6-K 1 ck0001639920-6k_20181101.htm 6-K ck0001639920-6k_20181101.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2018

Commission File Number: 001-38438

Spotify Technology S.A.

(Translation of registrant’s name into English)

42-44, avenue de la Gare

L- 1610 Luxembourg

Grand Duchy of Luxembourg

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F      Form 40-F  

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes      No  

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes      No  

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Spotify Technology S.A.

Interim condensed consolidated financial statements

For the three and nine months ended September 30, 2018

 


Table of contents

 

 

 

Page

PART I – FINANCIAL INFORMATION

 

 

Item 1. Financial Statements

 

1

Interim condensed consolidated statement of operations

 

1

Interim condensed consolidated statement of comprehensive income/(loss)

 

2

Interim condensed consolidated statement of financial position

 

3

Interim condensed consolidated statement of changes in equity/(deficit)

 

4

Interim condensed consolidated statement of cash flows

 

5

Notes to the interim condensed consolidated financial statements

 

6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

24

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

39

PART II – OTHER INFORMATION

 

 

Item 1. Legal Proceedings

 

41

Item 1A. Risk Factors

 

41

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

41

Item 3. Defaults Upon Senior Securities

 

41

Item 5. Other Information

 

42

Signatures

 

43

 

 

 


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Interim condensed consolidated statement of operations

(Unaudited)

(in € millions, except share and per share data)

 

 

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

Note

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenue

 

4

 

 

1,352

 

 

 

1,032

 

 

 

3,764

 

 

 

2,941

 

Cost of revenue

 

 

 

 

1,010

 

 

 

802

 

 

 

2,810

 

 

 

2,374

 

Gross profit

 

 

 

 

342

 

 

 

230

 

 

 

954

 

 

 

567

 

Research and development

 

 

 

 

135

 

 

 

98

 

 

 

393

 

 

 

273

 

Sales and marketing

 

 

 

 

146

 

 

 

138

 

 

 

457

 

 

 

394

 

General and administrative

 

 

 

 

67

 

 

 

67

 

 

 

241

 

 

 

191

 

 

 

 

 

 

348

 

 

 

303

 

 

 

1,091

 

 

 

858

 

Operating loss

 

 

 

 

(6

)

 

 

(73

)

 

 

(137

)

 

 

(291

)

Finance income

 

5

 

 

10

 

 

 

14

 

 

 

66

 

 

 

82

 

Finance costs

 

5

 

 

(85

)

 

 

(219

)

 

 

(582

)

 

 

(429

)

Share in (losses)/earnings of associate

 

 

 

 

(1

)

 

 

 

 

 

(1

)

 

 

1

 

Finance income/(costs) - net

 

 

 

 

(76

)

 

 

(205

)

 

 

(517

)

 

 

(346

)

Loss before tax

 

 

 

 

(82

)

 

 

(278

)

 

 

(654

)

 

 

(637

)

Income tax (benefit)/expense

 

6

 

 

(125

)

 

 

 

 

 

(134

)

 

 

2

 

Net income/(loss) attributable to owners

   of the parent

 

 

 

 

43

 

 

 

(278

)

 

 

(520

)

 

 

(639

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings/(loss) per share attributable to owners

   of the parent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Basic

 

7

 

 

0.24

 

 

 

(1.84

)

 

 

(2.96

)

 

 

(4.24

)

   Diluted

 

7

 

 

0.23

 

 

 

(1.84

)

 

 

(2.96

)

 

 

(4.24

)

Weighted-average ordinary shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Basic

 

7

 

 

180,510,524

 

 

 

151,289,732

 

 

 

175,835,503

 

 

 

150,840,515

 

   Diluted

 

7

 

 

188,120,122

 

 

 

151,289,732

 

 

 

175,835,503

 

 

 

150,840,515

 

 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 


-1-


Interim condensed consolidated statement of comprehensive income/(loss)

(Unaudited)

(in € millions)

 

 

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

Note

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net income/(loss) attributable to owners

   of the parent

 

 

 

 

43

 

 

 

(278

)

 

 

(520

)

 

 

(639

)

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items that may be subsequently reclassified to

   condensed consolidated statement of operations

   (net of tax):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   (Losses)/gains on short term investments

