COMPLEMENT AU PROSPECTUS Ce complément a été approuvé par la CBFA le 20 mars 2007, conformément à l’article 54 de l’arrêté royal du 8 novembre 1989 et à l’article 14 de la loi sur l’offre publique. L’approbation du présent complément ne représente pas un jugement de la CBFA sur le bien fondé ou la qualité de l’offre ni ne rend de jugement quant à la position des personnes réalisant l’offre. La version anglaise est la seule version approuvée par la CBFA et prévaudra par conséquent toujours sur les autres versions. Cybertrust a vérifié et est responsable de la traduction et de la concordance des versions anglaise, néerlandaise et française.
Annexe 3G. Communiqué annuel du 19 mars 2007
RESULTATEN VAN DE PERIODE 1 JANUARI 2006 TOT 31 DECEMBER 2006 RAPPORT VAN HET 4de KWARTAAL VAN BOEKJAAR 2006 (1 JANUARI 2006 TOT 31 DECEMBER 2006)
(in ‘000 euro) niet-geauditeerde cijfers
K4 2006
K3 2006
BOEKJAAR 06 (1)
K4 2005
KALENDER JAAR 05 (2-4)
Omzet
13.920
8.793
42.315
9.814
38.834
Kostprijs omzet
(4.916)
(4.730)
(20.011)
(4.417)
(20.420)
9.004
4.063
22.304
5.397
18.414
(5.833)
(5.071)
(21.264)
(5.582)
(21.336)
Bedrijfswinst/(verlies)
3.171
(1008)
1.040
(185)
(2.922)
Overige netto opbrengsten/(kosten)
3.105
313
4.262
62
412
Winst/(verlies) voor belastingen
6.276
(695)
5.302
(123)
(2.510)
Minderheidsbelang en uitzonderlijk verlies
780
0
1.542
(107)
(41)
Inkomstenbelasting
(72)
(7)
0
18
(141)
Nettowinst/(verlies)
6.984
(702)
6.843
(212)
(2.692)
Winst/(verlies) per aandeel
0,15
(0,02)
0,15
(0.00)
(0.06)
Brutowinst Bedrijfskosten
Opmerkingen (1) Controle op de jaarrekening 2006 lopende. (2) De resultaten voor 2005 zijn gecontroleerd door de commissaris van de vennootschap. (3) Boekjaar 2005 besloeg vijf kwartalen en liep vanaf 1 oktober 2004 tot en met 31 december 2005. Met het oog op een betere vergelijkbaarheid wordt in dit communiqué met K4 2005 bedoeld het laatste kwartaal van kalenderjaar 2005. (4) Ten gevolge van een kapitaalverhoging op 23 december 2005 zakte het belang van Ubizen in Ubizen Aethis onder de 50 % drempel. Ubizen verkocht haar belang in eXpanded Media op 17
februari 2006. Op 30 oktober 2006 verkocht Ubizen haar deelneming in GlobalSign NV. Conform US GAAP werden Ubizen Aethis, eXpanded Media en GlobalSign in de tabel hierboven gedeconsolideerd. Het resultaat na belastingen van deze drie voormalige dochtervennootschappen werd opgenomen onder de rubriek “overige netto-opbrengsten”. Omzet en brutowinst De omzet van het vierde kwartaal van boekjaar 2006 bedraagt Euro 13.920 tegenover 9.814 Euro voor het vierde kwartaal van 2005. De bruto-winst bedraagt Euro 9.004 of 64.7 % vergeleken met Euro 5.397 of 55 % in het vierde kwartaal van vorig boekjaar. De toename van de bruto-marge is te danken aan een verhoogde efficiëntie in de Managed Security Services organisatie en een hogere bezettingsgraad van Ubizen’s consultants. De sterke stijging ten opzichte van vorige kwartalen is evenwel in hoofdzaak het gevolg van de eenmalige verkoop van een source code licentie in de marge van de verkoop van GlobalSign NV in het laatste kwartaal van 2006. Contributie (in ‘000 euro)
Contributie %
BWM
Managed Security Services Diensten Derde partij producten Ubizen Software
6.201 2.526 1.266 3.927
44.6% 18.1% 9.1% 28.2%
59.8% 34.4% 39.7% 89.8%
Totaal
13.920
100.0%
61.8%
Bedrijfskosten en bedrijfsresultaat De bedrijfskosten stegen tot Euro 5.833 tijdens Q4 06 vergeleken met Euro 5.582 mio tijdens het vierde kwartaal van het vorige boekjaar. De aangehouden beheersing van de operationele kosten zijn het resultaat van de herstructureringsmaatregelen die sinds begin 2004 werden doorgevoerd. Sinds het eerste kwartaal van kalenderjaar 2004 vielen de bedrijfskosten terug van Euro 6.574 tot Euro 5.833 in het afgelopen kwartaal. De vennootschap zal ook in de toekomst aandacht blijven besteden aan kostenbeheersing. Kaspositie Eind december had de vennootschap Euro 5.461 in kas, vergeleken met Euro 2.721 op 31 december 2005. Personeel
Technologie / O&O
31 december 2006 90
30 september 2006 95
31 december 2005 92
Diensten
47
45
56
Sales & Marketing
2
33
37
Algemeen & Administratief
28
28
40
TOTAAL
197
201
225
Vooruitzichten Voor het lopende kwartaal worden vergelijkbare resultaten als voor het vierde kwartaal verwacht. Ubizen zal verder werken aan een gestage groei van de brutowinst uit MSS en aan kostencontrole. Revisorale controle De revisorale controle van het boekjaar 2006 is op datum van publicatie van dit communiqué ver gevorderd doch nog niet afgerond. Hoewel geen materiële aanpassingen meer worden verwacht zijn punctuele aanpassingen in de finale jaarrekening niet uit te sluiten.
