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consolidated accounts at 31 December 2009
Proximedia announces record results for all its activities
The results of 2009 (Sales +32.4%) illustrate the strong progress achieved by Proximedia´s “classic” activity, but also the vigorous development in its new growth areas (Bezoom and BeUp). The net profit share of the Group reaches a new peak.
» 2009
Sales and services up by 32.4% to 44.1 million €
Operating profit up by 45.6% to 5.6 million €
Net profit (before goodwill depreciation) up by 36.8% to 2.9 million €
Net profit (group share) up by 32.8% to 2.4 million €
Ever since being listed on the Free Market of Euronext Brussels in 2005 the group has each year exceeded all expectations, and 2009 saw its growth accelerate even further, thanks to the success of its Bezoom subsidiary, which posted a 91% increase in its sales and services. As at 31 December 2009 the group had more than 340 employees.
Sales and services : Proximedia´s development is based on the twin pillars of an extremely dynamic commercial policy and constantly-evolving high-quality diversified services. The result is sustained growth, with a 32.4% increase in sales and services to 44.1 million.
In 2009 the group signed 5,411 new contracts, which is 43.5% more than in 2008, including 1,894 contracts for Proximedia Belgium and 2,035 for Bezoom Belgium. Bezoom´s strong growth was confirmed and was even coupled with the opening of a new subsidiary in Washington, DC.
With 620 new contracts, the startup of BeUP, a new brand of Online Internet n.v. focused on marketing via the internet and active internet website referencing, was especially impressive. Thanks to products which meet the communication requirements of modern companies, this subsidiary achieved, after less than one year with its new activity, 1.8 million € in sales and services.
Results : The operating profit rose by 45.6%, the EBITDA by 40.1%, and the net profit before goodwill depreciation by 36.8% over the previous year. The largest company in the group remains the original subsidiary Proximedia Belgium which, with 22 million € in sales and services, achieved a net profit of 1.3 million €. It is followed by Bezoom, with a net profit of 0.8 million €.
Self-constructed assets, an indicator of the self-financing of production, rose by 196% to 8.2 million €. In order to take over the rule for valuation of the financed contracts, the Board of Directors decided to change the valuation rule for self-constructed assets by applying the complete cost price method, which has a positive impact on the operating result in the amount of around 0.6 million €.
The operating result of 5.6 million € is all the more striking because the foreign subsidiaries have not yet contributed significantly to the results. Finally, the financial result includes a goodwill depreciation charge of 0.2 million €. The net profit attained 2.77 million, an increase of 41.5% despite an exceptional, non-tax deductible depreciation on Tax Shelter of 0.4 million €.
Balance sheet : The balance sheet before any distribution of profits shows equity capital of 9.3 million € in 2009 (+ 26.9% compared to 2008), thus increasing the available resources. The indebtedness required to finance the contracts rose by 2.2 million €, meaning that the fixed assets increased by 6.2 million €. The cash at bank and in hand rose from 2.7 million € to 3.7 million €.
Thanks to our recurring subscription concept, the amount of the fees to be invoiced over the coming 4 years which were contractually acquired as at 31/12/2009 is greater than 60 million euros. This more than covers the indebtedness for the financing of the contracts, which currently amount to 14.8 million €.
Key figures for 2009 : (compared to the results as at 31 December 2008)
Outlook for 2010 : « We will consolidate our positions on our core business: websites and video solutions. We will strengthen our presence in the e-Marketing activities (search engine advertising, E-mailing, couponing, etc.). Our line now appears to be the most complete on the market: more than ever, a wide range of companies, from very small SMEs to multinationals, are making use of the Proximedia group´s services. We will reinforce our customer relations policy by refining our management and improving our products. The market is giving us many positive signals regarding our services and solutions. Moreover, we do not exclude the possibility that we will be supplementing this internal growth through acquisitions and/or partnerships, should promising opportunities or synergies arise on new markets. Thus, we once again foresee substantial growth in 2010. » Fabrice Wuyts, CEO, Proximedia Group.
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