PRESENTATION OF...PRESENTATION OF RENTABILIWEB’S BUSINESS 3Background and business activities 4...

PRESENTATION OF

RENTABILIWEB’S BUSINESS 3

Background and business activities 4

Development strategy for the Segments 6

Rentabiliweb’s organisational structure 16

PRESENTATION OF THE

CONSOLIDATED EARNINGS 18

Half-yearly activity report 20

Summarized consolidatedfinancial statements 24

STATUTORY AUDITORS’ REPORT 44

STATEMENT BY THE

BOARD OF DIRECTORS 48

PRESENTATION OF RENTABILIWEB’S

BUSINESS

4 INTERIM FINANCIAL STATEMENT 2014 • RENTABILIWEB GROUP

In 2002, Jean Baptiste-Descroix Vernier created Ren-

tabiliweb, a company that has made its mark on the

European Internet landscape by introducing a new

economic model: monetisation of audiences and

content on the Internet. In 10 years, the group has be-

come one of the finest successes of the French-lan-

guage Web with more than 250 employees, revenue

in the area of €100 million, depending on the year, an

international presence and a double stock market lis-

ting in both France and Belgium.

The Group has two main business segments: B to B

and B to C. This firstly enables it to offer its customers

(e-merchants, Internet, radio, TV, magazine and mo-

bile phone operators) a one-stop shop of solutions

for generating revenue from their online audiences

and content, while secondly monetising its own au-

diences (Web-based and mobile phone based enter-

tainment sites).

Rentabiliweb is active in a very strongly growing

market, with sales over the Internet representing

€50 billion in 2013, a 13.5% increase relative to

2012.

The strategy of the Rentabiliweb group re-volves around two axes:

B to B as a “one stop shop” in response to the pro-

fitability stakes of e-commerce, namely optimi-

sation of the transformation tunnel, building cus-

tomer loyalty and traffic acquisition . This service

includes everything from consulting a site through

to paying for a purchase.

As such, this segment is structured around three

complementary activities:

» payment;

» direct marketing and e-reputation;

» telecoms.

B to C as a generator of free cash flow and as a

lever for competences surrounding e-commerce

issues. Rentabiliweb is a publisher with one of

the largest French-speaking audiences in the fol-

lowing domains:

» astrology;

» dating;

» community sites (casual gaming, entertain-

ment, personal services, etc.).

The consolidated revenue of the B to B segment to 30 June 2014 stands at €15,081,000, while that of the B to C segment is €18,824,000.

PRESENTATION OF RENTABILIWEB’S BUSINESS

Background andbusiness activities

44%B to BPayment

» Credit card processing

» Micro-payment

Direct marketing and E-reputation

» Emailing

» Retargeting

» Loyalty programs

» E-reputation

Telecom services

» Interactive Vocal Services

» SMS+ / Push SMS

56%B to CAstrology

» Clairvoyance

Dating

» Dating

» Entertainment live

Community sites

» Casual gaming

» Humour

» Personal services



Supplier of monetisation solutions (B to B)

The Group’s strategy involves offering innovative mo-

netisation solutions adapted to the needs of its clients.

As such, the development of the B to B segment is

primarily based on the group’s ability to improve the

transformation rate of merchants in order to increase

their profitability through three complementary,

converging and synergy-creating offers.

PAYMENT

BANK CARD COLLECTION

In January 2011, Rentabiliweb Europe was approved

as a payment institution by the Banque de France and

the Autorité de Contrôle Prudentiel (French banking

industry supervisor).

The Group is thus authorised to provide payment

services pursuant to Article L314-1 II of the French

monetary and financial code and notably categories

3 and 5, namely the performance of transfers (SEPA

Direct Debit), direct debits (SEPA Credit Transfers) in-

cluding standing orders, the issuing of payment ins-

truments and the acquisition of payment orders via

bank card.

Development strategyfor the Segments

Rentabiliweb Europe is approved in France but also

abroad. The company holds a European passport and,

accordingly, is able to operate in Germany, England,

Spain, Romania, Luxembourg, Belgium and Italy. As

such, the group can offer online collection solutions

for French retailers wishing to develop abroad, as well

as for foreign retailers in France and within their own

domestic markets.

In June 2011, with the backing of the BPCE Group

(Banque Populaire Caisse d’Epargne), which is itself

the main member, Rentabiliweb became an affiliate

member of the Cartes Bancaires consortium, of VISA

International and MasterCard. This status allows it

to market retailer acceptance contracts, in addition

to the technical payment service, and to access the

national Stet CORE interbank clearing system as an

affiliate member, as well as all of the European clea-

ringhouses (STET 2).

These authorisations and partnerships now enable

Rentabiliweb to market Be2bill (www.be2bill.com), its

innovative and optimised Internet and store-based

bank card payment solution, to French and European

e-merchants. Amongst other things, this solution co-

vers:

• Payments over the Internet;

• Payment over mobile phones and tablets;

• Physical payments,

• Convergence between online and off-line payment;

• International currency payments.

7INTERIM FINANCIAL STATEMENT 2014 • RENTABILIWEB GROUP

Be2bill’s unique positioning, in that it in-cludes the offer as a Technical Service Provider (PSP) and as an Acquiring Insti-tution (set-up of remote sales contracts), provides for enhanced management of transaction data in order to optimise the transformation tunnel, combat fraud, re-duce abandoned payments, and also build loyalty. This new approach to the e-com-merce value chain enables e-merchants to maximise revenue while reducing the risk and lowering the cost of online payments.

The Be2bill platform provides e-merchants with

many functionalities, such as:

• the re-introduction of marketing into the payment

step: payment pages are customised and opti-

mised with A/B tests, customers are re-targeted

in case of an abandoned payment by means of

re-targeting tools, etc.;

• the set-up of intelligent payments that allow for

the management of subscriptions, one-click pay-

ment, payment by instalments, payment in foreign

currencies, etc.;

• real-time performance;

• relevant management of online fraud;

• interbank representation of the retailer for arrears

and security rules (example: authorisation cei-

lings);

• monitoring tools, such as financial reconciliation;

• consolidation and monitoring of flows in mul-

ti-channel architectures (convergence, machines,

point of sale payment, online payment).

This activity’s key events in the 1st half of 2014 were

the following:

• The renewal of the highest security level certificate

for banking transactions via the PCI DSS Service

Provider level 1 certificate.

• The renewal of the VISA “Merchant Agent” licence.

• Signing of many customers, including some of the

biggest names in e-commerce

Since its launch, Be2bill has seen strong commercial

dynamism and exponential growth; in fact, all of its

customers are entrusting constantly growing flows to

the solution. In just over two years, Be2bill has signed

contracts with more than 1,000 e-merchants of all

types. The customer references include: Allopneus,

Winamax (leader in online poker), Aquarelle (leading

online florist), Made.com, Pecheur.com (Oxylane /

Décathlon group site), Kenzo (LVMH Group) as well as

MODZ.fr, Directoptic.fr etc



MICRO-PAYMENT

The Rentabiliweb group offers one of the largest plat-

form of micro-payment solutions in France.

This service allows webmasters and e-merchants to

be compensated on transactions below six euros. In-

deed, the usage of traditional payment instruments

is not suitable for monetising the access to services

over the Internet and mobiles, such as certain games,

articles, videos, etc.

Rentabiliweb is active in this market while offering all

currently available payment means (Audiotel and sur-

charged SMS, Internet+ box, Internet+ mobile, pre-

paid card, bank card, etc.), some of which are exclu-

sive to Rentabiliweb. This offer is available in France,

the French overseas departments and territories, and

over 40 countries.

