smallcap events paris
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26 & 27 April 2007
Smallcap EventsParis
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• Our activities Our business
o Two main activities
o The same technology
o Three markets to adress
Different business models
• 2006 results
• Strategy & forecasts
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To operate online multimedia services
• Media /Mass market activities
[BtoBtoC / BtoC / BtoO] : To create, agregate, deliver and promote proprietary or outsourced contents and services for the mass market.
• Activities with large companies and administration
[BtoB] :To design, build and operate outsourced IT services (CRM, Facilities Management, Mobile marketing).
2 main activities
A unique business Two main activities
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A unique business The same technology
Our technology allows to agregate, deliver and operate proprietary or outsourced solutions/services and contents through telecom networks.
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A unique business Three main markets
To operate services for large companies and administration. Jet Multimedia designs and operates outsourced applications in CRM, Facilities Management and Marketing on mobile phones.
Outsourced Editing : Jet Multimedia is the partner of telecom operators and media players to deliver interactive contents and services to the mass market.
Direct Editing : Jet Multimedia sales its interactive contents and services directly to the end-user.
Large companie
s(BtoB)
Mass market(BtoC)
Media(BtoBtoC)
(BtoO)
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Business models « Kiosque multimedia »
Premium SMS
The business model : to get a revenue sharing between telecom operators and Jet Multimedia on every sale made to end-user.
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Business models BtoC : Direct Editing
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Business models BtoBtoC, BtoO : Outsourced Editing
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Business models BtoB : Services to corporates
Hosting - Facilities Management :
Direct billing of the different services for :- development of applications,- hosting of infrastructures and/or applications (on a 3-year contract basis).
CRM :o Call centers / Customer contact centerso Multi-network message deliveryo SVI
Billing directly linked to the traffic on the band width, minutes, SMS, MMS, IP Billing on the same revenue sharing model than the « Kiosque multimedia ».
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• Our activities
• 2006 results
Revenues
Results by subsidiaries
Profit & loss statement
Balance sheet
Cash Flow Statement
Dividend policy
A strong shareholder
• Strategy & Forecast
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Revenues have been triples in the last 5 years
(in M€)
120.0108.5
236.8
154.9
2004IFRS
2005IFRS
+29 %+11 %
+53 %
2002 2003
270.0
2006IFRS
+14%
Sales increase by 150% between 2002 and 2006
Development of activities abroad
Creation of two complementary activities
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Two complementary activities
• Media / Mass market activities
[BtoBtoC / BtoC / BtoO] : a competitive market, especially in mobile phone services
Migration towards 3G technology
BtoO : a strong demand from telco operators and MVNO
• Activities with large companies
[BtoB] :a booming market, especially on CRM applications
A strong development abroad :- know how transfert- successful formats and offerings have been exported abroad
62%
38%
% of revenue
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A well balanced business mix
In euro millions 2006 %
Change2006/2005
Revenues 270.0 100 % +14%
BtoB 103.4 38 % +34%
BtoBtoC/BtoO/BtoC 166.6 62 % +4%
Net Revenues after revenue sharing 129.6 100% +12%
BtoB 72.0 56 % +21%
BtoBtoC/BtoO/BtoC 57.6 44 % +2%
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Development of the Group activities abroad
2003
France Spain
Italy
Argentina
Poland Maghreb - Others
59%88%
2006
30%
11% 5%3%
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France (excluding TJM et Mediaplazza)
Revenues = 150.3 M€ (+ 4%) Revenues adjusted from revenue sharing = 68.9 M€ (+7%) Operating Profit = 9.1 M€ (versus 5.8 M€ in 2005)
Very strong results in France (56% of total sales) with an operating result of 9.1 M€ up to 57%.
The level of the operating margin in France shows the strength of the business model and is the benchmark for the activities which are developed abroad.
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Activities abroad
Activities abroad represented 39% of the total revenue in 2006 (versus 33% in 2005).
They generate a positive operating result :• Spain : Sales are up 28%, but operating result is down to
4.9 M€ versus 6.9 M€ in 2005 due to investment for growth.• Italy : First improvements after the reorganization launched
in 2006. Operating result close to break-even in H2 2006.• Poland : Successful integration of the acquisition made in
may 2006. Operating result of 1.4 M€ (within 7 months).• Argentina and Maghreb : 1 M€ of revenues in each zone.
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TJM and Mediaplazza
Mediaplazza and TJM : A successful offering for the BtoC market In 2006, Mediaplazza has been restructured and refocused. Back
to break-even in the Q4 2006. For its year one, TJM has built a solid catalog of products and has
taken important market share. Operating result : - 3.8 M€. This is mainly an investment for the
future.
