BRUSSELS, March 19, 2010 /PRNewswire/ -- Emakina Group (Alternext Brussels: ALEMK) today communicates its consolidated results for the year 2009. Sales continued to grow by 1%.Group EBITDA improved significantly during the second semester 2009, reaching 10.6% of sales compared to 3.6% for the first semester of 2009 and 9.7% for the second semester of 2008.
During 2009, Emakina Group sales totaled 31 782 957 EUR compared to 31 484 834 EUR during the previous year, representing an increase of 1%, but at a level lower than expected, due to the economic downturn. EBITDA amounted to 2 328 409 EUR in 2009 (or 7.3% of sales) compared to 2 686 862 EUR (or 8.5% of sales) in the prior year. As a reminder, EBITDA at June 30 2009 amounted to 530 137 EUR, which means and EBITDA of 1 798 272 EUR for the second half of the year compared to 1 709 556 EUR for the second half of 2008. This improvement is the result of various measures announced in the half yearly 2009 report.
The recurring result for 2009 amounted to 225 717 EUR compared to 854 636 EUR in 2008, mainly due to the evolution of EBIT and due to the decrease of the financial result by 104 245 EUR.
Net profit before tax fell from 900 554 EUR in 2008 to 31 632 EUR in 2009 due to the evolution of the recurring result combined with non-recurring charges of 225 061 EUR.
The deferred tax impact (related to the capitalization of tax losses carried forward) fell from an income of 281 917 EUR to a charge of -457 EUR in 2009 while tax charges fell from 792 196 EUR to 412 075 EUR respectively.
Net result (before amortization of goodwill) amounted to 608 117 EUR in 2009 compared to 1 281 275 EUR in 2008.
For the second time in its history, the Board of Directors of Emakina Group will propose to the Shareholders' Meeting on April 22, 2010, a total gross dividend of 250 000 EUR, amounting to a gross (net) dividend per share of 0.07150 EUR (0.06077 EUR).
Several elements influenced the 2009 annual results:
The economic crisis had an indirect effect on Emakina mainly during the first semester of 2009, in particular due to customers in the financial, automobile and air transport sectors.
Moreover, the sales process became lengthier and required increased commercial efforts. -
- The legally required indexation of salaries on January 1, 2009 weighed on margins in Belgium. - Despite the economic downturn, sales continued to increase for the 5th consecutive year, in particular due to the synergies developed between Emakina Group subsidiaries, to attract new international clients. Emakina Belgium and Emakina.NL thus worked jointly to create Yunomi, an online women's community developed for the Benelux area by Unilever. Similarly, Emakina Belgium and Emakina.EU, a new agency specialized in European and International Institutions, partnered in October 2009, to obtain an important framework contract with the European Commission (Directorate General for Health and Consumers) in the field of audiovisual services and media training.
Emakina Group's management took the following measures to support growth and reinforce margins:
- Increased use of reporting tools developed from the existing integrated ERPs to optimize project management and track their profitability. - Emakina Group faces numerous opportunities that have arisen from the technological changes that were speeded up by the current economic situation. The media and advertising world was particularly shaken in 2009. In this context, Emakina Group wants to be a major actor, striving to help its clients to take advantage of these changes. - At 2009 end, Emakina concluded a commercial partnership with the German group Pixelpark AG, thus creating the means to respond on a pan-european scale to the needs of its existing and future international customers who require a large geographical presence in these markets.
Prospects for 2010
Emakina foresees a slightly more positive economic environment in 2010. In this context, Emakina expects moderate sales growth, due to several key elements: pluri-annual contracts mentioned above, increased commercial efforts in 2009, commercial partnership with Pixelpark... Margins should also evolve positively.
External audit
The auditor has confirmed that his review of the consolidated financial statements has not revealed any significant matters requiring adjustments to the accounting information included in this press release.
