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The data within the annual reportContents
Tradedoubler AB (publ), 556575-7423, is a Swedish public restricted legal responsibility firm with its registered oﬃce in Stockholm. The corporate is topic to Swedish legal guidelines and as a listed firm is obliged to adjust to NASDAQ Stockholm’s guidelines and laws which govern data disclosure to the market.
All values are said in Swedish kronor. Kronor expressed in hundreds of thousands is abbreviated to SEK M and kronor expressed in hundreds is abbreviated to SEK ‘000. Numerical information in brackets refers to 2020 until in any other case said. Details about markets and the aggressive scenario is Tradedoubler’s personal evaluation, until a speciﬁc supply is supplied. You may subscribe to press releases and ﬁnancial studies on Tradedoubler’s web site.
The Annual Report is ready in Swedish and translated into English. Ought to diﬀerences happen between the Swedish Annual Report and the English translation, the Swedish model shall prevail.
BOARD OF DIRECTORS’ REPORT 4
SUSTAINABILITY REPORT 6
RISKS AND UNCERTAINTY FACTORS 7
CORPORATE GOVERNANCE 8
CONSOLIDATED ACCOUNTS 14
NOTES TO THE CONSOLIDATED ACCOUNTS 18
PARENT COMPANY ACCOUNTS 36
NOTES TO THE PARENT COMPANY ACCOUNTS 40
BOARD AND CEO’S SIGNATURES 46
AUDITOR´S REPORT 47
BOARD OF DIRECTORS 52
COMPANY MANAGEMENT 53
ALTERNATIVE PERFORMANCE MEASUREMENTS 54
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5 12 months abstract
Total ﬁnancial feedback
Complete income Gross proﬁt Gross margin, %
Working prices, excl. depreciation1, 2
EBITDA adjusted for change associated gadgets2
Change associated gadgets
42 22 -3 2 39 23
Annual Common Assembly
Interim report January-March 2022
Interim report January-June 2022
Interim report January-September 2022
12 months-end report 2022
18 Could 2022
18 Could 2022
21 July 2022
3 November 2022
10 February 2023
The group’s whole income throughout 2021 amounted to
SEK 1,421 M (1,235). This was a rise of 15 per cent or a change of 18 per cent adjusted for adjustments in alternate charges in comparison with 2020.
Gross proﬁt amounted to SEK 277 M (255), which was a rise of 10 per cent or a rise of 13 per cent adjusted for adjustments in alternate charges.
EBITDA amounted to SEK 61 M (62).
Investments, primarily associated to activated improvement bills, amounted to SEK 30 M (24).
Working proﬁt (EBIT) amounted to SEK 28 M (25).
The sum of money and interest-bearing ﬁnancial property on the finish of 2021 amounted to SEK 94 M (89). Web money was
SEK 1 M (-30).
Earnings per share, earlier than and after dilution, amounted to SEK 0.53 (0.16).
The Board proposes that no dividend ought to be declared for 2021 (SEK 0 per share). No dividend was paid for 2020.
BOARD OF DIRECTORS’ REPORT
Board of administrators’ report
The board of administrators and the chief government oﬃcer of Tradedoubler AB (publ), company registration quantity 556575-7423, hereby submit the annual accounts for the operations within the guardian firm and the group for the ﬁnancial 12 months 2021.
Tradedoubler is a world chief in performance-based digital advertising and marketing and know-how powering a singular community of connections. The corporate works with over 2,000 advertisers by means of its community of 180,000 publishers in over 80 coun-tries. In 2021, Tradedoubler generated SEK 37 bn incremental income for its purchasers by means of e-commerce and m-commerce.
Tradedoubler’s enterprise technique
Tradedoubler operates throughout the dynamic atmosphere of digital and cellular commerce, which is characterised by constructive traits in each client and promoting expenditure. The digi- tal advertising and marketing sector in Europe and worldwide may be very dynamic.
Channels resembling social media, video and cellular proceed to develop their market share and promoting is more and more traded on an automatic foundation. This dynamic is inﬂuencing our enterprise and, along with advances in know-how, opens a variety of recent alternatives for our purchasers and us.
