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Mavshack Interim Report 1 April - 30 June 2017

Second quarter 2017 in summary

  • In total, 619 638 subscriptions were sold during Q2, an increase of 82% compared with the second quarter of 2016 (Q2 2016: 341 358).
  • Since January first, Ambientmedia is reported as an associated company and is not included in the consolidated financial statements in the same way as previous quarters, which has affected the groups turnover negative. The development of Ambient Media is reported as income from associated companies in the income statement. Net profit of SEK -0.2 million consists of Mavshack's share of Ambientmedia's earnings of SEK 0.3 million and depreciation of Goodwill of SEK 0.5 million.
  • Net sales for the quarter were MSEK 3.4 (Q2 2016: 4.7, whereas MSEK 2.2 was related to Ambientmedia). The major part of sales came from daily subscriptions from TelCo-partners.
  • 24htech signed an agreement of IT-services to an external partner of the value of MSEK 1.2.
  • During second quarter Mavshack expanded it's videostreaming service, movies, tv-series and Live-Sports in Kuwait, Oman and Bahrain with the Ooredoo Group.
  • Profit after tax amounted to MSEK -2.5 (Q2 2016: -3.6). Cash flow from operating activities amounted to MSEK -2.4 for the period (Q2 2016: -2.0 MSEK).

N.B. The English text is an in-house translation. For any difference in the translation the Swedish version will prevail.

CEO Letter

Dear shareholder,

The month of August is coming to a close and I would like to start with wishing you pleasant start for the autumn. It has now been four months since I accepted the position as CEO of Mavshack AB. This has been far more inspiring and educating than I could have predicted.

As CEO it is my objective to ensure this groups ability to generate a steady revenue stream - both in short and long perspective. Based on an initial mapping of the history and assets of this company there will be several changes taking place during autumn. The purpose of which is to create a sustainable ground for us to be able to make strategical decisions regarding the business of our company.

We are continuously evaluating the costs for our technical platform and for 24hTech we have made two decisions that will affect our cost in a positive way. Firstly, we will move our storage from Akamai to Google and secondly exchange the Akamai SDK in our Android App for an open source version. Our mission is still to deliver the best possible quality, but we will continue to challenge our cost base, to perform better in the future.

During spring, we have finished the re-integration of our existing Telco-partners and bringing in Ooredoo in Kuwait, Bahrain and Oman as a new one.

We have prolonged the license agreement with Philipinas Global Network (TV5) and just recently we came to an agreement with Elitfotboll Dam to get live coverage of the Sweden's highest woman football league in the Middle East and North Africa. The news about our contract with Elitfotboll Dam gave us a lot of press from all over Sweden but also from other parts of the world, which felt great. The reason for us to broaden the woman live sport offering is based on many things. Of course, we stand for equal rights to perform and consume sport activities for both Women and Men. Mavshack is also one of few platforms where women live sport already is available in the Middle East. We will continue to get more sports content on our platform because our customers appreciate it.

Ambientmedia have been working with video production for local and international corporations in the Philippines. The audio studio works mainly with dubbing international material into Filipino and regarding of animation there are a couple of international projects that have been done. Focus going forward will be to coordinate Ambientmedia's competence and experience within AR and video production with the other units of Mavshack to offer this to the European market in an attractive way.

I'm glad that we have all the business opportunities that is ahead of us. The experience we collected during the 10 years of being in business have given us an invaluable asset. We will keep on being well adjusted to the market need, but at the same time, try to focus harder on the different kind of synergies that we have within the Mavshack Group. Me, my board of directors and my employees are looking forward to lead one of the worlds greatest company within digital distribution technology together with you.

Tommy Carlstedt
CEO, Mavshack

Next report
Interim Report 3 for the financial year 2017 will be published on October 28th 2017. 

For complete report see attached file.

Stockholm August 30, 2017 

Mavshack AB (publ)
Board of Directors 

For more information contact: 

CEO Tommy Carlstedt
Phone: +46 8 124 517 90 or
e-mail: ir@mavshack.com
All reports are available on the company's website www.mavshack.se.

About Mavshack AB
Mavshack operates a global Internet TV services with Asian entertainment. The service, which is available through Internet connected devices, is genuinely global with users in over 80 countries. With the largest library of Filipino and Indian titles, as well as agreements with Asia's leading content providers, Mavshack is the obvious choice for Asian entertainment around the world. The company operates its business on a proprietary technology platform

Mavshack AB (publ) is a traded company listed on Nasdaq First North under the ticker MAV. Certified adviser is Erik Penser Bank. More information about the company is available at www.mavshack.se

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IR contact

Email: ir@mavshack.com
Telephone: +46 8-124 517 90