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consolidated accounts at 31 December 2008
Proximedia, Belgium's top website creator, keeps all its promises.
» 2008
Sales and services up by 41% at €33.3 million
Operating profit up by 40.9% at €3.8 million
Net profit (before goodwill depreciation) up by 37% at €2.1 million
Net profit (group share) up by 31.6% at €1.8 million
When it was floated on 22 July 2005, Proximedia predicted that it would achieve a turnover of €13.5 million that year, with a net profit of €0.5 million. Every year since, the group has exceeded all forecasts and, three years on, has doubled its turnover and quadrupled its forecast net profit compared with 2005. As at 31 December 2008, the group had 294 employees.
Sales and services : Proximedia's expansion is based on the twin pillars of an extremely dynamic commercial policy and constantly-evolving high-quality diversified services. The impact has been continued growth with a sales and services figure up by 41% at €33.3 million.
In 2008, the group secured 3,786 new contracts, including 1,794 for Proximedia Belgium, which set an example to the other subsidiaries by achieving sales and services of €19.7 million.
Bezoom's growth is particularly impressive. By offering products which meet the communication needs of modern companies, this subsidiary has achieved a sales and services figure of €5.8 million after fewer than two years in business.
The policy of self-financing contracts, recorded as self-constructed assets and a greater source of recurring margin, also continued with a further rise of 42% on 2007.
Results : The operating profit rose by 40.9%, EBITDA by 43.9% and the net profit before goodwill depreciation by 37% on the previous year.
As always, the group's powerhouse is still the original subsidiary, Proximedia Belgium, which, with €19.7 million in sales and services, achieved a net profit of €1.5 million. It is followed by Bezoom, which made a net profit of €0.5 million in its first full financial year.
The operating profit of €3.8 million is all the more remarkable since it includes a loss of €0.2 million for the French subsidiary and a breakeven result for Holland.
Moreover, the development of self-constructed assets has the effect of spreading a greater amount of the margin over the four-year term of the contracts.
Finally, the financial result includes a goodwill depreciation charge of €189,860.
On a like for like basis, the growth in the group share of the net profit would have been more or less identical. In fact, the net profit for Globule Bleu, which was acquired in 2008, is virtually the same as its goodwill depreciation.
Balance sheet : Without taking into account any dividend payment, the balance sheet shows equity capital totalling €7.4 million in 2008 (+33.2% on 2007), which increases available resources. The indebtedness required to finance the contracts rose by €2.3 million, meaning that fixed assets increased by €3.7 million. Cashflow rose from €1.5 million to €2.7 million.
As a result of our recurring subscription concept, the amount of rents to be invoiced in the next 4 years, acquired contractually as at 31/12/2008, totals €44.4 million, and more than covers the indebtedness linked to financing these contracts, which comes to €13.3 million.
Main figures for 2008 : (compared with results as at 31 December 2007)
Outlook for 2009 : « 2009 is shaping up very well for the Proximedia Group. The results achieved by the various subsidiaries in this first quarter are up on the same period in 2008. We can only be extremely optimistic. In a tricky economic climate, companies, traders and professionals are aware that they have to stand out from the competition, and this necessarily means effective and professional communication. The range of products and services offered by the Proximedia Group makes us the ideal partner. Furthermore, the monthly subscription package makes them accessible to everyone. We are predicting that all key figures for the various subsidiaries will rise again in 2009. » Fabrice Wuyts, CEO, Proximedia Group.
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