PagesJaunes Groupe: 7.3% Growth in Revenues and 25% Growth in Net Income in 2004.SEVRES Sè·vres n. A fine French porcelain, often elaborately decorated. [After Sèvres, a city of north-central France.] , France -- PagesJaunes Groupe
-- Pro forma(1) consolidated revenues up 7.3% against a target of
4-6%
-- EBITDA(2) of the PagesJaunes in France segment reaches EUR
424.3 million against a target of EUR 400 million
-- EBITDA(2) loss of the International & Subsidiaries segment cut
by two-thirds
-- Pro forma(1) net attributable income of EUR 228.2 million, up
25%
-- Proposed dividend of EUR 0.93 per share
Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma (1) consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues of PagesJaunes Groupe totaled EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 984.1 million in 2004, a rise of 7.3% compared to 2003. Pro forma(1) consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (2) rose 23.7% to EUR 413.4 million in 2004. The EBITDA(2) margin as a proportion of revenues increased by 5.6 points to 42% in 2004. This rise was due to revenue growth and the optimisation Noun 1. optimisation - the act of rendering optimal; "the simultaneous optimization of growth and profitability"; "in an optimization problem we seek values of the variables that lead to an optimal value of the function that is to be optimized"; "to promote the of editorial costs for printed directories (purchases of paper, printing and delivery of directories). The cost of services and products sold consequently decreased by 9.3%. Commercial expenses rose 3.0%, reflecting the acquisition of new advertising customers in France. Pro forma(1) operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. amounted to EUR 403.1 million in 2004, a rise of 25.3%. Pro forma(1) consolidated net attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk income totalled EUR 228.2 million in 2004, compared to EUR 182.6 million in 2003, a rise of 25%. In 2004, net attributable income included non-recurrent expenses of EUR 8.1 million in respect of the company's stock market flotation flotation or froth flotation Most widely used process for extracting many minerals from their ores. The method separates and concentrates ores by altering their surfaces so that they are either repelled or attracted by water. (fees, advertising and communication expenses). The meeting of the Board of Directors of PagesJaunes Groupe on February February: see month. 2, 2005 resolved to propose to the General Meeting of Shareholders, to be held on April 12, 2005, that a dividend be paid of EUR 0.93 per share. This represents the entire net income of PagesJaunes SA, the subsidiary carrying out the activities of PagesJaunes in France, in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the targets set by the Group. On the publication of the 2004 full-year results of PagesJaunes Groupe, Michel Michel named after Gaston Michel, a French surgeon (1875-1937). Michel clip metal skin sutures in various sizes from 8 to 16 mm long. Each clip is a 2 mm wide band of metal with a downturned sharp prong at each end. Datchary, Chief Executive Officer, said: "The management of PagesJaunes Groupe is delighted that the first set of full-year results since flotation show 25% growth in net income. This growth is the result of a particularly favourable combination of us having exceeded our sales targets and having optimised our operations. Group revenues rose 7.3%, against a target of 4-6%. The EBITDA of the PagesJaunes in France segment amounted to EUR 424.3 million, compared to a target of EUR 400 million. The EBITDA loss at QDQ Media was more than halved halve tr.v. halved, halv·ing, halves 1. To divide (something) into two equal portions or parts. 2. To lessen or reduce by half: halved the recipe to serve two. 3. to EUR 13 million." Michel Combes Combes may refer to:
"The good results achieved by PagesJaunes Groupe in 2004 enable us to propose a dividend of EUR 0.93 per share to our shareholders. PagesJaunes Groupe expects to maintain its course in 2005 and has set itself financial targets of consolidated revenue growth of 5-7% and consolidated EBITDA growth more than 10% excluding directory enquiries directory enquiries (US), directory assistance n (service) → (servicio de) información; (f) directory enquiries (US), directory assistance directory n service." PagesJaunes in France segment: 46.7% EBITDA margin(2) Revenues: almost 100,000 new advertisers The revenues of the PagesJaunes in France segment advanced 7.2% to EUR 908.4 million in 2004. The total number of PagesJaunes advertisers increased by 22,656, or 4%, to 583,836 in 2004 due to the acquisition of 98,365 new advertisers, up 20% compared to 2003, and an improvement in the advertiser ad·ver·tise v. ad·ver·tised, ad·ver·tis·ing, ad·ver·tis·es v.tr. 1. To make public announcement of, especially to proclaim the qualities or advantages of (a product or business) so as to increase retention rate, which rose from 85.5% in 2003 to 86.5% in 2004. This policy of new customer acquisition initiated by the Group made it possible to increase the Group's penetration The successful unauthorized breach of a security perimeter. See penetration test. rate(3) from 19% of the target market in 2003 to 20% in 2004. At the same time, the extensive efforts made to develop the portfolio of existing customers enabled PagesJaunes to increase the average revenue per advertiser The Average Revenue Per Advertiser is calculated by dividing the company advertising revenues by the total number of advertisers. by 4% to EUR 1,533. Printed directories: 4% rise in revenues Revenues from printed directories rose 4% to EUR 618.9 million in 2004. This growth was driven by the PagesJaunes directory, which achieved a 4.7% rise to EUR 505.2 million in 2004. L'Annuaire achieved growth of 1.0% to EUR 113.8 million. PagesJaunes has launched new advertising formats for its printed directories, featuring in particular a new pocket edition for Paris for people on the move. The number of advertisers in the printed directories rose 3.5% to 550,504 in 2004, and the average revenue per advertiser advanced 0.5% to EUR 1,124. Online services: 36 million visits to pagesjaunes.fr in December December: see month. 2004(4) Revenues from online services advanced 22.2% to EUR 254.5 million in 2004. This growth was mainly due to the increase in revenues from pagesjaunes.fr, which grew 55.1% over the period, and more than offsets the decline in revenues from Minitel An online service of France Telecom that is used to look up phone numbers, pay bills, purchase merchandise and chat. Starting in 1983, the text-based terminals were freely distributed. , which were down 8.2%. The number of advertisers on pagesjaunes.fr increased by 15.3% to 307,953 as at the end of December 2004. The average revenue per advertiser on pagesjaunes.fr increased by 34.8% to EUR 511 in 2004. The average number of monthly visits to pagesjaunes.fr rose from 21.3 million in 2003 to 31.9 million in 2004(4), representing an annual rise of 50%. The monthly reach rate of pagesjaunes.fr was 31.5% in December 2004, compared to 25.3% in December 2003(5). Pagesjaunes.fr was the eighth most-visited website in France in December 2004(5). EBITDA(2): 3.4 point rise in EBITDA margin The pro forma(1) EBITDA(2) of the PagesJaunes in France segment increased by 15.5% to EUR 424.3 million in 2004. The EBITDA(2) margin increased from 43.3% in 2003 to 46.7% in 2004. This particularly favourable growth stems from the 8.8% reduction in cost of services and products sold due to the optimisation of editorial costs and the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of the payment to Havas Havas is the second largest advertising group in France and is a "Global advertising and communications services group" and the sixth-largest global advertising and communications group worldwide, operating on the communications consulting market through three main operational of an annual fee of EUR 9.1 million with effect from 2004. Commercial expenses rose 8.4% due to an increase in the sales force and its immediate supervisory su·per·vi·sor n. 1. One who supervises. 2. One who is in charge of a particular department or unit, as in a governmental agency or school system. 