PUBLIC SQUEEZE-OUT OFFER
pursuant to article 513, §1 Company Code and chapter IV of the Royal Decree of 8 November 1989
ON
all Shares not yet held by the Offeror and all the outstanding Warrants
OF
BY
RECEIVING AND PAYING AGENT
February 2007
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(intentionally left blank)
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Public Squeeze-Out Offer pursuant to article 513, §1 Company Code and chapter IV of the Royal Decree of 8 November 1989 of all Shares not yet held by the Offeror and all the outstanding Warrants issued by the limited liability company UBIZEN Registered office: B-3001 Leuven, Philipssite 5 Register of Legal Entities (enterprise number): 0455.138.450 RPR/RPM Leuven
by CYBERTRUST HOLDINGS, INC. (formerly known as Betrusted Holdings, Inc.) Registered office: 1209 Orange Street, Wilmington, Delaware, 19801, USA Mailing address: c/o Cybertrust, Inc., 13650 Dulles Technology Drive, Herndon, VA 20171, USA
Offer Price: EUR 2.10 per Share and EUR 0.576 per Warrant K Period: from 8 March 2007 until 21 March 2007 Condition: the Offer is not subject to any condition precedent.
Receiving and Paying Agent ING BELGIUM
Acceptances of the Offer can be submitted, free of charge, with the aforementioned institution or through any financial intermediary in Belgium. The costs of any such intermediary will be borne by the Seller. The Prospectus, together with the Acceptance Form, can be obtained free of charge at the registered office of ING Belgium (Avenue Marnix, 24 at 1000 Brussels) or by telephoning the ING Contact Center at the following numbers: 02/464.60.01 (Dutch), 02/464.60.02 (French) or 02/464.60.03 (English). As of 8 March 2007, the Prospectus in Dutch and French will also be available at the website of ING Belgium (www.ing.be). The English translation of the Prospectus will only be available on the websites of ING Belgium (www.ing.be), Ubizen (www.ubizen.com) and Cybertrust (www.cybertrust.com). The report of the independent expert, which has been prepared in accordance with article 47, 2° of the Royal Decree of 8 November 1989, can be obtained free of charge at Degroof Corporate Finance, Guimardstraat 18, 1040 Brussel (Tel. 02/287.91.56). This report is also available on the following website: www.degroof.be
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Shareholders and Warrant Holders should rely only on the information contained in this Prospectus. The Offeror has not authorised anyone to provide Shareholders or Warrant Holders with information that is different. This Prospectus may only be used where it is legal to purchase or sell securities. The information in this Prospectus may only be accurate on the date of this Prospectus. In Belgium, any change within the meaning of article 54 of the Royal Decree of 8 November 1989 occurring before the end of the Offer Period will be the subject of an addendum to the Prospectus supervised and published in accordance with the methods autorised by the CBFA. ________________________________ This Prospectus does not constitute an offer to purchase or to sell or a solicitation by anyone in any jurisdiction in which such offering or solicitation is not authorised or to any person to whom it is unlawful to make such offering or solicitation. No action has been (or will be) taken other than in Belgium to permit a public offering in any jurisdiction where action would be required for that purpose. Neither this Prospectus nor any advertisement nor any other material may be supplied to the public in any jurisdiction outside Belgium in which any registration, qualification or other requirements exist or would exist in respect of any offering to purchase or to sell and, in particular, may not be distributed to the public in Canada, Japan and the United Kingdom. Any failure to comply with these restrictions may constitute a violation of Canadian, Japanese or UK securities laws or the securities regulation of other jurisdictions. The Offeror expressly declines any liability for breach of these restrictions by any person. Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 (the "FSMA")) in the United Kingdom in connection with the Offer has only been communicated or caused to be communicated and may only be communicated or caused to be communicated in circumstances in which section 21(1) of the FSMA does not apply to the Offeror. This Prospectus may only be passed on in Canada or any of its provinces or in Japan or any of its territories to persons whom the Prospectus may lawfully be passed on in accordance with statutory exemptions in each relevant jurisdiction in Canada or Japan pursuant to a discretionary exemption granted by the relevant Canadian and/or its provinces' or Japanese and/or its territories' securities regulatory authority. Notice to Shareholders and Warrant Holders in the USA: this Offer is made for the securities of Ubizen, a Belgian company. The Offer is subject to the requirements of Belgium, which are different from those of the Unites States. Any material change with respect to the contents of this Prospectus within the meaning of article 54 of the Royal Decree of 8 November 1989 and article 13, para 3 of the Public Offer Law occurring before the end of the Offer Period will be the subject of an addendum to the Prospectus supervised and published in accordance with the methods authorised by the CBFA. Certain financial statements and other financial information regarding Ubizen included or referred to in this Prospectus have been prepared in accordance with Belgian accounting standards that may not be comparable to the financial statements of Cybertrust or other U.S. companies. Investors should be aware that Cybertrust or its affiliates may, subject to applicable Belgian and U.S. securities laws, rules and regulations, purchase or make arrangements to purchase Shares or Warrants from Shareholders or Warrant Holders who are willing to sell outside of the Offer from time to time, including in the open market at prevailing prices or in transactions at negotiated prices. Any information about such purchases will be disclosed by Cybertrust to the CBFA in Belgium if by such purchase Cybertrust owns Shares representing 5% or more of Ubizen's share capital in accordance with the Law of 2 March 1989 concerning the disclosure of significant shareholdings in listed companies and regulating takeover bids. Any information on arrangements to purchase Shares or Warrants will be disclosed if and to the extent required under Belgian Law. ________________________________
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IN MAKING A DECISION, SELLERS MUST RELY ON THEIR OWN EXAMINATION OF THE TERMS OF THE OFFER, INCLUDING THE MERITS AND RISKS INVOLVED. ANY SUMMARY OR DESCRIPTION SET FORTH IN THIS PROSPECTUS OF LEGAL PROVISIONS, CORPORATE RESTRUCTURINGS OR CONTRACTUAL RELATIONSHIPS IS FOR INFORMATION PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS LEGAL OR TAX ADVICE AS TO THE INTERPRETATION OR ENFORCEABILITY OF SUCH PROVISIONS. THE OFFER HAS NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY IN BELGIUM OR OTHERWISE. IN CASE OF ANY DOUBT ABOUT THE CONTENTS OR THE MEANING OF THE INFORMATION CONTAINED IN THIS PROSPECTUS, INVESTORS SHOULD CONSULT AN AUTHORISED OR PROFESSIONAL PERSON WHO SPECIALISES IN ADVISING ON THE SALE AND PURCHASE OF FINANCIAL INSTRUMENTS. PERSONS RESPONSIBLE FOR THIS PROSPECTUS The Offeror, represented by its Board of Directors, takes the responsibility for the information contained in this Prospectus. To the knowledge of the Offeror, the information included herein conforms to the reality and does not comprise any omission susceptible to altering its scope. The Board of Directors of Ubizen, which has reviewed this Prospectus in accordance with articles 47, 3° of the Royal Decree of 8 November 1989, is responsible for the information set forth in the Prospectus that relates to Ubizen. The Board of Directors of Ubizen is, with an unanimous cast of votes, of the opinion that, to the best of its knowledge, and based on the information known to them, the Prospectus, prepared by Cybertrust, does not show any gap and does not contain any information that could mislead the Shareholders or the Warrant Holders. APPROVAL BY THE BELGIAN BANKING, FINANCE AND INSURANCE COMMISSION This Prospectus has been approved by the CBFA on 27 February 2007, pursuant to article 48 of the Royal Decree of 8 November 1989 and article 14 of the Public Offer Law. The approval of this Prospectus does not imply any judgment by the CBFA on the merits or the quality of the Offer and neither does it render any judgment on the position of the persons conducting the Offer. The notice required by article 56 of the Royal Decree of 8 November 1989 and article 13 of the Public Offer Law has been published in the Belgian financial press on or about 7 maart 2007. With the exception of the CBFA (whereby the approval by the CBFA is only valid for Belgium), no other authority of any other jurisdiction has approved the Prospectus or the Offer. No means whatsoever designed to obtain authorisation to distribute the Prospectus in jurisdictions outside Belgium, was or will be taken. AVAILABILITY OF THE PROSPECTUS The Dutch, French and English language versions of the Prospectus will be made available to Shareholders and Warrant Holders at no cost at the registered office of ING Belgium (Avenue Marnix, 24 at 1000 Brussels) or by telephoning the ING Contact Center at the following numbers: 02/464.60.01 (Dutch), 02/464.60.02 (French) or 02/464.60.03 (English). The English language version is the only version that was approved by the CBFA, and will therefore have in any case evidential value Cybertrust has verified and is responsible for the translation and the concordance of the English, the Dutch and the French language versions. An electronic version of this Prospectus is also available, for information purposes only, via the Internet on the website of ING Belgium (address: www.ing.be). The English version of the Prospectus will be available via the Internet on the websites of ING Belgium (www.ing.be), Ubizen (www.ubizen.com) and Cybertrust (www.cybertrust.com). Information contained on the Internet website of ING Belgium or any other website does not form part of this Prospectus.
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FORWARD-LOOKING STATEMENTS This Prospectus contains forward-looking statements including, without limitation, statements containing the words “believes”, “anticipates”, “expects”, “intends”, “plans”, “seeks”, “estimates”, “may”, “will” and “continue” and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the Offeror or the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, the public is cautioned not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of this Prospectus. The Offeror expressly disclaims any obligation to update any such forward-looking statements in this Prospectus to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except if and only to the extent such update is required pursuant to article 54 of the Royal Decree of 8 November 1989 or the Royal Decree of 31 March 2003 on the obligations for issuers of financial instruments which are admitted to trading on a Belgian regulated market. PRESENTATION OF FINANCIAL INFORMATION AND OTHER INFORMATION The audited consolidated financial statements of Ubizen contained in this Prospectus for the financial period ended 31 December 2005 have been prepared in accordance with US GAAP. The audited statutory financial statements of Ubizen contained in this Prospectus for the financial period ended on 31 December 2005 have been prepared by Ubizen in accordance with Belgian generally accepted accounting principles. The consolidated halfyear financial statements of Ubizen per June 30, 2006 and the consolidated quarterly financial statements of Ubizen per March 31 and September 30, 2006 have been prepared in accordance with US GAAP and have not been audited by the Company’s statutory auditor. Ubizen has published an IFRS transition note on May 9, 2005. This document is available on the corporate website of the company as part of the press release announcing the results of the quarter ended on March 31, 2005.(www.ubizen.com/investors relations/new events & alerts/financial news 2005)
Some financial information in this Prospectus has been rounded and, as a result, the numerical figures shown as totals in this Prospectus may vary slightly from the exact arithmetic aggregation of the figures that precede them. In settlement of the Offer Price of the Warrants, the tender price of all the Warrants offered for sale by one Seller will be aggregated and the total amount rounded up to the nearest Eurocent. Other information about Ubizen and Cybertrust is available at their respective offices and websites (www.ubizen.com, www.cybertrust.com). CURRENCY In this Prospectus, all references to "Euro" and "EUR" are to the single currency of the participating member states of the European Union and all references to "USD" are to the single currency of the United States of America. INDEPENDENT ACCOUNTANTS The consolidated financial statements of Ubizen as at and for the financial year ended on 31 December 2005 were audited by Ernst & Young BCV, company auditors, with registered office at 9000 Ghent, Moutstraat 54, represented by Mr Jean-Pierre Romont. The report of Ernst & Young BCV contains a disclaimer of opinion on the true and fair representation in the consolidated financial statements of the financial position of Ubizen and subsidiaries as of 31 December 2005 and the results of their operations and their cash flows for the year then ended, based on a going concern assumption. The report provides in this respect: "Note 1.2 and the Annual Report specify the Board’s position on the going concern assumption, based on the 2006 budgets confirming continued improvement of the operating results. Furthermore, the Board assumes the
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Company will remain controlled by Cybertrust Holdings, Inc, its major shareholder. Ubizen NV has relied on funding from Cybertrust Holdings, Inc. As a result, the going concern assumption is dependent on the continued financial support of its major shareholder and the successful realisation of the budgets. We are unable to obtain reasonable assurance as to whether this assumption will be realized. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts or classifications of liabilities that may result in case the Company would not be able to continue as a going concern. Because of the uncertainties, discussed in the preceding paragraph, we are unable to express and we do not express an opinion on the true and fair presentation in the consolidated financial statements of the financial position of Ubizen NV and subsidiaries as of December 31, 2005 and the results of their operations and their cash flows for the 15 months then ended, in conformity with accounting principles generally accepted in the United States of America." For the complete report see Exhibit 1.A. The statutory financial statements of Ubizen as at and for the financial year ended on 31 December 2005 were audited by Ernst & Young BCV, company auditors, with registered office at 9000 Gent, Moutstraat 54, represented by Mr Jean-Pierre Romont. The report of Ernst & Young BCV contains a disclaimer of opinion on the true and fair representation in the statutory financial statements of the financial position of Ubizen as of 31 December 2005 and the results of its operations and its cash flows for the year then ended, based on a going concern assumption. The report provides in this respect: "De opstelling van de jaarrekening in de veronderstelling van continuïteit wordt door de Raad van Bestuur in haar jaarverslag verantwoord op basis van de budgetten voor 2006 waaruit de Raad van Bestuur een voortgezette positieve tendens van de operationele resultaten afleidt. Tevens motiveert de Raad van Bestuur haar standpunt op basis van de veronderstelling dat de onderneming deel zal blijven uitmaken van de Cybertrust Groep, de voornaamste aandeelhouder van de vennootschap. Cybertrust Holdings, Inc. heeft steeds de nodige financieringsmiddelen ter beschikking gesteld van de vennootschap in functie van de financiële behoeften. De veronderstelling van continuïteit van de vennootschap is bijgevolg afhankelijk van de verdere financiële ondersteuning door haar voornaamste aandeelhouder en van de succesvolle realisatie van de budgetten. Omtrent de realisatie van deze veronderstelling hebben wij geen redelijke zekerheid bekomen. Er werden geen aanpassingen gedaan met betrekking tot de waardering of de classificatie van bepaalde elementen in de jaarrekening die noodzakelijk zouden kunnen blijken als de vennootschap niet meer in staat zou zijn haar activiteiten verder te zetten. Rekening houdend met de onzekerheden, zoals in voorgaande paragraaf omschreven, kunnen wij geen oordeel geven omtrent het feit of de jaarrekening afgesloten per 31 december 2005 een getrouw beeld geeft van het vermogen, van de financiële toestand en van de resultaten van de vennootschap." The complete statutory auditor's report is included in Exhibit 1.B. The audit of the Cybertrust accounts is currently pending. FINANCIAL ADVISORS ING Belgium has advised the Offeror on certain financial matters in relation to the Offer. These services have been performed solely for the benefit of the Offeror and may not be relied upon by any third party. ING Belgium will not accept any responsibility for the information contained in this Prospectus, and nothing contained in this Prospectus is, or will be relied upon as, an advice, a promise or representation by ING Belgium.
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RECEIVING AND PAYING AGENT ING Belgium acts as receiving and paying agent (the "Receiving and Paying Agent") in connection with the Offer in Belgium. LEGAL ADVISORS Clifford Chance LLP advised Cybertrust on certain legal matters regarding Belgian law in connection with the Offer. DEFINED TERMS Certain capitalised terms used or referred to in this Prospectus are defined elsewhere herein, in the Section "Definitions".
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TABLE OF CONTENTS
DEFINITIONS ..................................................................................................................................................... 10 1. CONTEXT AND OBJECTIVES OF THE OFFER ............................................................................... 13 1.1 Objectives of the Offeror and context of the Offer...................................................... 13 1.2 Objectives of the Offer ............................................................................................ 15 1.3 Antecedents of the Offer .......................................................................................... 15 1.4 Funding of the Offer ................................................................................................ 17 1.5 Dividends ............................................................................................................... 17 1.6 Legal framework ..................................................................................................... 17 2. TERMS AND CONDITIONS OF THE OFFER ................................................................................... 18 2.1 Object of the Offer .................................................................................................. 18 2.2 Offer Price.............................................................................................................. 18 2.3 Offer Period............................................................................................................ 18 2.4 Justification of the Offer Price .................................................................................. 18 2.5 Unconditional Offer ................................................................................................ 33 2.6 Decisions of the Offeror regarding the Offer – commitment to carry out the Offer ........ 33 2.7 Procedure - Acceptance of the Offer ......................................................................... 33 2.8 Payment of the Offer Price ....................................................................................... 34 2.9 Publication of the results of the Offer ........................................................................ 34 2.10 Costs of the Offer .................................................................................................... 34 2.11 Availability of funds................................................................................................ 35 2.12 Advice of the Board of Directors of the Company ...................................................... 35 3. TAXATION OF THE OFFER ............................................................................................................... 36 3.1 Taxation upon transfer of the Shares ......................................................................... 36 3.2 Taxation upon transfer of the Warrants in the context of the Offer ............................... 37 3.3 Tax on stock market transactions .............................................................................. 37 4. ANSWERS GIVEN BY THE OFFEROR ON QUESTIONS AND COMMENTS MADE BY THE CBFA ..................................................................................................................................................... 38 4.1 Overview of references to answers on questions and comments made by the CBFA .................................................................................................................... 38 4.2 Independence of independent expert Degroof Corporate Finance ................................ 39 4.3 Motivation of the Offer Price ................................................................................... 39 4.4 Related party transactions ........................................................................................ 40 5. Information on the Offeror ..................................................................................................................... 41 5.1 General information on the Offeror's corporate structure and capital .................................................... 41 5.2 General information on the Offeror's business and activities ....................................... 44 5.3 Shares or Warrants owned by the Offeror .................................................................. 46 6. INFORMATION ON THE COMPANY................................................................................................ 47 6.1 General information on the Company's corporate structure and capital......................... 47 6.2 General information on the Company's business and activities .................................... 53 EXHIBITS............................................................................................................................................................ 60 Exhibit 1.A.: Financial consolidated statements of the Company for the financial period ended 31 December 2005........................................................................................................................................................ 60 Exhibit 1.B.: Financial statutory statements of the Company for the financial period ended 31 December 2005 61 Exhibit 2: Acceptance Form ................................................................................................................................. 62 Exhibit 3: Press releases ....................................................................................................................................... 66 Exhibit 4: Declaration of Independence by Degroof Corporate Finance ........................................................ 83
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DEFINITIONS In this Prospectus: Acceptance Form
has the meaning attributed thereto in Section 2.7 "Procedure – Acceptance of the Offer" an exemplary of which is enclosed in Exhibit 2 to this Prospectus.
Banking Day
means any day on which the financial institutions are open for business, within the meaning of article 2, §1, 3° of the Royal Decree of 8 November 1989.
CBFA
means the Belgian Banking, Finance and Insurance Commission ("Commissie voor het Bank, Financie- en Assurantiewezen / Commission Bancaire, Financière et des Assurances").
Certificate
means the certificate issued by the Company in respect of the registration of ownership of registered Shares or Warrants in the relevant registers in accordance with article 465 of the Company Code.
Company
means Ubizen NV, having its registered office at 3001 Leuven, Philipssite 5, previously registered in the commercial registry of Leuven under number 91250 and currently registered with the legal entities register under number 0455.138.450 RPR/RPM Leuven.
Company Code
means the Belgian Company Code, co-ordinated by law of 7 May 1999, as amended from time to time.
Counter Offer
means the voluntary public take-over counter offer for the Ubizen shares and warrants commenced on 19 February 2004 and closed on 3 March 2004.
Cybertrust
means the Offeror.
Former Key Shareholders
means Cobra NV, Concentra NV, Katholieke Universiteit Leuven, Mr Stijn Bijnens, Mr Wouter Joosen and R2I NV.
Free Market
means the non regulated Free Market ("Vrije Markt / Marché Libre") operated by Euronext Brussels.
ING Belgium
means ING Belgique SA, having its registered office on Avenue Marnix, 24 at 1000 Brussels.
Offer
means the present public squeeze out offer by the Offeror for the Shares and Warrants, subject to conditions and the further terms set out or referred to in this Prospectus, and including, where the context so requires, any subsequent revision, extension, amendment or variation thereof in accordance with applicable law.
Offer Period
means the Offer period to commence on 9.00 am (Central European Time) on 8 March 2007 and to close on 4.00 pm (Central European Time) on 21 March 2007.
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Offer Price
has the meaning attributed thereto in Section 2.2 "Offer Price".
Offeror
means Cybertrust Holdings, Inc. (formerly known as Betrusted Holdings, Inc.), having its registered office at 1209 Orange Street, Wilmington, Delaware 19801, USA and its mailing address c/o Cybertrust, Inc., 13650 Dulles Technology Drive, Herndon, VA 20171, USA.
Prospectus
means the present Prospectus and all exhibits or annexes hereto which will form an integral part hereof, including, as applicable, any supplements hereto published in accordance with applicable law.
Public Offer Law
means the law of 22 April 2003 on the public offer of securities, as amended from time to time.
Receiving and Paying Agent
means ING Belgium.
Royal Decree of 8 November 1989
means the Royal Decree of 8 November 1989 on Public Takeover Bids and Changes of Control over Companies, as amended from time to time.
Second Offer
means the public take-over offer by the Offeror for the Shares and Warrants commenced on 8 July 2004 and closed on 6 August 2004.
Sellers
means any Shareholders or Warrant Holders, who have validly accepted the Offer.
Shareholders
means any holder of one or more Shares.
Shares
means, depending on the context, all or any of the shares representing the capital of the Company.
Take-over Offer
means the public take-over offer launched by the Offeror for the Shares and Warrants commenced on 20 June 2006 and closed on 3 July 2006, and re-opened from 14 July 2006 until 4 August 2006.
Ubidco
means Ubidco NV, a company with registered office at 3001 Leuven, Philipssite 5, registered with the legal entities register under number 0862.044.740.
Ubidco Offer
means the voluntary public take-over bid launched by Ubidco to acquire all the Shares and Warrants as further described in Section 1.3 "Antecedents of the Offer".
Ubizen
means the Company.
Ubizen Warrant Plan
means a warrant plan of Ubizen established by its Board of Directors or shareholders' meeting, pursuant to which Warrants are granted to employees, self employed managers and directors of the Ubizen Group, as described in note 12 "Employee Stock Purchase Plans" of the Exhibit 1.A of the Prospectus.
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Warrant Holders
means any holder of one or several Warrants.
Warrants
means the warrants issued by the Company pursuant to Ubizen Warrant Plan and granting the right to subscribe to Shares, as further described in Section 2.2 "Offer Price".
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1.
CONTEXT AND OBJECTIVES OF THE OFFER
1.1
Objectives of the Offeror and context of the Offer Cybertrust's objective is to acquire all outstanding Shares and Warrants. In order to reach this objective, Cybertrust launched the Take-over Offer. Following the Take-over Offer together with additional purchases in the market, Cybertrust currently owns, directly or indirectly1, 95.8% of the Shares and 99.33% of the outstanding Warrants. Cybertrust has now decided to launch the present Offer to acquire the remaining Shares and Warrants K. In accordance with article 513, §1 of the Company Code, all Shares and Warrants that will not have been tendered at the end of this Offer, will be deemed to have transferred to the Offeror by operation of law. The funds reserved for the holders of Shares and Warrants that have not been tendered will remain on the blocked account with ING Belgium for a period of 6 months after the end of the Offer period, after which period these funds will be deposited with the Deposito en consignatiekas / Caisse des dépôts et consignations. In addition, Ubizen’s Shares will be delisted from Euronext Brussels and will no longer be traded in any public market. Cybertrust’s ability to achieve efficiencies within Ubizen’s business has been restricted by the interests of Ubizen’s third-party, minority shareholders. To date, Cybertrust has been required to maintain Ubizen as a separate, independent entity. As a result, Ubizen has not been able to fully realize operational synergies, inter alia because of duplicative regional presences, duplicative branding, duplicative corporate websites, the impossibility to use the Cybertrust trademark in the Benelux, the necessity to print marketing and product collateral under both the Ubizen and Cybertrust trademarks, the further protection of the Ubizen trademark and logo, the need to maintain a number of duplicative "headquarter functions" etc. When Cybertrust will become Ubizen’s sole shareholder, it will have additional options available to it, including combining Ubizen’s business with other businesses conducted by Cybertrust. In addition, Cybertrust will be able to evaluate the role of Ubizen’s business within Cybertrust’s business as a whole without the restriction of having to safeguard the interests of Ubizen’s minority shareholders (as long as Ubizen is a public company with minority shareholders, it has to continue to operate as an independent company and sustain a number of processes and structures that will become redundant as soon as Ubizen has become a wholly owned subsidiary of Cybertrust. Reference can be made to the need to appoint independent board members, the need to maintain a separate brand and corporate website, the impossibility to simplify the corporate structure in countries with duplicate legal entities, the need to develop double branded marketing collateral, the need to structure corporate governance policies based on best practices for public companies etc.). Cybertrust's plan to fully integrate Ubizen within Cybertrust is to be understood in the operational sense. It is not the intention to liquidate Ubizen in the legal meaning of the word. Once Ubizen will be a wholly owned subsidiary of the Cybertrust Group, the Ubizen name and brand will disappear and Ubizen, its activities and employees will be fully integrated within Cybertrust. As a result, Ubizen employees will be eligible for functions at the level of Cybertrust, they will be integrated within the global Cybertrust organization and global Cybertrust policies will be applicable to Ubizen employees. It is not the intention to sign new employment agreements with the Ubizen employees. From a legal point of view, the consolidation of duplicative legal entities will be structured taking into account practical legal, fiscal or other pragmatic considerations. In jurisdictions with a “predominant Ubizen presence” (essentially Benelux), Cybertrust expects the Ubizen legal entity to be the surviving legal entity; such entity will change its name into Cybertrust after completion of the squeeze out.
1
Through its 100% subsidiary Ubidco NV which holds 31.4% of the Shares.
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Cybertrust intends to continue substantial business operations in Belgium and anticipates that it will seek to amend and simplify Ubizen's Articles of Association to reflect control by a single majority shareholder (among others the clause relating to the appointment of the board of directors' members and the clause relating to the majority required for certain decisions of the board of directors) as well as to reflect the change of the name Ubizen into Cybertrust and the fact that Ubizen will no longer be a public company. Cybertrust is and will continue to evaluate its employment policies, including those affecting Ubizen employees who will become Cybertrust employees in the event Ubizen’s business is merged into Cybertrust’s. The sustained combination with Cybertrust would bring Ubizen both increased financial strength and stability as well as increased business opportunities. Prior to becoming part of Betrusted / Cybertrust, Ubizen had no strong financial reference shareholder. Since 2004, Cybertrust has subscribed to a number of capital increases and has provided additional short term financing when needed. These resources were not available to Ubizen on a stand-alone basis, what resulted in a peculiar cash constraint by the end of 2003 (negative net cash amounting to – 350 K per September 30, 2003). The increased business opportunities result from 1° Cybertrust’s global presence (Ubizen is essentially located in Western Europe with a modest presence in the USA); 2° Cybertrust’s ability to support Ubizen’s R&D activities resulting in more competitive services 3° integrating Ubizen’s traditional services into the broader products and services portfolio of Cybertrust; 4° leveraging on Cybertrust marketing resources; 5° taking advantage of a global strong brand and 6° the support provided by Cybertrust’s staff departments (Tax, Finance, Legal, HR, Marketing, procurement, facilities …). Notwithstanding the restrictions resulting from the presence of minority shareholders in Ubizen’s capital, a number of operational synergies have been realized between Ubizen and Cybertrust since 2004. Therefore, Cybertrust does not anticipate that the Offer would on the short-term substantially impact on Ubizen’s operations or headcount. The principal benefits from a complete integration of the Company with Cybertrust are situated on the cost side. Cybertrust estimates that when acquiring all of the Shares in this Offer, it would be able to eliminate, on a consolidated basis, duplicative, structural overhead costs in excess of EUR 750,000 per annum. Cost savings will essentially result from: * delisting Ubizen, which will allow Ubizen to avoid the yearly Euronext listing fee, an expensive migration to IFRS, the adoption of the Code Lippens, the need to manage investors’ relations, the requirement to publish quarterly results, the need to appoint independent directors, the need to subscribe to a separate directors’ liability insurance, the requirement to consolidate at the Ubizen level which will substantially reduce audit fees … * simplifying Cybertrust’s corporate structure by eliminating redundant legal entities which will allow the group to substantially reduce the overhead and cost associated with statutory accounting, corporate tax filings, VAT filings, corporate legal housekeeping… * simplyfing the marketing strategy: after the squeeze out, there will be one brand ; no longer need for double branding. Together, Cybertrust and Ubizen will have the opportunity to create a leading global security services business, and completion of this transaction will position the Cybertrust Group, of which Ubizen will be a part, as a leading Managed Security Services (see for this activity Section 6.2 "General Information on the Company's business and activities") and consulting service provider. Industry analysts have acknowledged the leading role of Cybertrust, including Ubizen, in the field of IT security:
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1.2
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Largest privately held security company in the world (Gartner, 2004)
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World’s leading provider of managed security services (Frost & Sullivan 2004, 2005).
-
Leader in information risk management (Yankee Group, 2005).
Objectives of the Offer Cybertrust, together with its operating subsidiaries outside Belgium2 (collectively, the "Cybertrust Group") is an information security services company. Cybertrust is the product of the merger of Betrusted Holdings, Inc. ("Betrusted") and TruSecure Corporation ("TruSecure") which closed in November 2004. (Details of Cybertrust’s history and a description of these acquisitions are included in Section 5.2 "General information on the Offeror's business and activities.") Ubizen is a provider of internet security solutions primarily consisting of managed security services and professional services to assist customers in vulnerability assessment and the design and implementation of security policies and infrastructures. Cybertrust has been a reference shareholder of the Company since it initiated the Counter Offer in January 2004. By means of the Second Offer, the acquisition of the share capital of Ubidco, purchases in the market, a number of capital increases and the Take-over Offer, Cybertrust has gradually increased its participation to 95.8% at the close of the Take-Over Offer (for a more detailed overview of the acquisition process, please refer to Section 1.3 below). Since its initial investment in the Company, Cybertrust has consistently expressed its ambition to acquire the entire control over the Company. The current Offer fits in Cybertrust plans to fully integrate Ubizen within Cybertrust.
1.3
Antecedents of the Offer On 11 December 2003, Ubidco announced an offer to purchase the outstanding Shares and Warrants issued by Ubizen for an offer price of EUR 0.95 per Share and between EUR 0.01 and EUR 0.33 per Warrant (the "Ubidco Offer"). The Ubidco Offer was open between 12 January 2004 and 23 January 2004. Further to a settlement with certain Former Key Shareholders, Ubidco increased the price of its Offer to EUR 1.10 after the end of the Ubidco Offer. In response to the Ubidco Offer, on 16 January 2004, Betrusted3 announced the Counter Offer to purchase the outstanding shares and warrants issued by Ubizen for an initial counter offer price of EUR 1.20 per share and between EUR 0.0126 and EUR 0.4168 per Warrant. On 11 February 2004, Betrusted increased the Counter Offer price to EUR 1.32 per Share and between EUR 0.0139 and EUR 0.4585 per warrant and waived all conditions to the Counter Offer. On 16 March 2004, Betrusted subscribed and paid up 989,372 shares at a price of EUR 1.32 per Share. From 16 March 2004 through 20 May 2004, Betrusted owned approximately 44% of Ubizen’s outstanding shares and Ubidco owned approximately 34.7%, and two representatives from each company served as directors on Ubizen’s Board. During this period, these two major shareholders realized that they did not share a common vision for the future of Ubizen, and they concluded that their own best interests and those of Ubizen’s employees, creditors and other shareholders would be best served by having Ubizen be guided by a single shareholder with a comprehensive strategy for the company. On 20 May 2004, Betrusted acquired all the shares of Ubidco for EUR 29,882,317. This
2
For the purpose of this section, the Cybertrust Group is considered without Ubizen. This facilitates the presentation of the rationale behind the acquisition of Ubizen by Cybertrust. 3 Effective November 4, 2004, in connection with its business combination with TruSecure, Betrusted changed its name to Cybertrust. In order to maintain the historical context, all references to Offeror prior to November 4, 2004 are to Betrusted and all subsequent references are to Cybertrust.
15
price was based upon EUR 2.10 per Ubizen share (Ubidco had no other assets or liabilities except for approximately EUR 27,000 in cash) and was arrived at solely as a result of arm’s length negotiations between Ubidco’s owners and Betrusted. As a result of this acquisition, Betrusted’s direct and indirect shareholding in Ubizen rose to 78.7%. On 24 May 2004, Betrusted announced that it would launch the Second Offer so as to acquire the remaining Ubizen shares it did not own by offering to all remaining Ubizen shareholders the opportunity to sell their Ubizen shares at the same price Betrusted paid to the Ubidco Shareholders. By 6 August 2004, Betrusted had acquired an additional 4,313,961 Shares at a purchase price of EUR 2.10 per Share in the open market and through tenders in the Second Offer, and its ownership stake in Ubizen rose to 89.32%. As made public in a press release of 25 January 2005, Ubizen's Board of Directors convened an extraordinary shareholders' meeting to vote a capital increase of the Company by way of contribution in kind by Cybertrust. The contributions consisted of (i) the managed security services business formerly carried on by TruSecure in the United States and (ii) the OmniRoot certificate authority chaining business Betrusted had previously acquired from Baltimore Technologies. As both of these businesses were highly complementary to businesses carried on by the Company, the Board felt that the contribution in kind, which the Board valued at EUR 8,363,251, would enable the Company to acquire valuable assets that it would not otherwise have been able to acquire because of its limited financial reserves. The extraordinary shareholders’ meeting was convened on 21 February 2005, at which time the shareholders approved the issuance to Cybertrust of 4,378,665 new Shares at an issuance price of EUR 1.91 per Share, which was the average of the Share price quoted on Euronext Brussels during the 30 days preceding the date of publication of the agenda for the extraordinary shareholders' meeting, and as a result Cybertrust’s stake in the Company rose to 90.36%. Cybertrust announced on April 20, 2006 that it would launch the Take-over Offer so as to acquire the remaining Ubizen Shares and Warrants K it did not yet own by offering to all remaining Ubizen shareholders the opportunity to sell their Shares at a price of EUR 2.10 per share and to sell their outstanding Warrants K at a price of EUR 0.542 per warrant. Since that date, Cybertrust has also been active in acquiring Shares in the public market on Euronext Brussels, inter alia as published in the press on 7 July 2006 and 11 August 2006. Following the Take-over Offer and the additional purchases in the market, Cybertrust currently owns, directly or indirectly4, 95.8% of the Shares and 99.33% of the outstanding Warrants. As indicated in the prospectus dated 13 June 2006 in relation to the Take-over Offer, if, at the closing of the Take-over Offer, Cybertrust, directly or indirectly, held 95% or more of the outstanding Shares and acquired 66% or more of the securities not yet held by Cybertrust when launching its Take-over Offer, Cybertrust would initiate a public purchase offering at the same conditions as the one applying to the Offer in accordance with article 32, §3 of the Royal Decree of 8 November 1989 and article 513 of the Belgian Company Code. If, however, at the end of the Take-over Offer, Cybertrust would not have been able to acquire at least 66% of the securities not yet held by Cybertrust when launching its Take-over Offer, but if Cybertrust, directly or indirectly, holds 95% or more of the outstanding Shares, Cybertrust indicated the intention to launch a squeeze-out procedure pursuant to chapter IV of the Royal Decree of 8 November 1989 as soon as reasonably possible after the publication of the results of the Offer. On 11 August 2006, Cybertrust communicated in the press that it was not able to acquire at least 66% of the securities not yet held by Cybertrust when launching its Take-over Offer, so that no follow-on squeeze out offer would be initiated in accordance with article 32, §3 of the Royal Decree of 8 November 1989. Cybertrust also indicated that its management did not yet take any final decision with regard to its intention to launch a squeeze-out procedure pursuant to chapter IV of the Royal Decree of
4
Through its 100% subsidiary Ubidco NV which holds 31.4% of the Shares.
16
8 November 1989, but that it would communicate its possible decision to launch such squeeze out offer at a later time. Based upon the authorization of the board of directors of Cybertrust on Apil 20, 2006, management of Cybertrust has decided on October 26, 2006 to launch a public squeeze out offer pursuant to chapter IV of the Royal Decree of 8 November 1989 in the form of the present Offer. Finally, as published in the press on 11 August 2006, because Cybertrust held more than 95% of the outstanding Shares at the end of the Take-over Offer, Ubizen’s request to transfer all its Shares from Eurolist by Euronext Brussels to the Free Market of Euronext Brussels, which was made subject to the condition precedent that Cybertrust, directly or indirectly, holds less than 95% of the outstanding Shares at the end of the Take-over Offer, never entered into effect. In accordance with article 513 of the Company Code, all Shares and Warrants that will not have been tendered at the end of this Offer, will be deemed to have transferred to the Offeror by operation of law. Therefore, Ubizen’s Shares will be delisted from Euronext Brussels and will no longer be traded in any public market. 1.4
Funding of the Offer Cybertrust has sufficient funds available on a blocked account with ING Belgium to be able to pay for all Shares and Warrants which may be tendered at the Offer Price in the Offer and for all related costs.
1.5
Dividends Cybertrust and Ubizen have never declared or paid any dividends since their incorporation and neither Cybertrust nor Ubizen expect to pay dividends in the foreseeable future.
1.6
Legal framework The Offer is made pursuant to article 513, §1 of the Company Code and chapter IV of the Royal Decree of 8 November 1989. Article 513, §1 of the Company Code provides: “Iedere natuurlijke persoon of iedere rechtspersoon die, alleen of in onderling overleg handelend, 95 % van de stemrechtverlenende effecten van een naamloze vennootschap die een publiek beroep op het spaarwezen doet of heeft gedaan, bezit, kan door middel van een uitkoopbod het geheel van de stemrechtverlenende effecten van deze vennootschap verkrijgen. Na afloop van de procedure worden de niet-aangeboden effecten, ongeacht of de eigenaar ervan zich kenbaar heeft gemaakt, geacht van rechtswege op die persoon te zijn overgegaan met consignatie van de prijs. De niet-aangeboden effecten aan toonder worden van rechtswege omgezet in effecten op naam en worden door de raad van bestuur ingeschreven in het register van de effecten op naam. Na afloop van het uitkoopbod, wordt de vennootschap niet langer beschouwd als een vennootschap die een publiek beroep op het spaarwezen doet of heeft gedaan, tenzij de door die vennootschap uitgegeven obligaties nog onder het publiek verspreid zijn.” The Offer is subject to the Public Offer Law, to chapters I and IV of the Royal Decree of 8 November 1989 and to chapter II of the law of 2 March 1989 on the notification of important participations in listed companies and on the regulation of public takeover bids.
17
2.
TERMS AND CONDITIONS OF THE OFFER
2.1
Object of the Offer The Offeror hereby offers to purchase, subject to the terms set out or referred to in this Prospectus, all of the 1,902,050 Shares not yet held by the Offeror or its affiliated entities on the date of the Prospectus and 5,040 outstanding Warrants K.
2.2
Offer Price Subject to the terms set out or referred to in this Prospectus, the Offer is made on the following basis: For each Share of Ubizen (coupon nr.1 and following attached): EUR 2.10 in cash For each Warrant K of Ubizen: EUR 0.576 as detailed in Section 2.4 (b).
2.3
Offer Period The Offer period will be open for acceptance during normal banking hours as from 9.00 am (Central European Time) on 8 March 2007 until 4.00 pm (Central European Time) on 21 March 2007 (the "Offer Period").
2.4
Justification of the Offer Price (a)
Ubizen Shares
Cybertrust offers the shareholders a cash consideration of EUR 2.10 per Share. This Offer Price represents (i) a premium of approximately 23 % above the share price quoted on Euronext Brussels prior to the announcement of the Take-over Offer, (ii) is the same price paid by Cybertrust to Ubidco for a very large block of shares and (iii) is appropriate in the view of Ubizen’s Board of Directors given Ubizen’s operating results. Since the close of the Second Offer on 6 August 2004, the price quoted on Euronext Brussels for Shares has averaged approximately EUR 1.99 with extremely low volume. Since the close of the Takeover offer on 11 August 2006, the Share price has averaged around EUR 2.13. Cybertrust continues to believe that EUR 2.10 is a reasonable price to offer for all of the remaining outstanding Shares. As set forth above in Section 1.3, Cybertrust’s offer price of EUR 2.10 in the Second Offer was determined by its negotiations with Ubidco’s shareholders for a large block of shares which resulted in Cybertrust’s purchase of Ubidco on May 20, 2004. Cybertrust’s willingness to pay the substantial premium above its Counter Offer Price of EUR 1.32 per share expressed Cybertrust’s interest in integrating both businesses as a single entity and as such to create economic value, which could only be fully realized if Cybertrust owned 100% of Ubizen. The premium was also necessary in order for the Ubidco shareholders to be willing to sell. The Ubidco shareholders had advised Cybertrust that their original objectives in investing in Ubizen were long-term, and they would not have sold without a substantial return on their investment. In the negotiations, Cybertrust and the Ubidco shareholders reached agreement in principal on price in late April, and the rest of the time from then until the May 20, 2004 closing was spent obtaining the approvals of all the interested parties and negotiating the terms and conditions of the transaction. Cybertrust’s offer price of EUR 2.10 in the Second Offer was established as a result of negotiations with the Ubidco Shareholders which were driven by Cybertrust’s objective to take advantage of the synergies and incorporate the Ubizen business into its own as quickly as possible. This price was not based on specific estimates or multiples of revenues or earnings, but on the strategic value of the business to Cybertrust.
18
Cybertrust’s controlling shareholder, One Equity Partners, had the ability at that time to act swiftly to take advantage of opportunities not necessarily based on standard valuation methodologies, and the transaction with the Ubidco Shareholders avoided the potential stagnation of Cybertrust’s previous investment in 44% of Ubizen. Cybertrust’s offer price of EUR 2.10 therefore was and continues to be more reflective of Cybertrust’s particular objectives and minority shareholders’ expectations with respect to Ubizen than it is of Ubizen’s instrinsic value and represents a substantial premium over the price Ubizen shares have and otherwise would trade on the open market. Accordingly, Cybertrust continues to believe that accepting its offer this time is in the best interests of Ubizen’s remaining shareholders. To further put this Offer Price into perspective, the following three analyses may be of assistance: −
Offer Price in relation to the share price;
−
Multiples of comparable quoted companies; and
−
Discounted cashflow (DCF).
We provide outlines of these exercises below. Offer Price in relation to the share price Ubizen’s original listing was at the exchange of NASDAQ Europe, where it obtained its first listing in February 1999 at a price of EUR 12.00 per share. On 23 June 2000 Ubizen’s stock was split 4-for-1. The listing was terminated in the summer of 2003. The price development and volumes traded are displayed in the graph below. SHARE PRICE & TRADING VOLUME UBIZEN – NASDAQ EUROPE 6,000,000
60.00
5,000,000
50.00
4,000,000
40.00
3,000,000
30.00 volume (left axis)
2,000,000
20.00
price (right axis)
1,000,000 10/02/1999
10.00
09/08/1999
05/02/2000
03/08/2000
30/01/2001
29/07/2001
25/01/2002
24/07/2002
20/01/2003
19/07/2003
All prices were taken from Bloomberg, period from 10th February 1999 – 6th August 2003 In September 2000 Ubizen obtained a second listing, at Euronext Brussels. In 2004, 89.33 % of the share capital of Ubizen was acquired by Cybertrust Holdings. The price development and trading volumes in the last five years are displayed in the graph below.
19
SHARE PRICE & TRADING VOLUME UBIZEN – EURONEXT BRUSSELS 6.0
1,600,000 Volume (LHS) 1,400,000
Price (RHS) 5.0
1,200,000 4.0
800,000
3.0
EUR
1,000,000
600,000 2.0 400,000 1.0 200,000 0
0.0
01/02/02 01/08/02 01/02/03 01/08/03 01/02/04 01/08/04 01/02/05 01/08/05 01/02/06 01/08/06 01/02/07
All prices were taken from Bloomberg, period from1st February 2002 – 1st February 2007 SHARE PRICE & TRADING VOLUME UBIZEN – EURONEXT BRUSSELS
250,000
2.5
Volume (LHS) Price (RHS)
2.4
200,000
2.3 2.2 2.1 2.0
100,000
EUR
150,000
1.9 1.8
50,000
1.7 1.6
0 1/02/2006
1.5 1/05/2006
1/08/2006
1/11/2006
1/02/2007
All st
st
prices were taken from Bloomberg, period from 1 February 2006 – 1 February 2007 A first perspective on Ubizen’s share price we deem useful is the recent share price development in comparison with certain industry and market indices during, accordingly, the first and third periods, as displayed in the graph below. COMPARATIVE SHARE PRICE EVOLUTION UBIZEN
20
180
Ubizen BEL20 Nasdaq Computer Index Bloomberg European Internet Security Index
160 140 120 100 80 60 40 20 0 1/03/2001
1/01/2002
1/11/2002
1/09/2003
1/07/2004
1/05/2005
1/03/2006
1/01/2007
All prices were taken from Bloomberg and re-based at the start of the period, 29 March 2001 The indices we included are: −
Bel20, as the benchmark index for Ubizen’s primary exchange;
−
Nasdaq Computer Index, as an index for Ubizen’s industry in a wide sense; and
−
Bloomberg Internet Security Index, as an index for Ubizen’s industry in a narrow sense.
All prices were re-based at the starting date, i.e. 29 March 2001. For reference, Ubizen’s share price closed at EUR 12.2 on that date. The picture emerging here is clearly that Ubizen lagged the indices as from the start of 2003, with very small uplift during a brief period during the summer of 2003 when rumours and expectations surrounding a possible public offer for the Company drove up the share price. As soon as the negotiations were terminated at the end of June the share price fell back to its pre-rumour level. A second notable movement occurred at the announcement of the 2003 Q4 results or 10 November 2003. Ubizen missed its expectations and could not confirm its previous guidance of the next quarter. This resulted in a severe drop of the share price from EUR 1.31 to EUR 0.85, also on the back of a financial distress perception by the investment community. In the third period, i.e. the period from 17 March 2004 (day after the extraordinary shareholders meeting where a consensus between principal shareholders was reached) until 24 May 2004 (last trading day before the announcement), the share price has evolved positively, expressing the market’s confidence in the new stabilised shareholder structure of the Company. Since then, the share price has been relatively stable, at a level significantly lower than that of the selected indexes. Since the close of the Take-over offer on 4 August 2006, the Share price has averaged around EUR 2.13. We continue our analysis by considering the Offer Price in relation to the share price development before the Take-over Offer. We deem the share price evolution since the Take-over Offer less relevant due to the reduced free-float and particularly low trading volumes. In addition, this period may have been characterized by the expectation of a squeeze out offer. Cybertrust is of the opinion that such circumstances do not guarantee optimal market conditions. It follows from the charts above that the limited trading volume in the period after the Take-over Offer may give rise to a very high volatility. As in the period after August 4, 2006, the stock price generally resulted from a very limited number of trading transactions involving relatively low volumes and modest financial engagements, the Offerer
21
believes that the share price evolution since the Take-over Offer is to be considered with a certain reservation. The table below approaches the liquidity of the Ubizen stock from a different angle: it compares trading volumes with free float in three different periods. The first period ends on November 20, 2003, when Ubizen announced that its founders and “initial’ reference shareholders had started exclusive negociations with the consortium Kennet and Apax. This period was charachterized by an important free float. The second period runs from August 6, 2004 till April 19, 2006. It is the period between the close of Cybertrust’s second and the announcement of the third public offer, when Cybertrust owned 89.33 % of Ubizen. During the last period, after August 4, 2006, Cybertrust owned 95.8 % of the Ubizen stock. On an annual basis, assuming 250 trading days per year, 82.5 % of the free float was traded in the first period, versus 25 % in the second period and 17.5 % in the third period. Average daily Average daily Average Free volume on Free Interval volume Float Float 0.33% 2 November 2001 - 20 November 2003 68,286 20,763,963 6 August 2004 – 19 April 2006
4,197
4,364,624
04 August 2006 – 1 February 2007
1,270
1,902,050
0.1% 0.07%
Given that the conditions for this Offer are the same as for the Take-over Offer, we refer below to the analysis of the premia at that time. The table below provides average, highest and lowest share prices based on the closing prices of the Ubizen Shares on Euronext Brussels within the last two months before the Take-over Offer, the last day before the announcement herof and the interval since that date until 1 February 2007. HISTORICAL UBIZEN SHARE PRICE
Interval 20 February - 19 April 2006 20 April 2006 20 April 2006 February 2007
–
1
Lowest
Highest
Average
(last 2 months )
1.65
1.85
1.78
(last day)
1.71
1.71
1.71
1.71
2.35
2.12
All prices are Euronext Brussels closing prices in Euros and were taken from Bloomberg The Offer Price represents as well a premium compared to the average share price during the first interval, as to the price on the last day before the announcement. The Offer Price represents a small discount compared to the average share price during the third interval.
