2014 Annual Results: Recurring operating profit of €3.1 million

2014 Annual Results: Recurring operating profit of €3.1 million

March 06, 2015

2014 Annual Results:

Recurring operating profit of €3.1 million

Impairment of Ciao assets

Sound financial position

 

IFRS consolidated income statement

 

Audited figures (€ millions)

FY 2014

IFRS

FY 2013

IFRS

Net Sales

39.0

45.6

RESOP (Recurring EBIT)

3.1

6.2

Restructuring costs

Goodwill impairment

(2.2)

(16.1)

(1.0)

-

Profit/(loss) before financial charges and tax

(15.2)

5.2

Net financial income

0.5

0.2

Profit/(loss) before tax

(14.8)

5.4

Income tax

(2.2)

(2.2)

Consolidated net profit/(loss)

(17.0)

3.3

Minority interests

-

-

Group share of net profit

(17.0)

3.3

 

 

Group and consolidated financial statements have been audited. The certification report is in the process of being issued.

 

2014 Net Sales: €39 million

Over the 2014 financial year as a whole, the Group recorded revenue of €39 million.

Despite an encouraging first half-year with healthy business activity in France, the change in Google’s algorithm in early October 2014 once again upset the balance of competition and significantly impacted the audience of the Group’s websites.

Despite this altered competitive environment, the Group continued its policy of traffic diversification, its investments in the mobile market and rolled out new versions of its websites.

 

 

RESOP (Recurring EBIT) of €3.1 million

The decline in revenue had a knock-on effect on the results.  However, good cost control made it possible to maintain a RESOP level of €3.1 million.

Analysis of the financial statements also shows restructuring costs totalling €2.2 million, primarily due to the decision to close Ciao’s Munich office and to run its activities from Paris.

Furthermore, the Group recognised goodwill impairment of €16.1 million, mainly in relation to the Ciao asset.  The loss before financial charges and tax was €15.2 million.

After net financial income of €0.5 million and an income tax charge of €2.2 million, the Group share of net loss was €17.0 million.

 

 

A sound financial position

Activity in the financial year generated cash flows of €4.6 million and the Group had a cash position of €31.1 million at 31 December 2014.  With shareholders’ equity of €29.3 million and no financial debt, LeGuide Group thus benefits from a sound financial position.

 

2015 outlook

Against a challenging backdrop, in what was a difficult start to the year due the aftermath of the terrorist attacks in France, which occurred during the sales, and within an ongoing uncertain environment in the face of search engine practices, LeGuide is pursuing its alternative growth initiatives with the development of other sources of traffic.  Numerous initiatives are taking place: the signing of new partnerships, the development of our mobile activities and the growth of our social shopping operations.

Olivier Sichel, Chairman and CEO of LeGuide Group commented,In what remained a difficult environment in 2014, the Group has restructured Ciao’s activities and has diversified its sources of traffic.  The Group is currently focusing on adapting its model to better fit future market developments.”

 

Next communication: 2015 Q1 Revenue on 17 April 2015 after close of trading.

 

APPENDICES

 

2014 CONDENSED IFRS FINANCIAL STATEMENTS

 

Group and consolidated financial statements have been audited. The certification report is in the process of being issued.

 

Consolidated income statement

 

Audited figures (€ millions)

FY 2014

IFRS

FY 2013

IFRS

Net Sales

39.0

45.6

RESOP (Recurring EBIT)

3.1

6.2

Restructuring costs

Goodwill impairment

(2.2)

(16.1)

(1.0)

-

Profit/(loss) before financial charges and tax

(15.2)

5.2

Net financial income

0.5

0.2

Profit/(loss) before tax

(14.8)

5.4

Income tax

(2.2)

(2.2)

Consolidated net profit/(loss)

(17.0)

3.3

Minority interests

-

-

Group share of net profit/(loss)

(17.0)

3.3

 

 

 

Consolidated cash flow statement

 

Audited figures (€ millions)

FY 2014

FY 2013

Self-financing capacity

Change in WCR

2.8

1.7

4.3

(0.3)

Cash flow from operating activities

4.6

4.0

Cash flow from investment activities

(0.5)

(1.1)

Cash capital increases

Repayment of financial debt

0.3

-

0.4

(1.3)

Cash flow from financing activities

0.3

(1.0)

NET CHANGE IN CASH POSITION

4.3

2.0

 

 

 

Cash Position – opening balance

26.7

24.7

Cash Position – closing balance

31.1

26.7

 

 

 

Consolidated balance sheet      

 

Audited figures (€ millions)

31.12.2014

IFRS

31.12.2013

IFRS

ASSETS

 

 

Non-current assets

2.0

19.0

Current assets

of which cash and cash equivalents

39.0

31.1

40.0

26.7

TOTAL ASSETS

40.9

59.0

 

 

 

EQUITY and liabilities

 

 

Shareholders’ equity

29.3

46.0

Non-current liabilities

0.1

0.1

Current liabilities

11.5

12.8

TOTAL EQUITY AND LIABILITIES

40.9

59.0

 

 

LeGuide Group

Olivia Fuchs

+33 (0)1 75 44 56 34

finance@LeGuide.com

 

ACTIFIN

Christophe de Lylle / Emma Barféty

+33 (0)1 56 88 11 27

cdelylle@actifin.fr / ebarfety@actifin.fr

 

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