BIL SPDR Bloomberg 1 to3 Month T Bill ETF

B to B segment:- Continuing revenue growth- Signed runrate of €2 billion for Be2bill

B to C segment:- EBIT conforming with expectations

Regulatory News:

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

Key figures for the 2014 financial year

(in € thousands)     2013     2014     2014 vs 2013 Consolidated revenue 71,877 71,879 +0.0% Gross margin 41,313 39,784 -3.7% Gross margin rate 57.5% 55.3% -2,1 points EBITDA 5,338 3,763 -29.5% As a % of revenues 7.4% 5.2% -2,21 points EBIT 4,159 2,276 -45.3% As a % of revenues 5.8% 3.2% -2,61 points Operating income 3,152 1,924 -39.0% As a % of revenues 4.4% 2.7% -1,71 point Net consolidated income 2,917 2,364 -18.9% As a % of revenues 4.1% 3.3% -0,81 point  

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.

The press release can be found on the Group’s institutional site: http://www.rentabiliweb-group.com/en/?p=9918

APPENDICES

Consolidated income statement

Group

(in € thousands)     2013     2014     2014 vs 2013 Consolidated revenue 71,877 71,879 +0.0% Gross margin 41,313 39,784 -3.7% Gross margin rate 57.5% 55.3% -2,11 points EBITDA 5,338 3,763 -29.5% As a % of revenues 7.4% 5.2% -2,21 points EBIT 4,159 2,276 -45.3% As a % of revenues 5.8% 3.2% -2,61 points Operating income 3,152 1,924 -39.0% As a % of revenues 4.4% 2.7% -1,71 point Net consolidated income 2,917 2,364 -18.9% As a % of revenues 4.1% 3.3% -0,81 point  

B to B

(in € thousands)     2013     2014     2014 vs 2013 Consolidated revenue 31,828 36,436 +14.5% Gross margin 15,249 16,213 +6.3% Gross margin rate 47.9% 44.5% -3,41 points Other operating incomes 84 53 -36% Recurring operating expenses (8,175) (8,474) +4% Payroll expenses (7,684) (8,637) +12% EBITDA (526) (844) -60.6% As a % of revenues -1.7% -2.3% -0,71 point Depreciations and amortizations (986) (960) -66% EBIT (1,512) (1,804) -19.3% As a % of revenues -4.7% -5.0% -0,21 point  

B to C

(in € thousands)     2013     2014     2014 vs 2013 Consolidated revenue 40,049 35,443 -11.5% Gross margin 26,064 23,571 -9.6% Gross margin rate 65.1% 66.5% +1,41 points Other operating incomes 4 14 +221% Recurring operating expenses (14,221) (12,478) -12% Payroll expenses (2,701) (2,925) +8% EBITDA 9,147 8,182 -10.6% As a % of revenues 22.8% 23.1% -0,11 point Depreciations and amortizations 30 (86) -382% EBIT 9,177 8,096 -11.8% As a % of revenues 22.9% 22.8% -0,11 point  

Corporate

(in € thousands)     2013     2014     2014 vs 2013 Consolidated revenue 0 0 na Gross margin 0 0 na Gross margin rate na na na Other operating incomes 83 109 +31% Recurring operating expenses (1,176) (1,508) +28% Payroll expenses (2,190) (2,176) -1% EBITDA (3,283) (3,574) -8.9% As a % of revenues n/a n/a n/a Depreciations and amortizations (224) (441) +97% EBIT (3,507) (4,016) -14.5% As a % of revenues n/a n/a n/a  

Consolidated balance sheet

BALANCE SHEET: ASSETS

 

  2014     2013 Goodwill 50,624 50,624 Fixed assets 5,334 5,883 Deferred tax assets 5,840 4,106 Customers and other debitors 23,497 25,731 Payable tax assets 3,903 4,130 Cash and cash equivalents 10,802 5,779 OVERALL TOTAL ASSETS 100,000 96,252 BALANCE SHEET: LIABILITIES Equity 73,531 71,042 Provisions 1,019 908 Financial liabilities 12 13 Deferred tax liabilities 518 888 Suppliers and other creditors 21,991 20,034 Payable tax liabilities 2,929 3,367 OVERALL TOTAL LIABILITIES 100,000 96,252  

