Jul-Sept2015 Jul-Sept2014 jan-sept 2015 jan-sept 2014
Net revenue 74 034 42 662 201 123 127 540
Operating profit -27 775 -40 738 -83 848 -113 686
Operating margin neg neg neg neg
Profit/loss after tax -29 392 -40 794 -85 688 -113 980
Ernings per share -0,70 -0,97 -2,04 -2,72
SIGNIFICANT EVENTS DURING THE THIRD QUARTER
·
Seamless’ U.S. subsidiaries received licenses for payment services in the United
States, known as a “Money Transmitter License,” the expectation is that the
remaining licenses will be approved within the next twelve months.
·
Seamless issued SEK 29 million of convertible debentures. The board of directors
of Seamless resolved to issue these bonds pursuant to the authorization granted
at the latest annual general meeting of the company.
·
Seamless launched tomorrow’s digital cash register the new service is integrated
into the SEQR app and is included under the MyShop section.
·
SEQR is now available in all 134 Swedish JYSK stores.
·
Seamless’ transaction received a 1.7 MSEK order for Nigeria and Ghana from a
leading African mobile operator group for the installation of its transaction
switch. Seamless enters into the strategically very important Nigerian market,
which is the largest economy in Africa, and is strengthening considerably its
market position in Ghana.
SIGNIFICANT EVENTS AFTER THE CLOSE OF THE REPORTING PERIOD
·
As SEQR should fund for long term growth, Seamless intends to bring in a
strategic equity partner as co-investor in the subsidiary SEQR by a directed
equity placement. Awaiting the completion of such transaction, in order to cover
negative cash flow Seamless intends to, by means of the existing authorization
from the general meeting, raise capital by a private placement of shares or
convertibles in Seamless of approximately 25 MSEK.
·
Seamless has secured a new order in Africa for its proprietary wireless POS
terminal. The order is worth USD 2.4 million and is the latest in a series of
orders that the Transaction Switch division has received during the third
quarter in the rapidly growing African market. In total, Seamless has now
received orders valued at USD 5.3 million in Africa.
·
Belgium’s leading pharmaceutical supplier Febelco has signed an agreement with
Seamless to introduce the company’s SEQR mobile payment solution. Initially,
SEQR is now being introduced as a payment method in some 150 webstores of a
total of 2,000 that can comprise Febelco’s online solution Febelnet.
·
SEQR’s new reward for its loyal users - 25 SEK reward to SEQR customers each
time they recommend the service to a new user. In addition to receiving cashback
on all purchases, users will also be rewarded for recommending friends and
family.
·
NFC technology included in SEQR – during the first quarter of 2016 the SEQR
consumers will be able to make payments using anyc NFC card terminal. Number of
card terminals supporting the NFC technology is forecasted to 24 million in
2015.
·
Seamless is planning to implement a private placement in its subsidiary SEQR.
The proposed transaction structure would create a beneficial situation for
Seamless shareholders.
CEO’s Comment
The third quarter has been especially intense for Seamless – both in terms of
financial growth and product development. Our revenues continue to rise sharply
and reached approximately SEK 75 million at the end of this quarter, an increase
of 75 percent compared to the same period last year. After the quarter’s close,
we launched some of our most significant product innovations for SEQR. In
addition, we have begun the process of finding one or more co-investors for
SEQR.
All three of our divisions performed exceptionally well. The Transaction Switch
and the Distribution divisions grew significantly – up 217 and 53 percent
respectively for our mobile payment service SEQR, revenues have remained largely
unchanged over the first nine months, this despite a steady increase in the
number of merchants who are offering SEQR as a payment solution.
It is not infrequent that I am asked how it is possible that revenues for SEQR
are not rising when we have such a strong
growth in the number of new stores that have adopted our mobile payment
solution. The explanation is quite simple. We often offer a reduced fee for a
period of time to facilitate the decision to introduce SEQR as a payment
solution. Therefore, there will be a lag in revenues, even though the number of
transactions are substantially increasing, which itself is an indicator of
future income.
