QUARTERLY REPORT Q
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1 QUARTERLY REPORT Q
2 CONTENT CONTENT BIRDSTEP TECHNOLOGY ASA INTERIM REPORT 3 CEO UPDATE 4 BUSINESS FOCUS 6 MARKET OUTLOOK Q RESULTS OF OPERATIONS 9 CASH FLOW 10 COST REDUCTION 11 FINANCIAL STATEMENTS 12 NOTES 17 DISCONTINUED OPERATIONS 19 RISKS 21 RESPONSIBILITY STATEMENT 22 FINANCIAL CALENDAR
3 BIRDSTEP TECHNOLOGY ASA INTERIM REPORT. BIRDSTEP TECHNOLOGY ASA INTERIM REPORT. APRIL - JUNE 2015 JANUARY - JUNE 2015 > > Revenue was NOK 10.8 (13.7) million, representing a decrease of 20.9 % over the same period last year. > > EBITDA ended at NOK -6.3 (-2.4) million, represent- ing an increased loss of NOK 3.9 million over the same period last year. > > Continuing operating earnings per share amounted to NOK (-0.04). > > Total net cash flow amounted to NOK 6.5 (1.0) million. > > Cash balance was NOK 20.9 (12.5) million. > > Revenue was NOK 26.5 (27.4) million, representing a decrease of 3.4 % over the same period last year. > > EBITDA ended at NOK -9.6 (-3.6) million, represent- ing an increased loss of NOK 6.0 million over the same period last year. > > Continuing operating earnings per share amounted to NOK (-0.07). > > Total net cash flow amounted to NOK 4.2 (-7.2) million. > > Cash balance was NOK 20.9 (12.5) million. 3
4 CEO UPDATE CEO UPDATE. THREE YEARS AGO BIRDSTEP EMBARKED ON A NEW PATH LOOKING TO EXPLOIT A NEW AND EMERGING MARKET IN WHICH MOBILE NET- WORK OPERATORS BEGAN TO USE WI-FI TECHNOLOGY TO AUGMENT THEIR NETWORK OFFERINGS WHEN CELLULAR CAPACITY WAS TOO LIMITED OR COVERAGE WAS SIMPLY NOT AVAILABLE. This new eco-system for carrier Wi-Fi continues to evolve and Birdstep has established itself as a leader in the area of Intelligent Network Selection. We believe as carrier Wi-Fi continues to grow, augmenting cellular networks, operators and service providers will require, and deploy, technologies that aids in driving down their costs in delivering service. We also believe those same operators and service providers will strive to provide a better customer experience, using technology which instructs the consumer mobile devices to intelligently use either cellular or Wi-Fi services based on criteria such as cost, location, resource availability or the best service available at that moment. This is where Birdstep is positioned. While this market sector is evolving, it is doing so at a much slower pace than we had anticipated. There is still a great deal of education needed when working with operators. Business models are still being developed and the technology requires long and intense evaluation. 4
5 CEO UPDATE Therefore, I can only be dissatisfied with the second quarter revenue of NOK 10.8 (13.7) million, representing a decrease of 20.9 % over the same period last year. This is the first quarter we report a negative growth of revenues in North America. The slower activity in North America, and technical evaluations in Asia continuing, both attributed to the lower than expected revenues for the second quarter. In the quarter we reported a positive cash flow and our net cash balance increased with NOK 6.5 million to NOK 20.9 million. The second quarter last year showed a cash balance increase of NOK 1.0 million. OPEX (Operating Expenses) ended at NOK 16.3 million compared to NOK 15.5 million for the same period last year. The Asian activities mentioned in our previous report continue. On the positive side we have not lost any of the potential deals but the decisions have again been postponed. Nonetheless, we remain close to these opportunities. We still see large potential in this evolving market and our pipeline and rate of deal flow continue to increase. To address the challenges we are currently facing, the company is implementing cost reduction activities that are expected to result in approximately the same level as 2014 operating expense for the full year of At the same time, we are adjusting our business models and marketing plans to address our immediate top-line concerns. While we recognize that we are in the early stages of these initiatives, we believe these actions will enable us to overcome the current economic challenges we face and enhance our competitive standing. Now, I am excited that Birdstep has launched its 3rd generation SmartANALYTICS platform providing operators and service providers with a unique set of tools to gain deep insights at the device and network level into the mobile service quality of experience being delivered to the consumer. The platform enables MNOs (Mobile Network Operators), MVNOs (Mobile Virtual Network Operators) and MSO Cable Operators to improve their quality of service being delivered