Link Mobility Group ASA

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1 Link Mobility Group ASA Financial Result Third quarter

2 Financial Performance Link Mobility Group ASA (Link) had revenue of MNOK 38,2 in Q3 2014, and MNOK 114,7 in the first 9 months of EBITDA in Q3 was MNOK 4,2 and EBITDA for the first 9 months of 2014 was MNOK 12 with EBITDA margins of 11 percent and 10,5 percent respectively. The gross margin was 44,2 percent in Q and 41,1 percent for the first 9 months. The financial performance was as expected, and in accordance with the budget. Compared with the financial performance in Q3 2013, the revenue increased by MNOK 6 from MNOK 32,2 to MNOK 38,2 and EBITDA increased by MNOK 2,1 from MNOK 2,1 to MNOK 4,2. The first 9 months of 2014 showed an increase in revenue of MNOK 15,7 and an increased EBITDA of MNOK 4,2, compared to the same period in Revenue and EBITDA for Q showed, as expected, a reduction in revenue and EDITDA compared with Q as July and early August is traditionally low season for B2B mobile services and license sale/renewal. Q4 is traditionally a very strong quarter due to high demand for mobile services in November and December as both businesses and humanitarian organizations increase their mobile interaction with their customers, members and other end users. The figures below show the overall financial development during the period from Q to Q in terms of revenue, gross margin and EBITDA. 2

3 The increase in revenue and EBITDA in Q compared to the Q was due to increased revenues and margins in the business segments LINK Dialog and LINK License: LINK Dialog revenue increased by 29,8 percent and MNOK 4,3 from Q to Q3 2014, due to the growing market of B2B SMS and Link s increased share of that market. LINK License revenue increased by 148,6 percent and MNOK 5,2 from Q to Q Link s acquisition of the InTouch business in March 2014, gave Link a solid license based client portfolio and access to Eniro s Scandinavia databases. The successful integration of the InTouch business has made LINK License into an important business segment for Link, both in terms of revenue and profitability. LINK Payment experienced a reduction in revenue from Q to Q of 26,1 percent and MNOK 3,6. The reduction was expected and caused by the loss of FINN Torget revenue when classified at FINN Torget became free of charge in Q2 2014, new mercantile models that reduced Link s revenue share and the temporary stop in the sale of physical goods through SMS billing (that opened up again in Q4 2014). The market for mobile payment is expected to grow substantially as the technological solutions improves and become more accessible for businesses and more consumers friendly. In Q less than 1 percent of Link s proximately customers used mobile payment. The figures below show revenue from the business segments in terms of MNOK and in terms of the percentage of Link s total revenue during the period from Q to Q

4 Market conditions and outlook The acquisition of PSWinCom AS On the Link signed the agreement regarding acquisition of PSWinCom AS. Link acquires all shares in PSWinCom AS. The transaction will close on the PSWinCom is one of Norway s leading B2B suppliers of mobile solutions, and is providing mobile services for Norwegian and international companies. PSWinCom has 21 employees located in Oslo and Bergen. In 2013 the company reported revenue of MNOK 90,7 and EBITDA of MNOK 10. For the first 9 months of 2014, PSWinCom had revenue of MNOK 73,5 and EBITDA of MNOK 11. The transaction value (enterprise value of PSWinCom) is MNOK 85,5, based on an assumed EBITDA of MNOK 13,5. MNOK 32 will be paid at closing, MNOK 25,65 will be paid in shares in Link based on a agreed price of NOK 27,5 per share and the remaining is sellers credit to be paid no later than 36 months after closing. The seller s credit is to bear an interest of 5 percent p.a. Of the total of Link shares to be used in the settlement, Link owns The shares were purchased in an open market tender at the end of October The shares were purchased at the price of NOK 24 per share new shares will be issued through a private placement towards Stabben AS, the seller of PSWinCom AS. The cash settlement upon closing will be partly financed by short term loans from two of Link s shareholders, Rugz AS and Sevencs AS. Link will borrow up to MNOK 10 from each of the two shareholders. The loans will bear an interest of 3 months NIBOR + 5 per cent. Outlook 2014 Q4 is traditionally a very strong quarter due to high demand for mobile services in November and December. This is expected to give a strong financial result for the business segments LINK Dialog and Link Payment. As many customers are renewing their licenses in Q4, LINK Licence is also expected to contribute to a strong result for Q and thus for the financial year The figures below show the increase in the number of delivered SMSs through LINK Dialog and the end user payment in MNOK handled by LINK Payment for the period January 2013 to October They show the growth in sent SMS and payment in Q3 2014, and that the positive trends continued in October The growth is expected to continue and to become even stronger in November and December