SEQR has further consolidated its position as the most technologically powerful
mobile payment solution. At the beginning of next year SEQR users will be able
to automatically pay by means of Near Field Communication (NFC). It will then
not matter whether a retailer has signed a contract with SEQR or not; but rather
it will be sufficient that the store has a payment terminal that supports NFC.
This technology is expected to find widespread acceptance, as it is the solution
Apple has chosen. Already by the end of the year, the number of POS terminals
that support NFC technology is expected to reach 24 million. We regard Apple’s
entrance into the market for mobile payments as something positive, as it will
hasten the transition to this method of payment.
The other major development of our services is that we have introduced a
remittance service, which makes it possible to make international payments
between SEQR users. The recipient receives the money in their local currency.
Initially, the service is free of charge. The charge for this type of service is
on average 8 percent of the amount transferred. Our assessment is that this
customer segment is price sensitive, which we believe will have a positive
impact on the interest in our solution. The market for remittance services is
extremely large and has generated revenues of approximately $600 billion in
2014.
Perhaps the most exciting news for our shareholders that we are now seeking
strategic co-investors for SEQR, which today is a wholly-owned subsidiary. With
the assistance of our financial advisors, who have broad international expertise
and reach, our ambition is to bring in enough capital in order to be able to
leverage our technological advantage and expand without being hampered by
restrictions in terms of financial resources. With this co-investment, Seamless
shareholders will continue to receive the benefit of the value contained in SEQR
and additionally acquire a market valuation of what we have achieved with our
mobile payment service, without having to engage in further financing rounds.
Meanwhile Seamless owns 100 percent of the fast growing and profitable
Transaction Switch and Distribution divisions.
Peter Fredell
CEO
CONSOLIDATED
Revenue
Seamless’ revenues increased during the third quarter by 74 percent to SEK 74
034 thousand (42 662). The sales are distributed between the various business
segments, with 28 percent (16) from the Transaction Switch business segment, 70
percent (76) from the Distribution business segment, and 2 percent (5) from the
SEQR business segment.
Financial Result
The consolidated operating loss amounted to SEK -27 775 thousand (-40 738) in
the second quarter.
Second quarter net losses from financial items amounted to SEK -1 575 thousand (
-27).
Earnings per share amounted to SEK -0.70 (-0.97) for the quarter.
Personnel
We had a total of 154 (160) employees at end of the quarter. In addition to
this, Seamless has retained approximately 50 consultants – primarily in India,
Ghana and Pakistan.
Investments
During the quarter, investments have been made in a total amount of SEK 1 303
thousand (10 998). Product development costs have been capitalized at a value of
SEK 4 393 thousand (5 587), while depreciation taken and amortization amounted
to SEK -3 983 thousand (-5 014).
Cash flow and financial position
Cash flow from operating activities amounted to SEK -25 843 thousand (-35 627)
for the third quarter. Bank deposits and cash equivalents at the end of the
quarter amounted to SEK 28 109 thousand (175 050). The company needs a liquidity
fund of 2 MSEK in the Swedish operations to maintain its money transmitter
license from the Financial Supervisory Authority. Corresponding liquidity base
for the US market is appr. $ 1 million when starting up the business. A total of
appr. 10.5 MSEK.
The Group has interest bearing liabilities in the form of leases for hardware
amounting to
SEK -1 602 thousand (-2 396), divided between long-term debt of SEK -757
thousand (-979) and short-term debt of SEK –845 thousand (-1 417). An interest
-bearing liability in the form of a convertible loan amounts to SEK 29 million
with an annual interest rate of 7 percent. The interest during the third quarter
amounted 445 tkr.
As SEQR should fund for long term growth, Seamless intends to bring in a
strategic equity partner as co-investor in the subsidiary SEQR by a directed
equity placement. Awaiting the completion of such transaction, in order to cover
negative cash flow Seamless intends to, by means of the existing authorization
from the general meeting, raise capital by a private placement of shares or
convertibles in Seamless of approximately 25 MSEK.
The Company has no interest-bearing liabilities to banks or other credit
institutions.
Seamless has an equity ratio of 51 (85) percent.
