PRN: Emakina Group: Sales Grow 25% in 2011, Supported by Geographical Expansion

16/mar/2012 17.46.19 PR Newswire Turismo Contatta l'autore

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Emakina Group: Sales Grow 25% in 2011, Supported by Geographical Expansion

 
[16-March-2012]
 

BRUXELLES, March 16, 2012 /PRNewswire/ --

The Emakina Group (Alternext Brussels: ALEMK) today communicates its annual results for 2011. Consolidated sales increased by 25% in 2011 compared to 2010. In parallel, the consolidated EBITDA increased by 5% in absolute terms. And finally, the consolidated net result (excluding amortization of goodwill) more than doubled, from 319,386 EUR in 2010 to 724,759 EUR in 2011. In order to support the Group's expansion, the Board of Directors will propose to the General Assembly that no dividend be distributed.

Sales outside Belgium increase by 54%

In 2011, the Emakina Group's posted sales of 41,337,106 EUR compared to 33,105,222 EUR in 2010, an increase of 25%. At constant scope, sales increased by 20%.

This consolidated growth of sales by 25% is the combination of annual sales growth of 16% in Belgium and 54% for entities outside Belgium. These figures confirm the Group's strategy of geographical expansion and its increasing reputation outside Belgium. During the second half of 2011, Emakina inaugurated its UK subsidiary, Emakina.uk Ltd, based in London.

In 2011, new clients such as AXA, Federal Mogul, Bpost, DG Enterprise, European Ombudsman, M6, Seton, Colruyt, VAB and Elia chose an Emakina Group agency as their partner for the development of their presence in new media.

EBITDA increases by 5%

EBITDA increased by 5% in absolute terms, but fell as a percentage of sales from 7.9% of sales in 2010 to 6.7% of sales in 2011. At constant scope, EBITDA went from 7.9% to 6.6% of sales between 2010 and 2011. As a reminder, the EBITDA at June 30 2011 amounted 759,852 EUR which means an EBITDA of 1,989,431 EUR over the second half of 2011 compared to 1,929,739 EUR for the second half of 2010, which confirms the seasonal aspect of the business.

Consolidated net result before amortization of goodwill doubles

The consolidated net result before amortization of goodwill amounted to 724,759 EUR in 2011 compared to 319,386 EUR in 2010. This increase is explained by the improvement of the operational result by 181,843 EUR combined with a stable financial result and a net tax charge which fell by 232.292 EUR.

Finally, it is important to underline the fact that the amortization of goodwill rose by 342.743 EUR between 2010 and 2011 due to the evolution of Group investments. This element of Belgian GAAP, which implies compulsory amortization of goodwill weighs significantly on the consolidated net result for 2011, which would amount to a profit of 724,759 EUR instrad of a loss of 836,302 EUR.

Emakina continues its investment efforts, to confirm its position as market leader:

  1. The development of its service offering in the « social » and « mobile » areas represents an investment of more than a million euros, which weighed on the 2011 financial year. These investments assured high growth in these promising fields for the future.
    In 2011, these new fields of expertise represented nearly 5% of sales.
  2. 2011 was marked by the development of Emakina's reputation outside Belgium, in particular in France, in the Netherlands and by the launch of a new subsidiary in the United Kingdom. These investments contributed to the development (+54%) of activities outside Belgium.
  3. The acquisition of the advertising agency Troy, in March 2011, further reinforced Emakina's « full service » strategy for brand management. This acquisition allowed Emakina to strengthen its competencies in brand strategy and the creation of multichannel campaigns.

Talent retention and management of production costs remain major challenges for the Group in an economic climate that does not favour the increase of sales prices.

In order to support its expansion and reinforce its equity, the Board of Directors of the Emakina Group will propose to the General Assembly of April 2012 that no dividend be distributed for the first time in 3 years.

Prospects for 2012

The Emakina Group's management foresees a one-digit increase in sales numbers for the entire 2012 year thanks to its existing commercial pipeline and the geographic expansion of the group.

