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Board of Directors of Avanquest Software met on September 25, 2013, to approve the financial statements for the 2012-2013 financial year. Avanquest Software achieved annual sales of 100.3 million euros for the 2012-2013 financial year, which was marked by an accelerated shift toward online sales. This figure is virtually unchanged from the previous year (-1.0% and -5.3% at constant scope and exchange rates). The year's activity was characterized by strong growth in Web-to-print, hosting and downloads (+24%), which almost compensated for the drop in retail sales (-25%). Overall, the Group is now doing 45.5% of its business online. Offline sales now represent only 34% of gross income. This is the first time these two proportions have been reversed, marking a significant stage in the Group's transition. With sales virtually stable, the gross margin is down slightly from the previous year, at €56.9M. This virtual stability can also be seen in the operating income (OI), slightly negative (€ -1M), compared with a slightly positive result (€ 0.8M) in 2011/12. For more information : www.avanques-group.com
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www.avanquest-group.com
Annual results
2012-2013
Paris,
September 26, 2013
Avanquest: 30 years of experience
• September 26, 2013 2 Annual results
1984-1995
Sales €100K - €3M
1996-2005
€3M - €55M
Birth of an
International
Publisher
2005-2010
€55M - €88M
Creation
of a world leader
2010-2013
€88M - €101M
Shift towards Online
Liftoff
Sales stable at €100M
3
120
110
100
90
80
70
60
50
40
30
20
10
Sales (€M)
• September 26, 2013 Annual results
An opportunity to start a new cycle
STRONG EXPERIENCE IN ALL THINGS DIGITAL
• Software Engineer by Training (Telecom Paris)
• 10 years with Apple in California as Product Manager
• 15 years with High-Tech start-ups
A “serial entrepreneur” background
• Founder of TempoSoft, supplier of RH Intranet applications
• Founder of Navendis, Internet taxi service
Professor of management at the Ecole des Mines – Paris Tech
4
Pierre Cesarini
CEO
Bruno Vanryb
Chairman of the
Board
• September 26, 2013 Annual results
A Group with major advantages
5
A world leader in B2C software publishing serving 11 million active customers
A stable Group with sales of over €100M for the past six years
80% of sales made internationally nearly half in the United States
500 employees worldwide in seven countries from Paris to Shanghai by way of Los Angeles
Including 100 in Research & Development in France, China, USA, UK
• September 26, 2013 Annual results
USA: 44% of sales
6
20%
40%
23%
17%
France United States UK Other countries
The Group enjoys real predominance internationally
2011-2012
• September 26, 2013 Annual results
17%
44%
22%
17%
France United States UK Autres pays
2012-2013
Online: 45.5% of sales
7
40 %
40 %
20 %
Offline Online B2B
2012-2013 2011-2012
Since 2009, 30 million euros in offline sales compensated
by new Online activities in high-growth sectors
• September 26, 2013 Annual results
45,5 %
34 % 20,5 %
Offline Online B2B
Strong positions in key segments
8
19.6 million euros in sales in 2012-2013
650,000 software products sold each year
2,000,000 applications already downloaded
20 sites in 7 languages covering 150 countries
A worldwide network of 3,500 affiliates and
partners
2 million visits every month
55 million e-mails sent each month
E-commerce
11.3 million euros in sales in 2012-2013
Growth of 41% worldwide and 65% in the USA
A galaxy of sites for printing photos
in various formats (cards, canvas, skins, etc.)
New sites coming soon, especially in 3D
Web-to-Print Hosting services
• September 26, 2013 Annual results
6.3 million euros in sales in 2012-2013
Growth of 43%
A strong presence in the United States with
international deployment under way
The start of a new cycle
9
Today the shift to Online is a reality for Avanquest
Today we need to start a new cycle and a new strategy
Putting the company back in a growth phase above the €100M threshold
Sustainably and permanently developing the Group's profitability
• September 26, 2013 Annual results
Stable financial indicators
10
0
20
40
60
80
100
2012-2013
€100.2M €101.3M
2011-2012 -2
8
18
28
38
48
58
2011-2012 2012-2013
€- 1M €0.8M
€57.9M €56.9M
0
Sales Gross margin - EBIT
• September 26, 2013 Annual results
Simplified Income statement
11
In €M 2012-2013 2011-2012
Sales 100.2 101.3
Gross margin 56.9 57.9
% of sales 56.9% 57.2%
Other operating expenses 57.9 57.1
Current operating income -1.0 0.8
Depreciation of goodwill -60.0 -
Non-recurring items -4.2 -3.5
Financial result -1.5 -0.8
Net taxes and misc. 0.9 -0.3
Net earnings -65.7 -3.8
• September 26, 2013 Annual results
Consolidated financial statements
Assets
(in €M) At 06/30/13 At 06/30/12
Goodwill 58.9 122.4
Other noncurrent assets 10.8 19.4
Current assets 22.9 25.9
Cash and cash equivalents 4.8 6.3
Total ASSETS 97.4 174.0
12
Liabilities
(in €M) At 06/30/13 At 06/30/12
Owners' equity 35.7 104.3
Minority interests 1.2 2.1
Noncurrent liabilities 28.6 17.9
Current liabilities 31.9 49.7
Total LIABILITIES 97.4 174.0
• September 26, 2013 Annual results
A new strategy
13
The digital market is still a market with incredible opportunities
Worldwide, Avanquest has real strength in this area
We are currently developing a new strategy:
1. Putting product and innovation back at the core of the Group's strategy
2. Refocusing on high-potential and emerging areas
3. Proposing unique solutions in which we can be leaders
4. Reorganizing, simplifying, focusing the Group around these sectors
We will introduce this new strategy in early December
• September 26, 2013 Annual results