Acquisition of customers
As of February 2015 customer lists were purchased. When the final settlement was
signed the seller was obliged to repay the purchase price plus approximately SEK
600 thousands in accordance with the settlement agreement. The additional SEK
600 thousands is accounted for as Other Income.
PARENT COMPANY
The parent company’s net sales for the quarter amounted to SEK 1 963 thousand (5
393) and net financial result amounted to a loss of SEK -77 306 thousand (-275).
A write-down of shares in subsidiaries have had a one-time effect of SEK -74
million. Net gains/losses in the parent company from financial items amounted to
SEK -75 464 thousand (-103), and the parent company had bank deposits/cash on
hand in the amount of SEK 326 thousand (150 482) at the close of the quarter.
The parent company had 4 (5) employees at the close of the quarter.
SIGNIFICANT EVENTS DURING THE PERIOD JANUARY – SEPTEMBER 2015
·
Seamless’ U.S. subsidiary received licenses for payment services in the United
States, known as a “Money Transmitter License”.
·
Seamless issued SEK 29 million of convertible debentures. The board of directors
of Seamless resolved to issue these bonds pursuant to the authorization granted
at the latest annual general meeting of the company.
·
Seamless launched tomorrow’s digital cash register, the company’s SEQR payment
solution. All SEQR users will have access to the digital cash register, which
becomes a standard feature of the SEQR app.
·
SEQR now available in all 134 Swedish JYSK stores.
·
Seamless’ transaction received a substantial order for Nigeria and Ghana from a
leading African mobile operator group for the installation of its transaction
switch.
·
SEQR launches MyShop – the service that allows everyone to start-up a mobile e
-commerce shop. The new MyShop feature in the SEQR app provides all users their
own shop with a simple, secure and free of charge payment solution.
·
SEQR is available in more than 500 Colruyt, Okay, Bio-Planet, Cru, Dreamland,
Dreambaby stores as well as independent Spar stores.
·
SEQR releases Instant Checkout and strengths in e-commerce.
·
SEQR goes live in Great Britain and the United States during the quarter, and is
now available in 12 different countries.
·
Seamless Vice President Ingrid Lindström will be leaving her position in autumn
2015.
·
SEQR advertised the best rebate program in the market and connects the service
directly to one’s bank account.
·
In the spring of 2015, SEQR was rolled out at Q-Park’s 2500 payment machines
around the country.
·
Seamless has developed plug-ins for some of the world’s largest e-commerce
platforms such as Magento, OpenCart, PrestaShop and WooCommerce. This investment
means that hundreds of thousands of online merchants will be able to connect
SEQR to their web shops and offer their customers the possibility of payment by
mobile device.
·
The migration of Ingram Micro’s customers. The anticipated annual revenues for
the customers who migrate to Seamless amounts to about SEK 70-75 million.
·
Annika Blomé, Chief Product Officer, became a new member of Group Management. At
the same time, Anders Forssten resigned as Chief Marketing Officer.
TRANSACTIONS WITH CLOSLEY RELATED PARTIES
Seamless has not engaged in any transactions with closely related parties.
OTHER
Accounting Policies
This quarterly report has been prepared in accordance with IAS 34, Interim
Financial Reporting, which is consistent with Swedish law via the application of
the Swedish Financial Reporting Board’s Recommendation RFR 1, Supplementary
Accounting Policies for Groups, and RFR 2, Accounting for Legal Entities, in
regard to the parent company. The same accounting policies, definitions of key
figures, and methods of computation have been applied as in the most recent
annual report for both the Group and the Parent Company, unless otherwise noted
below.
Significant risks and uncertainties in the business activities
Seamless’ business operations are affected by a number of external factors where
various risk factors may have an impact on the Company. These risk factors may
result in an impact on the Company’s ability to achieve its business objectives
or targets. Seamless is in need of additional liquidity. As SEQR should fund for
long term growth, Seamless intends to bring in a strategic equity partner as co
-investor in the subsidiary SEQR by a directed equity placement. Awaiting the
completion of such transaction, in order to cover negative cash flow Seamless
intends to, by means of the existing authorization from the general meeting,
raise capital by a private placement of shares or convertibles in Seamless of
approximately 25 MSEK.