 

19

 

 

(2

)

 

 

1

 

 

 

(2

)

 

 

3

 

   Gains on cash flow hedging instruments

 

19

 

 

1

 

 

 

 

 

 

1

 

 

 

 

   Exchange differences on translation of foreign

     operations

 

 

 

 

(1

)

 

 

(3

)

 

 

(12

)

 

 

(4

)

Items not to be subsequently reclassified to

   condensed consolidated statement of operations

  (net of tax):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Gain in the fair value of long term investments

 

19

 

 

481

 

 

 

 

 

 

527

 

 

 

 

Other comprehensive income/(loss) for the

   period (net of tax)

 

 

 

 

479

 

 

 

(2

)

 

 

514

 

 

 

(1

)

Total comprehensive income/(loss) for the period

   attributable to owners of the parent

 

 

 

 

522

 

 

 

(280

)

 

 

(6

)

 

 

(640

)

 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

 

-2-


Interim condensed consolidated statement of financial position

(in € millions)

 

  

 

Note

 

 

September 30, 2018

 

 

December 31, 2017

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment

 

 

8

 

 

 

135

 

 

 

73

 

Intangible assets including goodwill

 

 

9

 

 

 

173

 

 

 

162

 

Investment in associate

 

 

 

 

 

 

 

 

 

1

 

Long term investments

 

 

19

 

 

 

1,589

 

 

 

910

 

Restricted cash and other non-current assets

 

 

10

 

 

 

65

 

 

 

54

 

Deferred tax assets

 

 

6

 

 

 

11

 

 

 

9

 

 

 

 

 

 

 

 

1,973

 

 

 

1,209

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

14

 

 

 

359

 

 

 

360

 

Income tax receivable

 

 

 

 

 

 

2

 

 

 

 

Short term investments

 

 

19

 

 

 

669

 

 

 

1,032

 

Cash and cash equivalents

 

 

 

 

 

 

1,095

 

 

 

477

 

Other current assets

 

 

 

 

 

 

35

 

 

 

29

 

 

 

 

 

 

 

 

2,160

 

 

 

1,898

 

Total assets

 

 

 

 

 

 

4,133

 

 

 

3,107

 

Equity and liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

 

 

 

 

 

 

 

 

 

Other paid in capital

 

 

 

 

 

 

3,783

 

 

 

2,488

 

Other reserves

 

 

11

 

 

 

758

 

 

 

177

 

Accumulated deficit

 

 

 

 

 

 

(2,947

)

 

 

(2,427

)

Equity attributable to owners of parent

 

 

 

 

 

 

1,594

 

 

 

238

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Convertible notes

 

 

13

 

 

 

 

 

 

944

 

Accrued expenses and other liabilities

 

 

17

 

 

 

78

 

 

 

56

 

Provisions

 

 

18

 

 

 

8

 

 

 

6

 

Deferred tax liabilities

 

 

6

 

 

 

2

 

 

 

3

 

 

 

 

 

 

 

 

88

 

 

 

1,009

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other payables

 

 

15

 

 

 

384

 

 

 

341

 

Income tax payable

 

 

 

 

 

 

3

 

 

 

9

 

Deferred revenue

 

 

16

 

 

 

240

 

 

 

216

 

Accrued expenses and other liabilities

 

 

17

 

 

 

1,064

 

 

 

881

 

Provisions

 

 

18

 

 

 

49

 

 

 

59

 

Derivative liabilities

 

 

19

 

 

 

711

 

 

 

354

 

 

 

 

 

 

 

 

2,451

 

 

 

1,860

 

Total liabilities

 

 

 

 

 

 

2,539

 

 

 

2,869

 

Total equity and liabilities

 

 

 

 

 

 

4,133

 

 

 

3,107

 

 

 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

-3-


Interim condensed consolidated statement of changes in equity/(deficit)

(Unaudited)

(in € millions)

 

 

 

Note

 

Share

capital

 

 

Other

paid in

capital

 

 

Other

reserves

 

 

Accumulated

deficit

 

 

(Deficit)/Equity

attributable to

owners of parent

 

Balance at January 1, 2017

 

 

 

 

 

 

 

830

 

 

 