across both Wi-Fi and cellular networks through traditional heuristics and also by measuring QoE (Quality of Experience) metrics and providing dynamic feedback to the network to adjust QoE parameters. SmartANALYTICS collects, computes, correlates and visualizes a wide range of information, including where the end user is consuming data, what type of data is being consumed, how much data is consumed, and how long the user stays on a given network that has been clearly identified by the system. The information gained can be used to determine and visualize traffic patterns and app usage, as well as undesired network behaviors, which in turn can be applied to optimize a HetNet (Heterogenious Network) environment and better monetize the user experience. In the quarter the company continued to enhance its position as thought leaders in order to gain market share and to support the company s sales activities. Birdstep became member of Wireless Broadband Alliance, the premier Wi-Fi industry consortium and attended events in all its focus areas with new business leads as a result. We also took part in a webinar with the topic: Learn how to turn the HetNet into profit: The importance of a faultless experience. During the webinar we released our new white paper which is written in conjunction with Rethink Technology Research Ltd. The white paper is based on a survey of over 45 senior executives within communications service providers and focused on in-depth insight into operators plans to deploy carrier-grade Wi-Fi as part of HetNet strategies requiring Wi-Fi and cellular integration. The white paper is available on the company s website In closing, clearly this year has gotten off to a challenging start. But I am confident we are taking the necessary steps to address our near term challenges and position Birdstep to deliver value over the long term. I look forward to reporting back to you again next quarter. Lonnie Schilling Chief Executive Officer 5
6 BUSINESS FOCUS BUSINESS FOCUS. LARGE POTENTIAL REMAINS IN ASIA PACIFIC As stated in the previous reports Asia Pacifics continues to be an opportunity rich environment. Birdstep is engaged in activities especially in The Philippines, Thailand, Singapore and Japan. The company is also starting to make progress in India. Since many of the Asia Pacific mobile operators are now gradually starting to realize the importance of HetNets (Heterogeneous Networks) by deploying their own Carrier Wi-Fi networks, they are starting to look into more customer centric services such as Wi-Fi calling and seamless mobility. The revenue growth in North America declined this quarter. Nonetheless the company still sees an increased interest in MVNOs (Mobile Virtual Network Operator) and believes Birdstep is well positioned with its Smart Solution Suite to optimize HetNet strategies for both MVNOs and their MNO partners in this market. Currently the sales cycles are long and the monetization aspects of Wi-Fi networks are not clearly defined from the MNO s (Mobile Network Operator) perspective. Hence the strong interest in Asia Pacific for Birdstep s SmartCONTROL, SmartCOMMERCE and SmartSELECT. Several trials and other sales activities are both ongoing and scheduled to demonstrate Birdstep s value towards HetNet deployments and customer centric services value-adds. Even though progress seems slow it is steady and the key factor towards our success will be our ability to differentiate Birdstep from the basic Wi-Fi off-load and large vendor initiatives (like Google, Microsoft etc.) 6
7 MARKET OUTLOOK Q MARKET OUTLOOK Q ACTIONABLE ANALYTICS PROPELS HETNET GROWTH Two key and intimately related markets for Birdstep, smart mobile analytics and HetNets (Heterogeneous Networks) combining cellular and Wi-Fi, have been singled out by various analysts for spectacular growth over the next five years. The global HetNet market is set to grow at a Compound Annual Growth Rate (CAGR) of 15.19% over the next five years to be worth $25.34 billion then compared with $12.50 billion in 2015, according to a report issued in Q by MarketsandMarkets. 7