This report contains forward looking statements that are based on Seamless’
management’s current expectations. Even though management believes that the
expectations which are stated in such forward-looking statements are reasonable,
no assurance can be given that such expectations will prove correct.
Accordingly, future results could materially differ from those stated or implied
in the forward-looking information due to, among other things, changes in
economic, market and competitive conditions, changes in the regulatory
environment and other political or governmental measures, fluctuations in
exchange rates, and other factors. For further reference, please refer to the
statement in the latest Annual Report on its pages 16-17.
FINANCIAL INFORMATION
+--------------------------------+---------+---------+------+-----+---------+
|Group report over total earnings|Jul |Jul |Jan |Jan |Full |
|SEK thousand |-Sept2015|-Sept2014|-Sept |-Sept|-Year2014|
| | | |2015 |2014 | |
+--------------------------------+---------+---------+------+-----+---------+
|Net Sales |74 034 |42 663 |201 |127 |170 754 |
| | | |123 |540 | |
+--------------------------------+---------+---------+------+-----+---------+
|Other operating income |-1 247 |597 |167 |1 662|1 566 |
+--------------------------------+---------+---------+------+-----+---------+
|Material costs |-62 525 |-35 837 |-156 |-105 |-141 627 |
| | | |538 |313 | |
+--------------------------------+---------+---------+------+-----+---------+
|Other external costs |-17 758 |-21 615 |-54 |-59 |-84 844 |
| | | |947 |153 | |
+--------------------------------+---------+---------+------+-----+---------+
|Personnel costs |-16 168 |-21 175 |-57 |-64 |-92 125 |
| | | |153 |911 | |
+--------------------------------+---------+---------+------+-----+---------+
|Depreciation |-3 983 |-5 014 |-16 |-12 |-17 639 |
| | | |069 |610 | |
+--------------------------------+---------+---------+------+-----+---------+
|Other operating costs |-127 |-357 |-432 |-902 |-1 082 |
+--------------------------------+---------+---------+------+-----+---------+
|Operating result |-27 775 |-40 738 |-83 |-113 |-164 997 |
| | | |848 |686 | |
+--------------------------------+---------+---------+------+-----+---------+
|Financial net |-1 575 |-27 |-1 650|-212 |482 |
+--------------------------------+---------+---------+------+-----+---------+
|Profit before tax |-29 350 |-40 765 |-85 |-113 |-164 515 |
| | | |499 |898 | |
+--------------------------------+---------+---------+------+-----+---------+
|Income tax |-42 |-29 |-190 |-81 |-276 |
+--------------------------------+---------+---------+------+-----+---------+
|Profit for the period |-29 392 |-40 794 |-85 |-113 |-164 792 |
| | | |688 |980 | |
+--------------------------------+---------+---------+------+-----+---------+
|OTHER COMPREHENSIVE INCOME | | | | | |
+--------------------------------+---------+---------+------+-----+---------+
|Currency translation differences|155 |101 |574 |419 |609 |
+--------------------------------+---------+---------+------+-----+---------+
|Total comprehensive income |-29 237 |-40 693 |-85 |-113 |-164 183 |
|attributable to parent company | | |115 |560 | |
|shareholders | | | | | |
+--------------------------------+---------+---------+------+-----+---------+
+----------------------------------------+------------+-------------+----------+
|Consolidated Balance SheetSEK thousand |Sept 30 2015| Sept 302014|Dec 312014|
+----------------------------------------+------------+-------------+----------+
|ASSETS | | | |
+----------------------------------------+------------+-------------+----------+
|Intangible assets |42 844 |39 842 |41 631 |
+----------------------------------------+------------+-------------+----------+
|- of which goodwill |5 966 |5 820 |6 032 |
+----------------------------------------+------------+-------------+----------+
|- of which capitalized development costs|34 275 |32 779 |34 362 |
+----------------------------------------+------------+-------------+----------+
|- of which customer agreements |993 |1 198 |1 198 |
+----------------------------------------+------------+-------------+----------+
|- of which other intangible assets |1 610 |45 |39 |
+----------------------------------------+------------+-------------+----------+
|Tangible fixed assets |15 834 |15 007 |16 379 |