5 LINK Dialog LINK Mobile Payment 5

6 Long Term Outlook Link has through the acquisition of PSWinCom AS strengthened its position as the largest provider of mobile services in the Norwegian market and has become a major Nordic mobile service provider. By combining the two companies technical platforms, operational resources, business models and highly skilled employees, Link is well positioned for further expansions in the fast growing market for mobile messaging, mobile payment and mobile search. The A2P SMS market is expected to increase with about 8 per cent annually over the next years. As one of the major suppliers of SMS services to private companies, humanitarian organizations and public services in its markets, Link is anticipating a substantial growth in revenue from Link Dialog. As the market is expanding, a margin pressure has to be expected. Link believes that the price pressure will be strongest on wholesale SMS, and will therefore continue its focus on delivering value added SMS to its customers. Link s broad spectre of additional mobile services extending from LINK Mobile, LINK License and LINK Consulting will enable Link to offer its customers high quality SMS services. Mobile payment is expected to increase with close to 20 percent annually over the next years. At present, there is a multitude of various payment solutions already introduced to the market, and more solutions are to be launched in the near future. Link s technology enables it to provide most payment solutions for its customers. This gives Link a competitive advantage. Additionally, it makes it unnecessary for Link to take any risk of attaching its services to one or few payment solutions while the technology and market is still in rapid development. Less than 1 percent of Link s approximately customers (after the acquisition of PSWinCom AS) used mobile payment by the end of Q It is likely that these businesses and organizations, that are already using Link s other mobile services, will choose LINK Payment when gradually adapting to mobile payment. LINK Licence is experiencing solid renewal statistics. Through the acquisition of InTouch from Eniro AS in March 2014, Link got the right to use Eniro s database for Scandinavia free of charge for a period of 5 years. This right ensures continued solid margins for the LINK Licence business. The acquisitions of InTouch and of PSWinCom in 2014 have and will continue to contribute to the expansion of the Norwegian part of Link. The next main focus will now bee on the Swedish market. Link s ambition is to increase its Swedish business by both organic growth and through M&As. Over the next years Link will continue to grow by increasing its market shares in the rapid growing markets for B2B mobile services. 6

7 Consolidated Profit and Loss Note 3Q Q 2013 YTD 2014 YTD 2013 Year 2013 Revenues Total operating revenues Cost of services rendered Payroll Other operating expenses Total operating expenses EBITDA Depreciation and amortization Operating profit Interest income Interest expense Other financial items Net financial items Profit (loss) before tax Income tax expense (income) Profit (loss) for the period Earnings per share (NOK/Share) Earnings per share 0,217 0,038 0,642 0,263 0,223 Diluted earnings per share 5 0,209 0,038 0,618 0,263 0,214 Exchange rate differences Group Total comprehensive income

8 Consolidated Balance Sheet Note Assets Non-current assets Deferred tax assets Intangible assets Equipment and fixtures Total non-current assets Current assets Trade receivables and other receivables Cash and cash equivalents Total current assets Total assets Equity and liabilities Equity Share capital Share premium Other equity (uncovered losses - ) Total equity Long term liabilities Debt relating to acquisition of InTouch Total long term liabilities Short term liabilities Borrowings Other long term liabilities Trade and other payables Tax Payable Total short term liabilities Total liabilities Total equity and liabilities

9 Statement of changes in equity Note Ordinary shares Share premium Uncovered losses Total equity Balance at Profit/Loss for the year Issue of share capital Value of warrant Currency translation differences Balance at Note Ordinary shares Share premium Other equity Total equity Balance at Profit/Loss Q1,Q2and Q Value of warrant Currency translation differences Balance at Note Ordinary shares Share premium Other equity Total equity Balance at Profit/Loss Q1,Q2 and Q Currency translation differences Balance at

