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Activity report 2011


02

“whatever happens, always keep your clients happy”


03

Eric Everard Executive Chairman Artexis Group


04

How to realize growth and value in a challenging market In difficult times, Artexis Group manages to outperform the market. Indeed, the balance sheets of the past three years show a solid increase in revenues and profits, despite the aftereffects of the financial crisis. ‘There is no big secret to the way we grow our business’, says Eric Everard. ‘Our main principles are very simple. Don’t get distracted by short-term market cycles. Look ahead. Concentrate on your core business. Switch to a sustainable business model. And whatever happens, always keep your clients happy.’ What’s the strategy of Artexis in respect to mergers and acquisitions? ‘Our mission is to bring people and companies together at inspiring fairs and congresses. We are constantly looking for new opportunities to fulfil this mission and to strengthen our core business. In the Belgian market, the segment of construction and renovation is of high strategic importance to us. We have a leading share in this market through our fairs in Ghent and Antwerp, which are aimed at private builders and home owners. In July 2010 we acquired 100% of the shares of Habitat & Développement, which organizes two yearly construction fairs in Namur: Bois & Habitat and Energie & Habitat. These events fit like a glove in our existing portfolio. Our aim is to further expand these fairs and to develop similar formulas in other regions or countries. For instance, in Antwerp we already organized Hout & Habitat, a ‘clone’ of Bois & Habitat with wood construction as the main theme.’ ‘easyFairs, our subsidiary which specializes in time- and cost-efficient professional fairs, has also been growing through strategic take-overs. They acquired 100% of Fairtec and 51% of Eventos Ome. Fairtec, based in Antwerp, organizes professional fairs for the industrial sector. easyFairs and Fairtec complete each other because their activities are highly complementary. Eventos Ome is based in Madrid and has an impressive track-record in e-commerce and e-marketing events. In Spain, their fairs are a standard of reference. Now we’re exploring the possibility to ‘clone’ their formulas in other countries.’


05

‘Our takeover of Jack Sobel, a real estate company, should be regarded as a long-term investment strategy. We now own an office building in the commercial heart of Brussels, which should guarantee a steady flow of rental payments. Moreover, we already managed to rent out almost all of the available office space (5000 square meters) directly after signing the deal.’ ‘The sale of Hello Agency, an agency specializing in retail marketing and advertising, complies with our strategy to concentrate on our core business. We simply didn’t see enough possibilities to create valuable synergies between Hello Agency and other units of Artexis Group.’ ‘If you look at the current balance sheet, you’ll notice that the sale of Hello Agency has had a positive impact on our financial health. It’s this operation that accounts for the recent, giant leap in our cash position.’ Are you happy with the results of the past financial year? ‘I don’t believe that we should isolate the results of one financial year, because we clearly committed ourselves to a long-term business strategy. I’d rather compare the results of the last three years to determine the main trend. If you look at the bigger picture, you will have to acknowledge that Artexis Group is heading in the right direction. From 2009 to 2012 there’s a clear and positive trend: a neat increase in revenues and profits, combined with a sharp improvement of the debt ratio. Our staff number has also slightly increased, due to the expansion of our activities. Why then was there no increase in the recurring revenues in 2010-11? ‘In 2010 we sold three interior decoration fairs to Fisa, the organizer of Batibouw. As a result, Cocoon, Sfeer and InWonen were cut out of our portfolio and this had an impact on our turn-over. So first you see a stagnation of the recurring revenues on 30 June 2010 due to the transfer of the interior decoration fairs, but then on 30 June 2011, you can notice an increase in these recurring revenues of more than 10%.’ ‘More importantly, you see a constant progress in the recurring EBITDA over the three past financial years. By focusing all our efforts on our core business, we managed to boost our profitability and to remain on the growth path.’ Eric Everard, Executive Chairman Artexis Group