3. One who is an elected administrative officer in certain U.S. personnel. In accordance with its commitments, PagesJaunes developed its commercial resources by recruiting more than 160 new sales staff, developing Prospects telesales telesales Noun the selling of a commodity or service by telephone telesales npl → televentas fpl telesales npl → and opening a new field Prospects sales channel in 2004. International & Subsidiaries segment: EBITDA(2) loss cut by two-thirds Revenues: 13.9% growth at QDQ Media Pro forma(1) revenues of the International & Subsidiaries segment amounted to EUR 75.7 million in 2004, a rise of 8.4% compared to 2003. Revenues of QDQ Media advanced 13.9% to EUR 36.5 million in 2004 due to growth in the average revenue per advertiser, which rose 27% to EUR 492. The number of advertisers was 74,311 in 2004, down 10% compared to 2003, due to rationalisation Noun 1. rationalisation - (psychiatry) a defense mechanism by which your true motivation is concealed by explaining your actions and feelings in a way that is not threatening rationalization of the customer portfolio. The growth in revenues resulted from innovations in printed directories (new format, new layout
Layout may refer to:
The revenues of the other subsidiaries, including Kompass France, Wanadoo Wanadoo is the former name of the ISP division of Orange SA, which is a subsidiary of France Télécom. It operated in France, the United Kingdom, the Netherlands, Spain, Tunisia, Algeria, Morocco, Senegal, Mauritius, Madagascar, Lebanon & Jordan. Data and Mappy For other uses, see Mappy (disambiguation). Mappy is a 1983 arcade game by Namco. In the U.S., it was manufactured and distributed by Bally/Midway. Mappy is a side-scrolling platformer that features cartoony characters, primarily cats and mice. , rose 3.8% in 2004 compared to 2003. EBITDA(2): significant reduction in losses at QDQ Media The International & Subsidiaries segment reduced its operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. . The pro forma(1) EBITDA(2) loss narrowed from EUR 33.0 million in 2003 to EUR 10.9 million in 2004. The substantial improvement in pro forma(1) EBITDA(2) is due to the rise in revenues, the reduction in bad debts and the positive effects of the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of QDQ Media initiated in 2003. The EBITDA(2) of QDQ Media stood at -EUR 13 million in 2004 compared to -EUR 34.5 million in the previous year, after write-offs of trade receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . Initial analysis of the impact of IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System standards in 2004 The main differences in accounting methods resulting from the new international IFRS standards which have been identified by PagesJaunes Groupe and are liable liable adj. responsible or obligated. Thus, a person or entity may be liable for damages due to negligence, liable to pay a debt, liable to perform an act for which he/she/it contracted to do, or liable to punishment for commission of a crime. to have a significant impact on its 2005 financial statements and comparative figures for 2004 essentially concern IFRS 2 on Share-based payment. This standard is expected to have an estimated impact of around EUR 20 million on the gross operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of PagesJaunes Groupe in 2004, having regard to the fact that the company is still analysing the implementation of the IFRS 2 standard and the recent press release from the Conseil Conseil taxonomically talented servant of Prof. Aronnax. [Fr. Lit.: Twenty Thousand Leagues Under the Sea] See : Pedantry National de la Comptabilite of December 21, 2004 concerning company savings schemes. However, this standard is not expected to have an impact on the shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of PagesJaunes Groupe at the beginning and end of the year. Furthermore, the presentation of the income statement in accordance with IAS See iPlanet Application Server. 1. (computer) IAS - The first modern computer. It had main registers, processing circuits, information paths within the central processing unit, and used Von Neumann's fetch-execute cycle. 1 on the presentation of financial statements is expected to result in employee profit-sharing profit-sharing Noun a system in which a portion of the net profit of a business is shared among its employees profit-sharing n → participación f de empleados en los beneficios (EUR 29.9 million in 2004) and other non-operating expenses (EUR 9.6 million in 2004) being reclassified under gross operating profit. It should also be noted that the goodwill will no longer be amortised, but will still be subject to impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. tests. The adoption of the IFRS accounting framework is not expected to have any impact on the operating performance of the business segments, nor on the cash flow generated by PagesJaunes Groupe. The IFRS standards will have no impact on the distributive dis·trib·u·tive adj. 1. a. Of, relating to, or involving distribution. b. Serving to distribute. 2. capacity and strategy of PagesJaunes Groupe. To support this qualitative qualitative /qual·i·ta·tive/ (kwahl´i-ta?tiv) pertaining to quality. Cf. quantitative. qualitative pertaining to observations of a categorical nature, e.g. breed, sex. information, PagesJaunes Groupe plans to publish preliminary 2004 results compliant
period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" Apr, April - the month following March and preceding May 2005. Outlook Acquisition of Telecontact (Morocco Morocco, country, Africa Morocco (mərŏk`ō), officially Kingdom of Morocco, kingdom (2005 est. pop. 32,726,000), 171,834 sq mi (445,050 sq km), NW Africa. ) In line with the Group's intentions as stated at the time of its flotation, PagesJaunes Groupe is preparing to acquire the company Telecontact from France Telecom. Telecontact is the leading directory publisher in Morocco and generated revenues of EUR 4.0 million(6) and EBITDA(2) of EUR 0.9 million(6) in 2004. Directory enquiries service PagesJaunes Groupe plans to take part in the liberalisation n. 1. Same as liberalization. Noun 1. liberalisation - the act of making less strict liberalization, relaxation alleviation, easement, easing, relief - the act of reducing something unpleasant (as pain or annoyance); "he asked the nurse of the French Directory enquiries market, although this market is not expected to be opened up until the fourth quarter of 2005. Financial targets PagesJaunes Groupe has set itself the following financial targets: --Consolidated revenue growth of 5-7% in 2005, --Consolidated EBITDA(2) growth more than 10% excluding directory enquiries service in 2005, --Reaffirmed target of EBITDA(2) at breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations at QDQ Media by the end of 2006, --Maintained target of distributing entire net income from the Group's operating activities in respect of full-year 2005. It should be noted that the dividend distribution target in no way constitutes a commitment on the part of PagesJaunes Groupe. Future dividends will depend on the Group's results, its financial situation and any other factor which the Board of Directors and the shareholders of PagesJaunes Groupe deem relevant. About PagesJaunes Groupe PagesJaunes Groupe, a subsidiary of France Telecom, is France's leading publisher of printed directories (the PagesJaunes directory and L'Annuaire) and online directories (pagesjaunes.fr, PagesJaunes 3611) for the general public, handling their distribution and the sale of advertising space. The businesses of PagesJaunes Groupe also include website creation and hosting, the publication of the PagesPro BtoB BtoB Business to Business directories, the publication of the QuiDonc reverse directory and the advertising representation in France for the Europages European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. BtoB directory. PagesJaunes Groupe also publishes directories for the general public outside France -- in Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. , Lebanon Lebanon, country, Asia Lebanon (lĕb`ənən, –nŏn'), officially Republic of Lebanon, republic (2005 est. pop. 3,826,000), 4,015 sq mi (10,400 sq km), SW Asia. and Luxembourg Luxembourg, province, Belgium Luxembourg, Du. Luxemburg, province (1991 pop. 232,813), 1,706 sq mi (4,419 sq km), SE Belgium, in the Ardennes, bordering on the Grand Duchy of Luxembourg in the east and on France in the south. -- and the Kompass directories (company databases) in France, Spain, Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. and Luxembourg. It also provides complementary services such as the geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. services of Mappy and, in the field of direct marketing, the sale of data files and the processing of marketing databases by Wanadoo Data. With more than 580,000 advertisers in 2004, PagesJaunes Groupe is the second largest advertising representation in France. Information on PagesJaunes Groupe is available at: http://www.pagesjaunesgroupe.com. Notes (1) Pro forma: the pro forma consolidated figures reflect the consolidation of QDQ Media and Mappy with effect from the date on which they joined the France Telecom Group. The pro forma