprovement in the UK. TradeDoubler has a customer offering and geographicalcoverage that is unrivalled by any competitor. Overhead costs were reducedsignificantly during Q4 2009 compared with the preceding year, owing tocost-saving measures, but gross profit declined at the same rate as previousquarters. The Company is prepared for cost-effective growth, following thefundamental improvements carried out during 2009. Our goal is to attract newcustomers and to sell more to existing customers and thereby capture marketshare. This shall happen through continued development of the offering and salesmodel. The successful rights issue grants us new possibilities and means that wecan seize business opportunities, including geographical expansion, on thechanging and expanding market for internet marketing.?jan Frid, President and CEOAnalyst meeting and conference call:A meeting with analysts and the media has been arranged on February 9 at 10 a.m.in TradeDoubler's premises at Sveav?n 20, Stockholm.The presentation may also be followed via phone:+46 8 5051 3792 or UK +44 (0)20 7806 1967.For more information, please contact:?jan Frid, President and CEO, Phone: + 46 8 - 405 08 00orjan.frid(at)tradedoubler.com
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Datum: 09.02.2010 - 02:03 Uhr
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