Rentabiliweb has added Internet subscription + Mo-

bile. This innovative payment solution by portable

phone allows a web surfer to pay for a transaction

via the invoice from his French mobile operator. It

aligns perfectly with the expansion of m-commerce

in France and abroad, thanks to the rapid growth in

the use of smartphones and tablets.

Rentabiliweb also offers its Offerpass solution, the

leading French sponsored payment platform on

Facebook.

This alternative and innovative solution allows an ad-

vertiser (whose objective is to promote its brand or

product) to sponsor the virtual asset desired by the

web surfer, by means of an action on its site or via a

Facebook application. There is a genuine benefit for

the web surfer since in exchange, for example, for si-

gning up for a newsletter, filling in a form or a request

for documentation, he receives a free code offered by

the advertiser in order to access the desired virtual

item.

Rentabiliweb also provides e-merchants and web-

masters with the possibility of creating their own vir-

tual currency (credits).

These credits are fully configurable and perfectly

aligned with the current trends in the online gaming

market. They therefore serve to improve the trans-

formation tunnel with a reduced number of payment

steps, while integrating perfectly into payment pages.

• www.rentabiliweb.com

• www.offerpass.com

• www.monnaievirtuelle.com



DIRECT MARKETING ANDE-REPUTATION

DIRECT MARKETING AND LOYALTYPROGRAMMES

Rentabiliweb Marketing has recognised expertise

in the deployment of digital marketing solutions. As

such, more than 1500 partners, such as La Redoute,

Pixmania, Mister Good Deal, Spartoo, Zalando, etc.,

are using these powerful and coordinated digital mar-

keting solutions. They are used to acquire and retain

customers, to promote their products and services

and to develop their renown.

Rentabiliweb Marketing offers the following solutions:

• •The collection of qualified contacts and

loyalty-building

Rentabiliweb Marketing offers tools for collec-

ting targeted leads over all acquisition channels.

These tools make it possible to generate more than

300,000 leads per month and up to 30,000 leads

per campaign, with a controlled budget and quali-

fied prospects.

Moreover, Rentabiliweb Marketing can offer to have

its customers integrate new automated customer

relations management processes, such as retar-

geting.

• The development of sales and optimisation of vi-

sibility

The Rentabiliweb Marketing teams work with

their customers and, together with them, prepare

powerful and high-performance strategies in order

to stimulate their sales throughout the year. The

marketing division currently has more than 1200

partner retailers.

• Database monetisation

This offer makes it possible to benefit from tai-

lor-made solutions for monetising the audience of

e-merchant sites and generating incremental ear-

nings using the databases of opt-in partners.

E-RÉPUTATION

In April 2013, Rentabiliweb began working with Image

sept (www.image7.fr) on the launch of REPU7ATION.

This joint venture (51% Rentabiliweb, 49% Image

Sept) is the meeting point of a digital expert and an

institutional communications expert. As such, RE-

PU7ATION is working with a key account clientele of

directors and personalities in order to protect and

manage their image on the Internet.

Decentralised information, exposed directors, increa-

sing number of contacts, bad buzz, data leak, etc. Di-

gital technology and the new information possibilities,


just like consumption, are changing the established

order and giving ever greater importance to questions

of e-reputation. The correct management of these

stakes requires a high degree of technical expertise

and an equally cutting-edge sensitivity relative to cor-

porate communications.

As such, REPU7ATION offers its expertise in the fol-

lowing domains:

• Strategy and digital communication consulting,

digital presence creation and development, legal

strategy consulting, training (challenges & tools),

strategic referencing (SEO), e-marketing (traffic

generation, creation and management of fan da-

tabases), public relations with online opinion lea-

ders, digital press relations, real-time intelligence

and alarms, online advocacy, community manage-

ment, crisis management, stress tests and simu-

lations, cyber security (corporate services / assis-

tance for personalities).

An integrated and overall offer that is allowing the

Rentabiliweb group to position itself within the quickly

growing the e-reputation market.

PRÉSENTATION DE L’ACTIVITÉ DE RENTABILIWEB


• Additional services

Rentabiliweb makes the most of its status as a te-

lecom operator and of its technical experience in

order to provide professionals with two additional

services:

• Corporate telephony

The corporate telephony offer is based on pro-

fessional and tailor-made solutions specific to

the needs of each customer, while also redu-

cing its costs. This telephone over IP solution

relies on a quality optical network infrastruc-

ture. The delivered service has been designed

to be as simple as possible for the customer:

Single contact person, turnkey solution and ex-

pertise covering the various advice points (ins-

tallation, configuration and support).

• Machine to Machine (M2M)

Rentabiliweb Telecom has a M2M offer that al-

lows machines, hardware or objects to exchange

data with other machines, persons or informa-

tion systems, in real-time and remotely.

Extensively used in hospitals, remote surveil-

lance, personal assistance, transportation, car

parks and elevators, M2M has become an es-

sential part of customer relations, while posting

sustained growth.


TELECOM SERVICES

Rentabiliweb Telecom specialises in the creation of

innovative telecom services intended for professio-

nals, in order to monetise their online and off-line

audiences. It also offers the services of a telecom

operator.

Rentabiliweb provides its customers with the fol-

lowing services:

• Masterpush

Masterpush is a platform used for the industria-

lized sending of SMS messages. This solution,

accessible from an online interface, is used for

action including retention, monetisation of te-

lephone databases, delivery notification SMS, etc.

This solution combines web/mobile convergence,

service quality and competitive rates.

• Solutions for surcharged numbers with high

added value

Rentabiliweb can provide its key customer ac-

counts with surcharged numbers offering high

added value. Via intelligent and innovative solutions

using interactive vocal services, Rentabiliweb helps

professionals to maximize their audience and to in-

crease their earnings. As such, major groups such

as Lagardère (Europe 1), Virgin Radio, MCM, etc.

have been using the solution for several years.


of traffic, including any traffic generated by mobile

phones and tablets.

The Rentabiliweb Group has continued its strategy

focusing on the profitability of its B to C segment,

firstly by reorganising and structuring its teams, and

secondly by intensifying the marketing levers in order

to generate more subscriptions.

ASTROLOGY

Rentabiliweb provides web surfers with astrology ser-

vices via its site www.purevoyance.com. To provide its

users with optimal usage comfort, the site’s design

is continually improved. The historical products are

regularly fine-tuned in order to ensure the activity’s

continuation. Moreover, new services are available to

web surfers in order to provide them with an improved

customer experience.

DATING

The Rentabiliweb dating offer targets various commu-

nities, with sites such as: www.yes-messenger.com,

www.purflirt.com, www.mykodial.com, www.camsym-

pa.com.

Rentabiliweb is constantly improving its products in

order to provide a better customer experience, as well

as improved design and ergonomics.

Publisher of a broadportfolio of digitalentertainment content(B to C)

Rentabiliweb has developed a publishing division dedi-

cated to overall entertainment.

From simply being a “monetiser” of online audiences,

the Group has evolved into an audience “creator”, with

a bouquet of services that covers all consumer enter-

tainment needs, including casual gaming, dating, per-

sonal services, well-being, women’s interest content,

live entertainment, humour and astrology.

Cumulatively across the network of all of its own sites,

the Group’s overall audience is estimated at more than

50 million visits per month, thereby providing Rentabi-

liweb with one of the world’s largest French-speaking

audiences.

