Annual Report 2009

Transcription

Annual Report 2009

Annual report | 1
Annual report | 3
TABLE OF
CONTENTS
6
8
10
12
14
Key figures
Emakina, a force for change
Interactive market trends from now to 2014
History and vision
Highlights of the year
• Design is Dead honoured at the American
WeAwards
• groupeReflect launches the attention
barometer
• Suntzu becomes Emakina.NL
15 ......
• Emakina.BE is a winner at the Usability Awards
• Emakina wins a major framework contract
with the European Commission
• Commerical agreement between Emakina
Group and Pixelpark
• The Reference picks up an award for the
Bekaert site
16
17
• The Reference strenghtens its ties with the
KBC
Positioning: Building Brand Experiences
Our three core businesses
22 The Emakina Group
23 ...... • Emakina.BE (Brussels)
24 ...... • Emakina.EU (Brussels
25 ...... • Design is Dead (Antwerp)
26 ...... • The Reference (Ghent)
27 ...... • Emakina.NL (Rotterdam)
28 ...... • groupeReflect (Paris and Limoges)
29 Cases
30 ...... • Nescafé – brand site
31 ...... • Unilever - Yunomi
32 ......
33 ......
34 ......
35 ......
• Website construction
• Interlease – B2B site
• Mentos Aqua Kiss – brand site
• ING – Lion Deposit campaign
• Krys – intercative and relational marketing
campaign
• Panasonic – TheDigitalPlace platform
• Haute-Bretagne – tourism platform
• Swift – community platform
• Gouvernement flamand – Bibliotheek.be
portal
• Bekaert – company website
• Interactive communication
• Web application development
18 Centers of expertise
19 ...... • Emakina/Think
• Emakina/aprilFirst
20 ......
• Emakina/Operations
• Emakina/Media
• Emakina/Direct
21 ......
36 Corporate governance management control
37 ...... • Articles of Association and Shareholdership of
38 ......
39 ......
42 ......
the Emakina Group
• Structure of the Emakina Group
• Corporate governance charter
• Board of Directors
• Board of Directors’ committees
• Emakina/Perform
- General
• Emakina/Live!
- Audit Committee
• Emakina/Social
- Appointment and Remuneration
Committee
• Emakina/Motion
• Emakina/Mobile
43 ......
• Executive committee
- General
- Chief Executive Officer (CEO) and
Chairman
- Composition of the Executive Committee
56 ......
• Consolidated Accounts at 31 December 2009
• Remuneration of the Directors and of the
executive Committee
- Consolidation Scopen
- Consolidation Method
- Non-Executive Directors
4 4 ......
- Consolidated Balance Sheet prepared in
accordance with Belgian accounting
standards (Belgian GAAP) after
appropriation*
- Executive Directors
• Shares held by Non-Executive Directors and
Executive Committee Members
- Consolidated Income Statement prepared
in accordance with Belgian accounting
appropriation*
- Shares held by Non-Executive Directors
46 ......
47 ......
- Shares Held by Executive Committee
Members
• Statutory Auditor
- Cash Flow Statement (EUR)
• Conflicts of Interest of the Directors and
Executive Committee Members and operations
with Affiliated Companies
- Notes on the consolidated annual
accounts
• Relations with Affiliated Companies
• Relations with Significant Shareholders
72 ......
- Summary of consolidated valuation rules
• Annual statutory financial statements of
Emakina Group SA
• Compliance with Legislation on Insider Dealing
and Market Manipulation (Market Abuse)
- Statutory Balance sheet prepared in
appropriation
48 Financial information
49 ...... • Management report
- Statutory Income Statement prepared in
appropriation
- Highlights of the Year and Developments
in Emakina Group’s Business
- Comments on the Consolidated Accounts
of Emakina Group
75 ......
• Auditor’s reports
- Statutory auditor’s report to the general
meeting of shareholders of Emakina
Group SA on the consolidated financial
statements for the year ended
31 december 2009
- Comments on the (Statutory) Annual
Accounts of Emakina Group
- Analysis of Risks
- Prospects for 2010
- Statutory auditor’s report to the general
meeting of shareholders of Emakina
Group SA on the statutory financial
statements for the year ended
31 december 2009
- Conflicts of Interest Between the
Directors and the Company
- Expertise and independence of the
President of the audit committee
- Legal Information Concerning the
Transposition of the OPA Directive
- Capital Increase Under Authorised Capital
(Art. 608, Belgian Companies Code)
76
77
- Proposed Appropriation of Profits
- Discharge Granted to the Directors
and the Auditor
Investor relations
• Share price fluctuation in 2009
- Research and Development
- Branches of the Company
Directors’ statement
78
80
• Financial Calendar
Glossary
Awards
Key figures
CONSOLIDATED RESULTS (EUR) *
31/12/2009
31/12/2008
31/12/2007
TOTAL REVENUES
31.782.957
31.484.834
17.371.543
TOTAL OPERATING COSTS (BEFORE DEPRECIATION AND
AMORTIZATION)
-29.454.548
-28.797.972
-15.794.940
2.328.409
2.686.862
1.576.603
-802.255
-636.033
-414.030
1.526.154
2.050.829
1.162.573
-362.910
-305.193
-32.974
1.163.244
1.745.636
1.129.599
AMORTIZATION ON GOODWILL**
-937.527
-891.000
-470.556
CURRENT PROFIT
225.717
854.636
659.043
NET EXTRAORDINARY RESULT
-194.085
45.918
-130.114
31.632
900.554
528.929
-457
281.917
494.565
-412.075
-792.196
-381.564
OPERATING PROFIT (BEFORE DEPRECIATION AND
AMORTIZATION) = EBITDA
DEPRECIATION AND AMORTIZATION
OPERATING PROFIT (EBIT)
NET FINANCIAL RESULT
CURRENT PRE-TAX PROFIT BEFORE AMORTIZATION ON
GOODWILL
PRE-TAX PROFIT
DEFERRED TAXES
CURRENT INCOME TAX
SHARE IN RESULTS OF EQUITY-METHOD ENTITIES (PROFIT)
51.490
NET PROFIT BEFORE AMORTIZATION ON GOODWILL
608.117
1.281.275
1.112.486
NET PROFIT
-329.410
390.275
641.930
296.460
364.401
156.327
-625.870
25.874
485.603
31/12/2009
31/12/2008
31/12/2007
6.942.276
7.423.437
7.864.347
CURRENT ASSETS
15.809.082
15.042.223
11.474.352
TOTAL ASSETS
22.751.358
22.465.660
19.338.699
9.238.205
9.729.505
9.382.179
406.833
493.893
347.079
12.274.318
11.131.261
8.680.741
7%
13%
12%
A. SHARE OF THIRD PARTIES
B. GROUP SHARE
CONSOLIDATED BALANCE SHEET (EUR) *
NON CURRENT ASSETS
EQUITY
MINORITY INTERESTS
CURRENT DEBTS
NET PROFIT BEFORE AMORTIZATION ON GOODWILL / EQUITY
(RETURN ON EQUITY)
6 | Annual report
31/12/2009
31/12/2008
31/12/2007
SHARE PRICE (in EUR)
9,5
7,75
11,50
NUMBER OF SHARES
3.496.708
3.459.533
3.435.409
33.218.726
26.811.380
39.507.203
SHARE DATA
MARKET CAPITALISATION (in EUR)
165.630
112.200
55.130
CURRENT PRE-TAX PROFIT / SHARE (in EUR)
0,0646
0,2470
0,1918
GROUP SHARE / SHARE (in EUR)
-0,1790
0,0075
0,1414
NET PROFIT / SHARE (in EUR)
-0,0942
0,1128
0,1869
NET PROFIT BEFORE AMORTIZATION ON GOODWILL / SHARE
(in EUR) **
0,1739
0,3704
0,3238
NUMBER OF SHARE OPTIONS
* Established according to Belgian GAAP
** Contrary to IFRS GAAP, Belgian GAAP impose amortization charges that impact significantly the net consolidated result of the Company.
SALES FLUCTUATION (EUR)
EBITDA FLUCTUATION (EUR)
AVERAGE STAFF FLUCTUATION (EUR)
Annual report | 7
The financial crisis has wrought big
changes and totally transformed
behaviour patterns. This is particularly
true in the world of media and
advertising, which was hit hard in 2009.
STRATEGIES
SERVICES
OFFERS
EXPERIENCES
TRUST
consumers
COMMUNICATION
CHANNELS
8 | Annual report
ch
D
EMAKINA
hange
a force for
BRANDS
DIGITAL B
WORLD
NEW
MEDIA
usiness models are increasingly
and continuously being impacted
by changes in technology and in
consumption patterns.
Be it in the field of music, newspapers, books, classified ads or banking,
businesses must evolve to survive. The
digital world is omnipresent, a fact that
now determines corporate strategies.
Rather than simply go with the flow,
many companies are anticipating change
and seizing the opportunities offered by
this new paradigm.
Emakina is on its way
Brands are now making
direct contact with consumto becoming the top
ers. They are attentive
European company by to their needs, and the
improving its range of
emphasis is on interactive
services while ensuring communication. They
analyse their reputaprofitability
tion through social
networks and create their own media
with personalised and high value-added
content.
A case in point is the Yunomi platform
(yunomi.be and yunomi.nl), which was
developed in partnership with Unilever.
This platform helps women manage
their professional and family time and
has created a community that allows
women to exchange experiences and find
solutions to everyday problems.
E-commerce now has a prominent place
in various sectors, including travel, leisure,
advertising and the automotive industry,
and this trend has been intensified by
mobile solutions that facilitate access to
applications.
Emakina is a major contributor towards
this paradigm shift. By building brand
experiences that exploit to the full all the
new communication channels, we help
our clients make the most of change.
We deploy a whole range of specialised
services that enable our clients to reach
their financial targets. From strategy to
implementation, from idea to result,
Emakina is committed to long-term
partnerships with its clients.
Thanks to a commercial partnership with
the German market leader Pixelpark,
Emakina is on its way to becoming the
top European company in its field. At the
same time, we are constantly improving our range of services while ensuring
profitability, which is the key to success
and growth.
We would like to thank all our clients,
shareholders and collaborators who
have put their trust in us to deliver these
projects. We are doing our utmost
to guarantee the long-term sustainability and development of Emakina
while remaining true to the values that
underpin our corporate culture.
Denis Steisel, CEO
Annual report | 9
Introduction
Forrester Research conducted a
prospective study* on the trends
in new media for the coming
five years. The outcome is a
report that is full of insight into
the ways in which
digital technology
will continue to
transform our
economy.
Interactive
market trends
from now to 2014
A rapidly growing market
In 2014, interactive marketing will be worth
around 55 billion dollars and will account
for 21% of all expenditure on marketing.
The main reason for this strong growth
is the migration of advertising budgets
to new channels such as search engines,
e-mail applications, social media and mobile
phones. This cannibalisation of traditional
media will not only create a new relationship between brands and consumers, but it
will also mean the demise of agencies that
have not implemented the changes made
necessary by interactive media.
Activities supported by the interactive
agency (see page 17)
Search engine marketing
heads the field
Search engines such as Google, Yahoo!
and Bing are now receiving much more
attention from marketers. In fact, these
companies currently account for no less
than 59% of the interactive market.
Forrester predicts that this growth will
continue in the years ahead and will
keep on increasing by 15% a year until
2014. Alongside this expansion, increasingly sophisticated tools will be coming
on-stream that allow users to manage
advertising programs in search mode.
Furthermore, the increased use of search
engines (on your mobile phone, from your
desktop, etc.) will not only create more
opportunities for advertisers, but it will also
lead to the emergence of new search tools
in untapped niche markets.
Emakina’s Centre of Expertise dedicated to
10 | Annual report
search engine marketing: Emakina/Perform
(see page 20)
Display advertising is back
in vogue
Display advertising (i.e. the display of
advertisements in graphic form, such as
banners) was hard hit by the crisis, but is
now getting ready for a big comeback. In
fact, its growth rate is likely to be around
17% a year until 2014.
This renaissance is partly due to the fact
that a growing number of advertisers are
using display advertising according to a
model based on performance (i.e. the cost
per click, whereby each click on a format
is charged to the advertiser) that offers an
almost immediate return on investment.
Forrester does not expect a reversal of
this trend as the market emerges from
the recession. And this trend goes hand in
hand with the development of measurement tools that can accurately gauge the
impact of a given campaign, from initial
contact with the consumer to the actual
purchase.
Emakina’s Centre of Expertise dedicated
to display advertising: Emakina/Media (see
page 20)
E-mail marketing - still on
course
Despite the emergence of new communication tools that are constantly changing
the interactive environment, e-mail is still
the medium preferred by many marketers. In fact, marketers have gone in for
this means of interacting with their target
group in a big way and have integrated it
with other online marketing channels.
From this point of view, Forrester predicts
that in the future social networks will lead
to an increase in the use of e-mail. When
people belong to more than one social
network (Facebook, LinkedIn, etc.), they
inevitably have several mailboxes, which
marketers can then use to reach consumers wherever they may be. In turn, this
increase in the volume of e-mail messages
has an impact on the cost of e-mail
marketing, which is likely to fall even
further in relation to current levels.
to search engine marketing:
Emakina/Direct (see page 20)
Social media account for a
considerable proportion of
advertising budgets
Social networking sites (Facebook,
Twitter, the Blogosphere, etc.) are the
latest thing, but companies still find it
difficult to ascertain their real value or to
measure their actual impact. According to
Forrester, marketers are likely to become
more experienced with managing these
channels, and this means that they will
purchase fewer traditional spaces on social
networks and instead focus on more
diversified and more efficient campaigns.
Moreover, the applications themselves will
continue to evolve and will therefore offer
new forms of interaction with Internet
users.
to search engine marketing:
Emakina/Social (see page 21)
Mobile applications take off
Finally, according to Forrester, in the next
five years mobile phones will take on
increasing importance as a channel for
advertisers. This new niche market, which is
likely to grow by around 27% a year, will be
encouraged not only by the appearance of
new more advanced terminals (the iPhone,
the iPad, etc.), but also by the anticipated
increased use of mobile phones. Forrester
also predicts greater standardisation of
the market and the emergence of mobile
applications specifically dedicated to the
world of a brand.
Emakina’s Centre of Expertise dedicated to
search engine marketing: Emakina/Mobile
(see page 21)
we anticipate that this trend will further
accelerate as the generation of digital
natives enters the world of business and
brings with it new ways to assimilate,
communicate and produce knowledge.
These practices will be radically changed
by the Internet and will force professionals
to adopt new approaches to their internal
applications (intranet, office tools, etc.) and
their external applications (web interfaces,
mobile phones, etc.)
Web Application Development (see page
17)
Source: US Interactive Marketing Forecast,
2009 to 2014, Forrester, 6 July 2009
The Internet in figures:
meteoric growth
The monitoring company Pingdom has
compiled many sources of information
and produced a comprehensive
picture of the Internet at a global level.
The figures that appear in this study
demonstrate the strategic importance
and the irresistible rise of the World
Wide Web. Furthermore, these figures
show that this revolution is driven by
the users themselves. In fact, more
than ever before, Internet users are
eager to communicate, disseminate
information and make purchases
online.
The ubiquitous web
More generally, the World Wide Web
has become an essential channel for all
companies (see the box ‘The Internet in
figures’). After all, is there any company,
even a small one, that does not have its
own website? Also, large companies often
have to update their sites not only to keep
in step with technological developments,
but also to respond to the changing
expectations of their clients. In the light of
all these changes, companies constantly
have to improve their natural links with
search engines, implement new tools to
publish multimedia content, introduce new
functionalities connected with Web 2.0,
etc. Against this background, we might
consider the example of the ‘MySite’
platform that was created by Emakina
for Truvo, the company that publishes
Les Pages d’Or (the Golden Pages phone
directory). This allows any SME or very
small enterprise to be present on the
Internet within a few clicks - further proof
that the Internet creates new opportunities
in all strata of the economy.
E-mail
90 trillion number of e-mails sent in 2009.
247 billion number of e-mail messages sent each day in 2009.
1,4 billion number of e-mail users globally.
100 millions number of new e-mail users each year.
Websites
234 millions number of existing sites at the end of 2009.
47 millions number of new sites created in 2009, i.e. 20% of the total.
E-commerce
22% growth of e-commerce at European level in 2009.
144 billion European e-commerce turnover in 2009.
872 euros average annual shopping basket of European Internet
users in 2009 (source: Kelkoo study – February 2010).
Domain names
81,8 millions number of domain names registered (.com) at the end of
2009. 76,3 millions number of domain names registered with a national
extension (.be,.fr,.nl) at the end of 2009. 187 millions total number of
Web agency (see page 17)
registered domain names worldwide (October 2009).
In the field of applications
Internet users
1.73 billion number of Internet users worldwide (September 2009).
18% rate of growth of this population compared to 2008.
738.257.230 number of users in Asia. 418.029.796 number of users in
Europe. 252.908.000 number of users in North America.
We are witnessing the strong emergence
of the World Wide Web as the default
interface. The Internet has become the
place for banking and stock exchange
transactions, dating, job searching, property
searching and knowledge and document
sharing. In fact, it is now the Internet
that drives these activities. At Emakina,
Annual report | 11
v
istory
Emakina was set up in 2001 following the
merger of three agencies. In 2006, Emakina
was listed on Alternext, the Euronext
segment reserved for rapidly growing SMEs.
The main objective of the decision to list the
company on the financial markets was to extend the company’s reach at a European level.
T
his international development
was accompanied by the deployment of centres of expertise
offering specialised know-how. The latest
development to date is the commercial
agreement concluded in 2009 with
Pixelpark, a leading European network
of interactive agencies. This alliance
has enabled Emakina to strengthen its
leadership in Europe. Thanks to this
strategic alliance of creativity, technology
and business
expertise,
Leading fullEmakina
service digital
has become
agency in the
the leading
full-service
Benelux
12 | Annual report
digital agency in the Benelux and one
of the leading independent players in its
sector at a European level.
This tremendous growth has strengthened Emakina Group’s long-term
ambition to become one of the top 5
European interactive agencies by the year
2012.
vision
y
In today’s very
buoyant economy,
Emakina is proud
to be described as a
“Digital Native
Agency”
W
hile other agencies were slow to
embrace new media, Emakina
was quick on the uptake and
became part of the digital movement,
adapting itself to the many changes wrought
by this economic, social and cultural groundswell. But digital applications are no longer
confined to computers. They are part and
parcel of everyday life, and they are ubiquitous: MP3 players, video games, mobile
phones, pc tablets, digital signage, etc.
Emakina came into
Become one of the existence with the
top 5 European
emergence of the
interactive agencies Internet, and along
with its partners it
by the year 2012
has taken on board
these new technologies, new habits and new
rules of the game that are radically changing
the lives of consumers and businesses.
More specifically, Emakina has adopted a
parameter that reflects the very essence of
digital media: measurability. While traditional
media merely carry out what are in many
cases approximate estimates of their real
impact, new media can measure in real time
the behaviour of Internet users and gauge
many different indicators: number of hits,
loyalty, purchases, satisfaction, etc. With
its team of experts and its technological
know-how, Emakina is truly an active player
in this revolution in the history of marketing
and communication.
Annual report | 13
Highlights
of the year
Design is Dead
honoured at
the American
WebAwards
At the WebAwards in the US, which
every year recognise the achievements
of the best interactive ideas from
around the world, the Antwerp-based
agency Design is Dead received the
‘Outstanding Website’ award for its
site ‘deFilharmonie voor Kids’.
‘deFilharmonie voor Kids’
(http://kid.defilharmonie.be) was set
up to advertise to younger Internet
users the children’s programme of the
Royal Flemish Philharmonic
(deFilharmonie). The site offers
children an exciting interactive experience of classical music that is radically
different from the boring image often
associated with this particular genre.
Thanks to this site, youngsters can
get to know the different members
of the orchestra, with each musician
featured on a video presenting the
characteristics of his or her
instrument.
14 | Annual report
GroupeReflect
launches the
attention
barometer
In partnership with TrendyBuzz, this
year, groupeReflect launched the
Attention Marketing Barometer. This
instrument is based on the concept of
Attention Marketing, which measures
the performance of brands on the basis
of how much attention they get from
consumers.
To illustrate the importance of consumer
attention for brands, every month this
initiative lists the top 50 brands on the
market in terms of the attention they
generate among French consumers.
Using this new measurement tool,
groupeReflect wants to demonstrate
that the emergence of new media is
also changing consumer behaviour.
More than ever before, consumers can
obtain information, produce content
and give their opinion on the products
and services they use. Consequently,
their attention is increasingly divided
between many communication
channels, which means that the profitability of investments on advertising
must be measured in other ways. The
Attention Barometer is the first step in
this direction.
Suntzu becomes
Emakina.NL
2009 was the year in which Suntzu
was transformed into Emakina.NL.
This increased integration within the
Emakina network was also an opportunity to expand the range of services
offered by this agency, which is now
positioned as a specialist in Customer
Intelligence & Activation. This concept
embraces the creation and enhancement of strong and long lasting links
between brands and target groups.
With its large team of content editors
and community managers, Emakina.
NL seeks to achieve this objective and
to optimise its clients’ return on their
investment.
Emakina.BE is
a winner at the
Usability Awards
Emakina.BE and Brussels Airlines were
awarded first prize for BrusselsAirlines.com at the first Usability Awards,
an initiative that seeks to identify
Belgium’s most user-friendly websites.
This award recognises the teamwork
that Emakina.BE and Brussels Airlines
have undertaken since 2003 to make
this e-commerce site more efficient
and appealing. Emakina.BE is proud to
say that Brussels Airlines makes over
40% of its total sales through the
Internet.
Commercial
agreement
between
Emakina Group
and Pixelpark
Emakina
wins a major
framework
contract with
the European
Commission
Emakina was awarded a new
framework contract with the
European Commission worth 15
million euros.
In partnership with Eyecone (Belgium)
and VCA (Belgium), this framework
contract was signed with the
Directorate-General for Health and
Consumer Protection for the supply
of services in the field of audiovisual
applications and media training:
strategy, media relations, reports,
audiovisual campaigns,
documentaries, TV advertising,
animated films, impact assessment,
etc.
This project strengthens Emakina’s
position as a major provider of
services to the European institutions
and extends its already proven experience in the fields of digital communication and multimedia services.
In December 2009, a commercial
agreement was signed between
Emakina Group and Pixelpark, which
since 1991 has been doing pioneering
work in the Internet sector in Germany.
Pixelpark AG, which is based in Berlin,
is a grouping of several agencies based
not only in Germany (Hamburg, Berlin,
Cologne, Munich and Bielefeld), but
also in Switzerland (Zurich) and Spain
(Barcelona). It is now the biggest network
of independent interactive agencies in
Germany. Its client portfolio includes
some of the big names on the German
market: Adidas, Allianz, Boehringer
Ingelheim, Coca-Cola, Lufthansa, etc.
Pixelpark has been listed on the new
Frankfurt Stock Exchange since the
4th October 1999 and on the main
market since 1st March 2003 (ISIN:
DE0005143507).
This alliance allows Emakina to meet the
needs of clients who want to deploy
campaigns in several major European
countries.
The Reference
picks up an
award for the
Bekaert site
In October 2009 Bekaert received
the annual award for the Best
Financial Information from the Belgian
Association of Financial Analysts. It
was the 49th time that the association rewarded the Belgian listed
companies that stand out in terms of
communication policy, transparency
and investor relations. Furthermore
Bekaert was also granted the award
of the best Financial Report. The
annual report is now an “online and
interactive report” that came out on
top. The in-depth description of the
business and the clear-cut strategic
information on what the group tries
to achieve was highly appreciated.
The www.bekaert.com site was also
elected International Sitecore ‘Site
of the Year’ Finalist and the Winner
in the category ‘Manufacturing’ and
was selected from more than 1 500
users, being recognized for the use
of Sitecore technology in developing
effective and advanced online strategies.
The Reference
strengthens its
ties with the
KBC
KBC is The Reference’s oldest
customer and also in 2009 - after
more than a decade of close collaboration - they reconfirmed their faith in
The Reference as their web partner.
Not only did we support them in
elaborating their internet strategy,
we also translated it into tangible and
measurable e-tactics. Our approach
and advice was much appreciated by
the customer and, moreover, it also
proved to be very effective: launching
a new site, for both private individuals as well as the business, resulted in
far better customer acquisition and
conversion. KBC is a perfect example
of a customer who truly understands
and practises our credo: it’s not a
website, it’s your business.
Annual report | 15
Positioning Building
Brand
Experiences
N
ew media have become
a strategic channel for all
companies that want to be
successful in today’s interconnected
world. At the same time, the globalisation of trade stimulates competition
with international players and radically
changes the way people communicate,
obtain information, do business and
approach consumers.
In this rapidly changing world where
the pace of change is accelerating
with every passing day, Emakina
is a European network of interactive agencies that help their clients
integrate new information and
communication technologies into
all their activities. More particularly,
Emakina defines itself as a Full Service
Digital Agency.
The digital revolution that we are
currently experiencing is causing an
explosion in communication
channels : websites, blogs, e-mail, RSS
flows, social networks, search engines,
16 | Annual report
video platforms, etc. It is a revolution that
has also resulted in the emergence of a
new digital eco-system made up of multiple platforms such as the Internet, mobile
phones, digital music players, video game
consoles, interactive television, etc., and
there is much more to come.
Faced with this increasing complexity
of the media world, companies need
a strong and reliable partner who can
articulate the message and values of
their brands in a comprehensive and
coherent manner. As a player with wide
experience of new media, Emakina can
orchestrate the different contact points
with consu-mers to build relevant and
innovative brand experience that capture
consumers’ attention and encourage them to interact with your brand,
product or service. We recognise that
digital channels are often seen as a
special environment that is rather opaque
and confined to an experienced elite.
At Emakina, our teams are passionate
about this new world. We are also keenly
interested in the challenges facing the
clients who depend on us.
Emakina has therefore developed
a large team of specialists who can
handle all your needs, whatever your
objective, the type of project or the
nature of the mission. The result is an
impressive concentration of talented
men and women in the same agency,
which of cours makes life easier for our
clients. At Emakina, we ensure that our
clients have one single contact person
to guide them through the world of
new media, and help them make the
right choices so that they can focus on
their strategic objectives.
In order to implement this integrated
approach, Emakina draws on its three
core businesses and its ten centres of
excellence.
Our three
core
businesses
Website
construction
Interactive
communication
Web application
development
Above all, the Web is a new medium,
and the cornerstone of the Internet is the
website. Emakina can build your public
website, your intranet (internal network
for your employees) or your extranet
(which is reserved for your clients,
partners, subcontractors, distribution
networks or agents).
The Internet is also a tremendous
communication tool that has won
acclaim in the face of competition from
traditional offline media. Thanks to
Emakina’s design studio and its creative
hot shop Emakina/aprilFirst, Emakina
creates websites, word-of-mouth
campaigns, community platforms,
games/competitions and electronic
newsletters that allow your brand,
product or service to capture consumers’ attention. In addition, the Emakina/
Mobile team can export your site or
campaign to any terminal: iPod, mobile
phone, PDA, etc.
Furthermore, Emakina’s range of services
has recently been supplemented by
the addition of Emakina/Media, which
specialises in media strategy and media
buying (see the next chapter). Emakina
has also created Emakina/Direct (for
e-mail marketing) and Emakina/Social
(for social media). Finally, Emakina/
Perform focuses on search engine
marketing and on ways to measure
return on investment.
The web is also a software interface that
increases the possibilities for interaction
between clients and companies. These
transactions can take various forms on
the Internet: transferring payments,
ordering a catalogue, booking a hotel
room, etc. The basic objectives can also
be many and varied: to provide consumers with information, to cut costs, to
increase the volume of sales, etc.
In addition to designing your website
and advising you on usability, Emakina
has the technological experience to
implement your Content Management
System (or CMS), which allows you to
manage the website’s content in line
with your company’s IT infrastructure. If
necessary, Emakina can also manage the
hosting and maintenance of your site,
providing you with an overall solution
that meets all your needs.
Emakina implements this type of
project from start to finish, from
design through production to maintenance. And these developments often
provide a good opportunity to review
a company’s internal processes. In
addition, companies face the challenge
of integrating these developments with
their existing heterogeneous systems,
and sometimes they have to strike the
right balance between online and offline
processes.
Annual report | 17
In order to implement its range of
services efficiently, Emakina has set
up a network of ten centres of expertise. These centres are manned
by teams of men and women who
are specialists in their chosen field
of expertise, and they focus on a
specific area connected with new
media, allowing you to maximise
the return on investment of your
online presence. However, the
centres are more than mere
working groups. In fact, they are
autonomous entities that can be
called upon by any of the Group’s
agencies in response to needs
expressed by clients.
centers
of expertise
18 | Annual report
Emakina/Think keeps up with the very
latest trends, innovations and best
practices in the market and can therefore
provide its clients with advice on how to
succeed in the digital age. To this end, we
immerse ourselves in your organisation to
ensure that you are successful and reach
your corporate goals.
Skills
Emakina/Think
Nowadays, all companies face many
different challenges and have to choose
between the different channels that are
available and a myriad of possible opportunities. Emakina/Think is Emakina’s strategic
digital consulting division. It offers clients
a holistic approach to brand marketing
and communication to enable them to put
together a strategic vision of their digital
presence in the short and long term.
Emakina/Think is spearheaded by a
multidisciplinary team that offers 4 types
of advice:
• Strategy advice in shaping business
models, defining the key objectives and
the challenges of a given project
• Strategic planning, which models the
digital positioning of the brand, all the
different tactics to be used and the use
of media campaigns
• Interactive design focuses on the
consumer’s experience by delivering
interfaces that produce results both from
the standpoint of users and in terms of
business objectives
• Content strategy defines the
fundamental brand message, helps
them convey their positioning and
fosters long-term dialogue with
consumers.
- Information architecture and
user-friendliness
- Brand building
- Competitive benchmarking
- Technological monitoring and
trend watching
Partners
- Attentio
- Keystone
- InSites
Emakina/
aprilFIRST
Mission: to devise the best creative
concepts in order to make your campaign
a success and boost your brand’s reputation. Emakina/aprilFirst is a brainstorming
laboratory with a team of experts who
think ‘outside the box’ and can make the
most of every possible channel (search
engines, display advertising, social media,
viral marketing, etc.), the ultimate aim
being to use the interactivity of new
media to enhance your communication
campaign and create extraordinary brand
experiences.
Emakina/aprilFirst’s expertise includes:
strategic planning, brainstorming,
copywriting, branding campaigns, buzz
and viral marketing, initiatives involving
social media, etc.
In 2008, Emakina/aprilFirst was the proud
recipient of a Webby Award (the highest
award in the Internet world) for its ING
Lion Account campaign.
Skills
- Creative Hot Shop
(‘Idea Generation’)
- Strategic planning
- Engagement planning
- Integrated branding
campaigns
- Viral marketing
Emakina/
Operations
The Internet is all about bits and bytes.
Behind every website is a server that
maintains your presence on the network.
Emakina/Operations is a centre of
expertise that offers top-grade hosting
services for websites, applications and
databases. Our aim is to provide you with
an optimum infrastructure, whatever
the technical performance level or the
hardware required for the project. You
can rest assured that your project will
have optimum accessibility round the
clock, without the kind of technical
failures that lead to losses of traffic or
turnover (server failures, database
corruption, etc.). Emakina/Operations
works with two data centres based in
Brussels and Amsterdam.
Skills
- Streaming solutions
- High-availability solutions
- Shared hosting
- Dedicated hosting
- Premium services (complete
management of the
environment)
Annual report | 19
Emakina/Media
Emakina/Media was the first media
agency in the Belgian market exclusively
dedicated to digital media (strategy,
planning and space buying).
Emakina/Media was set up to enable
advertisers to integrate a media strategy
right from the design phase of their
campaigns in symbiosis with all the other
aspects that determine the success of
the campaign (construction of the site,
measurement of the return on investment, etc.). This innovative positioning
in the Belgian market aims to offer more
effective strategies in the interactive
domain, without slavishly following the
lead of traditional media.
Emakina/Media’s units operate in four
countries: Belgium, France, the Netherlands and Luxembourg. While specialising
mainly in new media, Emakina/Media
also delivers services in traditional media:
digital television, radio, cinema, press
and ‘out of home’. This extension of the
operational field is based on a partnership
with the media agency Robert&Marien.
and optimise your return on investment
in new media: management of key word
campaigns, installation of audience
measurement tools, creation of personalised reports, optimisation of websites
to get the best results in search engines,
etc. Thanks to this combination of skills,
Emakina/Perform helps you monitor the
complete cycle of your consumers, from
the first visit to your site through purchasing to newsletter subscription. Sharing
its expertise with its clients in an open
and transparent way (no black box), the
mission of the Emakina/Perform team is
to transmit its knowledge to clients and
enhance their business practices.
Several national and international clients
including KBC, Truvo, Bekaert and Thomas Cook have already set up partnerships with Emakina/Perform.
- Media strategy
- Media planning and ROI
measurement
- Analysis and benchmarking
Emakina/Perform
The Emakina/Perform unit, which was set
up jointly by Emakina and The Reference,
specialises in search engine marketing and
audience measurement (web analytics).
This centre of expertise proposes the
services of ten certified experts including
developers, business analysts, experts in
business intelligence and consultants in
interactive marketing.
Emakina/Perform provides a wide range
of services that enable you to evaluate
20 | Annual report
Skills
- E-mail marketing
- Campaign optimisation
- Content production
- Design and integration
- Data Warehousing
Partners
Skills
Skills
With over 250 campaigns under its belt,
Emakina/Direct works with major companies including Aeromexico, Benecol,
Ecover, Electrabel GDF Suez,
EUROCONTROL, Euronext, Flammarion,
Solvay and Yunomi (Unilever).
- Audience measurement
(web analytics)
- Search engine marketing
- Measurement of the return
on investment
Emakina/Direct
E-mail has become the customer loyalty
tool par excellence. Emakina/Direct, the
unit dedicated to interactive direct marketing, can help you establish permanent
dialogue with your consumers. The team
advises you at every stage of your
campaign: choice of platform, data
warehousing, copywriting, graphic
design, interaction with other tools (CMS,
CRM, etc.) and analysis of results, in order
to continually optimise your relationship
with the consumer throughout their life
cycle.
- Optizen Messagent
- Addemar
- Actionalytics
Emakina/Live !
“We make it happen!” Emakina/Live! is
a unit specially dedicated to events and
the creation of links between new media
and the real world. In a world where
consumer attention is getting increasingly
difficult to capture, Emakina/Live! creates
an event for your brand, product or
service, whatever the creative challenge:
seminars, concerts, happenings in public
places, etc. Imagination is the only limit.
Skills
- Event design
- Graphic production
Emakina/Mobile
With the advent of 3G networks and the
market launch of new handsets like the
iPhone, the Web has invaded the mobile
environment and opened up almost
limitless possibilities for dialogue with
consumers, anytime, anywhere.
Emakina/Social
Every day dozens of viral campaigns are
launched around the world. However,
few, if any, of these campaigns really
make their presence felt in social
media (blogs, forums, social networks,
etc.) or have any effect on the new
opinion leaders who hold sway on
these sites. Emakina/Social is a centre
of expertise that uses its pan-European
network of influencers to activate the
word-of-mouth effect, optimise your
reputation in social media and ensure
that your campaign is the latest buzz
that everyone is talking about on the
Net. Pfizer, Electronic Arts and Audi
have already called on the services of
Emakina/Social for their buzz marketing
and public relations campaigns.
Emakina/Mobile guides companies
through this new always-on environment
and helps them achieve their potential.
This may involve making the site compatible with a range of devices, producing relevant continuous multimedia or
designing an advertising campaign that
uses the specific characteristics of the
chosen medium. Emakina/Mobile also has
the technological resources to develop
custom applications for the iPhone or any
other existing app store.
In partnership with Siruna, Emakina/
Mobile has already worked on important
projects for Bekaert, Mobistar, Truvo
(Golden Pages), the VRT (Flemish public
radio/television) and the cable operator
Telenet. In 2009, Emakina/Mobile created
iPhone applications for Ola and Panasonic
in cooperation with groupeReflect.
You can now put your client’s favourite
brand in the palm of their hand. Are you
ready for it?
Emakina/Motion
Video is a medium that has literally
exploded on the Internet in recent years.
The Web has become an emotional
experience that easily rivals television,
which is itself being contaminated by
the new visual and scenic applications
offered by new media. In addition, video
platforms like YouTube and Dailymotion
are among the most visited sites on the
planet. This forces brands to rethink their
Internet strategy and to get in on the act.
Emakina/Motion specialises in audiovisual
production and can manage all the
aspects of video creation, from casting
to the final cut, whatever the intended
media channel: website, interactive
marketing campaign, interactive kiosk,
display, podcasting, etc.
Many clients are already working with
Emakina/Motion to boost their internal
and external communications: Panasonic,
PIAS, Delhaize, Swift, the European
institutions, etc.
Skills
Skills
Skills
- Social Media Marketing
(campaign design)
- Social Media Seeding
(dissemination of the
campaign through a panEuropean network of
influencers)
- Social Media Optimisation
(optimisation of websites for
social media)
- Social Media Monitoring
- Mobile advertising
- Mobile sites
- Content for mobile phones
- iPhone applications
- SMS applications
- Audiovisual production:
casting, location scouting,
shooting
- Post-production: editing,
motion design, etc.
- Advertainment: movies,
podcasting, webisodes,
WebTV, etc.
Annual report | 21
the
Emakina
Group
Emakina is a European network of interactive
agencies based in three countries: Belgium, the
Netherlands and France. This section gives a
potted history of each agency and explains their
current role within the Emakina Group.
22 | Annuel report
EMAKINA.BE Brussels
Emakina.BE was set up in 2001 as a full-service digital agency offering three basic types
of services: website development, interactive communication and e-commerce.
The agency has received numerous international distinctions. Thanks to our
unique combination of business approach, technological know-how
and creative inspiration, we can manage your company’s
new media strategy from start to finish. Emakina.BE
works with many large companies including
Baxter, Belgacom, Brussels Airlines,
Crédit Agricole, Dexia, D’Ieteren,
Electrabel, Fortis BNP
Paribas, ING GSK,
Pfizer and
Truvo.
Left page (left to right) :
Karim Chouikri, Acquisitions and Integration Director, Emakina Group
John Deprez, Chief Technical Officer, Emakina Group
Right page (left to right) :
Brice Le Blévennec, Chief Visionary Officer, Emakina Group
& Managing Director, Emakina.BE
Denis Steisel, Chief Executive Officer Director, Emakina Group
& Managing Director, Emakina.BE
Annual report | 23
EMAKINA.EU Brussels
Emakina.BE was set up in 2001 as a full-service
digital agency offering three basic types of
services: website development, interactive
communication and e-commerce. The agency
has received numerous international distinctions. Thanks to our unique combination
of business approach, technological
know-how and creative inspiration, we
can manage your company’s new media
strategy from start to finish.
Emakina.BE works with many
large companies including Baxter,
Belgacom, Brussels Airlines, Crédit
Agricole, Dexia, D’Ieteren, Electrabel,
Fortis BNP Paribas, ING GSK, Pfizer and
Truvo.
François Lefebvre, Managing Director, Emakina.EU
24 | Annual report
DESIGN IS DEAD
Antwerp
The Antwerp-based agency Design
is Dead, which was set up in 1998,
uses a combination of graphic
design, creativity and technological
know-how to offer its clients truly
extraordinary brand experiences.
This team has won the trust of
clients like Panasonic Batteries,
Ecover and Live Nation (Clear
Channel). Design is Dead also works
for many big names on the Belgian
cultural scene.
Top to bottom :
Jan Everaerts, Managing Director, Design is Dead
Hendrik Everaerts, Managing Director, Design is Dead
Annual report | 25
THE REFERENCE Ghent
The Reference, which was set up in 1993, was the very first
Belgian web agency. The Reference now employs a varied
team of multidisciplinary experts who work mainly for large
companies. The agency’s philosophy can be summed up
in the adage: “It’s not a website, it’s your business”. In
other words, a website is no longer a static and isolated
project that ends when it gets on line. It is part and
parcel of the company’s business strategy. Designing
and deploying a company website therefore has
important consequences for all the departments
and the entire value chain. Of course,
The Reference fully understands the
importance of the notion of return on
investment, and the team constantly seeks
to raise the bar on quality by monitoring the site to determine ROI through
performance indicators (KPI), audience
measurement (web analytics), the rate
of change from visitor to client, etc.
The Reference’s clients include
Attentia, Bekaert, Betafence,
Brussels Airport, Capsugel, Cera,
Cofinimmo Fanuc Robotics, Fidea,
Fluxys, Intersoc, KBC/CBC, KMSKA,
Luminus, Santander, SD Worx, Telenet,
Thomas Cook, Truvo, VRT and many
other companies.
Anja Cappelle, Managing Director, The Reference
26 | Annual report
EMAKINA.NL Rotterdam
Emakina.NL (formerly Suntzu) joined the Emakina Group in April 2007.
Digital strategies, interactive marketing and online communities are the three
pillars that this agency has developed along with proven expertise in Customer
Intelligence & Activation. This concept includes the creation, enhancement
and management of a strong link between a brand and a given target group.
Emakina.NL has a large and highly motivated team of copywriters and
community managers who help you achieve this objective and optimise
your ROI.
In recent years, Emakina.NL has won
several prestigious awards including a
Gold at the EMMA Awards for the Life
& Cooking platform. The agency has
also delivered innovative projects
for KLM and the successful
Yunomi platform for Unilever
Benelux in 2009.
Top to bottom :
Paul de Gooijer, Managing Director, Emakina.NL
Raymon de Kruijff, Service Client Director, Emakina.NL
Annual report | 27
groupeREFLECT Paris and Limoges
GroupeReflect, which is based in Paris and Limoges, joined the
Emakina network in May 2007, ten years after its creation.
It is a full-service interactive agency that specialises
mainly in Attention Marketing. The World
Wide Web has become a place where
brands acquire value thanks to user
attention. Consequently, this same
attention potential is the first
criterion for the evaluation
of brand performance and
must be fully integrated
into product and service
marketing cycles.
GroupeReflect works
with several large
French and international companies
including Cisco,
Danone, Dassault
Systems, Legrand,
Liberation, Orange and
Panasonic.
Manuel Diaz, Managing Director, groupeReflect
28 | Annual report
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Annual report | 29
CASES
NESCAFÉ
BRAND SITE
Challenge
As the world’s leading brand of coffee, Nescafé prides itself on
offering a high-quality product in all circumstances and consistently giving consumers the taste they prefer. Nescafé wanted
to translate these core values to the Internet by building a solid
users relationship. In addition, they wanted to convert their site
into a platform for centralised communication to increase the
lifespan and impact of their advertising campaigns.
Implementation
The new Nescafé site had to be something special, more than
just a showcase. It offers visitors a truly unique experience in
the world of the brand: coffee styles, product history, newsletter module, personalised cup creating contest, etc. This contest
exploited all the viral potential of the Internet to promote the
launch of the website by inviting visitors to use their imagination
to create their own personal cup and ask their friends to vote.
The prize was a real cup sporting the winner’s design.
Results
Through this site, Nescafé offers consumers a new experience
and a fresh perspective on the brand, allowing them to (re)
discover coffee, to learn more about it, to interact with the
brand and to take part in the word-of-mouth effect of social
networking.
30 | 30
Annual
| Annual
report
report
UNILEVER
BRAND SITE
Challenge
In an increasingly fragmented media world, reaching the
target group has become the key challenge for brands.
Unilever wanted to launch a relational marketing program to
increase consumer loyalty in the Benelux. Objective: To establish
regular dialogue with members in order to make special offers and
increase sales. Unilever aims to make its brands more accessible to
consumers in an inspiring and stimulating environment. A major
challenge was the multicultural nature of the project. Although
there was only one specific target group (women between 30 and
49 years of age with families), the lifestyles and cultural references
were not the same in the different target regions (the Netherlands,
Flanders and Wallonia).
Implementation
Yunomi.be is a international platform made by women for women. This online community allows users to consult practical articles,
share personal experiences and discover new recipes to save time
or to be more efficient in combining their professional and family
lives. Every day a member is put in the spotlight and gets an opportunity to share her experiences with the other visitors. For each
type of interaction with the site, visitors receive Nomis (loyalty
points) that can then be exchanged each quarter for gifts.
Yunomi’s ultimate objective is to motivate this community of female consumers to offer each other help on a day-to-day basis, to
help improve the organization of their family and professional life
and to spread a positive atmosphere within Unilever’s vital values.
It was a flagship project for 2009 for Emakina.BE and Emakina.NL
whojoined forces to make Yunomi a genuinely innovative project
in the FMCG.
INTERLEASE
B2B SITE
Challenge
Interlease is a multi-brand car purchasing group that allows
dealers and repairers to buy and sell new and second-hand
cars throughout Europe. The company wanted a complete
overhaul of its website in order to boost sales and develop a
better relationship with its partners.
Implementation
Emakina was commissioned to create the company’s new
B2B portal (www.interlease.be) and to make it an effective
sales tool that appeals to clients. Emakina set about creating a
purchasing unit for new vehicles and a section for buying and
selling second-hand vehicles. Thanks to these two platforms
inspired by the principles of Web 2.0, professionals in the
automotive sector can buy and sell cars directly without going
through an intermediary.
Results
As a result of these numerous innovations, the number of
vehicles sold via the Internet doubled from 5 to 10% in the
space of a few months from the start of the year - a record in
the company’s history! In addition, the number of visitors to
the site per month rose from 11,000 to 15,000, an increase of
36% over the first five months of the year. Finally, the average
time visitors spend on the site increased from one minute and
thirty seconds to about five minutes. Some 4,000 professional
car dealers have already registered on Interlease.be.
Annual report | 31
CASES
ING
LION DEPOSIT CAMPAIGN
Challenge
MENTOS AQUA KISS
BRAND SITE
Challenge
To coincide with the launch of their new product, Aqua Kiss Gum,
Mentos wanted to create a new experience around its product
using a more off-beat and up-to-date message.
Implementation
Design is Dead created a website that gives visitors a fresh new look
at kissing and, in particular, the way Belgians kiss. MentosAquaKiss.
be offers visitors the findings of an extensive survey on Belgian kissing habits.
On the same website, you can take part in a test that allows you to
assess your kissing behaviour and to compare your results with the
findings of the national survey.
MentosAquaKiss.be is an appealing and off-beat way of showing
the added value of this product. This is certainly a good illustration
of how new media can promote a brand and its world.
32 | Annual report
La banque ING souhaitait lancer un nouveau compte en banque
exclusivement en ligne. Emakina a reçu pour mission de réaliser une
campagne virale mettant en lumière ses caractéristiques-clés : taux
d’intérêt de 4%, uniquement sur Internet, aucun frais de gestion.
Implementation
For over ten years, the task of website creation was reserved for
specialists: web designers, computer specialists, information architects, etc. But thanks to the new LiveSite technology, all you need to
build a website is a computer and a webcam. Just film your website
with a camera - and the programme does the rest! ING is the first
major company that has chosen to work with LiveSite to promote its
banking products with real actors.
At first glance, this is a revolutionary concept, but it is totally
fictitious. In fact, this is a rather wacky campaign that has all the
ingredients to create a word-of-mouth effect around a product that
the likes of Bill Gates and Steve Jobs would be glad to be associated
with.
Results
In just four weeks, this campaign attracted more than 30,000
visitors, and over the following months it won numerous
international awards for the creativity of the features devised by
Emakina.
KRYS
INTERACTIVE AND RELATIONAL
MARKETING CAMPAIGN
PANASONIC
THEDIGITALPLACE PLATFORM
Challenge
Challenge
Krys, the chain of optical stores, wanted to boost traffic in its outlets by using the Internet to generate greater brand visibility among
a specific target group of clients between 25 and 49 years of age
looking for fast, efficient and high-quality services. The emphasis
was on interactivity and the innovative nature of Krys products.
Panasonic wanted to create a relational platform dedicated to
the world of television and the use of digital applications in the
family. The objective was to guide users through their multimedia experience based on an educational approach. The target
group encompasses all families whose members (at different
levels and of different ages) are keen on audiovisual entertainment, for example movies, photography, video games, etc.
Implementation
GroupeReflect totally redesigned the chain’s website by improving
its graphics and making it more accessible, with the emphasis on
modernity, user-friendliness and interactivity. The key features of this
new version include an eyewear configurator and a price simulator.
GroupeReflect also deployed a media campaign focusing on major
portals and sites offering news on the French market (MSN, Liberation, etc.)
Finally, a Facebook application was created to allow users to try
eyewear online. They could then share the results with their friends,
invite them to vote for their favourite style and make comments.
Results
- 50% increase in site traffic
- 24% conversion rate
Implementation
To achieve this objective, groupeReflect created an interactive platform. The first appealing feature of this project was
that it involved recruiting families who, after casting, received
a whole range of equipment provided by Panasonic. Three of
these ‘digital tribes’ were then filmed. The family showed their
enthusiasm and demonstrated how they used the equipment in
their everyday lives.
The same platform also featured many video tutorials to show
visitors how to use Panasonic equipment. In addition, a community called ‘thedigitalplace’ allowed members to share their
discoveries and experiences within their personal social
networks. This has expanded the brand outreach to a wider
audience.
Annual report | 33
CASES
HAUTE BRETAGNE
TOURISM PLATFORM
Challenge
The Internet has become a key strategic element for the
travel industry. Haute-Bretagne (Upper Brittany) asked
groupeReflect to create an effective tourism promotion
tool that would bring together all the stakeholders in one single
eco-system. The task was to identify and promote a peer-to-peer
world for the brand and in this way promote the creation of new
products. The ultimate aim was to offer one single Haute-Bretagne
brand experience.
Implementation
To meet this challenge, groupeReflect developed an interactive
platform that gave Haute-Bretagne a place of its own in the new
digital world by creating a series of points of contact connected
to the popular peer-to-peer world offered by sites like Facebook,
Twitter, FlickR and TripAdvisor. In addition, a ‘community management’ team was set up to promote user participation and to
encourage visitors to explore this region of France.
Another important dimension in this regard is geo-caching, which
is a kind of virtual treasure hunt that offers tourists a novel experience thanks to new media. This operation was fully implemented
on a single website (tresorsdehautebretagne.fr).
Results
In 2009, the revenues made by the client through this platform
doubled. In addition, it created a community of around 200
geo-cachers. The region has also received a lot of media attention
and is a very fine example of the use of e-tourism.
34 | Annual report
SWIFT
COMMUNITY PLATFORM
Challenge
The Brussels-based company SWIFT is a worldwide network that
offers applications to ensure safe financial transactions. There are
hundreds of institutions who are both partners and users of its
services. Swift therefore wanted to create a community for all its
members and improve communication at all levels of the
organisation.
Implementation
The ‘Swift Community’ is to date one of the biggest Enterprise 2.0
projects at a worldwide level. This platform allows Swift partners
and employees to work together and to share information through
many theme-based communities where they can take advantage of
all the innovations offered by Web 2.0: blogs, document sharing,
conversations, etc. Every month, Emakina adds new features to this
interactive environment and in this way offers members more and
more possibilities.
Results
More than 10,000 members are currently registered with the
Swift Community and are active in hundreds of communities.
BIBNET/
GOUVERNEMENT
FLAMAND
BIBLIOTHEEK.BE PORTAL
Challenge
The Bibliotheek.be project has been commissioned by Bibnet,
a project organization of the Flemish government, to create
an added-value for the library public in today’s digital world.
Bibliotheek.be offers one-stop access to Flemish public libraries. The
portal also offers access to a range of services intended for many
different target groups: teachers, journalists, librarians, etc.
BEKAERT
COMPANY WEBSITE
Challenge
The Reference was commissioned to overhaul the website in line
with the new objectives set by the sponsor:
- to advertise local initiatives and to make them part of the
social networks
- to overhaul the search engine, the search criteria (type of
document, author, etc.) and the features (RSS, bookmarks, personalised space, etc.)
- to develop the information about what’s going on in libraries:
calendar of events, RSS, integration of external content, etc.
Bekaert is a worldwide leader in steel processing. This Belgiumbased company employs around 23,000 people worldwide and has
clients in over 120 countries.
The company wanted to have one single platform that would bring
together the thirty sites of local subsidiaries and streamline its
content management. Furthermore, Bekaert wanted to have more
intensive interaction with visitors in order to get across its slogan
“Better Together”. Finally, Bekaert wanted its website to generate
more business leads.
Implementation
Implementation
The new site designed by The Reference is a portal that really
opens up the world of Flemish libraries and shows visitors their rich
cultural offering. Special emphasis was placed on making the site
user-friendly and on upgrading the search engines.
In addition, a widget allows visitors to access information through
their personalised homepage (iGoogle, Netvibes, etc.).
The Reference designed and implemented Bekaert’s new site by
installing Sitecore, an effective content management tool that is
more in line with the company’s needs. Particular emphasis was
placed on the search engine, the job search module and the flow of
external information. The Reference also designed the company’s
mobile site.
Annual report | 35
CORPORATE
GOVERNANCE
MANAGEMENT
CONTROL
This section relates to the application, in
2009, of rules of good governance within
the Emakina Group pursuant to the recommendations of the Belgian Code of Corporate Governance. It should be remembered
that, given that the Emakina Group is listed
on the Alternext market (unregulated market), it is not subject to this Code
because it is not a listed company according to the Belgian Companies Code
(Art. 4). In 2006, Emakina’s management therefore decided to voluntarily
adopt a Corporate Governance Charter (last amended on 18 March 2008),
which was largely based on the provisions of the Belgian Code of Corporate
Governance with certain exceptions.
36 | Annual report
Articles of Association and Shareholdership of the Emakina Group
Emakina Group SA is a limited company under Belgian law with
registered offices at 64A rue Middelbourg, 1170 Brussels, Belgium.
Its Articles of Association can be consulted on Emakina’s website
at www.emakina.com, under the section ‘Investors’.
The Emakina Group’s shares have been listed on the Brussels
Alternext market organised by Euronext since 14 July 2006.
At 31 December 2009, the capital of Emakina Group SA
amounted to EUR 8,395,670.14. It is made up of 3,496,708 shares
corresponding to the total voting rights (or “denominator”) and is
broken down as follows:
Owner
Shares
%
Two4Two S.A.
921,326
26,348
Mr P. Gatz
857,380
24,520
Mr D. Steisel
611,518
17,488
Mr B. Le Blévennec
609,718
17,437
Other
293,545
8,395
Commanditaire Vennootschap ACDC
117,320
3,355
Mediadreams SA
50,000
1,430
Antwerp CD Center BVBA
21,818
0,624
Mr J. Deprez
14,083
0,403
3,496.708
100 %
total
The significant investment held by Two4Two SA was the subject of a declaration of transparency in conformity with current
legislation (Royal Decree of 14 December 2006 relating to the
Alternext market).
15 July 2009 and resulted in the creation of 37,175 new shares.
In accordance with the obligations with respect to transparency
(Article 15 of the Act of 2 May 2007), the capital and the number
of shares conferring voting rights were published on the 28 July
2009 following the last capital increase, which took place on the
Moreover, following the 2007, 2008 and 2009 stock option plans
offered to the staff, consultants and executives of the Company
and its subsidiaries, a total of 165,630 warrants were issued
under the following conditions:
For information, the market capitalisation of Emakina Group SA
amounted to EUR 33,218,726 at 31 December 2009.
Nb de warrants
Strike price
Financial period
Option plan 2007
55,130
12.52
May 2011 and May 2012
Option plan 2008
57,070
7.78
Option plan 2009
53,430
8.31
Annual report | 37
Structure of the
Emakina Group
Emakina Belgique SA
At 31 December 2009, the Emakina
Group was made up of nine legal
entities, affiliated as shown in the
diagram below:
Emakina France SARL
Shareholding 100%
(2 shares via Emakina France)
Shareholding 100%
Emakina.EU SPRL
Design is Dead BVBA
Shareholding 70%
Shareholding 76%
Emakina.NL BV
Shareholding 100%
Emakina
Group
Reflect SA
Shareholding 50%
+ 1 action
The Reference NV
Shareholding 100% (1 share via Emakina
Belgique)
Emakina Media SA
Shareholding 30%
All the subsidiaries are fully consolidated with recognition of minority interests except for Emakina Media SA,
which is consolidated by the equity method following the decrease in the Emakina Group’s stake (see below).