+----------------------------------------+------------+-------------+----------+
|Deferred tax |27 817 |27 768 |27 787 |
+----------------------------------------+------------+-------------+----------+
|Other long-term receivables |7 515 |470 |2 094 |
+----------------------------------------+------------+-------------+----------+
|Inventories of finished goods |9 010 |1 704 |8 472 |
+----------------------------------------+------------+-------------+----------+
|Accounts receivables |41 825 |21 262 |25 048 |
+----------------------------------------+------------+-------------+----------+
|Other receivables |21 532 |13 472 |23 532 |
+----------------------------------------+------------+-------------+----------+
|Prepaid expenses and accrued income |10 936 |3 938 |6 203 |
+----------------------------------------+------------+-------------+----------+
|Cash and cash equivalents |28 109 |175 050 |105 273 |
+----------------------------------------+------------+-------------+----------+
|Total assets |205 421 |298 513 |256 419 |
+----------------------------------------+------------+-------------+----------+
| | | | |
+----------------------------------------+------------+-------------+----------+
|EQUITY AND LIABILITIES | | | |
+----------------------------------------+------------+-------------+----------+
|Equity |105 738 |253 998 |190 365 |
+----------------------------------------+------------+-------------+----------+
|Appropriation |633 |403 |654 |
+----------------------------------------+------------+-------------+----------+
|Other non-current liabilities |29 952 |979 |423 |
+----------------------------------------+------------+-------------+----------+
|Deferred tax liability |345 |317 |339 |
+----------------------------------------+------------+-------------+----------+
|Trade accounts payable |30 714 |14 930 |29 381 |
+----------------------------------------+------------+-------------+----------+
|Current tax liability |453 |519 |232 |
+----------------------------------------+------------+-------------+----------+
|Other current liabilities |4 364 |11 832 |15 827 |
+----------------------------------------+------------+-------------+----------+
|Accrued expenses and deferred income |33 223 |15 535 |19 198 |
+----------------------------------------+------------+-------------+----------+
|Total Equity and Liabilities |205 421 |298 513 |256 419 |
+----------------------------------------+------------+-------------+----------+
+----------------------------+---------+---------+-----+-----+-------------+
|Consolidated statement of |Jul |Jul |Jan |Jan |Full-Year2014|
|changes in equity,SEK |-Sept2015|-Sept2014|-Sept|-Sept| |
|thousand | | |2015 |2014 | |
+----------------------------+---------+---------+-----+-----+-------------+
|Balance at start of period |133 971 |294 691 |190 |367 |367 457 |
| | | |365 |457 | |
+----------------------------+---------+---------+-----+-----+-------------+
|Comprehensive income for the|-29 237 |-40 694 |-85 |-113 |-164 183 |
|period | | |115 |560 | |
+----------------------------+---------+---------+-----+-----+-------------+
|New share issue |0 |- |0 |- |0 |
+----------------------------+---------+---------+-----+-----+-------------+
|Transaction costs |0 |- |0 |- |0 |
+----------------------------+---------+---------+-----+-----+-------------+
|Conducted new share issue |0 |- |0 |- |0 |
+----------------------------+---------+---------+-----+-----+-------------+
|Options program |1 005 |- |1 005|100 |100 |
+----------------------------+---------+---------+-----+-----+-------------+
|Share repurchase |0 |- |-517 |- |-13 009 |
+----------------------------+---------+---------+-----+-----+-------------+
|As per end of the period |105 738 |253 997 |105 |253 |190 365 |
| | | |738 |997 | |
+----------------------------+---------+---------+-----+-----+-------------+
+----------------------------+---------+---------+------+------+-------------+
|Consolidated statement of |Jul |Jul |Jan |Jan |Full-Year2014|
|cash flows,SEK thousand |-Sept2015|-Sept2014|-Sept |-Sept | |
| | | |2015 |2014 | |
+----------------------------+---------+---------+------+------+-------------+
|Cash flow from operations |-25 843 |-35 627 |-70 |-100 |-147 348 |
|before changes in working | | |997 |649 | |
|capital | | | | | |
