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27.08.2015 17:51:00

RENTABILIWEB GROUP: AN EXCELLENT FIRST HALF OF 2015

Regulatory News:

RENTABILIWEB GROUP (Brussels:BIL) (Paris:BIL) (ISIN BE0946620946 -- Mnemo BIL) has today published its results for the first half of the 2015 financial year. They show an excellent first semester and are characterised by an increase in turnover of almost 14% and a significant upturn in EBIT.

Key figures for the first half of 2015

(in € thousands)   H1 2014   H1 2015   H1 2015
vs H1 2014
Consolidated revenue 33,905 38,544 +13.7%
Gross margin 19,819 21,182 +6.9%
Gross margin rate 58.5% 55.0% -3.5 points
EBITDA 1,782 2,278 +27.8%
As a % of revenues 5.3% 5.9% +0.7 point
EBIT 1,064 1,734 +62.9%
As a % of revenues 3.1% 4.5% +1.4 point
Operating income 1,193 1,692 +41.9%
As a % of revenues 3.5% 4.4% +0.9 point
Net consolidated income 1,630 1,751 +7.4%
As a % of revenues 4.8% 4.5% -0.3 point

Mr. Jean-Baptiste Descroix-Vernier, the Founding President of Rentabiliweb, states: "In barely 36 months, Rentabiliweb has succeeded in considerably modernizing its product line and preparing itself for the future. The performance and synergy of the tools offered to merchants have helped sustain strong growth. The strategic growth model we have chosen pays off."

Half-yearly results: an excellent first semester

The consolidated turnover of the Rentabiliweb Group stands at €38.5m, up 14% on the first half of 2014, thanks to a very good second quarter, which saw an increase of 25% compared to Q2 2014 and sequential growth of 17% (compared to Q1 2015).

B to B now represents nearly 60% of total Group turnover.

EBIT for the first half of 2015 stands at €1.7m, up 63% on H1 2014. The EBIT margin thus increased by 1.4 percentage points. This significant increase results from the combined effect of a €0.5m rise in B to B EBIT and stable B to C EBIT. This double-digit growth was realized (i) in a difficult global market situation for B to C and (ii) in a context of continued investment effort to accelerate development of B to B activities.

B to B division : a fast development

B to B division consists of three complementary activities designed to increase the revenue of retailers (online and offline) :

  • Payment by credit card (Be2bill) optimizes transaction on the Internet, mobile, tablet and physical payment terminal.
  • Direct marketing boosts sales and increases customer loyalty
  • Telecom activities provide interactive services to merchants and allowing them to stay in touch with their clients

The B to B division turnover stands at €22.5m, up 49% on H1 2014, continuing to grow during the two quarters compared to the two 2014 quarters (+42% in Q1 and +52% in Q2). The division also shows strong sequential growth (+19% in Q2 2015 compared to Q1 2015).

Be2bill have three main activities: VAD (distance selling via the Internet), mobile and physical shops.
The VAD activity is the pole which required the heaviest investments in the years 2012, 2013 and 2014. The physical shops area was launched in October 2014 simultaneously with the mobile payment.
The first half of 2015 marks the equilibrium point (break-even) of VAD France, now profitable.

Over 2500 stores now use our Be2bill bank card payment system. Nearly 5500 merchants use at least one of the systems provided by Rentabiliweb, whether for payment, marketing or telecom.

Thanks to the high number of signatures achieved, the Run Rate for the first half of 2015 stands at €1.04bn, despite the decision taken by Be2bill to close a key customer account (€263m of annual business) for prudential reasons.

Telecom activity is also showing sustained growth, in particular as regards AVS (Added Value Services).

The B to B division EBIT stands at -€1.2m in the first half of 2015, up €0.5m on H1 2014. This includes a non-recurring loss of €0.8m.

B to C division: high operating margins are sustained

B to C turnover stands at €16.1m, down 15% on H1 2014.

Continued high gross operating margins, combined with reduced operating charges (-€1.4m) have resulted in stable EBIT, compared to H1 2014, of €4.6m. The EBIT margin has increased significantly, up 4 percentage points to 28.5%.