122

 

 

 

(1,192

)

 

 

(240

)

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(639

)

 

 

(639

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Issuance of shares upon exercise of stock

   options and restricted stock units

 

12

 

 

 

 

 

22

 

 

 

 

 

 

 

 

 

22

 

Issuance of ordinary shares related to business

   combination

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

Share-based payments

 

12

 

 

 

 

 

 

 

 

51

 

 

 

 

 

 

51

 

Income tax impact associated with share-based

   payments

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

2

 

Balance at September 30, 2017

 

 

 

 

 

 

 

854

 

 

 

174

 

 

 

(1,831

)

 

 

(803

)

Balance at January 1, 2018

 

 

 

 

 

 

 

2,488

 

 

 

177

 

 

 

(2,427

)

 

 

238

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(520

)

 

 

(520

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

514

 

 

 

 

 

 

514

 

Issuance of new shares

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

4

 

Issuance of shares upon exercise of stock

   options and restricted stock units

 

12

 

 

 

 

 

146

 

 

 

 

 

 

 

 

 

146

 

Restricted stock units withheld for employee

   taxes

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(2

)

Issuance of shares upon exchange of

   Convertible Notes

 

19

 

 

 

 

 

1,145

 

 

 

 

 

 

 

 

 

1,145

 

Share-based payments

 

12

 

 

 

 

 

 

 

 

66

 

 

 

 

 

 

66

 

Income tax impact associated with share-based

   payments

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

3

 

Balance at September 30, 2018

 

 

 

 

 

 

 

3,783

 

 

 

758

 

 

 

(2,947

)

 

 

1,594

 

 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

-4-


Interim condensed consolidated statement of cash flows

(Unaudited)

(in € millions)

 

 

 

 

Nine months ended September 30,

 

 

 

Note

 

2018

 

 

2017

 

Operating activities

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

(520

)

 

 

(639

)

Adjustments to reconcile net loss to net cash flows

 

 

 

 

 

 

 

 

 

 

Depreciation of property and equipment

 

8

 

 

17

 

 

 

35

 

Amortization of intangible assets

 

9

 

 

7

 

 

 

6

 

Share-based payments expense

 

12

 

 

65

 

 

 

51

 

Finance income

 

5

 

 

(66

)

 

 

(82

)

Finance costs

 

5

 

 

582

 

 

 

429

 

Income tax (benefit)/expense

 

 

 

 

(134

)

 

 

2

 

Share in losses/(earnings) of associate

 

 

 

 

1

 

 

 

(1

)

Other

 

 

 

 

(8

)

 

 

1

 

Changes in working capital:

 

 

 

 

 

 

 

 

 

 

Increase in trade receivables and other assets

 

 

 

 

(2

)

 

 

(66

)

Increase in trade and other liabilities

 

 

 

 

234

 

 

 

252

 

Increase in deferred revenue

 

16

 

 

21

 

 

 

34

 

(Decrease)/increase in provisions

 

18

 

 

(10

)

 

 

47

 

Interest received

 

 

 

 

15

 

 

 

13

 

Income tax (paid)/received

 

 

 

 

(8

)

 

 

2

 

Net cash flows from operating activities

 

 

 

 

194

 

 

 

84

 

Investing activities

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

8

 

 

(60

)

 

 

(15

)

Purchases of short term investments

 

19

 

 

(769

)

 

 

(904

)

Sales and maturities of short term investments

 

19

 

 

1,160

 

 

 

843

 

Change in restricted cash

 

10

 

 

(9

)

 

 

(35

)

Other

 

 

 

 

(44

)

 

 

(45

)

Net cash flows from/(used in) investing activities

 

 

 

 

278

 

 

 

(156

)

Financing activities

 

 

 

 

 

 

 

 

 

 

Proceeds from the issuance of ordinary shares

 

 

 

 

4

 

 

 

 

Proceeds from exercise of share options

 

12

 

 

146

 

 

 

22

 

Other

 

 

 

 

(3

)

 

 

5

 

Net cash flows from financing activities

 

 

 

 

147

 

 

 

27

 

Net increase in cash and cash equivalents

 

 

 

 

619

 

 

 

(45

)

Cash and cash equivalents at beginning of the period

 