One of the model’s main strength is that it covers all of

the publication topics that build loyalty and bring to-

gether a massive audience within a network of sites,

revolving around general public entertainment.

Proficiency with monetisation tools such as the ma-

nagement of subscriptions and add-ons, the ability to

enhance the Group’s databases and to optimise the

acquisition cost all contribute to ensuring the success

of the content marketed by the Rentabiliweb Group.

Furthermore, in line with current trends in new techno-

logies, the Group is still developing products compa-

tible with all browsers and sites able to handle all types


COMMUNITY SITES

Rentabiliweb brings together many web surfers from

within various communities:

• Casual gaming, with the site Toox .com that re-

presents one of the oldest communities of casual

gaming players in France. With more than 15 solo

or multi-player games such as belote, tarot, domi-

noes and even majhong, the site is visited by seve-

ral thousand players each day.

The site’s recent complete overhaul (design and

operation), the launch of the first web and tablet

compatible html5 games and the organisation of

tournaments are the functionalities that marked

the year.

Toox also became even more “social” with the in-

tegration of Facebook Connect and the implemen-

tation of partnerships with Facebook applications

such as MagicBuddy, Domino Online as well as

Yam’s Blitz.

• Websites for women with Clicbienetre.com, a

100% targeted program for women.

The Group has thus built up a portfolio of

very popular websites, distributed as fol-

lows:

• Female

• Dating

• Fortune-telling

• Entertainment

• Casual gaming


Listed on the Euronext Paris Alternext bourse in De-

cember 2006 and on the Euronext Brussels Alternext

bourse in January 2009 after the set-up of a single

order book, Rentabiliweb carried out a market change

and, since 15 February 2010, has been listed in com-

partment C of the Paris and Brussels Euronext. The

shares are eligible for Innovation Investment Mutual

Funds (French acronym: FCPI), as it obtained the “In-

novative Company” label in April 2009.

At the present time, the shares are continuously listed

in compartment C of the Euronext Brussels and Eu-

ronext Paris bourses under the symbol BIL and the

ISIN code BE0946620946, under the single order book

system.

Moreover, after a decision from the NYSE Euronext In-

dex Scientific Committee on 2 September 2011, Ren-

tabiliweb has been included in the CAC® Small, CAC®

Mid & Small, CAC® All-tradable and CAC® All-Share

indices since Monday, 19 September 2011. Added to

its memberships in the Belgian indices BEL Soft. &

C.S., BEL Technology, BEL Small Index and BEL Small

NR, this measure is giving fresh momentum to Ren-

tabiliweb’s stock market performance, with the aim of

enhancing the share’s visibility amongst investors.

The Rentabiliweb shareholders include the founders,

notably Chairman Jean-Baptiste Descroix-Vernier

both directly and through his investment holding

company St Georges Finance, the company Le Peigné

SA and the PPR Group.

The Rentabiliweb Board of Directors includes perso-

nalities from the media and entertainment sector,

such as Jean-Marie Messier and Gilles Lioret, as well

as from the telecom sector, such as Franck Esser,

and from the banking sector such as Georges Pauget.

The Group’s executive directors are Mr. Jean-Baptiste

Descroix-Vernier, Mr. Thibaut Faurès Fustel de Cou-

langes, Vice President, and Mrs. Corinne Chatal, Hu-

man Resources Director.

On 30 June 2014, the Rentabiliweb group has 20 sub-

sidiaries, and more than 250 employees in France,

Belgium, the Netherlands, Romania and Bulgaria.

Rentabiliweb Group SA is the parent company and

controls all of these subsidiaries, either directly or

indirectly. RENTABILIWEB GROUP is a company that

is fully committed to its social responsibility within

its business sectors, and it rigorously applies the ten

principles set down by the UN in its capacity as a par-

ticipant in the Global Compact.

Finally, the group is eligible for FCPIs (innovation in-

vestment mutual fund), and has the OSEO “Innovative

company” label. The shares can be part of a SME PEA

(stock savings plan).

To 30 June 2014, the organisational chart is as

shown below:

Rentabiliweb’sorganisational structure


18 RAPPORT SEMESTRIEL 2014 • RENTABILIWEB GROUP

Definition of the gross cash flow

The gross cash flow corresponds with the revenue less the operating expenses that are directly related

to its production, such as commissions paid to partners.

Definition of the current operating profit and operating profit

The operating profit includes all of the proceeds and expenses directly related to group activities,

whether these proceeds and expenses are recurring or result from isolated and atypical decisions or

operations. Non-current operating proceeds and expenses, that include any unusual, abnormal or in-

frequent elements, can disturb the tracking of the group’s performance. Accordingly, for the tracking of

the operational performances, the group uses the current operating profit as its management balance,

i.e. the difference between the operating profit, the other non-current operating proceeds and expenses,

the cost of warrants or shares distributed to the personnel, and the possible goodwill amortisation ex-

penses.

19RAPPORT SEMESTRIEL2014 • RENTABILIWEB GROUP

PRESENTATION OF THE CONSOLIDATED

EARNINGS


Comments on the consolidated profit and lossstatement

On 30 June 2014, the group’s consolidated turnover was equal to €33,905,000, an increase of 1.9% relative to the

first half of 2013. The distribution of the sales between the different activity segments is the following:

PRESENTATION OF THE CONSOLIDATED EARNINGS

INCOME STATEMENT(in € thousands)

Consolidated revenue

Gross marginAs a % of revenues

Other operating incomes

Recurring operating expenses

Payroll expenses

Depreciations and amortisations

Recurring operating incomeAs a % of revenues

Other non-recurring operating income and expenses

Valuation of stock options and granted shares

Operating incomeAs a % of revenues

Financial costs, net

Corporate income tax

Consolidated net income As a % of revenues

June 30, 2014

33 905

19 81958,5%

112

(11 478)

(6 670)

(718)

1 0643,1%

0

128

1 1933,5%

(71)

508

1 6304,8%

June 30, 2013

33 260

19 82659,6%

70

(11 185)

(6 039)

(799)

1 8745,6%

(3)

(474)

1 3974,2%

(60)

(239)

1 0983,3%

Change

+1,9%

-0,0%-1,2 points

+58,9%

+2,6%

+10,5%

-10,1%

-43,2%-2,5 points

-100,0%

-127,1%

-14,6%-0,7 points

+19,3%

-312,3%

+48,5%1,5 points

Consolidated profit and loss statement

Half-yearlyactivity report


CONSOLIDATION REVENUE(in € thousands)

B to B

B to C

Total

June 30, 2014

15 081

18 824

33 905

June 30, 2013

14 096

19 164

33 260

Change

+7,0%

-1,8%

+1,9%

The 1.9% increase confirms the favourable evolution of the revenue that the group has experienced since the first

half of 2013.

The Gross cash flow is stable relative to the first half of 2013, and is equal to 58.5% during the first half of 2014.

The operating expenses increased slightly, and are equal to €11,478,000 versus €11,185,000 the previous year. Ne-

vertheless, the rate of operating expenses relative to the revenue remained stable at 33.85% in the first half of 2014,

versus 33.63% in the first half of 2013.

Personnel expenses increased by 10.5% between the first half of 2013 and the first half of 2014. This increase can

be explained by the continuing investment in human capital and the effect of the new hires in 2013, notably on the

level of the payment activity.

The amortisation expenses are equal to €718,000 for the first half of 2014, versus €799,000 for the first half of 2013.

As such, the current operating profit stands at €1,064,000 on 30 June 2014, versus €1,874,000 at the same period

last year.