In 2009, the scope of the Group remained unchanged
with the exception of the following shareholding
percentages:
- The percentage held by Emakina Group SA in
Emakina.EU SPRL dropped from 100% to 70% on 1
Januar y 2009.
38 | Annual report
Design Is Dead BVBA increased from 68% to 76%
on 1 July 2009 in accordance with the share transfer agreement concluded with the former majority
shareholder.
Emakina Media SA dropped from 70% to 30% on 1
October 2009.
Corporate
Governance
charter
In 2006, the Board of Directors of Emakina Group SA
decided to voluntarily adopt a Corporate Governance
Charter that was largely based on the provisions of the
Belgian Code of Corporate Governance.
The Company thus adopted a charter adapted to the
specifics of the Company and based on the ‘comply or
explain’ system.
The charter is available on the Company’s website
(www.emakina.com, ‘Investors’ section), and can be
obtained free of charge from the Company’s registered
offices. This charter is regularly updated; the latest
amendments were made by the Board of Directors on
18 March 2008.
Board
of Directors
Activity report
The Board of Directors met four times in 2009.
It mainly discussed and dealt with the following items:
- approval of the annual accounts & half-yearly financial report;
- approval of the press releases;
- approval of the budgets;
- approval of a Stock Option Plan;
- internal and external growth strategy;
- monitoring the integration of the subsidiaries and the
implementation of the Navision ERP system within the Group;
- monitoring cash management aspects;
- monitoring the impact of the financial and economic crisis on
the Emakina Group;
- monitoring the work of the Committees;
- analysis of the Group’s performance over the financial period
based on Key Performance Indicators;
- director appointments and reappointments;
- strategic partnerships;
- presentation of Risk Management.
Composition and attendance at meetings :
- Chairman: Brice Le Blévennec 4/4
- Executive members: Denis Steisel 4/4, John Deprez 4/4,
Karim Chouikri 4/4
- Non-executive members: François Gillet 4/4,
Magnus Schiller 4/4, Gautier Bataille de Longprey 4/4,
Marc Waha 0/1 (resigned in May 2009), Pierre Gatz (appointed at the Ordinary General Meeting of April 2009)
3/3, Pierre-Michel Cattoir (appointed by co-optation in
May 2009) 3/3
Annual report | 39
The Board of Directors is made up of nine members who all, within the framework of their function as director, elect domicile
at the registered offices of the Company.
Directors
Executive
Non
executive
Independent
Date of end of mandate
Mr Denis Steisel
General Meeting 2010
Mr Brice Le Blévennec
Mr Karim Choukri
Antwerp CD Center BVBA
(représentée par John Deprez)
Mr Pierre Gatz
Mr Magnus Schiller
Mr Gautier Bataille de Longprey
Mr François Gillet
Mr Pierre-Michel Cattoir*
* Appointed by co-optation in May 2009 as a replacement for Marc Waha (to be approved at the 2010 Ordinary General Meeting)
Brice Le Blévennec
Denis Steisel
Brice Le Blévennec was born in 1967. He has been a director of
the Company since 2001. In 1991, Mr Le Blévennec founded
Ex Machina, a company that operates in the fields of communication and new technologies. In 1998, after successfully implementing a number of projects, he set up the companies Ex Machina
Interactive Architects (web agency), which merged with Emalaya
in 2001, and Ex Machina Graphic Design (graphic design studio).
In 1999, Mr Le Blévennec founded NetBusiness SA (now
ContactOffice Group SA), which developed the website
ContactOffice.com, and now operates in France, the Netherlands
and the United States. In the space of ten years,
Brice Le Blévennec created and managed several radio and television programs, including CyberCafe21 (Radio21), CyberCafe 2.0
(RTBF La Deux), NetBusinessNews (BFM), Single (PureFM) and Elle
et Lui (PureFM). Mr Le Blévennec is an Internet specialist and is
regularly invited to speak at seminars, congresses and conferences
in Belgium and abroad. Over the last five years, he has been or still
is director/manager of the following companies: Emakina Group*,
Ex Nihilo Uno, Contact Office Group*, Ex Machina, Ex Machina
Television*, Ex Tempore*, Ex Machina Interactive Architects,
Demain Ou Après Demain, Ex Machina Graphic Design, Emakina
Belgique*, Reflect*, Convergences*, Tunz.com and Emakina
Media*.
Denis Steisel was born in 1959. He has been a director of the
Company since 2000. Mr Steisel graduated from the Université
catholique de Louvain with a degree in economic science. He
started his career as an SAP specialist, in particular working as a
business unit manager at Econocom then as co-founder of Expert
Finance Consulting, before concentrating on the Internet and
e-commerce. In 1998, Mr Steisel founded Make it Happen, which
changed its name in 1999 to Emalaya and is now called Emakina
Belgique. Since 2001, he has held the post of CEO and is responsible for business development within the Emakina Group.
Mr Denis Steisel is currently a director of the following companies:
Emakina Group*, Emakina Belgique*, Design is Dead*, Emakina.NL*,
Reflect* and The Reference*.
40 | Annual report
John Deprez
John Deprez was born in 1970 and has been on the Company’s
Board of Directors since 2001 as permanent representative of a
director, the company Antwerp CD Center. Mr Deprez is a trained
industrial engineer and a business graduate. He joined Emakina
in May 2001 as an executive manager. He is responsible for the
*Mandate still in progress.
François Gillet
Benelux market and for more technical projects in the Group (CTO).
As such, Mr Deprez closely monitors the activities and projects
of the subsidiaries located in the Benelux. He has successfully
implemented a number of important projects for key clients such
as Fortis, SN Brussels Airlines, Delta Lloyd Life and Base, in which
context he was responsible for project management, development and IT. Before joining Emakina, Mr Deprez worked at Alcatel
and The Reference. Over the last five years, he has been or still is
director/manager of the following companies: Emakina Group*,
Antwerp CD Center*, nVidea*, ACDC Commanditaire
Vennootschap*, Emakina Belgique*, Emakina.EU*, The Reference*,
Emakina.NL*, Design is Dead* and Emakina Media*.
François Gillet is an IAG commercial and management engineer
graduate. After graduating in 1983, he joined Union Minière in
1984 as assistant to the finance director and was responsible for the
financial aspects of acquisitions, strategic plans and special projects.
In 1988, he joined the financial holding company Sofina, where
he is currently a director and is involved in the management of the
group. With this company, he is responsible for monitoring several
investments in his capacity as director. These investments currently
include Colruyt, Luxempart, Deceuninck NV and Codic International.
Mr Gillet also supervises private equity activities in the Benelux,
where he monitors funds such as Sofindev, Bencis and Waterland as
a director or shareholder committee member. He is also a member
of several audit committees and, in a personal capacity, he is an
independent director of the company Emakina. In addition to
his training at IAG, during which he took part in an international
exchange program at the University of Western Ontario (Canada),
he has completed the Cepac program (ULB) and the Advanced
Management Program (Insead) and has followed fiscal training at
the Saint Louis Business School.
Karim Chouikri
Karim Chouikri was born in 1970 and is a graduate in commercial
engineering (Solvay Business School, 1994). He has been a director
of the Company since March 2006. Mr Chouikri has participated, as
a shareholder, director or consultant, in the development of various
companies operating in the fields of new technologies, the Internet,
media and marketing. Over the last five years, Mr Chouikri has been
or still is director/manager of the following companies: Emakina
Group*, Mediadreams*, NetHolding*, NetCapital and B.C.I.*
Gautier Bataille de Longprey
Gautier Bataille de Longprey was born in 1962. He is a civil engineer
(mathematics applied to economics) and has vast professional
experience in the banking sector, in particular in the field of
operations on the financial markets. Over the last ten years,
Mr Bataille de Longprey has held various posts as manager and
director within Banque Degroof SA. He also exercises mandates in
other companies.
Magnus Schiller
Magnus Schiller is 66 years old. He has a law degree from the
University of Stockholm and an HND in Business Management from
Hendon College of Technology and the City of London College.
Mr Schiller began his professional career as a magistrate. He
has served as judge at the Court of Appeal of Stockholm and as
Secretary of the Supreme Court of the Kingdom of Sweden. Mr
Schiller pursued his career in law as a tax lawyer and then moved
into the field of risk capital. In this capacity, he has been involved in
the development of various projects and companies. Mr Schiller has
financed a number of companies operating in the fields of
technology and life science. He is founder and director of
Mediadreams SA.*
*Mandate still in progress.
Pierre Gatz
Since July 2005, Pierre Gatz has been Chief Technology Officer
(CTO) at Truvo, which publishes the “Golden Pages” and “White
Pages” directories in Belgium, Ireland, Portugal, Romania, South
Africa and Puerto Rico. Truvo is the leader in its market with income
of EUR 374 million in 2008. In 2004 and 2005, Pierre Gatz worked
as a technology consultant for various private equity firms in London
and New York. Between 1986 and 2004, Pierre Gatz was director
& partner of Dijk Electronic Publishing where he developed several
innovative technologies, in particular search engines for CD-ROM
and the Internet. Mr Gatz also developed business in Europe and the
United States. He has been a director of the Company since April
2009.
Pierre-Michel Cattoir
Pierre-Michel Cattoir was born in 1963 and has been an independent director of the Company since May 2009. He graduated as a civil
engineer in applied mathematics from the Université catholique de
Louvain and completed an MBA at Cornell University in New York.
He has extensive international experience in delivering technologyand media-related projects. From 1988 to 1996, Pierre occupied
various merchant banking posts within Banque Bruxelles Lambert,
for which he spent several years abroad (Paris and Sydney). He then
joined McKinsey & Company in Brussels. For four years, he was
involved in various projects in the Benelux as consultant and project
manager, mainly in the field of technologies. Since December 2000,
Pierre has been a partner in the Brussels office of the company
Egon Zehnder International, which specialises in the evaluation and
recruitment of company managers. Mr Cattoir is specialised in the
technologies, communications & media and energy sectors.
Annual report | 41
Board
of Directors’
Committees
General
The Board of Directors of the Emakina Group is authorised to
create specialised committees to support it in its work.
The committees are advisory bodies only and all decision-making
powers remain the collective responsibility of the Board of
Directors.
In 2006, the Board of Directors set up three specialised committees whose members were chosen internally: an Audit Committee,
a Remuneration Committee and an Appointment Committee.
At the Board of Directors’ meeting of the 18 March 2008, it was
decided (as authorised by the Articles of Association) to merge the
Remuneration Committee and the Appointment Committee.
Audit Committee
The Audit Committee’s statutory mission is to assist the Board of
Directors in its responsibilities as regards the Company’s financial
integrity and, in particular, to supervise financial reports, internal
audits, external audits, internal control work and financial relations
between the Company and its shareholders.
The members of the Audit Committee have extended powers of
investigation in exercising their support and supervisory role and,
in particular, powers of investigation identical to those conferred
on the statutory auditor by the law.
During 2009, the Audit Committee met three times and carried
out work mainly on the following items:
- analysis of the annual and consolidated accounts and of the
report of the statutory auditor;
- analysis of the half-yearly accounts;
- discussion of the audit results with the statutory auditor;
- risk management & internal control aspects;
- monitoring the formalisation of the internal procedures;
- cash management monitoring and optimisation of working
capital requirements;
42 | Annual report
- monitoring the project to implement the integrated ERP system,
Navision Dynamics, within the Group;
- analysis of the potential risks linked to the financial crisis;
- analysis of the profitability of certain projects;
- Key Performance Indicators methodology;
- monitoring the valuation of the shareholding in the subsidiaries.
Composition and attendance at meetings:
- Chairman: François Gillet 3/3
- Members: Gautier Bataille de Longprey 3/3, Magnus Schiller 3/3
Appointment and Remuneration Committee
The Appointment and Remuneration Committee is set up within
the Board of Directors and is entrusted with:
- making recommendations concerning the appointment of
directors;
- ensuring that the appointment and re-election process is
organised objectively and professionally;
- issuing recommendations on the individual remuneration of the
executive directors, including bonuses and long-term profit-sharing schemes (share options, etc.).
The Appointment and Remuneration Committee is made up of
three members who are all non-executive directors and the majority independent directors.
During 2009, the Appointment and Remuneration Committee held
two meetings at which the following items were discussed:
- Stock Option Plan 2009 for the personnel and executives;
- policy on the remuneration of executive directors.
Composition and attendance at meetings:
- Members: Gauthier Bataille 2/2, Magnus Schiller 2/2,
John Deprez 2/2
Executive
committee
General
The Board of Directors appointed a chairman who is assisted
by the executive directors. Together they form the Executive
Committee.
The Executive Committee’s rules of procedure are defined by
the Board of Directors. The Executive Committee is not a
Management Committee according to Article 524 bis of the
Belgian Companies Code.
Chief Executive Officer (CEO) and Chairman
At the first Board meeting following the floatation of the
Company on the stock exchange in July 2006, the Board of
Directors appointed Mr Denis Steisel as chairman. Mr Steisel
may be dismissed by the Company’s Board of Directors. At the
same meeting, the Board of Directors also appointed
Mr Denis Steisel as CEO. He is ultimately responsible to the
Board of Directors for the management of the Company and
for implementing the decisions of the Board of Directors within
the framework of the strategy, planning, values and budget
approved by the Board of Directors.
The chairman is entrusted by the Board of Directors with the
day-to-day management of the Company. In the exercise of
his duties, he directs and supervises Emakina’s various central
departments and operating units and reports to the Board of
Directors concerning their activities.
Composition of the Executive Committee
The Executive Committee is made up of four members: Mr
Denis Steisel (Chief Executive Officer), Mr Brice Le Blévennec
(Chief Visionary Officer), Antwerp CD Center BVBA represented
by Mr John Deprez (Managing Director Benelux & Chief Technology Officer) and Mr Karim Chouikri (Director of Acquisitions
and Integration). The Executive Committee is assisted in the
financial aspects by Frédéric Desonnay (Chief Financial Officer).
Remuneration
Directors & of the
executive Committee
of the
Non-Executive Directors
The Board of Directors decided on an annual remuneration of EUR
67,000 for all the non-executive directors. The directors who are
members of the Audit Committee also received EUR 1,000 for
each Audit Committee meeting they attended. The directors who
are members of the Remuneration Committee or of the
Appointment Committee also received EUR 500 for each
committee meeting they attended.
Executive Directors (Executive Committee)
The total remuneration paid by the Company to the members of
the Executive Committee in 2009 amounted to EUR 851,961. With
the exception of the sums due in accordance with the labour law,
the Company is not required to pay any amount in the event that a
member of the Executive Committee is dismissed.
Under the Stock Option Plan of 2009, 17,180 warrants were
subscribed for by the executive directors at a strike price of
EUR 8.31.
Annual report | 43
Shares held by
Non-Executive
Directors
Shares Held by Non-Executive Directors
The table below gives an overview of the shares held directly or
indirectly by the directors who are not members of the Executive
Committee as at 31 December 2009:
Non-executive directors
Mr M. Schiller
Shares held directly
Number of
shares
Percentage of
the share capital
Number of shares
Percentage of
the share capital
5,285
0.151%
974,388/208,349**
27.866%/5.958%
0
0.000%
0
0
200
0.006%
0
0
3,506
0.100%
0
0
857,380
24.520%
0
0
Mr P.M. Cattoir*
Mr F. Gillet*
Mr G. Bataille*
Mr P. Gatz
Shares held indirectly/transitive
* Independent directors
** The company Two4Two is a holding company of which Mediadreams is a 50% shareholder. Mediadreams is a holding company of
which Mr Magnus Schiller is a 40.2% shareholder.
Two4Two’s total stake in Emakina is 921,326 shares.
Mediadreams’ direct stake in Emakina is 50,000 shares.
Mr Schiller’s transitive stake in Emakina is 208,349, obtained by multiplying 921,326 by Mediadream’s stake in Two4Two and
Mr Schiller’s stake in Mediadreams to which must be added 50,000 multiplied by Mr Schille’s stake in Mediadreams as well as 3,062
shares held through another company.
44 | Annual report
Executive
Committee
Members
Shares Held by Executive Committee Members
Under the stock option plans of 2007/2008/2009, 68,729
warrants were subscribed to by the executive directors at a strike
price of EUR 12.52/7.78/8.31 respectively.
Executive directors
The table below gives an overview of the Company shares held
directly or indirectly by the executive directors as at
31 December 2009:
Shares held directly
Shares held indirectly/transitive
Number of
shares
Percentage of
the share capital
Number of shares
Percentage of
the share capital
Mr D. Steisel
611,518
17.488%
0
0
Mr B. Le Blévennec
609,718
17.437%
0
0
14,083
0.403%
139,138*
3.979%
0
0.000%
971,326/155,913**
27.778%/4.459%
Mr J. Deprez (représentant permanent de Antwerp CD Center)
Mr K. Chouikri
* Through his stake in Antwerp CD Center BVBA and in Commanditaires Vennootschap ACDC.
** The company Two4Two is a holding company of which Mediadreams is a 50% shareholder.
Mediadreams is a holding company of which Mr Chouikri Karim is a 29.9% shareholder.
Two4Two’s total stake in Emakina is 921,326 shares.
Mediadreams’ direct stake in Emakina is 50,000 shares.
Mr Chouikri’s transitive stake in Emakina is 155,913, obtained by multiplying 921,326 by Mediadreams’ stake in Two4Two and
Mr Chouikri’s stake in Mediadreams, to which must be added 50,000 multiplied by the Mr Chouikri’s stake in Mediadreams as well as
3,225 shares held through another company that holds shares in Two4two.
Annual report | 45
Conflicts
of Interest
of the Directors
and Executive
Statutory
Auditor
Since 17 March 2006, the statutory auditor of the Company
has been Ernst & Young Réviseurs d’Entreprises SCCRL,
with registered offices at De Kleetlaan 2, 1831 Diegem and
represented by Mr Eric Golenvaux, Partner. On 20 March
2006, Ernst & Young Réviseurs d’Entreprises SCCRL was also
appointed statutory auditor of the Belgian subsidiary, Emakina
Belgique, and its mandate was renewed in 2008 for three
years. In 2007, Ernst & Young Réviseurs d’Entreprises SCCRL
was appointed statutory auditor of the Belgian subsidiary
B. On The Net (formerly known as Emakina.EU) of which
the mandate was renewed in 2009 for three years. In 2008,
Ernst & Young Réviseurs d’Entreprises SCCRL was appointed
statutory auditor of the Belgian subsidiaries Design is Dead &
The Reference. At the start of 2010, Ernst & Young Réviseurs
d’Entreprises SCCRL was appointed statutory auditor of the
Belgian subsidiary Emakina Media.