CONSOLIDATED FIGURES 2009 EMAKINA GROUP SA CONSOLIDATED RESULTS (EUR) * 31/12/2009 31/12/2008 31/12/2007 TOTAL REVENUES 31.782.957 31.484.834 17.371.543 Net revenues 31.053.797 30.919.864 16.467.728 Variation of work in progress 475.485 283.653 757.543 Other operating income 253.676 281.317 146.272 TOTAL OPERATING COSTS (before depreciation and amortization) -29.454.548 -28.797.972 -15.794.940 Purchase of equipment and services related to sales -15.053.129 -15.680.221 -8.228.222 Payroll costs -14.331.711 -13.065.395 -7.533.083 Other operating costs -69.708 -52.356 -33.635 OPERATING PROFIT (before depreciation and amortization) = EBITDA 2.328.409 2.686.862 1.576.603 DEPRECIATION AND AMORTIZATION -802.255 -636.033 -414.030 Depreciation and amortization of (in)tangible assets -741.054 -629.935 -369.583 Write-off on trade receivables -32.641 -6.098 -44.447 Litigation accruals -28.560 0 0 OPERATING PROFIT (EBIT) 1.526.154 2.050.829 1.162.573 NET FINANCIAL RESULT -362.910 -305.193 -32.974 Financial income 3.878 22.449 139.644 Financial charges -366.788 -327.642 -172.618 CURRENT PRE-TAX PROFIT BEFORE AMORTIZATION ON GOODWILL 1.163.244 1.745.636 1.129.599 Amortization on goodwill -937.527 -891.000 -470.556 CURRENT PRE-TAX PROFIT 225.717 854.636 659.043 NET EXTRAORDINARY RESULT -194.085 45.918 -130.114 PRE-TAX PROFIT 31.632 900.554 528.929 Deferred taxes -457 281.917 494.565 Current income tax -412.075 -792.196 -381.564 SHARE IN RESULTS OF EQUITY-METHOD ENTITIES (profit) 51.490 0 0 NET PROFIT BEFORE AMORTIZATION ON GOODWILL 608.117 1.281.275 1.112.486 NET PROFIT -329.410 390.275 641.930 A. Share of third parties 296.460 364.401 156.327 B. Group share -625.870 25.874 485.603 SHARE DATA 31/12/2009 31/12/2008 31/12/2007 NUMBER OF SHARES 3.496.708 3.459.533 3.435.409 NUMBER OF SHARES SHARE OPTIONS 3.662.338 3.571.733 3.490.539 CURRENT PRE-TAX PROFIT (in EUR) 0,0646 0,2470 0,1918 CURRENT PRE-TAX PROFIT / SHARE SHARE OPTION (in EUR) 0,0616 0,2393 0,1888 GROUP SHARE / SHARE (in EUR) -0,1790 0,0075 0,1414 GROUP SHARE / SHARE SHARE OPTION (in EUR) -0,1709 0,0072 0,1391 NET PROFIT / SHARE (in EUR) -0,0942 0,1128 0,1869 NET PROFIT / SHARE SHARE OPTION (in EUR) -0,090 0,1093 0,1839
* Established according to Belgian GAAP
The consolidated income statement for 2009 includes 12 months of all group subsidiaries except for Emakina Media which is consolidated by the equity method since July 1, 2009, following the decrease of Emakina Group's investment in this entity.
ASSETS (EUR) * 31/12/2009 31/12/2008 31/12/2007 NON CURRENT ASSETS 6.942.276 7.423.437 7.864.347 Formation expenses 504.836 602.771 702.816 Intangible assets 512.061 448.365 572.445 Goodwill 4.823.921 5.415.980 5.829.471 Tangible assets 899.269 886.031 674.721 Financial assets 202.189 70.290 84.894 CURRENT ASSETS 15.809.082 15.042.223 11.474.352 Stocks and contracts in progress 2.164.032 1.688.548 1.404.894 Deferred taxes 897.846 931.842 650.000 Amounts receivable with one year 10.859.372 10.774.837 7.821.791 Investments 299.467 428.811 344.996 Cash at bank and in hand 1.353.283 934.829 1.073.627 Deferred charges and accrued income 235.082 283.356 179.044 TOTAL ASSETS 22.751.358 22.465.660 19.338.699 LIABILITIES (EUR) * 31/12/2009 31/12/2008 31/12/2007 EQUITY 9.238.205 9.729.505 9.382.179 Capital 8.395.670 8.306.412 8.248.515 Share premium 511.890 0 0 Consolidated reserves 330.645 1.423.093 1.133.664 MINORITY INTERESTS 406.833 493.893 347.079 PROVISION FOR LIABILITIES AND CHARGES 146.694 30.134 73.264 DEFERRED TAXES AND LATENT TAXATION LIABILITIES 170.037 203.576 200.651 CREDITORS 12.789.590 12.008.552 9.335.526 Amounts payable after one year 515.272 877.291 654.785 Amounts payable within one year 12.128.185 10.819.072 8.290.158 Current portion of amounts payable after one year 1.227.194 1.252.670 765.008 Financial debts 1.016.521 297.724 666.321 Trade debts 2.893.421 3.890.918 3.045.187 Advances received on contracts in progress 2.650.485 2.138.677 1.350.035 Amounts payable on taxes, remuneration and social security 2.832.624 3.147.276 2.184.931 Other amounts payable 1.507.940 91.807 278.676 Accrued charges and deferred income 146.133 312.189 390.583 TOTAL LIABILITIES 22.751.358 22.465.660 19.338.699
* Established according to Belgian GAAP
In accordance with the new rules of Alternext Brussels, the current annual press release has become optional. This press release will be followed by the publication of the 2009 annual report of Emakina Group which will include the full information required. This report will be available on our site, http://www.emakina.com (section investors) from April 7, 2010 in accordance with the legal requirements in this matter.
About Emakina Group:
Emakina Group is a European network of interactive agencies that helps its clients to integrate the Internet into their activities. The agencies within Emakina Group are Emakina Belgium (Brussels), Emakina.EU (Brussels), Emakina/Media (Brussels) B. On The Net (Brussels), Design is Dead (Antwerp), The Reference (Gent), Emakina.NL (Rotterdam) and groupeReflect (Paris and Limoges). Emakina Group has developed a service portfolio around the following three poles: interactive marketing, information websites and transactional applications and e-commerce. With a team of more than 286 people, Emakina is the foremost interactive agency in Belgium. Emakina is listed on the Alternext market of Euronext Brussels stock exchange (mnemo: ALEMK) since July 2006.
SOURCE: Emakina Group
CONTACT: More information: Denis Steisel, CEO Emakina Group, E-mail :dst@emakina.com, Tel. : +32-2-400-40-75; Frederic Desonnay, CFO EmakinaGroup, Tel. : +32-2-788-78-26, E-mail: fds@emakina.com; Laurent Jadot, PRManager Emakina Group, E-mail : lja@emakina.com, Tel. : +32-2-400-40-21;Emakina Group S.A., Rue Middelbourg 64A, 1170 Brussels, Belgium, VAT0464.812.221, ISIN BE 0003843605
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