+----------------------------+---------+---------+------+------+-------------+
|Change in working capital |4 451 |-2 750 |-12 |-1 063|-1 383 |
| | | |399 | | |
+----------------------------+---------+---------+------+------+-------------+
|Cash flow from operating |-21 392 |-38 377 |-83 |-101 |-148 731 |
|activities | | |396 |712 | |
+----------------------------+---------+---------+------+------+-------------+
|Cash flow from investing |-1 212 |-10 998 |-24 |-26 |-35 740 |
|activities | | |272 |232 | |
+----------------------------+---------+---------+------+------+-------------+
|Cash flow from financing |29 587 |-754 |29 676|-213 |-13 628 |
|activities | | | | | |
+----------------------------+---------+---------+------+------+-------------+
|Cash flow during the period |6 983 |-50 129 |-77 |-128 |-198 099 |
| | | |991 |157 | |
+----------------------------+---------+---------+------+------+-------------+
|Cash and cash equivalents at|21 020 |224 807 |105 |302 |302 765 |
|beginning of period | | |273 |766 | |
+----------------------------+---------+---------+------+------+-------------+
|Exchange difference of cash |107 |372 |827 |440 |607 |
|and cash uivalents | | | | | |
+----------------------------+---------+---------+------+------+-------------+
|Cash and cash equivalents at|28 109 |175 050 |28 109|175 |105 273 |
|end of period | | | |050 | |
+----------------------------+---------+---------+------+------+-------------+
+--------------------------+---------+---------+------+------+-------------+
|Key figures |Jul |Jul |Jan |Jan |Full-Year2014|
| |-Sept2015|-Sept2014|-Sept |-Sept | |
| | | |2015 |2014 | |
+--------------------------+---------+---------+------+------+-------------+
|Return on equity |neg |neg |neg |neg |neg |
+--------------------------+---------+---------+------+------+-------------+
|Earnings per share, basic |-0,70 |-0,97 |-2,04 |-2,72 |-3,94 |
|and diluted, SEK | | | | | |
+--------------------------+---------+---------+------+------+-------------+
|Operating income, SEK |-27 775 |-40 738 |-83 |-113 |-164 997 |
|thousand | | |848 |685 | |
+--------------------------+---------+---------+------+------+-------------+
|Growth Net sales (compared|74% |-24% |58% |17% |6% |
|to the same period last | | | | | |
|year) | | | | | |
+--------------------------+---------+---------+------+------+-------------+
|Operating margin |neg |neg |neg |neg |neg |
+--------------------------+---------+---------+------+------+-------------+
|Average number of shares, |41 910 |41 910 |41 910|41 859|41 871 967 |
|basic and diluted |274 |274 |274 |198 | |
+--------------------------+---------+---------+------+------+-------------+
|Liquidity |149% |499% |149% |499% |248% |
+--------------------------+---------+---------+------+------+-------------+
|Equity ratio |51% |85% |51% |85% |74% |
+--------------------------+---------+---------+------+------+-------------+
|Equity, SEK thousand |105 738 |253 998 |105 |253 |190 365 |
| | | |738 |998 | |
+--------------------------+---------+---------+------+------+-------------+
|Equity per share, SEK |2,52 |6,06 |2,52 |6,06 |4,54 |
+--------------------------+---------+---------+------+------+-------------+
|Number of employees at end|154 |160 |154 |160 |166 |
|of period | | | | | |
+--------------------------+---------+---------+------+------+-------------+
+---------------------+---------+---------+------+-------------+--------------+
|Parent company income|Jul |Jul |Jan |Jan-Sept 2014|Full Year 2014|
|statementSEK thousand|-Sept2015|-Sept2014|-Sept | | |
| | | |2015 | | |
+---------------------+---------+---------+------+-------------+--------------+
|Net sales |1 963 |5 393 |5 888 |5 397 |18 452 |
+---------------------+---------+---------+------+-------------+--------------+
|Other operating |303 |1 066 |-167 |1 066 |6 055 |
|income | | | | | |
+---------------------+---------+---------+------+-------------+--------------+
|Operating expenses |-4 108 |-6 286 |-13 |-18 801 |-22 749 |
| | | |266 | | |
+---------------------+---------+---------+------+-------------+--------------+
|Operating result |-1 842 |172 |-7 544|-12 338 |1 759 |
+---------------------+---------+---------+------+-------------+--------------+
|Net financial items |-75 464 |103 |-75 |51 |-270 110 |
| | | |464 | | |