Finally, the net profit stands at €1,630,000 on 30 June 2014, versus €1,098,000 at the same period last year. This

improvement can notably be explained by the evolution of the deferred tax assets linked to the e-money business.



In the first half of 2014, the B to B business was equal to €15,081,000, a 7% increase relative to the first half of 2013.

The payment, telecom and marketing business lines benefited from good commercial dynamism over the first half of

the year, unlike micro-payments that are continuing to see negative growth.

Moreover, to 30 June 2014, this segment’s gross cash flow decreased by 2 points relative to the first half of 2013.

Carried by its successful acquisition of market shares in online payments, the group rolled out its e-money offer to

the off-line market in the first half of the year. As such, a dedicated team was set up and investments were made,

thereby impacting the B to B segment’s EBIT, which stands at (€1,612,000).

B TO C SEGMENT

B to C(in € thousands)





Payroll expenses



June 30, 2014

18 824

12 83368,2%

1

(6 745)

(1 402)

(95)

4 59224,4%

June 30, 2013

19 164

13 01367,9%

0

(6 848)

(1 399)

(147)

4 61924,1%

Change

-1,8%

-1,4%+0,3 points

n/a

-1,5%

+0,2%

-35,3%

-0,6%+0,3 points

B to B(in € thousands)





Payroll expenses



June 30, 2014

15 081

6 98646,3%

7

(3 932)

(4 249)

(424)

(1 612)-10,7%

June 30, 2013

14 096

6 81348,3%

68

(3 798)

(3 488)

(463)

(868)-6,2%

Change

+7,0%

+2,5%-2,0 points

-89,0%

+3,5%

+21,8%

-8,3%

-85,7%-4,5 points

Analysis of the operational performances

B TO B SEGMENT



In the first half of 2014, the turnover of the B to C segment is equal to €18,824,000 versus €19,164,000 over the

first half of 2013. Despite this decrease, the EBIT for the first half of 2014 is equal to €4,582,000 versus €4,619,000

for the first half of 2013, thereby confirming the ability of B to C to generate free cash flows in a stable and lasting

manner.

HOLDING COMPANY DIVISION

The holding company segment includes firstly the Rentabiliweb Group head office teams and, secondly, the shared

services that provide services on behalf of the operational divisions. This includes all cross-functional services such

as finance, human resources, legal services and the technical services.

To 30 June 2014, the holding company segment’s contribution to the Rentabiliweb current operating profit was a

net expense of €1,916,000 versus €1,878,000 in the first half of 2013. This demonstrates the stability of the imple-

mented cost structure, despite the increased activities of the B to B and B to C segments.

Balance sheet situation

The Group finished the first half of 2014 with surplus cash of €11,583,000, an increase of €5,803,000 relative to

31 December 2013. Out of this increase of €5,803,000, €3,575,000 results from the change of the balance of the

[segregation account], and €2,228,000 from efficient management of the WCR.

In the first half of 2014, the consolidated equity was equal to €72,327,000, with no recourse to financial indebted-

ness. The group’s financial structure therefore remains very solid.


Holding(in € thousands)





Payroll expenses



June 30, 2014

0

0n/a

103

(801)

(1 020)

(198)

(1 916)n/a

June 30, 2013

0

0n/a

2

(539)

(1 152)

(189)

(1 878)n/a

Change

n/a

n/an/a

n/a

+48,6%

-11,5%

+4,9%

-2,0%n/a

24 RAPPORT SEMESTRIEL 2014 • RENTABILIWEB GROUP

Summarized consolidatedfinancial statementsConsolidated profit and loss statement

INCOME STATEMENT(in € thousands)





Payroll expenses





Operating incomeAs a % of revenues



Consolidated net incomeAs a % of revenues

Consolidated net income - Group shareConsolidated net income - Minority interests

Earnings per share Diluted earnings per share

Notes

9

10

June 30, 2014

33 905

19 81958,5%

112

(11 478)

(6 670)

(718)

1 0643,1%

0

128

1 1933,5%

(71)

508

1 6304,8%

1 61118

0,090,09

June 30, 2013

33 260

19 82659,6%

70

(11 185)

(6 039)

(799)

1 8745,6%

(3)

(474)

1 3974,2%

(60)

(239)

1 0983,3%

1 06830

0,060,06

December 31, 2013

71 877

41 31357,5%

171

(23 572)

(12 574)

(1 179)

4 1595,8%

(165)

(841)

3 1524,4%

(10)

(226)

2 9174,1%

2 86948

0,170,15

December 31,2013

2 917

43

43

2 960

2 912

48

CONSOLIDATED OVERALL EARNINGS REPORT(in € thousands)

Consolidated net Income

Variation of the revaluation surplus on tangible and intangible fixed assets

Actuarial gains and losses on defined benefits plans

Profits and losses resulting from the conversion of the financial statements of an activity abroad

Profits and losses relative to the revaluation of financial assets available for sale

Efficients share of the profits and losses on hedge instruments

Proportionate share of the other elements of the associated companies and joint ventures accounted for using the equity method

Taxes

Proceeds and expenses directly recognised in the shareholders equity

Overall earnings of the fiscal year

Overall earnings - Group share

Overall earnings - minority interests

June 30, 2014

1 630

(12)

(12)

1 617

1 599

18

June 30, 2013

1 098

80

80

1 178

1 148

30

25RAPPORT SEMESTRIEL2014 • RENTABILIWEB GROUP

EQUITY AND LIABILITIES(in € thousands)

Share capital

Group reserves

Group currency translation differences

Group profit

Treasury shares

Instruments settled in the Company’s shares

Non-controlling interests

Equity

Non-current provisions

Financial liabilities

Deferred tax liabilities

Non-current liabilities

Current provisions

Financial liabilities

Trade and other payables

Current tax liabilities

Current liabilities

TOTAL EQUITY AND LIABILITIES

Notes

5

6

8

June 30, 2014

23 398

46 881

(41)

1 611

(2 439)

2 844

72

72 327

750

27

518

1 296

171

(15)

22 569

2 834

25 559

99 181

December 31, 2013

23 396

44 307

(53)

2 869

(2 502)

2 973

53

71 042

737

27

888

1 654

171

(14)

19 760

3 642

23 558

96 252

June 30, 2013

23 396

44 263

35

1 068

(2 047)

2 605

35

69 354

751

3

430

1 184

186

(2)

17 655

4 742

22 582

93 120

Consolidated statement of financial position

ASSETS(in € thousands)

Goodwill

Intangible assets

Property, plant and equipment

Other financial assets

Deferred tax assets

Non-current assets

Trade and other receivables

Current tax assets

Cash and cash equivalents

Current assets

TOTAL ASSETS

Notes

1

2

3

4

June 30, 2014

50 624

4 081

1 419

187

5 228

61 539

22 634

3 425

11 583

37 642

99 181

June 30, 2013

50 624

4 069

1 469

275

3 390

59 827

21 588

3 710

7 995

33 293

93 120

December 31, 2013

50 624

4 147

1 522

214

4 106

60 613

25 731

4 130

5 779

35 639

96 252


Consolidated cash flow table

Cash flows statement(in thousands of euros)

Net earnings from integrated companies

Elim. of the amortisations and provisions

Elim. of the variation of deferred taxes

Elim. of disposal capital gains or losses

Other proceeds and expenses having no incidence on the cash

Incidence of the change in working capital requirements

Net acquisitions of fixed assets

Net cash from operating activities * * Before financial investments, capital operations and financing operations

Financial acquisitions and price supplement payments

Variation of the financial assets

Impact of changes in scope of consolidation

Capital increase

Dividends paid

Treasury shares transactions

Repayment of loans and other debts

Net cash from investment and financing operations

Change of the cash and cash equivalents

Net cash and cash equivalents at beginning of the period

Net cash and cash equivalents at end of the period

Impact of exchange rate variations

Net increase (decrease) in cash and cash equivalents

June 30, 2014

1 630

793

(1 148)

9

(454)

5 706

(677)

5 858

(126)

1

0

6

0

63

0

(56)

5 802

5 779

11 583

1

5 803

June 30, 2013

1 098

761

(667)

0

(260)

519

(934)

518

154

0

5

0

0

(458)

4

(294)

224

7 806

7 995

(35)

224

A

B

A+B



At 30 June 2014, the group’s cash position was €11,583,000.