Consolidated cash flow statement

(in thousands of euros)       2013     2014 Net earnings from integrated companies 2,918 2,364 Elim. of the amortisations and provisions 1,594 1,471 Elim. of the variation of deferred taxes (1,037) (1,762) Elim. of disposal capital gains or losses 0 31 Other proceeds and expenses having no incidence on the cash 440 (309) Incidence of the change in working capital requirements (3,383) 3,944 Net acquisitions of fixed assets (1,866) (1,153) Net cash from operating activities * A (1,335) 4,586 * Before financial investments, capital operations and financing operations   Financial acquisitions and price supplement payments 184 (126) Variation of the financial assets 0 11 Impact of changes in scope of consolidation 5 0 Capital increase 0 6 Dividends paid 0 0 Treasury shares transactions (913) 545 Repayment of loans and other debts 24 0 Net cash from investment and financing operations B (700) 436   Change of the cash and cash equivalents A+B (2,034) 5,022   Net cash and cash equivalents at beginning of the period 7,806 5,779 Net cash and cash equivalents at end of the period 5,779 10,802 Impact of exchange rate variations 7 0 Net increase (decrease) in cash and cash equivalents (2,034) 5,022  

Changes in equity table

(in thousands of euros)     Share capital   Premiums   Groupreserves   Currency translationdifferences   Net profitfor the year   Revaluation reserves   Treasuryshares   Instruments settled in the Company’s shares   Equity attributableto owners of the parent   Non-controlling interests   Equity Position atDecember 31, 2012     23,396   14,105   29,473   (46)   1,114   0   (1,589)   2,132   68,585   0   68,585 Share capital increase     0   0   0   0   0   0   0   0   0   0   0 Appropriation of earnings 0 0 1,114 0 (1,114) 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 2,869 0 0 0 2,869 48 2,916 Currency movements 0 0 0 (7) 0 0 0 0 (7) 0 (7) Changes in consolidation scope 0 0 0 0 0 0 0 0 0 6 6 Other changes     0   0   (386)   0   0   0   (913)   841   (458)   0   (458) Position atDecember 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 atDecember 31, 2014     23,398   14,109   33,064   (51)   2,393   0   (1,957)   2,551   73,507   24   73,531  

About Rentabiliweb

Created in 2002, RENTABILIWEB GROUP provides professionals and webmasters with the most extensive platform of monetisation services for their traffic, notably including payment solutions. It has been definitively approved as a Payment establishment by the Banque de France and is a member of the Bank Card Consortium (GIE Cartes Bancaires); it offers online collection solutions using the Be2bill solution. It is also developing affiliation programmes, an offer consisting of online advertising network solutions, and interactive vocal services to off-line media; it has recognised expertise in the fields of loyalty-building and Direct Marketing solutions.

RENTABILIWEB GROUP is also one of the leading French-language vendors, with a bouquet of services that covers the full field of general public entertainment: astrology, community services, casual gaming, general public services and advice for Web surfers, dating, women’s sites and well-being, humour and entertainment.

Listed in Euronext compartment B in Brussels and Paris, the Group currently has 20 subsidiaries in Europe and America, and it employs close to 250 people around the world. In 2014, RENTABILIWEB GROUP generated a turnover of €72 million, and an operating profit of €1.9 million. RENTABILIWEB GROUP is a company that is fully committed to its social responsibility within its business sectors, and that rigorously applies the ten principles set down by the UN in its capacity as a participant in the Global Compact. The Group is eligible for FCPIs (innovation investment mutual funds), and has the OSEO “Innovative company” label. The shares can be part of a SME PEA (stock savings plan).

Corporate CommunicationsIMAGE SEPTAnne Auchatraire aauchatraire@image7.frSimon Zaks szaks@image7.fr+33 1 53 70 74 70orInvestor relationsCALYPTUSMathieu Calleux mathieu.calleux@calyptus.net+33 1 53 65 37 91