PREMIUM OFFERED COMPARED TO AVERAGE UBIZEN SHARE PRICE
22
Interval 20 Februari 2006 – 19 April 2006 20 April 2006
Average
Premium
(last 2 months )
1.78
17.9%
(last day)
1.71
22.8%
4 Augustus 2006 – 1 2.13 February 2007 All prices are Euronext Brussels closing prices in Euros and were taken from Bloomberg
-0.9 %
The premium offered for the Take-over Offer was only slightly lower than the trimmed average of premiums offered in recent public offers on the Belgian market which involved primarily cash. This can be explained by the fact that there was no change of control and as such no extra control premium was to be paid.
PREMIUMS IN PUBLIC BIDS IN BELGIUM (OTHER THAN SQUEEZE OUT BIDS)
Premium* 2 months
1 day
52% 41%** 11% 5% 20% 44% 3%
33% 42%** 9% 12% 13% 44% 2%
Date
Bidder
Target
Jan-06 Dec-05 Sep-05 Aug-05 Jun-05 Jun-05 Jun-04
Associated Weavers Telindus KeyTrade Electrabel Docpharma Solvus Best of Group SA
Apr-04 Sep-03 Jun-03
Beaulieu Belgacom Crédit Agricole Suez Matrix USG KI Field Marketing SA Manoci NV BNP Paribas Korfinco S.A.
SBB Cobepa Koramic Building Products S.A.
30% 14% 49%
16% 14% 43%
May-03
SAPA AB
53%
38%
May-03 Sep-02
Candover Ackermans & V.H. Almanij City Hotels Asahi Glass Transiciel (France) Scientific-Atlanta Suez Midelco Heidelberg Zement
Remi Claeys Aluminium Ontex GB-INNO-BM
38% 10%
16% 11%
Gevaert Almafin Glaverbel Ariane Group Barconet Tractebel UCO Textiles CBR
35% 6% 47% 37% 239% 20% 29% 31%
27% 11% 27% 46% 136% 18% 21% 20%
38.8% 30.4%
28.5% 23.4%
Mar-02 Jan-02 Dec-01 Dec-01 Nov-01 Nov-01 Mar-01 Oct-99
Average Average excluding 3 highest and 3 lowest values
Note: the above-mentioned transactions aim at providing an overview of the cash offers that have been made in Belgium since 1999. * The implied average premiums are calculated over daily average closing prices. ** Calculations for the Belgacom/Telindus deal are based upon share prices before the first bid on 29/09/05.
23
PREMIUMS IN PUBLIC SQUEEZE OUT BIDS IN BELGIUM Premium* 2 months 15%
1 day 15%
17%
1%
6% 24%
6% 16%
Average
15.5%
9.5%
Ubizen
-0,94%
5%
Date Jun-06
Bidder Bolloré Investissement
Dec-05
Cie du Bois Sauvage SOFINA BNP Paribas
Jun-03 Jun-00
Target Société Financière des Caoutchoucs (‘Socfin’) Neuhaus SIDRO Cobepa
* The implied average premiums are calculated over daily average closing prices.
Multiples of comparable quoted companies Cybertrust believes that there are no truly comparable quoted companies to Ubizen. Companies that are to some extent comparable in terms of business mix and size are Integralis AG (Germany), Secunet (Germany), Unit4 Agresso (The Netherlands), Porthus (Belgium) and Secure Computing (USA). In the peer group analysis we use the enterprise value (EV) over sales and over EBITDA5 multiple, current and forecasted as any other multiple using profit & loss items such as, EBIT6 or net earnings runs into difficulties given the negative or close to break even expected levels of EBIT and net earnings in 2007 and 2008. Average market multiples applied to such low levels of profitability would result into particularly low, irrelevant valuations of the Company compared to the offer price. The companies that are included in the peer group have been mainly selected because they are comparable to Ubizen in terms of activities and business model. Integralis AG has a range of security products (54.3% of revenues in 2005) and of services (45.7% of revenues), which include technical support service (65.1% of service revenues), managed security services (13.9% of service revenues), security services training (1.2% of service revenues) and consulting services (19.8% of service revenues). Secunet’s portfolio of IT Security service and products includes security consulting and management, network and application security, digital identity and signature and secure inter-network architecture. In 2005, 50% of sales revenue was generated by consultancy and 39% by special solutions (secunet products). Unit 4 Agresso is essentially an ERP integrator. Its activities are split into two divisions: Business Software (52% of revenues in 2005) and Internet & Security (48 % of revenues in 2005). Security and internet services account for 12% of the Internet & Security revenues and security products for 88%. An important similarity with Ubizen is the fact that it is essentially an integrator, just like Ubizen (but then essentially ERP compared to security for Ubizen) and that both companies’ homemarket is the Benelux. Cybertrust considers Porthus to be the best match in terms of activities en geographical presence. Porthus is a Belgian OnDemand IT solution provider covering the Benelux, France and Slovakia as well as the Middle East. Its revenues consist mainly of managed services (46% in 2006 and 2005) and professional services (48% in 2006 en 45% in 2005), the remaining part of revenues includes software sales and reselling. Secure Computing is a software company developing internet and network software products and solutions. Services make 27% of its total revenues.
5 6
Earnings Before Interest, Taxes, Depreciation and Amortisation Earnings Before Interest and Taxes
24
Financial performance as such has not been a criterion in determining whether or not certain companies should be included in the peer group. The reason for this absence of truly comparable companies is that Ubizen is mainly a service company (more than 85% of its turnover is generated through services) and that its business model differs to a great extent from that of companies producing Internet security software products (such as Symantec, Verisign and McAfee). The latter companies' business model is so-called "scalable", i.e. as of a certain level, the fixed costs for producing/developping the software remain more or less similar, as a result of which any additional sales will generate a much higher profit margin. Service companies, on the other hand, mainly operate on the basis of variable costs (their staff). Any increase in turnover would therefore require a pro rata increase in staff. In other words, the profitability of these companies mainly depends on the price that can be charged to customers for services provided. The fact that most, if not all, service companies that are specialized in Internet security solutions have negative profits shows that the sector is having difficulties in convincing customers to pay higher prices. Furthermore, the cost of personnel is substantial since it concerns highly educated people. In short, the existence of more profitable companies depends on the business model and does not justify any comparison with Ubizen. Therefore, the abovementioned companies producing Internet security software products (such as Symantec, Verisign and McAfee) have not been included in the peer group. Moreover, these companies are not comparable with Ubizen in terms of size and geographical range. Symantec, Verisign, and McAfee are multinationals generating a turnover of several billion dollars. Finally, an analysis of multiples is not possible for the companies Internet Security Systems (software company that has been taken over by IBM in October 2006), Cyberguard (taken over by Secure Computing in January 2006) and Ciphertrust (unlisted company that is mainly active in securing email) in the absence of any stock market price for those companies. The market capitalisation (MC), net debt7 (ND) figures and the resulting enterprise value for our limited peer group are displayed in the table below, with in addition the most recent market consensus for next period-sales forecast.
MARKET DATA PEER GROUP UBIZEN
Company
7
MC
ND***
EV
Sales ‘06*
Sales ‘07*
Sales ‘08*
Ebitda ‘06*
Ebitda ‘07*
Ebitda ‘08*
Integralis AG
(EUR)
46.5
(12.3)
34.2
137
NA
NA
1.9
NA
NA
Secunet
(EUR)
53.4
(11.0)
42.4
36.3
42.7
48.2
3.0
4.8
5.9
Unit4 Agresso
(EUR)
498.9
(42.3)
456.6
405
290.9
314.2
48.2
50.1
59.6
Porthus NV
(EUR)
21.6
0.54
22.2
15.9
15.8
17.8
0.9
1.5
1.8
Secure Computin g Corp.
(USD)
442.9
33.1
476.0
198.5
225.6
267.1
33.3
54.8
NA
Ubizen
(EUR)
91.9
(6.6)**
85.3
39.2
42.4
44.5
0.7
2.3
2.8
Financial debt plus minorities less cash and less financial fixed assets
25
All figures are in millions. Market capitalisation is based on share prices dated 21 February 2007. * Expected sales and EBITDA figures for 2006-2008 are taken from the consensus data from Bloomberg and JCF. 2006-2008 estimates for Ubizen are taken from the company’s business plan dd 16 November 2006, excluding the exceptional, non recurring 4 million € revenue resulting from the sale of GlobalSign in October 2006. This revenue was entirely booked in the fourth quarter of 2006. This one time revenue has not been taken into account in the 2006 sale and ebitda based multiple valuations. Ubizen’s press release dated October 30, 2006 announcing the sale of GlobalSign mentionned a net income resulting from this operation of 6.5 million €. This amount is composed of 4 million € of revenue, related to the sale of a source code license to the purchasor of GlobalSign and 2.5 million of capital gains. These capital gains are a non operating gain and do no qualify, from an accounting point of view, as “sales” or “revenue”. ** EUR (6,649)k= financial debt (EUR 0k)+ minorities (EUR 0k)– cash (EUR 6,649k)(source: December 2006, Ubizen budget quarterly Financial Reports 16/11/06) *** Estimated Net Debt on 31.12.2006 It is notable that all peers have such cash positions that their net debt figures are negative, i.e. they have more cash than debt on their balance sheets. Integralis AG shows exceptionnally low sales multiples. Consequently, Integralis AG has not been included in the calculation of average multiples performed in the table below. MULTIPLES PEER GROUP UBIZEN ***
Company
EV
Sales06
Sales07*
Sales08*
EV/Sales06
EV/Sales07
EV/Sales08 0.88x
Secunet
(EUR)
42.4
36.3
42.7
48.2
1.17x
0.99x
Unit4 Agresso
(EUR)
456.6
405
290.9
314.2
1.13x
1.57x
Porthus
(EUR)
22.2
15.9
15.8
17.8
1.39x
1.40x
Secure Computing
(USD)
476.0
198.5
225.6
267.1
2.40x
2.11x
1.52x
1.52x
1.34x
Indicative enterprise values based on average multiple
59.6
64.4
59.6
Indicative equity values based on average multiple
66.3
71.1
66.3
Ubizen indicative equity values per share based on average multiple
1.46
1.57
1.46
Average
Ubizen**
39.2
42.4
1.45x 1.24x 1.78x
44.5
All figures are in millions, except per share data. Please note calculations use non-rounded figures. * Expected sales figures are taken from the consensus data from Bloomberg and JCF. ** Ubizen 2006-2008 figures originate from the company’s business plan dd 16 November 2006, excluding the exceptional, non recurring four million € revenue resulting from the sale of GlobalSign in October 2006. This revenue was entirely booked in the fourth quarter of 2006. This one time revenue has not been taken into account in the 2006 sale and ebitda based multiple valuations. Note that the sales take into account that Ubizen is able to use the sale channels of Cybertrust in markets where Ubizen does not have any presence. This concerns primarily the US, Australia and the Far East. *** The peers listed in this table all report under IFRS ; Ubizen's businessplan is based on US GAAP.
26
One of the conclusions of Ubizen's IFRS transition note, published on May 9, 2005 and available on the company’s corporate website as part of the press release of May 9, 2005, was that a migration from US GAAP to IFRS would have no material impact on Ubizen’s revenue recognition rules. Therefore, the Offerer believes it to be justified to compare the reported and projected revenue of these peers with the revenue of Ubizen’s business plan. The per share values for Ubizen are calculated by dividing the calculated equity values by 45,280,158, the number of Shares outstanding after the latest capital increases. The EV/sales multiples lead to an indicative valuation whereby the Offer Price represents a 43% premium for 2006, 34% for 2007 and 30% for 2008 above the peer group valuation. The table below shows the valuation of Ubizen shares on the basis of EV/EBITDA multiples.
Company
EV
Ebitda 06
Ebitda07*
Ebitda08*
EV/Ebitda06
EV/Ebitda07
EV/Ebitd
Integralis
(EUR)
34.2
1.9
NA
NA
18.0x
NA
NA
Secunet
(EUR)
42.4
3.0
4.8
5.9
14.1x
8.9x
7.3x
Unit4 Agresso
(EUR)
456.6
48.2
50.1
59.6
9.5x
9.1x
7.7x
Porthus NV
(EUR)
22.2
0.9
1.5
1.8
23.5x
15.0x
12.6x
Secure Computing
(USD)
476.0
33.3
54.8
NA
14.3x
8.7x
NA
15.9x
10.4x
9.2x
Indicative enterprise values based on average multiple
11.1
24.0
25.7
Indicative equity values based on average multiple
17.8
30.6
32.3
Ubizen indicative equity values per share based on average multiple
0.39
0.68
0.71
Average
Ubizen**
0.7
2.3
2.8
All figures are in millions, except per share data. Please note calculations use non-rounded figures. * Expected EBITDA figures are taken from the consensus data from Bloomberg and JCF ** Ubizen 2006-2008 figures originate from the company’s business plan dd 16 November 2006, excluding the exceptional, non recurring four million € revenue resulting from the sale of GlobalSign in October 2006. This revenue was entirely booked in the fourth quarter of 2006. This one time revenue has not been taken into account in the 2006 sale and ebitda based multiple valuations.
The EV/EBITDA multiples lead to an indicative valuation whereby the Offer Price represents a 436% premium for 2006, 211% for 2007 and 194% for 2008 above the peer group valuation. The table below gives the acquisition prices and the acquisition multiples of the companies Watchguard Technologies, Internet Security Systems, Cyberguard and CipherTrust, wich have been acquired recently. It should be noted that these multiples incorporate a control premium, which is not the case with Ubizen, as Cybertrust already owns more than 95% of the company. Moreover, these companies are essentially proprietary product manufacturors and vendors, which typically show multiples
27
substantially higher than services companies like Ubizen. Therefore they are provided for information purposes only. WatchGuard Technologies provides security appliances worldwide and has its headquarters in the USA. 60% of its revenues in 2005 was generated by products and 40% by services. WatchGuard Technologies was acquired in July 2006 by Francisco Partners. CyberGuard Corporation is an international provider of information security solutions and has its headquarters in the USA. The distribution of the revenues on products and services is not available. It was acquired in January 2006 by Secure Computing. Internet Security Systems, Inc., with headquarters in the USA provides security products and services that pre-emptively protect enterprise organizations against Internet threats. Its revenues consist of 93% from products and subscriptions and of 7% from professional services. It was acquired in October 2006 by IBM. CipherTrust, with its headquarters in the United States, provides Anti-Spam and Email Security. The distribution of its revenues is not available. It was acquired in July 2006 by Secure Computing.
Acquisition price*
Company
Acquiror
Sales05**
Ebitda ‘05*
Price/ Sales05
Price/ Ebidta ’05
Date
Watchguard Technologies
(USD)
151
July 06
Francisco Partners
75
(6.5)
2.0x
na
Internet Security Systems
(USD)
1,300
October 06
IBM
329.8
69.7
3.9x
18.6x
Cyberguard
(USD)
309.3
January 06
Secure Computing
67.9
7.5
4.6x
41.4x
CipherTrust
(USD)
273.6
July 06
Secure Computing
na
na
na
na
3.5x
30.0x
Indicative enterprise values based on average multiple
146.6
nm
Indicative equity values based on average multiple
153.2
nm
Ubizen indicative equity values per share based on average multiple
3.38
nm
Average
Ubizen**
41.8
(1.3)
All figures are in millions, except per share data. Please note calculations use non-rounded figures. * Acquisition prices are taken from mergermarkets and the companies’ websites. Sales and EBITDA figures are taken from InFinancials and the companies’ websites. ** Ubizen 2005 figures originate from its annual report 2005. Ubizen’s financial year 2005 covered 15 months from October 1, 2004 to December 31, 2005. The revenue shown in the table relate to the twelve months from October 1, 2004 to September 30, 2005.