21.763

+4,0%

15.000 20.000 10.000

06

30 JUNE

30 JUNE

2009

Figures

10.000 15.000

30 JUNE

70.000 60.000 65.000

64.162 64.162 64.162

-0,6%

-0,6% -0,6%

70.656

63.805

+10,7%

63.805 63.805

+10,7%

70.656 70.656

30 JUNE

30 JUNE

2009

45.000 50.000 50.000 30 JUNE

30 JUNE

2009

30 JUNE

2010

2011

30 JUNE

30 JUNE

2009 30 JUNE 2009

6.000 7.000

5.340

7.000 5.000 6.000 6.000 4.000 5.000

1.000

+24,6%

27.388 41.096 27.388

+24,6%

25.107 30 JUNE 25.107 27.388 2009

30%

Current liabilities

20%

30 JUNE

2010 30 JUNE 2010

2011 30 JUNE 2011

EBITDA Artexis Group 7.0001000s) (€

2.000 1.000

41.096

40% 10%

10%

40.000

3.000 1.000 2.000

+24,6%

46.843

37.966

46.843

5.475 28.353

29.947

37.966 28.353

46.843 29.947

26.441

31.274

30 JUNE 26.441 28.353 2010

30 JUNE 31.274 29.947 2011

50% 20%

55.000

4.000 2.000 3.000

5.475

100% 70% 50%

60% 30% 10%

50.000 55.000

5.000 3.000 4.000

2011

70%

80% 60%

70% 40% 20%

60.000

40.000

30 JUNE

2010

Capital and reserves & liabilities 100% 80% 5.475 37.966 (€90%1000s)41.096

80% 50% 30%

55.000 60.000

45.000

2011

10.000

90% 60% 40%

+10,7%

65.000

40.000 45.000

30 JUNE

2010

90%

Revenues Artexis Group (€ 1000s)

75.000

75.000 65.000 70.000

2011

30 JUNE

2009

100%

70.000 75.000

30 JUNE

2010

+92,3%

2.777 2.777 2.777

5.340 5.340

Capital and liabilities from discontinued activities

30 JUNE Capitals and reserves

2009

25.107liabilities Current

30 JUNE

Non current liabilities 2010

26.441 31.274 activities Capital and liabilities from discontinued

Capitals and reserves 30 JUNE

Non current liabilities 30 JUNE

2009

30 JUNE

2010

2011

Current liabilities

Capital and liabilities from discontinued activities

Capitals and reserves

Non current liabilities

Personel Growth Artexis Group 300

6.220 +16,5%

+16,5%

6.220 6.220

+16,5%

250 300

283

-5,3%

268

+8,6%

-5,3%

268

+8,6%

-5,3%

268

+8,6%

283

200 250 150 200 300

+92,3%

283

100 150 250

+92,3%

30 JUNE

2011

291 291

291

50 100 200

50 150 30 JUNE

30 JUNE

2009

30 JUNE

2010

30 JUNE

30 JUNE

2009

2011

2010

30 JUNE

2011

100 30 JUNE

30 JUNE

2009 30 JUNE 2009

2011 30 JUNE 2011

Equity - Artexis Group’s Share (€ 1000s)

30.000

+24,6%

30.000 25.000

21.763

+24,6%

+19,8%

22.639

+19,8%

27.113 27.113

2011

Owners’ 2009 equity - debts 2010 Artexis Group (€ 1000s)

2011

30 JUNE

30 JUNE

+4,0%

22.639 22.639

90% 100% 80% 90% 70% 80% 60%

+4,0%

+24,6%

21.763 21.763

20.000

+19,8%

100% 70% 50%

80% 50% 30% 70% 40% 20%

15.000

60% 30% 10%

15.000 10.000

50% 20% 30 JUNE

2009

30 JUNE

2010

30 JUNE

2011

10.000 30 JUNE

2009 2009 30 JUNE

30 JUNE

2010 2010 30 JUNE

21.364 +24,6%

21.364

30 JUNE

2011 2011 30 JUNE

40% 10% 30% 20% 10%

19.298

22.788

19.298

22.788

19.298 26.441

22.788 31.274

26.441

31.274

+24,6%

90% 60% 40%

+4,0%

20.000 15.000

10.000

30 JUNE

2010

100%

27.113

25.000

30 JUNE

2009 50

30 JUNE

30.000

25.000 20.000

30 JUNE

30 JUNE

2010 30 JUNE 2010

21.364 25.107 +24,6%

25.107 30 JUNE

2009 Debts 30 JUNE 25.107 2009 equity Owners’

30 JUNE

30 JUNE

2010

2011

26.441

31.274

2010

2011

30 JUNE

30 JUNE

Debts Owners’ equity 30 JUNE

2009

30 JUNE

2010

30 JUNE

2011


07

Consolidated income statement Financial year to 30 june 2011 (€ 1000s) 30/06

30/06

30/06

2011

Var ( %)