For advertisers and publishers who wish to develop their enterprise Tradedoubler oﬀers efficiency advertising and marketing and know-how options powering a singular community of connections. Combining over 20 years of digital advertising and marketing innovation and experience and world presence Tradedoubler oﬀer tailor-made efficiency solu– tions based mostly on our purchasers’ wants. Our market-leading built-in know-how platform tracks on-line buyer journeys. It creates data-driven perception that helps us ship focused efficiency promoting throughout a number of, high-quality digital channels:
• Business-leading aﬃliate advertising and marketing community: Aﬃliate market-ing is a risk-free answer for advertisers seeking to enhance gross sales or leads as they solely pay for outcomes.
• White-label associate administration platform: Our award-winning know-how platform permits advertisers, publishers or companies to handle partnerships immediately themselves or setup and run their very own personal aﬃliate community.
• Marketing campaign administration: We oﬀer performance-based campaigns tailor-made to our shopper’s wants and based mostly on programmatic and non-programmatic stock. From lead technology to show, native commercial, video and app set up.
• Market-leading enterprise intelligence: Information-driven insights together with consumer journey reporting and evaluation to optimise digital advert spend for the very best return throughout all channels.
Constructing and rising relations is our lifeblood and our key experience for greater than 20 years. 264 staff based mostly in 14 oﬃces join advertisers and publishers in additional than 80 international locations across the globe to develop their enterprise.
SIGNIFICANT EVENTS DURING THE YEAR
In 2016 Tradedoubler acquired a minority stake in DynAdmic for a complete quantity of EUR 1,2 M. In June 2021 these shares have been
Tradedoubler Annual Report 2021
offered to Sensible, a number one impartial French adtech platform, for a complete potential quantity of EUR 2 M. Round EUR 1.75 M have been acquired in July 2021 as an upfront fee and a earnout of EUR 0.25 M will depend on future outcomes of the corporate. The divestment of shares elevated the outcomes by SEK 9.3 M, the place of SEK 2.7 M is the estimated results of the earn-out.
TRADEDOUBLER’S CURRENT POSITION
In 2021, Tradedoubler has made signiﬁcant progress in its operations and for the ﬁrst time in a very long time has proven double-digit progress in each gross sales and gross proﬁt. Covid-19 has continued to aﬀect operations in 2021, however to not the identical extent as final 12 months. The journey section, which was initially hit very laborious through the pandemic, had actual progress through the fourth quarter of 2021 and virtually doubled its revenues in contrast with the identical interval final 12 months.
If not explicitly said, the disclosed ﬁnancial data refers to reported numbers not adjusted for change associated gadgets nor adjustments in alternate charges. For comparability causes and to point the underlying efficiency, Tradedoubler alter for change associated gadgets. For extra data, see web page 6.
Consolidated whole income throughout 2021 have been SEK 1,421 M (1,235), which was a rise of 15 per cent or 18 per cent adjusted for adjustments in alternate charges.
Gross proﬁt for the 12 months amounted to SEK 277 M (255). Gross proﬁt adjusted for change associated gadgets through the 12 months was SEK 279 M (255) a rise of 10% or 13% adjusted for adjustments in alternate charges. Gross margin amounted to 19.5% (20.6). The principle cause for the lower in gross margin is pushed by bigger purchasers with decrease margins than the common shopper.
Working prices excluding depreciation and alter associated gadgets through the 12 months was SEK 212 M (191), a rise of 11% or 13% adjusted for adjustments in alternate charges.
Working proﬁt earlier than depreciation and amortisation (EBITDA) through the 12 months amounted to
SEK 61 M (62). Adjusted for change associated gadgets, EBITDA was SEK 67 M (64).
Depreciation and amortisation have been SEK 33 M (37), the lower is especially associated to a write-down of roughly SEK 3 M in 2020, which was associated to an inside R&D mission.
Working proﬁt thus amounted to SEK 28 (25) M in 2021.
CASH FLOW AND FINANCIAL POSITION
Money ﬂow from working actions earlier than adjustments in working capital, referring to EBITDA diminished by paid taxes, paid curiosity and non-cash gadgets amounted to SEK 40 M (40) through the 12 months.
Modifications in working capital have been SEK 15 M (49).
