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Communiqués de presse – Finance

2014: STRATEGY VALIDATED

Published 2015-02-17

STRATEGY VALIDATED

B to B segment:

  • Continuing revenue growth
  • Signed runrate of €2 billion for Be2bill

B to C segment:

  • EBIT conforming with expectations

Brussels, 17 February 2015, 7:30 AM

Regulated information

Today, the RENTABILIWEB GROUP (ISIN BE0946620946 – Trading symbol BIL) is publishing its results for FY 2014.

Key figures for the 2014 financial year

Key-figures-2014

Regarding these results, Jean-Baptiste Descroix-Vernier, Chairman of the Rentabiliweb Group, stated: “2014 was a turning point in more than one way. First of all, the B to B segment’s revenue is higher than that of the B to C segment. And then, since November 2014, the B to B segment’s EBIT has been positive, thereby confirming the relevance of our positioning on B2B solutions. Our customers are choosing our services since they combine marketing expertise (data management) and data expertise, thereby helping them to increase their revenue. Still true to our DNA, we’ve self-financed the necessary investments, while remaining profitable.

2014 activity

In 2014, the consolidated revenue is equal to €71.9 million, stable relative to FY 2013, even though the Group’s business model was significantly modified, with the ramp-up of the B to B segment. The latter is taking up the baton from the B to C segment, in which the revenue is declining as anticipated. It nevertheless continues to generate free cash flow, and is allowing the Group to self-finance the significant investments needed for the development of the B to B segment.

As expected, the Group’s consolidated EBIT in 2014 is down by 45% relative to its 2013 level, and includes non- recurring operating expenses related to the internationalization strategy for its activities.

Finally, in the second half of 2014, the Group generated an EBIT higher than in the first half of the year (€1.2 million and €1.1 billion, respectively).

B to B segment: continuing revenue growth

In 2014, for the first time since the Rentabiliweb Group’s creation, the B to B segment’s revenue exceeded that of the B to C segment. Indeed, the B to B segment’s 2014 revenue is equal to €36.4 million, a 15% increase relative to 2013, notably under the effect of continued quarter-on-quarter growth (+8% in Q2 2014 vs. Q1 2014, +25% in Q3 2014 vs. Q2 2014 and +17% in Q4 2014 vs. Q3 2014).

Regarding Be2bill, it continued to grow in 2014. Therefore, on 31 December 2014:

  • The collected runrate is equal to €920 million, versus €381 million on 31 December 2013 and €560 million on 30 June 2014, with respective increases of 141% and 64%.
  • The signed runrate is equal to €2 billion.

Because of the investments made by the Group for the roll-out of its e-money offer, the B to B segment’s EBIT stands at €1.8 million.

These investments started bearing fruit as of the second half of 2014 with, starting in November 2014, a positive EBIT across the division.

The B to B segment’s EBIT is down by €0.3 million over FY 2013. However the loss level has been reduced by nearly 90% between the 1st and 2nd semester 2014.

B to C segment: EBIT conforming with expectations: €8.1 million

The B to C segment’s results are in line with the strategy announced at the start of the year, that involves concentrating the Group’s efforts on the most profitable products in order to guarantee a lasting high EBIT level. The B to C segment’s revenue is equal to €35.4 million, down by 12% relative to FY 2013, while its EBIT is equal to €8.1 million.

This strong profitability allowed Rentabiliweb to self-finance the investments needed for the roll-out of Be2bill, while still managing a largely positive overall profitability level.

Financial situation and cash

2014 closed for the Group with a continuing solid financial situation, with no indebtedness and with consolidated equity equal to €73.5 million.

To 31 December 2014, the cash position shows a surplus equal to €10.8 million, i.e. an increase of €5.0 million relative to 31 December 2013. This increase is explained by the higher balance of the segregation accounts, linked with the increase of e-money collections, i.e. €2.4 million, as well as by the continuing optimisation of the working capital requirements. As such, the Group’s internal cash is equal to €7.5 million on 31 December 2014, i.e. a 57% increase relative to its level on 31 December 2013 (€4.6 million).

Next communication :

Publication of the revenue for the first quarter of 2015: 7 May 2015.

APPENDICES

Consolidated income statement

Group

Consolidated-income-statement-group

 

B to B

Consolidated-income-statement-BtoB

 

B to C

Consolidated-income-statement-BtoC

 

Corporate

Consolidated-income-statement-corporate

 

Consolidated balance sheet

Consolidated-balance-sheet

 

Consolidated cash flow statement

consolidated-cash-flow-statement

 

Changes in equity table

changes-in-equity-table