Mid-year financial report 30 June 2012

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1 Mid-year financial report 30 June 2012 Louvain-la-Neuve, 28 September, 18:00 h Regulated information 1

2 Letter to shareholders Dear Sir/Madam We are pleased to present you with the latest information on BSB s activity at the half-year point. In this context, there are two key points we would like to highlight. The first involves the difficult market conditions that have pertained since November 2011, resulting in activity in our sector being at a virtual standstill. This has in turn led to BSB reporting a significant financial loss for the first half of the year. On a more optimistic note, however, we have seen a real upturn in client activity since June 2012 and we predict a positive turnaround during the second half. First Half Review In line with the 4 th quarter of 2011, business during the first half of 2012 was exceptionally quiet. Clients have been conducting strategy reviews, and postponing their investment decisions as a result. Against this background, we took the difficult decision to reduce our workforce earlier this year, as part of a package of measures to reduce costs, improve efficiency and productivity, as well as enhancing our processing facilities. We also decided to increase our equity in order to strengthen the business, entering into the relationship with Vermeg. These combined measures have significantly repositioned BSB and put us back in a financially sustainable position, which we can maintain should the economic slowdown continue. We ended the first half with a consolidated financial loss of EUR 4.7 million, of which EUR 0.3 million was due to restructuring costs. We are pleased to report that we now see cause for cautious optimism. Since June, market activity has picked up and our sales pipeline has been filling up with an encouraging number of RFIs and RFPs. We are therefore confident of seeing a positive turnaround during the second half. Vermeg Group s EUR 5 million capital contribution has been an important cornerstone in our strategy, enabling us to maintain our objective of being an active challenger in the European software market and continuing our expansion. The financial injection helped balance our financial ratios, while allowing us to maintain investment in the development of our core products. Although the current relationship with Vermeg is financial, we see it evolving rapidly and are working together to identify and build on the synergies that exist between us. We are pleased to welcome Badreddine Ouali, Chairman of Vermeg, and Marwan Hanifeh, CEO of Vermeg, to the Board of Directors. They bring new skills and expertise to the Board, as well as instilling a new momentum in the company. 2

3 Contract and Licensing Activity On the contract and licensing side, we won a major internet portal project in France and started the scoping phase in July. We also established a presence in Malta with the sale of Solife licences to GlobalCapital, a major provider of financial services in the Mediterranean region. We are also delighted to strengthen our association with the Argenta Group via a new project for Soliam, in Luxembourg. Services On the services side, our Solfia subsidiary strengthened its position in the market for SaaS solutions with the acquisition of two customers, Generali Luxembourg and Banque Privée Edmond de Rothschild (Europe). The latter is also our first SaaS client for Soliam. In the United Kingdom, Zurich UK has entrusted us with the extension of an internal portal project into the retail side of the business. We are also conducting an in-depth review of our SAP activity and positioning, and we have recruited an experienced manager to build up this area of business. European Top 5 Ranking We are also pleased to report the very positive comments received from several major advisory firms, and are keeping a firm focus on our European Top 5 ranking ambitions. In 2012, information technology research and advisory company Gartner confirmed Solife in its position as challenger to the established life insurance players. The same goes for advisory firm Celent, who highlighted BSB s responsiveness and the quality of its project management as key positives. Celent also notes that since 2009, BSB is the supplier that has won the most clients across Europe. Celent views BSB as a serious challenger to the established suppliers, based on the strength of our offering, our advanced technology and product roadmap. Production Report On the Production front, we are in the process of locating a development centre in Tunis, enabling us to tap into the local pool of highly talented individuals, as well as benefiting from the country s competitive cost structure. Conclusion Looking ahead, our challenge is to maintain profitability, combined with continued investment in our solutions in order to remain ahead of the competition. We believe that we have taken the necessary steps needed to rationalise our activity during the first half of the year. Against this stronger background, combined with the clear signs of recovery in the market, we are confident of a positive second half for BSB. Jean Martin CEO Badreddine Ouali Chairman of the Board 3

4 Consolidated Key Figures 1 Financial information Non-audited figures - in K EUR June 2012 June 2011 Var % Turnover 16,174 18,118-11% Cash flow from operations (EBITDA) -3,227 1, % Operating result (EBIT) -4, % Consolidated profit before goodwill amortization and after tax 2-4, ,014% Cash and cash equivalents 3,922 1, % Financial liabilities (current and non-current) 5,579 2, % Equity 8,508 11,825-28% TURNOVER AND EBITDA AT MID-YEAR (in million EUR) ,8 14,4 18,1 16, ,6 1,7 1, ,2 Turnover EBITDA 1 The accounts were drawn up in accordance with Belgian accounting standards. 2 Net profit + depreciation on positive translation adjustments. 4

