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2016-02-17

Seamless Distribution AB: Year-end report 2015

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

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

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.

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http://feed.ne.cision.com/client/waymaker1/WOLReleaseFile.aspx?id=341035...
http://mb.cision.com/Main/4815/9915802/478180.pdf

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