8 MARKET OUTLOOK Q Behind such headline figures lies an equally impressive increase in HetNet value, both to mobile operators and their customers, which will be driven by the expanding scope of predictive and actionable mobile analytics. Unlike HetNets, online analytics is a mature field, but one that has reached a major point of inflection in 2015, according to Frost & Sullivan, by becoming more prevalent on mobile networks and at the same time much more intelligent. It refers to predictive analytics on mobile devices and networks as the secret sauce for monetization. Birdstep s latest Smart Analytics 3.0. This meets growing demand from operators for actionable analytics combining data from the device and the two networks to gain insight into factors that affect revenue generation and then take immediate actions to remedy these. In order to maintain a continuously good user experience, operators need a clear view of which networks each device can see, which it connects to and which it has difficulty connecting to. Decisions can then be made to steer traffic from one to another network based on performance. For Birdstep such predictions and insights come as little surprise, since we have been focusing strongly on HetNets driven by smart analytics for several years now. One key point that comes out of recent analyst forecasts is that mobile analytics is not just expanding but moving to a new level of intelligence capable of fulfilling the business requirements of operators while giving users the best quality of experience possible at all times wherever they are. Traditional mobile analytics tools, like Google Analytics, have been very successful at identifying basic metrics such as number of users, OS used, and breakdown of the customer s geographic movements, but have failed to provide the deeper underlying analysis of the user s activities. For successful HetNet operation, analytics needs to focus much more on the user view from the device, which has been a fundamental design principle for Predictive analytics will also be applied increasingly to upselling as operators seek to extract additional revenues from existing subscribers in saturated mobile markets. It is already common for mobile subscribers on the lowest tier data plans to generate a lot of Wi-Fi traffic as they actively seek out hot spots. With Smart Analytics 3.0 operators can readily identify these target subscriber groups that consumer a lot of Wi-Fi data and offer them an attractive package to encourage more use of mobile data when out of range of a Wi-Fi hot spot. Above all there is a huge opportunity to capitalize on a fast growing market for scalable predictive and actionable analytics that embraces mobile devices and the networks they connect to. 8
9 RESULTS OF OPERATIONS RESULTS OF OPERATIONS. SECOND QUARTER 2015 SIX MONTHS 2015 Second quarter revenue was NOK 10.8 (13.7) million, representing a decrease of 20.9 % over the same period last year. The decrease was driven by the slower activity in North America in the second quarter. Currency effects impacted revenues positively, mainly due to a continued strengthening of the USD towards the NOK. Revenue for the first six months was NOK 26.5 (27.4) million, representing a decrease of 3.4 % over the same period last year. Currency effects impacted sales positively, mainly due to a continued strengthening of the USD towards the NOK. Salaries and wages were NOK 20.3 (20.3) million. Salaries and wages were NOK 10.0 (10.5) million. The decrease in salaries and wages compared to the same quarter last year is due to a decrease in headcount. The number of employees as of was 39 (40). Other operating expenses for the quarter were NOK 6.3 (5.0) million. The increase is mainly related to consultancy fees within sales and marketing function. The total number of full time equivalent (FTE) including consultants, engaged in the company were 46 (44). Other operating expenses for the period were NOK 14.0 (9.5) million. The increase is mainly related to consultancy fees within sales and marketing function. EBITDA ended at NOK -9.6 (-3.6) million which represents an increased loss of NOK 6.0 million compared to the same period last year. As a result of the above, Income (Loss) from continuing operations before taxes of NOK (-7.0) million was recorded in the period. EBITDA ended at NOK -6.3 (-2.4) million which represents an increased loss of NOK 3.9 million compared to the same period last year. As a result of the above, Income (Loss) from continuing operations before taxes of NOK (-3.8) million was recorded in the quarter. 9
10 CASH FLOW CASH FLOW. SECOND QUARTER 2015 SIX MONTHS 2015 Cash flow for the second quarter was positive and our net cash balance increased by NOK 6.5 million to NOK 20.9 million. The second quarter last year showed a cash balance increase of NOK 1.0 million. Cash flow for the first six months was positive and our net cash balance increased by NOK 4.2 million to NOK 20.9 million. The first six months last year showed a cash balance decrease of NOK 7.2 million. Net cash flow from operating activities for the quarter was NOK 3.7 million. Second quarter last year, net cash flow from operating activities was NOK 0.6 million. Net cash flow from operating activities for the period was NOK -9.1 million. For the period last year, net cash flow from operating activities was NOK -5.1 million. 10