figures also reflect the transaction prices in respect of QDQ Media and Mappy, which have been charged to the company's cash position in an amount of EUR 117 million. (2) EBITDA: earnings before interest, tax, depreciation and amortisation Noun 1. amortisation - the reduction of the value of an asset by prorating its cost over a period of years amortization reduction, step-down, diminution, decrease - the act of decreasing or reducing something 2. . (3) Penetration rate: the number of PagesJaunes advertisers as a proportion of the total number of businesses making up the company's target market in France (on the basis of data supplied by INSEE INSEE Institut National de la Statistique et des Études Économiques and the Agence des PME PME Petites et Moyennes Entreprises PME Professional Military Education PME Pequenas e Médias Empresas (Portugal) PME Petite et Moyenne Entreprise PME Psychology of Mathematics Education PME Pi Mu Epsilon - 2001). (4) Source: Mediametrie / eStat - December 2004. (5) Source: Nielsen Noun 1. Nielsen - Danish composer (1865-1931) Carl August Nielsen, Carl Nielsen Netratings "Home & Work", December 2004 - Monthly reach rate: number of Internet users Internet user n → internauta m/f Internet user Internet n → internaute m/f visiting the site at least once in the month in question as a proportion of the actual number of active Internet users during this period. (6) Provisional Temporary; not permanent. Tentative, contingent, preliminary. A provisional civil service appointment is a temporary position that fills a vacancy until a test can be properly administered and statutory requirements can be fulfilled to make a permanent appointment. unaudited figures. (7) Revenues on a comparable publication basis for the printed directories between the fourth quarter of 2004 and the fourth quarter of 2003. The directories for Yvelines Yvelines (ēvlēn`), department (1990 pop. 1,320,000), N central France, W of Paris. Versailles is the capital. and Maine Maine, ship Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. et Loire Loire, department, France Loire, department (1990 pop. 747,100), E central France, in part of Beaujolais and Lyonnais. Saint-Étienne is the capital. Loire, river, France Loire, longest river of France, c. , which were published in October October: see month. 2003 (fourth quarter of 2003), were published in September September: see month. 2004 (third quarter of 2004). The directories for Indre Indre (ăN`drə), department (1990 pop. 237,300), central France, in parts of Berry, Orléanais, Marche, Touraine, and Poitou. Châteauroux is the capital. and Seine Seine (sān, Fr. sĕn), Lat. Sequana, river, c.480 mi (770 km) long, rising in the Langres Plateau and flowing generally NW through N France. et Marne Marne, department, France Marne (märn), department (1990 pop. 559,600), NE France, in Champagne. Châlons-en-Champagne is the capital. Marne, river, France Marne, river, c. , which were published in September 2003 (third quarter of 2003), were published in October 2004 (fourth quarter of 2004).
Appendices:
Table 1: Main indicators of business activity in France
2001 2002 2003 2004
------ ------ ------ ------
Total number of advertisers
(in thousands) (a) 548.2 560.5 561.2 583.8
----------------------------------------- ------ ------ ------ ------
of which number of new advertisers
(in thousands) (b) 86.4 89.1 82.1 98.4
Advertisers in printed directories
(in thousands) 520.6 531.3 532.0 550.5
Advertisers in online services
(in thousands) 383.9 391.8 401.6 420.9
of which advertisers on pagesjaunes.fr at
end December 203.6 231.8 267.2 308.0
(and as percentage of total number
of advertisers) 37.1% 41.4% 47.6% 52.7%
----------------------------------------- ------ ------ ------ ------
Average revenue per advertiser
(in euros) (c) 1,342 1,384 1,477 1,533
----------------------------------------- ------ ------ ------ ------
Average revenue per advertiser in printed
directories (in euros) (d) 1,044 1,063 1,118 1,124
Average revenue per advertiser on
pagesjaunes.fr (in euros) (e) 251 297 380 511
(a) The number of advertisers includes all the advertisers during
the year in question, including those purchasing advertising space in
a PagesJaunes medium through an advertising agency. This number
differs from that published by Wanadoo, which counts as a single
advertiser all businesses placing advertising through an agency.
