YEAR-END REPORT 2015 SEAMLESS DISTRIBUTION AB (publ)
January – December
Fourth quarter
· Net sales increased 83 % to SEK 78.9 million (43.2)
· Operating loss for the period SEK -32.8 million (-51.3), a decrease of 36
percent
· Loss after financial items SEK -33.3 million (-50.6)
· Loss after tax for the period SEK -33.6 million (-50.8)
· Earnings per share SEK -0.80 (-1.21)
Full year 2015 - Highlights
· Net sales increased 63 % to SEK 280.0 million (170.8)
· Operating loss for the period amounted to -116.6 (-165), a decrease of 29
percent
· The Transaction switch increased sales by 136% and received its largest
order ever
· Cash flow from operating activities improved with 48 MSEK to -97.9 (-147.3)
SIGNIFICANT EVENTS DURING THE PERIOD OCTOBER – DECEMBER 2015
· In December Seamless Distribution AB (publ) (”Seamless”) conducted a
directed issue of shares of 31.8 MSEK. The number of shares and voting rights
amount to 45 559 455.
· As SEQR should fund for long term growth, Seamless intends to bring in a
strategic equity partner as co-investor in the subsidiary SEQR through 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 through 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.
SIGNIFICANT EVENTS AFTER THE CLOSE OF THE REPORTING PERIOD
· Seamless partners with Express Money and enters the international money
transfer market. Through Seamless´mobile payment platform SEQR, Xpress Money and
Seamless can offer its customers a convenient, safer and affordable way of
sending money from one country to another, digitally.
· Seamless has received a new order from a leading African mobile operator in
the Ivory Coast for the installation of its transaction switch. The order is
initially valued at approximately USD 2 million.
CEO´s COMMENT
The development of the fourth quarter was very satisfactory – both in terms of
sales and earnings. All three business segments are showing strong growth. Two
segments worth highlighting are Distribution and the Transaction Switch that
often end up being overshadowed in relation to the attention we receive for our
mobile payment solution SEQR.
The business segment Transaction Switch provides international telecom companies
with a wide range of mobile products as well as complete IT- and logistical
solutions for the full supply chain for mobile payments. This business segment
showed a record fast and profitable growth during the quarter.
Sales increased a full 136 percent compared with the fourth quarter of the
previous year. It is worth noting that 40 percent of the sales came from
products launched in 2015. This is something that shows the business segment’s
ability to renew itself and adapt to the demands of the market since the
Transaction Switch was introduced 15 years ago. This is today perhaps the
market’s strongest solution for managing the adding of funds to mobile prepaid
accounts, and last year handled 3.7 billion transactions in 18 national markets
to a total value of approximately 51 billion Swedish kronor (approx.USD 6
billion).
We also see a very high growth rate for the business segment e
-Products/Distribution, which handles the physical and electronic refill of
credits to mobile prepaid accounts in Sweden, Latvia – and as of 2015, also in
Denmark. In the much important Swedish market, transaction volumes increased by
about 50 percent in the fourth quarter compared with the same quarter of 2014.
For the business segment SEQR, the growth rate was substantial during the
quarter, with a twofold increase of the number of registered users and a 50
percent increase in the transaction volume. The net revenue is not increasing at
the same pace as the transaction volume due to a number of business related
causes. We do see a constant increase in usage and the ascendant trend in the
increase of the number of transactions will have a strong impact on the revenue
during 2016.
The quarter was also characterized by a continued high level of activity in both
affiliated retailers and product development, as well as the launches of new
solutions. It is worth highlighting, that at the beginning of this year, SEQR
-users will be able to pay through contactless technology at retailers who have
terminals that support this technology – regardless if the retailer has signed
up with SEQR or not. Globally, there are already about 24 million POS terminals
with this solution, and the number is increasing rapidly since the same
technology is used for contactless cards.
In summary, overall all three of our three business segments showed strong
growth during 2015, with an increase of 63% on the revenue, and a 30%
improvement on the result compared with 2014. Something that causes us to look
forward to 2016 with great confidence – a year that has the right preconditions
for continued strong growth.
