Correction: Net Insight Year-end Report January - December 2020 The financial figure Total cash flow for the Group during October - December 2020 in the previously published Year-end report 2020 (English version) has been corrected. Correct figure is SEK 18.7 (-14.3) million instead of SEK -18.7 (-14.3) million. See updated Year-end report.
Growth in the fourth quarter, but market uncertainty continues
Net Insight achieved growth again in the fourth quarter and revenue increased by 2.2% year-on-year, despite negative exchange rate effects from a stronger SEK against the USD and EUR in the quarter. Adjusted for exchange rate effects, growth was 8.4% compared to the fourth quarter 2019. Net income in the quarter was negative as a result of the substantial negative exchange rate effect. Market conditions remain challenging due to the protracted pandemic. We have introduced a large number of improvements and are starting to see the positive effects on product development, sales and internal efficiency.
Crister Fritzson, CEO of Net Insight
October - December 2020
Net sales amounted to SEK 107.5 (105.2) million, an increase of 2.2% year-year-on-year. In comparable currencies net sales increased by 8.4%.
Operating earnings amounted to SEK -4.0 (-24.1) million, corresponding to an operating margin of -3.7% (-22.9%). Excluding foreign exchange rate differences of SEK -18.2 (-5.5) million and items affecting comparability of SEK 8.0 (-20.1) million, operating earnings were SEK 6.2 (1.5) million.
Net income for the period for continuing operations and for the Group, including divested operations, was SEK -6.8 (-20.6) million and SEK -6.8 (-27.6) million, respectively.
Earnings per share, basic and diluted, for the Group was SEK -0.02 (-0.07).
Total cash flow for the Group was SEK 18.7 (-14.3) million.
January - December 2020
Net sales amounted to SEK 398.9 (448.6) million, a decrease of -11.1% year-on-year. In comparable currencies net sales decreased by -10.0%.
Operating earnings amounted to SEK -4.6 (-3.6) million, corresponding to an operating margin of -1.2% (-0.8%). Excluding foreign exchange rate differences of SEK -16.0 (-3.2) million, and items affecting comparability of SEK 7.3 (-24.9) million operating earnings were SEK 4.1 (24.6) million.
Net income for the period for continuing operations was SEK -9.2 (-4.6) million. Net Income for the Group, including divested operations, was SEK 237.4 (-32.2) million. This includes capital gains related to discontinued operations of SEK 246.4 (-) million.
Earnings per share, basic and diluted, for the Group was SEK 0.62 (-0.08).
Total cash flow for the Group was SEK 232.6 million (-41.2), including cash effect from divested operations of SEK 302.3 (-) million.
Significant events:
Revenue growth in Q4 despite continued negative Covid-19 impact
A number of Nimbra Edge deals won
The Board will propose that the AGM authorize repurchase of shares
For the complete report, please refer to the attached PDF.
A conference call with web presentation for media and the financial community will take place at 9.30 am CET on February 23, 2021
CEO Crister Fritzson and CFO Joakim Schedvins will present and comment on the report https://financialhearings.com/event/13313
For further information, please contact:
Crister Fritzson, CEO of Net Insight AB, +46 8 685 04 00, crister.fritzson@netinsight.net
About Net Insight
Net Insight (Nasdaq: NETI B) is defining new ways to deliver media, opening up opportunities for content owners, broadcasters, production companies, service providers and enterprises to produce and deliver the future of live sport, news and online content. The company is driving the transformation to IP, virtualization and cloud workflows and has built the market's most open and cloud-ready media delivery platform for contribution, distribution, live production, and orchestration.
For over 20 years the world's leading media brands have trusted Net Insight and the company is recognized for having set the benchmark for media transport. Now Net Insight is combining its broadcast heritage and R&D expertise with the deep IP knowledge gained from developing its own streaming solution to evolve Nimbra, its Emmy Award winning video transport solution, for the new media era. With a strong vision for the future of IP and cloud, Net Insight is helping the world's leading media brands to simply and cost-effectively produce and deliver content to viewers anywhere.
Net Insight also offers ScheduALL, a software solution for intelligent resource planning and optimization.
For more information, please visit netinsight.net
Twitter: @NetInsight, twitter.com/NetInsight
LinkedIn: @Net Insight, www.linkedin.com/company/net-insight/
This information is information that Net Insight is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2021-02-23 10:20 CET.
Attachments
Net Insight Year End Report 2020 Corrected
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Correction: Net Insight Year-end Report January - December 2020 The financial figure Total cash flow for the Group during October - December 2020 in the previously published Year-end report 2020 (English version) has been corrected. Correct figure is SEK 18.7 (-14.3) million instead of SEK -18.7 (-14.3) million. See updated Year-end report.