(b) Number of advertisers during the year who were not advertisers
in the previous year.
(c) The average revenue per advertiser results from the division
of the Company's revenues excluding QuiDonc and the sale of online
access to databases ("advertising revenues") by the total number of
advertisers.
(d) The average revenue per advertiser in the printed directories
results from the division of the Company's revenues from printed
directories by the total number of advertisers in the printed
directories.
(e) The average revenue per advertiser on pagesjaunes.fr results
from the division of the revenues from pagesjaunes.fr by the average
number of advertisers on pagesjaunes.fr during the year in question
(arithmetic average of the number of advertisers present at December
31 of the year in question and of the number of advertisers present at
December 31 of the previous year).
Table 2: Pro forma consolidated statement of income
--------------------------------
Periods ending 31 December
--------------------------------
PagesJaunes Groupe 2004 2003 Change
2004/2003
--------------------------------
In millions of euros
----------------------------------------------------------------------
Revenues 984.1 917.3 7.3%
----------------------------------------------------------------------
Cost of services and products sold (213.1) (234.9) -9.3%
Commercial expenses (301.1) (292.4) 3.0%
Administrative expenses (55.3) (54.0) 2.4%
Research and development expenses (1.1) (1.7) -37.6%
----------------------------------------------------------------------
EBITDA (earnings before interest,
tax, depreciation and amortisation) 413.4 334.2 23.7%
----------------------------------------------------------------------
as % of revenues 42.0% 36.4%
Depreciation and amortisation
(excluding goodwill) (10.3) (12.6) -18.1%
----------------------------------------------------------------------
Operating income 403.1 321.7 25.3%
----------------------------------------------------------------------
as % of revenues 41.0% 35.1%
Financial income (expenses), net 18.5 19.1 -3.3%
Other non-operating income
(expenses), net (9.6) (3.1) N/A
Corporate income tax (148.8) (123.4) 20.5%
Employee profit-sharing (29.9) (26.9) 11.4%
Share in net income of companies
accounted for using the
equity method 0.8 1.2 N/A
Goodwill amortisation (5.9) (5.9) 0.0%
Minority interests - - -
----------------------------------------------------------------------
Consolidated net
attributable income 228.2 182.6 25.0%
----------------------------------------------------------------------
Table 3: Results of the PagesJaunes in France segment
--------------------------------
Periods ending 31 December
--------------------------------
(Pro forma figures) 2004 2003 Change
2004/2003
--------------------------------
In millions of euros
Printed directories 618.9 595.0 4.0%
----------------------------------------------------------------------
The PagesJaunes directory 505.2 482.4 4.7%
L'Annuaire 113.8 112.6 1.0%
Online services 254.5 208.2 22.2%
----------------------------------------------------------------------
Internet 147.0 94.8 55.1%
Minitel 85.0 92.5 -8.2%
Websites 22.6 20.9 7.7%
Other businesses 34.9 44.3 -21.2%
----------------------------------------------------------------------
QuiDonc 7.3 8.1 -10.4%
Others (a) 27.6 36.2 -23.6%
(a) including PagesPro, sale of online
access to databases, Europages
----------------------------------------------------------------------
Revenues 908.4 847.5 7.2%
----------------------------------------------------------------------
Cost of services and products sold (188.8) (207.1) -8.8%
Commercial expenses (253.5) (233.8) 8.4%
Administrative expenses (40.6) (37.6) 8.0%
Research and development expenses (1.1) (1.7) -37.6%
EBITDA (earnings before interest,
tax, depreciation and amortisation) 424.3 367.2 15.5%
----------------------------------------------------------------------
as % of revenues 46.7% 43.3%
Depreciation and amortisation
(excluding goodwill) (6.7) (8.4) -20.5%
Operating income 417.6 358.8 16.4%
----------------------------------------------------------------------
as % of revenues 46.0% 42.3%
Table 4: Results of the International & Subsidiaries segment
--------------------------------
Periods ending 31 December
--------------------------------
(Pro forma figures) 2004 2003 Change
2004/2003
--------------------------------
In millions of euros
QDQ Media 36.5 32.0 13.9%