11 COST REDUCTION COST REDUCTION. We have begun implementing cost reductions due to the second quarter decrease in revenue and further delays in order intake, in order to better balance revenue with operating expenses and to preserve cash. The company will take efficiency measures who primarily relate to three areas: consolidation of representative offices; focus on core products R&D; reduced marketing activities. Savings will include both headcount reductions as well as savings in external costs. Measures will include both new and already initiated reduction, such as the initiated reduction of a total of 10 FTE, including consultants, during the second quarter. In short term Birdstep expects to return to the 2014 year cost level for the full year of
12 FINANCIAL STATEMENTS FINANCIAL STATEMENTS. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of NOK, except share and per share data) For the three For the six For the full months ended months ended year OPERATING REVENUES 10,846 13,704 26,506 27,449 51,482 Cost of Sales (833) (597) (1,786) (1,305) (2,766) OPERATING EXPENSES Salaries and wages (10,000) (10,475) (20,253) (20,267) (37,346) Other operating expenses (6,325) (4,988) (14,020) (9,498) (22,376) TOTAL OPERATING EXPENSES (16,325) (15,463) (34,273) (29,765) (59,722) Operating income loss before depreciation and amortization (EBITDA) (6,312) (2,356) (9,553) (3,622) (11,006) Depreciation and amortization (1,647) (2,028) (3,406) (4,110) (7,700) Operating income loss after depreciation and amortization (EBIT) (7,959) (4,384) (12,959) (7,732) (18,706) OTHER INCOME (EXPENSE) Interest income, net Other financial items, net (3,660) ,108 OTHER INCOME, NET (3,559) 591 1, ,460 INCOME(LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES (11,517) (3,793) (11,934) (6,963) (15,246) Income taxes (6) - (6) - (186) INCOME(LOSS) FROM CONTINUING OPERATIONS (11,524) (3,793) (11,940) (6,963) (15,432) Profit from discontinued operations - 1,235 12,863 1,641 5,596 NET INCOME(LOSS) (11,524) (2,558) 923 (5,322) (9,836) Earnings and diluted earnings per share Continuing operations (0.11) (0.04) (0.12) (0.07) (0.15) Discontinued operations - 0, ,02 0,06 Total (0.11) (0.03) 0.01 (0.05) (0.09) 12
13 FINANCIAL STATEMENTS FINANCIAL STATEMENTS. CONDENSED CONSOLIDATION STATEMENTS OF COMPREHENSIVE INCOME (In thousands of NOK, except share and per share data) For the three For the six For the full months ended months ended year Net income (loss) for the period (11,524) (2,558) 923 (5,322) (9,836) OTHER COMPREHENSIVE INCOME Currency translation effect 3,724 (273) 410 (962) 2,626 TOTAL COMPREHENSIVE INCOME (7,800) (2,830) 1,333 (6,284) (7,210) Attributable to: Equity holder of the parent company (7,800) (2,830) 1,333 (6,284) (7,210) TOTAL COMPREHENSIVE INCOME (7,800) (2,830) 1,333 (6,284) (7,210) 13
14 FINANCIAL STATEMENTS FINANCIAL STATEMENTS. CONDENSED CONSOLIDATION BALANCE SHEETS (In thousands of NOK, except share and per share data) As of As of NON-CURRENT ASSETS: Intangible assets 47,579 46,613 48,246 Tangible assets 1, ,235 Other non-current assets TOTAL NON-CURRENT ASSETS 48,651 46,937 49, CURRENT ASSETS: Accounts receivable 7,228 16,163 7,876 Other current assets 1,083 1,760 3,678 Restricted cash 1, Cash & cash equivalents 19,114 12,492 16,539 TOTAL CURRENT ASSETS 29,179 30,415 28,093 Assets of disposal group classified as held for sale - 9,719 6,937 TOTAL ASSETS 77,831 87,071 84,511 SHAREHOLDERS EQUITY: Share capital 10,162 10,162 10,162 Share premium fund 38,272 38,272 38,272 Retained earnings, including translation reserves 18,890 18,482 17,557 TOTAL SHAREHOLDERS EQUITY 67,324 66,916 65,991 NON-CURRENT LIABILITIES Deferred tax liabilities Other liabilities TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES Accounts payable 1,511 3,277 3,110 Deferred revenue Accrued expenses and other liabilities 8,484 7,660 9,406 TOTAL CURRENT LIABILITIES 10,328 11,832 13,004 Liabilities of disposal group classified as held for sale - 8,068 5,338 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 77,831 87,071 84,511 14
