THE BLOCKCHAIN GROUP 
Paris, 28 March 2013
2012.
(*): Audit procedures on the consolidated financial statements have been completed; the Statutory Auditors' report is pending.
Consolidated annual data to 31 December 2012 (in € thousands):(€ thousands)
2012
Proforma (*)
2012 FY Consolidated
2011 FY
Consolidated Change %
(12 months) (12 months) (12 months) Consolidated
SALES 25,610 23,536 19,144 23%
Direct Costs / External purchases (10,395) (10,395) (10,627)
GROSS MARGIN 16,324 14,250 (9,324) 53%
Gross Margin / Sales (%) 64% 61% 49%
EBITDA 4,106 3,425 1,995 72%
EBITDA / Sales (%) 16.0% 14.6% 10.4%
OPERATING PROFIT 3,247 2,580 1,586 63%
Operating profit / Sales (%) 12.7% 11.0% 8.3%
Net financial expense (224) (215) (293) Net exceptional expense (160) (162) (16) Income tax (828) (636) (318)
NET PROFIT BEFORE GOODWILL (**) 2,035 1,567 959 63%
NET PROFIT AFTER GOODWILL | 896 | 428 | 265 | 61% | ||||
(*) Proforma financial statements including Shopbot, acquired in July 2012, but excluding Gamned, to be consolidated from HY2 2013. | ||||||||
(**) Net profit of consolidated entities before goodwill amortisation |
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Continued Sales and Gross Margin growth
Group consolidated Sales were €23.5 million for the year to 31 December 2012, an increase of 23% compared to
2011. The growth in business volume generated was in line with the Group's expectations, both geographically
and with regard to the product mix. Sales growth was driven by the strength of the markets where the Group operates, the added value of LeadMedia Group's expertise and the successful integration of acquired businesses.
Gross Margin for the full year to 31 December 2012 was €14.3 million, a 53% increase over the previous year reflecting both a good management of external purchases and increased vertical integration by the Group. Data editorial operations as well as increased activity in Brazilian operations contributed notably to this growth, which was markedly higher than Sales growth. As a result, gross margin represented 61% of sales in 2012, up 12 basis points compared to 2011.
2012 EBITDA was €3.4 million, increasing by 72% to make up 14.6% of sales compared to 10.4% at the end of
2011, reflecting tight control over operating expenses despite strong business growth.
Operating Profit rose 63% to €2.6 million in 2012. Operating margin thus reached 11% of sales for 2012, compared to 8.3% for 2011. The slower pace of growth in operating profitability as a percentage of sales was due to the Group's on-going strong investment policy aimed at strengthening its technological expertise.
The Net Profit of consolidated entities before goodwill amortisation amounted to €1.6 million, after taking into account net financial expenses of €215 thousand, mainly due to charges associated with the repayment of debt in Brazil, and after deducting net exceptional expenses of €162 thousand and an income tax charge of €636 thousand.
Net Profit of consolidated entities (after goodwill amortisation) was €428 thousand for the period, including
goodwill amortisation of €1,139 thousand in 2012 (according to French GAAP).
At 31 December 2012, net cash (and cash equivalents) totalled €8.5 million. Shareholders' equity stood at €17.7 million.
Recent events and outlook:
