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Sunday, April 20, 2014 8:53:22 AM
UCPA DD
Overview
United Communications Partners is a performance-based communication network with its subsidiaries and operational focus in Europe, notably in the Nordic region. Core competencies include performance based marketing, business development with media and advertising and creative deal structuring for clients. The company is currently undergoing a structural re-organization to broaden its business focus and to include other marketing services.
The UCP network consists of the award winning agencies Tre Kronor Media & Advertising (Sweden) and InSight (Norway), with the more recently formed HOWCOM (Sweden), Nyheter 365 (Sweden) and Abrego (Spain). In early 2013, Tre Kronor Danmark was formed with a presence in Copenhagen (Denmark). Also in 2013, Tre Kronor issued a convertible note receivable to Vision in Media Ltd. which operates in the UK. Upon maturity, the note is convertible into a 30% non-controlling stake in the British company. In October 2013, the company announced that it is planning to establish a joint venture media agency in Finland.
In May 2013, Tre Kronor Media has once again won the Best Media Agency of the Year competition by the Swedish Advertising Association. It is the third win of this prestigious award within the last 4 years.
In April 2014, the company changed its Principle Executive Office from Stockholm to New York following a "partnership" agreement with Opentopic content marketing (http://www.opentopic.com)
Contact Info
291 Broadway
Suite 302
New York, NY 10007
Website: http://www.ucpworld.com
UCPA Performance
2010 Revenues: USD 8.6 million
2011 Revenues: USD 15.5 million (AUDITED!)
2012 Revenues: USD 18.3 million
2013 Revenues: USD 20.4 million
management comments on the full-year 2013 performance:
For the full year the UCP net revenues have increased by 11.7% and gross profit by 8.7%
In order to show the positive development of the business we have gathered the aggregated media spend for all the companies in the group including minority interest companies. Media billings increased by 16% (+25.1 MUSD) to 182.5(MUSD) whereas our share of the media billings increased by 37%.
...Q1 (2014) has started well with a lot of new clients in all operative entities and also in new markets. Further we are focusing more intensively on harvesting synergies across the group to improve revenues, increase the efficiency and save costs. We aim to deliver at least a break-even in 2014.
management comments on the most recent Q3 2013 performance:
The financial statement for the third quarter shows a decrease in net revenues (-24%) and a decrease in gross profits (-24%) resulting in a net loss of USD (361,000) compared to last year USD (64,000). The decrease in net revenues and gross profits is mainly due to investments in staff and reorganization that will not show impact until beginning of 2014.
For the first nine months we see an increase 29% and a gross profit of 21% compared to same period last year. The net loss for the period is USD (661,000) compared to last year USD (1,440,000).
The total billing for the group for all companies grew by 26% and the UCP share of this billing increased with 42% for the first nine months.
management comments on the Q2 2013 performance:
"The consolidated group net revenues for the second quarter is USD 4,967,000 up from USD 3,747,000 last year, an increase of 32.5%. For the six months ended June 30, our net revenues increased with 73.2%, from USD 6,560,000 in 2012 to USD 11,360,000 in 2013.
UCP is at the right direction on the path to profitability with a six months net loss of USD 300,000 which is an improvement of USD 1,076,00 or 78% better as compared to 2012 where we had a net loss of USD 1,376,000 for the first six months. Deducting the impairment of goodwill from last year’s result the accumulated 6 months result was improved with USD320,000 from USD (620,000) in 2012 to USD (300,000) in 2013 despite the investments made. Launching Tre Kronor Media Danmark effected the result negatively with USD 76,000; an investment we believe will be profitable during 2014.
Some soft facts that are not included in our financial report, but still are of interest is for example the joint media buying for all the companies in the group including companies in which we own minority interests. The media buying for all the companies grouped togetherincreased with 19% and our share of this media buying increased with 39% as a result of the strong growth in Tre Kronor in Sweden."
management comments on Q1 2013 performance:
"During the first quarter 2013 we saw significant client media investments in our subsidiaries Tre Kronor Media and Nyheter365 with new client gains and increased budgets from existing clients. Tre Kronor Denmark made a strong start proving themselves with satisfied clients in our new market. Comparing Q1-12 on Q1-13, net revenues in UCP increased by 127% with our new clients from last year taking off."
management comments on full-year 2012 performance:
"For the full year the UCP net revenues have increased by 15,8% and gross profit by 11,6%....the aggregated media spend for all the companies in the group including minority interest companies have increased by 73%, whereas our share of this media spend has increased by 39%. During the year we increased our staff in Tre Kronor and Nyheter 365 by 12 people, making the total 45 people.
