Interim report for the period April 1 - June 30, 2018

April - June

  • Net sales amounted to MSEK 18.9 (16.9), an increase of 12% compared to the same quarter last year
  • Net sales excluding withholding tax amounted to MSEK 17.1 (14.4), an increase of 19%.
  • EBITDA result amounted to MSEK 2.4 (2.6)
  • EBITDA margin amounted to 12.2% (15.2)
  • Profit after tax amounted to MSEK 2.1 (-1.3)
  • Profit per share amounted to SEK 0.30 (-0.20)
  • Total cash flow amounted to MSEK 0.8 (-2.8)

January - June

  • Net sales amounted to MSEK 31.1 (40.4), a decrease of 23% compared to the same quarter last year
  • Net sales excluding withholding tax amounted to MSEK 27.7 (34.2), a decrease of 19%
  • EBITDA result amounted to MSEK -0.6 (10.5)
  • EBITDA margin amounted to 0.0% (26.1)
  • Profit after tax amounted to MSEK -4.2 (4.9)
  • Profit per share amounted to SEK -0.61 (1.52)
  • Total cash flow amounted to MSEK 1.4 (0.5)

 CEO comment

"We are now beginning to see the benefits of hard work on long term and I am pleased to be able to present an EBITDA result for the second quarter pointing in the right direction. The result was due to a good order intake that enabled a net sales of SEK 18.9 million, the strongest quarter since the first quarter of 2017. Due to our business model and cost structure, it proves that only a few large deals are required for the company to show good profitability.

In the second quarter, SDS ownership has changed and we have new owners from management and board as well as a number of external investors. This is due to the acquisition of all SDS shares corresponding to 23 percent of ownership and the acquisition of the entire loan of SEK 35 million from Invuo. Further, it was very positive that the owner consortium waived SEK 3 million of the accrued interest on the loan and also participated in a rights issue above market price that added SDS 7 million.

Business during the quarter was dominated by a large order from a new customer in a new market in East Africa. More than half of the order value has been recognized in the second quarter and the remainder will be recognized as income during the third quarter. In addition, we received orders for a license upgrade as well as a number of add-on orders from existing customers.

Furthermore, we have signed a new deal for reseller credits with a large mobile operator for launch in the third quarter. We are pleased with the development of the reseller credit business thus far after testing the concept of some smaller mobile operators during the first half of the year. During the last days of the quarter, we signed a smaller agreement for delivery of our ERS 360 base system to another new customer in a new market. It includes the first delivery of ERS 360 with our new integration with the Diameter Protocol, which further increases ERS 360's ability to integrate with a wide range of features in a mobile network. Diameter is an open standard for communication between applications used by most mobile operators. This integration opportunity is expected to further strengthen our customer relationships in the long run.

The number of opportunities continues to increase and we continue to work on new mobile operators. In parallel, we plan to launch a number of new products, primarily to the existing customer base.

A brand new business concept has been launched, albeit on a small scale, called International Value Transfer (IVT). The business model means, in short, that we use our customers and business contacts as channels for making international transfers. We have started with one of our existing customers in Nigeria and have advanced discussions with a few more mobile operators for launch in the third quarter."

Tommy Eriksson, CEO, Seamless Distribution Services AB"

For the complete report see the attached file.

For further information, please contact:
Lars Kevsjö, CFO
lars.kevsjo@seamless.se

This information is the information that Seamless Distribution Systems AB (publ) is required to disclose under the EU Market Abuse Regulation.

The information was submitted for publication on July 13, 2018 at. 08.30 CET.

 

About Seamless Distribution Systems AB (SDS)
SDS is a Swedish software company with solutions for electronic distribution of services to private consumers through mobile operators in emerging countries. The company offers its corporate customers a comprehensive solution for digital transactions. The company has customers in 28 markets that reach over 200 million mobile consumers through more than 675,000 retailers. SDS has about 140 employees in Sweden, Belgium, Ghana, USA, Pakistan, India, Ecuador and the United Arab Emirates. With over 16 years of experience, SDS focuses on high level of customer satisfaction and effective development. SDS manages over 5.3 billion transactions annually and enables the growing population of emerging countries to become part of the mobile revolution.

SDS share is listed on NASDAQ First North Premier.

The company's Certified Adviser is Mangold Fondkommission AB, telephone number +46 8-5030 1550.

Seamless vinner strategisk order från en mobiloperatör i Rwanda, värd 5 miljoner kronor

Seamless Distribution Systems AB (SDS) har tagit emot en initial order från den ledande operatören i Rwanda till ett värde av 5 miljoner kronor för leverans av sitt system som hanterar digital distribution.


Seamless wins strategic order from a mobile operator in Rwanda, worth SEK 5 million

Seamless Distribution Systems AB (SDS) has received an initial order from Rwanda's leading operator valued to SEK 5 million for delivering its system that handles digital distribution.


Seamless får en stororder, värd 20 miljoner kronor, från en mobiloperatör i Nigeria, som är Afrikas största marknad.

Seamless Distribution Systems AB (SDS) har fått en initial order på 20 miljoner SEK från en mobiloperatör i Nigeria. Nigeria är den största marknaden i Afrika med 197 miljoner invånare och med över 165 miljoner mobilabonnenter.


Seamless receives a major order worth 20 million SEK from a mobile operator in Nigeria, Africa's largest market.

Seamless Distribution Systems AB (SDS) has received an initial order of 20 million SEK from a mobile operator in Nigeria. In the African continent Nigeria is the largest country with its 197 million inhabitants and with over 165 million mobile subscribers.


