Rentabiliweb 2013: A Successful Strategic Shift
PR Newswire
BRUSSELS, March 3, 2014
BRUSSELS, March 3, 2014 /PRNewswire/ —
- Annual revenue higher than the objectives: €71.9 million, +2.7% vs. 2012
- Gross cash flow remaining on a very high level: 57.5%
- Appreciable improvement of the current operating profit: €4.2 million, i.e. +34% relative to 2012
- Healthy and solid financial structure
Regulated information
Today, the Rentabiliweb Group (ISIN BE0946620946 – Trading symbol BIL) is publishing its results for the 2013 financial year.
Key figures for the 2013 financial year
CONSOLIDATED KEY FIGURES 2013 2012 Var. (in EUR thousands) Consolidated revenue 71,877 70,013 2.7% Gross margin 41,313 41,217 0.2% Gross margin rate 57.5% 58.9% - 1,4% pts Recurring operating income 4,159 3,108 33.8% As a % of revenues 5.8% 4.4% + 1,3% pts Operating income 3,153 1,188 165.4% As a % of revenues 4.4% 1.7% + 2,7% pts Net consolidated income 2,917 1,113 162.0% As a % of revenues 4.1% 1.6% +2,5% pts
With the publication of these results, Rentabiliweb Founding Chairman Jean-Baptiste Descroix-Vernier states: „Our performances in 2013 are indicative of the relevance of our strategic positioning and the success of our Be2bill payment solution, thanks to which we crossed the threshold of €1 billion of business volume signed this year. Even as B to C segment is confirming its return to growth, all of the business segments in the B to B division improved strongly, thereby generating a very satisfactory gross cash flow for the entire Group. 2014 will be the year of the international roll-out of our strategy in the banking sector. The creation of our new subsidiary In the
Netherlands
, the payment reference market, will be our first steps towards obtaining and exploiting the EMI (Electronic Money Issuer) and CI (Credit Institution) approvals. »
Evolution of the performances during the 2013 financial year
B to B segment: a strategy of securing market shares that has posted excellent performances
The B to B segment generated revenue of €32 million in the 2013 financial year, versus €26 million in 2012, i.e. an increase of 22%. Given the high weighting of the strong added value activities such as Be2bill, the gross margin rate climbed by +4.6 points in 2013 relative to the previous financial year, and stands at 47.9% of the revenue.
The operating expenses remained stable relative to 2012 (€8.2 million), as the pooling of the costs across all of the activities in the B to B segment made it possible to offset the investment expenses for the Be2bill activity.
The e-money activity strengthened its expertise by recruiting talented new people, though this mechanically resulted in a 54% increase of the personnel expenses relative to the previous financial year. The current operating profit improved appreciably, increasing to (€1.5 million) versus (€3.4 million) in 2012.
B to C segment: the assurance of the regular generation of free cash flow
The Revenue of the B to C segment was equal to €40 million in 2013 versus €44 million in 2012, with this 9% decline being in line with the policy of repositioning on activities that generate free cash flow.
This strategy is allowing the B to C segment to maintain one of the highest gross cash flow rates in the sector (65.1%), notably thanks to preferred relations with our partners.
Costs continued to be kept under control, with the operating expenses and personnel expenses respectively dropping by 4% and of 29% relative to 2012. A portion of the savings was invested in marketing, in order to maintain the growth momentum.
An appreciable improvement of the Operating Profit
The Group’s current operating profit was equal to €4.2 million in 2013, versus €3.1 million in 2012. For the third consecutive year, the corporate expenses posted a regular decline, with savings of 23% in the 2013 financial year relative to 2012. The holding company division and the central departments also benefited from the improved control of operating expenses (-32% relative to 2012) and personnel expenses (-5%).
As such, as a result of a strong increase of the operating profit and in the absence of significant non-operational costs, the consolidated net profit posted a very strong increase in the 2013 financial year, and now stands at €3 million versus €1 million in 2012, an increase of 160%.
A continuing very healthy financial situation
In the 2013 financial year, the cash position was equal to €5.8 million, versus €7.8 million in 2012. This change is primarily tied to the good year-end performances of the telecom segment, for which the working capital requirements represent two months of revenue.
The Group did not incur any financial indebtedness, and is therefore maintaining its solid financial structure, with consolidated equity of €71 million to 31 December 2013.
Next communication
Publication of the revenue for the first quarter of 2014, on 17 April 2014
The press release can be found on the Group’s institutional site:
http://www.rentabiliweb-group.com/en/?p=9065
About Rentabiliweb
Founded in 2002, the Rentabiliweb Group offers businesses and webmasters a leading platform of website traffic monetisation services (e.g. payment and micropayment solutions). It has been definitively approved as a Payment Body by the Banque de France and as a member of the French Bank Card Group (Groupement Carte Bancaire) for the provision of online payment solutions, with the Be2Bill solution. It also runs affiliate programs, offers online advertising space brokerage and interactive voice services for offline media, and provides acclaimed expertise in loyalty programs and direct marketing.
Rentabiliweb is also one of the premier French-language content publishers, with a package of services spanning the full range of mass-market entertainment including astrology, community services, casual gaming, services for the general public, advice for Internet users, personal ads and dating, women’s wellbeing, humour, entertainment and more.
Listed on Compartment C of the Euronext Brussels and Paris stock markets, the Group currently has 20 subsidiaries in Europe and America, with a workforce of over 230 worldwide. In 2012, Rentabiliweb’s sales topped €70 million, with EBIT at €1.1 million. Rentabiliweb is a socially responsible company in its sectors of activity, and rigorously applies the 10 principles laid out by the UN Global Compact. The Group is eligible for FCPI investment funds and was awarded the OSEO „Innovative company” kitemark.