15 FINANCIAL STATEMENTS FINANCIAL STATEMENTS. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of NOK, except share and per share data) For the three For the six For the full months ended months ended year OPERATING ACTIVITIES Income (loss) from continuing operations before taxes (11,517) (3,793) (11,934) (5,322) (15,246) Income (loss) from discontinuing operations before taxes - 1,235 12,863-5,596 Depreciation and amortization 1,647 2,132 3,406 4,293 8,386 Profit on sales of discontinued operations - - (12,863) - - Change in receivables and payables 13,570 1,030 (550) (4,118) 865 NET CASH FROM OPERATING ACTIVITIES 3, (9,078) (5,146) (398) INVESTING ACTIVITIES Capitalized development (805) (1,364) (1,901) (3,202) (6,548) Furniture, Machinery and Equipment and leashold improvments (1,086) Change in loan balance with affiliated company (722) Disposal of discontinued operations net of cash disposed off , NET CASH FROM INVESTING ACTIVITIES (805) (1,364) 12,561 (3,202) (8,356) FINANCIAL ACITIVITIES New Issue - 2,385-2,385 2,385 NET CASH FROM FINANCIAL ACTIVITIES - 2,385-2,385 2,385 Effect of foreign exchange rate changes 3,564 (606) 679 (1,220) 746 Net increase(decrease) in cash & cash equivalents 6,459 1,019 4,162 (7,183) (5,623) Cash & cash equivalents, beginning of period 14,411 14,129 16,708 22,331 22,331 Cash & cash equivalents, classified as held for sale - (2,656) - (2,656) (168) Cash & cash equivalents, end of period* 20,869 12,492 20,869 12,492 16,539 * Including restricted cash 15
16 FINANCIAL STATEMENTS FINANCIAL STATEMENTS. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (In thousands of NOK, except share and per share data) Birdstep Technology ASA Share Share Other paid Other Translation Total capital premium equity equity reserves equity Equity as at 31 December ,162 38,272 61,232 (58,976) 15,301 65,991 Net income (loss) Other comprehensive income for the period: Displacements between restricted and unrestricted reservs Foreign currency exchange Total comprehensive income ,333 Transactions with shareholders: - Net issue of ordinary shares Reduction in share capital and transfer of share premium Total transactions with shareholders Equity as at 30 June ,162 38,272 61,232 (58,053) 15,711 67,324 (In thousands of NOK, except share and per share data) Birdstep Technology ASA Share Share Other paid Other Translation Total capital premium equity equity reserves equity Equity as at 31 December ,012 36,037 61,232 (49,140) 12,675 70,816 Net income (loss) (5,322) - (5,322) Other comprehensive income for the period Displacements between restricted and unrestricted reservs Foreign currency exchange (963) (963) Total comprehensive income (5,322) (963) (6,285) Transactions with shareholders: Net issue of ordinary shares 150 2, ,385 Reduction in share capital and transfer of share premium Total transactions with shareholders 150 2, ,385 Equity as at 30 June ,162 38,272 61,232 (54,462) 11,712 66,916 16
17 NOTES NOTES. ACCOUNTING POLICIES The accompanying consolidated financial statements are prepared under International Financial Reporting Standards (IFRS). Our fiscal year runs from January 1 to December 31. The accompanying condensed consolidated statements of operations and cash flows cover the six first months of 2015, and the related information on Birdstep included in these notes to the financial statements is unaudited. In the opinion of management, such interim statements include all adjustments, which consist only of the normally recurring adjustments necessary for a fair presentation of the consolidated results of operations, financial position and cash flows for each period presented. The interim consolidated results are not necessarily indicative of results for the full year. These interim financial statements are presented in Norwegian crowns (NOK). The functional currency of Birdstep s foreign operations is the currency of the country in which the operations are conducted. The accounts of Birdstep are translated into the reporting currency, NOK, using exchange rates in effect at periodend for assets and liabilities, and at average exchange rates during the period for the results of operations. EBITDA is equivalent to operating income (loss) excluding both discontinued operations and non-cash charges, such as depreciation and amortization. Income per share is calculated by dividing net income available to common shareholders for the period by the weighted average number of common shares outstanding during the period. The same accounting policies and methods of computation are followed in the interim financial statements as those of the most recent annual financial statements. As of June 30, 2015, the Company has 101,621,627 shares issued and 101,600,572 shares outstanding, the difference of 21,055 representing treasury shares. 17
18 NOTES SEGMENT REPORTING (In thousands of NOK) For the three For the six For the full months ended months ended year Smart Mobile Data Operating Revenues 10,846 13,704 26,506 27,449 51,482 EBIT (7,959) (4,384) (12,959) (7,732) (18,706) 18