Corporate division: expenses under control

Corporate division EBIT is up €0.2m, a 12% increase on H1 2014. This variation is due in particular to rigorous control of expenditure, as well as certain non-recurring 2014 charges, such as the setting up of a key subsidiary in Amsterdam.

A robust financial situation

The Group has closed the first half of 2015 in a very healthy financial situation.

Indeed, on 30 June 2015, surplus cash stood at €12.3m, up €2m compared to 31 December 2014.
The €12.3m of surplus cash breaks down as follows:

  • €6.2m of cash on Group accounts;
  • €6.1m of cash on the Electronic Payments holding account.

Equity amounted to €75m on 30 June 2015.

The group Rentabiliweb is 100% self-financing as regards its investments and has no debt and no off balance sheet.

Outlook

Rentabiliweb is continuing its strategy of gaining market share in France and intends to expand abroad in the short term.
The group upholds its installed Run Rate ambition for 31 December 2015 of between €1.5bn and €1.7bn, together with a signed Run Rate of between €2.6bn and €3bn.

Next publication

Publication of Q3 2015 turnover: 5 November 2015.

Read the press release on the group's corporate website: https://rentabiliweb-group.com/en/?p=10466

ANNEXES

Consolidated income statement

Group

(in € thousands)   H1 2014   H1 2015   H1 2015
vs H1 2014
Consolidated revenue 33,905 38,544 +13.7%
Gross margin 19,819 21,182 +6.9%
Gross margin rate 58.5% 55.0% -3.5 points
EBITDA 1,782 2,278 +27.8%
As a % of revenues 5.3% 5.9% +0.7 point
EBIT 1,064 1,734 +62.9%
As a % of revenues 3.1% 4.5% +1.4 point
Operating income 1,193 1,692 +41.9%
As a % of revenues 3.5% 4.4% +0.9 point
Net consolidated income 1,630 1,751 +7.4%
As a % of revenues 4.8% 4.5% -0.3 point

B to B

(in € thousands)   H1 2014   H1 2015   H1 2015
vs H1 2014
Consolidated revenue 15,081 22,485 +49.1%
Gross margin 6,986 9,912 +41.9%
Gross margin rate 46.3% 44.1% -2.2 points
Other operating incomes 7 19 +158%
Recurring operating expenses (3,932) (5,618) +43%
Payroll expenses (4,249) (4,985) +17%
EBITDA (1,187) (672) +43.4%
As a % of revenues -7.9% -3.0% +4.9 points
Depreciations and amortizations (424) (481) +13%
EBIT (1,612) (1,153) +28.5%
As a % of revenues -10.7% -5.1% +5.6 points

B to C

(in € thousands)   H1 2014   H1 2015   H1 2015
vs H1 2014
Consolidated revenue 18,824 16,059 -14.7%
Gross margin 12,833 11,270 -12.2%
Gross margin rate 68.2% 70.2% +2.0 point
Other operating incomes 1 1 -47%
Recurring operating expenses (6,745) (5,343) -21%
Payroll expenses (1,402) (1,446) +3%
EBITDA 4,687 4,482 -4.4%
As a % of revenues 24.9% 27.9% +3.0 points
Depreciations and amortizations (95) 91 -195%
EBIT 4,592 4,573 -0.4%
As a % of revenues 24.4% 28.5% +4.1 points

Corporate

(in € thousands)   H1 2014   H1 2015   H1 2015
vs H1 2014
Other operating incomes 103 99 -4%
Recurring operating expenses (801) (533) -33%
Payroll expenses (1,020) (1,098) +8%
EBITDA (1,718) (1,532) +10.8%
As a % of revenues na na na
Depreciations and amortizations (198) (154) -22%
EBIT (1,916) (1,686) +12.0%
As a % of revenues na na na