BOARD OF DIRECTORS’ REPORT
Web investments in tangible and intangible property through the 12 months primarily associated to product improvement amounted to SEK -30 M (-25). Money ﬂow amounted to SEK 2 M (35).
The sale of Dynadmic has aﬀected money ﬂow throughout 2021 by a complete of SEK 17.7 M. The cash-ﬂow throughout 2021 has additionally been impacted by an early amortization of one of many loans from the corporate’s principal proprietor Reworld Media. The early amortiza– tion impacted the money ﬂow by SEK -16 M, and amassed curiosity associated to this a part of the mortgage was paid and impacted the money ﬂow by SEK -1.3 M.
Money and money equivalents on the finish of the 12 months amounted to SEK 94 M (89). Curiosity-bearing liabilities amounted to SEK 93 M (118) and pertains to the mortgage agreements with Reworld Media S.A. In the course of the 12 months SEK 28 M of the mortgage has been amortized. Web money therefore amounted to SEK 1 M (-30) on the finish of the 12 months.
Consolidated shareholders’ fairness amounted to SEK 261 M (226) on the finish of the 12 months and the fairness/asset ratio was 28.3 per cent (27.0). The return on fairness through the rolling 12 months ending December 2021 was 9.7 per cent (3.1).
On December 31, 2021, Tradedoubler’s staﬀ corresponded to 264 (242) full-time equivalents (FTE) and included everlasting and momentary staff in addition to consultants.
CHANGE RELATED ITEMS
For comparability causes and to point the underlying perfor– mance, Tradedoubler adjusts for change associated gadgets. The next gadgets aﬀect the comparability on this report.
Change associated gadgets within the 12 months 2021 amounted to SEK -6,3 M, the place SEK -3,3 M associated to prices linked to Reworld Media’s share program to key administration personnel which is described on web page 10 within the Annual report 2020. SEK -2,2 M pertains to a lower in income attributable to ﬁrst indications from the Swedish Company for Financial and Regional Progress, that they will reclaim the grants contributed in 2020 for the brief working hour scheme. The quantity was conﬁrmed and repaid in 2022.
SEK -0.7 M is prices associated to a breach of an settlement associated to oﬃce prices, and severance fee over a number of segments.
Change associated gadgets within the 12 months 2020 amounted to SEK -2 M and associated to prices linked to Reworld Media’s share program to key administration personnel.
For extra data, see Be aware C25.
SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE
The post-reporting interval has been marked by Russia’s aggres– sion in opposition to Ukraine. The battle has thus far had little or no eﬀect on Tradedoubler’s operations. It’s too early to say how the enterprise shall be aﬀected in the long term. Relying on the course of occasions, it’s not unreasonable to imagine that the corporate shall be aﬀected in any method, both immediately or not directly by means of its prospects.
Aside from this, no signiﬁcant occasions have occurred for the reason that finish of the reporting interval..
THE PARENT COMPANY
The guardian firm’s whole income amounted to SEK 106 M (88) throughout 2021. Income primarily consisted of inside licens-ing income to subsidiaries.
Working proﬁt (EBIT) amounted to SEK 14 M (9) throughout 2021.
Web ﬁnancial gadgets amounted to SEK -20 M (7). Dividends from group firms have been SEK 4 M (5) and adjustments in alternate charges have impacted pre-tax proﬁt in 2021 with SEK -4 M (6). In the course of the fourth quarter of 2021, a write-down of shares in subsidiaries was made, which aﬀected earnings by SEK 25 M. Proﬁt after tax amounted to SEK -6 M (9) throughout 2021.
The guardian firm’s receivables from group firms amounted to SEK 178 M (147) at finish of 2021, of which none (0) have been non-current. The guardian firm’s liabilities to group firms have been SEK 98 M (87), of which none (0) have been non- present. Money and money equivalents amounted to SEK 45 M (41) on the finish of 2021.
Deferred tax property amounted to SEK 0,1 M (0,1) on the finish of 2021. No capitalisation of deferred tax on loss has been made
Complete income (SEK M)
Gross margin (%)EBITDA (SEK M)
EBITDA/Gross proﬁt (%)
Excluding change associated gadgets
SEKSMEK M 15010500
25percent25%SEKSMEK M 70 70
Tradedoubler Annual Report 2021