Ernst & Young Réviseurs d’Entreprises SCCRL, represented by
partner Mr Eric Golenvaux, is also responsible for the control
and certification of the Company’s consolidated accounts.
The three-year mandate (for the financial periods ending on
31 December 2008, 2009 and 2010) was renewed at the
Ordinary General Meeting in 2008 at the recommendation of
the Audit Committee.
The fees for the control services provided to the Company and
its subsidiaries amount to EUR 75,542 for the financial period
2009.
During the fiscal year, the Company’s statutory auditor was
entrusted with special assignments (essentially concerning the
introduction of a Stock Option Plan, a capital increase and tax
advice) for which the fees amounted to EUR 25,960.
46 | Annual report
Committee
Members and
operations
with Affiliated
Companies
The Board of Directors has not established a policy for
transactions and other contractual relations between the
Company, including affiliated companies, and the directors
and executive managers, other than those covered by the
legal provisions on conflicts of interest (Article 523 of the
Belgian Companies Code). However, the directors undertake
to ensure that these transactions between the Company and
themselves are concluded under normal market conditions.
The stock option plan proposed in March 2009 as part of
the remuneration policy introduced by the Company for the
personnel and directors was first submitted to be approved at
the General Meeting of Shareholders at the proposal of the
Board of Directors.
During financial period 2009, ad hoc and sporadic contracts
between (i) the Emakina Group and/or the affiliated
companies and (ii) one or more executive directors were
concluded. These contracts were insignificant since the total
value of the services supplied by said executive directors
in performing these contracts did not exceed 0.5% of the
company’s consolidated turnover. These contracts were
concluded according to market conditions.
Relations with Affiliated Companies
Since Emakina is listed on the Brussels Alternext market, it
is not a listed company in the meaning of Article 4 of the
Belgian Companies Code.
Article 524 of the Belgian Companies Code, which provides
for a special procedure concerning relations between the
Company and any affiliated companies (other than its subsidiaries), therefore does not apply to Emakina. Nevertheless,
management ensures that these operations and decisions are
concluded under market conditions and according to guarantees that are normal for similar operations.
Relations with Significant Shareholders
Current commercial and business relations between the
shareholders and their affiliated companies and between
the Company and its subsidiaries include, inter alia, relations
between the manager shareholders’ management companies
and Emakina. The amounts invoiced by the manager
shareholders to the Company and to its subsidiaries are
included in the amounts given in point 9.7.2 for financial
period 2009 and are determined by the Board of Directors at
the recommendation of the Appointment and Remuneration
Committee.
Moreover, the Company and its subsidiaries occasionally
work for companies that share an indirect shareholding with
the Company. These services are not significant for Emakina.
These contracts are concluded according to market conditions.
Compliance with Legislation on Insider Dealing and
Market Manipulation (Market Abuse)
Emakina undertakes to comply with Directive 2003/6/EC on
insider dealing and market manipulation (market abuse).
During 2009, the directors were prohibited from engaging in
any transactions in the Company’s shares during the period
preceding the publication of its financial results (closed
periods) and during any other period considered sensitive
(blackout periods).
Furthermore, the insiders’ list was kept up to date by the
Board of Directors during 2009.
Finally, at its meeting of 8 March 2007, the Board of Directors
appointed Denis Steisel as compliance officer (as stipulated
in our charter and by the Belgian Code of Corporate Governance), responsible for ensuring compliance with these rules
(closed and blackout periods).
Annual report | 47
Financial
information
This chapter presents the consolidated
accounts of Emakina Group closed at
31 December 2009, with a comparison
to 31 December 2008, and the annual
statutory accounts of Emakina Group at
31 December 2009, with a comparison
to 31 December 2008.
The 2009 annual and consolidated
accounts of Emakina Group, as submitted to the General Meeting of
Shareholders on 22 April 2010, were
approved at the Board of Directors’
meeting of 18 March 2010.
Frédéric Desonnay, Chief Financial Officer, Emakina Group
48 | Annual report
MANAGEMENT REPORT
- Highlights of the Year and Developments in Emakina Group’s Business
Slight sales growth despite difficult economic situation
Sales continued to grow by 1%, which was less than expected
due to the economic situation. Furthermore, in 2009, EBITDA
(operating income/loss before amortisation) amounted to EUR
2,328,409 (or 7.3% of sales) compared with EUR 2,686,862
(or 8.5% of sales) in 2008. Despite this decline, it is important
to mention that, on the other hand, the operating income
before amortisation made a significant recovery in the second
half of 2009, reaching 10.6% of total sales compared with
3.6% in the first half of 2009 and 9.7% in the second half of
2008.
Several factors account for these annual results for 2009:
• The economic crisis had an indirect effect on Emakina,
especially in the first half of 2009, through some of our
clients from the financial, automotive and air transport
sectors.
• In addition, the sales process was extended and required
greater marketing efforts.
• The legal index of wages at 1 January 2009 reduced the
margins in Belgium.
• In spite of this economic context, sales increased for the
5th consecutive year thanks to the synergies developed
between the different subsidiaries of the Group aimed
at attracting new international clients. Emakina Belgium
and Emakina.NL jointly created Yunomi, a Benelux-wide
women’s community for Unilever. Emakina Belgium, in
partnership with Emakina.EU, an agency which was set
up in 2008 and specialises in European and international
institutions, won a framework contract in October 2009
with the European Commission (see below).
In order to sustain its growth and bolster its margins, the
management of Emakina Group undertook the following
actions:
• More dynamic management of resources and expertise to
anticipate changes in demand more effectively.
• The creation of new profitability analysis tools (in particu-
lar through the definition of new key performance indicators) to improve the management of projects.
• Emakina Group decided to build on the many opportunities created by the technological changes brought on by
the current crisis. This is particularly the case in the media
and advertising sector, which was hit particularly hard
in 2009. Within this context, Emakina Group aims to be
a major player by helping its clients benefit from these
changes.
• In 2009, Emakina Group continued to develop its centres
of excellence (Emakina.EU, Emakina/Media, Emakina/
Mobile, Emakina/Motion, etc.) in order to provide an
integrated range of services.
SunTzu becomes Emakina.NL
2009 was the year when SunTzu became Emakina.NL. This
increased integration within Emakina network also provided an
opportunity to focus the services offered by this agency, which
now specialises in Customer Intelligence & Activation. This
concept includes the creation and enhancement of a strong
link between a brand and a target group.
Commercial agreement between Emakina Group and
Pixelpark
In December 2009, a commercial agreement was signed
between Emakina Group and Pixelpark, which since 1991
has been doing pioneering work in the Internet sector in
Germany. Pixelpark AG, which is based in Berlin, is a grouping
of several agencies based not only in Germany (Hamburg,
Berlin, Cologne, Munich and Bielefeld), but also in Switzerland
(Zurich) and Spain (Barcelona). It is now the biggest network of
independent interactive agencies in Germany. Its client portfolio includes some of the big names on the German market:
Adidas, Allianz, Boehringer Ingelheim, Coca-Cola, Lufthansa,
etc. Pixelpark has been listed on the new Frankfurt Stock
Exchange since 4 October 1999.
This alliance allows Emakina to meet the needs of clients
who want to deploy campaigns in several major European
countries.
Emakina wins a major framework contract with the European
Commission
In October 2009, Emakina Belgium, in partnership with
Emakina.EU, a new agency that specialises in European and
international institutions, was awarded a framework contract
with the European Commission (Directorate eneral for Health
and Consumers) worth EUR 15 million in the field of audiovisual services and media training. This contract is for a period of
2 years that can be extended to 4 years.
Annual report | 49
Entity startups created in 2008 exceed their business plans
2008 saw the creation of two new entities within Emakina
Group: Emakina/Media (the first media agency on the Belgian
market dedicated solely to digital and interactive media) and
Emakina.EU (an agency that focuses on European and international institutions). These agencies became operational in the
second half of 2008.
In spite of the difficult economic context, these two new
entities confirmed their start-up in 2009, and made a positive
contribution to the consolidated EBITDA in the second half of
the same year.
The Emakina Group picks up awards
• Emakina.BE is a winner at the Usability Awards
Emakina.BE and Brussels Airlines were awarded first
prize for BrusselsAirlines.com at the first Usability
Awards, an initiative that seeks to identify Belgium’s
most user-friendly websites. This award recognises the
teamwork that Emakina.BE and Brussels Airlines have
undertaken since 2003 to make this e-commerce site
more efficient and appealing.
• Design is Dead honoured at the American WebAwards
At the WebAwards in the US, which every year recognise
the achievements of the best interactive ideas from
around the world, the Antwerp-based agency Design is
Dead received the ‘Outstanding Website’ award for its
site ‘de Filharmonie voor Kids’.
• The Reference picks up an award for the Bekaert site
In October, the company Bekaert was awarded the annual
prize by the Belgian Association of Financial Analysts for
the best financial information. Bekaert was in particular
recognised for its communication policy, its transparency
and the quality of its website.
• Reflect launches the attention barometer
In partnership with TrendyBuzz, this year groupeReflect
launched the Attention Marketing Barometer. This instrument is based on the concept of Attention Marketing,
which measures the performance of brands on the basis
of how much attention they get from consumers.
- Comments on the Consolidated Accounts of
Emakina Group
During financial year 2009, changes to Emakina Group’s scope
of consolidation following investments undertaken by Emakina
Group were as follows:
• The stake of Emakina Group SA in Emakina.EU SPRL fell
from 100% to 70% on 1 January 2009.
• The stake of Emakina Group SA in Design Is Dead BVBA
increased from 68% to 76% on 1 July 2009 under the
terms of the share transfer agreement concluded with the
former majority shareholder.
• The stake of Emakina Group SA in Emakina Media SA fell
from 70% to 30% on 1 October 2009.
All the subsidiaries of Emakina Group are consolidated accord-
50 | Annual report
ing to the full consolidation method and prepared in accordance
with Belgian accounting standards, with the exception of
Emakina Media, which has been consolidated according to the
equity method since 1 July 2009.
As Emakina Media is consolidated by the equity method, the
consolidated income statement only includes the expenses and
income of Emakina Media for the first half of 2009. The net
income for the second half of 2009 is shown under the single
line “share in the results of companies consolidated by the
equity method”.
Income Statement
Sales rose by 1% in 2009 compared with 2008. At constant
scope (assuming 12 months of income in 2009 for Emakina
Media over 12 months rather than just over the first 6 months),
sales increased from EUR 31,484,834 in 2008 to EUR 31,991,446
in 2009, which is just above 1.6%, because for commercial
reasons the vast majority of Emakina Media’s income triangulates
via Emakina Belgium.
In spite of annual growth of 1% in consolidated sales in 2009
compared with 2008, the second half of 2009 was weaker than
the second half of 2008, with a drop of 3%.
The cost of sales and services was 95.2% of total sales in 2009
compared with 93.5% in 2008. More specifically, the amount
of purchases and miscellaneous goods and services represented
47.4% of total sales in 2009 compared with 49.8% in 2008,
mainly due to a reduction in the use of subcontractors for
projects. Personnel expenses in relation to total sales increased
in 2009 (45.1%) compared with 2008 (41.5%), mainly due to the
automatic indexing of wages in Belgium.
Amortisation of intangible/tangible assets increased from
EUR 629,934 to EUR 741,054, mainly due to investments in
IT equipment to bolster growth and to implement our new
integrated management tool.
EBITDA (operating income/loss before amortisation) amounted
to EUR 2,328,409 in 2009 (or 7.3% of sales) compared with EUR
2,686,862 (or 8.5% of sales) in 2008. EBITDA at 30 June 2009
amounted to EUR 530,137 (or 3.6% of sales),implying an EBITDA
of EUR 1,798,272 (or 10.6% of sales) in the second half of 2009
compared with EUR 1,709,556 (or 9.7% of sales) in the second
half of 2008. In other words, there was a marked recovery in
profitability in the second half of 2009 compared with the same
period in 2008, but especially compared with the first half of
2009.
At constant scope, EBITDA and consolidated operating income
for 2009 were virtually identical to the above data, given
Emakina Media’s break-even situation in the second half of 2009.
Amortisation of goodwill posted under financial expenses, in
accordance with Belgian accounting standards, rose from EUR
891,000 in 2008 to EUR 937,527 in 2009 following additional
purchase considerations in respect of certain stakes based on
their future results. Debt expenses were stable but fell from EUR
287,105 in 2008 to EUR 281,964 in 2009, while during these
same periods financial income fell from EUR 22,449 to EUR
3,877 because of changes in cash investments.
The extraordinary loss in 2009 of EUR 194,084 was mainly due
to (i) a dispute between Emakina and one of its clients, for which
a provision of EUR 88k was made and (ii) severance payments
for certain members of staff amounting to EUR 118k. As a
reminder, the extraordinary profit of EUR 45,918 realised in 2008
resulted mainly from reversals of provisions related to litigation
with former employees of one of the Group’s subsidiaries that
concluded favourably.
Profit before tax fell from EUR 900,554 to EUR 31,632.
The income net of deferred tax of EUR -457 in 2009 was due
to (i) the capitalisation of additional deferred tax assets for The
Reference for EUR 187k offset by (ii) the use of deferred tax
assets of EUR 221K following the profit made by The Reference
in 2009 and (iii) the inclusion of deferred tax liabilities of EUR 33K
related to the acquisition costs of certain subsidiaries capitalised in the consolidated accounts and charged to the statutory
accounts.
Profit after tax fell from EUR 390,275 in 2008 to EUR 380,900
in 2009. This trend was due to the drop in operating income
coupled with the exceptional loss and the fact that the deferred
taxes had virtually no positive impact in 2009, unlike in 2008,
partially offset by the fact that the income tax in 2009 was
almost half that of 2008
Balance Sheet
Formation expenses are essentially the costs connected with the
company’s IPO in July 2006. The decrease of EUR 97,935 in 2009
was almost exclusively due to amortisation applied over a period
of eight years.
Contracts in progress increased by EUR 475,484 at the end of
2009 compared with the end of 2008. This increase must be
considered in parallel with the increase in advance payments
on orders (see below), which rose by EUR 511,808 between
31/12/2008 and 31/12/2009. In other words, the net situation as
regards projects in progress remained stable between the end of
2008 and the end of 2009.
Current assets were stable at 31 December 2009 (EUR
11.757.218) compared with 31 December 2008 (EUR
11.706.679). This reflects a decrease of 4% in trade receivables
offset by an increase in other receivables related to the financing
arising from the factoring of receivables and the capitalisation of
recent deferred tax liabilities connected with our subsidiary The
Reference in accordance with the accounting approach adopted
in 2007 and 2008.
Cash investments and disposable assets in financial year 2009 are
presented in detail in the consolidated cash flow statement.
The company’s consolidated net assets amounted to EUR
9,238,205 at 31 December 2009 compared with EUR 9,729,505
at 31 December 2008. This variation was due mainly to (i) the
inclusion by the Group of the consolidated income in 2009 of
EUR -625,870 in the reserves and (ii) the payment of the 2008
dividend of EUR 200,000 offset by the increase in capital on 15
July 2009 of EUR 89,258, which resulted in the creation of a
share premium of EUR 245,317.
Capital
Share premium
Reserves
Total
8,395,670 EUR
511,890 EUR
330,645 EUR
9,238,205 EUR
Intangible assets increased by EUR 63,695 because of Navision
and Salesforce projects.
The amount of goodwill, corresponding to the costs related to
the acquisition of investments, including ancillary costs, fell from
EUR 5,415,980 at the end of 2008 to EUR 4,823,921 at the end
of 2009 because of the amortisation applied over a period of
eight years coupled with potential additional purchase considerations and additional percentages in investments that were
already controlled (for example Design Is Dead) or disposals of
percentages (for example Emakina Media).
Investments in tangible assets were virtually offset by amortisation, as this figure increased by only EUR 13,237 at the end of
2009 compared with the end of 2008.
The increase in investments was due to acquisitions of shares
amounting to EUR 128,466.
Annual report | 51
The third party interests of EUR 406,833 correspond to the
consolidated income carried forward which is held by the minority
shareholders of Design Is Dead (24%), Reflect SA (49.98%) and
Emakina.EU (30%).
Provisions mainly include (i) the obligations connected with a
former plan to reorganise one of the Group’s subsidiaries and (ii) a
new provision of EUR 88k related to an ongoing dispute between
Emakina and one of its clients.
The deferred tax liabilities of EUR 170,037 at 31 December 2009
compared with EUR 203,576 at 31 December 2008 reflect the
ancillary costs associated with the acquisitions capitalised in the
consolidated financial statements through goodwill.
Debts due in more than one year (and debts payable within one
year) correspond mainly to loans obtained over three or four years
for major IT investments undertaken in 2007 and 2008 (tangible
and intangible assets), which explains the decrease of 41%
observed at the end of 2009 compared with the end of 2008.
Financial liabilities are debts relating to the financing of holiday
pay, advance payments and end-of-year bonuses.
Commercial debts and tax, wages and social security contributions increased in line with the business of the Group.
As mentioned above, orders in progress increased by EUR
475,484 between 31/12/2008 and 31/12/2009. This increase
must be considered in parallel with the increase in advance
payments on orders (see above), which rose by EUR 511,808
between 31/12/2008 and 31/12/2009. In other words, the net
situation as regards projects in progress remained stable between
the end of 2008 and the end of 2009.
The significant amount of other debts was due to the pre-financing arising from the factoring of trade receivables.
- Comments on the (Statutory) Annual Accounts of
Emakina Group
The (statutory) annual accounts reflect only the accounting
situation of the parent company after appropriation of the
profits for 2009 and prepared in accordance with Belgian
accounting standards.
Income Statement
The bulk of the income from the activities of Emakina Group
in 2009 comes from (i) the rebilling of management fees and
other expenses amounting to EUR 1,684,908, (ii) the payment
of dividends by subsidiaries amounting to EUR 743,280 and (iii)
the charging of interest on cash investments amounting to
EUR 18,246.
52 | Annual report
Most of the EUR 2,063,031 in operational costs of Emakina
Group SA in 2009 corresponds to executive management fees
(including non-executive directors) amounting to 45%, external
fees connected with legal and contractual obligations (lawyers,
auditors, notaries, etc.) amounting to 10%, personnel costs
amounting to 11%, amortisation and write-downs amounting
to 8%, purchases relating to internal projects (new website,
etc.) amounting to 12% and other miscellaneous goods and
services amounting to 14%.
Amortisation, amounting to EUR 175,265,corresponds mainly
to the costs associated with the IPO amortised over a period of
eight years.
The dividends received from subsidiaries in 2009 amounted to
EUR 743,280.
2009 ended with a net profit of EUR 382,626. Some of this
year’s profits will be partly carried forward and some will be
distributed (see below: the 2009 profit appropriation proposed
to the Annual General Meeting).