----------------------------------------------------------------------
Other subsidiaries 39.3 37.8 3.8%
----------------------------------------------------------------------
Kompass France 24.7 24.2 2.1%
Wanadoo Data 11.5 11.0 4.9%
Mappy (formerly Wanadoo Maps) 3.0 2.6 14.8%
----------------------------------------------------------------------
Revenues 75.7 69.8 8.4%
----------------------------------------------------------------------
Cost of services and products sold (24.3) (27.8) -12.6%
Commercial expenses (47.6) (58.5) -18.8%
Administrative expenses (14.7) (16.4) -10.4%
Research and development expenses - - -
----------------------------------------------------------------------
EBITDA (earnings before interest,
tax, depreciation and amortisation) (10.9) (33.0) -67.0%
----------------------------------------------------------------------
as % of revenues -14.3% -47.2%
Depreciation and amortisation
(excluding goodwill) (3.6) (4.2) -13.1%
----------------------------------------------------------------------
Operating income (14.5) (37.1) -61.0%
----------------------------------------------------------------------
as % of revenues -19.1% -53.2%
Table 5: Pro forma consolidated cash flow statement
Periods ending
31 December
-----------------
2004 2003
------- -------
In millions of euros
---------------------------------------------------------------------
Net cash flow from operations 358.3 252.3
---------------------------------------------------------------------
---------------------------------------------------------------------
Net cash used in investing activities (12.6) (21.9)
---------------------------------------------------------------------
---------------------------------------------------------------------
Net cash used in financing activities (179.0) (267.1)
---------------------------------------------------------------------
Net increase (decrease) in cash and cash
equivalents 166.7 (36.7)
Effect of changes in exchange rates on cash and
cash equivalents - (0.3)
---------------------------------------------------------------------
Cash and cash equivalents - beginning of period 461.1 498.1
---------------------------------------------------------------------
Cash and cash equivalents - end of period 627.8 461.1
=====================================================================
Table 6: Pro forma consolidated net cash position
-------------------------
(In millions of euros) 31/12/2004 31/12/2003
-------------------------
Marketable securities 0.3 11.6
Cash and cash equivalents 627.8 461.1
---------------------------------------------------------------------
Total marketable securities and cash and
cash equivalents 628.0 472.7
---------------------------------------------------------------------
Shareholder advances 3.3 3.3
Leasing liabilities - -
Other financial debt 11.3 12.9
---------------------------------------------------------------------
Gross financial debt 14.6 16.2
---------------------------------------------------------------------
Due in less than one year 14.6 16.2
Due in more than one year - -
---------------------------------------------------------------------
Net cash position 613.5 456.5
=====================================================================
Table 7: Consolidated balance sheet
-----------
(In millions of euros) 31/12/2004
-----------
ASSETS
Net goodwill 73.3
Other net intangible fixed assets 2.1
Net tangible fixed assets 23.1
Investments accounted for using the equity method 15.5
Net investment securities 2.3
Other net long-term assets 1.5
Net long-term deferred tax 9.0
---------------------------------------------------------------------
Total fixed assets 126.8
---------------------------------------------------------------------
Inventories 12.4
Trade accounts receivable net of provisions 430.8
Net short-term deferred tax 17.1
Prepaid expenses and other current assets 84.9
Marketable securities 0.3
Cash and cash equivalents 644.1
---------------------------------------------------------------------
Total current assets 1,189.6
---------------------------------------------------------------------
TOTAL ASSETS 1,316.4
=====================================================================
=====================================================================
(In millions of euros) 31/12/2004
LIABILITIES
---------------------------------------------------------------------
Shareholders' equity 383.4
---------------------------------------------------------------------
