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Rentabiliweb 2013: A Successful Strategic Shift

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


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