Balance Sheet
In terms of assets, the major differences in the figures on
the balance sheet at 31 December 2009 compared with 31
December 2008 correspond to:
• amortisation of EUR 109,596 on formation expenses
connected with the IPO
• the increase in stakes by EUR 470,540 due to changes
in the consolidation scope and the additional purchase
considerations and ancillary costs connected with the
earn-out and other investments.
Moreover, the relatively high level of trade receivables
(EUR 1,789,913) and other receivables (EUR 860,112) at 31
December 2009 was due to significant positions towards affiliated companies. Overall, these positions fell by EUR 180,330
at the end of 2009 compared with the end of 2008.
At 31 December 2009, the equity of the company after
appropriation was EUR 9,719,320 compared with EUR
9,252,119 at the end of 2008. The difference in equity is due
to (i) the capital increase on the 15 July 2009, which resulted
in an increase (at par value) of EUR 89,257 and a share
premium of EUR 245,317 and (ii) the profit appropriation for
2009 (see below).
- Prospects for 2010
Subscribed capital
Legal reserve
Share premiums
Income carried forward
Total
-8,395,670 EUR
-84,092 EUR
-511,890 EUR
-727,668 EUR
-9,719,320 EUR
The amount of other debts was due not only to a current
account towards a subsidiary which was significantly lower
than at the end of 2008, but also to the dividend amount of
EUR 250,000 to be distributed on the company’s income in
2009.
Emakina Group had no long-term debts or financial debts at
31 December 2009.
Important events that have occurred since the closing of the
accounts and other events likely to have a significant influence
on the business
No important events likely to have a significant influence on the
company’s business occurred after the closing of the accounts.
Business Developments
Against the backdrop of a tentative economic recovery, Emakina
expects to see in 2010 a moderate increase in sales due to
several key elements: the multi-year contracts mentioned above,
the major commercial efforts undertaken in 2009, the customer
loyalty program, etc. The margins should also improve thanks to
the economic situation, which is becoming somewhat brighter,
and the implementation of the various measures introduced in
2009.
- Analysis of Risks
In this period marked by a tentative economic recovery, the
management of Emakina Group is aware that different internal
and external risk factors can have a significant impact on the
company’s performance. In the face of these major challenges,
Emakina Group has decided to implement the following
measures:
• Increasing the rate of billing of operational resources.
• Mobilising the sales force, in order to develop clients and
maintain our existing clients.
• Controlling overheads and production costs, which will
involve continuing to seek to make economies of scale and
to create synergies between different entities of the Group.
• Regular monitoring of cash flow forecasts and the use of
credit lines.
• Efforts aimed at optimising the level of working capital
requirements within the entities: accelerating the billing
process, establishing factoring of receivables for the
company’s largest subsidiary, namely Emakina Belgium SA,
from the second quarter of 2009.
• Updating credit lines tailored to the current size of the
Group.
It is important to remember that, given the Group’s low level of
debt, the risk associated with credit access remains limited for
our Group.
- Conflicts of Interest Between the Directors and
the Company
The Board of Directors of Emakina Group has no knowledge of
any decisions giving rise to the application of Articles 523 or 524
of the Belgian Companies Code.
- Expertise and independence of the members of the
audit committee (in accordance with article 96 of the
Companies Code)
In accordance with article 96 of the Belgian Companies Code
(line 9), it is to be noted that Mr. François Gillet, president of the
Audit Committee (holder of a Commercial Engineer’s degree
from the IAG) is currently a director of the financial holding
company Sofina and participated in the management of that
Group. He is responsible for the follow up of several investments, where he is a director, including Colruyt, Luxempart,
Exmar, Deceuninck NV, Codic International as well as private
equity activities in the Benelux area. He is also a member
and president of several audit committees. He does not hold
any investments or other significant interest in the company.
Moreover, Mr. Gautier Bataille de Longprey, member of the
Audit Committe (holder of a Civil Engineer’s degree specialized
in Mathematics applied to Economics), has wide professional
experience in the banking sector as well as in operations on
financial markets. He is currently Managing Director of Degroof
Bank SA and he occupies various tenures in other companies. He
does not hold any investments or other significant interest in the
company.
Annual report | 53
- Legal Information Concerning the Transposition of
the OPA Directive
Capital structure:
At 31 December 2009, the capital of Emakina Group SA
consisted of 3,496,708 shares broken down as follows:
Owner
Shares
%
Two4Two S.A.
921,326
26.348
Mr P. Gatz
857,380
24.52
Mr D. Steisel
611,518
17.488
Mr B. Le Blévennec
609,718
17.437
Others
293,545
8.395
Commanditaire
Vennootschap ACDC :
117,320
3.355
Mediadreams SA
50,000
1.430
Antwerp CD Center
BVBA
21,818
0.624
Mr J. Deprez
14,083
0.403
3,496,708
100 %
total
Furthermore, following the stock option plans offered in 2007,
2008 and 2009 to the staff, consultants and directors of the
Company and its subsidiaries, a total of 165,630 warrants
were issued.
Mr Brice Le Blévennec, Mr Karim Chouikri and the
company Antwerp CD Centre, unless there is cause for
dismissal based on serious misconduct in the performance
of the mandate.
• For the rest, each Shareholder who holds at least 20%
of the voting rights of the Company shall be entitled to
propose a director for every 20% block of voting rights
that he or she holds
Each Shareholder undertakes to vote in favour of the director(s)
proposed by another Shareholder, provided the latter is entitled
to propose candidate directors based on the number of 20%
blocks of company voting rights that he or she holds.
As each share gives entitlement to one vote, the main
Shareholders do not have different voting rights.
- Capital Increase Under Authorised Capital (Art. 608,
Belgian Companies Code)
At its meeting of 14 July 2009 (with effect at 15 July 2009), the
Board of Directors of Emakina Group SA (hereinafter referred
to as “Emakina Group”) decided to carry out a capital increase
through a contribution in kind under authorised capital in
accordance with Article 17bis of the Articles of Association of
Emakina Group and under the conditions specified below.
In 2006, Emakina Group SA initiated a consolidation phase
resulting, inter alia, in the acquisition on 27 March 2007
of all the shares of the company SunTzu BV, whereby the
latter became a subsidiary of Emakina Group SA. Within the
framework of this acquisition, the contract provided that, in
addition to the acquisition price, the sellers of the shares of
SunTzu BV would be entitled to additional purchase considerations (with Emakina Group SA being able to pay them in
Emakina Group shares), the amount of which is based on the
turnover of the company SunTzu BV for 2007, 2008 and 2009.
Shareholders’ agreement:
It must be pointed out that, as stated in our Corporate
Governance Charter, which can be consulted on the company’s
website (www.emakina.com), the “historical” shareholders
of Emakina Group (Denis Steisel, Brice Le Blévennec, Karim
Chouikri and Antwerp CD Centre BVBA represented by John
Deprez) have signed a shareholders’ agreement, to which the
Company is not party, which has been in application since
the IPO in July 2006. The provisions of this agreement are as
follows:
• The Shareholders undertake to vote in favour of
maintaining and renewing the mandates of the directors
appointed at the Company’s Extraordinary General
Meeting of 17 March 2006, namely Mr Denis Steisel,
54 | Annual report
As a result of this structure, Emakina Group did not have to
make excessive use of its financial resources for the acquisition
of the shares of SunTzu BV. Secondly, the Sellers have been able
to support the development of SunTzu BV.
Therefore, the contribution in kind which resulted in the capital
increase of the 15 July 2009 consisted in a contribution by
the Sellers of a contractual debt arising from the Contract
(additional purchase consideration for “2009” based on the
2008 turnover). The value of this contractual debt, determined
by the parties according to the results of SunTzu BV, was equal
to EUR 334,575 corresponding to the issuance of 37,175 shares.
Emakina Group’s capital thus increased by EUR 89,257.96,
from EUR 8,306,412.18 to EUR 8,395,670.14. The balance
(EUR 245,317.04) is a premium which was posted under the
corresponding heading of the balance sheet. The capital is now
represented by 3,496,708 shares.
- Discharge Granted to the Directors and the Auditor
In conclusion, the contribution in kind and the capital increase
were part of the acquisition policy pursued by Emakina Group
and in the interest of Emakina Group, since these operations
allowed the Group to maintain its financial resources with a
view to undertaking other acquisition operations in future.
The Board of Directors thanks the shareholders,
employees, clients and partners for their constant and
constructive support in the development of Emakina’s
activities.
It is proposed that the directors and the auditor be granted
discharge.
Brussels, 18 March 2010
- Research and Development
Within the framework of its activities, Emakina has an ongoing
programme of research into the development and implementation of technological solutions. The company directly covers
the costs connected with investments in these fields.
- Branches of the Company
The company has no branches.
Mr Denis Steisel
Mr Karim Chouikri
Mr Brice Le Blévennec
Antwerp CD Center BVBA represented by John Deprez
Mr François Gillet
Mr Gautier Bataille
Mr Magnus Schiller
Mr Pierre-Michel Cattoir
Mr Pierre Gatz
- Proposed Appropriation of Profits
We propose that the Annual General Meeting allocate the net
statutory profits in 2009 of EUR 382,626 as follows:
• Allocation to the legal reserve of EUR 19,131.
• Distribution of a dividend for a total gross amount of EUR
250,000, i.e. a gross (net) value of EUR 0.07150 (EUR
0.06077) per share
• Retained earnings of EUR 113,495.
Annual report | 55
CONSOLIDATED ACCOUNTS AT 31 DECEMBER 2009
- Consolidation Scope
As discussed above, in financial year 2009 Emakina Group’s
scope of consolidation changed as follows as a result of the
investments undertaken by Emakina Group:
• The stake of Emakina Group SA in Emakina.EU SPRL fell
from 100% to 70% on the 1 January 2009.
• The stake of Emakina Group SA in Design Is Dead BVBA
increased from 68% to 76% on the 1 July 2009 under the
terms of the share transfer agreement concluded with the
former majority shareholder.
• The stake of Emakina Group SA in Emakina Media SA fell
from 70% to 30% on the 1 October 2009.
All the subsidiaries of Emakina Group are consolidated according to the full consolidation method, with the exception of
Emakina Media SA, which is consolidated according to the
equity method following the sale of 40% of the shares held
by Emakina Group. The present consolidated accounts were
prepared in accordance with Belgian accounting standards.
Because Emakina Media is consolidated by the equity method,
the consolidated income statement only includes the expenses
and income of Emakina Media for the first half of 2009. The
net income for the second half of 2009 is shown under the
single line “share in the results of companies consolidated by
the equity method”.
- Consolidation Method
All the subsidiaries of Emakina Group (see section above), with
the exception of Emakina Media, are consolidated according to
the full consolidation method.
The full consolidation method is adopted when the subsidiary is
controlled by the parent company provided:
• either the parent company owns directly or indirectly more
than 50% of the capital;
• or the parent company has control over the management
bodies of the company concerned.
56 | Annual report
This method consists of an incorporation in the accounts of the
parent company of each element of the assets and liabilities
of the integrated subsidiaries as a replacement for the balance
sheet value of these investments.
Goodwill arises on this method and minority third parties are
identified. Similarly, the expenses and income of these subsidiaries are combined with those of the parent company, and
their results for the year are divided between the Group and
the third parties.
The internal operations of the Group affecting the assets and
liabilities such as investments, debts and entitlements, and the
results, such as interest, expenses and income, are eliminated in
the overall consolidation.
Emakina Media has been consolidated according to the equity
method since 1 July 2009. Emakina Group now holds 30% of
the shares and only exerts significant influence and not direct
control. The equity method consists of a replacement of the
book value of the investment by the share of equity that is held
(including the profits for financial year 2009).
- Consolidated Balance Sheet prepared in accordance with Belgian accounting standards (Belgian GAAP)
after appropriation*
ASSETS (EUR)
Codes
31/12/2009
31/12/2008
FIXED ASSETS
20/28
6,942,276
7,423,437
I
Formation expenses (notes VII)
20
504,836
602,771
II
Intangible assets (not. VIII)
21
512,061
448,365
III
Positive consolidation differences (not. XII)
9920
4,823,921
5,415,980
IV
Tangible assets (not. IX)
22/27
899,269
886,031
B.
Plant, machinery and equipment
23
152,963
153,026
C.
Furniture and vehicles
24
297,985
269,525
D.
Leasing and other similar rights
25
364,464
410,319
E.
Other tangible assets
26
83,857
53,161
V
Financial assets (notes I to IV and X)
28
202,189
70,290
B.
Other enterprises
284/8
202,189
70,290
284
128,465
0
2. Amounts receivable
285/8
73,724
70,290
CURRENT ASSETS
29/58
15,809,082
15,042,223
3
2,164,032
1,688,548
37
2,164,032
1,688,548
40/41
11,757,218
11,706,679
1. Participating interests and shares
VII
Stocks and contracts in progress
B.
Contracts in progress
VIII
Amounts receivable within one year
A.
Trade debtors
40
10,025,743
10,473,505
B.
Other amounts receivable
41
1,731,475
1,233,174
IX
Investments
50/53
299,467
428,811
B.
Other investments and deposits
51/53
299,467
428,811
X
Cash at bank and in hand
54/58
1,353,283
934,829
XI
Deferred charges and acccrued income
490/1
235,082
283,356
TOTAL ASSETS
20/58
22,751,358
22,465,660
* Article 124 of the royal decree of 30 january 2001 concerning the execution of the Code of Companies
Annual report | 57
I
LIABILITIES (EUR)
Codes
31/12/2009
31/12/2008
CAPITAL AND RESERVES
10/15
9,238,205
9,729,505
10
8,395,670
8,306,412
100
8,395,670
8,306,412
11
511,890
0
9910
330,645
1,423,093
406,832
493,893
9913
406,832
493,893
16
316,731
233,710
Provisions for liabilities and charges
160/5
146,694
30,134
4. Other liabilities and charges
163/5
146,694
30,134
168
170,037
203,576
17/49
12,789,590
12,008,552
17
515,272
877,291
170/4
515,272
877,291
3. Leasing and other similar obligations
172
432,077
853,701
4. Credit institutions
173
74,635
0
5. Other loans
174
8,560
23,590
42/48
12,128,185
10,819,072
Capital
A. Issued capital
II
Share premium account
IV
Consolidated reserves (not. XI)
MINORITY INTERESTS
VIII
MINORITY INTERESTS
PROVISIONS FOR LIABILITIES AND CHARGES
IX A.
IX B.
Deferred tax and latent taxation liabilities
(not. VI, B)
CREDITORS
X
Amounts payable after one year (not. XIII)
A.
Financial debts
XI
Amounts payable within one year (not. XIII)
A.
Current portion of amounts payable after
one year
42
1,227,194
1,252,670
B.
Financial debts
43
1,016,521
297,724
430/8
426,074
297,724
439
590,447
0
Trade debts
44
2,893,421
3,890,918
1. Suppliers
440/4
2,893,421
3,890,918
1. Credit institutions
2. Other loans
C.
D.
Advances received on contracts in progress
46
2,650,485
2,138,677
E.
Amounts payable regarding taxes, remuneration
and social security
45
2,832,624
3,147,276
1. Taxes
450/3
730,270
1,317,286
2. Remuneration and social security
454/9
2,102,354
1,829,990
F.
Other amounts payable
47/48
1,507,940
91,807
XII
Accrued charges and deferred income
492/3
146,133
312,189
TOTAL LIABILITIES
10/49
22,751,358
22,465,660
58 | Annual report
- Consolidated Income Statement prepared in accordance with Belgian accounting standards
(Belgian GAAP) after appropriation
INCOME STATEMENT (EUR)
Codes
31/12/2009
31/12/2008
70/74
31,782,957
31,484,834
A. Turnover (not. XIV, A)
70
31,053,797
30,919,864
B. Increase (+); Decrease (-) in stocks of finished
goods, work and contracts in progress
71
475,485
283,653
C. Fixed assets - own construction
72
0
0
D. Other operating income
74
253,676
281,317
60/64
(30,256,803)
(29,434,005)
60
3,550,056
5,642,728
1. Purchases
600/8
3,550,056
5,612,240
2. Increase (-); Drecrease (+) in stocks
600/8
0
30,488
B. Services and other goods
61
11,503,073
10,037,493
C. Remuneration, social security costs and pensions
(not. XIV, B)
62
14,331,711
13,065,395
D. Depreciation of and other amounts written off
formation expenses, intangible and tangible fixed
assets
630
741,054
629,935
E. Increase (+), Decrease (-) in amounts written of
stocks, contracts in progress and trade debtors
631/4
32,641
6,098
F. Increase (+), Decrease (-) in provision for liabilities
and charges
635/7
28,560
0
G. Other operating expenses
640/8
69,708
52,356
Operating profits
70/64
1,526,154
2,050,829
2,328,409
2,686,862
75
3,878
22,449
A. Income from financial fixed assets
751
484
234
B. Income from current assets
751
(1,053)
19,104
752/9
4,447
3,111
65
(1,304,316)
(1,218,642)
650
281,964
287,105
B. Amounts written off positive consolidation
differences
9961
937,528
891,000
D. Other financial charges
652/9
84,824
40,537
Profits on ordinary activities before taxes
70/65
225,716
854,636
I.
Operating result
1.
Operating income
2.
Operational cost
A. Raw materials, consumables and goods for resale
3.
Operating profits before depreciation = EBITDA
II.
Financial results
1.
Financial income
C. Other financial income
2.
Financial charges
A. Interests and other debt charges
3.
Annual report | 59
INCOME STATEMENT (Continued) (EUR)
31/12/2009
31/12/2008
76
30,976
57,441
D. Adjustments to provisions for extraordinary liabilities
and charges
763
0
43,130
E. Gain on disposal of fixed assets
763
2,349
14,161
764/9
28,627
150
66
(225,061)
(11,523)
A. Extraordinary depreciation of and amounts written off
formation expenses, intangible an tangible fixed assets
660
0
0
C. Amounts written off financial fixed assets
661
13,919
0
D. Provisions for extraordinary liabilities and charges
662
88,000
0
E. Loss on disposal of fixed assets
663
0
0
F. Other extraordinary charges (not. XIV, C)
664/8
123,142
11,523
IV.
Result for the financial period before taxation
70/66
31,631
900,554
V.
Deferred taxes
(457)
281,917
III.
Extraordinary results
1.
Extraordinary income
F. Other extraordinary income (not. XIV, C)
2.
VI.