Last quarter (edit: Q4 2012) UCP improved net revenues by 16,8% and gross profit by 19,9% towards the same quarter of last year. Parallel to growing the existing organisations with new clients, we have in the first quarter 2013 made investments in growing the group of companies by launching Tre Kronor Denmark as a subsidiary and making a minority stake investment in Vision in Media Limited, which operates in the UK."
Share Structure (as of 31th Dec. 2013)
Authorized Shares (AS) = 2,000,000,000 shares
Outstanding Shares (OS) = 1,610,887,264 shares
Restricted Shares = 1,001,294,440 shares
Float = 602,592,824 shares
The company's share structure has remained unchanged since early 2012.
Why UCPA is fundamentally undervalued
- UCPA generates solid revenues with a performance of $20.4 million for 2013.
- total client media investments under management surpass $180 million!
- The business demonstrates significant year-over-year top-line growth rates and improved operating margins.
- The company is sustaining itself without dilution and is close to break-even on a net profit basis.
- UCPA is growing organically and by acquisitions of initially non-controlling stakes in profitable media agencies.
- UCPA's market cap is just around $3 million. Price-to-Sales ratio < 0.15!
- UCPA consistently wins big name clients and grows its employee base
- As a result of its geographic expansion in 2013 the company is well positioned to sell cross-border media campaigns across the Scandinavian market as well as in Spain to its many existing as well as new clients.
- tight float (70% of O/S held in hands of management)
- clean share structure ( no convertible debt outstanding; no preferred shares outstanding; one share one vote)
- UCP is recognized in the media press as a leading independent agency network. Tre Kronor Media is a repeat winner of the prestigious "Agency of the Year" award. A recent report from Plimsol World Analysis analyzing Media Agencies, Oct 2012, ranked the fastest growing media agencies in the Nordics, placing Insight A/S as #1 and Tre Kronor as #4.
- Due to the minority interests held by the UCP Network, a substantial portion of top-line revenues generated by associated firms remains unaccounted for on the UCP financial statements, but which nontheless strengthen the operational size and value of the entire Group (equity method of accounting). The newly formed company HOWCOM, for instance, was reported to have generated sales of SEK 145 million (approx. USD 22.2 million) in 2012 and is expected to grow at an annual rate of 45% yoy. http://www.resume.se/nyheter/mediebyraer/2013/05/07/cccp-media-blir-howcom-/
Client Testimonials
– "Tre Kronor’s passion and competency made our choice easy and our belief is that our cooperation will energize both us and our partners."
Elisabeth Stahlenius, Head of Communications, SOS Children’s Villages
- We’ve found our ideal media agency and are all set for a successful collaboration in the launch of SecretEscapes in Sweden with Tre Kronor. The secret is out and Tre Kronor is the perfect partner for spreading it even further."