The group’s free cash flow stands at €5,858,000, while the cash coming from operational activities is equal to

€6,536,000 on 30 June 2014. Cash flow from operating activities corresponds to gross cash flow minus the change

in working capital requirements.

We also note that the WCR variation had a positive impact on the cash position, for €5,706,000. The group’s working

capital requirement is structurally positive and totalled €5,837,000 at 30 December 2014.

CHANGE IN CONSOLIDATED EQUITY

(in € thousands)

Position atDecember 31, 2012

Share capital increase

Appropriation of earnings

Dividends paid

Net profit for the period

Currency movements

Changes in consolidation scope

Other changes

Position atDecember 31, 2013

Share capital increase

Appropriation of earnings

Dividends paid

Net profit for the period

Currency movements


Other changes

Position atJune 30, 2014

23 396

0

0

0

0

0

0

0

23 396

3

0

0

0

0

0

0

23 398

Capi

tal

14 105

0

0

0

0

0

0

0

14 105

3

0

0

0

0

0

0

14 109

Prem

ium

s

29 473

0

1 114

0

0

0

0

(386)

30 202

0

2 869

0

0

0

0

(298)

32 773

Grou

pre

serv

es

(46)

0

0

0

0

(7)

0

0

(53)

0

0

0

0

12

0

0

(41)

Curr

ency

tr

ansl

atio

n di

ffer

ence

s

1 114

0

(1 114)

0

2 869

0

0

0

2 869

0

(2 869)

0

1 611

0

0

0

1 611

Net

pro

fitfo

r the

yea

r

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Reva

luat

ion

rese

rves

(1 589)

0

0

0

0

0

0

(913)

(2 502)

0

0

0

0

0

0

63

(2 439)

Trea

sury

shar

es

2 132

0

0

0

0

0

0

841

2 973

0

0

0

0

0

0

(128)

2 844

Inst

rum

ents

se

ttle

d in

the

Com

pany

’s

shar

es

68 585

0

0

0

2 869

(7)

0

(458)

70 989

6

0

0

1 611

12

0

(363)

72 255

Equi

ty a

ttri

bu-

tabl

e to

ow

ners

of

the

pare

nt0

0

0

0

48

0

6

0

54

0

0

0

18

0

0

0

72

Non

-con

trol

ling

inte

rest

s

68 585

0

0

0

2 917

(7)

6

(458)

71 042

6

0

0

1 630

12

0

(363)

72 327

Tota

l Equ

ity



Notes to the summarized consolidated financial statements

The Rentabiliweb Group company, the Group’s parent company, is a public limited company (SA) under Belgian

law, with its head office in Brussels, Belgium. The Company is listed with the Banque carrefour des Entreprises de

Bruxelles under the number 0878.265.120.

The Company is listed in compartment C of the Euronext Brussels and Paris under the ISIN code BE0946620946 and

trading symbol BIL.

The consolidated financial statements are drawn up for the year ended 31 December 2013, the balance sheet date

for the Company’s accounts. The interim information provided at 30 December 2014 corresponds to a 6-month

period.

The financial statements of all companies included in the Group’s scope of consolidation are prepared by adopting

uniform accounting and measurement methods. Figures for the previous year are determined by applying the same

accounting methods.

The Board of Directors signed off on the Group’s financial statements in its meeting of 28 July 2014. In compliance

with the IAS 1 standard, the financial statements include a report on the financial situation, a report on changes to

the shareholders equity, a table of cash flows prepared in compliance with the IAS 7 standard, and notes containing

a summary of the main accounting rules and methods, and other explanatory notes.

Accounting principles, policies and methods

The consolidated financial statements presented to 30 June 2014 include the company and its subsidiaries (all

referred to as the “group”).

The interim financial statements have been prepared using the accounting principles and methods applied by the

Group for the financial statements for fiscal 2013.

The notes do not contain all of the information required for the complete annual financial statements, and must be

read together with the consolidated financial statements for fiscal 2013.

Statement of compliance

The group’s interim consolidated financial statements have been prepared in compliance with the instructions de-

fined by the international standard “IAS 34” (International Accounting Standards) as adopted within the European



Union at the time of the preparation of its financial statements.

The Group has not opted for early application of any standards, amendments or interpretations in the process of being

adopted by the European Union or not subject to mandatory application. The Group does not expect these standards,

amendments or interpretations to have a material impact on the consolidated financial statements to 30 June 2014.

Key events

• Georges Pauget joined the Rentabiliweb Board of Directors

After the resignation of Eric Licoys, on 7 April 2014, Georges Pauget took up the duties of an independent

director, member of the Audit Committee and of the Compensation Committee for the Rentabiliweb Group.

Former chairman of the FBF (French Banking Federation), and of the Finance Innovation Pole, Georges Pauget

is now the Honorary Chairman of LCL, Chairman of the OIFD (Observatoire International de la Finance Durable),

Chairman of Economie-Finance et Stratégie, Chairman of the Institut pour l’Éducation Financière du Public

and of the Club des Dirigeants de la Banque et de la Finance. He is the co-scientific director of the research

chair in asset management Amundi – Paris-Dauphine.

For many years, Georges Pauget was the General Manager of Crédit Agricole SA, and Chairman of the Crédit

Lyonnais (now LCL) and of Crédit Agricole CIB.

With a PhD in Economic Sciences, Georges Pauget teaches at the Institut d’Études Politiques de Paris and is

a visiting Professor at the University of Beijing. He is also the author of the report on the future of payment

instruments ordered by the French Government in 2012.

His expertise and experience with e-money issues are a major strength for the growth of Rentabiliweb.

Operating segments

The presented segment-specific financial information has been prepared on the basis of the internal management

data provided to the group’s Management Committee, the main operational decision-maker.

In accordance with IFRS 8, the Rentabiliweb Group distinguishes three operating segments:

• the Business-to-Business (B to B) segment corresponds to services offered to business clients and web pu-

blishing partners. It notably includes the payment and micro-payment activities, direct marketing and e-repu-

tation, as well as telecoms;



• the Business-to-Consumer (B to C) segment reflects the group’s strengthening of its Publishing activities, par-

ticularly through its offer of a comprehensive portfolio of digital entertainment content, encompassing games,

dating, practical solutions for everyday problems, well-being, fortune-telling, etc.

• the holding company sector includes firstly the Rentabiliweb Group head office teams and, secondly, the shared

services that provide services on behalf of the operational divisions.

The breakdown of segment information by geographic region is carried out in relation to the country where the en-

tity’s head office is located.

Disclosures in tables relating to segment information are presented in accordance with the same accounting prin-

ciples as those used for the Group’s consolidated financial statements.