Consolidated balance sheet

BALANCE SHEET: ASSETS   H1 2014   H1 2015
Goodwill 50,624 50,766
Fixed assets 5,687 5,152
Deferred tax assets 5,228 6,538
Customers and other debitors 22,634 27,377
Payable tax assets 3,425 4,340
Cash and cash equivalents 11,583 12,339
OVERALL TOTAL ASSETS 99,181 106,511
BALANCE SHEET: LIABILITIES S1 2014 S1 2015
Equity 72,327 75,050
Provisions 921 829
Financial liabilities 12 12
Deferred tax liabilities 518 536
Suppliers and other creditors 22,569 26,619
Payable tax liabilities 2,834 3,466
OVERALL TOTAL LIABILITIES 99,181 106,511

Consolidated statement of cash flows

(in € thousands)     2014 H1 2015
Net earnings from integrated companies 2,364 1,751
Elim. of the amortisations and provisions 1,471 572
Elim. of the variation of deferred taxes (1,762) (681)
Elim. of disposal capital gains or losses 31 6
Other proceeds and expenses having no incidence on the cash (309) 0
Incidence of the change in working capital requirements 3,944 377
Net acquisitions of fixed assets (1,153) (553)
Net cash from operating activities * A 4,586 1,472
* Before financial investments, capital operations and financing operations
 
Financial acquisitions and price supplement payments (126) 0
Variation of the financial assets 11 (6)
Impact of changes in scope of consolidation 0 (0)
Capital increase 6 0
Dividends paid 0 0
Treasury shares transactions 545 68
Repayment of loans and other debts 0 0
Net cash from investment and financing operations B 436 61
 
Change of the cash and cash equivalents A+B 5,022 1,533
 
Net cash and cash equivalents at beginning of the period 5,779 10,802
Net cash and cash equivalents at end of the period 10,802 12,339
Impact of exchange rate variations 0 3
Net increase (decrease) in cash and cash equivalents 5,022 1,533

Consolidated statement of changes in equity

(in € thousands)   Share capital   Premiums   Group
reserves 		  Currency translation
differences 		  Net profit
for the year 		  Revaluation reserves   Treasury
shares 		  Instruments settled in the Company’s shares   Equity attributable
to owners of the parent 		  Non-controlling interests   Equity
Position at
December 31, 2013 		  23,396   14,105   30,202   (53)   2,869   0   (2,502)   2,973   70,989   53   71,042
Share capital increase   3   3   0   0   0   0   0   0   6   0   6
Appropriation of earnings 0 0 2,869 0 (2,869) 0 0 0 (0) 0 (0)
Dividends paid 0 0 0 0 0 0 0 0 0 0 0
Net profit for the period 0 0 0 0 2,393 0 0 0 2,393 (29) 2,364
Currency movements 0 0 0 1 0 0 0 0 1 0 1
Changes in consolidation scope 0 0 0 0 0 0 0 0 0 0 0
Other changes 0 0 (6) 0 0 0 545 (422) 117 0 117
                                             
Position at
Decembre 31, 2014 		  23,398   14,109   33,064   (51)   2,393   0   (1,957)   2,551   73,507   24   73,531
Share capital increase 0 0 0 0 0 0 0 0 0 0 0
Appropriation of earnings 0 0 2,393 0 (2,393) 0 0 0 0 0 0
Dividends paid 0 0 0 0 0 0 0 0 0 0 0
Net profit for the period 0 0 0 0 1,738 0 0 0 1,738 12 1,750
Currency movements 0 0 0 44 0 0 0 0 44 0 44
Changes in consolidation scope 0 0 0 0 0 0 0 0 0 0 0
Other changes 0 0 (343) 0 0 0 68 0 (276) 0 (276)
                                             
Position at
June 30, 2015 		  23,398   14,109   35,114   (7)   1,738   0   (1,890)   2,551   75,013   37   75,050

About Rentabiliweb

Created in 2002 by Jean-Baptiste Descroix-Vernier, the Rentabiliweb Group is a major player in payment and the monetisation of electronic content in Europe. With over 270 employees in France and abroad, and traded on the Brussels and Paris Euronext stock exchange (compartment C), the group achieved turnover of 72 million euros in 2014 and 2.3 million euros in EBIT.
Designated as an "Innovative company" by OSEO, Rentabiliweb is eligible for FCPIs (fonds commun de placement dans l'innovation, French Innovation Funds).

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