Alex Saint, CEO, Secret Escapes
Recent Updates
Monthly Letter April (16th April 2014)
http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=1425969201
Annual Report 2013 (10th April 2014)
http://www.otcmarkets.com/financialReportViewer?symbol=UCPA&id=118630
UCP Monthly Letter (14th March 2014)
http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=271864078
UCP Monthly Letter (18th February 2014)
http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=2046369676
UCP Monthly Letter (22nd January 2014)
http://www.ucpworld.com/wp-content/uploads/2014/01/UCP-Monthly-letter-January-2014-updated.pdf
UCP Monthly Letter (13th Dec. 2013)
http://www.ucpworld.com/wp-content/uploads/2013/12/UCP-Monthly-letter-December-2013.pdf
Tre Kronor recruits new COO (Dec. 12th 2013)
http://www.ucpworld.com/wp-content/uploads/2013/12/Pressrelease-UCP-New-COO-Tre-Kronor.pdf
Quarterly Report - Q3 2013 (15th Nov. 2013)
http://www.ucpworld.com/wp-content/uploads/2013/11/United-Communications-Partners-Inc-UCP-Financial-Report-Q3-2013.pdf
UCP Monthly Letter (24th Oct. 2013)
http://www.ucpworld.com/wp-content/uploads/2013/10/UCP-Monthly-letter-September-October.pdf
New Director's (17th Oct. 2013)
http://www.ucpworld.com/wp-content/uploads/2013/10/pressrelease_UCP_131017_ENG_V2.pdf
UCP Monthly Letter (11th Sept. 2013)
http://www.ucpworld.com/wp-content/uploads/2013/09/UCP-Monthly-letter-September-2013.pdf
Quarterly Report - Q2 2013
http://www.otcmarkets.com/financialReportViewer?symbol=UCPA&id=109743
UCP Monthly Letter (7th Aug. 2013)
http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=838268362
Quarterly Report - Q1 2013
http://www.otcmarkets.com/financialReportViewer?symbol=UCPA&id=105575
Fast growing luxury travel specialist Secret Escapes chooses Tre Kronor (23th May 2013)
http://ih.advfn.com/p.php?pid=nmona&article=57697866
Tre Kronor Media voted Best Media Agency 2013...again! (16th May 2013)
http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=501596688
InSight wins Sportmann (15th May 2013)
http://www.in-sight.no/
CCCP Media AB acquires HowCom and changes names (7th May 2013)
http://ucpworld.com/
2012 Annual Report (15th April 2013)
http://ucpworld.com/?page_id=1202#1574
http://www.otcmarkets.com/stock/UCPA/filings
SOS Children’s Villages chooses Tre Kronor (March 13th 2013)
http://ucpworld.com/?page_id=1202#1562
http://www.dagensmedia.se/nyheter/byraer/article3656829.ece
Company Update (Feb. 26th 2013)
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=85022321
Tre Kronor recruits Creative Director for new Department
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=84968336
Tre Kronor Media Is Clear For Take-off With New Client Scandinavian Airlines
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83220388
Royal Caribbean Cruise selects In Sight
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83291939&txt2find=rccl
Letter from the Chairman (Nov. 28th 2012
http://ucpworld.com/?page_id=1202#1553
Corporate Structure
Overview
United Communications Partners is a performance-based communication network with its subsidiaries and operational focus in Europe, notably in the Nordic region. Core competencies include performance based marketing, business development with media and advertising and creative deal structuring for clients. The company is currently undergoing a structural re-organization to broaden its business focus and to include other marketing services.
The UCP network consists of the award winning agencies Tre Kronor Media & Advertising (Sweden) and InSight (Norway), with the more recently formed HOWCOM (Sweden), Nyheter 365 (Sweden) and Abrego (Spain). In early 2013, Tre Kronor Danmark was formed with a presence in Copenhagen (Denmark). Also in 2013, Tre Kronor issued a convertible note receivable to Vision in Media Ltd. which operates in the UK. Upon maturity, the note is convertible into a 30% non-controlling stake in the British company. In October 2013, the company announced that it is planning to establish a joint venture media agency in Finland.
In May 2013, Tre Kronor Media has once again won the Best Media Agency of the Year competition by the Swedish Advertising Association. It is the third win of this prestigious award within the last 4 years.
In April 2014, the company changed its Principle Executive Office from Stockholm to New York following a "partnership" agreement with Opentopic content marketing (http://www.opentopic.com)
Contact Info
291 Broadway
Suite 302
New York, NY 10007
Website: http://www.ucpworld.com
UCPA Performance
2010 Revenues: USD 8.6 million
2011 Revenues: USD 15.5 million (AUDITED!)
2012 Revenues: USD 18.3 million
2013 Revenues: USD 20.4 million
management comments on the full-year 2013 performance:
For the full year the UCP net revenues have increased by 11.7% and gross profit by 8.7%
In order to show the positive development of the business we have gathered the aggregated media spend for all the companies in the group including minority interest companies. Media billings increased by 16% (+25.1 MUSD) to 182.5(MUSD) whereas our share of the media billings increased by 37%.