Compared to the indicative equity value per share based on the average sales multiple recorded for the transactions above, the Offer Price represents a negative premium of 37.87 %.
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Discounted cash flow (DCF) PROJECTIONS Ubizen management has established a business plan on 16 November 2006 covering the period 20072015. Management expects revenue of 43M € for 2006 followed by a 2% revenue decline in 2007 (attributable to a 4M € one-time sale in Q4 2006). In 2008, revenue growth resumes at 5% per year through 2011 and then slows to a 1% long-term annual growth rate through 2015. The plan includes steady Gross Margin and EBITDA improvements from 2007 (49.8% GM and 5.5% EBITDA) to 2012 (54.1% GM and 13.0% EBITDA). Both margins then remain at those levels through 2015. Margin improvement assumes that Ubizen can sustain G&A operating expenses at a much lower than historical run rate to help break even in 2007 and realize profitability beginning in 2008. By comparison, Ubizen’s 2006 Budget projected unprofitability to continue through and including 2008. The valuation cash flows include synergies of approximately 750k € per year resulting from the delisting of the company and its subsequent integration with the Offeror. These costs would have to be added back to value Ubizen as a stand-alone entity. Based on the updated plan of 16 November 2006, Ubizen is expected to yield taxable gains from 20072015; however, those gains will be offset by tax losses permitted to carry forward. Per December 31, 2006, Ubizen’s consolidated Net Operating Losses amounted to approximately 91 M€. There is a major gap between the amount of Ubizen’s tax deductible Net Operating Losses (91 M € per December 31, 20068) and its reported accumulated consolidated retained earnings (-169 M € per December 30, 2006). This difference is the result of fiscally rejected losses and costs, essentially consisting of amortisations of goodwill on shares in subsidiaries. Especially in 2001 and 2003, Ubizen has written of substantial amounts of goodwill for subsidiaries that it had acquired in 1999 and 2000. In Belgium, these amortisations are not tax deductible. Cybertrust has not yet taken a final decision with respect to the consolidation of duplicative legal entities in Europe. Depending on the chosen procedure, Ubizen’s Net Operating Lossess might be affected to a lesser or larger extent as a result of its integration within Cybertrust. The other key data of the DCF analysis can be summarized as follows: Income Statement 20069 (in K €)
REVENUE
EBITDA
EBIT
NET INCOME
CASHFLOW THE YEAR
43,193
4,692
2,476
5,91910
4,192
OF
Projected Free Cashflow for 2007 – 2015 (in K €) 2007
2008
2009
2010
2011
2012
2013
2014
2015
8
The annual report for the financial year ended on December 31, 2005 shows an amount of tax loss permitted to carry forward per December 31, 2005 of 98.8 M €. The decrease in 2006 essentially results from the sale and deconsolidation of Ubizen’s wholly owned subsidiaries eXpanded Media en GlobalSign in the course of 2006. 9 The 2006 income statement is based on actual published results for the first three quarters of 2006 and Ubizen’s budget dated November 16, 2006 for the fourth quarter of 2006. All numbers are under US GAAP and unaudited. Pending that statutory audit, the actual results of the fourth quarter of 2006 have not been approved by the Company at the date of this prospectus. 10 Of which minority interest in profit of consolidated subsidiaries: EUR 59.6 K
29
- 766
- 541
422
1,550
2,250
2,755
2,868
2.914
3,525
In spite of consistent growth of the business, the Company’s business plan assumes that capital expenditure (ie the investment in equipment) will remain stable till 2015 at a level comparable to calendar year 2005 (1,678 K € in the fifteen months period ending on December 31, 2005). Thanks to expected increasing profitability, the projected need for additional working capital decreases from 1,516 K € in 2007 to 88 K € in 2015.
VALUATION A Cost of Capital (discount rate) of 8.62 % has been applied, which may be considered very low given Ubizen’s risk profile. An unprofitable history, mediocre growth projections and somewhat volatile industry demonstrated by an average peer beta of 1.99 are all indicative of a high-risk company. However, small trading volumes may help explain the lower beta of Ubizen’s stock when correlated with the Belgian All Shares Index over a 5-year period. Ubizen’s lower beta is indicative of a lower volatility risk, which lowers the cost of capital and discounting of Ubizen’s anticipated future cash flows. This contributes to a higher valuation for Ubizen stock. If one believes that the low beta does not truly reflect Ubizen’s risk, a higher discount rate (cost of capital) should be applied against projected cash flows. A higher discount rate - such as the 13.89% that is derived from the industry average beta of 1.99 – would significantly reduce the Ubizen valuation. Our cost of capital calculation is based on: * Risk free rate of 3.90% * Risk premium of 5.02% * Beta of 0.94 * Net Debt (related party payables less cash) is negative, so we assumed 0% Debt to Equity ratio. It should be noted that “related party payables" of 5M €, this is the amount of short term funding provided by Cybertrust to Ubizen on the date of the business plan, is included in the DCF calculation of net debt as this debt must be repaid by Ubizen to Cybertrust since we are valuing Ubizen as a standalone entity.11 The DCF model includes valuation scenarios based on multiple long-term growth assumptions ranging from 0.5% to 1.5%, several beta assumptions ranging from 0.8 through 1.99 (with their corresponding WACC discount rates of 7.92% through 13.89%) and long term 13 % ebitda margin assumption. These assumptions result in a valuation range from 0.63 € per share to 1.13 € per share. The independent financial expert, Degroof Corporate Finance, completed our DCF model with a long term ebitda margin assumption between 10.3 and 25 %. This resulted in a valuation range per share of the Company between 0.47 € and 1.74 €. Our primary DCF valuation, based on the assumption of a 1 % long term growth, a beta of 0.94 (driving a WACC of 8.62 %) and a long term ebitda margin of 13 % results in an equity value for Ubizen of 44.8 M €, (0.99 € per share) consisting of:
11
It should be noted that the multiples valuation references net debt of -6.6 M €, which excludes the related party debt of 5M € ; whereas the DCF valuation includes the related party debt to get to (-1.6M) EUR. With this in mind, the multiples methodology may be overstating Ubizen's equity valuations by ~ 5M € or ~ 0.11 € per share.
30
* The present value of tax losses carried forward; The 91M tax loss carry-forward (NOL) has been offset against budgeted future earnings through year 2024; from 2007 to 2024, budgeted future earnings have been set off against a corporate income tax rate of 33.9 %; thanks to the availability of tax losses carried forward, the resulting amount of saved corporate income taxes has been reintegrated into the cash flow of the relevant year; finally these future cash flows have been discounted to give an aggregate net present value of 12.8M €; * the present value of future free cash flows for the period covered by the Company’s business plan (2007 to 2015), i.e. 8.2 M €; * the present value of free cash flows for the period beyond 2015 (the so called terminal value) i.e. 22.1 M €. Our DCF model assumes an annual increase of the free cash flow after 2015 of 1 %; * Net cash as per January 1, 2007, i.e. 1.6 M €.
SUMMARY Despite aggressive discount rate and cash flow projections (driven by higher than historic revenue growth and continued cost controls to drive higher margins), our primary valuation of the Company based on the discounted cashflow method results into a valuation of 44,8 M €, corresponding to a valuation per share of 0.99 € which is significantly lower than the Offer Price of 2.10 € per share.
CONCLUSION By offering a price of 2.10 € per share, Cybertrust wishes to allow the remaining shareholders of the Company of receive the same price as paid in May 2004 to the consortium Kennet & Apax for a large block of shares that allowed Cybertrust to take control over the Company. The same price was paid at the occasion of the Take-over Offer in August 2006 at the occasion of which Cybertrust crossed the 95 % threshold, a condition precedent for the present squeeze out Offer. We have challenged the fairness of the Offer Price by valuating the Company based on three commonly used valuation methods: a comparison between the Offer Price and the price of the Ubizen stock on the Euronext stock market; comparing the Offer Price with multiples recorded for comparable public companies and a discounted cashflow analysis. Our findings per valuation method can be summarized as follows: - The Offer Price in relation to the share price on Euronext. We believe the most relevant periods to be the following:
Period
Average market price
Before the announcement of the Take-over Offer at 2.10 € on April 20, 2006 (two months average)
1.78 €
After close of the Take-over Offer (August 4, 06 till
2.13 €
31
February 1, 2007
The Offer Price represents a substantial premium compared to the period before the price of 2.10 € was set in the market by Cybertrust. Cybertrust believes the period after August 4, 2006 to be less representative as a basis to assess the value of the Company as this period was characterized by the expectation of a squeeze out offer and particularly low trading volumes. Cybertrust is of the opinion that such circumstances do not guarantee optimal market conditions. Moreover, Cybertrust believes its announcement of April 20, 2006 set a floor of 2.10 € per share into the market. Cybertrust believes it should not pay a premium above the floor that has been set by itself into the market. - Multiples of comparable quoted companies The most relevant conclusions are:
Multiple basis
Indicative equity value
Equity value / sales multiple of business peers
1.46 – 1.57 €
Equity value / ebitda multiple of business peers
0.39 – 0.71 €
Equity value / sales multiple of recent M&A transactions
3.38 €
The Offer Price is well above Ubizen’s equity value per share resulting from applying peer multiples to Ubizen’s sales and ebitda. Cybertrust believes the multiples applied for recent merger and acquisition transactions in the market to be not representative as well over 50 % of the revenue of the acquired companies derives from manufacturing an selling security products, as opposed to Ubizen, that derives all of its revenue out of services. Product companies typically show multiples much higher than service companies. - Discounted cash flow The discounted cash flow analysis results into a valuation range between 0.63 € and 1.13 € per share. The independent financial expert comes to a valuation range between 0.47 and 1.74 € per share. This is substantially below the Offer Price. Cybertrust has challenged the Offer price extensively by means of 3 different, frequently used valuation methods. For each valuation method, a broad set of assumptions has been tested. Based on the results of this exercise, Cybertrust is of the opinion that the Offer Price is fair and serves the legitimate interests of the remaining minority shareholders of the company. (b)
Ubizen Warrants The Warrant Offer Price offered per outstanding Ubizen Warrant is calculated using the standard market model for the valuation of options and warrants (i.e. the Black & Scholes 32
methodology). This method takes into account the current share price, the exercise price of the warrant, interest rates, dividends, the exercise period of the warrant and the expected future volatility of the underlying share. In order to offer each Ubizen Warrant holder the same premium as the Ubizen shareholder, the Share Offer Price of 2.1 EUR has been used as the current share price in the valuation of the Ubizen Warrants. The total value of a warrant consists of the difference between (i) the current share price and the exercise price and (ii) the time value. A key parameter in estimating the time value of a warrant is the volatility. The volatility reflects the price fluctuation of a share within a period of time. As no liquid option market exists for Ubizen, the volatility was derived from the historical volatility of Ubizen’s shares. The volatility over the last three-month period before the announcement of the Take-over Offer (20 January 2006 – 19 April 2006), which was 25 % (Source: Bloomberg), is taken as reference, as the volatility since the Take-over Offer is less revelant. Despite the fact that these warrants are not listed, no illiquidity discount has been used in the valuation. Also, in calculating the value of the warrants, no dividend payments have been assumed (increasing the value of the warrants). The interest rate used is the 12 month Euribor on November 07, 2006: 3.881% (Source: Bloomberg). The resulting price per class of Ubizen Warrants is displayed in the table below, expressed in Euro, up to three decimals so to explicitly show the precise level of the Warrant Offer Price for each class of Warrants. VALUATION UBIZEN WARRANTS Series
Issue period
Exercise period
Strike price*
Number outstanding 5,040
Offer*
Series K Aug 2002 8 years** 2.1 0.576 * Values expressed in Euros. ** Warrants K can be exercised on a quarterly basis as from the date of allocation. See Note 17, Exhibit 1 for more details.
In settlement of the Offer all tenders will be aggregated per seller and subsequently rounded to the nearest Eurocent. 2.5
Unconditional Offer
The Offer is not subject to any condition precedent. 2.6
Decisions of the Offeror regarding the Offer – commitment to carry out the Offer
Based upon the authorization of the Offeror's board of directors on April 20, 2006, the decision to undertake the Offer was made by the Offeror's management on October 26, 2006. Under the law of Delaware (US) and the Certificate of Incorporation of the Offeror, the Offeror's Board of Directors has the authority to decide upon the Offer. The Offeror undertakes to complete, as far as it is concerned, the Offer in accordance with the procedures, and subject to terms, set forth or referred to in this Prospectus. 2.7
Procedure - Acceptance of the Offer The Shares and Warrants are either in bearer form or registered and represented then by a Certificate. In order for a holder of Shares or Warrants to validly tender these instruments pursuant to the Offer, the acceptance form enclosed in this Prospectus (the "Acceptance Form") properly completed and duly executed in two copies, together with the documents mentioned below and any proxy or other required documents, must be deposited during opening hours and at the latest at 4.00 pm on 21 March 2007 (Central European Time) with ING Belgium in Belgium.
33
The Acceptance Form must be accompanied by either: −
the physical bearer Shares, coupon nr. 1 and following attached or the proof of book-entry of the bearer Shares into a securities account or the Certificate(s) representing registered Shares;
−
the Certificate(s) representing registered Warrants.
Executed Acceptance Forms can also be deposited at the counters of the aforementioned institutions through other financial institutions or intermediaries. These institutions or intermediaries must comply with the procedure set forth in this Prospectus. If the Shares or Warrants are owned by two or more owners, each of them must sign the same Acceptance Form. If the Shares or Warrants are subject to an usufruct, both the bare owner(s) and usufructory(ies) must sign the same Acceptance Form. If the Shares or Warrants are pledged, both the owner and pledgee(s) must sign the Acceptance Form, and the pledgee(s) must irrevocably and unconditionally waive his or her pledge on said Shares or Warrants. If the Shares or Warrants are otherwise encumbered, or subject to any other lien, charge or any third party right, claim or interest, all beneficiaries of any such right, title, claim on or interest in the Shares or Warrants must execute the Acceptance Form and must irrevocably and unconditionally waive any and all rights, title, claims on or interest in such Shares or Warrants. Acceptance of the Offer is irrevocable and unconditional. Nevertheless, in accordance with article 49 of the Royal Decree of 8 November 1989, (i) each increase of the Offer will benefit the Sellers who have accepted the Offer before said increase and (ii) acceptance of the Offer before the publication of the Prospectus will not be binding upon the Sellers. The risk in connection with and ownership of the Shares and Warrants validly tendered during the Offer Period will only be transferred to the Offeror at 4.00 p.m. on the day of the publication of the results of the Offer according to article 60 of the Royal Decree of 8 November 1989. 2.8
Payment of the Offer Price Subject to the application of article 49 of the Royal Decree of 8 November 1989, payment of the Offer Price for the Shares or Warrants validly tendered, during the Offer Period pursuant to the procedure described under Section 2.7 "Procedure-Acceptance of the Offer", will occur promptly after the publication of the results of this Offer by wire transfer to the bank account to be indicated by the Seller on the Acceptance Form. The funds reserved for the holders of Shares and Warrants that have not been tendered will remain on the blocked account with ING Belgium for a period of 6 months after the end of the Offer period, after which period these funds will be deposited with the Deposito en consignatiekas / Caisse des dépôts et consignations.
2.9
Publication of the results of the Offer In accordance with article 60 of the Royal Decree of 8 November 1989, the results of the Offer will be published at the latest on the fifth (5th) Banking Day following expiry of the Offer Period.
2.10
Costs of the Offer The Offeror will bear all costs related to the Offer, including the tax on stock market transactions. The Receiving and Paying Agent will not charge any commission or other cost to the Sellers for purposes of the Offer. The Sellers who submit the Acceptance Form through other institutions than the Receiving and Paying Agent must enquire about the additional costs incurred by the intervention of such institution and are liable for any costs which may be charged by, or as a result of the intervention of, such institution.