Meer inlichtingen aangaande de financiële resultaten en informatie met betrekking tot Ubizen in het algemeen kan verkregen worden bij Wim Ballegeer (
[email protected]) en op de corporate website http://www.ubizen.com.
Annexe 3H. Communiqué de presse du 19 mars 2007 March 19, 2007 - UBIZEN REPORTS FOURTH QUARTER AND YEAR-END 2006 RESULTS
Leuven, Belgium, March 19, 2007 - Ubizen (Euronext: UBIB), the principal provider of Managed Security Solutions for global businesses, today announced financial results for its Fourth quarter ended December 31, 2006. During the quarter ended March 31, 2006, Ubizen sold eXpanded Media N.V. In addition on October 30, 2006 the Company sold its Globalsign business unit to CSL. Accordingly, eXpanded Media N.V.’s operating results are not included in Ubizen’s results subsequent to December 31, 2005 and Globalsign’s results are not included in Ubizen’s results subsequent to October 31, 2006. Additionally, Ubizen’s ownership of Aethis S.A. was diluted below 50% effective December 23, 2005. Therefore the Company no longer consolidates Aethis S.A.’s operating results subsequent to December 31, 2005. For all prior period disclosures below the effect of Aethis, Expanded Media and Globalsign’s operations are reflected in discontinued operations. Total revenues for the fourth quarter of 2006 amounted to Euro 13.920 mio as compared to total revenues of Euro 8.793 mio for the third quarter of 2006 and Euro 9.814 mio for the quarter ended December 31, 2005. The increase in revenues compared to prior quarter is due to a significant PKI software license sale in conjunction with the sale of its Globalsign business unit. Gross profit amounted to Euro 9.004 mio or 64.7% as compared to Euro 4.063 mio or 46.2% in the previous quarter and Euro 5.397 mio or 55.0% in the quarter ended December 31, 2005. Operating expenses increased to Euro 5.833 mio for the fourth quarter of 2006 from Euro 5.071 mio in the third quarter of 2006 and from Euro 5.582 mio in the quarter ended December 31, 2005. EBITDA for the fourth quarter of 2006 amounted to Euro 3.752 mio as compared to Euro -0.458 mio in the third quarter of 2006 and Euro 0.255 mio in the quarter ended December 31, 2005. Net income for the fourth quarter of 2006 amounted to Euro 6.984 mio compared to a net loss of Euro 0.702 mio in the third quarter of 2006 and a net loss of Euro 0.212 mio for the quarter ended December 31, 2005. This represents a net income per share of Euro 0.15 for the fourth quarter, net loss per share of Euro -0.02 for the third quarter of 2006, and net loss per share of Euro -0.01 for the quarter ended December 31, 2005. Total revenues for the year ended December 31, 2006 were Euro 42.315 mio as compared to Euro 38.834 mio for the year ended December 31, 2005. Gross profit amounted to Euro 22.304 mio or 52.7% for the year ended December 31, 2006 as compared to Euro 18.414 mio or 47.4% for the year ended December 31, 2005. Operating expenses decreased to Euro 21.264 mio for the year ended December 31, 2006 from Euro 21.336 mio for the same period in the prior year. EBITDA for the year ended December 31, 2006 was Euro 3.285 mio as compared to Euro -0.903 mio for the year ended December 31, 2005. Net income for the year ended December 31, 2006 amounted to Euro 6.843 mio or net income per share of Euro 0.15 as compared to a net loss of Euro -2.692 mio or a net loss per share of Euro -0.06 for the year ended December 31, 2005.