Moreover, 100% of the published revenue originates with external customers, with no consolidated revenue resulting

from inter-segment transactions. The group management team uses these data in order to analyse and steer the

operational performances and to make strategic decisions.

(in € thousands)


Purshase of goods

Transfers

Gross margin



Payroll expenses

Depreciations and amortization

Recurring operating income



Operating income



Consolidated net income

B to BBE

342

0

(10)

332

0

(113)

(136)

(3)

80

0

0

80

0

(15)

65

B to BFR

14 054

(15)

(7 490)

6 549

7

(3 751)

(4 054)

(420)

(1 669)

0

82

(1 588)

(1)

1 121

(467)

B to BRO

685

0

(580)

105

0

(68)

(58)

(1)

(22)

0

0

(22)

(1)

1

(22)

B to BBG

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

B to BCAN

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

B to CTotal

18 824

0

(5 991)

12 833

1

(6 745)

(1 402)

(95)

4 592

0

27

4 619

(12)

(468)

4 139

HoldingTotal

0

0

0

0

103

(801)

(1 020)

(198)

(1 916)

0

20

(1 896)

(57)

(132)

(2 086)

June 30, 2014

Total

33 905

(15)

(14 071)

19 819

112

(11 478)

(6 670)

(718)

1 064

0

128

1 193

(71)

508

1 630

B to BTotal

15 081

(15)

(8 080)

6 986

7

(3 932)

(4 249)

(424)

(1 612)

0

82

(1 530)

(2)

1 108

(424)

B to BNL

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0


BE : Belgium • FR : France • RO : Romania • BG : Bulgaria • NL : Netherlands • CAN : Canada


(in € thousands)

Non-current assets

Current assets

Total assets


Current liabilities

Total liabilities

B to BBE

135

61

196

0

343

343

B to BFR

12 962

11 304

24 266

775

14 996

15 771

B to BRO

13

556

569

0

313

313

B to BBG

0

0

0

0

0

0

B to BCAN

0

0

0

0

0

0

B to CTotal

44 015

21 119

65 134

520

11 941

12 461

HoldingTotal

4 415

4 659

9 074

0

(2 053)

(2 053)

June 30, 2014

Total

61 539

37 642

99 181

1 296

25 559

26 854

B to BTotal

13 110

11 863

24 973

775

15 671

16 446

B to BNL

0

(58)

(58)

0

19

19


(in € thousands)


Purshase of goods

T ransfers

Gross margin



Payroll expenses





Operating income




B to BBE

133

0

(6)

127

0

(29)

0

0

98

0

0

98

0

(31)

66

B to BFR

13 176

(28)

(6 666)

6 481

68

(3 713)

(3 423)

(462)

(1 048)

0

(273)

(1 322)

(5)

540

(786)

B to BRO

787

0

(582)

205

0

(56)

(65)

(1)

83

0

0

83

(24)

0

60

B to BBG

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

B to BCAN

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

B to CTotal

19 164

0

(6 152)

13 013

0

(6 848)

(1 399)

(147)

4 619

11

(110)

4 520

(14)

(729)

3 778

HoldingTotal

0

0

0

0

2

(539)

(1 152)

(189)

(1 878)

(14)

(91)

(1 982)

(18)

(20)

(2 019)

June 30, 2013

Total

33 260

(28)

(13 406)

19 826

70

(11 185)

(6 039)

(799)

1 874

(3)

(474)

1 397

(60)

(239)

1 098

B to BTotal

14 096

(28)

(7 254)

6 813

68

(3 798)

(3 488)

(463)

(868)

0

(273)

(1 141)

(28)

509

(661)

B to BNL

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

(in € thousands)

Non-current assets

Current assets

Total assets


Current liabilities

Total liabilities

B to BBE

0

146

146

0

72

72

B to BFR

10 769

17 567

28 336

752

10 737

11 490

B to BRO

5

471

476

0

138

138

B to BBG

0

0

0

0

0

0

B to BCAN

0

0

0

0

0

0

B to CTotal

44 062

14 148

58 210

432

10 491

10 923

HoldingTotal

4 992

961

5 953

0

1 143

1 143

June 30, 2013

Total

59 827

33 293

93 120

1 184

22 582

23 766

B to BTotal

10 774

18 184

28 958

752

10 947

11 699

B to BNL

0

0

0

0

0

0



(in € thousands)


Purshase of goods

T ransfers

Gross margin



Payroll expenses



Other non-recurring operating inco-me and expenses


Operating income




B to CBE

12 149

0

(4 490)

7 659

0

(3 998)

(530)

(3)

3 128

0

27

3 155

(10)

(83)

3 061

B to CFR

2 224

0

(1 501)

723

1

(2 438)

(748)

(38)

(2 501)

0

0

(2 501)

0

(21)

(2 521)

B to CRO

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

B to CBG

4 451

0

0

4 451

0

(309)

(123)

(54)

3 965

0

0

3 965

(1)

(364)

3 600

B to CCAN

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

B to BTotal

15 081

(15)

(8 080)

6 986

7

(3 932)

(4 249)

(424)

(1 612)

0

82

(1 530)

(2)

1 108

(424)

HoldingTotal

0

0

0

0

103

(801)

(1 020)

(198)

(1 916)

0

20

(1 896)

(57)

(132)

(2 086)

June 30, 2014

Total

33 905

(15)

(14 071)

19 819

112

(11 478)

(6 670)

(718)

1 064

0

128

1 193

(71)

508

1 630

B to CTotal

18 824

0

(5 991)

12 833

1

(6 745)

(1 402)

(95)

4 592

0

27

4 619

(12)

(468)

4 139

B to CNL

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

(in € thousands)


Purshase of goods

T ransfers

Gross margin



Payroll expenses





Operating income




B to CBE

5 314

0

(4 959)

10 355

0

(4 491)

(654)

(3)

5 206

11

(110)

5 108

(10)

(210)

4 887

B to CFR

2 321

0

(1 192)

1 129

0

(2 084)

(628)

(142)

(1 726)

0

0

(1 726)

(2)

(406)

(2 133)

B to CRO

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

B to CBG

1 529

0

0

1 529

0

(273)

(116)

(2)

1 139

0

0

1 139

(2)

(113)

1 024

B to CCAN

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

B to BTotal

14 096

(28)

(7 254)

6 813

68

(3 798)

(3 488)

(463)

(868)

0

(273)

(1 141)

(28)

509

(661)

HoldingTotal

0

0

0

0

2

(539)

(1 152)

(189)

(1 878)

(14)

(91)

(1 982)

(18)

(20)

(2 019)

June 30, 2013

Total

33 260

(28)

(13 406)

19 826

70

(11 185)

(6 039)

(799)

1 874

(3)

(474)

1 397

(60)

(239)

1 098

B to CTotal

19 164

0

(6 152)

13 013

0

(6 848)

(1 399)

(147)

4 619

11

(110)

4 520

(14)

(729)

3 778

B to CNL

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0



(in € thousands)


Purshase of goods

T ransfers

Gross margin



Payroll expenses





Operating income




HoldingBE

0

0

0

0

98

(325)

(195)

7

(414)

0

20

(395)

(57)

0

(452)

HoldingFR

0

0

0

0

5

(275)

(570)

(205)

(1 044)

0

0

(1 044)

0

(132)

(1 176)

HoldingRO

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

HoldingBG

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

HoldingCAN

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

B to BTotal

15 081

(15)

(8 080)

6 986

7

(3 932)

(4 249)

(424)

(1 612)

0

82

(1 530)

(2)

1 108

(424)

B to CTotal

18 824

0

(5 991)