APPENDICES
INCOME STATEMENT 2013 2012 (in EUR thousands) Consolidated revenue 71,877 70,013 Gross margin 41,313 41,217 As a % of revenues 57.5% 58.9% Other operating incomes 171 35 Recurring operating expenses (23,572) (24,694) Payroll expenses (12,574) (11,118) Depreciations and amortizations (1,179) (2,332) Recurring operating income 4,159 3,108 As a % of revenues 5.8% 4.4% Other non-recurring operating income and expenses (165) (844) Valuation of stock options and granted shares (841) (1,076) Operating income 3,153 1,188 As a % of revenues 4.4% 1.7% Financial costs, net (10) (141) Corporate income tax (226) 67 Net consolidated income 2,917 1,113 As a % of revenues 4.1% 1.6%
BALANCE SHEET: ASSETS 2013 2012 (in EUR thousands) Goodwill 50,624 50,624 Intangible fixed assets 4,147 4,221 Tangible fixed assets 1,522 1,161 Other financial assets 214 246 Deferred tax assets 4,106 2,607 Non current assets 60,613 58,860 Customers and other debtors 25,731 27,344 Payable tax assets 4,130 4,179 Cash and cash equivalents 5,779 7,806 Current assets 35,639 39,329 OVERALL TOTAL ASSETS 96,252 98,189 BALANCE SHEET: LIABILITIES 2013 2012 (in EUR thousands) Share capital 23,396 23,396 Group reserves 44,307 43,578 Group unrealized exchange gains (53) (46) Group profit 2,869 1,114 Control shares (2,502) (1,589) Derivatives 2,973 2,132 Minority interests 53 0 Equity 71,042 68,585 Long-term provisions 737 751 Financial liabilities 27 3 Deferred tax liabilities 888 426 Non current liabilities 1,653 1,181 Short-term provisions 171 202 Financial liabilities (14) 5 Suppliers and other creditors 20,034 23,784 Payable tax liabilities 3,367 4,433 Current liabilities 23,558 28,423 OVERALL TOTAL LIABILITIES 96,252 98,189
Consolidated statement of cash flows 2013 2012 (in thousands of euros) Net earnings from integrated companies 2,918 1,113 Elim. of the amortisations and provisions 1,594 2,080 Elim. of the variation of deferred taxes (1,037) (1,785) Elim. of disposal capital gains or losses 0 0 Other proceeds and expenses having no incidence on the cash 440 (180) Incidence of the change in working capital requirements (3,383) 1,203 Net acquisitions of fixed assets (1,866) (859) Net cash from operating activities * A (1,335) 1,572 * Before financial investments, capital operations and financing operations Financial acquisitions and price supplement payments 184 (750) Variation of the financial assets 0 4 Impact of changes in scope of consolidation 5 2 Capital increase 0 203 Dividends paid 0 (3,509) Treasury shares transactions (913) (779) Repayment of loans and other debts 24 0 Net cash from investment and financing operations B (700)(4,829) Change of the cash and cash equivalents A+B (2,034)(3,257) Net cash and cash equivalents at beginning of the period 7,806 11,053 Net cash and cash equivalents at end of the period 5,779 7,806 Impact of exchange rate variations 7 10 Net increase (decrease) in cash and cash equivalents (2,034) (3,257)
Share Group (in EUR thousands) capital Premiums reserves Position at 31.12.2011 23,307 13,991 23,164 Share capital increase 88 114 0 Appropriation of earnings 0 0 10,575 Dividends paid 0 0 (3,509) Net profit for the period 0 0 0 Currency movements 0 0 0 Changes in consolidation scope 0 0 126 Other changes 0 0 (884) Position at 31.12.2012 23,396 14,105 29,473 Share capital increase 0 0 0 Appropriation of earnings 0 0 1,114 Dividends paid 0 0 0 Net profit for the period 0 0 0 Currency movements 0 0 0 Changes in consolidation scope 0 0 0 Other changes 0 0 (386) Position at 31.12.2013 23,396 14,105 30,201
Continued:
Net Currency profit translation for the Revaluation Treasury (in EUR thousands) differences year reserves shares Position at 31.12.2011 (56) 10,575 0 (603) Share capital increase 0 0 0 0 Appropriation of earnings 0 (10,575) 0 0 Dividends paid 0 0 0 0 Net profit for the period 0 1,114 0 0 Currency movements 11 0 0 0 Changes in consolidation scope 0 0 0 0 Other changes 0 0 0 (987) Position at 31.12.2012 (46) 1,114 0 (1,589) Share capital increase 0 0 0 0 Appropriation of earnings 0 (1,114) 0 0 Dividends paid 0 0 0 0 Net profit for the period 0 2,869 0 0 Currency movements (7) 0 0 0 Changes in consolidation scope 0 0 0 0 Other changes 0 0 0 (913) Position at 31.12.2013 (53) 2,869 0 (2,502)
Continued:
Instruments settled in Equity the attributable Company's to owners of Non-controlling (en milliers d'euros) shares the parent interests Equity Position at 31.12.2011 1,056 71,434 1 71,435 Share capital increase 0 203 0 203 Appropriation of earnings 0 0 0 0 Dividends paid 0 (3,509) 0 (3,509) Net profit for the period 0 1,114 (1) 1,113 Currency movements 0 11 0 11 Changes in consolidation scope 0 126 0 126 Other changes 1,076 (795) (0) (795) Position at 31.12.2012 2,132 68,585 0 68,585 Share capital increase 0 0 0 0 Appropriation of earnings 0 0 0 0 Dividends paid 0 0 0 0 Net profit for the period 0 2,869 48 2,917 Currency movements 0 (7) 0 (7) Changes in consolidation scope 0 0 6 6 Other changes 841 (458) 0 (458) Position at 31.12.2013 2,973 70,988 53 71,042