34
2.11
Availability of funds Cybertrust has sufficient funds available on a blocked account with ING Belgium to be able to pay for all Shares and Warrants which may be tendered at the Offer Price in the Offer and for all related costs.
2.12
Advice of the Board of Directors of the Company Pursuant to article 47, 3° of the Royal Decree of 8 November 1989, the Board of Directors of the Company has examined on November 20, 2006, the proposed Offer, the draft Prospectus dated 9 November 2006 and the report of the independent expert prepared by Degroof Corporate Finance pursuant to article 47, 2° of the Royal Decree of 8 November 1989. Pursuant to article 47, 3° of the Royal Decree of 8 November 1989, the advice of the Board of Directors of the Company has to, - confirm that no data have been omitted in the draft prospectus and that the draft prospectus does not contain any information that could mislead the Company’s securities' holders; - reflect the assessment of the Board of Directors with respect to the report of the independent expert; and - express whether the Board of Directors believes that the price serves the interests of the securities' holders. At the time of the deliberations that led to this advice, the Board of Directors was composed as follows: -
Mr Stijn Bijnens, CEO and representing the Company’s founders; C.V.B.A. Francis Vanderhoydonck, with permanent representative Mr Francis Vanderhoydonck, independent director; Mr Pierre Verbaeten, independent director; Mr Jean-Paul Coenen, independent director and Chairman; Mr Rick Smith, representing the Offeror in the Board; Mr James Murphy, representing the Offeror in the Board;
All directors were present or represented and unanimously issued the advice set out below. Advice on the draft prospectus The Board is unanimously of the opinion that for what concerns the Company, no material data have been omitted in the draft prospectus nor does it contain any information that could mislead the Company’s securities' holders. Advice on the report of the independent expert
Degroof Corporate Finance has been requested by Cybertrust to prepare a report of the independent expert in accordance with article 47, 3° of the Royal Decree of 8 November 1989 a copy of which has been provided to the Board of Directors. With respect to the methods used to value the Ubizen Shares and Warrants, Degroof Corporate Finance “is of the opinion that the methods used by Cybertrust to value the Ubizen shares and warrants and to justify the prices offered are pertinent and that these methods have been applied in a consistent fashion under the given circumstances as described above.” In its assessment whether the Offer respects the interests of the shareholders and warrantholders, “Degroof Corporate Finance’s opinion is that the prices offered by Cybertrust for the Ubizen shares and warrants safeguard the interests of these share- and warrantholders." The Board of Directors has had the opportunity to review the assumptions and analysis made by Degroof Corporate Finance. The Board of Directors has no specific comments with respect to the report of the independent expert.
35
Advice from the Board on the Offer price and the interests of the securities' holders The Board notes that the price corresponds to the price paid by Betrusted to the shareholders of Ubidco in 2004 for the acquisition of a block of shares that gave Betrusted control over the Company. This price was the result of Ubidco’s shareholders’ strong bargaining position and Betrusted’s desire to acquire a majority position in the Company. The Board takes note of the fact that a valuation of the Company based on various customary financial evaluation methods results in a price range below the Offer price. Consistent with its advice on the Take-over Offer, the Board confirms that the Company remains vulnerable on a stand-alone basis. Finally, the Board of Directors refers to the report of the independent expert, where Degroof Corporate Finance concludes that “the prices offered by Cybertrust for the Ubizen shares and warrants safeguard the interests of these share- and warrantholders.”
For the reasons set forth above, the Board believes that the Offer Price is fair and in the interests of the securities' holders.
3.
___________________ Stijn Bijnens
___________________ Jean-Paul Coenen
CEO
Chairman
TAXATION OF THE OFFER The statements below relating to the tax treatment of the Offer represent a general and broad summary of the Belgian tax legislation applicable to capital gains or losses on shares and warrants issued in accordance with the rules set out in the Act of 26 March 1999 on the Belgian action plan for employment 1998 and other miscellaneous measures, as in effect on the date of this Prospectus. It is stressed that the text does not address special rules, such as Belgian federal or regional estate and gift tax considerations or rules that may apply to special classes of holders of financial instruments, and is not to be read as extending by implication to matters not specifically discussed therein. The text does not take into account or discuss tax laws of any country other than Belgium and is subject to changes in Belgian law, including changes that could have retroactive effect. As to individual consequences, including cross-country consequences, each investor in the shares should consult his own tax counsel.
3.1
Taxation upon transfer of the Shares (a)
Belgian resident individuals
Capital gains realized upon transfer of the Shares by Belgian resident individuals holding the Shares as a private investment, are generally not subject to Belgian tax. Losses are generally not tax deductible. Belgian resident individuals may, however, be subject to a 33% tax (to be increased with the additional local taxes) if the capital gain is deemed to be "speculative". A capital gain may be considered speculative in case of high risk transactions with a certain frequency or upon alienation within a short term after acquisition. Speculative losses may be deducted only from other speculative income and may be carried forward for 5 years. A 16.5% tax (to be increased with the additional local taxes) applies to capital gains realized upon transfer of (part of) a direct or indirect "important participation" (in principle more than 25% at any
36
time in the last 5 years) in a Belgian company to a non-Belgian entity. The tax authorities have, however, ruled that capital gains realized upon transfer of (part of) such important participations in a Belgian company to an entity established in a Member State of the European Union should not trigger the application of the 16.5% tax. For calculation of the threshold, participations held by members of the family up to the second degree are included, also if these participations are held indirectly through a holding company. Capital gains realized upon transfer of the Shares by Belgian resident individuals holding the Shares for professional purposes, are taxable at the ordinary progressive income tax rates for business income. Losses are tax deductible and may be carried forward. (b)
Belgian resident companies
Capital gains realized upon transfer of the Shares by Belgian companies are tax-exempt. Losses are not tax deductible. (c)
Legal entities subject to Belgian income tax on legal entities
Capital gains realized upon transfer of the Shares by legal entities subject to Belgian income tax on legal entities are in principle tax exempt and losses are not tax deductible. However, a 16.5% tax (to be increased with the crisis contribution) is due on capital gains realized upon transfer of (part of) a direct or indirect "important participation" (in principle more than 25% at any time in the last 5 years) in a Belgian company to a non-Belgian entity. The tax authorities have, however, ruled that capital gains realized upon transfer of (part of) such important participations in a Belgian company to an entity established in a Member State of the European Union should not trigger the application of the 16.5% tax. (see above). (d)
Non-resident individuals or companies
Non-resident individuals or companies are in principle not subject to Belgian tax for capital gains realized upon transfer of the Shares, unless the non-resident acquired the Shares for a business conducted in Belgium through a fixed base or a Belgian establishment, to which the Shares are attributable. In such a case, the same principles apply as described with regard to Belgian resident individuals (holding the Shares for professional purposes) or companies (see above). Non-resident individuals without fixed base or Belgian establishment who have their fiscal residence in a country with which Belgium has not concluded a tax treaty or with which Belgium has concluded a tax treaty that confers the authority to subject the capital gain to tax to the Source State might be subject to the 33% or 16.5% tax as mentioned above. 3.2
Taxation upon transfer of the Warrants in the context of the Offer The tax authorities generally accept that a mandatory transfer of warrants in the context of a squeezeout procedure constitutes force majeure and that such mandatory transfer of warrants that were previously offered to employees under the tax regime laid down in the law of 26 March 1999 should therefore not entail any negative tax consequences for the warrantholders, even if the warrants were not transferable among the living.
3.3
Tax on stock market transactions The purchase and sale in Belgium of existing Shares through a professional intermediary, are both subject to a tax on stock market transactions at the rate of 0.17% (up to a maximum of EUR 500.00 per transaction and per party). No tax on stock market transactions is payable by:
37
(i)
professional intermediaries defined in Article 2, 9° and 10° of the Law of 2 August 2002 on the monitoring of the financial sector and financial services, acting on their own account;
(ii)
insurance companies defined in Article 2, § 1 of the Law of 9 July 1975 on the control of insurance companies, acting on their own account;
(iii)
pension funds defined in Article 2, § 3, 6° of the Law of 9 July 1975 on the control of insurance companies, acting on their own account;
(iv)
collective investment undertakings defined in the Law of 4 December 1990 on financial transactions and financial markets, acting on their own account; and
(v)
non-residents acting on their own account and provided they deliver an affidavit to a financial intermediary in Belgium confirming their non-resident status.
This tax on stock market transactions will be borne by Cybertrust (see "Terms and Conditions of the Offer – Costs of the Offer"). 4.
ANSWERS GIVEN BY THE OFFEROR ON QUESTIONS AND COMMENTS MADE BY THE CBFA
4.1
Overview of references to answers on questions and comments made by the CBFA Please find below an overview of the references to some of the answers of Cybertrust to the questions and comments made by the CBFA in relation to the Offer, the valuation and the Offer Price. (i)
Please include a DCF analysis and a sensitivity analysis for the main assumptions. This is incorporated in section 2.4 (a), subheading "Discounted Cash Flow;
(ii)
Ubizen has a substantial amount of Net Operating Losses. Please include the amount of NOL per December 31, 2006 and the value of the Net Operating Losses per 31 December 2006 and clarify extensively to which extent this has been taken into account for the valuation of the share (e.g. as part of the DCF analysis)? This is incorporated in section 2.4(a), subheading "Discounted Cash Flow";
(iii)
How are potential synergies valuated and to which extent has this been incorporated into the offer price? This is incorporated in the Offer Price as set out in section 2.4(a)
(iv)
Given the low liquidity of the Ubizen stock, shouldn’t one put the “multiples comparable method” into perspective? This additional perspective is incorporated in section 4.3;
(v)
Please include in the prospectus a comparison with the average stock prices after the announcement of said offer till the date of announcement of the squeeze out and motivate extensively why you consider the stock price after April 20, 2006 to be irrelevant. This is incorporated in section 2.4(a) subheading "Offer price in relation to Share Price"
38
(vi)
Please clarify in the prospectus the selection of transactions shown in the list “premiums in public offers in Belgium”. This is incorporated in section 2.4(a) subheading "Offer price in relation to Share Price"
(vii)
Are ISS, Secure Computing, Cyberguard and Ciphertrust comparable ? Can they be included in the comparison with peers ? Please motivate in the prospectus and extend the period of the analysis in the prospectus till at least 2008. This is incorporated in section 2.4(a) subheading "Multiples of comparable quoted companies".
4.2
Independence of independent expert Degroof Corporate Finance Prior to its engagement as an independent financial expert pursuant to article 47, 2° of the Royal Decree of 8 November 1989, Bank Degroof has been asked by Ubizen’s Board of Directors in December 2003 to make a fairness opinion at the occasion of the Ubidco Offer. The purpose of this fairness opinion was to provide Ubizen’s Board of Directors guidance for the advice it was to issue on the Ubidco Offer pursuant to article 15, §2 of the Royal Decree of 8 November 1989. In May 2006, Degroof Corporate Finance, a fully owned subsidiary of Bank Degroof NV, has made a fairness opinion at the request of Cybertrust the purpose of which was to make an independent valuation of Ubizen, based on customary valuation methodologies. In spite of its prior engagements, Degroof is in a position to fully assume its responsibilities as an independent expert in accordance with article 47, 2° of the Royal Decree of 8 November 1989 because; i.a.,
4.3
-
apart from the above mentioned engagements, Bank Degroof nor any of its subsidiaries is or has recently been engaged by Ubizen or Cybertrust;
-
apart from its engagement as an independent expert, Bank Degroof nor any of its subsidiaries has any financial interest in the squeeze out transaction;
-
nobody from Bank Degroof or any of its subsidiaries belongs to the board of directors of Ubizen or Cybertrust;
-
Degroof Corporate Finance has certified in writing that its customary internal procedures are designed to avoid conflicts of interest and that, in the context of the present engagement, it has taken all measures it deemed necessary to safeguard its independency as a financial expert; a copy of the independence declaration of Degroof Corporate Finance is attached in Exhibit 4; and
-
Bank Degroof, acting through its subsidiary Degroof Corporate Finance NV, is a leading independent investment bank and has a strong, uncontested and long standing reputation on the Belgian market place in providing expert opinions and fairness opinions.
Motivation of the Offer Price The price is not the result of an extensive valuation exercise of the Company. As indicated in section 2.4 of the Prospectus, the price is the result of negotiations in May 2004 between Betrusted, an industrial shareholder that wanted to acquire full control over Ubizen, and the consortium Kennet/Apax, a group of financial investors holding a strategic block of 34.7 % of the
39
Company that wanted to maximize its return on investment. This resulted in a negotiated price, incorporating a substantial control premium. By means of the Second Offer announced in May 2004, the subsequent Take-over Offer announced in April 2006 and the present Offer, Cybertrust has allowed the minority shareholders to receive the same control premium. This price has been accepted by the vast majority of Ubizen’s shareholders, as Cybertrust currently owns 95.8 % of the Company’s stock. The price has been re-assessed in the context of the present Offer, both by Cybertrust and the independent expert appointed pursuant to article 47, 2° of the Royal Decree of 8 November 1989. The valuations of the Company made by the Offeror, based on the Company’s recent actual performance, the Company’s management’s business plan and market standard valuation methods, unanimously result in a price range per share substantially below 2.10 €. In its report dated December 19, 2006, the independent expert concludes: “From its analysis and on the basis of the information at its disposal and of the prevailing market conditions at the date of the issue of this opinion, Degroof Corporate Finance’s opinion is that the prices offered by Cybertrust for the Ubizen shares and warrants safeguard the interests of these share- and warrantholders.” Cybertrust believes that this premium adequately covers the improved situation and expectations compared to May 2004. 4.4
Related party transactions Related party transactions include transactions between Ubizen and its shareholders, subsidiaries and personnel, management and directors. Relevant shareholders are Ubizen’s direct shareholders Cybertrust, Cybertrust’s majority shareholder One Equity Partners (OEP) and OEP’s ultimate shareholder JP Morgan Chase. All transactions between Ubizen and its related parties are based on arms’ length conditions. With respect to intercompany transactions between Ubizen and Cybertrust, their conditions have been defined contractually, in the “Global Transfer Pricing Agreement” and the “Global Intragroup Pricing Agreement” between Ubizen and Cybertrust (see note 13 "Related party transactions" of the Exhibit 1.A of the Prospectus). Both agreements have entered into force on January 1, 2005 and provide amongst others for market standard discount rates whenever Ubizen and Cybertrust sell each others’ products and services to their respective customers. The net amount due to Cybertrust from Ubizen at 12/31/2006 on an unaudited basis is 4.8m Euro as compared to 1.5m Euro at 12/31/2005. The increase is largely tied to working capital advances from Cybertrust to Ubizen. This loan bears interest at a rate of US Bank Prime rate plus 150 basis points. The revenue realized by Ubizen with Cybertrust and JP Morgan Chase during the twelve months ended December 31, 2006 was 6.9m Euro as compared to 5.5m Euro for the fifteen months ended December 31, 2005. The 6.9 m € of intercompany revenue realized in 2006 consists of 4.2 m € of services sold through Cybertrust to Cybertrust customers and 2.7 m € for information security services provided by Ubizen to JP Morgan Chase. JP Morgan Chase has been a major customer with Ubizen since 2000. The acquisition of Ubizen by Cybertrust in 2004 has not changed the arm’s length supplier/customer relationship between both parties. There have been no transactions between Ubizen and OEP in 2006.
40
Related party transactions with personnel, management and directors relate to insurance premiums paid and directors’ and management compensation. In 2006, the Company paid insurance premiums amounting to 24,000 € for the directors’ liability insurance. Pursuant to an agreement dated December 28, 1998, in 2006 the Company has paid management fees for an aggregate amount of 275,000 € to R2I NV, a management company owned by Mr. Stijn Bijnens, the managing director of the Company. In 2006, the independent directors received a monthly remuneration of 2,000 €. 5.
INFORMATION ON THE OFFEROR
5.1
GENERAL INFORMATION ON THE OFFEROR'S CORPORATE STRUCTURE AND CAPITAL (a)
General
Corporate name:
Cybertrust Holdings, Inc.