Auditor's Report

The auditors have confirmed that their review of the consolidated accounts has been fully completed and has not revealed any significant corrections that should be made to the accounting information included in this press release.

Belgian GAAP

All consolidated figures were established according to Belgian GAAP (in particular regarding systematic goodwill amortization). These figures represent a summary of financial results that will be published in detail in the annual report available on March 31, 2012.

Financial Calendar

  • Ordinary General Assembly 2012: 23 April 2012
  • Annual Report (Brochure): 2 April 2012
  • Half-Year report: 7 September 2012

CONSOLIDATED FIGURES 2011

EMAKINA GROUP SA

                       CONSOLIDATED RESULTS (EUR) *       31/12/2011  31/12/2010  31/12/2009     TOTAL REVENUES                                       41.337.106  33.105.221  31.782.957     Net revenues                                         40.265.704  31.537.104  31.053.797     Variation of work in progress                           452.051     930.285     475.485     In-house production                                     241.097           0           0     Other operating income                                  378.254     637.832     253.676     TOTAL OPERATING COSTS (before depreciation and      amortization)                                       -38.587.823 -30.485.186 -29.454.548     Purchase of equipment and services related to sales -21.129.943 -15.464.514 -15.053.129     Payroll costs                                       -17.339.864 -14.874.268 -14.331.711     Other operating costs                                  -118.016    -146.404     -69.708     OPERATING PROFIT (before depreciation and amortization)     = EBITDA                                              2.749.283   2.620.035   2.328.409     DEPRECIATION AND AMORTIZATION                          -843.072    -895.667    -802.255     Depreciation and amortization of (in)tangible assets   -861.492    -847.489    -741.054     Write-off on trade receivables                          -13.746     -58.775     -32.641     Litigation accruals                                      32.166      10.597     -28.560     OPERATING PROFIT (EBIT)                               1.906.211   1.724.368   1.526.154     NET FINANCIAL RESULT                                   -324.140    -356.725    -362.910     Financial income                                         74.884      30.983       3.878     Financial charges                                      -399.024    -387.708    -366.788     CURRENT PRE-TAX PROFIT BEFORE AMORTIZATION ON      GOODWILL                                              1.582.071   1.367.643   1.163.244     Amortization on goodwill**                           -1.561.061  -1.218.318    -937.527     CURRENT PRE-TAX PROFIT                                   21.010     149.325     225.717     NET EXTRAORDINARY RESULT                               -368.363    -326.734    -194.085     PRE-TAX PROFIT                                         -347.353    -177.409      31.632     Deferred taxes                                         -260.837    -301.144        -457     Current income tax                                     -228.112    -420.096    -412.075     SHARE IN RESULTS OF EQUITY-METHOD ENTITIES (profit)           0        -282      51.490     NET PROFIT BEFORE AMORTIZATION ON GOODWILL              724.759     319.386     608.117     NET PROFIT                                             -836.302    -898.932    -329.410     A. Share of third parties                                32.041      44.856     296.460     B. Group share                                         -868.343    -943.788    -625.870 


     SHARE DATA                                             31/12/2011 31/12/2010 31/12/2009     NUMBER OF SHARES                                        3.833.739  3.796.869  3.496.708     NUMBER OF SHARES & SHARE OPTIONS                        4.097.089  4.021.779  3.662.338     CURRENT PRE-TAX PROFIT (in EUR)                            0,0055     0,0393     0,0646     CURRENT PRE-TAX PROFIT / SHARE & SHARE OPTION (in EUR)     0,0051     0,0371     0,0616     GROUP SHARE / SHARE (in EUR)                              -0,2265    -0,2486    -0,1790     GROUP SHARE / SHARE & SHARE OPTION (in EUR)               -0,2119    -0,2347    -0,1709     NET PROFIT / SHARE (in EUR)                               -0,2181    -0,2368    -0,0942     NET PROFIT / SHARE & SHARE OPTION (in EUR)                -0,2119    -0,2235     -0,090 


* Established according to Belgian GAAP

** According to valuation rules, goodwill are amortized on a period of 8 years independently from any potential considerations of impairment in accordance with Belgian GAAP

The consolidated income statement for 2011 includes 12 months of all group subsidiaries except for Emakina Wallonie (ex-Troy Agency), which is consolidated since April 1, 2011, which means 9 months of profit and loss.