Peter Fredell, CEO Seamless
BUSINESS SEGMENTS
Net Growth,
Sales, Net
SEK Sales
thousand compared
to last
year
Oct-Dec Oct Full Full Oct-Dec Oct Full Full-Year
-Dec -Year -Year -Dec -Year
2015 2014 2015 2014 2015 2014 2015 2014
Transaction 30 922 11 90 38 167% 15% 136% neg
Switch 581 486 415
eProudcts/Dis 45 898 29 181 124 54% neg 46% 11%
tribution 722 982 571
SEQR 2 053 1 911 7 529 7 768 7% neg neg neg
Group - - - - - - - -
functions
Seamless 78 873 43 279 170 83% neg 64% 6%
group 214 997 754
Operating Operating
Result Margin
Oct-Dec Oct Full Full Oct-Dec Oct Full Full-Year
-Dec -Year -Year -Dec -Year
2015 2014 2015 2014 2015 2014 2015 2014
Transaction 5 180 6 932 27 9 741 17% 60% 30% 26%
Switch 254
eProducts/Di -1 169 -6 -4 -11 neg neg neg neg
str 191 827 763
SEQR -30 567 -40 -119 -135 neg neg neg neg
869 888 555
Group -6 234 -11 -19 -27 neg neg neg neg
functions 184 176 420
Seamless -32 790 -51 -116 -164 neg neg neg neg
group 312 637 997
Fourth quarter
· Net sales increased by 83 % to MSEK 78.9 (43.2)
· Operating loss MSEK -32.8 (-51.3), an decrease of 39 percent
· Earnings per share SEK-0.80(-1.21)
· Transaction switch increase sales by 167%
· eProducts/Distribution increased sales by 54%
· SEQR by 7%
Full year summary
· Net sales increase by 64 % to MSEK 280.0 (170.8)
· Operating loss for the full year MSEK -116.6 (-165), an decrease by 29
percent.
· Transactionswitch increased net sales by 136 %
· eProducts/Distribution net sales increased by 46%
· SEQR unchanged
Business Segment: Transaction Switch
Seamless Distribution Systems, also referred to as the Transaction Switch,
supplies the system for the management of the distribution network of primarily
electronic adding of funds to prepaid value cards, along with other eProducts
extending from gift cards to prepaid debit cards to mobile banking. The system
increases the range of products the reseller has to offer, without taking up
valuable shelf space, and facilitates a much more rapid distribution in the
marketplace. The hub of the operations is the internally developed proprietary
ERS 360° platform, which remains constantly under development in order to meet
the needs from the market since its initial installation some 15 years ago. Our
clients can be found all over the world, but are mainly in Africa and the Middle
East, where telecommunications companies constitute our largest group of
customers. Currently, the platform handles 3.7 billion transactions annually
with a total value of 6 billion dollars (U.S.), divided among 18 markets.
Earnings
The Transaction Switch business segment has seen good profitability and during
the quarter achieved record sales, with a growth of 136% (year-over-year
comparison). 40% of the sales came from products that were new for 2015.
New order bookings received were in line with our expectations, mainly driven by
the renewal of support contracts for 2016. Most of the strategic project orders,
driven by the business-critical importance that our system has in their
operations, came largely in the form of a comprehensive reserve backup facility
for one of our customers, a very significant amount. Meeting our cash flow needs
during the quarter was challenging due to the many large orders we received
within a short period of time which consisted primarily of hardware. We found
ways to deal with this without it having any significant impact on either the
delivery time or profitability.
Given our amazing growth we naturally have had a greater need for working
capital. The net earnings are affected by the fact that the quarter’s revenue
includes a large percentage of hardware, which has a lower gross margin than
revenues from the sale of systems, which is reflected in the Q4 financial
results.
This year’s exceptional growth affected our profitability partly due to
increased staffing levels and partly due to the change in product mix.
Activities and market prospects
The product mix has been expanded and changed where the Seamless Wireless Point
of Sale Terminal (WiPOS) is the single most significant development and
complements the core business of system sales. WiPOS is an integral part of the
ERS 360 transaction platform which is connected to the GSM network and allows
the user the ability to print receipts and stored value vouchers to add funds to
prepaid accounts/SIMs and other financial transactions.