Registered office:
1209 Orange Street, Wilmington, Delaware 19801, USA
Mailing address
c/o Cybertrust, Inc. 13650 Dulles Technology Drive Herndon, VA 20171, USA
US Tax Payer Identification number
35-2192859
Date of incorporation:
16 January 2003
Legislation under which the Offeror operates:
General Corporation Law of the State of Delaware, US
Legal form:
Business corporation
Corporate purpose:
Any lawful act or activity
(b)
Group structure
At the date of this Prospectus, the Offeror conducts business around the world through various subsidiaries, including, but not limited to, Cybertrust, Inc. (United States, Delaware) in the United States, Cybertrust UK Limited (England) in England and Europe, Cybertrust Ireland Limited (Ireland) in Ireland and Cybertrust Australia (Holdings) Pty Limited and Cybertrust Australia Pty Limited (Australia) in Asia Pacific, Ubizen, in Belgium, and others. One Equity Partners LLC, a Delaware Limited Liability Company, is Cybertrust’s majority shareholder. A description of the share capital of Cybertrust is provided below under (d) Information about the Offeror's capital. One Equity Partners (www.oneequity.com) manages USD 5 billion of investments and commitments for JPMorgan Chase & Co. in direct private equity transactions. Since the merger in 2004 between Bank One and JPMorgan Chase, One Equity Partners is a subsidiary of this merged group. One Equity Partners primarily invests in control-oriented private equity transactions that initiate strategic and operational changes in businesses to
41
create long-term value. Its investment professionals are located across North America and Europe, with offices in New York, Chicago and Frankfurt. The Offeror has it this moment no concrete plans to apply for an admission to trading on a regulated stock exchange for its shares. (c)
Board of Directors
The members of the Board of Directors of the Offeror on the date of this Prospectus are Richard W. Smith, Chairman, Charles F. Auster, Alexander Russo, Carly Fiorina, John Becker, Steve Eskenazi, John Halligan and Franklin W. Hobbs. Each director has been elected to serve until he resigns or his successor is duly elected and qualifies. None of Cybertrust’s directors or corporate officers has ever been the subject of any bankruptcy proceeding or any criminal investigation. The curricula of the Board of Directors' members are as follows: Richard W. Smith, Partner, One Equity Partners Mr. Smith has been a partner at One Equity Partners since 2002. He is Chairman of Cybertrust and sits on the board of Vercuity and several other private companies. Prior to One Equity Partners, Mr. Smith was Managing Partner/General Partner of six other private equity funds including most recently, Allegra Partners. From 1979 to 1981, Mr. Smith worked at Citicorp Venture Capital, Ltd. and prior to that was a member of the International Money Management Group at J.P. Morgan. Mr. Smith received an undergraduate degree in History from Harvard University. He is co-author of the book Treasury Management; A Practitioner's Handbook, John Wiley & Sons, 1980. Charles F. Auster, Partner, One Equity Partners Mr Auster has been a partner at One Equity Partners since 2001. During his nearly 30 year career in direct investments and operating roles in technology and telecommunication companies, Mr. Auster was Chief Executive Officer of Infocrossing Inc. (NASDAQ), and a founder and Chief Operating Officer of Ixnet Ltd. (NASDAQ) amongst other senior operating roles. While Executive Vice President at Ameritrade, a Washington D.C. based trade and investment banking firm, Mr. Auster was a founding partner at an OPIC guaranteed South American direct investment fund. Mr. Auster is Co-Chairman of the L’Enfant Trust, a Washington, D.C. based 501(c)(3) charitable organization. At One Equity Partners, Mr. Auster also serves on the Board of Last Mile Connections, Vercuity and Westcom. Mr. Auster received an undergraduate degree in Economics from Tufts University and a JD from the National Law Center, George Washington University. Alexander Russo Chief Executive Officer, WestCom Corporation Mr. Russo is Chief Executive Officer and a member of the Board of Directors of WestCom Corporation, the world's largest provider of trader voice services to the financial markets. Prior to leading WestCom, Mr. Russo served as CEO of Telerate, a global market data provider, through its sale to Reuters in 2005. Prior to that, Mr. Russo served as Managing Director, Global Crossing Financial Markets, following the acquisition of IXnet and its parent, IPC Communications in 2000, where he was SVP, Corporate Development and General Counsel. Previously, Mr. Russo served as a Mergers & Acquisitions lawyer with Skadden, Arps, Slate, Meagher & Flom. Mr. Russo holds a JD from Fordham Law School and a LLM in Corporate Law from New York University Law School. Franklin W. Hobbs, Partner, One Equity Partners Mr. Hobbs is an operating partner at One Equity Partners. Mr. Hobbs began his career by joining the investment bank of Dillon, Read & Co. Inc. in 1972. Mr. Hobbs became President of Dillon Read in
42
1991 and Chief Executive Officer in 1994. In 1997, Swiss Bank Corp. acquired Dillon Read, and shortly afterward the combined company merged with UBS. Mr. Hobbs was appointed Global Head of Corporate Finance at Warburg Dillon Read, and in 1999 he became Chairman, a position he held until March 2000. In January 2002 he joined the firm of Houlihan Lokey Howard & Zukin as Chief Executive Officer until January 2003. Mr. Hobbs is on the Boards of Molson Coors Brewing Company and Lord, Abbett & Co. He is President of the Board of Trustees at Milton Academy and is a member of the Board of Overseers of Harvard College. Mr. Hobbs is a graduate of Harvard University and Harvard Business School. John Becker, CEO Mr. Becker is Cybertrust’s CEO, and prior to its November 2004 merger with Betrusted, he was CEO of TruSecure Corporation. Prior to joining TruSecure, Mr. Becker provided consultation to venture capital and technology firms. Before that, Mr. Becker was chairman and chief executive officer of AXENT Technologies, Inc., a publicly traded information security software and services company. Mr. Becker was instrumental in leading AXENT from start-up in 1994 to an initial public offering in 1996, and finally the sale of AXENT to Symantec Corporation for approximately USD 1 billion. Under Mr. Becker's leadership, AXENT was consistently recognized for achieving operational and financial excellence as a Deloitte & Touche Technology Fast 50 and a Fast 500 award winner. Carly Fiorina Carleton S. (Carly) Fiorina was president and chief executive officer of Hewlett-Packard Company from 1999 to 2005. She served as chairman of the board from 2000 to 2005. Prior to joining HP, Fiorina spent nearly 20 years at AT&T and Lucent Technologies, where she held a number of senior leadership positions and directed Lucent's initial public offering and subsequent spinoff from AT&T. Fiorina was named an honorary fellow of the London Business School in July 2001. In 2002, she was honored with the Appeal of Conscience Award, and in 2003 she received the Concern Worldwide "Seeds of Hope" Award in recognition of her worldwide efforts to make global citizenship a priority for business. The Private Sector Council honored Fiorina with its 2004 Leadership Award for her contributions to improving the business of government. Also in 2004, the White House appointed her to the U.S. Space Commission. Fiorina has a bachelor's degree in medieval history and philosophy from Stanford University. She holds a master's degree in business administration from the Robert H. Smith School of Business at the University of Maryland at College Park, Md., and a master of science degree from MIT's Sloan School. Steve Eskenazi Mr. Eskenazi is a General Partner at WaldenVC and has been responsible for building its media technology practice. He joined WaldenVC from Alex. Brown, where he worked for seven years as a Managing Director and founder of Alex. Brown's New Media Group where he was directly involved in financing and sponsoring a wide range of media technology companies. Prior to Alex. Brown, he began his career in 1985 working for IBM as a marketing representative. Mr. Eskenazi also serves on the Board of Apollo International, BlueLithium, and RealVue. Mr. Eskenazi received his Master of Business Administration from the Amos Tuck School at Dartmouth College and his Bachelor of Science Degree in Applied Mathematics with Honors from Union College. John Halligan Mr. Halligan is a co-founder of SI Ventures and has years of hands-on experience in financial management, operations and business models. Before joining SI Ventures, he served as executive vice
43
president, chief financial officer, treasurer and corporate secretary of Gartner, where he oversaw the company's IPO in 1993. Prior to joining Gartner, Mr. Halligan spent more than 22 years with General Electric in a variety of financial management roles, including staff vice president of finance at GE Communications Services and manager of marketing, sales and service finance operations at GE Appliances. He currently also serves on the Boards of EyeWeb, IMDiversity, Inceptor, USAData and Brainshark. Mr. Halligan received a bachelor's degree in economics from Providence College. (d)
Information about the Offeror's capital
The total number of shares of capital stock which Cybertrust has authority to issue is 130,000,000 shares, consisting of (a) 80,000,000 shares of Common Stock, par value USD 0.01 per share and (b) 50,000,000 shares of Preferred Stock, par value USD 0.01 per share, 14,118,409 of which have been designated as Series A Convertible Preferred Stock and 26,219,900 of which have been designated as Series B Convertible Preferred Stock. One Equity Partners currently owns 5,991,893 shares of Cybertrust Common Stock, which constitutes 44.3% of the 13,525,060 shares of Common Stock (including restricted common stock) outstanding at that date, and 25,214,572 shares of Cybertrust Series B Convertible Preferred Stock, which represents 96.2% of the 26,219,900 shares of Series B Convertible Preferred Stock then outstanding. On a fully-dilited basis, One Equity Partners’ holdings represent 57% of Cybertrust’s outstanding equity capital. The remainder of Cybertrust’s outstanding shares are owned by over 80 different investment funds and individual investors, each of whom own less than 6%. 5.2
General information on the Offeror's business and activities (a)
Company History and Business
Before the incorporation of Betrusted as a separate company with legal status in 2003, a portion of Cybertrust’s business was integrated in the consulting practice of Price Waterhouse Coopers ("PwC"). PwC sold this consulting practice to One Equity Partners in January 2003 forming Betrusted. After its purchase by One Equity Partners, Betrusted embarked upon a period of organic and inorganic growth. Betrusted acquired several leading companies and security products around the world and introduced a number of new security services. Betrusted also built a broad consulting capability to complement its security products and outsourced services. In November 2004, Betrusted and TruSecure Corporation merged in a business combination in which the former TruSecure shareholders exchanged their shares for new Betrusted shares and Betrusted changed its name to Cybertrust. Today Cybertrust is a provider of information security, providing a unique mix of products, processes, and people to enable enterprises and government agencies to secure and manage their IT infrastructure. Cybertrust provides a broad suite of information security products and services to its customers. In summary, Cybertrust is a global information security specialist, delivering services that secure critical data, protect identities and help customers demonstrate ongoing compliance: (i)
Securing critical data: Vulnerability and Threat Management
Threat and vulnerability management services provide customers with the preventative, detective, and corrective measures to help limit the frequency and impact of security incidents. Cybertrust's threat and vulnerability management solutions include: -
24/7 expert intrusion detection and prevention
-
Information security consultation
44
-
One-time scans or ongoing assessments, such as network, application and operational assessments, to ensure your systems, applications and security policies are providing adequate protection for your organization.
-
Expert analysis of scanning aligned to your organizations' goals and needs
With its OnlineGuardian branded managed security services, Ubizen is a recognized leader in the field of threat management. Thanks to the contribution of Cybertrust’s managed security services to Ubizen in February 2005, strong synergies were established in this domain between Ubizen and Cybertrust. (ii)
Protection of identities: Identity Management
As today's enterprises continue to grow and deploy multiple complex systems, processing and managing information about users - who they are, how they are authenticated and what they can access - becomes costly and ineffective. Cybertrust offers identity management solutions to help businesses and government efficiently manage user identities across multiple systems and applications. Depending on the customer’s needs and expectations, Cybertrust offers fully outsourced solutions, co-managed opportunities, or will help you build a comprehensive identity management solution in-house. Ubizen has a long track record in the field of identity management (reference can be made to the Belgian e-ID project). In 2002, this line of business was enforced thanks to the acquisition of GlobalSign. Ubizen and Cybertrust currently deploy a wide variety of solutions in the field of Identity Management. A first step towards integration was taken in February 2005 when Cybertrust contributed its root chaining activities into the capital of Ubizen. (iii)
Compliance
As a result of a rapidly changing and expanding regulatory environment, compliance requirements have deeply impacted businesses in the USA, including organizations’ identity management and information security policies. Cybertrust offers consultancy services and in house developed supporting tools to achieve compliance in various domains including Basel II, BS 7799/ISO 17799, SarbanesOxley, HIPAA, Visa/MasterCard PCI Data Standards, SAFE, GLBA, FISMA, and others. Whereas compliance management traditionally seemed to concern US operations, today, global organizations tend to adopt unique compliance processes and procedures. Moreover, in regions other than the USA, a number of regulatory initiatives has been taken and/or have resulted in (supranational) legislation in domains as listed above. Cybertrust has extensive experience mapping information security strategies, practices, and processes around almost every standard. Cybertrust pioneered an ongoing security management program that can help customers manage and monitor compliance as well as ensure that customers’ vendors, business partners and suppliers - and employees - are meeting customers’ standards and industry standards. In addition, Cybertrust offers a compliance management solution that allows consolidating asset, vulnerability and compliance data sources; perform assessments; track progress; and manage remediation efforts. These can be industry-driven controls, or individual controls defined by the customer. More detailed information about the products and services offered by Cybertrust is available from its Website at www.cybertrust.com. (b)
Recent acquisitions and divestures
After the acquisition of Ubizen in 2004 and the merger between Betrusted and Trusecure which resulted in the creation of Cybertrust in November 2004, no further external acquisitions have occurred. After two years of aggressive growth essentially by means of external acquisitions, 2005 and 2006 have been years of integration and focus on internal processes and synergies. As part of that
45
process, in the course of 2006, Cybertrust divested a number of non-core activities such as its “Alert Manager” line of business (an information security alerting service), its participation in eXpanded Media and more recently its subsidiary GlobalSign NV. (c)
Ubizen’s position in the Cybertrust Group
Ubizen’s position in the Cybertrust Group can be defined in terms of geographic presence and product offering. From a geographical perspective, one can state that Ubizen fills Cybertrust’s blank spot in the Benelux and strengthens Cybertrust’s position in France, Italy and the UK and to a lesser extent in the USA. In terms of product and services offering, Ubizen is essentially Cybertrust’s competence center and service provider for managed security services and services associated with managed security services. In 2005, Ubizen represented about 34,7 % of Cybertrust’s consolidated revenue. (d)
Legal Proceedings
Cybertrust is not involved in any material litigation at the date of this Prospectus. Other than legal proceedings within the ordinary course of its business, Cybertrust does not anticipate any litigation or proceedings which will have a material adverse effect, either individually or in the aggregate, upon its financial condition. 5.3
Shares or Warrants owned by the Offeror At the date of this Prospectus, the Offeror holds 43,378,108 Shares representing 95.8 % of the share capital of Ubizen. Cybertrust acquired those Shares by: Subscribing to the capital increases referred to in Section 1.3. "Antecedents of the Offer": -
Capital increase of 11 February 2004: 3,580,576 shares at a price of EUR 1.32 per Share
-
Capital increase of 16 March 2004: 989,372 shares at a price of EUR 1.32 per Share
-
Capital increase of February 21, 2005: 4,378,665 shares at a price of EUR 1.91 per Share; EUR 1.91 was the average closing price of Ubizen stock on Euronext Brussels over a period of 30 days preceding the publication of the agenda convening the extraordinary shareholders’ meeting of February 21, 2005
Acquiring 3,067,506 shares on Euronext Brussels from 2 February 2004 until 3 March 2004: (I) at a price of maximum EUR 1.19 per Share (i) on 2 February 2004, 541,820 Shares, (ii) on 3 February 2004, 20,805 Shares, (iii) on 4 February 2004, 58,041 Shares, (iv) on 5 February 2004, 62,345 Shares, (v) on 6 February 2004, 73,943 Shares (vi) on 9 February 2004, 3,249 Shares, (vii) on 10 February 2004, 933,000 Shares and (viii) on 11 February 39,727 Shares and (II) at a price of maximum EUR 1.32 per Share, (i) on 13 February 2004, 600,000 Shares; (ii) on 16 February 2004, 20,000 Shares, (iii) on 17 February 2004, 18,625 Shares, (iv) on 18 February, 16,200 Shares, (v) on 20 February 2004, 492 Shares, (vi) on 23 February 2004, 153,472 Shares, (vii) on 24 February 2004, 23,971 Shares, (viii) on 25 February 2004, 37,248 Shares, (ix) on 26 February 2004, 51,766 Shares (x) on 27 February 2004, 39,894 Shares, (xi) on 1 March 2004, 164,277 Shares, (xii) on 2 March 2004, 64,804 Shares and (xiii) on 3 March 143,827 Shares.
