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Emakina Group: 3% Growth in Turnover in the Year 2013

BRUSSELS, March 14, 2014 /PRNewswire/ --

Emakina Group (Alternext Brussels: ALEMK) published its annual results for 2013 today. Consolidated sales rose by 2.7% compared with 2012. At the same time, earnings before interest, taxes, depreciation and amortisation (EBITDA) fell from 7.7% of total sales in 2012 to 6.1% in 2013. Finally, the consolidated net profit (excluding amortisation of goodwill) rose by 12% from EUR 1,052,780 in 2012 to EUR 1,176,999 in 2013. As in previous years, the Board of Directors is to put a proposal to the general meeting to be held on 22 April 2014 not to distribute a dividend so as to further support the development of the group.

Increase in sales outside Belgium of 22%

In 2013, Emakina Group sales amounted to EUR 50,117,336, compared with EUR 48,783,064 in 2012, up 3%. At constant scope, the level of sales was maintained in 2013.

The growth rate of activities in entities "outside Belgium" amounted to 22%. Meanwhile, the group's activity on the Belgian market has reached a stage of maturity given the significant level of its market share. Consequently, now more than ever European expansion remains a strategic priority for the group.  

It should be remembered that in October 2013, Emakina Group announced the takeover of 54.5% of the capital of the Dutch digital communication agency Relephant (through the holding company Den Gulden Winckel B.V). With a total staff of about 80 people at its Dutch branch, Emakina is becoming a leading agency in the Netherlands. After the takeover of the Merge Media agency earlier this year, Emakina is now present in Rotterdam, Amsterdam and The Hague. The subsidiary Relephant Turkey, with around 20 members of staff, has also become fully integrated into the scope of the Emakina group further to this transaction.  

In 2013, new national and international key accounts such as Air Canada, DG ECFIN (European Commission),, Lindemans, L'Oréal, Longines, Ogone, Oris, Rituals, Samsung Europe, Starwood Hotels & Resorts chose an Emakina Group agency as their communication partner.

Reduced operating profit (before amortisation) of 19%

Earnings before interest, taxes, depreciation and amortisation (EBITDA) contracted by 19% in absolute terms and as a percentage of total sales, falling from 7.7% in 2012 to 6.1% in 2013. At constant scope, the EBITDA fell from 7.7% of sales in 2012 to 5.6% of sales in 2013. This scope effect is reflected in the integration of the Dutch activities of Merge Media and the Relephant group, the positive effects of which can already be seen in the consolidated results of the last quarter of 2013.

The level of the EBITDA margin during the year 2013 may be explained by a number of factors:

  1. The acquisition of multiannual contracts on key accounts requires a great deal of effort from sales and marketing.
  2. The deferral of major projects impacted on resource scheduling in the first half of the year.
  3. The need to continue to invest in new, innovative skills.

Current earnings before amortisation of goodwill contracted by 12%

The current result (before amortisation of consolidation differences) fell by EUR 247,210 following the decline in the EBITDA, partially offset by the strong progress in the financial result due to the capital gain of EUR 700,000 on the disposal 45.5% of the capital of the Rotterdam subsidiary Emakina.NL.

Net profit of EUR 1,176,999 before amortisation of goodwill up 12%

The net result in 2013 (before amortisation of consolidation differences) rose by EUR 124,219 owing to lower tax charges and a relatively insignificant exceptional result in 2013. The amortisation of consolidation differences (imposed by Belgian accounting standards) had a negative impact on the net result of the company of EUR 1,028,432 for 2013. This element of Belgian accounting law, which imposes systematic amortisation, weighs significantly on the consolidated net result.

Compared with the end of 2012 and excluding the changes in the scope, the group's financial situation remained stable during 2013 thanks to a controlled level of financial debt, a stable working capital requirement and the availability of relevant and renewed credit lines.

Investments in innovation

In a competitive economic context, Emakina is continuing to invest in innovation in order to strengthen its service range and thus maintain its competitive advantage:

  1. The substantial investments made over the past few years in the social, mobile and integrated communication fields have made it possible to maintain growth in an economic context that continues to be difficult. The development in 2013 of expertise in commitment techniques related to "gamification" (with the support of Innoviris, the Brussels institute for research and innovation)  as well as a skills centre focusing on the Adobe "AEM" technological solution are part of this process.
  2. The acquisition of the Dutch group Relephant in October 2013 is also part of this desire to expand the range of services by offering strong expertise in the field of E-commerce.
  3. Supporting "CRM" solutions for "B2C" brands such as Samsung and Audi is another major area of development that enables them to create a direct marketing relationship through digital media.