12 833

1

(6 745)

(1 402)

(95)

4 592

0

27

4 619

(12)

(468)

4 139

June 30, 2014

Total

33 905

(15)

(14 071)

19 819

112

(11 478)

(6 670)

(718)

1 064

0

128

1 193

(71)

508

1 630

HoldingTotal

0

0

0

0

103

(801)

(1 020)

(198)

(1 916)

0

20

(1 896)

(57)

(132)

(2 086)

HoldingNL

0

0

0

0

0

(202)

(255)

(1)

(458)

0

0

(458)

0

0

(458)

(in € thousands)

Non-current assets

Current assets

Total assets


Current liabilities

Total liabilities

B to CBE

(3 712)

13 409

9 696

0

6 690

6 690

B to CFR

47 617

1 932

49 549

520

1 794

2 314

B to CRO

(134)

2

(132)

0

127

127

B to CBG

245

5 665

5 909

0

3 335

3 335

B to CCAN

0

12

12

0

(8)

(8)

B to BTotal

13 110

11 863

24 973

775

15 671

16 446

HoldingTotal

4 415

4 659

9 074

0

(2 053)

(2 053)

June 30, 2014

Total

61 539

37 642

99 181

1 296

25 559

26 854

B to C Total

44 015

21 119

65 134

520

11 941

12 461

B to CNL

0

99

99

0

2

2

(in € thousands)

Non-current assets

Current assets

Total assets


Current liabilities

Total liabilities

B to CBE

(3 750)

11 568

7 818

3

7 466

7 469

B to CFR

47 596

2 005

49 601

429

2 350

2 779

B to CRO

(134)

2

(132)

0

125

125

B to CBG

349

560

909

0

554

554

B to CCAN

0

13

13

0

(4)

(4)

B to BTotal

10 774

18 184

28 958

752

10 947

11 699

HoldingTotal

4 992

961

5 953

0

1 143

1 143

June 30, 2013

Total

59 827

33 293

93 120

1 184

22 582

23 766

B to C Total

44 062

14 148

58 210

432

10 491

10 923

B to CNL

0

0

0

0

0

0



(in € thousands)


Purshase of goods

T ransfers

Gross margin



Payroll expenses





Operating income




HoldingBE

0

0

0

0

1

(306)

(209)

(0)

(515)

(14)

(91)

(619)

(18)

0

(637)

HoldingFR

0

0

0

0

1

(226)

(886)

(189)

(1 299)

0

0

(1 299)

0

(20)

(1 318)

HoldingRO

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

HoldingBG

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

HoldingCAN

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

B to BTotal

14 096

(28)

(7 254)

6 813

68

(3 798)

(3 488)

(463)

(868)

0

(273)

(1 141)

(28)

509

(661)

B to CTotal

19 164

0

(6 152)

13 013

0

(6 848)

(1 399)

(147)

4 619

11

(110)

4 520

(14)

(729)

3 778

June 30, 2013

Total

33 260

(28)

(13 406)

19 826

70

(11 185)

(6 039)

(799)

1 874

(3)

(474)

1 397

(60)

(239)

1 098

HoldingTotal

0

0

0

0

2

(539)

(1 152)

(189)

(1 878)

(14)

(91)

(1 982)

(18)

(20)

(2 019)

HoldingNL

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

(in € thousands)

Non-current assets

Current assets

Total assets


Current liabilities

Total liabilities

HoldingBE

4 865

1 100

5 964

0

842

842

HoldingFR

126

(142)

(16)

0

300

300

HoldingRO

0

0

0

0

0

0

HoldingBG

0

0

0

0

0

0

HoldingCAN

0

0

0

0

0

0

B to BTotal

10 774

18 184

28 958

752

10 947

11 699

B to CTotal

44 062

14 148

58 210

432

10 491

10 923

June 30, 2013

Total

59 827

33 293

93 120

1 184

22 582

23 766

HoldingTOTAL

4 992

961

5 953

0

1 143

1 143

HoldingNL

0

0

0

0

0

0

(in € thousands)

Non-current assets

Current assets

Total assets


Current liabilities

Total liabilities

HoldingBE

4 285

5 009

9 294

0

(2 460)

(2 460)

HoldingFR

116

30

146

0

319

319

HoldingRO

0

0

0

0

0

0

HoldingBG

0

0

0

0

0

0

HoldingCAN

0

0

0

0

0

0

B to BTotal

13 110

11 863

24 973

775

15 671

16 446

B to CTotal

44 015

21 119

65 134

520

11 941

12 461

June 30, 2014

Total

61 539

37 642

99 181

1 296

25 559

26 854

HoldingTOTAL

4 415

4 659

9 074

0

(2 053)

(2 053)

HoldingNL

14

(380)

(366)

0

88

88


The Group’s intangible assets mainly consist of platforms, copyrights and brands. The amount for on-going acquisi-

tions corresponds with licences and software programs for the e-money activity.

Note 1 - Intangible assets

The gross value of intangible assets and of depreciation and amortisation expenses recognised for these assets

changed as follows during the year:

(in € thousands)

Gross values at December 31, 2013

Acquisitions

Disposals

Currency translation differences


Other changes

Gross values at June 30, 2014

Deprec., amort. and prov. at December 31, 2013

Allowances

Reversals



Other changes

Deprec., amort. and prov. at June 30, 2014

Net values at June 30, 2014

Concessions,patents, etc.

5 857

163

0

1

0

180

6 201

3 632

404

0

1

0

2

4 038

2 163

Businessgoodwill

1 573

0

0

0

0

0

1 573

0

0

0

0

0

0

0

1 573

Other

654

0

0

0

0

89

744

650

22

0

0

0

0

672

71

In progress

344

200

0

0

0

(269)

274

0

0

0

0

0

0

0

274

Total

8 429

363

0

1

0

0

8 792

4 282

427

0

1

0

2

4 711

4 081



Note 2 - Property, plant and equipment

The gross value of property, plant and equipment and of depreciation expenses recognised for these assets changed

as follows during the year:

Property, plant and equipment mainly consist of computer hardware, furniture and office fittings.

(in € thousands)

Gross values at December 31, 2013

Acquisitions

Disposals



Other changes

Gross values at June 30, 2014

Deprec., amort. and prov. at December 31, 2013

Allowances

Reversals



Other changes

Deprec., amort. and prov. at June 30, 2014


Land

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Buildings

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Other

3 809

196

(6)

1

0

0

4 000

2 292

301

(3)

0

0

0

2 591

1 409

In progress

5

10

(5)

0

0

0

10

0

0

0

0

0

0

0

10

Total

3 819

207

(11)

1

0

0

4 016

2 297

301

(3)

0

0

0

2 596

1 419

Technicalinstallations

5

0

0

0

0

0

5

5

0

0

0

0

0

5

0



Note 3 - Customers and other debtors

The book value of the trade receivables and other creditors is explained in detail below:

(in € thousands)

Advances and prepayments from clients

Trade payables

Other liabilities

Deferred income advances


Grossvalues

58

16 883

5 491

684

23 115

Impairmentexpense

0

(254)

(228)

0

(481)

Net values atJune 30, 2014

58

16 629

5 263

684

22 634

Net values at December 31, 2013

108

19 487

5 497

638

25 731


42

15 181

5 746

619

29 836

All receivables are subject to ongoing analysis for recovery risk and the appropriate measures are taken, where ne-

cessary. Despite the current economic environment, the group considers that it is not exposed either to a material

credit risk or to a marked economic dependence on any single client. The fair value of trade and other payables is

considered as identical to their net carrying amount.