2007 : To become a major player in the BtoC market Merger Project between TJM and Mediaplazza. A new manager for these combined activities has been recruted. The new company will be renamed Mediaplazza and will be held
by Jet Multimedia at 80% (and at 20% by TF1).
Break even is targeted in Q1 2007.
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Operating profit by subsidiary
In euro millions
2006Sales Op.
profit
2005 Sales Op.
profit
France (ex TJM and Mediaplazza) 150.3 9.1 144.9 5.8
Spain 80.9 4.9 63.1 6.9
Italy 13.5 (0.3) 14.1 0.6
Argentina 1.1 0.0 - -
Poland (consolidated on 7 months)
7.7 1.4 - -
TJM (consolidated at 50%) 4.6 (2.0)
0.5 (0.1)
Mediaplazza (and its subsidiaries)
10.9 (1.8) 14.2 (1.1)
Maghreb 1.0 0.0 - -
Corporate - (0.9)
- (0.2)
Total Group 270.0 10.4 236.8 11.9
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Consolidated P&L
In euro millions 2006 2005 Change
Revenues 270.0 236.8 + 33.2
Revenues after revenue sharing 129.6 116.1 + 13.5
Operating result from activity 10.4 11.9 - 1.5
Operating Profit 7.2 11.2 - 4.0
Cost of financial debtOthers financial profits and charges
(1.1) 0.2
(0.3)
(0.3)
- 0.8+ 0.5
Pre-tax result 6.3 10.6 - 4.3
Taxes (2.9) (3.2) + 0.3
Net Profit 3.4 7.4 - 4.0
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Balance sheet
ASSETS In euro millions 2006 2005
Goodwill 76.6 64.2Non current assets 11.6 10.1Deferred taxes 8.9 9.6Current assets 72.3 74.7Cash as of equivalent 13.9 18.6
LIABILITIES Shareholders’ equity 99.1 93.9Debt on earnout 7.5 13.1Non current liabilities 0.6 0.5Others current liabilities 76.1 69.7
TOTAL 183.3 177.2
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Cash flow Statement
Cash at end 2005 (in euro millions) 18.6
Operating cash flow 12.5Change in WCR 9.7
Cash generated by activity 22.2
CAPEX - 5.7Dividend - 1.2Acquisition of Avantis - 8.7Earnout on Mediafusion - 11.1Others - 0.2
Cash at end 2006 13.9
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Dividend Policy
• Board of Directors will propose a dividend of 0.50€ per share to the shareholders, payable in cash or in shares.
• Neuf Cegetel has chosen to be paid in shares.
• The dividend is maintained to show the confidence of the Board and of the main shareholder in the implementation of the strategy followed by the management.
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A strong shareholder
Neuf Cegetel62%
Free float38%
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• Our activities
• 2006 results
• Strategy and forecasts Focus on profitability
2007 priorities
3 year targets
Conclusion
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The management of the group is focused on profitability
The structure of the Supervisory Board shows that the main shareholder is implicated in the strategy :
Eric Peyre, founder of Jet Multimedia President
Jacques Veyrat, CEO of Neuf Cegetel Vice President
Robert Louis-Dreyfus Vice Président
Franck Esser, CEO of SFR
Vis-a-vis Manuel Cruz, Chief Executive Officer, each Board Director will assume a specific mission :
Azim Mitha : Head of IT implementation abroad
Philippe Pelisson : In charge of the synergies with Neuf Cegetel
Laurent Radix : In charge of Purchasing
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2007 priorities
TJM / Mediaplazza : to establish a profitable leader in mobile content edition.
In France, to improve the profitability of the traditional activities.
Abroad, to develop Edition, Mobile Marketing and CRM in each country of Jet Multimedia’s network.
To extend its coverage in emerging countries especially around the Mediterranean area.
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To become a global leader in edition of mobile contents.
To benefit from the new opportunities on community services (web 2.0) and of the TV on mobile.
To leverage our leadership in the monetization and the access to contents by using Jet Multimedia’s expertise in interactivity.
To keep pace with changing environment by integrating IP into CRM solutions.
Objectives over 3 years
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Conclusion
Improve operating profitability.
Maintain a balanced mix between BtoC and BtoB activities.
Continue to grow through organic and external growth : Strengthen the group in the countries where it is already a leader, Extend its coverage in emerging countries.
Ready to make big acquisitions and to be a consolidator in the mobile services.
Target 2009 : Being 1 of the Top 5 players of a worldwide market
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To be able to finance its development by itself & to accelerate it
To establish key positions for the future
17 years of sustained growth
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