Annual Report
2008
Europe’s leading partner in performance-based
digital marketing.
Contents
2008 in brief 1
Word from the CEO 2 Report on
Market 6 operations
Offering 10
Industry review 14
Customer cases 16
Corporate governance 20 Corporate
Guidelines for remuneration 25 Governance
Work during the year 26 Report
Board report on internal control 29
Board of Directors 30
Group Management 31
Operations and structure 33 Board of
Directors’ report and financial statements
Group 2008 34
Product area Transaction 37
Product area Other 38
Product area Search 39
Human resources 40
Risk- and sensitivity analysis 42
Income statements 44
Balance sheets 45
Changes in shareholders’ equity 46
Cash-flow statements 47
Notes 48
Proposed appropriation of earnings 69
Adoption of annual report 69
Audit report 70
Five-year summary 72
TradeDoubler share 74
Definitions and glossary 76
Tra d e D o u b le r A n n u a l R e p o rt 2 0 08
Financial information
TradeDoubler (556575-7423) is a Swedish company with registered office in Stockholm. The company is governed by Swedish law and as a listed company it must comply with the NASDAQ OMX Stockholm Exchange’s listing requirements that regulate information demands to the market. All values are expressed in Swedish kronor (SEK).
Millions of kronor are designated SEK M. Figures in paren- theses refer to 2007, if not stated otherwise. Data about markets and competitive situation are TradeDoubler’s own assessments, unless a specific source is cited. These assessments are based on the best and latest available fact documentation from published sources.
Interested parties can subscribe for press releases and re- ceive information about the company’s financial situation via TradeDoubler’s website.
Financial calendar 2009–2010
Annual General Meeting 2009 May 6, 2009 Interim Report (Jan. 1–March 31, 2009) May 6, 2009 Interim Report (Jan. 1–June 30, 2009) Aug. 18, 2009 Interim Report (Jan. 1–Sep. 30, 2009) Nov. 3, 2009
Year-end Report 2009 Feb. 2, 2010
2009 Annual Report April 2010
The annual report, year-end report and interim reports are published in Swedish and English. If any differences, the Swedish version prevails.
The annual report may be ordered from:
TradeDoubler AB, Sveavägen 20, SE-111 57 Stockholm, Sweden. Tel. +46 (0)8-40 50 800.
E-mail: ir@tradedoubler.com
Printed copies of annual reports are distributed by post to those who so request and can also be downloaded from TradeDoubler’s website www.tradedoubler.com
Give us your viewpoint
Can the annual report be better? Please send us your sug-
gestions and viewpoints. E-mail: ir@tradedoubler.com
S
Consumers Advertisers
Annual General Meeting
In the notification, provide name, address, social security or corporate registration number, telephone number daytime, number of shares and any assistants. If participation is by proxy, the written power of attorney signed by the shareholder must be sent to the company in original prior to the Meeting.
Participation
Shareholders registered in the share register maintained by Euroclear Sweden AB not later than April 29, 2009, at 4:00 p.m. are entitled to participate in the Meeting. Shareholders whose shares are held in trust must temporarily reregister the shares in their own name at Euro- clear Sweden AB to be able to participate in the Meeting. Shareholders must inform the trustee in adequate time prior to April 29, 2009.
The personal data taken from proxies and the share register maintained by Euroclear AB will be used for the necessary registration and preparation of the voting list for the Meeting.
Proposed dividend
TradeDoubler shall distribute at least 50 percent of earnings after taxes under the condition that a suitable capital structure is maintained. Considering the difficulties in today’s finance market, the Board has decided to propose that no dividend by distributed (SEK 2.75 per share).
Notice
The notice to convene is published not later than four weeks prior to the Meeting in Post- och Inrikes Tidningar (Swedish Official Gazette).
Svenska Dagbladet and Dagens Industri. The notice provides the agenda and matters to be addressed.
Annual General Meeting 2009 The Annual General Meeting for shareholders in TradeDoubler AB (publ) will be held on May 6, 2009, 4:00 p.m. at TradeDoubler’s offices, Sveavägen 20, 7th floor, SE-111 57 Stockholm, Sweden. Registration begins at 3:30 p.m.
Notification
Shareholders wishing to participate in the Annual General Meeting must be registered as shareholders in the printout of the share register maintained by Euroclear Sweden AB (formerly VPC) on April 29, 2009 and notified their intention to participate in the Meeting not later than April 29, 2009 at 4:00 p.m.
Notification may be made by letter, telefax or by e-mail.
TradeDoubler Annual General Meeting Sveavägen 70, 7th flr
SE-111 57 Stockholm, Sweden Tfx: +46 (0)8-840 50 801
e-mail: arstamma2009@tradedoubler.com
Owner concentration 2008
(owners grouped)Number of clients 2004–2008
2008 2007 2006 2005 2004 Number
1,744
1,662
1,276
1,045
902
Number of active publishers 2004–2008
2008 2007 2006 2005 2004 Number
127,779
120,816
118,098
100,384
77,100
No. of renewed top-25-contracts 2008
Transactions/month 2008
Margins, Transaction and Search 2004–2008
Number of employees 2004–2008
25
20
15
10
5
0 700
560
420
280
140
0 100
80
60
40
20
0
2,000
1,500
1,000
500
0
160,000
120,000
80,000
40,000
0 2008 2008
25 largest
2007
2007 2006
10 2006 largest
2005
2005 2004
Transaction Search 5 2004
largest
% Number
%
637
79.8 550
35164.0 256
160
47.2
TradeDoubler was founded in 1999 and today is present in 18 European markets and in Japan. The company’s head office is in Stockholm.
Vision – To redefine the marketing landscape.
Mission – We are passionate about driving results internationally for our clients through digital marketing and sales solutions.
100% 23 billion impressions
272 milion unique
visitors
10 million leads
1. Creates...
2. Generates Internet visitors’...
3. Supported by...
4. Follow-up and adjust through...
Impressions (CPM)
Awareness
1 Includes td Talk
Clicks (CPC)
Interest
Leads (CPL)
Desire
Sales (CPA) Action
1
Europe’s leading partner in performance- based digital marketing
A stable operation with strong offering
Similar to all other marketing, digital marketing is conducted to create awareness with the consumer or to have the consumer implement an action, for example, purchasing of a product. TradeDoubler’s business model is primarily performance-based, which means that the company’s revenues arise when the consumer carries out an action pre- defined by the advertiser, that is, impressions, clicks, leads or sales.
Based on the client’s needs and goals, TradeDoubler plans with the advertiser so that products and services are marketed in the best possible
manner in digital environments. Composition of the suitable digital product mix is determined after a pre-study is carried out, based on,
for example, relevant statistics and adjusted continually to create value through obtaining the best possible outcome.
Tradedoubler annual rePorT 2008
2008 in brief
Markets show favorable growth and the uK has recovered its income decline that occurred at the beginning of 2008.
The search product area not in line with expectations and the launch of search delayed. Change of strategy for the launch provides confidence for 2009.
Cost base in 2008 to be reduced 10 percent during 2009.
Cost-savings program results in layoff of some 40 employees.
Td affiliate, td Campaigns, td search, td searchware and td integral launched as new product names.
strategic iT project completed within td Campaigns and td integral.
Örjan Frid new President and Ceo.
seven new country managers with media background.
Christer elmehagen elected board Chairman on december 19, 2008 and resigned from the board on March 31, 2009. lars lundquist is company’s board Chairman from March 31 until the annual general Meeting on May 6, 2009.
revenue rose 29.8 percent to seK 3,456.7 M (2,663.6).
gross profit for the year increased 17.5 percent to seK 747.1 M (636.0).
ebiTda declined to seK 183.3 M (214.1).
operating profit amounted to seK 149.9 M (194.8).
Profit after tax was seK 94.4 M (152.3).
revenue per share after dilution amounted to seK 3.31 (5.34).
The group’s financial position improved and net debt at year-end was seK 153.4 M (263.0).
Cash flow from operating activities amounted to seK 218.0 M (140.4).
Considering the difficulties in today’s capital market, the board has decided to recom- mend to the annual general Meeting not to distribute a divided this year (seK 2.75 per share).
2008 in brief
1
Gross profit
EBITDA Market 2008, %
United Kingdom Rest of Europe + Japan France
Nordic region Germany
Travel
Consumer electronics Retail
Other Finance 34
(40) 15
(15) 9 (7)
15
(15) 27
(23)
Product 2008, % Sector 2008, %
Transaction Other Search
11 (6)
66 (73) 23
(21) 30
(24)
29 (35) 18
(15) 16 (21)
7 (5) 1,000
800
600
400
200
0 2004
Gross profit EBITDA 2005 2006 2007 2008 SEK M
250
200
150
100
50
0
747.1
636.0
480.3
314.5
188.5
Förvaltningsberättelse
rubrik lorem ipsum dolor sit amet Tradedoubler annual rePorT 2008
dur ing the yea r, Tr ade dou ble r sh ow ed stre ngt hs t hat exp lain wh y th e com pan y is tod ay an inte rna tion al p laye r an d e uro pe’ s le adi ng par tne r
with in p erfo rma nce -ba sed dig ital ma rke ting !
Örj an Frid , Pr esid ent and CEO Trad eD oub ler
»
2
Tradedoubler annual rePorT 2008 Word from the Ceo
3
report on operations
The year 2008 will be linked with the financial crisis and a world economy in freefall at the end of the year. I joined the company in De- cember and have been deeply impressed about what our local market companies and our international sales organisation have succeeded with during a difficult year. I also determined that TradeDoubler is active in a market with long-term favourable growth possibilities and has a well-functioning business model.
Year’s revenue adversely affected by high cost base The year’s revenue were less favourable than expected, due mainly to a negative cost trend. Reduced growth and lower revenues in the British market is a main reason. Therefore, we launched a program to enhance the efficiency of operations during the autumn and some 40 employees had to leave TradeDoubler. As a result of this and other actions toward the end of the year, the Group has a lower cost base of about 10 percent for 2009 compared with full-year 2008. In the spring of 2009 we will conduct a review of operations, aiming at further cost reductions, a strengthening of the organisation and clarification of the strategic priorities.
We have what is required for long-term growth with profitability!
Fiscal 2008 was a challenging year, with the fastest reverse in the busi- ness climate in modern times. Tradedoubler was able to benefit from its market-leading position in europe and capture market shares. an action program was introduced in the autumn to reduce costs and strengthen our position. Moving into 2009, the goals and strategies are set: create long-term profitable growth through delivering the market’s best and most complete products and solutions for performance-based digital marketing, internationally with europe as the home market.
Advertisers expanding and broadening their marketing supported by digital marketing
Growth in marketing weakened during the year. However, digital marketing survived better than traditional forms and advertisers have prioritised performance-based marketing ahead of traditional. This demonstrates the strength of our business model.
The client base is strong. It has primarily comprised consumer-oriented e-commerce companies. However, during the year we noted increased interest from other types of consumer-oriented companies desiring to broaden their marketing mix to increase brand recognition and strengthen their other traditional marketing. The increasing number of companies desiring to invest more in digital marketing provides Trade- Doubler a large future potential.
Strong leadership and market companies, with good momentum
A number of our market companies received new management during the year, in many cases senior personnel with experience of media firms or solution-oriented sales. This yielded positive effects of better sales, employee commitment and development.
dur ing the yea r, Tr ade dou ble r sh ow ed stre ngt hs t hat exp lain wh y th e com pan y is tod ay an inte rna tion al p laye r an d e uro pe’ s le adi ng par tne r
with in p erfo rma nce -ba sed dig ital ma rke ting !
Örj an Frid , Pr esid ent and CEO Trad eD oub ler
Tradedoubler annual rePorT 2008
4
Word from the Ceoreport on operations
The local market companies succeeded in renewing and gaining increased confidence from existing clients and concurrently won new clients in competition. The new, local British management and staff de- livered an impressive performance and succeeded in reversing the nega- tive development from the first half of the year. The Group’s other main markets, France and Germany, continued to develop positively during the year and growth in smaller markets outside the Nordic region also developed favourably.
Breadth of our offering increased growth of individual products and services
As a result of the strategic acquisition of IMW Group in 2007, currently TradeDoubler can cover 80 percent of the product and solution needs within digital marketing. This provides us strength in our client under- takings and the possibility to increase sales with existing clients, as well as a positive effect for products sold separately.
Since the end of the year, search marketing is an integrated component of the local sales companies’ operations and budget, except in France and the UK. As a result, we have better conditions to integrate operations and fully capitalise on the strategic acquisition of IMW Group.
Unique expertise that drives development of digital marketing
TradeDoubler has a unique expertise within digital marketing and about client needs and opportunities to improve their revenue. Accordingly, continuing to develop our staff is a central strategy. Annually, the em- ployee surveys show favourable results. The results from 2008 improved from 2007. Nevertheless, we have a higher personal turnover rate than desired, which is primarily explained by the large proportion of young staff members. The industry is relatively new and, consequently, expertise on the market is limited. Accordingly, our employees quickly become attractive. Our ambition is to invest more in retaining them with us.
Three strategic priorities for 2009
The economic decline and the global financial turmoil mean that Trade- Doubler is adapting its short-term plans to the prevailing situation. The key activities for 2009 are:
Increase clarity pertaining to client benefits deriving from the com-
pany’s services and produce a more solutions-oriented profile in the market
Ensure that the operations within Search will be an actual asset to
TradeDoubler’s key markets so that the potential from the IMW Group acquisition will produce full effect
Balance the cost trend against revenues and growth to ensure con-
tinued favorable margins.
We shall continue to capture market shares in 2009 Developments in 2008 revealed the strength in TradeDoubler’s geo- graphic spread and broad product portfolio. We shall continue to benefit from our strengths and continue to capture market shares organically in a market undergoing rapid change. The year 2009 has started well and overall TradeDoubler is well positioned to meet client needs. I have great respect for market problems in the prevailing recession, but the potential for stable and positive development is favourable and I am impressed by the enthusiasm, professionalism and strong results shown daily through- out our operations. We are active in an international arena and we are Europe’s leading company in performance-based digital marketing. We have an enviable client base and a network of publishers. We have a broad client offering and leading expertise. This provides solid conditions for creating long-term value for our stakeholders.
Stockholm, April 21, 2009
Örjan Frid
President and CEO
Tradedoubler annual rePorT 2008 verksamhetsbeskrivning
vd har ordet
5
Tradedoubler annual rePorT 2008
6
report on operationsMarket
comprising approximately 128,000 active publishers and nearly 1,750 advertisers. In connection with the acquisition of the IMW Group, TradeDoubler gained strategic expertise within the search market, which means that TradeDoubler is currently able to offer advertisers a complete and solution-oriented product portfolio. TradeDoubler has elected to have an international and local organization, which is a competitive edge when international clients are choosing cooperation partners within digital marketing.
Other major players in the market for digital marketing include ValueClick, AdPepper, Zanox, AdLink, Advertising.com, HiMedia and Omniture.
ValueClick is the dominating player in the North American market. Zanox operates primarily in the German market. Other players may be locally strong in a few markets or have less complex offering than TradeDoubler.
TradeDoubler also competes with major Internet companies and traditional media companies for a portion of the clients’ total market- ing budget. This could include publishers with in-house sellers or major portals and search engine companies with proprietary advertising networks, for example, Google, Yahoo! and MSN.
Europe is TradeDoubler’s domestic market
At the end of 2008, TradeDoubler operated in a total of 19 markets:
18 European countries and Japan. The presence in Japan was in con- junction with the acquisition of the IMW Group in 2007. Japan provides TradeDoubler with a presence in the Asian market, which is currently a smaller market for TradeDoubler but attractive from a trend perspec- tive. Europe is TradeDoubler’s domestic market, in which the company has a unique position in terms of geographic reach and adapting to the local conditions required. Today, TradeDoubler reaches about 75 per- cent of Europe’s Internet users. It is easy to adapt TradeDoubler’s tech- nical solutions to such local conditions as language, currency, legislation as well as payment and invoicing practices in the various countries.
TradeDoubler’s technical platform currently manages 15 languages and transactions in 11 currencies.
Position and other market players
TradeDoubler’s main competitors are other companies that offer digital marketing within the product areas in which TradeDoubler operates.
TradeDoubler has managed its position as a pioneer within digital mar- keting well. Over a 10-year period, TradeDoubler has built up a network
growth market
digital marketing has greater market reach than Tv commercials in sev- eral countries and in an increasing number of target groups. Changing consumer behavior combined with the possibility of paying only for results drives the demand for digital marketing.
Competitors overview
Affiliate Campaigns Search Technology
TradeDoubler ValueClick AdPepper Zanox AdLink Advertising.com HiMedia Omniture
Affiliate marketing expertise in driving qualified, targeted traffic to your website on a performance basis to generate incremental results.
td Campaigns is TradeDoubler‘s Ad Network.
With expertise and a customized approach to online advertising cam- paigns we deliver your ideal combination of targeted reach and performance.
td Search is our premier search marketing service, offering paid search solutions to online advertisers across all sectors. We deliver outstanding results and ROI through our unrivalled search expertise and cutting edge technology.
A PPC bid management technology that allows you to effectively track, report, analyse and optimise your entire search marketing activity in one interface.
A cross-media marketing platform to serve, track, analyse and optimise across the full spectrum of online media and capture the complete customer journey across affiliate, search and display marketing, using one tag.
Number of product areas
4 4 3 3 3 2 1 1
Number of countries
18 5 11
9 8 9 6 5
Tradedoubler annual rePorT 2008 Marknad
verksamhetsberättelse
7
8
Tradedoubler annual rePorT 2008Internet penetration
Average media consumption Forecast e-commerce growth
Forecast digital marketing growth
eMarketer Jupiter Forrester
Zenith Jupiter Forrester
Netherlands Norway Sweden Japan Portugal Switzerland Denmark United Kingdom Germany Spain Finland Italy Austria France Ireland Belgium Lithuania Poland Russia Source: Internet World StatisticsSource: eiaa
% 100 80 60 40 20 0 EUR M 16,000 15,000 14,000 13,000 12,000 11,000 10,000
2009 2009
2010 2010
2011 2011 EURbn
300 250 200 150 100 50 0
12Internet Radio TV News papers Magazines
Hours 15.0 12.5 10.0 7.5 5.0 2.5 0.0
13.2 14.2 4.9 3.9
Market
report on operations
market is fragmented and characterized by the regional differences in terms of the infrastruc- ture for Internet and broadband, but also pertaining to investments in digital marketing.
According to Forrester Research, investments in digital marketing in Europe will amount to SEK 14.5 billion by 2011. The general assess- ment is that digital marketing will also con- tinue to report significant growth in Europe.
Advertisers improve revenue with lower budget
TradeDoubler’s clients conduct primarily consumer-targeted e-commerce. Other types of companies have also shown increasing inter- est in TradeDoubler’s products and solutions.
This could be companies that want to expand their marketing mix to increase brand recogni- tion and thus supplement and strength their traditional marketing.
Digital marketing has stimulated major interest in times when marketing activities to an in- creasing extent must be connected to revenues and where in certain instances a decrease in marketing budget must retain and preferably generate better results than in the past.
In a recently published report, Jupiter Research stated that the priorities for marketing manag- ers for 2009 are to:
Achieve measurable return on marketing Develop marketing programs that will
integrate digital marketing with traditional marketing
Reduce marketing budget but generate bet- ter results than in the past.
TradeDoubler’s offering, which is primarily performance based, means that the company has great potential in a market with strong growth.
Changed consumer behavior drives the demand for digital marketing The underlying driving forces responsible for increasing interest in digital marketing are primarily e-commerce and the amount of time people spend in front of their computers.
Europeans’ e-commerce increasing According to Forrester Research, the e-com- merce market in Europe has grown substan- tially in recent years and sales are estimated to amount to approximately SEK 145 billion by 2011. The same survey shows that 80 percent of Internet users in Europe made a transaction online and that this figure will increase. Jupiter Research estimates that the European e-com- merce portion of the total private consumption is expected to increase from 2.7 percent to about 5 percent by 2012. Growth is based on an increase in the number of consumers that shop on the Internet and current consumers shopping for larger amounts.
Europeans online more
In Europe, consumers’ access to the Internet and connection via broadband continues to increase. This in turn will lead to people spending more time online. This trend has been evident for several years and is expected to increase, which will drive the increase in e-commerce and interest in investing in digital marketing.
The most mature Internet markets in Europe are the Nordic countries along with The Netherlands. Internet penetration within the EU was 60 percent at the end of 2008, which is significantly lower than the average for the Nordic countries, which was 71 percent.
According to Forrester Research, more than 70 percent of Europe’s households will have access to broadband by 2013, the correspond- ing figure today is nearly 45 percent.
Strong growth in digital marketing
Compared with the North American market
for digital marketing, the European market
is currently less mature. With more than 450
million inhabitants, Europe is larger than the
US in terms of population. Consequently, there
is significant growth potential in the European
market. Unlike the US market, the European
Förvaltningsberättelse rubrik lorem ipsum dolor sit amet
Tradedoubler annual rePorT 2008
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10
Tradedoubler annual rePorT 2008offering
report on operations
transaction has occurred during the recent months. The extensive client base and the network of publishers mean that there are good prerequi- sites for all players to capitalize on the interplay.
Publishers connect to TradeDoubler’s network by registering on Trade- Doubler’s website. Registration is free of charge and TradeDoubler’s affiliate network includes both large and small publisher websites. As a member of the network, publishers will gain access to advertising companies’ advertisements and may publish required advertisements on their websites. TradeDoubler follows established ethical and quality guidelines, which stipulate that the company will not cooperate with advertisers and publishers that use websites with dubious content or conduct illegal operations.
Using an affiliate program, TradeDoubler creates a continuous presence on the Internet where the client is visible on small and large websites.
TradeDoubler manages all contacts for the client in order to market the products and services in the best possible manner. All traceability and the technology required are provided by TradeDoubler. Publishers receive continuous information about and access to advertisers’ offerings in order to utilize them for best possible outcome from the advertising.
td Campaigns – advertising network
Digital marketing campaigns have many similarities with affiliate market- ing. The difference is that a campaign either uses a select group of pub- lishers to achieve high accuracy or a broad base of publishers to achieve a high volume.
An advertising network consists of advertising scope with large and mid-size publisher websites that are packaged by a third-party player.
The third-party player is responsible for administration and payments and also for managing the advertisement, tracking and optimization.
The advertising network is distinguished in three primary areas: network (how many and how qualitative websites that are included), technol- ogy (how robust and efficient the technology is for tracking, optimizing and target control) and expertise (the experience and knowledge of the people managing the campaigns).
The advertising network is used by advertisers and media agencies to cost-efficiently spread a marketing campaign on the Internet. Publish- Complete product portfolio for digital marketing
TradeDoubler’s products are characterized by high quality, security, flexibility and economy. TradeDoubler started its operations within affiliate marketing but currently has a complete portfolio of products and services within digital marketing. Expanding the offering generates advantages for clients since TradeDoubler is able to offer solutions where selected marketing forms are optimized to achieve best possible results.
TradeDoubler provides the majority of its service range in all markets in which the company operates. The exception is markets that are in the early stages of digital marketing sales.
TradeDoubler sells and supplies services and products within:
Affiliate marketing Campaign marketing Search marketing
Technical system solutions for tracking, monitoring and administration.
td Affiliate – affiliate marketing
Affiliate marketing is a form of digital marketing in which the publisher chooses to display another company’s advertisements on its website to encourage traffic to the advertised company’s website. The publisher only receives remuneration if an action, predetermined by the advertiser, is carried out by the Internet visitor, for example, a purchase or interest registration. The advertising company’s objective with the advertisement within the affiliate channel is mostly to drive some form of results and in order to obtain maximum return the publisher is keen to publish relevant advertisements. An advertisement for sports clothing should be pub- lished on websites with visitors that may be interested in sports clothing.
Using the td Affiliate product, TradeDoubler connects and improves the flow between the advertising company and publishers. All involved players, advertisers, publishers and TradeDoubler have financial interest in the connection being as efficient as possible. The advertisers want to achieve favorable financial results with their marketing. Publishers want good return on their websites. As intermediary, TradeDoubler will receive a portion of the transactions occurring between the advertiser and publishers. TradeDoubler currently has nearly 1,750 clients and approximately 128,000 active publishers. Active means some form of
our clients pay for results
as market leader, Tradedoubler drives the development of products and
solutions for digital marketing. We offer clients a complete portfolio. We
combine products to achieve maximum return on the marketing invest-
ment based on our clients’ targets.
Tradedoubler annual rePorT 2008
11
offering report on oprations
ers use advertising networks to fill advertising space and capitalize on it, the advertising network is frequently used by large websites to supplement the website’s own advertisement sales. td Campaigns is TradeDoubler’s advertising network. TradeDoubler carefully selects the websites that are invited to be part of the network, only the largest and most qualitative websites in each market are invited to the network.
Media in the network refers primarily to image and video advertise- ments and text links shown on websites or e-mail dispatches. The technology used by td Campaigns has been tested for many years and is regarded as leading. TradeDoubler has a very high level of expertise after having operated in the area for many years. This generally means that td Campaigns is a very competitive product for advertisers and media agencies that are looking for cost-efficient marketing campaigns and for publishers looking to capitalize on their advertising space.
td Talk
Using the td Talk product, TradeDoubler is able to measure and track telephone calls generated by a publisher for an advertiser during a marketing program. This means that advertisers are able to use publish- ers in an affiliate program to also lead calls to their call centers and only pay per connected call. An operator can provide additional information on the product or service, where there is a great need for information.
This may apply for example in connection with a bank loan or signing a telephone subscription.
td Search – search marketing
TradeDoubler’s services within search marketing are available in search- engine marketing and search-engine optimization.
Search-engine optimization means that advertisers’ websites are adapted to achieve excellent position in the natural search results in relevant search engines. This form of optimization is also referred to as organic optimization, since this position on the search-engine hit list cannot be purchased.
When a visitor is searching on search engines by using keywords and phrases, it is vital to the advertisers to be positioned high on the list on the search engines. Visitors tend to only pay attention to the first two pages. In order for a company to reach potential clients via the Internet, the website should be listed on one of these and preferably on the first. When you execute a search-engine optimization there are certain
guidelines that should be followed. TradeDoubler works exclusively with ethical search-engine optimization, meaning, the company follows the rules established by the search engines. These are designed so that the various engines are able to present qualitative and accurate hit lists for the visitor. This is vital since use of illegal methods can lead to the website being excluded from the search engines’ index. For more infor- mation on the guidelines pertaining to this, we refer to the websites of major search engines.
Within TradeDoubler, there is expertise on how leading search engines are structured and the adaptations required for advertisers to receive the best possible position in these search engines, increase traffic to their websites and thus increase sales. In terms of consulting, Trade- Doubler supplies services within search-engine optimization relating to everything from keyword analysis, technology and content analysis of the advertiser’s website, optimization proposals, search-engine registra- tions and link strategies, as well as following up reports and analyses.
Search-engine marketing is a supplement to search-engine optimiza- tion. This is a type of marketing where you pay for the number of users that visit the advertiser’s website via the advertisement. One or more words are selected to be shown in connection with the advertisement.
The cost for the advertisement varies depending on the popularity of the word. Sponsored links are sold in the network, meaning, keywords can be purchased from Google, Yahoo! and Eniro, which then place the keyword advertisements on their own as well as external websites with which they cooperate. Payment is per click in an auction environment, in which the maximum price that someone is prepared to pay is preset per click for a specific word in a specific network.
Using td Search, clients can plan, manage and optimize their search- engine marketing for all search engines utilized by the advertiser. The products and services within search-engine marketing are sold in the UK and France under the company name, The Search Works.
td Searchware – search technology
td SearchWare offers advertisers a platform to efficiently conduct their own search-engine marketing. td Searchware contains functions for tracking, reporting, analyzing and optimizing all search-engine market- ing in a common interface. The platform makes it simple to manage large amounts of keywords, define automated budget strategies and continuously monitor results through leading-edge reporting tools.
Product portfolio
12
Tradedoubler annual rePorT 2008offering
report on operations
in progress simultaneously. Prior to the launch of the program, the con- nections under which the advertisements are to be seen must be estab- lished, exposure of the offering and the formulation of the remunera- tion model. When the programs have been launched, TradeDoubler’s organization will have continuous contact with the advertisers to ensure that the various programs develop in accordance with the target. Dur- ing the period the programs are in progress, TradeDoubler’s employees, with various expertise, will manage contacts with publishers, search engines, continuous technical administration for the programs as well as invoicing and remuneration to involved players.
Programs are performance-based
Remuneration will occur according to a performance-based price model, which means that the Internet visitor will need to execute a preset activity in the advertisement in order for the advertiser to pay re- muneration to the publisher or the search engines. Activities that must be executed by the visitor on the website are normally views, clicks, registrations or purchases.
TradeDoubler has three payment models: performance-based remuner- ation, consultancy fees and start-up and license fees. However, the pri- mary payment model offered to advertisers is performance-based and comprises CPM (cost-per-thousands impressions), CPC (cost-per-click), CPL (cost-per-lead) and CPA (cost-per-action). The price models can be combined in several ways to satisfy various advertisers’ and publishers’
requirements. The most common price models are CPA and CPC.
Each month, an average of 12 billion views, 134 million unique visitors and approximately 10 million activities for direct and indirect e-com- merce sales are registered in TradeDoubler’s systems. Remuneration to publishers and search engines from TradeDoubler’s clients occurs through TradeDoubler, which means that high demand is placed on reliability in tracking transactions but also that payment occurs in 11 currencies and administration in 15 different languages.
td Integral – integrated marketing platform
td Integral provides clients with a complete overview of all their digital marketing activities within affiliate, campaign and search-engine mar- keting. The advertisers may monitor results on a continuous basis and rapidly adjust the budget to capitalize on the marketing methods that are generating the best results at the time. Using the statistics available in TradeDoubler’s system, the client is able to utilize knowledge and ex- perience from prior seasons to maximize returns for the current period.
The integrated platform and tracking have also made it possible to pro- duce reports that analyze how visitors react in the various channels and how the different channels cooperate to drive results and transactions.
Advertisers’ requirements and targets decide product choices
The characteristics and quality of the products are significant, but the knowledge, values, attitudes and behavior of TradeDoubler’s employees are also important. In order for TradeDoubler to understand the needs and meet expectations with the right offering, in-depth cooperation is crucial between clients and TradeDoubler’s employees.
In recent years, TradeDoubler has deepened the relationship med key clients. The advantages are multiple. The Group can now support clients’ growth better than in the past, while a deeper relationship will lead to additional sales within the entire product range.
Based on the client’s requirements and targets, TradeDoubler will plan jointly with the advertiser, to market the products and services in the best possible manner in a digital environment. The composition of suit- able digital product mix will occur following a feasibility study, based on relevant statistics for example, and adjusted continuously to create value by obtaining the best possible results.
The advertisers’ various campaigns or digital activities are combined into what is called a program. An advertiser often has several programs
Requirements and targets decide product choices
1. Creates...
2. Generates Internet visitors’...
3. Supported by...
4. Follow-up and adjust through...
Impressions (CPM)
Awareness
1 Includes td Talk 2 Integral and Searchware are supplemented by TradeDoubler technology platform Clicks
(CPC)
Interest
Leads (CPL)
Desire
Sales (CPA)
Action
1
2 2
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interplay within digital marketing
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digital marketing, like all other marketing, is conducted to create awareness among consumers or to get consumers to take an action, such as purchase a product. Tradedoubler’s products and solutions drive and streamline the flow of transactions that occur in the interplay between companies that advertise and market players through to consumers, that is, internet visitors.
1. Advertisers
Advertisers can select various paths to reach end-consumers via the Internet:
Search marketing through search engines, via a search agency or directly
Ad marketing (display marketing) via a media company or directly, through a network or by purchasing space directly from publishers (websites)
Affiliate marketing via a media company or directly via an affiliate net- work such as TradeDoublers. Advertisers can also choose to license or purchase technology to operate an affiliate network on their own.
2. Media companies
An advertiser can utilize a media company as an intermediary to plan and administer their marketing, both traditional and digital.
3. Display intermediaries
Ad network – companies that operate a network of space that pub- lishers do not sell themselves. This can be all or portions of websites Third-party representation – companies that only sell all space on all
publishers’ websites
Affiliate networks – companies that operate networks of transaction-
oriented websites.
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4. Publishers
Publishers who operate their website by creating content and selling their space for advertising. Depending on the content and volume of traffic, space is sold for various purposes – impressions, clicks, leads and sales.
Premium publishers – this type of publisher (primarily magazines and portals) have strong brands. They sell primarily space themselves through a media company or through an advertising network. Sales via third parties occur more infrequently. The relationship between premium and other space is approximately 80/20
Content publishers – website and editorial content that drives visitors such as bortabra.se
5. Search companies
An advertiser can use a search company as an intermediary to plan and administer their purchase of keywords/search words and search engine optimized activities. Alternatively, the advertiser can chose to purchase technology, such as TradeDoubler’s Searchware, and conduct the activi- ties themselves.
6. Search engines
Search engines offer advertisers purchase of keywords/search words and advertising networks.
Keyword publishers – they do not always have their own website but instead use search engines to initiate viewing of ads and generate Internet traffic for advertisers. This occurs primarily through the purchase of keywords/search words via a search engine, which are then sent to advertisers
Loyalty publishers – offer consumers a portion of the publisher’s commission if the purchase is initiated via the publisher’s website.
These websites are popular in the UK, for example nectar.com E-mail publishers – utilize e-mail to send out targeted offers to
a receiver list.
7. Technology suppliers
The market for digital marketing is strong due to advanced technology for Internet traffic traceability. A few companies have chose to develop technology themselves, while others purchase technology from external technology suppliers.
8. Consumers
The reason for digital marketing (like all other marketing) is to create a
feeling or achieve that the consumer performs an action. TradeDoubler
offers products for the entire flow, from feeling to action.
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Dell started early using an affiliate program. Cooperation with TradeDoubler has been ongoing since 2001 and currently covers 13 markets. Competition within consumer electronics has become fiercer, particularly due to the current economic downturn. The goal for Dell (UK) with implementing a pay-per-call solution was to increase integration between other marketing and digital marketing in a cost-effective manner, thereby increasing overall sales.
The following activities were proposed and implemented:
Implementation of td Talk in ongoing affiliate program.
Services from TradeDoubler
Advising
Implementation of td Talk
Program has been awarded with:
Revolution Awards 2009: Best Use of Affiliate Marketing
E-consultancy Innovation Awards 2008: Winner of Innovation in Affiliate Marketing.
dell
Results
32 new publishers generated an average of 142 calls per month to call centers and affiliate advertising increased to also include mobile phone advertising.
Dell’s program increased profitability by
200 percent
during 2008 compared with 2007 and the value of orders increased by
33 percent
between 2008 and 2007.
Tradedoubler annual rePorT 2008
Results
Between June 2007 and June 2008, traffic from search engines increased by
71 percent
on the major search engines, which resulted in donations from natural searching increasing by
106 percent.
The goal of the Red Cross (UK) was to increase natural traffic to their website.
TradeDoubler began the project by reviewing the Red Cross website. The review also involved checking all technical aspects of the website that impeded a presence on search engines.
The following activities were proposed and implemented:
Navigation and page structure improved, which also included a change from Javascript to CSS
Site mapping changed to improve search engines’ accessibility and user friendliness Simplification of URL and removal of parameters that involved duplication of content Ideas for new and additional content, expansion of links and social media that
improve search engine optimization.
Services from TradeDoubler
Consulting
Training in search engine optimization Ranking and analysis reports
The red Cross
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18
ING Bank’s (Poland) goal was to:
Generate 2,000 new applications for bank accounts during a one-month period Generate 500,000 unique visitors to the bank’s website
Increase brand recognition for ING Bank as the innovative bank with unique offerings for its clients
Create awareness of personalized credit cards.
The following activities were proposed and implemented:
Planning of media to find appropriate publishers for campaign Create material to engage the target audience
Preparation and delivery of campaign to generate leads.
ing bank
Results
During July and August 2008, ING Bank’s website had 855,690 unique visitors, which was
30 percent
more than the goal. The campaign generated 4,159 leads, which was
171 percent
more than the goal.
Tradedoubler annual rePorT 2008
McAfee’s goal was to:
Implement a pan-European affiliate program that aimed at reaching a large number of consumers in several countries. McAfee sought a cost-effective solution TradeDoubler’s strong European presence enabled a cost-effective launch in
markets that McAfee did not have access to itself via internal resources.
Services from TradeDoubler
Affiliate network
Affiliate program for keywords/search words
Ad network to complement activities within the affiliate program Central and international client team
Mcafee
19
Results
McAfee was one of the first within the industry to start an affiliate program. By doing so, the company has experienced favorable growth, especially during the past 18 months. Successes have resulted in the program now expanding to
9 new markets
and
improved ROI.
In 2 008 , th e w ork o f th e Bo ard o f Di rec tors f ocu sed o n c rea ting t he be st pos sibl e c ond ition s fo r Tra deD oub ler t o re tain a nd s tren gth en t he c om -
pan y’s l ead ing p osit ion i n d igita l m ark etin g.
Lar s Lu ndq uist , Ch airm an of t
he B oar d a s pe r, M arc h 31 , 20 09
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Corporate governance Corporate Governance report
TradeDoubler’s corporate governance aims to create the conditions for owners to exercise an active and responsible ownership role, to safe- guard the opportunity for owners to assert their interests in relation to the company’s management body, to clarify the division of roles and responsibilities between the management and control bodies, and to ensure transparency in relation to owners and the capital market.
Review by auditors
The company’s auditors have not reviewed this Corporate Governance Report.
Governing body and rules and regulations
Corporate Governance within TradeDoubler is primarily carried out by the Annual General Meeting, the Board of Directors, auditors and company management. These bodies and the general structure of corporate governance are presented in the illustration on page 24.
The rules and regulations primarily comprise the stock exchange’s list- ing agreement, the Swedish Companies Act, the Annual Accounts Act, statements issued by the Swedish Securities Council, the Swedish Code of Corporate Governance, TradeDoubler’s Articles of Association and other internal steering documents.
Annual General Meeting
The Annual General Meeting of TradeDoubler is TradeDoubler’s highest decision-making body and the forum in which shareholders exercise
their rights to decide on matters related to the company. Each share represents one vote.
Shareholders are informed via the notification of the Annual General Meeting regarding their entitlement to have an item addressed at the Annual General Meeting. Shareholders who are registered in the share register on the record date (five calendar days prior to the date of the Annual General Meeting) and have provided notification of their intention to attend are entitled to participate at the Annual General Meeting, in person or by proxy.
The obligatory tasks of the Annual General Meeting are to adopt the company’s balance sheet and income statement, decide on the allocation of the company’s profit or loss, adopt remuneration principles for the company’s senior executives and to decide on the discharge from liability for the Board members and President. In addition, the Annual General Meeting elects Board members for the period until the close of the next Annual General Meeting, in accordance with proposals from the Nomina- tion Committee, and resolves on any share-based incentive programmes.
Nomination Committee
The Nomination Committee shall consist of four members: one representative each from the three largest shareholders, as of the last banking day in June, who whish to appoint such a representative, as well as the Chairman of the Board. The company’s general council is the secretary of the Nomination Committee.
21
Corporate governance
In 2 008 , th e w ork o f th e Bo ard o f Di rec tors f ocu sed o n c rea ting t he be st pos sibl e c ond ition s fo r Tra deD oub ler t o re tain a nd s tren gth en t he c om -
pan y’s l ead ing p osit ion i n d igita l m ark etin g.
Lar s Lu ndq uist , Ch airm an of t
he B oar d a s pe r, M arc h 31 , 20 09
In brief
In 2008, the work of the Board of Directors focused on creat- ing the best possible conditions for TradeDoubler to retain and strengthen the company’s leading position in digital mar- keting, with an emphasis on growth strategy, organisational and efficiency enhancements, and financing.
At the Extraordinary General Meeting on 19 December 2008, following the proposal by the Nomination Committee, Christer Elmehagen was elected as a new Board member and to the position as Chairman of the Board. Christer Elmehagen replaced Kjell Duveblad, who subsequently vacated his posi- tion on the Board. Christer Elmehagen resigned from Trade- Doubler’s Board on March 31, 2009. Lars Lundquist, formerly Vice Chairman, is the company’s Board Chairman from March 31, until the Annual General Meeting on May 6, 2009.
On 22 December 2008, the Board unanimously appointed Örjan Frid as the new President and CEO. Örjan Frid replaced William Cooper, who left the company.
A deviation from the Code took place in conjunction the Extra- ordinary Meeting on 19 December 2008 when a quorum of the Board did not exist and the meeting was not attended by the President. This occurred because the notification, on the request of the Nomination Committee, was issued only a short period prior to the meeting and, accordingly, only a few of the Board members could attend.
TradeDoubler is a public limited liability company domiciled in Stockholm,
Sweden. TradeDoubler’s share has been listed on the Nasdaq oMX exchange
in Stockholm since 8 November 2005. For further information, see the Share
section on page 74.
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Corporate Governance reportCorporate governance
follow-up of the business throughout the year. The Board also approves the business plan, budget and the year-end accounts, and evaluates the work of the President. The Chairman of the Board acts on behalf of the company in owner-related issue.
The Board holds seven regular meetings per year: one statutory meet- ing after the AGM, four meetings in conjunction with interim reports, one meeting to address strategy issues and one meeting to approve the budget and business plan for the upcoming year.
The work of the Board is guided by a formal work plan that is estab- lished each year, usually at the statutory Board meeting. The formal work plan sets out the responsibilities of the Board and regulates the Board and its members’ internal division of work, the internal decision- making order, notifications of Board meetings, agendas and minutes, and the Board’s work on audit issues and financial reporting.
In addition, the formal work plan encompasses terms of reference for the President. The President manages operations within the parameters set by the Board. The President is responsible for ensuring that the Board receives the documentation and the information necessary to conduct discussions and make decisions that maintain high quality.
The formal work plan requires that an annual evaluation of the Board’s work be carried out. This shall take the form of a systematic and struc- tured process, the results of which shall be presented to the Nomina- tions Committee. The Board assesses the President’s work in accord- ance with the terms of reference at least once a year.
The formal work plan that currently applies was approved at the statu- tory Board meeting on 6 May 2008.
Audit Committee
The Board has appointed an Audit Committee. The primary function of the Audit Committee is mainly of a preparatory nature, but it is author- ised to approve an increase in the scope of the audit and approve the auditors’ remuneration.
In line with the Board’s instructions, the Audit Committee shall:
Prepare financial reports and ensure their quality
Continuously meet with the company’s auditors
Acquire information regarding the direction of the audit and its scope
Determine guidelines for services other than auditing that Trade-
Doubler may procure from the company’s auditors
Assess audit work and report to the Nomination Committee.
The committee shall comprise not less than three Board members and the committee Chairman is the Chairman of the Board. The Committee shall hold not less than four meetings per year. The company’s auditor and CFO are usually present at the Committee meetings. The com- pany’s legal council is the Committee’s secretary.
Members of the Nomination Committee receive no remuneration from TradeDoubler. However, the Chairman of the Board receives remunera- tion from TradeDoubler in the form of ordinary board fees.
The composition of the Nomination Committee is announced in when it has been appointed, however, not later than in conjunction with the interim report for the third quarter. If, over the course of the mandate period, the relationship among the three largest shareholders should be altered, the member of the Nomination Committee concerned shall place his or her position on the Committee at the disposal of the share- holder that has assumed a place among the three largest shareholders.
Changes to the composition of the Nomination Committee shall be announced as soon as such an event occurs.
The Nomination Committee’s primary task is to prepare proposals for the Annual General Meeting, and in particular:
Propose a Chairman for the Annual General Meeting
Propose a Board of Directors
Propose a Chairman of the Board
Propose remuneration and other compensation for each Board member
Propose remuneration for TradeDoubler’s auditors and, when neces-
sary, the election of auditors
Propose guidelines for appointing the Nomination Committee for the forthcoming Annual General Meeting.
The proposals of the Nomination Committee shall be announced in conjunction with the notification of the Annual General Meeting. The Nomination Committee will present its proposals and a report on its work at the Annual General Meeting.
All shareholders are entitled to submit proposals for Board Members to the Nomination Committee. Suggestions should be sent to the secretary of the Nomination Committee.
Board of Directors
According to Tradedoubler’s Articles of Association, the Board shall comprise between six and nine members. Since the 2008 Annual General Meeting, TradeDoubler’s Board consists of nine members. The Presi- dent is not a member of the Board, but attends Board meetings. Other white-collar employees from TradeDoubler participate in meetings when required to present reports. At most meetings, the Board conducts dis- cussions in which neither the President nor any other member of Group Management are present. The company’s legal council functions as the Board’s secretary.
The Board of Directors has overall responsibility for the company’s organisation and management, and for ensuring that the guidelines for the administration of the company’s funds are appropriately designed.
The Board is also responsible for developing and monitoring the
company’s strategies by determining plans and objectives, deciding
on acquisitions and divestments of operations, major investments, ap-
pointments and remuneration to Group Management, and continuous
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Corporate Governance report
President and Group Management
The Board of Directors has delegated the day-to-day work for the com- pany’s management to the President and Group Management. See page 31 for the composition of Group Management. Each year, Group Man- agement prepares a business plan and budget, which is subsequently followed up through monthly reports and quarterly meetings. The focus of Group Management’s review is on growth and cost control.
Auditing
The company’s auditors are elected at the Annual General Meeting for a period of four years. At the 2005 Annual General Meeting, KPMG AB was elected as the auditor for TradeDoubler AB.
Carl Lindgren is the auditor-in-charge. Carl Lindgren has been an authorised public account since 1989 and the auditor for TradeDoubler since 2006. Carl Lindgren’s other auditing assignments include Intrum Justitia, Investor, MTG and Nordea.
Audit work
It is the auditors’ task to review the annual report, the group accounts and the accounting records of the company, as well as the administra- tion of the Board and the President. The auditors’ provide feedback on observations made on a number of occasions during the year and attend Board meetings that address the year-end accounts. Each year, the Board conducts a meeting with the auditors without the attendance of the President or the other members of Group Management. The Group’s nine-month report is reviewed by the company’s auditors.
Remuneration Committee
The Board of Director’s has also appointed a Remuneration Commit- tee. The primary function of the Committee is mainly of a preparatory nature, but it is authorised to approve salaries and benefits relating to the President. The President establishes employment terms and condi- tions for other members of Group Management following the approval of the Remuneration Committee.
According to the Board’s instructions, the Remuneration Committee shall:
Provide the Board with proposals for principles governing the remu- neration of the President and other members of Group Manage- ment
Provide the Board with proposals regarding remuneration and other employment terms and conditions for the President
Provide the Board with proposals for templates for employment contracts for executives
Support the Board in monitoring applicable legislation, listing require- ments and ensuring that the Code is observed in terms of disclosures regarding the remuneration of the President and other executives
Monitor the results of bonus and incentive schemes
Ensure that the President’s remuneration and that of other executives complies with the principles approved at the Annual General Meeting.
The Committee shall comprise not less than three Board members. The Committee is convened when necessary. The company’s HR Director is the Committee’s secretary.
Nomination Committee
Group Management Market companies Board of Directors
Audit Committee, Remuneration Committee
President and CEO
Auditors
Responsible for control of the entire business.
Reports to the Board of Directors and shareholders.
Information
reports and control
reports and control
Information
election
objectives and stratgies
objectives and stratgies
Proposals
Internal steering instruments Business concept and goals, Articles of Association, formal work plan of the Board, terms of reference to the President,
strategies, policies, core values.
External steering instruments Swedish Companies Act, Annual Accounts Act, other relevant legislation, listing agreement and Swedish Code of
Corporate Governance.
Shareholders
Annual General Meeting
Overall governance structure
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Trade Doubler is the Parent Company in the Group. Apart from owning the Group’s busi- ness support functions, the Parent Company also conducts systems and business develop- ment and manages technical solutions.
Local sales of the company’s products and solutions and delivery of these is conducted by 18 market companies. The market companies are entirely responsible for profits. Search has specialist competence in search marketing and
the function acts as a support for the market companies. The Search Works sells and deliver products and solutions within searchrelated marketing in France and UK.
TradeDoubler’s international clients, mean- ing clients that are active in more than three markets, are coordinated in terms of delivery and sales by a team from international sales and client relations. The allocation of profits from sales secured by the international team depends on the country in which delivery takes place.
The members of Group Management com- prise the President and CEO, CFO, CTO, Direc- tor of HR, General Council, COO, Managing Director The Search Works, V.P. Global Sales and Marketing and Product Manager.
The illustration details the Group’s organisa- tion as per 1 April 2009.
The Group’s organisational structure
Finance
HR
IT
Legal Affairs Operations
Northern and Eastern Europe
+ Japan Central Europe
Southern Europe UK
Ireland Belgium
France Italy Netherlands
Portugal Spain
Denmark Poland Germany Switzerland
Austria
Finland Latvia Japan Norway
Russia Sweden
France UK
International sales and marketing
Product development The
Search Works td Search
President and CEO