With an expanded technical capacity, we also manage a greater number of and more
complex integrations. The result is a more business-critical system and tightly
linked part of the carrier’s sales process of talk time. A number of new
products are in the planning stage and will be launched over the course of the
coming year. Meanwhile, work continues with the packaging and standardizing of
core components in order to enhance the speed and reduce costs in the delivery
phase.
In our service offering, as of January 1 it will include a dedicated 24/7
Network Operation Center that will increase the capacity to provide support to
customers and also free up skilled resources to enable them to work with the new
service products.
The first quarter is normally weak in terms of sales after the spurt right
before the year end. In the near term, we see however a positive 2016 and our
order book filling to capacity during most of the quarter. After the extreme
growth in 2015, one cannot expect the same proportional growth, but we expect
that full year should show further growth.
Business Segment: eProducts/Distribution
Seamless eProducts Sweden (with its subsidiaries Seamless eProducts Latvia and
Seamless eProducts Denmark) encompasses physical and electronic distribution of
electronic products such as TopUp (adding funds/replenishment codes for mobile
devices), electronic gift cards and prepaid phone cards via merchants, banking
and digital channels. Seamless connects together all wireless carriers and banks
so that the consumers will be able to add additional funds to their stored-value
card or mobile wallet via the bank’s channels: mobile device banking, Internet
banking, and telephone banking. Globally, there are two distribution
technologies for adding funds to mobile devices: eVoucher* and Direct TopUp* -
where Seamless offers both in one technical platform.
Earnings
The number of stores in the Swedish market with new contracts has continued to
increase and during Q4 we saw an organic growth occurring. The transaction
volume is more than 50% higher compared to Q4/2014, and the number of stores has
more than doubled. The Danish subsidiary became fully operational back in Q1 and
the establishment by Seamless’ distribution of eProducts is proceeding according
to plan. Negotiations with several major chains are in progress and agreements
were signed during the year with the consumer electronics chain Expert in
Denmark among others.
The customer migration, following the 2014 acquisition of Ingram Micro, began in
2015 and affected earnings positively by increasing the number of affiliated
stores as well as transaction volume. The acquisition was made with a contingent
-price provision and this acquisition has been a big success in terms of market
penetration and has had a positive impact on both our balance sheet and profits.
A number of renowned chains, as well as a significant number of independent
stores, have become customers of Seamless.
Activities and Market Outlook
The joint cooperation with wireless carriers and banks in the Swedish market has
expanded during the year with the inclusion of Danske Bank. The integration with
Danske Bank has now been completed and sales in the bank’s channels have
commenced. Total volumes in the banking channel is stable.
During Q3 and Q4, the transaction volumes in Latvia have stabilized and trended
to a mildly positive growth. For Sweden and Denmark, for the coming quarters we
project continued growth in transaction volumes and the number of contracted
retailers, although at a slower pace than we have seen over past year.
*“eVoucher” – where a voucher with a unique code is distributed electronically
and where this voucher code is printed out from the reseller’s card terminal or
directly via the checkout register.
*“Direct TopUp” – where funds are added to the consumer’s prepaid SIM via that
the telephone number and the desired amount to be credited is stated. Adding
funds to a pre-paid cellular phone account takes place directly at the wireless
carrier and the consumer receives an SMS confirming the transaction.
For merchants, eProducts provide the opportunity to increase sales and consumer
inflows without the requirement of making a financial investment, and as well,
it avoids tying up capital or the need to maintain an inventory where the
products would take up valuable display space in the store. With the electronic
distribution of these products, vouchers and stored value codes are delivered
digitally, and the store does not incur any outlays until the product is sold.
Business Segment: SEQR
The SEQR business segment encompasses a payment platform with a financial
ecosystem that among other things enables payments in physical checkouts, online
and on mobile devices, money transfers between users domestically and
internationally, as well as an advertising platform and sales channel. The
technology is a development of the Transaction Switch platform and has
operations in Sweden, Finland, Romania, Belgium, the Netherlands, Germany,
Portugal, Spain, France, Italy, the USA and UK.