 

 

 

477

 

 

 

755

 

Net foreign exchange losses on cash and cash equivalents

 

 

 

 

(1

)

 

 

(42

)

Cash and cash equivalents at September 30

 

 

 

 

1,095

 

 

 

668

 

Supplemental disclosure of cash flow information

 

 

 

 

 

 

 

 

 

 

Non-cash investing and financing activities

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment in trade and

   other liabilities

 

8

 

 

22

 

 

 

8

 

Issuance of shares upon exchange of Convertible Notes

 

19

 

 

1,145

 

 

 

 

 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

-5-


Notes to the interim condensed consolidated financial statements

(Unaudited)

1.

Corporate information

Spotify Technology S.A. (the “Company” or “parent”) is a public limited company incorporated and domiciled in Luxembourg. The Company’s registered office is 42-44 avenue de la Gare, L1610, Luxembourg.

The principal activity of the Company and its subsidiaries (the “Group,” “we,” “us,” or “our”) is music streaming. The Group’s premium service (“Premium Service”) provides users with unlimited online and offline high-quality streaming access to its catalog. The Premium Service offers a commercial-free music experience. The Group’s ad-supported service (“Ad-Supported Service,” and together with the Premium Service, the “Service”) has no subscription fees and provides users with limited on-demand online access to the catalog. The Group depends on securing content licenses from a number of major and minor content owners and other rights holders in order to provide its service.

On April 3, 2018, the Group completed a direct listing of the Company’s ordinary shares on the New York Stock Exchange (“NYSE”).

2.

Basis of preparation and summary of significant accounting policies

The interim condensed consolidated financial statements of Spotify Technology S.A. for the three and nine months ended September 30, 2018 and 2017 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial information is unaudited. The interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim condensed consolidated financial statements should be read in conjunction with the Group’s consolidated financial statements for the year ended December 31, 2017, as they do not include all the information and disclosures required in the annual consolidated financial statements. Interim results are not necessarily indicative of the results for a full year. The interim condensed consolidated financial statements are presented in millions of Euros.

On January 1, 2018, the Group adopted International Financial Reporting Standard (“IFRS”) 9, Financial Instruments, which replaces IAS 39, Financial Instruments: Recognition and Measurement. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting. Under the provisions of the standard, the Group made the election to present in other comprehensive income, changes in the fair value of its long term investment in Tencent Music Entertainment Group (“TME”), a private company that provides digital music services to users including streaming, online live broadcasts, and karaoke services, without recognizing fair value changes to profit and loss upon derecognition. The Group concluded that the accounting treatment of its remaining financial assets, financial liabilities and derivative instruments under IAS 39 was in accordance with the requirements of IFRS 9 and, therefore, there was no material impact on the Group’s condensed consolidated financial statements upon adoption of the standard.

In June 2017, the International Accounting Standards Board (“IASB”) issued IFRIC Interpretation 23, Uncertainty over Income Tax Treatments. The interpretation is applicable for annual reporting periods beginning on or after January 1, 2019. The interpretation clarifies application of recognition and measurement requirements in IAS 12 Income Taxes when there is uncertainty over income tax treatments. The interpretation specifically addresses whether an entity considers uncertain tax treatments separately, the assumptions an entity makes about the examination of tax treatments by taxation authorities, how an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates and how an entity considers changes in facts and circumstances related to uncertain tax treatments. The Group is continuing to assess the impact of IFRIC Interpretation 23 and the method of adoption, but does not expect it to have any material impact on the Group’s condensed consolidated financial statements.

-6-


In January 2016, the IASB published IFRS 16, Leases, its new leasing standard, which will replace the current guidance in IAS 17, Leases, and related interpretations IFRIC 4, SIC-15 and SIC-27. The new standard requires lessees to recognize a lease liability reflecting future lease payments and a ‘right-of-use asset’ for virtually all lease contracts. The standard applies to annual periods beginning on or after January 1, 2019, with earlier application permitted. The Group expects the valuation of right-of-use assets and lease liabilities, previously described as operating leases, to be the present value of its forecasted future lease commitments. The Group will be required to separately recognize the interest expense on the lease liability and the depreciation expense on the right-of-use asset.

