Tradedoubler. Year-end report January-December 2013

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1 Tradedoubler Year-end report January-December

2 Agenda Q4 results Market overview Strategy update Summary Q&A 2

3 3 Q4 results

4 Q4 highlights Strengthened foundations for profitable growth, but disappointing Q4 sales Restructuring programme to reduce operating cost by SEK 55 M per year was announced, with full impact from second half of 2014 Nordic operations to be run from Stockholm All offices and corporate functions streamlined Campaign activity integrated into performance marketing Growing number of functions handled through central client support centre New management team in place early 2014 Bond loan with nominal value of SEK 250 M issued in December improving longterm prospects for expansion Net sales amounted to SEK M (567.7), a decrease of 12% adjusted for exchange rates The Board proposes a dividend of SEK 0.25 (0.0) per share 4

5 Net sales Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Net sales SEK M, currency adjusted -12% Campaigns decreased 31%, currency adjusted Performance marketing decreased 8%, same y/y decline as in Q3. Ramping up new clients taking longer than expected Continued effect on top-line of traffic sources in France, and softer demand in market unit South and in France Sweden, Norway and Poland showed growth in Q4, UK closing the gap

6 New client wins in Q4 Corporate Bon Prix (DE, AT, CH, FR, BE, NL, IT, SE) DACH HLX, Plan.net East Vue Movie Distribution, Domex, Grupa Keko, ESky, PAP France & Benelux Canal Plus, HOM, Trivago, Idee Cadeau, My Sweetie Box, EnergieDirect, Molecaten, Aanbieidingen Telegraaf Nordics Dustin (SE, DK, NO), Buildor, TonerWeb, Veken Kaluste, Unibet, Kokken 24 South COOP, Made.com, Myefox, TAP Airlines (ES, PT, UK, DE, CH, FR, IT, BR), Disney Store (ES), Parfois (ES, PT, FR, PL) UK & Ireland Cruise.co.uk, Betfair, Time Out, Optical Express, Wonga, Celebrity Cruises, Unisport, Epuffer, Internacionale, I-Pro Sport, Snapfish 6

7 Gross profit Gross profit Gross margin, % Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q Gross profit at SEK M, currency adjusted -15.6% GP margin impacted by product mix y/y 7

8 Operating costs Excl. depreciation and amortisation Change related costs Operating costs, excl. depreciation & amortisation 20 0 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Operating costs decreased to SEK 98.7 M, currency adjusted 15.8% Run-rate excl. depreciation and change related costs SEK 32.9 M (38.9) per month Change-related costs in Q of SEK 22.0 M (10.9) mainly related to severance pay and costs for closing offices in Denmark & Finland 8

9 EBITDA % 13% 11% 30 9% % % 5% EBITDA EBITDA/Net sales, % % 4.0% 4.3% 2.8% % 1.2% -1.2% 0.0% Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 3% 1% -1% -3% EBITDA including change related cost decreased to SEK -6.0 M (6.9) Change related cost affected the quarter with SEK 22.0 M (10.9) 9

10 EBITDA Adjusted for change related costs % 40 12% % % % 4.0% 4.3% 3.1% % 3.2% 0.4% Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 10% 8% 6% 4% 2% 0% EBITDA EBITDA/Net sales, % Adjusted EBITDA was SEK 16.0 M (17.8) Adjusted EBITDA margin increased slightly y/y to 3.2% (3.1%) 10

11 Cash flow MSEK Q413 Q412 Cash flow from op activities before changes in working capital Change in working capital Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash flow for the period from continuing operations Cash position Q312 Q412 Q113 Q213 Q313 Q413 11

12 Market overview - E-commerce in Europe - Internet advertising expenditure forecasts - Our mobile opportunity 12

13 Market place indicators Key data sources are used to assess the health & opportunity within our sector E-commerce Retail e-commerce Online travel Mobile commerce Key indicators of market place opportunity Internet advertising expenditure Performance marketing expenditure key markets +5% Competitor performance 13