Earnings
Continued growth in downloads and transactions during the quarter resulted in a
doubling of user registrations and a 50% growth in transaction volume.
Transactions via Shop on the Spot increased by 300% in the quarter. The Shop on
the Spot feature enables retailers to sell to the consumer regardless of media
(for example from a newspaper, screen or outdoor advertising). Payment occurs
via the SEQR App and the product is delivered to the selected address. In
addition to the transaction costs, the purchases generate a channel margin of
approx. 15% of the net sales which makes Shop on the Spot another revenue stream
with great growth potential.
Activities/market prospects
During the reporting period, we announced the intention to launch in Q1 2016 a
Near Field Communication (NFC) solution (aka Contactless) in SEQR that will make
it possible for users to make payments via terminals which have this technology
– even if the particular retailer has not yet signed an agreement with SEQR. In
order to take advantage of all SEQR’s value-added services, the retailer will
need to integrate their POS system with SEQR, but users can start paying right
away. Today there are about 24 million card terminals in the world that support
NFC.
The new function International Remittance & Payment was launched during the
quarter as an integral part of the SEQR App. SEQR users can now pay with SEQR in
all countries where SEQR is live, as well as transfer money internationally
between SEQR users and receive money in their local currency. SEQR offers the
least expensive and simplest way to send money internationally, in a market
which in 2014 had a volume of about 600 billion dollars (U.S.). The cost for
remittance services averaged 8 percent globally.
The efforts to obtain money transmittance licenses for all states in the United
States is progressing. In November we signed an agreement with the payment
solutions company Dwolla. The agreement enables a U.S. launch of Peer-to-Peer,
which will take place during the first quarter of 2016. The function is an
important part of the offering and with growth potential.
In December, SEPA was launched in Finland, and our users now have the
opportunity to link SEQR directly to their bank account.
During the period, agreements were signed with several large and important
partners such as Jysk (Finland), Dirk Supermarkets (the Netherlands), Webhallen
(Sweden), Sound Leisure (UK), Almeda 467 (Portugal), Esse Parking (Portugal),
Pontus Group (Sweden), and Convoi Exceptionel (Belgium), where the latter means
that SEQR is the only alternative to cash for payments. The launch of the
restaurant Tidningshuset by Pontus in November was an instant success, where
already during the first month 20% of all customers chose to pay for their lunch
with SEQR.
CONSOLIDATED
Revenue
Seamless’ revenues increased during the fourth quarter by 82 percent to SEK 78
834 thousand (43 214). The sales are distributed between the various business
segments, with 39 percent (27) from the Transaction Switch business segment, 58
percent (69) from the Distribution business segment, and 3 percent (4) from the
SEQR business segment.
Financial Result
· The consolidated operating loss amounted to SEK -32 789 thousand (-51 312)
in the fourth quarter.
· Financial items for the fourth quarter amounted to SEK -537 thousand (695).
· Earnings per share amounted to SEK -0.80 (-1.21) SEK for the quarter.
Personnel
We had a total of 158 (166) 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 3 752
thousand (6 515). Product development costs have been capitalized at a value of
SEK 5 965 thousand (5 869), while depreciation taken and amortization amounted
to SEK -4 712 thousand (-5 029).
Cash flow and financial position
Cash flow from operating activities amounted to SEK -30 688 thousand (-47 020)
for the fourth quarter. Bank deposits and cash equivalents at the end of the
quarter amounted to SEK 23 005 thousand (105 273). 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 -1 360 thousand (-2 030), divided between long-term debt of SEK
-571 thousand (-423) and short-term debt of SEK -789 thousand (-912). An
interest-bearing liability in the form of a convertible loan amounts to SEK
28 million with an annual interest rate of 7 percent. The interest during the
third quarter amounted 502 thousand. The convertible loan will mature in 364
days after the date of issue, on July 16, 2016.
The Company has no interest-bearing liabilities to banks or other credit
institutions apart from the convertible loan.
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 has, by means of the existing authorization from the
general meeting, raised capital by a private placement in Seamless of
approximately 31.8 MSEK, during December month, and intends to raise appr 25
MSEK during the first quarter of 2016.