On January 1, 2019, the Group will adopt IFRS 16 using the modified retrospective approach and recognize the cumulative effect of initially applying the standard as an adjustment to accumulated deficit. The group intends to elect the available practical expedients on adoption. Although the Group is in the process of evaluating the impact of adoption on its consolidated financial statements, the Group currently believes the most significant change will be related to the recognition of right-of-use assets and lease liabilities on the Group's balance sheet for real estate operating leases, along with the net impact on transition recorded to accumulated deficit, and deferred tax assets, potentially unrecognized, resulting from the aforementioned changes. The Group’s statement of operations after adoption will reflect additional depreciation expense due to the right-of use assets and an increase in finance costs for effective interest expense on its lease liabilities and be partially offset by a reduction in rental expenses.  

There will be no impact to the overall statement of cash flows. However, operating cash flows will be positively impacted, while financing cash flows will be negatively impacted due primarily to the classification of principal payments on its lease liabilities. The Group will also be required to disclose additional qualitative and quantitative disclosures as required by the standard within its post adoption interim and annual financial statements.  

Other than as mentioned above, the accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of our consolidated financial statements for the year ended December 31, 2017. None of the new or amended standards and interpretations as of January 1, 2018 have had a material impact on our financial result or position.

3.

Critical accounting estimates and judgments

In preparing these interim condensed consolidated financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation and uncertainty were the same as those applied to the consolidated financial statements for the year ended December 31, 2017.

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events.

4.

Segment information

 

The Group has two reportable segments: Premium and Ad-Supported. The Premium Service is a paid service in which customers can listen on-demand and offline. Revenue is generated through subscription fees. The Ad-Supported Service is free to the user. Revenue is generated through the sale of advertising. Royalty costs are primarily recorded in each segment based on specific rates for each segment agreed to with rights holders. The remaining royalties that are not specifically associated to either of the segments are allocated based on user activity or the revenue recognized in each segment. No operating segments have been aggregated to form the reportable segments.

 

-7-


Key financial performance measures of the segments including revenue, cost of revenue, and gross profit are as follows:

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(in € millions)

 

Premium

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

1,210

 

 

 

923

 

 

 

3,397

 

 

 

2,655

 

Cost of revenue

 

 

894

 

 

 

711

 

 

 

2,502

 

 

 

2,107

 

Gross profit

 

 

316

 

 

 

212

 

 

 

895

 

 

 

548

 

Ad-Supported

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

142

 

 

 

109

 

 

 

367

 

 

 

286

 

Cost of revenue

 

 

116

 

 

 

91

 

 

 

308

 

 

 

267

 

Gross profit

 

 

26

 

 

 

18

 

 

 

59

 

 

 

19

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

1,352

 

 

 

1,032

 

 

 

3,764

 

 

 

2,941

 

Cost of revenue

 

 

1,010

 

 

 

802

 

 

 

2,810

 

 

 

2,374

 

Gross profit

 

 

342

 

 

 

230

 

 

 

954

 

 

 

567

 

 

Reconciliation of gross profit

 

General expenditures, finance income, finance costs, taxes, and share in (losses)/earnings of associate are not allocated to individual segments as these are managed on an overall group basis. The reconciliation between reportable segment gross profit to our loss before tax is as follows:

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(in € millions)

 

Segment gross profit

 

 

342

 

 

 

230

 

 

 

954

 

 

 

567

 

Research and development

 

 

(135

)

 

 

(98

)

 

 

(393

)

 

 

(273

)

Sales and marketing

 

 

(146

)

 

 

(138

)

 

 

(457

)

 

 

(394

)

General and administrative

 

 

(67

)

 

 

(67

)

 

 

(241

)

 

 

(191

)

Finance income

 

 

10

 

 

 

14

 

 

 

66

 

 

 

82

 

Finance costs

 

 

(85

)

 

 

(219

)

 

 

(582

)

 

 

(429

)

Share in (losses)/earnings of associate

 

 

(1

)

 

 

 

 

 

(1

)

 

 

1

 

Loss before tax

 

 

(82

)

 

 

(278

)

 

 

(654

)

 

 

(637

)

 

Revenue by country

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2018

 

 

2017

 

 

2018