Aspiro AB (publ): Year-End Report 2008
Robust Growth in New Business Segments
- Aspiro achieved its goal for 2008, sales growth with retained profitability.
- Net sales for the full year were SEK 425.5 m (SEK 404.9 m). Fourth-quarter net sales were SEK 113.7 m (SEK 107.8 m). Sales in Mobile TV grew by 59% on the corresponding quarter of 2007. In Mobile Solutions, sales from external customers grew by 125% on the corresponding quarter 2007.
- EBITDA was SEK 30.2 m (SEK 29.1 m) for the full year. Fourth-quarter EBITDA was SEK 5.4 m (SEK 3.8 m).
- Earnings after tax for the full year were a deficit of SEK -206.4 m (SEK 7.7 m). Earnings after tax for the fourth quarter were a deficit of SEK -216.1 m (SEK -3.9 m). Against the background of the current financial crisis, Aspiro re-evaluated the risk of future cash flows, and as a result took a total impairment loss of SEK 202.4 m on goodwill. A SEK 20 m impairment loss was also taken on deferred tax assets.
- Excluding its Search business, full-year sales were SEK 369.3 m (SEK 348.0 m). For the fourth quarter, net sales were SEK 100.6 m (SEK 93.8 m). Full-year EBITDA excluding the Search business was a deficit of SEK -13.1 m (SEK -12.9 m), and SEK -1.9 m (SEK -6.0 m) for the fourth quarter.
- The Norwegian competition authority did not approve the merger of Aspiro’s and Opplysningen’s search businesses.
- Aspiro is retaining its goal of generating positive EBITDA from Q2 2009 onwards, excluding the Search business. Its prospects of achieving this goal may be affected by the global economic downturn. Sales growth remains a priority for 2009.
- The Board of Directors has decided to propose to the AGM that no dividends are paid for the financial year 2008.
After the End of the Period
- The Norwegian competition authority’s decision regarding the divestment of the Search business was subject to appeal at the Norwegian ministry, and a new agreement was signed by the parties. Aspiro will continue to run the Search business pending approval of the transaction.
- Aspiro subsidiary Rubberduck Media Lab signed a master agreement with a leading multinational operator to deliver mobile TV solutions. The master agreement is expected to generate sales of SEK 25-30 m over a three-year period, equating to sales growth of some 40% for Rubberduck on 2008.
This information is mandatory for publication by Aspiro AB (publ) pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. This information was submitted for publication at 8:30 a.m. on 13 February 2009.
Tags: