STOCKHOLM--(BUSINESS WIRE)-- Regulatory News:
Cision (STO:CSN) today releases its annual report for 2012. The report includes certain amendments of income statement and balance sheet data compared with the information shown in the year-end report for 2012, which was published on February 7 of this year. The company has identified an incorrect handling of deferred revenue for a large contract in Cision’s North American operations. The incorrect handling was identified through an internal control and refers to the third and fourth quarter of 2011 as well as the first and second quarter of 2012. The consequences of the unintentional but incorrect handling were that revenue and results were positively affected, while the balance sheet item deferred revenue was adversely affected. Cash flow and liquidity have not been affected.
Main impact of amendments, SEK million
|Group's income statement*|
|Net profit after tax||-2.6||-4.6||-7.2||-3.9||-3.4||-7.3|
|Group's balance sheet**|
*) Average exchange rates for 2011 and 2012
**) Balance sheet date rates for 2011 and 2012
Revenue and results for previous and later quarters are not affected, while deferred revenue is affected in total by SEK 22.3 million. The total revenue impact is equivalent to -1.1 % for 2011 and -1.1% for 2012. Cash flow and liquidity are not affected.
In accordance with IAS 8, the annual report for 2012 has been adjusted, with amendments to the accounts for 2011 and 2012. The incorrect handling was due to an error in the accounting of deferred revenue, i.e. revenue that is deferred for recognition over the term of the contract. Cash flow and liquidity were not affected. In 2012, the finance and control functions in the North American operations have been significantly strengthened. The incorrect handling was identified in connection with an internally initiated control within the North American operations.
Additional information can be found in the annual report for 2012, released today and available at Cision’s website http://corporate.cision.com. As has been previously announced, the Annual General Meeting will be held in Stockholm on April 9, 2013.
Cision AB (publ)
P.O. Box 24194
SE-104 51 Stockholm, Sweden
Corp Identity No. SE556027951401
Telephone: 46 (0)8 507 410 00
The information provided herein is such that Cision AB (publ) is obligated to disclose pursuant to the Swedish Securities Markets Act (SFS 2007:528) and/or the Swedish Financial Instruments Trading Act (SFS 1991:980). The information was submitted for publication at 08:30 AM CET on March 19, 2013.
Cision is a leading provider of cloud-based PR software, services and tools for the marketing and public relations industry. Marketing and PR professionals use our products to help manage all aspects of their brands – from identifying key media and influencers to connecting with audiences; monitoring traditional and social media; and analyzing outcomes. Journalists, bloggers, and other influencers use Cision’s tools to research story ideas, track trends, and maintain their public profiles. Cision is present in Europe, North America and Asia, is quoted on the Nordic Exchange with revenue of approx. SEK 1.0 billion in 2012. For more information, visit www.cision.com (http://us.cision.com/).
This information was brought to you by Cision http://news.cision.com
Tosh Bruce-Morgan, CFO
telephone +46 (0)8 507 410 11