5 Income BSB s revenue decreased by 11% from EUR 18.1 million at 30 June 2011 to EUR 16.2 million at 30 June The operating revenue of BSB for the first six months breaks down as follows: Revenue related to the software activity was EUR 10.9 million. This is 4% down on June 2011 and represents 68% of total revenue (63% for the year 2011). It is made up as follows: o EUR 2.3 million from the sale of software licences and add-ons, or a decrease of 54% over June 2011; o EUR 1.3 million from maintenance, an increase of 30% compared with June 2011; o EUR 7.3 million from integration services relating to BSB software, an increase of 35% over June 2011; Revenue from customer-oriented services and from services related to third-party software was EUR 5.2 million, a decrease of 22% compared with the same period in Cash The evolution of the net cash position essentially reflects the capital increase carried out by Vermeg in June 2012, the level of investments and the results for the first six months. Personnel The headcount decreased during the first six months of This reduction is part of the structural operating costcutting plan implemented during the first quarter of Accordingly, the number of staff decreased from 403 at 30 June 2011 to 335 at 30 June

6 Management statement Jean Martin, CEO, and Olivier Tordeurs, CFO, declare that to the best of their knowledge, the financial statements presented below, prepared in accordance with Belgian GAAP, give a true and fair view of the assets, financial position and results of BSB International and the companies included within the scope of the consolidation. External audit The consolidated financial statements for the half year that are presented below have not been audited by the Company s Statutory Auditor, the company Ernst & Young Réviseur d Entreprises SCCRL Notes to the half-year consolidated financial statements Introductory notes The scope of the consolidation at 30 June 2012 has not changed from that at 30 June

7 Consolidated Income Statement Non-audited figures - in K EUR June 2012 June 2011 Var % SALES & SERVICES 18,289 20,261-10% Turnover 16,174 18,118-11% Capitalized production % Other revenues 1,545 1,567-1% COST OF SALES AND SERVICES (-) 22,557 19,420 16% Supplies and goods % Miscellaneous goods and services 6,283 5,512 14% Remuneration, social security & pensions 14,268 12,302 16% Depreciation and write-downs on fixed assets 1, % Write-down (increase +, decrease -) 0 Provisions for risks and expenses (increase +, utilizations & decrease -) % Other operating expenses % OPERATING PROFIT (+) / LOSS (-) -4, % FINANCIAL INCOME % Income from financial assets Income from assets 1 1 0% Other financial income % FINANCIAL EXPENSES (-) % Debt charges % Depreciation on positive consolidation differences % Other financial charges % CURRENT PROFIT (+) / LOSS BEFORE TAXES (-) - 4, ,085% EXTRAORDINARY INCOME - 0 EXTRAORDINARY EXPENSES - 0 PROFIT (+) / LOSS FOR THE YEAR BEFORE TAXES (-) - 4, ,085% Taxes and deferred tax (+) 1 1 0% Taxes (-) % Tax adjustments and reversals of tax provisions - - Transfers and withdrawals from deferred tax - CONSOLIDATED PROFIT (+) / CONSOLIDATED LOSS (-) - 4, ,614% Minority interests - Group share - 4, ,614% Net results in EUR per share. Total of 2,133, Net results in EUR per share. Total of 2,743,719-1,73 7

8 Turnover and results The turnover at 30 June 2012 was EUR 16.2 million, or an 11% decrease from 30 June The turnover realized on the Belgian and Luxembourg markets remained significant to the amount of EUR 7.8 million, or 48% of the total. Income from activity in France fell slightly from EUR 5.9 million at 30 June 2011 to EUR 5.5 million at 30 June 2012, representing 34% of the total turnover compared with 33% at 30 June The turnover realized on the other markets grew from EUR 1,657,000 at 30 June 2011 to EUR 2,934,000 at 30 June 2012, or a 77% increase. Accordingly, the share in the overall turnover doubled from 9% to 18%. Earnings before interest, taxes, depreciation and amortization (EBITDA) totalled EUR -3,227,000 at 30 June 2012, as against EUR 1,621,000 at 30 June Earnings before interest and taxes (EBIT) amounted to EUR -4,268,000 as against EUR 841,000 at 30 June Own production capitalized research and development During this first six months, BSB has continued to invest in the development and continuous improvement of its software packages. These investments generate revenue of several million Euros each year, and enhance the Group s assets. Under the accounting policies, a portion of those development costs was capitalized at 30 June 2012 to the amount of EUR 570,000 for Soliam and Solife. Other operating income Other operating income comprises mainly: 1 Operating subsidies (EUR 449,000), consisting mainly of Research and Development subsidies granted by the Walloon Region, the Luxembourg State and the Irish State, and training subsidies; 2 Costs recovered, including benefits-in-kind from providing staff cars, the exemption in Belgium for staff in Research and Development from withholding tax on wages and salaries (précompte professionnel), and the recovery in the Grand Duchy of Luxembourg of sums related to sick leave (EUR 879,000 in total). 3 Re-invoicing of rents: EUR 217,000 Bought-in supplies and goods These are the costs of subcontractors and other items re-invoiced to customers. Services & sundry goods The increased costs of services and sundry goods are accounted for mainly by the increased rent charges due to various relocations. 8