SDS får en order från MTN på ett komplett system inklusive multifunktionsterminaler till Sudan

Seamless Distribution Systems AB har mottagit en första beställning av ett system för insamling och behandling av data för autentisering av användare. Ordern inkluderar även den senaste generationen av multifunktionsterminaler. Detta system ger också möjlighet till försäljning av digitala värdebevis från MTN i Sudan. Värdet på ordern är initialt 2,7 miljoner SEK.


Seamless får en genombrottsorder i mellanöstern för ett mobilt finansiellt system

Seamless har fått en order från en ledande mobiloperatör i Mellanöstern på initialt över 2 miljoner kronor. Ordern sträcker sig i ett första skede över tre år och gäller en digital plånbok samt tillhörande transaktionsplattform. Ordervärdet täcker den initiala installationen och en garanterad minsta månatlig avgift under denna första period.


Seamless enters the Middle East financial technology market with an order for Mobile Financial Services

Seamless has received a purchase order worth over 2 million SEK over three years for its Digital Wallet and Transaction Processing platform from a leading mobile network operator in the Middle East. The order value covers the initial setup and minimum monthly committed charges.


Seamless ingår ett avtal för digital distribution i Etiopien

Seamless Distribution Systems AB (Seamless) bryter in på Afrikas näst största marknad - Bolaget har ingått ett avtal om en initial period på fem år, den täcker ett initialt värde om 5 miljoner kronor. Dessutom kommer Seamless att få en del av intäkterna som genereras av den digitala distributionen av elektroniska värdebevis via sin ERS-plattform.

Seamless kommer att samarbeta med sin partner Smart Digital Technology för att hjälpa Ethio Telecom med digitalisering av värdekedjan för distribution av taltid, datapaket och andra e-produkter. Ethio Telecom är Afrikas största mobiloperatör som tillhandahåller tjänster till mer än 66 miljoner abonnenter.


Seamless enters into an agreement for digital distribution business in Ethiopia

Seamless Distribution Systems AB (Seamless) enters Africa's second largest market with an agreement for an initial period of five years that covers an initial value of 5 million SEK. In addition, Seamless will receive a portion of the revenues generated by the electronic recharge sales transactions processed through its ERS platform.

Seamless will work together with its partner Smart Digital Technology in assisting Ethio Telecom with the digitalization of the value chain for distribution of airtime and other e- products. Ethio Telecom is Africa's largest mobile network operator, serving more than 66 million subscribers.



Seamless Distribution Systems AB förvärvar Invuo eProducts Sweden AB:s verksamhet i Sverige

Seamless Distribution Systems AB (SDS) har tecknat avtal med konkursförvaltaren i Invuo eProducts Sweden AB (eProducts) om ett inkråmsförvärv av eProducts verksamhet i Sverige. SDS kommer att betala 200 000 kronor kontant och förvärvet kommer att genomföras inom en månad. Driften i eProducts kommer fram till och med förvärvstillfället att fortgå som vanligt med enda skillnaden att SDS kommer att vara ansvariga för verksamheten.


Delårsrapport för perioden 1 juli - 30 september 2018

juli - september

  • Nettoomsättningen uppgick till 17,6 (15,9) MSEK, en ökning med 10,2 % jämfört med samma kvartal föregående år.
  • Nettoomsättningen exklusive källskatt uppgick till 15,9 (14,3) MSEK, en ökning med 11,1 %.
  • EBITDA-resultatet uppgick till 2.4 (4,3) MSEK.
  • EBITDA-marginalen uppgick till 13,1% (21,0%).
  • Resultat efter skatt uppgick till -0,9 (0,7) MSEK.
  • Resultat per aktie uppgick till -0,12 (0,10) SEK.
  • Totalt kassaflöde uppgick till -2,0 (1,9) MSEK.

Januari - september

  • Nettoomsättningen uppgick till 48,7 (56,4) MSEK, en minskning med 13,6 % jämfört med samma period föregående år.
  • Nettoomsättningen exklusive källskatt uppgick till 43,7 (48,5) MSEK, en minskning med 10,0 %.
  • EBITDA-resultatet uppgick till 1,7 (14,8) MSEK.
  • EBITDA-marginalen uppgick till 3,4% (24,4%).
  • Resultat efter skatt uppgick till -5,1(4,5) MSEK.
  • Resultat per aktie uppgick till -0,71 (0,95) SEK.
  • Totalt kassaflöde uppgick till -0,6 (2,4) MSEK.

Interim report for the period July 1 - September 30, 2018

July - September

  • Net sales amounted to MSEK 17.6 (15.9), an increase of 10.2% compared to the same quarter last year
  • Net sales excluding withholding tax amounted to MSEK 15.9 (14.3), an increase of 11.1%.
  • EBITDA result amounted to MSEK 2.4 (4.3)
  • EBITDA margin amounted to 13.1% (21.0%)
  • Profit after tax amounted to MSEK -0.9 (0.7)
  • Profit per share amounted to SEK -0.12 (0.10)
  • Total cash flow amounted to MSEK -2.0 (1.9)

January - September

  • Net sales amounted to MSEK 48.7 (56.4), a decrease of 13.6% compared to the same period last year
  • Net sales excluding withholding tax amounted to MSEK 43.7 (48.5), a decrease of 10.0%
  • EBITDA result amounted to MSEK 1.7 (14.8)
  • EBITDA margin amounted to 3.4% (24.4%)
  • Profit after tax amounted to MSEK -5.1 (4.5)
  • Profit per share amounted to SEK -0.71 (0.95)
  • Total cash flow amounted to MSEK -0.6 (2.4)


Furqan Hameed slutar på Seamless Distribution Systems (SDS)

Furqan Hameed lämnar rollen som chef för Product Management & Product Marketing i slutet av november. Furqan är anställd i det pakistanska bolaget Synavos och har varit medlem i koncernledningen sedan 2017.


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