10 Consolidated Cash Flow Statement 3Q Q 2013 YTD 2014 YTD 2013 Year 2013 Cash flow from operating activities Profit (loss) before tax Taxes paid Depreciation and amortization Adjustment for share-based payment Net interest in profit and loss Interest received Interest paid Change in trade receivable and other receivables Change in trade and other payables Net cash flow from operating activities Cash flow from investing activities Proceeds from sale of intangible assets - Purchase of tangible assets Purchase of intangible assets Net cash flow from investing activities Cash flow from financial activities Proceeds from borrowings Repayment of borrowings Payments of debt relating to acquisition of subsidiary Proceeds from issuing new shares Costs related to share issue Net cash flow from financial activities Foreign exchange effect on cash Net change in cash and cash equivalents Cash and cash equivalents at the beginning for the period Cash and cash equivalents at end of the period

11 Note 1 General information Link Mobility Group ASA is a private limited company registered in Norway. Link Mobility Group ASA is the parent company of the Link Mobility Group (Group) and owns 100 per cent of the subsidiaries Link Mobility AS in Norway, Link Mobility AB in Sweden and Link Mobility SIA in the Baltics. The Group s headquarter is located in Oslo, Norway. The Group assists clients having mobile dialog with their customers and provides mobile payment solutions for its clients. The Group offers products and services extending from mobile dialog, mobile marketing, mobile payment, mobile CRM and mobile applications. The Groups business is classified into the following business segments; Dialog, Payment, License and Consulting. Note 2 Basis for preparation / Accounting Policies The interim financial statement for the third quarter 2014 has been prepared in accordance with IAS 34 Interim Financial Reporting. The financial statement should be read in conjunction with the annual financial statement of the financial year 2013, which have been prepared in accordance with IFRS and the financial statement for the first two quarters 2014 that have been prepared in accordance with IAS 34 Interim Financial Reporting. The accounting policies adopted are consistent with those of the previous financial reporting. The financial statement for the third quarter 2014 was approved by the Board of Directors on the The financial statement has not been audited or review by auditors. The Group s presentation currency is Norwegian kroner (NOK), which is also the parent company s functional currency. All amounts are stated in 1000 NOK. Consolidation The consolidated financial statements show the total financial results and financial position of the parent company, Link Mobility Group ASA, and its subsidiaries that are 100 per cent owned by Link Mobility Group ASA, and are fully consolidated in the consolidated financial statement: Note 3 Revenue and segment reporting The table below shows the revenues generated, by countries and business segment. Revenues per country 3Q Q 2013 YTD 2014 YTD 2013 Year 2013 Norway Sweden Latvia Total Revenues by segment 3Q Q 2013 YTD 2014 YTD 2013 Year 2013 Dialog Payment License Consulting Total

12 Note 4 Cost of services rendered Cost of services rendered relates to the cost of sales of the different segments. 3Q Q 2013 YTD 2014 YTD 2013 Year 2013 Dialog Payments Licenses Consulting services Total Note 5 Warrants Futurum Capital AS had initially warrants in Link Mobility Group ASA, bought in April The warrants were expensed as OPEX TNOK 559 in The warrants strike price was NOK 6 per share with a term of 3 years. Futurum Capital AS was to pay a fee of TNOK 277 for the right to buy the warrants by May Link Mobility Group ASA and Futurum Capital AS are discussing the terms. Note 6 Related party transactions The following transactions were carried out with related parties: Sales (+) and purchases (-) of goods and services (excl VAT) 3Q Q 2013 YTD 2014 YTD 2013 Year 2013 Crayon AS (Jens Rugseth, Rune Syversen) Complit Holding AS (Jens Rugseth, Rune Syversen) Futurum Capital AS (Harald Dahl) Kvinnesiden AS (Siw Ødegaard) Period-end balances arising from sales/purchases (incl VAT) 3Q Q 2013 YTD 2014 YTD 2013 Year 2013 Crayon AS (Jens Rugseth, Rune Syversen) Complit Holding AS (Jens Rugseth, Rune Syversen) Futurum Capital AS (Harald Dahl) Kvinnesiden AS (Siw Ødegaard) Loans from related parties 3Q Q 2013 YTD 2014 YTD 2013 Year 2013 Unsecured loan (principal loan) from Rugz AS (Jens Rugseth) Unsecured loan (principal loan) from Sevencs AS (Rune Syversen) Outstanding interests on the loan from Rugs AS (Jens Rugseth) Outstanding interests on the loan from Sevencs AS (Rune Syversen)

13 Link Mobility Group ASA Rosenkrantz' gate Oslo Contact information: CFO Siw Ødegaard Mob:

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