Outlook for 2014

Emakina Group's management team expects growth to continue at a slightly higher rate to that of last year in 2014 on the basis of the commercial debt and the European expansion of the group.  

Auditor's report

The auditor has confirmed that his audit of the consolidated account is complete in terms of substance and has not revealed any significant adjustment which should be made to the accounting data given in the press release.

Belgian accounting standards

All the consolidated figures have been established in accordance with Belgian accounting standards (in particular as regards the mandatory amortisation of goodwill). These figures provide a summary of the financial results that will be presented in detail in the annual report available as of 1 April 2014.

Financial diary

Annual general meeting 2014: 22 April 2014 at 4.00 pm.

Annual report 2013: 1 April 2014

Publication of 2014 half-yearly results: 12 September 2014

                          CONSOLIDATED FIGURES 2013 - EMAKINA GROUP SA

                 CONSOLIDATED INCOME STATEMENT (EUR)*   31/12/2013  31/12/2012  31/12/2011

    SALES AND SERVICES                                  50,117,336  48,783,064  41,337,106
    Turnover                                            48,680,249  47,799,533  40,265,704
    Variations in contracts in progress                    298,779     612,880     452,051
    Capitalised production                                 110,489     204,530     241,097
    Other operating income                               1,027,819     166,121     378,254
    OPERATING CHARGES (BEFORE AMORTISATION)            -47,060,983 -45,027,552 -38,587,823
    Purchase of equipment and services linked to sales -24,146,466 -24,411,435 -21,129,943
    Remuneration, social security charges and pensions -23,048,167 -20,416,416 -17,339,864
    Other operating costs                                  133,650    -199,701    -118,016
    AMORTISATION = EBITDA                                3,056,353   3,755,512   2,749,283
    DEPRECIATION AND AMORTISATION                       -1,340,574  -1,361,478    -843,072
    Amortisation of intangible and tangible fixed
    assets                                              -1,370,127  -1,114,995    -861,492
    Depreciation of trade receivables                       24,553    -258,414     -13,746
    Provisions for liabilities and charges                   5,000      11,931      32,166
    OPERATING PROFIT                                     1,715,779   2,394,034   1,906,211
    FINANCIAL RESULTS                                       81,283    -349,762    -324,140
    Financial income                                       754,798      77,064      74,884
    Financial charges                                     -673,515    -426,826    -399,024
    CONSOLIDATED DIFFERENCES                             1,797,062   2,044,272   1,582,071
    AMORTISATION OF GOODWILL**                          -1,028,432  -1,507,875  -1,561,061
    CURRENT PROFIT                                         768,630     536,397      21,010
    EXTRAORDINARY RESULTS                                  -43,782      42,971    -368,363
    RESULT BEFORE TAXES                                    724,848     579,368    -347,353
    DEFERRED TAXES                                         -11,193    -217,783    -260,837
    INCOME TAX                                            -550,762    -822,927    -228,112
    CONSOLIDATION USING THE EQUITY METHOD                  -14,326       6,247           0
    DIFFERENCES.                                         1,176,999   1,052,780     724,759
    NET RESULTS                                            148,567    -455,095    -836,302

    A. Share of minority interests
                                                           193,264     -31,762      32,041
    B. Group share                                         -44,697    -423,333    -868,343

    DATA PER SHARE                                      31/12/2013  31/12/2012  31/12/2011

    NUMBER OF SHARES                                     3,844,061   3,833,739   3,833,739
    NUMBER OF SHARES AND WARRANTS                        3,995,211   4,041,959   4,097,089
    CURRENT RESULTS / SHARE (in EUR)                        0.1999      0.1399      0.0055
    CURRENT RESULTS/ SHARE AND WARRANT (in EUR)             0.1924      0.1327      0.0051
    GROUP SHARE / SHARE (in EUR)                           -0.0116     -0.1104     -0.2265
    GROUP SHARE / SHARE AND WARRANT (in EUR)               -0.0112     -0.1047     -0.2119
    NET RESULT / SHARE (in EUR)                             0.0386     -0.1187     -0.2181
    NET RESULT / SHARE AND WARRANT (in EUR)                 0.0372     -0.1126     -0.2119

* Drawn up in accordance with Belgian accounting standards.