2010

Var ( %)

2009

REVENUES

72.056

5,0 %

68,635

7,0 %

64,162

Sales

69,165

9,5%

63.147

0,8%

62.630

Other operating income

2.891

-47,3%

5.488

258,2%

1.532

CHARGES

69.351

9,1%

63.549

-2,0%

64.842

Cost of sales

17.320

20,8%

14.339

1,5%

14.121

Other goods and services

31.368

2,5%

30.603

-5,6%

32.403

Employee expenses

17.804

15,0%

15.480

4,2%

14.861

Depreciation and provisions

2.859

-8,6%

3.127

-9,5%

3.457

OPERATING PROFIT - EBIT

2.705

-46,8%

5.086

-

-680

EBITDA

5.564

-32,3%

8.213

195,8%

2.777


08

Consolidated balance sheet Financial year to 30 june 2011 (€ 1000s) 30/06

ASSETS

30/06

30/06

2011

Var ( %)

2010

Var ( %)

2009

NON CURRENT ASSETS

65.143

12,1%

58.114

-4,8%

61.025

Tangible fixed assets

43.250

11,6%

38.751

-3,8%

40.271

Intangible fixed assets

18.327

16,2%

15.768

3,5%

15.228

Deferred tax assets

3.246

0,9%

3.217

-34,9%

4.941

320

-15,3%

378

-35,4%

585

42.671

26,0%

33.874

4,0%

32.566

0

-

0

-100,0%

399

Trade and other receivables

23.763

8,9%

21.828

-23,0%

28.330

Cash and cash equivalents

18.908

57,0%

12.046

213,9%

3.837

250

-96,0%

6.247

-

0

108.064

10,0%

98.235

5,0%

93.591

Fixed financial assets

CURRENT ASSETS Stocks

ASSETS FROM DISCONTINUED ACTIVITIES

TOTAL ASSETS


09

Consolidated balance sheet Financial year to 30 june 2011 (€ 1000s) 30/06

30/06

30/06

2011

Var ( %)

2010

Var ( %)

2009

AL CAPITAL AND RESERVES

31.274

18,3%

26.441

5,3%

25.107

Capital and reserves - Group’s share

27.113

19,8%

22.639

4,0%

21.763

Minority interests

4.161

9,4%

3.802

13,7%

3.344

NON CURRENT LIABILITIES

29.947

5,6%

28.353

3,5%

27.388

Interest-bearing loans

19.350

-

18.650

-2,3%

19.086

Deferred and latent tax liabilities

9.799

6,3%

9.215

15,0%

8.010

798

63,5%

488

67,1%

292

CURRENT LIABILITIES

46.843

23,4%

37.966

-7,6%

41.096

Interest-bearing loans

3.438

430,6%

648

-71,6%

2.278

Trade and other creditors

43.405

16,3%

37.318

-3,9%

38.818

0

-100,0%

5.475

-

0

108.064

10,0%

98.235

5,0%

93.591

EQUITY AND LIABILITIES

Other fixed liabilities

CAPITAL AND LIABILITIES FROM DISCONTINUED ACTIVITIES

TOTAL CAPITAL AND LIABILITIES

The condensed financial information presented in this section represents an abstract of the annual accounts and the consolidated accounts of Artexis Group SA as approved by the General Assembly and filed with the National Bank of Belgium. These financial statements were drawn up in accordance with the Belgian GAAP (generally accepted accounting principles) and the IFRS standards respectively. The statutory auditor, Ernst & Young Réviseurs d’entreprises scrl, represented by Eric Golenvaux, always certified that it had no reservations concerning the annual accounts and the consolidated accounts. However, in order to make it possible to compare this financial information, the results relating to Hello Agency (a subsidiary the group has sold) for the financial periods closed at 30/6/2007 and at 30/6/2008 have been reworked.


www.artexis.com

www.easyfairs.com

Annual Report 2011 Artexis  

Annual Report 2011 Artexis

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