Report for the QUARTER ended December 31, 2006 I. Revenue and Gross Profit : In the fourth quarter of 2006, Ubizen recorded revenues of Euro 13.920 mio compared to Euro 8.793 mio in the third quarter of 2006 and Euro 9.814 mio in quarter ended December 31, 2005. Gross profit for the fourth quarter amounted to Euro 9.004 mio, representing an overall gross profit margin of 64.7% compared to Euro 4.063 mio or 46.2% in the third quarter of 2006 and Euro 5.397 mio or 55.0% for the quarter ended December 31, 2005. Fourth quarter 2006 revenue and margin breakdown is as follows:
(in '000 Euro) Managed Security Services Services Third-party products Ubizen Software Total
Contribution Contribution 6.201 2.526 1.266 3.927 13.920
GPM 44.6% 18.1% 9.1% 28.2% 100.0%
59.8% 34.4% 39.7% 89.8% 61.8%
II. Operating Expenses: Overall total operating expenses increased to Euro 5.833 mio for the fourth quarter of 2006 as compared to Euro 5.071 mio in the third quarter of 2006, and from Euro 5.582 mio for the quarter ended December 31, 2005.
(in '000 Euro) General and administrative Research and development, net Sales and marketing Other operating expense Depreciation and amortization Total Operating expenses
Q4-06 (1.096) (1.887) (1.410) (0.859) (0.581) (5.833)
Q3-06 (0.765) (1.789) (1.197) (0.770) (0.550) (5.071)
Q4-05 (1.550) (1.612) (1.567) (0.413) (0.440) (5.582)
III. Balance Sheet and Cash Flow: Cash at December 31, 2006 was Euro 5.461 mio compared to Euro 1.640 mio at September 30, 2006 and Euro 2.721 mio at December 31, 2005.
Report for the Year-ended December 31, 2006 I. Revenue and Gross Profit : For the 12 months ended December 31, 2006, Ubizen recorded revenues of Euro 42.315 mio compared to Euro 38.834 mio for the 12 months ended December 31, 2005. Gross profit for the 12 months ended December 31, 2006 amounted to Euro 22.304 mio, representing an overall gross profit margin of 52.7% compared to Euro 18.414 mio or 47.4% in the 12 months ended December 31, 2005. Revenue and margin breakdown for the 12 months ended December 31, 2006 are as follows:
(in '000 Euro) Managed Security Services Services Third-party products Ubizen Software Total
II. Operating Expenses:
Contribution Contribution 25.722 8.035 4.631 3.927 42.315
GPM 60.8% 19.0% 10.9% 9.3% 100.0%
56.2% 33.1% 27.3% 89.8% 51.8%
Overall total operating expenses for the 12 months ended December 31, 2006 decreased to Euro 21.264 mio as compared to Euro 21.336 mio for the 12 months ended December 31, 2005
12 months ended (in '000 Euro) General and administrative Research and development, net Sales and marketing Other operating expense Depreciation and amortization Total Operating expenses
December 31, 2006 December 31, 2005 (3.900) (5.178) (6.867) (6.633) (5.446) (6.730) (2.806) (0.776) (2.245) (2.019) (21.264) (21.336)
Enc. : Q4 and Year end FY06 Income Statement / Balance Sheet / Cash Flow
Notes (1) The accounting information taken up in this press release has not been reviewed by the statutory auditor. At the date of the publication of this release, the audit of the 2006 accounts is still in process and has not been finalized. Although the Company does not expect material changes, potential differences in the final annual report can not be excluded. (2) This press release may include forward-looking statements that involve risk and uncertainty. Although the company believes its expectations reflected in such forward-looking statements are based on reasonable assumptions, no assurance can be given that such projections will be fulfilled. Any such forward-looking statement must be considered along with knowledge that actual events or results may vary materially from such predictions due to, among other things, political, economic or legal changes in the markets in which Ubizen does business, competitive developments or risks inherent in the Company's business plan.