** In accordance with the valuation rules, the consolidation differences (or goodwill) are amortised over eight years, irrespective of all consideration of any excess value in accordance with Belgian accounting standards.

The 2013 consolidated income statement covers 12 months of all the entities in the group except for Den Gulden Winckel BV, consolidated since 1 October 2013, or  the income statement for three months and Merge Media BV, consolidated since 1 July or the income statement for six months.

                 ASSETS (EUR) *                         31/12/2013  31/12/2012  31/12/2011

    FIXED ASSETS                                        11,171,038   9,518,823   8,873,387
    Formation expenses                                     297,600     177,960     269,914
    Intangible assets                                    2,038,425   2,001,937     836,213
    Consolidation differences                            7,084,341   5,880,872   6,438,421
    Tangible assets                                      1,484,521   1,244,679   1,088,537
    Fixed financial assets                                 266,151     213,375     240,302
    CURRENT ASSETS                                      22,450,532  20,878,538  20,442,876
    Stocks and contracts in progress                     4,486,882   4,413,093   3,616,979
    Deferred taxes                                          93,041     136,983     387,874
    Amounts receivable within one year                  13,845,816  14,221,489  13,826,031
    Current investments                                    305,890     395,890           0
    Cash at bank and in hand                             2,863,659   1,151,398   2,203,255
    Deferred charges and accrued income                    855,244     559,685     408,737
    TOTAL ASSETS                                        33,621,570  30,397,361  29,316,263

               LIABILITIES (EUR) *                      31/12/2013  31/12/2012  31/12/2011

    CAPITAL AND RESERVES                                10,266,607   9,665,965  10,097,133
    MINORITY INTERESTS                                     338,629       8,634       7,460
    PROVISIONS FOR LIABILITIES AND CHARGES                       0       5,000      16,932
    DEFERRED TAXES AND DEFERRED TAX LIABILITIES             44,645      77,394     110,502
    DEBTS                                               22,971,689  20,640,368  19,084,236
    Amounts payable after one year                       2,186,146   1,508,623     443,356
    Amounts payable within one year                     20,243,085  18,510,802  18,412,781
    Current portion of amounts payable after one year      889,396     604,125   1,215,005
    Financial debts                                      6,148,109   4,385,622   2,064,400
    Trade debts                                          3,964,507   3,555,991   4,723,962
    Advances received                                    3,420,199   3,573,594   4,953,413
    Taxes, wages and social security                     4,443,701   4,825,306   3,638,534
    Other debts                                          1,377,173   1,566,164   1,817,467
    Accrued charges and deferred income                    542,458     620,943     228,099
    TOTAL LIABILITIES                                   33,621,570  30,397,361  29,316,263

* Drawn up in accordance with Belgian accounting standards.

In accordance with the Alternext Brussels regulations, this annual press release is optional. This will be followed by the publication of the Emakina Group annual financial report 2013 which contains all the regulatory information. This report will be available on our website, (section "Financial - Reports") as of 1 April 2014 in accordance with the legal provisions on this matter.

About the Emakina Group

Emakina is a European group of digital agencies that support their clients in maximising the opportunities of the new digital era. Its service portfolio is centred on five core activities: Integrated Communication, Web Building, Interactive Communication, Applications and Commerce. The group's agencies are Emakina (Brussels, Paris, Limoges, Amsterdam, Rotterdam, The Hague, Geneva and Izmir), Your Agency (Waterloo), Robert & Marien (Brussels), The Reference (Ghent) and Design is Dead (Antwerp).

Emakina's clients include many leading businesses, such as Audi, Baume & Mercier, Bavaria, BNP Paribas Fortis, Brussels Airlines, Caran d'Ache, Deutsche Bank, GDF Suez, Girard-Perregaux,, ING, Karl Lagerfeld, KPN, L'Oréal, Longines, Microsoft, Orange, Peugeot, Samsung Europe, Seat, SNCF, Thomas Cook, Volkswagen, and international institutions, such as the European Commission. The Emakina Group employs a staff of over 500 people, reported annual sales of €50.1 m in 2013 and is listed on Alternext of Euronext Brussels (mnemo: ALEMK - ISIN: BE0003843605). For more information visit:

Emakina Group S.A.
Rue Middelbourg 64A
1170 Brussels
VAT 0464.812.221
ISIN BE 0003843605

This regulatory information press release is a translation of the official French version.


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