Extraordinary charges
A. Transfer from deferred taxes and latent taxation
liabilities
780
220,514
467,500
B. Transfer to deferred taxes and latent taxation liabilities
680
(220,971)
(185,583)
Income taxes
67/77
(412,074)
(792,196)
A. Income taxes (not. XIV, D)
670/3
(438,363)
(802,256)
77
26,289
10,060
Result for the financial period
9904
(380,900)
390,275
Share in the result of the companies accounted
for using the equity method
9975
51,490
0
Consolidated result
9976
(329,410)
390,275
A. Share of third parties
99761
296,460
364,401
D. Share of the group
99762
(625,870)
25,874
B. Adjustment of income taxes and write-back of tax
provisions
VII
IX
60 | Annual report
- Cash Flow Statement (EUR)
OPERATING ACTIVITIES
31/12/2009
Share of the group
-625,870.28
Share of third parties
319,909.50
Result of the companies accounted for using the equity method
Depreciation & Amortization
3,226.10
1,678.581.97
Write-offs
46,559.31
Provisions
116,560.29
Transfer to deferred taxes
220,971.00
Transfer from deferred taxes
-220,514.23
Net gain on disposal of assets
Operating cash flow
-2,349.09
1,537,074.57
Changes in current assets
-617,735.52
Contract in Progress
-475,484.74
Amounts receivable within 1 year
-178,205.38
Deferred charges and accrued income
Changes in short-term liabilities
Current portion of amounts payable after one year
35,954.60
-137,374.16
-1,161,443.06
Financial debts
718,796.89
Trade debts
-921,098.83
Amounts payable regarding taxes, remuneration and social security
-302,156.85
Contracts in progress
511,963.91
Debts resulting from appropriation of results
-166,995.07
Other debts
Working Capital Fluctuation
Net Cash Flow from operations (1)
1,356,751.02
-173,192.17
-755,109.68
781,964.89
Annual report | 61
INVESTING ACTIVITIES
31/12/2009
Acquisitions of fixed assets
-1,296,770.19
Intangible + tangible assets
-733,107.30
Financial assets
-563,662.89
Cautions
-9,485.33
Total of acquisitions
-1,306,255.52
Disposal of fixed assets
77,207.01
Intangible + tangible assets
9,957.01
Financial assets
67,250.00
Loan settlement
5,801.19
Total of disposals
83,008.20
NET CASH FLOW FROM INVESTING ACTIVITIES (2)
-1,223,247.32
FINANCING ACTIVITIES
31/12/2009
Capital increase
334,575.00
Dividends paid to third parties
-363,880.00
Changes in long-term loans
773,948.53
NET CASH FLOW FROM FINANCING ACTIVITIES (3)
744,643.53
Net fluctuation in cash (1) + (2) + (3)
303,361.10
- Notes on the consolidated annual accounts
NOTE I. LIST OF THE CONSOLIDATED SUBSIDIARY COMPANIES AND COMPANIES INCLUDED USING THE EQUITY METHOD
Name and address
Method
Proportion of capital
held %
Change of
percentage of
capital held %
Statutory net
result 2009
(EUR) *
Full
100%
0%
-155,352.34
Full
100%
0%
-7,144.30
Full
70%
-30%
+44,055.71
Emakina Belgique SA
Rue Middelbourg 64 A
1170 WATERMAEL-BOITSFORT
Belgium
BE 0463.478.965
Emakina France SARL
Avenue Gambetta 41
92928 PARIS
France
Emakina.EU SPRL
Belgium
BE 0456.608.593
62 | Annual report
Reflect SA
Rue Atlantis 4 - Parc d’Ester
BP 26840 87068 LIMOGES
France
Full
50,02%
0%
+587,968.66
Full
100%
0%
-218,884.74
Full
100%
0%
+626,951.53
Full
76%
24%
+74,095.44
Equity Method
30%
-70%
-72,130.83
Emakina.NL
Boompjes 548
3011 XZ ROTTERDAM
The Netherlands
The Reference NV
Stapelplein 70
9000 GENT
Belgium
BE 0474.475.203
Design is dead BVBA
stadswaag 8
2000 ANTWERPEN
Belgium
BE 0457.419.732
Emakina Media SA
Belgium
BE 0806.579.150
* These statutory results do not take into account the consolidation method or adjustments but they offer a view of their respective profitability
during exercise 2009.
NOTE VI B. FUTURE TAXATION AND DEFERRED TAXES
Analysis of heading 168 of the liablilities
170,037
Future taxation (pursuant to article 76 of the Royal Decree of 30 January 2001 in implementation of Company Law)
170,037
Deferred tax liabilities are recognized at Emakina Group regarding the capitalization in the consolidated books (only) of costs related
to investments.
NOTE VII. STATEMENT OF FORMATION EXPENSES
Net carrying value as at the end of the preceding period
602,771
Movements during the period :
- New expenses incurred
- Depreciation (-)
20,460
(116,075)
- Change in consolidation scope (-)
(2,320)
Net carrying value at the end of the period
504,836
Whereof expenses of formation or capital increase
491,395
Whereof other formation costs
13,441
Annual report | 63
NOTE VIII. STATEMENT OF INTANGIBLE ASSETS
R&D
Concessions,
patents,
licences
Goodwill
443,984
898,366
(35,589)
- additions
0
297,499
0
- sales and disposals
0
0
0
- transfers
0
(120,000)
120,000
- other movements
0
0
0
443,984
1,075,866
84,411
437,173
409,517
11,706
- additions
2,271
220,982
10,551
- transfers
0
(5,000)
5,000
- written down after sales and disposals
0
0
0
- other movements
0
0
0
439,443
625,499
27,258
4,541
450,366
57,153
a) Acquisition cost
- Balance at the end of the preceding period
- Balance at the end of the period
c) Depreciation and amounts written off
Movements during the period:
d) Net book value at the end of the
period : (a) - (c)
The « transfer » amount (column « licences » to column « goodwill ») relates to the B. On The Net goodwill transfer subsequent to the
purchase of the activity by Emakina Belgique in 2008.
64 | Annual report
NOTE IX. STATEMENT OF TANGIBLE FIXED ASSETS
Plant,
machinery,
equipment
Furniture
and
vehicles
Leasing
Other
tangible
assets
455,759
1,225,372
572,492
238,628
86,695
149,872
128,832
49,757
- sales and disposals
0
(374)
(19,020)
0
- transfers
0
0
0
0
- other movements
0
(4,401)
0
0
542,454
1,370,470
682,304
288,385
302,733
955,847
162,173
185,467
86,757
117,254
167,079
19,062
- reversals because of sales and disposals
0
(374)
(11,412)
0
- transfers
0
0
0
0
- other movements
0
(242)
0
0
389,491
1,072,485
317,840
204,529
d) Net book value at the end of the
period : (a) - (c)
152,963
297,985
364,464
83,857
a) Acquisition cost
- additions
c) Depreciation and amounts written off
Movements during the period:
- additions
The amounts related to sales and disposals are mainly linked to the sale & lease back operation of IT assets in the framework of a
financing on 3 years.
Annual report | 65
NOTE X. STATEMENT OF FINANCIAL FIXED ASSETS
Enterprises
accounted for using
the equity method
Other enterprises
18,750
142,384
- Share in the result for the financial period
0
(3,226)
- Other movements in the capital and reserves
0
3,226
18,750
142,384
0
13,918
0
13,918
(18,750)
0
51,489
0
0
0
(70,239)
0
0
128,465
1. Participations
a) BALANCE AT THE END OF THE PRECEDING PERIOD
Movements during the period
- Additions
Net book value at the end of the period
c) AMOUNTS WRITTEN OFF AT THE END OF THE PRECEDING PERIOD
- Additions
Balance at the end of the period
e) Movements in the capital and reserves of the enterprises accounted
for using the equity method(+) (-)
- Share in the result for the financial period
- Elimination of dividends regarding those participating interests
- Other movements in the capital and reserves
NET BOOK VALUE AT THE END OF THE PERIOD
(a) - (c) + (e)
2. Amounts receivable
Balance at the end of the preceding period
Other enterprises
70,290
- Additions
- Reimbursements
- Other
Net book value at the end of the period
66 | Annual report
9,485
(5,801)
(250)
73,724
NOTE XI. STATEMENT OF CONSOLIDATED RESERVES
Consolidated reserves at the end of the previous financial period
1,423,092
- Shares of the group in consolidated income
(625,870)
- Other movements
(466,573)
- Dividend 2008 paid in 2009 by Emakina Group
(200,000)
- Share premium
(266,573)
Consolidated reserves at the end of the financial period
330,645
NOTE XII. STATEMENT OF CONSOLIDATION DIFFERENCES
Net book value
at the end of the
preceding period
Movements
due to a
change of the
percentage
held
Depreciations
Net book value
at the end of the
period
316,164
-105,388
210,776
Emakina France
20,341
-6,780
13,561
Emakina.EU
99,995
-27,091
-13,909
64,224
342,253
48,229
-62,477
328,005
-266,838
1,522,272
899,395
-140,165
759,230
2,252,792
-338,174
1,914,618
Emakina Belgique
Deisgn Is Dead
Emakina.NL
1,454,535
Reflect
The Reference
Emakina Media
TOTAL
Other
movements
5,227
334,575
30,505
-20,699
5,227
-3,796
11,237
5,415,980
439
345,029
-937,527
4,823,921
The « other movements » amounts are explained by premiums as well as by ancillary costs linked to past investments.
NOTE XIII. STATEMENT OF CREDITORS
Not more than
one year
> 1 year
< 5 years
> 5 years
Total
Heading 42
Heading 17
Heading 17
Total
1,227,194
432,076
0
1,659,270
Credit institutions
0
74,635
0
74,635
Other loans
0
8,561
0
8,561
1,227,194
515,272
0
1,742,466
Leasing and other similar
obligations
TOTAL
Annual report | 67
NOTE XIV. RESULT
Period
Preceding Period
25,093,140
24,854,139
286
280
1
1
229
226
Management personnel
21
17
Others
35
36
14,331,711
13,065,395
231
229
A.
Net turnover (heading 70/4 of the income statement)
B11.
Average number of persons employed
Workers
Employees
B12.
Personnel charges (heading 62)
B13.
Average number of persons employed in Belgium by the enterprises
concerned
C2.
Other extraordinary costs (heading 664/8)
123,142
11,523
Restructuring costs
112,217
0
10,925
11,523
Other
NOTE XV. RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET
Other significant commitments
Sundry commitments:
•
•
•
C.
Guarantees on goodwill for 504,522 EUR
Rent guarantees for 132,277 EUR
Maximum credit line amount : 3,140,250 EUR
Significant guarantees related to investments :
•
•
•
•
•
Commitment towards Design Is Dead third parties for the purchase of remaining shares for a price of 210,000 EUR
subordinated to result targets
Commitment (through options) towards Reflect SA third parties for the purchase of remaining shares for a variable price
based on profitability
Commitment towards Emakina.NL (Suntzu) prior shareholders regarding two potential premiums calculated on turnover
level. These 2010 premiums amount to 675,529.81 EUR.
Joint bank guarantee of Emakina Group towards The Reference for 400,000 EUR.
Support letter of Emakina Group towards Emakina Belgium for 1,000,000 EUR.
68 | Annual report
NOTE XVII. FINANCIAL RELATIONSHIPS WITH
Period
A.
Directors or managers of the consolidation enterprise
1. Total amount of remuneration granted on account of their responsibilities in the
consolidation enterprise, its subsidiaries and affiliated companies, including the
amounts on same account of retirement pensions granted to former directors or
managers
B.
918,961
Auditors or the people they are linked to
1. Auditor’s fees
1.1 Fees paid for the auditing assignmente
75,542
1.2 Fees for exceptional services or special missions executed in the company by
the auditor
a. Other attestation missions
b. Tax consultancy
5,500
20,460
Annual report | 69
Summary of consolidated valuation rules
Tangible assets
I - SCOPE & CONSOLIDATION METHOD
Tangible assets are capitalized at acquisition cost, or production cost. Costs attributable to assets are expensed during the
financial year.
Please refer to page 49.
All tangible assets are depreciated using the straight line method.
The depreciation rates used are as follows :
II - ACCOUNTING POLICIES
- Valuation of assets
Leasehold improvements
between 5 and 20%
Machinery and equipment
between 20 and 33%
Furniture and fittings
between 20 and 33%
Office equipment
between 20 and 33%
Hardware
between 20 and 33%
Vehicles
between 20 and 25%
Formation expenses
Formation expenses are carried at their acquisition value. Restructuring costs and research and development costs, excluding
those acquired from third parties, are capitalized at cost.
Formation costs and capital increase costs are amortized over a
period of 5 years using the straight line method.
Costs related to the IPO are amortized on a straight-line basis
over a period of 8 years. Other costs (SOP and others) are
amortized over 5 years using the straight line method.
Goodwill (positive consolidation differences)
Non-deductible VAT on vehicles is capitalized.
Goodwill includes differences between the share of equity of the
consolidated entities and the book value of the investment in
these entities, which are not allocated to assets and liabilities,
Goodwill is presented on the balance sheet under the heading
III « goodwill » and badwill is presented in liabilities under the
heading V : badwill.
Goodwill is amortized over 8 years. Amortisation is recorded
under financial charges.
Intangible assets
Intangible assets are capitalized at their acquisition cost or
production cost.
All intangible assets are depreciated using the straight line
method. The following amortization rates are applied :
Second-hand tangible assets are depreciated on a straight line
basis at a rate between 20% and 50%.
Tangible assets with indefinite useful lives are written down only
in case of indication of long-term impairment.
Financial assets
Shares and receivables under this heading are carried at acquisition value excluding ancillary costs.
Receivables on subsidiaries and third party investments are
listed under financial assets if the Group intends to support the
borrower on a sustainable basis. These receivables are carried on
the balance sheet at their nominal value.
Investments and shares under this heading are subject to writedowns in case of durable depreciation justified by the situation,
the profitability or the perspectives of the company in which
these investments and shares are held.
research and
development costs
25%
patents, concessions
and licences
20%
Receivables under this heading are written down if their
reimbursement at due date is fully or partially uncertain or at risk.
software
33%
Short-term and long-term receivables
Intangible assets with indefinite useful lives are written down
only in case of indications of long-term impairment.
Short-term and long-term receivables are carried at nominal
value and subject to write-downs if their reimbursement at due
date is fully or partially uncertain or at risk.
Cash and cash equivalents
Cash balances are carried at nominal value. Cash in foreign
70 | Annual report
currencies is translated at the exchange rate prevailing on the
closing date of the financial period. Unrealized gains and losses
on foreign currencies are recognized in the income statement.
- Valuation of liabilities
margin according to percentage of completion). As a result,
based on accounting principles used by the Group, contracts in
progress are recorded under assets under construction when the
percentage of completion is higher than the invoicing schedule
and under advances received (liabilities) when the invoicing
schedule is ahead of the percentage of completion.
Provisions for liabilities and charges
Each year, the Board of Directors evaluates necessary provisions
prudently. These provisions are individualized based on the
nature of the risks and charges that they are intended to cover.
The provisions are reversed to the extent that they exceed the
year-end evaluation of the risks and charges that they were
intended to cover.
Short-term and long-term debts
Debts are carried at nominal value.
The obligations arising from financial leasing or similar contracts
on tangible assets owned by the company are recognized as a
liability at an amount equal to the sum of the contractual lease
payments.
- Revaluation
Fixed assets, investments and shares included under financial
assets are not subject to revaluation.
- Deferred taxes
Deferred tax liabilities:
When necessary, deferred tax liabilities are recognized and
calculated at the tax rate expected to apply when the temporary
differences cease to exist and to the extent that actual taxation
will occur.
Deferred tax assets:
The Group recognizes deferred tax assets (on unused tax losses
carried forward) in its consolidated financial statements to the
extent that it is probable that taxable profit will be available
against which these unused tax losses carried forward can be
utilized.
If the application of one or more accounting policies mentioned
below is not valid anymore, changes are made, and the reasons
for these changes and their impact on the financial statements
are mentioned in the annual report.
- Foreign currencies
Receivables and payables in foreign currencies are carried at
the exchange rate prevailing at the transaction dates. They are
converted at the end of the period at the closing rate, unless
they are specifically hedged. Exchange rate losses arising from
this revaluation are recognized in the income statement and
exchange rate gains are recognized on the balance sheet as
deferred income.
- Revenue recognition on contracts in progress
When a Group entity secures a contract for which a fixed
price is requested by the customer, project managers prepare
an estimate of the project budget. An invoicing schedule is
established in the contract corresponding to certain deliverables
milestones. Generally, the schedule is as follows: (i) advance
billing, (ii) Prototype version, (iii) project release, (iv) end of
guarantee period.
Contracts in progress are estimated according to the stage
of completion of the project (recognition of income including
Annual report | 71
ANNUAL STATUTORY FINANCIAL
STATEMENTS OF EMAKINA
GROUP SA
The annual (statutory) financial statements of Emakina Group
are presented in a condensed version after appropriation of
the 2009 result. In accordance with the Belgian Companies
Code, the full annual financial statements and the auditors’
report will be filed with the National Bank of Belgium.
The statutory financial statements reflect the situation of the
parent holding company. They do not reflect the activities of
the Group as a whole.
