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consolidated accounts as at 30 June 2009

Proximedia, 22 half-years of uninterrupted growth.

» 06/2009
Sales and services up by 34% at €21.8 million
Operating profit up by 53% at €2.9 million
Net profit (before goodwill depreciation) up by 71% at €1.5 million
Net profit (group share) up by 52% at €1.3 million

Sales and services : All group subsidiaries saw sustained growth and made a contribution to the excellent results achieved during the first half of 2009. Proximedia Belgium held its position as the group’s top company with a sales and services figure over 6 months of €10.7 million and 978 new contracts secured. Bezoom, which was founded barely two years ago, continued its remarkable growth, with sales and services in excess of €5.1 million and 1,093 new contracts secured. With the other group companies sticking to their market strategies, the result for this first half was a further rise in sales and services of 34% on the first half of 2008.
The policy of self-financing contracts, recorded as self-constructed assets and a greater source of recurring margin, also continued, generating increased profitability.

Results : The operating profit rose by 52.99%, EBITDA was in excess of €6.8 million, up by 44% on the first half of 2009, and the net result up by 71.2% on the previous year.
The increases in the profit and net result for this first half of 2009 are mainly due to the growth in the number of new contracts secured by the various subsidiaries, combined with the renewal of Proximedia Belgium’s existing contracts, guaranteeing a recurring turnover.
It is important to highlight that these results take into account a significant increase in the rate of provisions for bad debt to ensure sound management of our customer risk.
Finally, the financial result includes a goodwill depreciation charge of €84,803, mainly related to the acquisition of Globule Bleu, which also had an excellent first half.

Balance sheet : As at 30 June 2009, the total balance sheet came to €33.4 million, with equity capital of €8.1 million.

Main figures for the first half of 2009 : (compared with the results as at 30 June 2008)

Outlook for the second half of 2009 : « In May, we launched a new business called “BeUp”. Under this banner, we offer specialised and personalised Internet referencing services, as well as other marketing services to promote the visibility of our customers and drive up their turnovers. BeUp has seen great success, with 280 contracts already signed since May and profitable activity within a few days.
In addition, Proximedia has seized an opportunity to move into the US market by setting up “Bezoom USA” LLC on 21 July 2009. This company, which is based in Virginia, markets the Bezoom concept in the US, and has already signed and carried out its first contracts. Given the potential of this market, the investment involved is very modest.
Finally, even though its growth is already outstanding, Bezoom in Belgium still has a long way to go before it reaches its peak.
Given the results achieved at the end of August by all group subsidiaries, it looks like the second half will be excellent. » Fabrice Wuyts, CEO, Proximedia Group.