...Q1 (2014) has started well with a lot of new clients in all operative entities and also in new markets. Further we are focusing more intensively on harvesting synergies across the group to improve revenues, increase the efficiency and save costs. We aim to deliver at least a break-even in 2014.
management comments on the most recent Q3 2013 performance:
The financial statement for the third quarter shows a decrease in net revenues (-24%) and a decrease in gross profits (-24%) resulting in a net loss of USD (361,000) compared to last year USD (64,000). The decrease in net revenues and gross profits is mainly due to investments in staff and reorganization that will not show impact until beginning of 2014.
For the first nine months we see an increase 29% and a gross profit of 21% compared to same period last year. The net loss for the period is USD (661,000) compared to last year USD (1,440,000).
The total billing for the group for all companies grew by 26% and the UCP share of this billing increased with 42% for the first nine months.
management comments on the Q2 2013 performance:
"The consolidated group net revenues for the second quarter is USD 4,967,000 up from USD 3,747,000 last year, an increase of 32.5%. For the six months ended June 30, our net revenues increased with 73.2%, from USD 6,560,000 in 2012 to USD 11,360,000 in 2013.
UCP is at the right direction on the path to profitability with a six months net loss of USD 300,000 which is an improvement of USD 1,076,00 or 78% better as compared to 2012 where we had a net loss of USD 1,376,000 for the first six months. Deducting the impairment of goodwill from last year’s result the accumulated 6 months result was improved with USD320,000 from USD (620,000) in 2012 to USD (300,000) in 2013 despite the investments made. Launching Tre Kronor Media Danmark effected the result negatively with USD 76,000; an investment we believe will be profitable during 2014.
Some soft facts that are not included in our financial report, but still are of interest is for example the joint media buying for all the companies in the group including companies in which we own minority interests. The media buying for all the companies grouped togetherincreased with 19% and our share of this media buying increased with 39% as a result of the strong growth in Tre Kronor in Sweden."
management comments on Q1 2013 performance:
"During the first quarter 2013 we saw significant client media investments in our subsidiaries Tre Kronor Media and Nyheter365 with new client gains and increased budgets from existing clients. Tre Kronor Denmark made a strong start proving themselves with satisfied clients in our new market. Comparing Q1-12 on Q1-13, net revenues in UCP increased by 127% with our new clients from last year taking off."
management comments on full-year 2012 performance:
"For the full year the UCP net revenues have increased by 15,8% and gross profit by 11,6%....the aggregated media spend for all the companies in the group including minority interest companies have increased by 73%, whereas our share of this media spend has increased by 39%. During the year we increased our staff in Tre Kronor and Nyheter 365 by 12 people, making the total 45 people.
Last quarter (edit: Q4 2012) UCP improved net revenues by 16,8% and gross profit by 19,9% towards the same quarter of last year. Parallel to growing the existing organisations with new clients, we have in the first quarter 2013 made investments in growing the group of companies by launching Tre Kronor Denmark as a subsidiary and making a minority stake investment in Vision in Media Limited, which operates in the UK."
Share Structure (as of 31th Dec. 2013)
Authorized Shares (AS) = 2,000,000,000 shares
Outstanding Shares (OS) = 1,610,887,264 shares
Restricted Shares = 1,001,294,440 shares
Float = 602,592,824 shares
The company's share structure has remained unchanged since early 2012.
Why UCPA is fundamentally undervalued
- UCPA generates solid revenues with a performance of $20.4 million for 2013.
- total client media investments under management surpass $180 million!
- The business demonstrates significant year-over-year top-line growth rates and improved operating margins.
- The company is sustaining itself without dilution and is close to break-even on a net profit basis.
- UCPA is growing organically and by acquisitions of initially non-controlling stakes in profitable media agencies.
- UCPA's market cap is just around $3 million. Price-to-Sales ratio < 0.15!
- UCPA consistently wins big name clients and grows its employee base
- As a result of its geographic expansion in 2013 the company is well positioned to sell cross-border media campaigns across the Scandinavian market as well as in Spain to its many existing as well as new clients.
- tight float (70% of O/S held in hands of management)
- clean share structure ( no convertible debt outstanding; no preferred shares outstanding; one share one vote)
- UCP is recognized in the media press as a leading independent agency network. Tre Kronor Media is a repeat winner of the prestigious "Agency of the Year" award. A recent report from Plimsol World Analysis analyzing Media Agencies, Oct 2012, ranked the fastest growing media agencies in the Nordics, placing Insight A/S as #1 and Tre Kronor as #4.