About Ubizen - Ubizen is the principal provider of Managed Security Solutions for global businesses. Companies rely on Ubizen OnlineGuardian® services to manage, monitor, and support security devices 24x7x365. Ubizen’s Professional Services complement the OnlineGuardian® managed services by helping enterprises plan and implement security policies and infrastructures. Ubizen is part of the world’s largest privately held information security company, Cybertrust, Inc. For more information, please visit www.ubizen.com. About Cybertrust - Cybertrust is the global information security specialist, delivering services that secure critical data, protect identities and help customers demonstrate ongoing compliance. Headquartered in Herndon, Virginia, USA with more than 30 offices around the globe, Cybertrust is one of the world’s largest providers of information security and is recognized as the global market leader in managed security services. For more information, visit www.cybertrust.com. At Ubizen Wim Ballegeer - Legal Counsel (
[email protected]) Phone (+ 32 16 28 70 00)
Balance Sheet FY 2006 (Euro '000) 31-Dec-2006
31-Dec-2005
Assets Current assets Cash and cash equivalents Trade accounts receivable Prepaid expenses and other current assets Total current assets
5.461 12.134 2.070 19.665
2.721 9.806 4.009 16.536
Intangibles, less accumulated amortization Net property and equipment Investments and advances in affiliated companies Non-current assets held for sale Restricted Cash Other assets Total non-current assets
11.386 5.474 333 1.055 18.248
11.936 6.570 139 1.746 1.182 440 22.013
37.913
38.549
Current Liabilities Trade accounts payable Short-term borrowings Due to related parties, net Other current liabilities and accrued expenses Deferred revenue Total current liabilities
5.344 2.441 5.429 3.021 16.235
7.749 1.445 7.245 2.118 18.557
Long-term debt, excluding current portion Non-current liabilities held for sale Commitments and contingencies Minority interest Total liabilities
4.883 21.118
80 841 8.025 440 27.943
Total assets
Liabilities and Stockholders’ Equity
Common stock Additional Paid-in capital Legal reserve and retained earnings Cumulative translation adjustments Total stockholders’ equity Total liabilities and stockholders’s equity -
26.988 158.989 -168.484 -697 16.795
26.988 158.989 -175.328 -43 10.606
37.913
38.549
0
-
0
Statement of income FY 2006 ( Euro '000) 31-Dec-2006
31-Dec-2005
Revenues Cost of revenues Gross profit
42.315 (20.011) 22.304
38.834 (20.420) 18.414
Operating expenses: Other operating expenses Research and development Sales and marketing General and administrative Depreciation and amortisation expense Total operating expenses
(2.806) (6.867) (5.446) (3.900) (2.245) (21.264)
(776) (6.633) (6.730) (5.178) (2.019) (21.336)
Income (loss) from operations
Interest expense, net Other income (expense), net Foreign currency exchange gain (loss) Goodwill impairment loss Net other expense
Loss before income taxes and minority interest Exceptional gain (loss) Income taxes (current & deferred) Minority interest in profit/loss of consolidated subsidairies Income taxes & minority interest Loss before discontinued operations Gain on disposition Income from Discontinued Operations Net income (loss) Weighted-average shares outstanding EPS
1.040
(287) 106 (364) (545)
(2.922)
(325) (783) 716 (392)
495
(3.314)
1.542
(85)
-
(141) 44 (97)
2.037
(3.496)
4.118 689
804
6.843
(2.692)
45.280.158 0,15
45.280.158 (0,06)
Statement of Cash Flows FY2006 ( Euro '000) 31-Dec-2006
31-Dec-2005
Cash flows from operating activities: Net income (loss) Income from discontinued operations Net income (loss) from continuing operations
6.843 689 6.154
(2.692) 804 (3.496)
(5.660) 2.245 364
85 2.019 (716)
Decrease/(increase) in trade accounts receivable Decrease/(Increase) in prepaid expenses and other current assets Decrease/(Increase) in other non current assets
(2.328) 1.939 3.765
463 (311) 1.130
Increase/(Decrease) in trade accounts payable Increase/(Decrease) in other current liabilities and accrued expenses Increase/(Decrease) in related party payable, net Increase/(Decrease) in deferred revenue Increase/(Decrease) in non current liabilities
(2.405) (1.816) 996 903 111
1.344 1.136 1.195 724 (1.328)
4.268
2.245
Additions to property and equipment
(600)
(1.091)
Net cash used by investing activities
(600)
(1.091)
(80) (194)
150
Adjustments to reconcile net loss to net cash provided (used) by operating activities: (Gain) on disposal of business and extraordinary items Depreciation and amortization Exchange gain/loss Changes in assets and liabilities, net of effects from acquisitions:
Net cash provided/(used) by operating activities Cash flows from investing activities:
Cash flows from financing activities: Proceeds of issue of new shares Proceeds/(repayment) of short term borrowings, net Increase in net assets of divested investment in subsidiaries
Cash provided by financing activities
(274)
150
Net increase/ (decrease) in cash Foreign Exchange Impact on cash and Equity Cash and cash equivalents at beginning of period
3.394 (654) 2.721
1.304 (934) 2.351
Cash and cash equivalents at end of period
5.461
2.721
Balance Sheet Q4 2006 (Euro '000) Quarter Ended 31-Dec-2006
Quarter Ended 31-Dec-2005
Assets Current assets Cash and cash equivalents Trade accounts receivable Prepaid expenses and other current assets Total current assets
5.461 12.134 2.070 19.665
2.721 9.806 4.009 16.536
Intangibles, less accumulated amortization Net property and equipment Investments and advances in affiliated companies Non-current assets held for sale Restricted Cash Other assets Total non-current assets
11.386 5.474 333 1.055 18.248
11.936 6.570 139 1.746 1.182 440 22.013
37.913
38.549
Current Liabilities Trade accounts payable Due to related parties, net Other current liabilities and accrued expenses Deferred revenue Total current liabilities
5.344 2.441 5.429 3.021 16.235
7.749 1.445 7.245 2.118 18.557
Long-term debt, excluding current portion Non-current liabilities held for sale Commitments and contingencies Minority interest Total liabilities
4.883 21.118
80 841 8.025 440 27.943
26.988 158.989 -168.484 -697 16.795
26.988 158.989 -175.328 -43 10.606
37.913
38.549
Total assets
Liabilities and Stockholders’ Equity
Common stock Additional Paid-in capital Legal reserve and retained earnings Cumulative translation adjustments Total stockholders’ equity Total liabilities and stockholders’s equity -
0
Statement of income Q4 2006 ( Euro '000) Quarter Ended 31-Dec-2006
Quarter Ended 31-Dec-2005
Revenues Cost of revenues Gross profit
13.920 (4.916) 9.004
9.814 (4.417) 5.397
Operating expenses: Other operating expenses Research and development Sales and marketing General and administrative Depreciation and amortisation expense Total operating expenses
(859) (1.887) (1.410) (1.096) (581) (5.833)
(413) (1.612) (1.567) (1.550) (440) (5.582)
Income (loss) from operations
Equity in profit/loss of associated companies Interest expense, net Other income (expense), net Foreign currency exchange gain (loss) Net other expense
Loss before income taxes and minority interest Exceptional gain (loss) Income taxes (current & deferred) Income taxes & minority interest Loss before discontinued operations
3.171
(297) 274 (317) (340)
(185)
5 (167) 27 (23) (158)
2.831
(343)
780
(107)
(72)
18
(72)
18
3.539
(432)
Gain on disposition Income(Loss) from Discontinued Operations
3.408 37
220
Net income (loss)
6.984
(212)
45.280.158 0,15
45.280.158 (0,00)
Weighted-average shares outstanding EPS
Statement of Cash Flows Q4 2006 ( Euro '000)
Quarter Ended 31-Dec-2006
Quarter Ended 31-Dec-2005
Cash flows from operating activities: Net income (loss) Income from discontinued operations Net income (loss) from continuing operations
6.984 37 6.947
(212) (212)
581 317
440 18
(702) 858 182
1.230 149 (2.062)
(1.320) 198 (2.441) 705 (1.758)
(2.137) 258 1.445 (418) 1.326
3.567
37
Additions to property and equipment
(173)
(746)
Net cash used by investing activities
(173)
(746)
Adjustments to reconcile net loss to net cash provided (used) by operating activities: Depreciation and amortization Exchange gain/loss Changes in assets and liabilities, net of effects from acquisitions: Decrease/(increase) in trade accounts receivable Decrease/(Increase) in prepaid expenses and other current assets Decrease/(Increase) in other non current assets Increase/(Decrease) in trade accounts payable Increase/(Decrease) in other current liabilities and accrued expenses Increase/(Decrease) in related party payable, net Increase/(Decrease) in deferred revenue Increase/(Decrease) in non current liabilities Net cash provided/(used) by operating activities Cash flows from investing activities:
Cash flows from financing activities: Proceeds/(repayment) of short term borrowings, net
-
Cash provided by financing activities
(24)
(24)
Net increase/ (decrease) in cash Foreign Exchange Impact on cash and Equity Cash and cash equivalents at beginning of period
3.394 (654) 2.721
(733) (361) 3.815
Cash and cash equivalents at end of period
5.461
2.721