Seamless has an equity ratio of 50 (74) 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 1 959 thousand
(13 056) and net financial result amounted to a loss of SEK -25 053 thousand (
-256 064). Net gains/losses in the parent company from financial items amounted
to SEK -20 428 thousand (-270 160). A write-down of shares in subsidiaries have
had a one-time effect of SEK -20,2 million and the parent company had bank
deposits/cash on hand in the amount of SEK 5 231 thousand (69 041). The parent
company had 2 (4) employees at the close of the quarter.
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
has, by means of the existing authorization from the general meeting, raised
capital by a private placement in Seamless of approximately 31.8 MSEK, during
December month, and intends to raise appr 25 MSEK during the first quarter of
2016.
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 Oct Oct Full-Year
-Dec -Dec Full-Year
SEK thousand 2015 2014 2015 2014
Net Sales 78 43 279 997 170 754
873 214
Other operating income 370 1 538 1 566
302
Material costs -64 -36 -220 -141 627
035 315 573
Other external costs -23 -25 -78 803 -84 844
856 693
Personnel costs -17 -27 -74 809 -92 125
655 214
Depreciation -4 -5 -20 780 -17 639
712 029
Other operating costs -1 -1 -2 207 -1 082
774 577
Operating result -32 -51 -116 637 -164 997
789 312
Financial net -537 695 -2 187 482
Profit before tax -33 -50 -118 824 -164 515
326 617
Income tax -293 -195 -484 -277
Loss for the period -33 -50 -119 308 -164 792
619 812
OTHER COMPREHENSIVE INCOME
Currency translation differences -187 190 386 609
Total comprehensive income -33 -50 -118 922 -164 183
attributable to parent company 806 622
shareholders
Consolidated Balance Sheet 31 Dec 31 Dec
SEK thousand 2015 2014
ASSETS
Intangible assets 45 050 41 631
- of which goodwill 5 791 6 032
- of which capitalized development costs 36 760 34 362
- of which customer agreements 900 1 198
- of which other intangible assets 1 599 39
Tangible fixed assets 14 823 16 379
Deferred tax 27 846 27 787
Other long-term receivables 4 980 2 094
Inventories of finished goods 6 165 8 472
Accounts receivables 49 483 25 048
Other receivables 20 883 23 532
Prepaid expenses and accrued income 13 097 6 203
Cash and cash equivalents 23 005 105 273
Total assets 205 332 256 419
EQUITY AND LIABILITIES
Equity 102 636 190 365
Appropriation 635 654
Other non-current liabilities 28 746 423
Deferred tax liability 336 339
Trade accounts payable 34 365 29 381
Current tax liability 945 232
Other current liabilities 3 390 15 827
Accrued expenses and deferred income 34 279 19 198
Total Equity and Liabilities 205 332 256 419
Consolidated statement Oct-Dec Oct-Dec Full-Year Full-Year
of changes in equity,
SEK thousand 2015 2014 2015 2014
Balance at start of 105 737 253 997 190 365 367 457
period
Comprehensive income -33 806 -50 622 -118 922 -164 183
for the period
New share issue 32 790 - 32 790 -
Transaction costs -1 080 - -1 080 -
Conducted new share - - - -
issue
Options program -1 005 - - 100
Share repurchase - -13 009 -517 -13 009
As per end of the 102 636 190 365 102 636 190 365
period
Consolidated statement of cash Oct-Dec Oct-Dec Full-Year Full-Year
flows,
SEK thousand 2015 2014 2015 2014
Cash flow from operations -28 417 -46 700 -99 413 -147 348
before changes in working
capital
Change in working capital -2 271 -320 -14 670 -1 383
Cash flow from operating -30 688 -47 020 -114 083 -148 731
activities
Cash flow from investing -3 752 -9 508 -28 025 -35 740
activities
Cash flow from financing 29 444 -13 415 59 121 -13 628
activities
Cash flow during the period -4 996 -69 943 -82 987 -198 099
Cash and cash equivalents at 28 109 175 050 105 273 302 765
beginning of period
Exchange difference of cash -108 166 719 607