14 14 E-commerce in Europe

15 million Continued growth in all markets Retail e-commerce in Western Europe will increase from 112bn (2012) to 191bn by ,000 UK, Germany and France will continue to account for around 75% of retail e-commerce 60,000 50,000 40,000 30,000 20,000 10,000 United Kingdom Germany France Netherlands Italy Spain Sweden (F) 2014 (F) 2015 (F) 2016 (F) 2017 (F) 15 Source: Forrester Online Retail Forecast (Western Europe) Retail does not include travel and cars

16 millions Growth will continue in all major retail verticals 45,000 40,000 Top ten retail e-commerce sectors Western Europe by 2017 CAGR % 11% Clothing Consumer electronics 35,000 30,000 14% 9% Household goods and furniture Food & drink 25,000 20,000 12% 13% 7% Event tickets Car parts Computers 15,000 11% Books 10,000 15% Footwear 5,000 12% Household appliances (F) 2014 (F) 2015 (F) 2016 (F) 2017 (F) 16 Source: Forrester Online Retail Forecast (Western Europe) Retail does not include travel and cars

17 17 Online ad spend in Europe

18 millions Internet advertising investment will continue to grow 10,000 9,000 8,000 7,000 6,000 5,000 4,000 13% 16% 15% 13% 10% 8.8% annual growth in internet ad spend forecast for Western Europe Spend will increase from 18bn in 2013 to 23.6bn by 2016 Internet forecast to account for 31% of total ad spend in Western Europe by 2016, up from 23% in Internet continues to take share from press advertising By the end of 2016 over 40% of advertising investment is forecast to go online in UK and Sweden; over 30% in Netherlands Internet advertising investment forecast to overtake TV for first time in 2016 UK, DE, FR will continue to account for between 68% and 70% of Western European internet ad spend 7% 5% 5% 9% 10% Countries listed in order of forecast internet spend in ,000 2,000 1,000 7% 4% 5% 6% 6% 8% 6% 7% 7% 5% 8% 10% 8% 8% 8% -2% 1% 5% 2% 10% -1% 4% 5% 6% - UK Germany France Netherlands Sweden Spain Italy 18 Source: Advertising Expenditure Forecasts ZenithOptimedia December 2013

19 19 Mobile & tablet commerce

20 millions Updated Forrester forecast: mobile commerce predicted to grow from 8.4bn in 2013 to over 28bn by 2018 Mobile retail, daily deals and travel sales by country EU-7 10,000 9,000 8,000 7,000 27% average annual growth CAGR % 28% UK Germany 6,000 32% France 5,000 4,000 3,000 2,000 1,000 32% 33% 28% 26% Spain Italy Netherlands Sweden (F) 2014 (F) 2015 (F) 2016 (F) 2017 (F) 2018 (F) 20 Source: Forrester Research Mobile & Tablet Commerce Forecast (EU7)

21 millions Updated Forrester forecast: tablet commerce predicted to grow from 17.3 billion in 2013 to over 113bn by 2018 Tablet Retail, daily deals and travel sales by country EU7 50,000 45,000 40,000 35,000 46% average annual growth CAGR % 47% UK Germany 30,000 56% France 25,000 20,000 15,000 10,000 5,000 50% 49% 42% 51% Spain Italy Netherlands Sweden (F) 2014 (F) 2015 (F) 2016 (F) 2017 (F) 2018 (F) 21 Source: Forrester Research Mobile & Tablet Commerce Forecast (EU7)

22 Tablets will account for an increasing proportion of online retail sales % of online retail sales made via mobile and tablet Mobile Tablet 34.4% 27.9% 20.8% 14.1% 2.5% 4.6% 3.5% 8.5% 5.2% 6.5% 7.9% 9.1% (F) 2014 (F) 2015 (F) 2016 (F) 2017 (F) 22 Source: Forrester Research Mobile & Tablet Commerce Forecast (EU7)

23 23 Mobile ad spend

24 millions Mobile ad spend will grow from 1.3 billion in 2012 to 9.2 billion by 2016 UK will account for 40% of mobile ad spend by ,000 Forecast growth in mobile adspend 3,500 3,000 2,500 2,000 1,500 1, % average annual growth UK Germany France Italy Netherlands Sweden Spain Norway Denmark Finland Source: emarketer Comparative Estimates Mobile Advertising June 2013