- Statutory Balance sheet prepared in accordance with Belgian accounting standards (Belgian GAAP) after appropriation*
ASSETS (EUR)
Codes
31/12/2009
31/12/2008
FIXED ASSETS
20/28
7,659,336
7,247,837
Formation expenses
20
488,619
577,755
Intangible fixed assets
21
388,872
363,651
Tangible fixed assets
22/27
4,874
0
Financial fixed assets
28
6,776,971
6,306,431
Affiliated enterprises
280/1
6,629,581
6,304,756
280
6,629,581
6,304,756
282/3
18,750
0
282
18,750
0
284/8
128,640
1,675
280
128,465
0
Cash guarantees
285/8
175
1,675
CURRENT ASSETS
29/58
2,894,006
3,180,505
29
0
0
3
0
0
40/41
2,650,025
2,830,355
Trade debtors
40
1,789,913
2,305,772
Other amounts receivable
41
860,112
524,583
Current investments
50/53
0
24,766
Other investments
51/53
0
24,766
Cash at bank and in hand
54/58
215,269
283,889
Deferred charges and acccrued income
490/1
28,712
41,495
TOTAL ASSETS
20/58
10,553,342
10,428,342
Participating interests
Other enterprises linked by participating interests
Participating interests
Other financial assets
Shares
Amounts receivable after more than one year
Stocks and contracts in progress
Amounts receivable within one year
* Article 124 of the royal decree of 30 january 2001 concerning the execution of the Code of Companies
72 | Annual report
LIABILITIES (EUR)
Codes
31/12/2009
31/12/2008
EQUITY
10/15
9,719,320
9,252,119
10
8,395,670
8,306,412
100
8,395,670
8,306,412
Share premium account
11
511,890
266,573
Reserves
13
84,092
64,960
130
84,092
64,960
Accumulated profits
14
727,668
614,173
PROVISIONS & DEFERRED TAXES
16
0
0
17/49
834,022
1,176,223
17
0
0
42/48
827,222
1,175,036
Current portion of amounts payable after more than one year falling
due within one year
42
0
0
Financial debts
43
0
0
Trade debts
44
477,368
759,632
1. Suppliers
440/4
477,368
759,632
Advances received on contracts in progress
46
0
0
Taxes, remuneration and social security
45
39,847
103,877
1. Taxes
450/3
0
60,711
2. Remuneration and social security
454/9
39,847
43,166
Other amounts payable
47/48
310,007
311,526
492/3
6,800
1,188
TOTAL LIABILITIES
10/49
10,553,342
10,428,342
Capital
A. Issued capital
Legal reserve
AMOUNTS PAYABLE
Amounts payable after more than one year
Amounts payable within one year
- Statutory Income Statement prepared in accordance with Belgian accounting standards (Belgian GAAP) after
appropriation
INCOME STATEMENTS (EUR)
Codes
31/12/2009
31/12/2008
Operating income
70/74
1,710,995
1,637,313
Turnover
70
1,709,504
1,628,889
Other operating income
74
1,491
8,424
60/64
2,063,031
1,765,310
60
252,166
0
600/8
252,166
0
Operating charges
Raw materials, consumables
Purchases
Annual report | 73
INCOME STATEMENT (continued)
Codes
31/12/2009
31/12/2008
Services and other goods
61
1,399,550
1,378,555
Remuneration, social security and pensions
62
235,961
260,682
630
175,265
125,658
Other operating expenses
640/8
89
415
Operating profit
9901
-352,036
-127,997
Financial income
75
761,578
500,724
Income from financial fixed assets
750
743,280
440,468
Income from current assets
751
18,246
60,227
Other financial income
752
52
29
65
12,997
5,567
650
6,874
4,715
Other financial charges
652/9
6,123
852
Gain on ordinary activities before taxes
9902
396,545
367,160
76
0
0
761
0
0
66
13,919
0
13,919
0
Depreciation of and other amounts written down on formation expenses, intangible and tangible fixed assets
Financial charges
Debt charges
Extraordinary income
Reprises de réductions de valeur sur immobilisations financières
Extraordinary charges
Amounts written off financial fixed assets
Gain before taxes
9903
382,626
367,160
Income taxes
67/77
0
0
77
0
0
Gain of the period
9905
382,626
367,160
APPROPRIATION ACCOUNT (EUR)
Codes
31/12/2009*
31/12/2008
Profit (loss) to be appropriated
9906
996,799
832,531
(9905)
382,626
367,160
14P
614,173
465,371
691/2
19,131
18,358
To legal reserve
6920
19,131
18,358
Profit (loss) to be carried forward
(14)
727,668
614,173
694/6
250,000
200,000
694
250,000
200,000
Adjustment of income taxes and write-back of tax provisions
Gain (loss) to be appropriated
Profit (loss) brought forward
Transfers to capital and reserves
Profit to be distributed
Dividends
*Proposal submitted to the shareholders meeting of April 22, 2010.
74 | Annual report
AUDITOR’S REPORTS
- Statutory auditor’s report to the general meeting of
shareholders of Emakina Group SA on the consolidated financial statements for the year ended
31 december 2009
In accordance with the legal requirements, we report to you on
the performance of our mandate of statutory auditor. This report
contains our opinion on the consolidated financial statements as
well as the required additional comments.
Unqualified opinion on the consolidated financial statements
We have audited the consolidated financial statements of
EMAKINA GROUP SA and its subsidiaries (collectively referred to
as ‘the Group”) for the year ended 31 December 2009, prepared
in accordance with the financial reporting framework applicable
in Belgium, which show a consolidated balance sheet total of K€
22.751 and a consolidated loss for the year, share of the Group,
of -K€ 626.
Responsibility of the board of directors for the preparation and
fair presentation of the consolidated financial statements
The board of directors is responsible for the preparation and
fair presentation of the consolidated financial statements. This
responsibility includes: designing, implementing and maintaining
internal control relevant to the preparation and fair presentation
of consolidated financial statements that are free from material
misstatement, whether due to fraud or error; selecting and
applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.
Responsibility of the statutory auditor
Our responsibility is to express an opinion on these consolidated
financial statements based on our audit. We conducted our
audit in accordance with the legal requirements and the auditing
standards applicable in Belgium, as issued by the Institute of
Registered Auditors (Institut des Réviseurs d’Entreprises/Instituut
van de Bedrijfsrevisoren). Those standards require that we plan
and perform the audit to obtain reasonable assurance whether
the financial statements are free from material misstatement.
In accordance with these standards, we have performed
procedures to obtain audit evidence about the amounts and
disclosures in the consolidated financial statements. The
procedures selected depend on our judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error.
In making those risk assessments, we have considered internal
control relevant to the Group’s preparation and fair presentation
of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the
Group’s internal control. We have evaluated the appropriateness
of accounting policies used, the reasonableness of significant
accounting estimates made by the Group and the presentation of
the consolidated financial statements, taken as a whole. Finally,
we have obtained from the board of directors and the Group’s
officials the explanations and information necessary for executing our audit procedures. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for
our opinion.
Opinion
In our opinion, the consolidated financial statements for the year
ended 31 December 2009 give a true and fair view of the Group’s
financial position and the results of its operations in accordance
with the financial reporting framework applicable in Belgium.
Additional comments
The preparation and the assessment of the information that
should be included in the directors’ report on the consolidated
financial statements are the responsibility of the board of
directors.
Our responsibility is to include in our report the following
additional comments, which do not modify the scope of our
opinion on the consolidated financial statements:
- The directors’ report on the consolidated financial statements
deals with the information required by law and is consistent
with the consolidated financial statements. We are, however,
unable to comment on the description of the principal risks
and uncertainties which the entities included in the consolidation are facing, and on their financial situation, their foreseeable evolution or the significant influence of certain facts on
their future development. We can nevertheless confirm that
the matters disclosed do not present any obvious inconsistencies with the information that we became aware of during the
performance of our mandate.
Brussels, 31 March 2010
Ernst & Young Reviseurs d’Entreprises SCCRL
Statutory auditor
represented by
Eric GOLENVAUX
Partner
- Statutory auditor’s report to the general meeting of
shareholders of Emakina Group SA on the statutory
financial statements for the year ended
31 december 2009
The annual (statutory) financial statements of Emakina Group
for the year ended 31 December 2009 have been audited by
Ernst & Young Reviseurs D’Entreprises. An unqualified opinion
has been released.
Annual report | 75
Directors’
statement
Denis Steisel, CEO and Managing
Director of Emakina Group and
Brice Le Blévennec, President of the
Board of Directors of the company
declare that to the best of their
knowledge, the consolidated financial
statements closed as at 31 December
2009 and the annual (statutory)
financial statements closed as at
31 December 2009, established
in accordance with Belgian GAAP,
give a true and fair view of the
assets, financial status and results of
Emakina Group. In addition, the 2009
Management report contains an
accurate description of all information
that must appear in it.
76 | Annual report
Investor
relations
Share price fluctuation in 2009
Financial Calendar
Ordinary General Assembly: 22 April 2010
Half-Year 2010 Report: 13 September 2010
Annual Press Release 2010: 18 March 2011
Annual Information 2010 (Brochure): 7 April 2011
Annual report | 77
Glossary
B2B – Business to Business
This term is used for transactions, cooperation or other
interactions between various business entities. This term
distinguishes external interactions that can occur in a single
organisation and also those from businesses to private
individuals (or B2C – business-to-consumer).
B2C - Business to Consumer:
The name covers the entirety of commercial matters,
from technical and software IT architecture, which enable
companies to come into contact with their customers
(consumers).
Blog :
A blog is a website on which one or more people express
themselves with a certain periodicity. The discussions are kept
up to date in chronological units; each unit can be commented
on by readers, supplemented by external links.
Buzz Marketing :
Buzz does not use any specific media but takes place across all
communication channels with the objective of getting people
to talk about certain matters. It is a type of wild advertising
that is passed on via the user and becomes the vector of the
message. It is therefore spread by word of mouth. Buzz is
based on a principle of surprise as the means used needs to be
renewed constantly in order to appeal.
CRM - Customer Relationship Management
This is an information industry concept for methodologies,
software and generally also internet possibilities that help
a company manage customer relations in an organised
and efficient way. The company often creates a customer
database that describes the relations in great detail so the
management, sellers and customer service can access this
information, match customer needs to product plans and
offers, remind customers of the company’s service, know
which other products the customer has already purchased,
etc.
78 | Annual report
EBITDA (Earnings before interest, taxes, depreciation
and amortization)
Company profit before depreciation and amortization.
E-commerce :
E-commerce is part of e-business and enables transactions and
the online sale of goods and services via the internet or other
telecommunication networks.
FMCG (Fast Moving Consumer Goods)
Is an acronym for Fast Moving Consumer Goods which is
defined as fast selling, low unitvalue consumer products
normally in universal demand. This includes categories like
toiletries, cosmetics and other non-durables. In general the
products are generally replaced or fully used up over a short
period of days, weeks, or months, and within one year.
Geocaching
Geocaching is an entertaining adventure game for GPS
users. Taking part in a cache hunt is a good way of making
full use of the functions and possibilities of GPS. The basic
idea is that people and organisations set up caches and
share their GPS localisation on the internet so GPS users can
search for the cache or hidden treasure. Participants can
often exchange and/or add items when finding the treasure.
The treasure always includes a logbook, in which the finder
can leave his name. The finder is also expected to leave a
message on the website of the treasure in question, even of
he has not succeeded in finding the treasure.
IAB Belgium
Het Interactive Advertising Bureau Belgium (IAB Belgium) is
a professional organisation uniting the main parties in digital
and interactive communication in Belgium. Its 109 members
(March 2005) meet there to develop the market together. The
IAB represents the interests of publishers, printers, advertisers, advertisement space sellers, interactive communication
agencies, consultancies and, more generally, providers of
services for the information society.
Its main objective is to develop and stimulate the interactive
market. To achieve this, the IAB cooperates with the majority
of professional organisations and is in permanent contact with
public regional, national and European institutions.
Media planning
The planning of media campaigns for advertisers. On the
basis of a certain budget, the best planning for the customer
is determined, spread across the various media to reach the
maximum number of people of the target group the customer
wishes to contact for products.
RSS - Really Simple Syndication
This is a dynamic XML-type file that enables the showing of
content via an RSS reader. It is an extremely useful system for
spreading news across websites or blogs.
Generating traffic
The whole of activities that create traffic on a website (visitors
or consulted pages). All online marketing campaigns or search
engine references or offline marketing can be used.
Viral Marketing
A marketing campaign set up by a company to reach a
maximum amount of internet users or customers and
stimulate them to spread the message. The advantage of
this type of communication is that it can spread at lightning
speed to the target audience’s network of friends, family and
colleagues.
The efficiency of viral marketing is based on word of mouth
advertising, sponsorship or internet communities.
Widget
Widget is a contraction of ‘window’ and ‘gadget’ and refers
to a stand-alone interactive application users can embed in
third party websites they also have authorship rights to (e.g.
webpage, blog, profile on a social media website). Widgets
are fun and useful applications with which users can transfer
their personal content into dynamic web applications that
can be shared on almost any site.
Site statistics
Measuring the number of visitors on the internet offers the
possibility of determining the target group and the frequency
of site visits on the basis of several indicators such as ‘number
of unique visitors’, ‘pages viewed’, ‘number of visits’, ‘average
duration of a visit’, etc.
Sitecore
Sitecore is a.NET based web content management system
software company offering enterprise website, intranet portal
and marketing automation software. The company was
established in Denmark in 2001 and has branches in Australia,
Denmark, the Netherlands, the UK, the USA and Japan.
SMS
SMS is a service offered in addition to making calls for mobile
phones and offers the possibility of sending small typed
messages.
Annual report | 79
awards
2009 Leader Award - Consumer Product
Summit Emerging Media Awards, Lion Deposit
2009 Outstanding Achievement
2009 Belgium’s most user-friendly website, Usability Awards, Brussels Airlines
W3 Award, “Quitters Arcade” (Pfizer Europe)
2009 Gold Award in the Health category, W3 Award, “Quitters
2009 Outstanding Website, WebAward, Nescafé (Nestlé)
(Pfizer Europe)
(Pfizer Europe)
2009 Health Care Standard of Excellence, WebAward,
2009 Pharmaceuticals Standard of Excellence, WebAward, “Quitters Arcade” (Pfizer Europe)
2009 Gold - Consumer Information category, Horizon Interactive Awards, My Healthy Home -
Arcade - Pfizer Europe
2009 Bronze Award - Flash category, Horizon Interactive Awards, Quitters Arcade - Pfizer Europe
2009 Best Pharmaceutical Website, IAC Awards, Quitters Arcade - Pfizer Europe
2009 Best Health Care Website,
2008 Best in Class - Fashion category, Interactive Media Awards, Wrangler Europe
2008 Visionary Award - Viral
category, Horizon Interactive Awards, I Need To Go (ING)
Wrangler Europe
2008 Silver Award - Flash category, Horizon Interactive
2008 Silver Award - Consumer Information category, Horizon Interactive Awards,
2008 Gold Award - Flash category, Horizon Interactive Awards, Wrangler Europe
Belgian Cyber Lions, I Need To Go (ING)
2008 Bronze Award - B2B
2008 Official Honoree - Fashion category, Webby Awards, Wrangler Europe
2008 Public Voice’s Winner - “Rich Media Avertising: B2C” category, Webby Awards, I Need To Go (ING)
Consulting category, WebAwards, Krauthammer
2008 Real Estate Standard of Excellence - Real Estate category,
Award - Navigation category, CMS Awards, Dexia.jobs
2008 Bronze Award - Government category, CMS
Award - Flash category, Summit Emerging Media Awards, Wrangler Europe
Horizon Interactive Awards, SCA Packaging
2008 Visionary Award - Consumer
2008 Bronze Award - e-commerce category, Horizon Interactive
2008 Best in Class - B2B category, Interactive Media Awards, Join2Grow (Fortis)
I Need To Go (ING)
2007 Gold Award - Design, CMS Awards, Le blog d’Elio
2007 Fashion Standard of Excellence, WebAward, Wrangler Europe
2006 Best Automobile Rich
2007 B2B Standard of Excellence, WebAward,
2006 Best Interactive Case, IAB Efficiency Awards, GB Caddy Gratis (with Isobar)
2006 Motivation Award, CMS Award, Plan Poids Santé, Roche
Management, MarketShare Awards, FlySN.com
2006 First Alternext Performer
2005 Best Content Management, MarketShare Awards, FlySN.com
2005 Best Information Structure - Gold, MarketShare Awards, FlySN.com
80 | Annual report
2008 Nominee -
2007 European Cyber Cristal of the Financial Website, Méribel Ad Festival,
Web 2.0 category, CMS Awards, EmocionTV (Seat)
VW EscapeTV
2008 Bronze Award - Public
2008 Nominee - Funny category, Pixel Awards, I Need To Go (ING)
Festival, Join2Grow (Fortis)
2008 Travel
2004 Best Business of The Year,
2009 Innovator Award - Experimental Marketing category,
category, Summit Emerging Media Awards, Pierre Marcolini
Account (ING)
2009 Visionary Award - Leisure & Entertainment category, Summit Emerging Media Awards, Axelle Red
Award, Interactive Media Awards, ING Lion Deposit Account (ING)
Arcade” (Pfizer Europe)
2009 Gold Award in the Games category,
2009 Food Industry Standard of Excellence, WebAward, Pierre Marcolini
“Quitters Arcade” (Pfizer Europe)
2009 Pharmaceuticals Standard of Excellence, WebAward, “Quitters Arcade”
2009 Gold Award in W3 Award, I Need To Go (ING) the Banking category,
Ecover (Design is Dead)
2009 Interactive Media Awards,
2009 Silver Award - Consumer nformation categpory, Horizon Interactive Awards, Quitters
2009 Outstanding Achievement - Pharmaceuticals category, Interactive Media Awards, Quitters Arcade - Pfizer Europe
IAC Awards, Quitters Arcade - Pfizer Europe
2009 Best Bank Rich media Online campaign IAC Awards, Web 3.0 - ING
Marketing category, Summit Emerging Media Awards, I Need To Go (ING)
Awards, Proximus Wireless Office
Wrangler Europe
2008 Bronze Award - Advertising Online
2008 Silver Award - Consumer Information category, Horizon Interactive Awards,
2008 Bronze Award - B2B category, Horizon Interactive Awards,Join2Grow (Fortis)
category, Horizon Interactive Awards, Join2Grow (Fortis)
2008 Bronze Award - Interactive Campaign category,
2008 Official Honoree - “Best Use of Video” category, Webby Awards, Wrangler Europe
Standard of Excellence - Travel category, WebAwards, CityShare (Novotel)
WebAwards, Immoweb
Awards, ASTRID
2008 Consulting Standard of Excellence -
2008 Silver Award - Web 2.0 category, CMS Awards, Thomas Cook Belgium
Integrated Campaign category, Summit Emerging Media Awards, I Need To Go (ING)
Awards, Brussels Airlines
Fashion category, Pixel Awards, Wrangler Europe
(Socialist Party)
Join2Grow (Fortis)
2008 Bronze Award - B2B category,
2008 Best Bank Rich Media Online campaign, IAC Awards,
2007 European Cyber Cristal of the Financial Website, Méribel Ad
2007 Bronze Award - Web 2.0 category, CMS Awards, Join2Grow (Fortis)
2007 Silver Award -
2007 Outstanding Website (E-Zine / Magazine category), WebAward, VW EscapeTV
2007 Online Community Standard of Excellence, WebAward, Join2Grow (Fortis)
2006 e-Publisher of the Year, 7th Night Of Internet, VW EscapeTV
Award, Euronext
2008 Innovator
2008 Bronze Award - B2B category, Horizon Interactive Awards, Join2Grow (Fortis)
Service category, Horizon Interactive Awards, STIB / MIVB
Join2Grow (Fortis)
2008 Bronze
2008 Outstanding Website - Airlines category, WebAwards, Brussels Airlines
2006 Gold Award - Design category, CMS Awards,
2006 Bronze Award - Design category, CMS Awards, Fiesta Latina
2005 Best Layout - Silver, MarketShare Awards,
5th Night Of Internet, FlySN.com
2005 Best Content
2005 Best Layout - Silver, MarketShare Awards, FlySN.com
2002 Best Website, RMB Cyber Lions Awards, Coca-Cola.be
Annual report | 81
contacts
EMAKINA GROUP SA
Rue Middelbourg 64A
1170 Bruxelles
Tel. : +32(0)2 400 40 00
Fax : +32(0)2 400 40 01
E-mail : [email protected]
INVESTORS
Denis Steisel
CEO
Tel. : +32 (0)2 400 40 00
Frédéric Desonnay
CFO
Tel. : +32 (0)2 788 79 26
MEDIA
Laurent Jadot
PR Manager
Tel. : +32 (0)2 400 40 21
Emakina Group SA
Rue Middelbourg 64A
1170 Brussels
VAT 0464.812.221
ISIN BE0003843605
Tel. : +32(0)2 400 40 00
Fax. : +32(0)2 400 40 01
http://www.emakina.com

Annual Report 2009

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