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Minority interests 0
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Long- and medium-term financial debt 0
Other long-term liabilities 30.4
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Total long-term liabilities 30.4
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Part of long- and medium-term financial debt due
within one year 3.8
Bank overdrafts and other short-term borrowing 10.7
Trade accounts payable 107.0
Accrued expenses and other short-term provisions 241.5
Other liabilities 4.1
Deferred income 535.4
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Total short-term liabilities 902.6
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TOTAL LIABILITIES 1 316.4
=====================================================================
Table 8: Pro forma revenues for the fourth quarter of 2004
---------------------------------
Period from 1/10 to 31/12
---------------------------------
(in millions of euros) 2004 2003 Change
2004/2003
---------------------------------
Revenues of PagesJaunes in France 246.3 229.8 7.2%
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On comparable publication basis (7) 246.3 223.2 10.3%
Printed directories 167.2 165.6 0.9%
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On comparable publication basis (7) 167.2 159.0 5.2%
The PagesJaunes directory 137.3 135.4 1.4%
L'Annuaire 29.8 30.2 -1.2%
Online services 66.5 53.6 24.1%
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Internet 40.5 26.1 55.0%
Minitel 20.6 22.2 -7.1%
Websites 5.4 5.2 2.2%
Other businesses 12.6 10.7 18.0%
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QuiDonc 1.7 2.0 -12.5%
Others, including PagesPro, sale
of online access, Europages 10.9 8.7 24.9%
---------------------------------
Period from 1/10 to 31/12
---------------------------------
(in millions of euros) 2004 2003 Change
2004/2003
---------------------------------
Revenues of International &
Subsidiaries 22.7 21.0 7.7%
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On comparable publication basis (7) 22.7 21.0 7.7%
QDQ Media 11.4 10.8 6.0%
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On comparable publication basis (7) 11.4 10.8 6.0%
Other subsidiaries 11.3 10.3 9.5%
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Kompass France 6.5 6.3 2.4%
Wanadoo Data 3.8 3.2 17.4%
Mappy (formerly Wanadoo Maps) 1.0 0.8 35.4%
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Consolidated revenues 268.9 250.9 7.2%
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On comparable publication basis 268.9 244.2 10.1%
This document contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Although PagesJaunes Groupe believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: the effect of competition; PagesJaunes usage level; the success of the investments of the PagesJaunes Group in France and abroad. A description of the risks borne by the PagesJaunes Group appears in section 4.9 "Analyse an·a·lyse v. Chiefly British Variant of analyze. analyse or US -lyze Verb [-lysing, -lysed] or -lyzing, des risques du Groupe" of the "Document de Base" of PagesJaunes S.A. filed with the French financial markets authority (AMF AMF ACE (Allied Command, Europe) Mobile Force AMF Autorité des Marchés Financiers (French) AMF Action Message Format AMF Arab Monetary Fund AMF Asian Monetary Fund AMF Autocrine Motility Factor ) under the number I. 04-104 on 3 June June: see month. 2004. A description of the objectives of the PagesJaunes Group appears in chapter VII of the "Document de Base". The forward-looking statements contained in this document apply only from the date of this document, and PagesJaunes Groupe does not undertake to update any of these statements to take account of events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or arising after the date of the said document or to take account of the occurrence of unexpected events. Unless stated otherwise, all the accounting data are presented on a non audited pro forma consolidated basis (including PagesJaunes S.A., Kompass France, QDQ Media, Mappy S.A., Wanadoo Data and Eurodirectory S.A.); QDQ Media and Mappy S.A. are consolidated with effect from their date of entry in the France Telecom consolidated group and the pro forma financial data reflect the cash acquisition prices of these entities. |
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