25 Summary Market development E-commerce 1 Retail e-commerce Online travel M-commerce 27% annual growth Tablet commerce 46% annual growth Performance marketing expenditure key markets 11% 9% Continued growth in European performance marketing sector over the next few years Internet advertising expenditure 2 Mobile ad spend 64% annual growth Competitors performance Forecasts & indicators 5 : +10% UK FY % Germany FY % France FY % Revenue growth of key competitors softened during Q Forrester European online retail forecast ZenithOptimedia December 2013 Growth forecast based on Forrester Research Mobile Commerce Forecast (EU7) 4 emarketer Comparative Estimates Mobile Advertising June Sources for Performance Marketing growth forecasts: UK IAB/PwC OPM Study Jan 2014; Germany OVK 2013/02; France SRI 10ème édition de l Observatoire de l e-pub 2013

26 26 Strategy execution Restructure New appointments Corporate bond

27 The restructure Rationale and scope Continues the programme we began in November The reason for the restructure is to: strengthen our foundations for sustainable, profitable growth focus on core performance marketing business operate more efficiently Scope of the restructure Nordic operations to be run from Stockholm All offices and corporate functions streamlined Campaign activity integrated into the performance marketing business Growing number of administrative functions handled through central client support centre 27

28 The restructure What the measures will deliver Annual cost savings of SEK 55 M Effects will start to be felt in Q2 results Full impact during second half of 2014 Programme is in line with strategic direction to focus on performance marketing A leaner, more efficient organisation that is resourced to achieve growth in revenue and earnings 28

29 Product development Portfolio and new releases Leading technology platform tailored to the demands of affiliate marketing Continued mobile leadership built on the awards for the best mobile affiliate offering 2012 and New releases during Q4 Further enhancements to the publisher payment process Enhanced reporting suite for mobile traffic New and fully automated solution to manage transaction inquiries First release of a completely overhauled advertiser interface 29

30 Appointment of Chief Revenue Officer & Chief Strategy Officer Chief Revenue Officer (CRO) Richard Julin has been appointed Chief Revenue Officer His role is to develop and implement a revenue generation strategy that delivers long term sustainable growth Regional directors, the international sales team and corporate client team report to Richard Richard s most recent roles were as CEO at Mediaplanet, a content marketing company and senior roles at the Swedish TV companies TV3 and TV6 Chief Strategy Officer (CSO) Andrew Buckman has been appointed Chief Strategy Officer Andrew will continue to drive increased operational efficiencies, working closely with Matthias Stadelmeyer Continued responsibility for operations in Telford 30

31 Appointment of Chief Financial Officer Jonas Ragnarsson resigned his position as CFO in December 2013 Tomas Ljunglöf joined the company as CFO on 27 January Tomas most recently held the position of CFO at ORC Group 31

32 Corporate bond In December Tradedoubler announced the issue of a corporate bond of SEK 250 million The purpose of the bond is to strengthen our financial position and enable us to evaluate strategic opportunities to drive growth organically as well as through potential acquisitions The bond was oversubscribed, which is a testament to the credibility of Tradedoubler among investors We are in the process of evaluating several strategic opportunities with the aim of changing our position within the marketplace and strengthening our credentials as a leading provider of performance marketing solutions 32

33 Q4 Summary Strengthened foundations for profitable growth, but disappointing Q4 sales Restructuring programme to reduce operating cost by SEK 55 M per year was announced, with full impact from second half of 2014 New management team in place early 2014 with the additions of Tomas Ljunglöf (CFO) and Richard Julin (CRO) Bond loan with nominal value of SEK 250 M issued in December improving longterm prospects for expansion triggering evaluation of new strategic opportunities Positive top-line development in Sweden, Norway and Poland; still challenging in market unit South and in France The Board proposes a dividend of SEK 0.25 (0.0) per share The Board s long term financial targets are 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 33

34 Q&A Q1 report: 6 May

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