19 FINANCIAL STATEMENTS DISCONTINUED OPERATIONS. On January 2nd, 2015, the Company and EB entered into a Share Purchase Agreement on whereby EB acquired 100% of the shares in Birdstep Technology OY from the Company as of the same date. The debt free, net of cash and cash equivalents purchase price for the transaction was EUR 2.0 million in cash on the closing date and before account for transaction costs. Profit from discontinued operations recorded in the financial statement as of was NOK 12.9 million, which is representing the full gain from the sale of Birdstep Technology OY. The assets and liabilities related to Birdstep Technology OY have been presented as held for sale following the sale of 100 % of the shares in the company on January 2nd, (In thousands of NOK, except share and per share data) For the six For the full months ended year NON-CURRENT ASSETS: Intangible assets 2,524 2,484 Tangible assets TOTAL NON-CURRENT ASSETS 2,595 2,548 CURRENT ASSETS: Accounts receivable 3,890 3,825 Other current assets Cash & cash equivalents 2, TOTAL CURRENT ASSETS 7,124 4,389 Assets held for sale 9,719 6,937 NON-CURRENT LIABILITIES Other liabilities 3, TOTAL NON-CURRENT LIABILITIES 3, CURRENT LIABILITIES Accounts payable 1, Deferred revenue Accrued expenses and other liabilities 3,038 3,175 TOTAL CURRENT LIABILITIES 4,806 4,403 Liabilities held for sale 8,068 5,338 19
20 FINANCIAL STATEMENTS DISCONTINUED OPERATIONS Analysis of the result of discontinued operations is as follows (In thousands of NOK, except share and per share data) For the three For the six For the full months ended months ended year OPERATING REVENUES 6,243 11,734 23,922 Cost of Sales ,484 2,765 OPERATING EXPENSES Salaries and wages -3,151-6,133-12,589 Other operating expenses -1,218-2,118-4,534 TOTAL OPERATING EXPENSES -4,370-8,252-17,123 Operating income loss before depreciation and amortization (EBITDA) 1,189 1,998 4,034 Depreciation and amortization Write down and impairment of intangible assets Operating income loss after depreciation and amortization (EBIT) ,815 3,348 OTHER INCOME (EXPENSE) Interest income, net Other financial items, net ,223 OTHER INCOME, NET ,248 PROFIT FROM DISCONTINUED OPERATIONS BEFORE TAXES 1,235 1,641 5,596 Income taxes PROFIT FROM DISCONTINUED OPERATIONS 1,235 1,641 5,596 Cash Flow (In thousands of NOK, except share and per share data) For the three For the six For the full months ended months ended year Operating Cash flow -1,385 1, Investing cash flow ,109-1,526 Financing cash flow Total cash Flow -1, ,455 20
21 RISKS RISKS. This report contains statements regarding the future in connection with the company s growth expectations, general and specific market outlook and objectives. All statements about the future are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from that which has been expressed or implied in such statements. Birdstep Technology is exposed to various forms of market, operational and financial risk. Financial instruments that potentially subject Birdstep to concentrations of credit risk consist primarily of cash and accounts receivable. Birdstep performs ongoing evaluations of customers financial condition to determine if any provision for potential uncollectible amounts is needed. As of June 30, 2015, no provisions for potential uncollectible amounts had been made. The company s various risks have been described in the Annual Report/ Prospectus in further detail and no other risks have been identified. 21
22 RESPONSIBILITY STATEMENT RESPONSIBILITY STATEMENT. We confirm to the best of our knowledge that the condensed set of financial statements for the period January 1 to June 30, 2015 has been prepared in accordance with IAS 34 - Interim Financial Reporting, and gives a true and fair view of the Birdstep Group s assets, liabilities, financial position and result for the period. We also confirm to the best of our knowledge that the financial review includes a fair review of important events that have occurred during the first six months of the financial year and their impact on the financial statements, any major related parties transactions, and a description of the principal risks and uncertainties for the remaining six months of the financial year Tom Nyman Board member (Chairman) Kirsten English Board member Ian Jenks Board member Lonnie Schilling Chief Executive Officer Urban Gillström Board member Regina Nilsson Board member 22
23 FINANCIAL CALENDAR Preliminary financial calendar, with reservations for changes: QUARTERLY REPORT - Q3 BIRDSTEP IS HEADQUARTERED IN OSLO, NORWAY, WITH ITS OPERATIONAL HEADQUARTER IN STOCKHOLM, SWEDEN, A SUBSIDIARY IN SAN FRANCISCO, USA AND SALES OFFICES IN KANSAS CITY, USA, KUALA LUMPUR, MALAYSIA, UK AND TOKYO, JAPAN.
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