                  ASSETS (EUR) *               31/12/2011 31/12/2010 31/12/2009       NON CURRENT ASSETS                         8.873.387  9.287.012  6.942.275     Formation expenses                           269.914    385.692    504.836     Intangible assets                            836.213    437.849    512.061     Goodwill                                   6.438.421  7.390.041  4.823.921     Tangible assets                            1.088.537    849.099    899.268     Financial assets                             240.302    224.331    202.189     CURRENT ASSETS                            20.442.876 16.311.068 15.809.083     Stocks and contracts in progress           3.616.979  3.094.317  2.164.032     Deferred taxes                               387.874    563.162    897.846     Amounts receivable with one year          13.826.031 11.324.959 10.859.372     Investments                                        0      1.348    299.467     Cash at bank and in hand                   2.203.255    998.071  1.353.283     Deferred charges and accrued income          408.737    329.211    235.083     TOTAL ASSETS                              29.316.263 25.598.080 22.751.358                  LIABILITIES (EUR) *            31/12/2011 31/12/2010 31/12/2009       EQUITY                                    10.097.133 11.016.293  9.238.205     MINORITY INTERESTS                             7.460     51.258    406.833     PROVISION FOR LIABILITIES AND CHARGES         16.932    161.097    146.694     DEFERRED TAXES AND LATENT TAXATION     LIABILITIES                                  110.502    136.498    170.037     CREDITORS                                 19.084.236 14.232.935 12.789.590     Amounts payable after one year               443.356    120.720    515.272     Amounts payable within one year           18.412.781 13.971.332 12.128.185     Current portion of amounts payable after     one year                                   1.215.005  1.001.984  1.227.194     Financial debts                            2.064.400  1.202.057  1.016.521     Trade debts                                4.723.962  3.687.017  2.893.421     Advances received on contracts in     progress                                   4.953.413  3.981.846  2.650.485     Amounts payable on taxes, remuneration     and social security                        3.638.534  2.911.977  2.832.624     Other amounts payable                      1.817.467  1.186.451  1.507.940     Accrued charges and deferred income          228.099    140.882    146.133     TOTAL LIABILITIES                         29.316.263 25.598.080 22.751.358 


* 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 2011 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 March 31, 2012 in accordance with the legal requirements in this matter.

About Emakina Group SA

The Emakina Group is a European network of interactive agencies that helps its clients to benefit from the integration of digital communication into their activities. The agencies within the Emakina Group are Emakina Belgium (Brussels), Emakina.EU (Brussels), Emakina/Media (Brussels), Design is Dead (Antwerp), The Reference (Gent), Emakina.NL (Rotterdam), Emakina.FR (Paris & Limoges). Emakina Group has developed a service portfolio around the following four poles: strategic consultancy; brand activation, web building; and web applications. Client portfolio includes major Belgian, Dutch and French companies: Audi, Belgacom, BNP Paribas Fortis, Brussels Airlines, Crédit Agricole, Delhaize, Deutsche Bank, Dexia, Electrabel, ING, Keytrade, KPN, Legrand, Microsoft, Nestlé, Orange, Panasonic, Samsung, Schweppe! s, Seat, Toyota, Unilever and the European institutions. Emakina is listed on the Alternext market of Euronext Brussels stock exchange (mnemo: ALEMK) since July 7, 2006.

http://www.emakina.com


Company Codes: Bloomberg:ALEMK@BB, RICS:ALEMK, ISIN:BE0003843605
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