- Due to the minority interests held by the UCP Network, a substantial portion of top-line revenues generated by associated firms remains unaccounted for on the UCP financial statements, but which nontheless strengthen the operational size and value of the entire Group (equity method of accounting). The newly formed company HOWCOM, for instance, was reported to have generated sales of SEK 145 million (approx. USD 22.2 million) in 2012 and is expected to grow at an annual rate of 45% yoy. http://www.resume.se/nyheter/mediebyraer/2013/05/07/cccp-media-blir-howcom-/
Client Testimonials
– "Tre Kronor’s passion and competency made our choice easy and our belief is that our cooperation will energize both us and our partners."
Elisabeth Stahlenius, Head of Communications, SOS Children’s Villages
- We’ve found our ideal media agency and are all set for a successful collaboration in the launch of SecretEscapes in Sweden with Tre Kronor. The secret is out and Tre Kronor is the perfect partner for spreading it even further."
Alex Saint, CEO, Secret Escapes
Recent Updates
Monthly Letter April (16th April 2014)
http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=1425969201
Annual Report 2013 (10th April 2014)
http://www.otcmarkets.com/financialReportViewer?symbol=UCPA&id=118630
UCP Monthly Letter (14th March 2014)
http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=271864078
UCP Monthly Letter (18th February 2014)
http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=2046369676
UCP Monthly Letter (22nd January 2014)
http://www.ucpworld.com/wp-content/uploads/2014/01/UCP-Monthly-letter-January-2014-updated.pdf
UCP Monthly Letter (13th Dec. 2013)
http://www.ucpworld.com/wp-content/uploads/2013/12/UCP-Monthly-letter-December-2013.pdf
Tre Kronor recruits new COO (Dec. 12th 2013)
http://www.ucpworld.com/wp-content/uploads/2013/12/Pressrelease-UCP-New-COO-Tre-Kronor.pdf
Quarterly Report - Q3 2013 (15th Nov. 2013)
http://www.ucpworld.com/wp-content/uploads/2013/11/United-Communications-Partners-Inc-UCP-Financial-Report-Q3-2013.pdf
UCP Monthly Letter (24th Oct. 2013)
http://www.ucpworld.com/wp-content/uploads/2013/10/UCP-Monthly-letter-September-October.pdf
New Director's (17th Oct. 2013)
http://www.ucpworld.com/wp-content/uploads/2013/10/pressrelease_UCP_131017_ENG_V2.pdf
UCP Monthly Letter (11th Sept. 2013)
http://www.ucpworld.com/wp-content/uploads/2013/09/UCP-Monthly-letter-September-2013.pdf
Quarterly Report - Q2 2013
http://www.otcmarkets.com/financialReportViewer?symbol=UCPA&id=109743
UCP Monthly Letter (7th Aug. 2013)
http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=838268362
Quarterly Report - Q1 2013
http://www.otcmarkets.com/financialReportViewer?symbol=UCPA&id=105575
Fast growing luxury travel specialist Secret Escapes chooses Tre Kronor (23th May 2013)
http://ih.advfn.com/p.php?pid=nmona&article=57697866
Tre Kronor Media voted Best Media Agency 2013...again! (16th May 2013)
http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=501596688
InSight wins Sportmann (15th May 2013)
http://www.in-sight.no/
CCCP Media AB acquires HowCom and changes names (7th May 2013)
http://ucpworld.com/
2012 Annual Report (15th April 2013)
http://ucpworld.com/?page_id=1202#1574
http://www.otcmarkets.com/stock/UCPA/filings
SOS Children’s Villages chooses Tre Kronor (March 13th 2013)
http://ucpworld.com/?page_id=1202#1562
http://www.dagensmedia.se/nyheter/byraer/article3656829.ece
Company Update (Feb. 26th 2013)
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=85022321
Tre Kronor recruits Creative Director for new Department
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=84968336
Tre Kronor Media Is Clear For Take-off With New Client Scandinavian Airlines
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83220388
Royal Caribbean Cruise selects In Sight
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83291939&txt2find=rccl
Letter from the Chairman (Nov. 28th 2012
http://ucpworld.com/?page_id=1202#1553
Corporate Structure
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