+---------------------+---------+---------+------+-------------+--------------+
|Earnings before tax |-77 306 |275 |-83 |-12 287 |-268 351 |
| | | |008 | | |
+---------------------+---------+---------+------+-------------+--------------+
|Income tax |0 |0 |0 |0 |0 |
+---------------------+---------+---------+------+-------------+--------------+
|Income for the period|-77 306 |275 |-83 |-12 287 |-268 351 |
| | | |008 | | |
+---------------------+---------+---------+------+-------------+--------------+
+----------------------------------------+-----------+-----------+----------+
|Parent company balance sheetSEK thousand|Sept 302015|Sept 302014|Dec 312014|
+----------------------------------------+-----------+-----------+----------+
|ASSETS | | | |
+----------------------------------------+-----------+-----------+----------+
|Fixed assets |51 949 |227 193 |32 407 |
+----------------------------------------+-----------+-----------+----------+
|Total current assets |58 076 |205 264 |135 857 |
+----------------------------------------+-----------+-----------+----------+
|Total Assets |110 026 |432 457 |168 264 |
+----------------------------------------+-----------+-----------+----------+
| | | | |
+----------------------------------------+-----------+-----------+----------+
|EQUITY AND LIABILITIES | | | |
+----------------------------------------+-----------+-----------+----------+
|Equity |61 996 |413 590 |144 516 |
+----------------------------------------+-----------+-----------+----------+
|Long-term liabilities |29 000 |- |- |
+----------------------------------------+-----------+-----------+----------+
|Short-term liabilities |19 030 |18 867 |23 748 |
+----------------------------------------+-----------+-----------+----------+
|Total equity and liabilities |110 026 |432 457 |168 264 |
+----------------------------------------+-----------+-----------+----------+
| | | | |
+----------------------------------------+-----------+-----------+----------+
|Pledged assets |- |- |- |
+----------------------------------------+-----------+-----------+----------+
|Contingent liabilities |None |None |None |
+----------------------------------------+-----------+-----------+----------+
Report of Review of Interim Financial Information
Introduction
We have reviewed the condensed interim financial information (interim report) of
Seamless Distribution AB (publ) as of 30 September 2015 and the nine-month
period then ended. The board of directors and the CEO are responsible for the
preparation and presentation of the interim financial information in accordance
with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to
express a conclusion on this interim report based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review
Engagements ISRE 2410, Review of Interim Report Performed by the Independent
Auditor of the Entity. A review consists of making inquiries, primarily of
persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope
than an audit conducted in accordance with International Standards on Auditing,
ISA, and other generally accepted auditing standards in Sweden. The procedures
performed in a review do not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the interim report is not prepared, in all material respects, in accordance
with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with
the Swedish Annual Accounts Act, regarding the Parent Company.
Emphasis of matter
Without impacting our conclusion as stated above, we wish to bring attention to
the fact that the interim report states that the financial situation is strained
and that the company requires further external financing in order to finance its
operations during the next 12 months. In order to ensure the company’s going
concern status, it is decisive that those measures described in the interim
financial report be implemented.
Stockholm 11 November 2015
Öhrlings PricewaterhouseCoopers
Niklas Renström
Authorized Public Accountant
This is the type of information that Seamless Distribution AB (publ) is required
to disclose pursuant to the Securities Market Act and/or the Financial
Instruments Trading Act. The information was submitted for publication on
November 11, 2015 at 07:50 a.m. (CET).
CONTACT DETAILS
For further information, please contact:
Peter Fredell, CEO
Peter.fredell@seamless.se
+46 8 564 878 00