Note 4 - Cash and cash equivalents

The cash and marketable securities consist of the following:

(in € thousands)

Investment securities

Cash

Cash and cash equivalents

Grossvalues

786

10 797

11 583

Impairmentexpense

0

0

0


786

10 797

11 583

Net values at December 31, 2013

2 061

3 719

5 779


322

7 674

7 996

The marketable securities consist of short-term investments and no-risk remunerated term accounts.



RENTABILIWEB GROUP had a share capital of €23,395,607. On 30 June 2014, the share capital consists of 17,864,905

shares representing one / seventeen million eight hundred sixty-four thousand nine hundred and fifth of the share

capital (1/17,864,905th).

Note 6 - Treasury shares

The shares corresponding with the buyback programs for Rentabiliweb shares, authorised by the General Meeting of

the shareholders, are deducted from the consolidated shareholders equity.

These treasury shares consist of Rentabiliweb shares owned by the Rentabiliweb Group company. To 30 June 2014,

the company held 464,197 shares. No acquisitions were made during the first half of 2014, while the sale of 10,000

shares was recorded during this same half-year.

Moreover, on 30 June 2014, the group held 53,537 shares acquired as part of the liquidity contract.

On 30 June 2014, the Rentabiliweb group therefore had treasury stock of 517,734 shares, representing 3% of the

total number of issued shares.

Note 7 - Dividends

The Ordinary general meeting of the shareholders on 7 April 2014, voting on the financial statements closed on 31

December 2013, decided that no dividend would be paid.

(in € thousands)

Shares

Number of shares atDecember 31, 2013

17 862 905

Considerationfor contributions

0

Shares issued(cash basis)

2 000

Number of shares atJune 30, 2014

17 864 905

Note 5 - Share capital



Note 8 - Trade and other payables

The carrying amounts of trade and other payables are set out below:

(in € thousands)

Advances and prepayments from clients

Trade payables

Tax and social security payables

Liabilities related to non-current assets

Other liabilities

Deferred income


Grossvalues

19

10 700

5 886

34

5 890

39

22 569

Impairmentexpense

0

0

0

0

0

0

0


19

10 700

5 886

34

5 890

39

22 569

Net values atDecember 31, 2013

138

10 892

5 965

326

2 670

43

20 034


16

9 275

5 246

301

2 759

58

17 655

Note 9 - Other non-current operational earnings and charges

(in € thousands)

Other non-recurring operating expenses

Other non-recurring operating income


June 30, 2014

0

0

0

June 30, 2013

(14)

11

(3)



Note 10 - Income tax expense

BREAKDOWN OF INCOME TAX EXPENSE

The tax expense for the year ended 30 June 2014 may be broken down as follows:

(in € thousands)

Current corporate income tax

Deferred taxes

Corporate icome tax

June 30, 2014

(640)

1 148

(508)

June 30, 2013

(906)

667

(239)

TAX RECONCILIATION

The total tax expense recognised in the profit and loss statement is reconciled as follows with the theoretical tax

expense for 2014 and 2013:


(in € thousands)

Consolidated net profit before tax

Applicable theoretical tax rate

Theoretical tax expense

Differences in tax rates for foreign entities

Permanent differences

Unused tax losses

Tax credits and other tax deductions

Provision pour litige IS

Recognised tax expense

Effective tax rate


1 103

33,99%

(375)

829

(212)

0

266

0

508

N/A


919

33,99%

(312)

267

(239)

0

180

0

(104)

11,32%


Note 11 - Earnings per share

Net earnings per share are calculated by dividing net profit attributable to Rentabiliweb shareholders by the weighted

average number of shares outstanding in the period, with the exception of shares purchased by the Group as trea-

sury shares.

Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding to reflect

the conversion of all potential dilutive shares.

Potentially dilutive shares are share options or warrants. Where such options or warrants are dilutive at the balance

sheet date, a calculation is carried out to determine the number of shares that could have been purchased at fair va-

lue based on the monetary value of subscription rights attached to outstanding options. The number of shares thus

calculated is compared with the number of shares that would have been issued if the options had been exercised.

The group posted a tax savings of €508,000 in the first half of 2014, versus a tax expense to 30 June 2013 in the

amount of €104,000. The main source of these savings results primarily from the deferred tax assets generated by

the B to B sector, notably via the e-money activity.

The considerable amount of the generated deferred tax assets is primarily due to the deferrable deficits created in

the first half of 2014 by the company Rentabiliweb Europe, in the amount of €1,065,000.

The group’s effective tax rate is nil for the first half of 2014, while it was 11.33% in the first half of 2013.

(in € thousands)

Net profit attributable to owners of the parent

Weighted average number of shares outstanding

Earnings per share (in euros)

Net profit attributable to owners of the parent

Weighted average number of shares outstanding

Adjustments related to share subscription options

Weighted average number of ordinary shares outstanding

Diluted earnings per share (in euros)

June 30, 2014

1 611

17 347

0,09

1 611

17 347

1 075

18 422

0,09

June 30, 2013

1 068

17 370

0,06

1 068

17 370

1 626

18 996

0,06



Related parties

RELATIONSHIPS BETWEEN THE PARENT COMPANY AND SUBSIDIARIES

RENTABILIWEB GROUP is the group’s financial holding company. The holding company defines the Group’s strate-

gies for business development, sales and marketing. It establishes processes for the Group’s priorities in the area

of communications, particularly in relation to financial disclosures.

RELATED PARTIES

In accordance with IAS 24, transactions between group companies (intercompany transactions) have been elimi-

nated on consolidation. Consequently, they are not covered in this note.

The transactions with related parties, for the purposes of the IAS 24 standard, are explained in detail below, and

relate to the main operations with companies in which the Chairman of the Board of Directors of the Rentabiliweb

group is a member of the Board of Directors

Related companies (in € thousands)

ST-GEORGES FINANCE

Nature of therelationship

client / supplier

Group companyinvolved

RENTABILIWEB GROUP

Type oftransaction

for the Group

expenses*

Amount oftransactions

(excl. VAT)

120

In progress atend of period

(carrying amount)

0

* services delivered or received.



Commitments, contingent assets and liabilities

OFF BALANCE SHEET COMMITMENTS

The Rentabiliweb Group has no significant off-balance sheet commitment.

CONTINGENT ASSETS AND LIABILITIES

At the end of the closed period, the Group was not aware of any contingent assets or liabilities as defined in IAS 37.

DISPUTES

To the company’s knowledge, there are no non-provisioned disputes that could have a material impact on the Group’s

business, results or financial position.

Post balance sheet events

As on the closing date of the financial statements by the Board of Directors, i.e. 28 July 2014, no events occurred with

the potential to call into question the financial statements prepared by the group to 30 June 2014.


45

STATUTORYAUDITORS’

REPORT

STATEMENT BYTHE BOARD OF

DIRECTORS


The board of directors of the RENTABILIWEB GROUP certifies, in the name and on behalf of the company, that to the

best of its knowledge, (a) the consolidated financial statements, prepared according to the instructions contained

in the international standard “IAS 34” (International Accounting Standards) as adopted within the European Union

on the preparation date of its financial statements, give a fair and correct picture of the assets, financial situation

and earnings of the company and of the companies included in the consolidation.

STATEMENT BY THE BOARD OF DIRECTORS


STATEMENT BY THE BOARD OF DIRECTORS

PRESENTATION OF...PRESENTATION OF RENTABILIWEB’S BUSINESS 3Background and business activities 4...

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