Dear investors,
 
I am proud to announce our first full year results as a listed company.
 
In 2018, we grew our revenue by 75% and our member base by 68%, exceeding the growth targets we had set for ourselves at the beginning of the year. At the same time, we improved our EBITDA margin from -34% to -26% . In absolute terms, our loss was a bit higher than in 2017 but the result was impacted by high listing and M&A cost as well as the implementation of our new share-based incentive scheme. At the same time, the operating cash flow improved from -1.5M to -1.1M, demonstrating that the business is on the right track to profitability.
 
For 2019, we expect continued growth and set a revenue guidance of CHF 12.0 to 12.5M, an increase of 35 to 40% compared to the 2018 results.
 
Attached you will find a short Investor Update with the highlights of the year and we encourage you to download the FY2018 Earnings Presentation as well as the FY2018 Annual Report from our website. Both documents are access on our website https://www.asmallworldag.com/financial-reports.
 
I thank you for your continued support and look forward to another year of growth for ASMALLWORLD.
 
Sincerely,
Jan Luescher
CEO