9 Staff costs In view of the many employees who left the company at the beginning of the year, payroll costs remained high during the first three months and subsequently decreased in the second quarter. Amortization and depreciation The increase in the amortization charge compared with 30 June 2011 is due to the R&D investments made in 2011 as well as to the investments in 2011 as part of the relocation of BSB Belgium. The amortization is made up as follows: Tangible fixed assets: EUR 349,000 Intangible fixed assets relating to software development: EUR 569,000 Intangible fixed assets relating to internal IT systems: EUR 59,000 Stock market flotation costs: EUR 51,000 Incorporation costs: EUR 13,000 Corporate income tax This comprises the tax withheld in respect of a contract between BSB France and a Tunisian client. 9

10 Balance sheet BSB has a solid and stable balance sheet, as regards both its solvency and its liquidity ratio. The equity ratio, which measures overall financial independence 3, was 36% at 30 June 2012, which is stable compared with 31 December The liquidity ratio 4 was 1.47 at 30 June 2012, which is similar to that at 31 December CONSOLIDATED ASSETS - Non-audited figures - In K EUR June 2012 Dec Var % FIXED ASSETS 9,251 9,255 0% Incorporation expenses % Intangible assets 3,451 3,518-2% Consolidation gap 3,354 3,539-5% Tangible assets 2,042 1,859 10% Financial assets % CURRENT ASSETS 14,454 14,244 1% Receivables due within one year 9,570 12,394-23% Cash and cash equivalents 3,922 1, % Accruals % TOTAL ASSETS 23,705 23,499 1% Fixed assets The level of investments remained stable compared with December Amounts receivable within one year Most receivables due within one year are trade debts (EUR 8,217,000). The other receivables are chiefly subsidies. The reduction in this item is due to the decrease in revenue. Short-term investments and cash in hand The evolution of the net cash position essentially reflects the capital increase carried out by Vermeg in June 2012, the level of investments and the results for the first six months. Deferred charges and accrued income This balance sheet caption covers prepaid charges and income receivable. 3 Equity ratio = Equity/balance-sheet total 4 Liquidity in the broad sense = current assets / current liabilities 10

11 CONSOLIDATED LIABILITIES Non-audited figures - In K EUR June 2012 Dec Var % EQUITY 8,508 8,254 3% Capital 13,966 10,862 29% Share premium 1,896 0 Consolidated reserves - 7,422-2, % Foreign exchange adjustment 7 7 Investment grants % MINORITY INTERESTS - - PROVISIONS, DEFERRED TAX % LIABILITIES 15,141 15,180 0% Liabilities due after one year 2,222 1,701 31% Liabilities due within one year 9,849 9,281 6% Liabilities due after one year maturing within one year % Financial debts 3,000 1,455 Trade payables 2,220 2,397-7% Advances received on contracts in progress Tax, salary and social security liabilities 4,271 4,359-2% Other debts % Accruals 3,070 4,198-27% TOTAL LIABILITIES 23,705 23,499 1% Equity The variation in consolidated equity (EUR 265,000) compared with 31 December 2011 corresponds to the capital increase of June 2012 (EUR 5 million) less the Group loss at 30 June Liabilities due after more than one year The increase in liabilities due after more than one year mainly reflects the financing of tangible investments. Liabilities due within one year Liabilities due within one year are largely financial debts, trade payables, and tax, payroll and social security liabilities. The increase in financial debts is the result of the use of the credit lines made available to BSB, whereas the decrease in the other payables is accounted for by the repayment of the working capital connected with the subsidies. Accruals Accruals are chiefly composed of: income carried forward in relation to maintenance and projects a sum obtained as compensation for taking over a leasing contract Events after 30 June 2012 There have been no significant events since the end of the half year. 11

12 Mid-year statement Business Solutions Builders International SA. Abbreviated as BSB-International or BSB Boulevard Baudouin 1er, Ottignies - Louvain-la-Neuve - Belgium Nivelles Company Register No Listing sponsor Mid-year f i n a n c i a l s tat e m e n t J u n e

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