and cash equivalents
Cash and cash equivalents at 23 005 105 273 23 005 105 273
end of period
Key figures Oct Oct Full-Year Full-Year
-Dec -Dec
2015 2014 2015 2014
Return on equity neg neg neg neg
Earnings per share, basic and -0,80 -1,21 -2,84 -3,94
diluted, SEK
Operating income, SEK -32 -51 -116 637 -164 997
thousand 789 312
Growth Net sales (compared to 83% neg 64% 6%
the same period last year)
Operating margin neg neg neg neg
Average number of shares, 42 41 42 001 504 41 871 967
basic and diluted 275 910
192 274
Liquidity 146% 248% 146% 248%
Equity ratio 50% 74% 50% 74%
Equity, SEK thousand 102 190 102 636 190 365
636 365
Equity per share, SEK 2,25 4,54 2,25 4,54
Number of employees at end of 158 166 158 166
period
Parent company income statement Oct-Dec Oct-Dec Full-Year Full-Year
SEK thousand 2015 2014 2015 2014
Net sales 1 959 13 056 7 848 18 452
Other operating income 70 4 989 70 6 055
Operating expenses -6 654 -3 949 -20 087 -22 748
Operating result -4 625 14 096 -12 169 1 759
Net financial items -20 428 -270 160 -95 892 -270 110
Earnings before tax -25 053 -256 064 -108 061 -268 351
Income tax - - - -
Income for the period -25 053 -256 064 -108 061 -268 351
Parent company balance sheet 31 Dec 31 Dec
SEK thousand 2015 2014
ASSETS
Fixed assets 23 288 32 407
Total current assets 115 269 135 857
Total Assets 138 557 168 264
EQUITY AND LIABILITIES
Equity 82 408 144 516
Long-term liabilities 28 000 -
Short-term liabilities 28 149 23 748
Total equity and liabilities 138 557 168 264
Pledged assets - -
Contingent liabilities None None
SEAMLESS SHARE
Jan-Dec 2015
Price trend full year (FY) -27.95%
Price trend fourth quarter +4.43%
Ticker symbol SEAM
Market Cap (per 31 Dec) SEK 375.87 million
High SEK 18.60
Low SEK 6.65
Total no of shares (per 31 Dec) 45 559 455
FINANCIAL CALENDAR
17 Feb 2016 Year-End-Report 2015
17 Mar 2016 Annual report 2015
21 Apr 2016 Annual General Meeting in Stockholm
22 Apr 2016 Interim report Q1
15 July 2016 Interim report Q2
17 Nov 2016 Interim report Q3
ABOUT SEAMLESS
Seamless is one of the world’s largest suppliers of payment systems for mobile
phones. Founded in 2001 and active in 35 countries, Seamless handles more than
3.7 billion transactions annually through 575 000 active sales outlets. Seamless
has three main business areas including the transaction switch, the technology
provider for the distribution of e-products and the mobile payment platform
SEQR. Seamless shares are traded on NASDAQ OMX Stockholm. www.seamless.se
The Seamless Year-end-report 2015 for the period October– December 2015 has been
approved for publication by the Board of Directors, by its decision on February
17, 2016. This financial report has not subjected to a review by the Company’s
auditors.
CERTIFICATION
The Board of Directors and the CEO for Seamless Distribution AB (publ) declare
that the interim report gives a true and fair view of the Company and Group’s
business operations, financial position and financial results in terms of net
profits/losses, and describes the principal risks and uncertainties that the
Company, and the companies included in the Group, face.
Stockholm February 17, 2016
Hein Pretorius
Kristin Berdan Omar Cordes
Chairman of the Board of Directors Member of the
Board Member of the
Board
Peter Fredell Robin Saunders
Member of the Board/ Member of the Board
Chief Executive Officer
Seamless Distribution AB (publ), Corporate identification no. 556610 – 2660
All information is published on www.seamless.se immediately after public
release.
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
February 17, 2016 at 08:50 a.m. (CET).
CONTACT DETAILS
For further information, please contact:
Peter Fredell, CEO
Peter.fredell@seamless.se +46 8 564 878 00