46
Acquiring 10,365,933 Shares tendered as a result of the Counter Offer period from 19 February 2004 until 3 March 2004 at a price of EUR 1.32 per Share. Acquiring all the shares of Ubidco on 20 May 2004 as described in Section 1.3. "Antecedents of the Offer": including 14,216,551 Shares at a price equivalent to EUR 2.1 per Share Acquiring 2,716,006 Shares on Euronext Brussels from 25 May 2004 until 6 August 2004 at a price of EUR 2.1 per Share. Acquiring 1,600,925 Shares tendered as a result of the Second Offer period from 8 July 2004 until 6 August 2004 at a price of EUR 2.10 per Share. Acquiring 741,786 Shares on Euronext Brussels from April 21, 2006 until August 4, 2006 at a price of EUR 2.1 per Share. Acquiring 975,451 Shares and 12,356 Warrants K tendered as a result of the first offer period of the Take-over Offer which ended on July 3, 2006, at a price of respectively EUR 2.10 per Share and EUR 0.542 per Warrant. Acquiring 745,337 Shares and 2,770 Warrants K tendered as a result of the second offer period of the Take-over Offer which ended on August 4, 2006, at a price of respectively EUR 2.10 per Share and EUR 0.542 per Warrant. At the date of this Prospectus, no entity affiliated to the Offeror or person within the meaning of the article 11 and 12 of the Company Code other than Ubidco or entity acting in concert with the Offeror within the meaning of the Belgian legislation holds any Shares or Warrants. 6.
INFORMATION ON THE COMPANY
6.1
General information on the Company's corporate structure and capital Set out below is certain information concerning the corporate structure of Ubizen's share capital and a brief description of certain provisions contained in Ubizen's articles of incorporation and the issue conditions of the Warrants as described in Exhibit 1 of the Prospectus. Only the Dutch language version of the articles of association and such issue conditions is binding and governs the relationship between Ubizen, its shareholders and, in case of the articles of association, its directors. The summaries and description set out below do not purport to be complete statements and are qualified in their entirety by reference to the articles of incorporation, such issue conditions and Belgian law. (a)
General
Corporate name:
Ubizen
Registered office:
Philipssite 5, B-3001 Leuven
Date and duration of incorporation:
Ubizen was incorporated for an unlimited duration on 2 May 1995
Register of legal entities:
0455.138.450 RPR/RPM Leuven
Legislation under which Company operates:
Ubizen is incorporated under and is subject to the laws of the Kingdom of Belgium
Legal form:
Naamloze
Vennootschap
(NV)
–
Société
47
Anonyme (SA) The company’s purpose is to advise, assist and mediate for its own account or the account of a third party, on the conception, implementation, execution and management of projects in the area of information technology.
Corporate purpose:
The company may carry out all civil, commercial, industrial and financial transactions and operations and transactions or operations involving immovable and moveable property, which are directly or indirectly, wholly or partially, connected with any part of its corporate purpose or which usefully facilitate this purpose, both in Belgium and abroad. The company may be involved in any way, in businesses, enterprises or companies having an identical, similar or related purpose or which tend to benefit the development of the company, to provide it with raw elements or to facilitate the sale of its products. The company may directly or indirectly participate in the activities of other companies, act as a guarantor and guarantee a bill, pay advances, grant loans and mortgages or provide other sureties. The above list is not exhaustive and must be interpreted in the broadest sense.
(b)
Group structure
At the date of this Prospectus, the Company holds an interest in the following companies: Name
Country
Statutory seat
% of control by the company Direct
Indirect
Louvain-la-Neuve
49.98%
-
Luxembourg
100.00%
-
Mijdrecht
100.00%
Core business Ubizen Aethis SA Ubizen Luxembourg SA Ubizen BV
Belgium Luxembourg
The Netherlands
Ubizen Limited
UK
London
100.00%
Ubizen Inc.
USA
Herndon
100.00%
Ubizen USA LLC
USA
Herndon
100.00 %
48
Ubizen France SAS
France
Paris
100.00%
Ubizen Italia SrL
Italy
Milan
100.00%
OmniSignLLC
USA
Herndon
100.00%
-
On October 30, 2006, Ubizen sold its Belgian subsidiary GlobalSign to UK based Certification Services Limited (CSL) for an aggregate amount of 7.9 million €.
Related Business Ubimedia
(c)
Belgium
100.00%
Management (i)
Board of Directors
According to the articles of association of the Company, Ubizen is managed by a Board of Directors with a maximum of thirteen (13) members, of which at least 3 are independent Directors. At the date of this Prospectus, the Board of Directors is composed of 6 directors. The members of the Board of Directors as at the date of this Prospectus and their principal other business appointments are as follows:
Stijn Bijnens (CEO and co-founder) Richard W. Smith James Murphy
Date on which the term of office expires: end of annual meeting of 2009 2009 2009
Independent Directors Prof. Dr. Pierre Verbaeten CVBA Francis Vanderhoydonck Jean-Paul Coenen
2007 2007 2007
The curricula of the Board members are the following:
49
Stijn Bijnens. Stijn Bijnens has served as Chief Executive Officer and as a member of the Board of Directors of Ubizen since he co-founded the company in 1995. Bijnens is an internationally recognised leader in the field of e-Security, and a regular speaker for ITWorks and the Institute for International Research. He has been widely recognised for his outstanding business and management skills, and was named Manager of the Year 1999 in Belgium by Trends Magazine. He also received the DataNews Award of Excellence for a Startup company. As a researcher at the Department of Computer Science at KULeuven, Belgium's largest university, and at Trinity College in Dublin, Ireland from 1992 through 1995, Bijnens investigated network security and object oriented distributed systems. His research background has been instrumental in Ubizen's growth and success. In addition to leading Ubizen, Bijnens is also co-founder of GlobalSign (http:///www.globalsign.com). Bijnens has a Masters Degree in Computer Science from KULeuven. Mr Bijnens represents the management in the Board. Richard W. Smith. Mr. Smith has been a partner at One Equity Partners since 2002. He is Chairman of Cybertrust and sits on the board of Vercuity and several other private companies. Prior to One Equity Partners, Mr. Smith was Managing Partner/General Partner of six other private equity funds including most recently, Allegra Partners. From 1979 to 1981, Mr. Smith worked at Citicorp Venture Capital, Ltd. and prior to that was a member of the International Money Management Group at J.P. Morgan. Mr. Smith received an undergraduate degree in History from Harvard University. He is co-author of the book Treasury Management; A Practitioner's Handbook, John Wiley & Sons, 1980. Mr. Smith represents Cybertrust Holdings, Inc. in the Board. James Murphy. Jim Murphy is Chief Financial Officer at Cybertrust and responsible for the financial reporting, planning and supervision of all finance, accounting, Human Resource and IT functions. He previously served as the executive vice president and chief financial officer of Summerville Healthcare Group, Inc. Prior to that, he served as the senior vice president and chief financial officer of Meadowbrook Rehabilitation Group, Inc., a NASDAQ traded company. Mr. Murphy's experience also includes senior finance and accounting positions with Kaufman and Broad Home Corporation and Arthur Andersen, LLP. Mr. Murphy graduated with both a BS in Accounting and a BS in Information Systems from California State University-Hayward and received his MBA from the Haas School of Business, University of California at Berkeley. Mr. Murphy represents Cybertrust on the Board. C.V.B.A. Francis Vanderhoydonck. Mr. Vanderhoydonck is director and advisor of several companies. He was for twelve years active at Generale Bank in the Corporate and Investment Banking division, which he headed from 1995 till 1998. Mr. Vanderhoydonck has an MBA in Finance from New York University, United States, and has a University Degree in Law and in Economic Sciences from the University of Brussels "Vrije Universiteit Brussel". He also has a degree in Tax Sciences from "Fiscale Hogeschool" in Brussels. Before his professional experience, he was an assistant at the University of Brussels from 1981 to 1985. CVBA Francis Vanderhoydonck, the management company of Mr Francis Vanderhoydonck, serves as an independent director of the Company. Prof. Dr. Pierre Verbaeten. Prof. Pierre Verbaeten is an independent member of the Board of Directors of Ubizen and Professor at KULeuven. He is the director of the Computer Science division of KULeuven research and development. He is also founder of the research group "distrinet", out of which Ubizen was created. This research group currently has more than 30 researchers active in the area of distributed systems and computer networks. Prof. Verbaeten
50
has Masters Degrees in Mechanical and Electrical Engineering, a Masters Degree in Applied Mathematics and a Ph.D in Computer Science from KULeuven. Professor Verbaeten serves as an independent director. Jean-Paul Coenen. Mr. Coenen was Director of Strategy and Communication of the Regionale Uitgevers Maatschappij N.V. Mr. Coenen serves as chairman of Tel-Visie-Limburg vzw , and as member of the board of Directors of De Vlaamse Huisvestings Maatschappij, Kirchhoff NV and These Days. He is one of the founders of Medianet Vlaanderen and Flanders Mutimedia Valley. Mr. Coenen has a University Degree of History of Art and Archeology of the University of Gent. Mr. Coenen serves as an independent Director. Working of the Board The Board of Directors meets at least four times a year in order to approve the quarterly results. Other typical issues discussed at Board meetings are the follow up of budgets, definition of the Company's strategy, acquisition prospects, evolution of participations in related business or other ad hoc items. In general, decisions are taken by simple majority; in case of a tie vote, the vote of the Chairman is final. Certain strategic decisions have to be approved by 60% of the directors who are not considered to be "independent". The mandate of director is carried out without remuneration, except for the independent directors. The general shareholders' meetings of February 7 resp. 21, 2005 approved compensation for the independent directors amounting to EUR 2,000 per month. The Board of Directors is advised by two committees: a)
The Remuneration Committee
The Remuneration Committee advises the Board on matters concerning remuneration of the Executive Management. The majority of the Remuneration Committee is composed by "independent" members. The Remuneration Committee is currently composed by Mr Vanderhoydonck, Prof. Verbaeten and Mr Smith. b)
The Audit Committee
The Audit Committee assists the Board of Directors in its control of financial information, systems of internal control and the audit process. Its responsibilities and functioning are specified in a Charter, approved by the Board of Directors on 19 May 2000. According the Company's articles of association, the majority of the members of the Audit Committee are "independent" directors. The Audit Committee meets at the occasion of the announcement of the quarterly results. Twice per year, Ubizen's statutory auditors attend the meeting of the Audit Committee in order to discuss the conclusions of the auditor's limited respectively statutory audit. The Audit Committee is currently composed by Mr Vanderhoydonck, Prof. Verbaeten and Mr Smith. (ii)
The Executive Management
The day-to-day management of Ubizen is entrusted to a Management Committee. The Management Committee is conceived in terms of business lines and competence areas, not in
51
geographic terms. The total remuneration for the Management Committee per year amounts to approximately EUR 375,000. The Members of the Management Committee and their responsibilities are: Stijn Bijnens - Chief Executive Officer. Stijn Bijnens has served as Chief Executive Officer and as a member of the Board of Directors of Ubizen since he co-founded the company in 1995. James Murphy - Chief Financial Officer. Jim Murphy has served as Chief Financial Officer and as a member of the Board of Directors of Ubizen since May 4, 2005 and November 10, 2004 respectively. Mr. Murphy also is the Chief Financial Officer of Cybertrust. Bart Vansevenant - Executive Vice President Global Marketing & Business Communication. Bart Vansevenant is Executive Vice President Global Marketing & Business Communication at Ubizen. Prior to joining Ubizen in January 2001, he was heading up the Internet Product Management department at cable operator Telenet. (d)
Shareholders meeting
According to Belgian law, the Shareholders' Meeting has the sole authority with respect to the appointment, remuneration, termination and discharge of directors, the appointment and remuneration of auditors, the approval of the annual report of the Board of Directors and the auditors, the approval of the annual accounts and the allocation of results, the assessment whether or not to initiate liability claims against directors and auditors, the issuance of warrants and convertible bonds and the amendments of the articles of association. All other corporate powers are vested in the Board of Directors. Ubizen's articles of association do not provide for specific regulations as to the functioning of the Shareholders' Meeting. As a general rule, decisions are taken by simple majority of the shareholders present at the Meeting. Amendments to the articles of association require a quorum of 50% of all outstanding shares and a majority of 75% or 80% of the shares present or represented at the Meeting. The annual shareholders' meeting is to be held on the first Monday of May. An Extraordinary Shareholders' Meeting can be convened at the initiative of the Board of Directors, by the auditors or at the request of shareholders representing 20% or more of the outstanding share capital. (e)
General information about the Company's capital
As at the date of this Prospectus, the registered and paid in share capital of the Company amounts to EUR 26.9 million, represented by 45,280,158 Shares, without nominal value. Other than the Warrants, there are no financial instruments convertible into or exchangeable for Shares. The Company does not hold own stock. (f)
Description of Warrants
The Company's has issued the Warrants under plan L, plan K and plan S, I and J. A description of those plans is provided in note 12 "Employee Stock Purchase Plans" of the Exhibit 1.A of this Prospectus. Warrants allocated under the plans S, I and J that have not been exercised expire five years after the date of allocation. As a result hereof, all warrants allocated under these plans have lapsed to date. All warrants L have been sold to the Offeror during the Offeror’s Second Offer in August 2004. Warrants issued under plan K are in principle not transferable among the living, unless otherwise decided by Ubizen's Board of Directors. (g)
Authorized capital
52
Pursuant to its articles of incorporation, the Board of Directors of the Company is authorised to increase the capital in one or several occasions with a maximum amount equal to EUR 21,340,997.05. This authorisation is valid for 5 years after the publication in the Belgian Official Gazette of the minutes of the Company's Extraordinary Shareholders' Meeting held on 16 January 2004. (h)
Corporate Governance
The Corporate Governance Act dated August 2, 2002 has introduced several principles of corporate governance into the Belgian Company Code. The structure and procedures provided for in the Corporate Governance Act were adopted by Ubizen at the time of its initial public offering in February 1999. Ubizen remains committed to the general principles of corporate governance and the respect of the legitimate interests of the Company’s stakeholders. Given the very limited free float (9.64% at December 31, 2005 and 4.2% at the date of this Prospectus) and liquidity (1,586 trades were recorded in 2005, representing a turnover of 4.14% of the Company’s stock on an annual basis) the Company has decided to further apply the essential principles of corporate governance rather than to fully implement the so called Code Lippens as published by the Corporate Governance Committee on December 9, 2004. The corporate governance rules implemented in Ubizen are disclosed in detail on page 40 of the Ubizen 2005 annual report (Exhibit 1.A). 6.2
General information on the Company's business and activities (a)
History of Ubizen since the IPO
Ubizen, formerly Netvision, was founded in 1995 as a spin-off from the University of Leuven and was listed on Easdaq in February 1999 (the "IPO"). In October 1999, Netvision changed its name and became Ubizen. The most important milestones since the IPO are described below. (i)
Acquisitions in the e-security market
Ubizen has acquired several companies in the e-security sector. The following table gives an overview of the most important acquisitions. Date
Name
Country
Stake
Description
April 1999
Aethis
Belgium
51%
Network engineering company specialized in tailormade solutions for managing complex network components.
May 1999
SIT Europe
France
100%
Professional network security services and development of software for secure e-business applications.
AES
US
100%
e-security services company active on the US market, with focus on financial and public sectors.
December 1999
NetControl
Denmark
100%
Security and networking provider and supplier agreement between the two companies.
April 2000
Solari Consulting
France
100%
Specialist in WAP technology.
August 1999
53
July 2000
Vasco Data Security
US
7%
July 2000
NXL
UK
100%
Specialist in information professional services.
August 2000
Rinner Systems Consultancy
Netherlands
100%
Dutch player, offering total security solutions.
July 2002
GlobalSign NV
Belgium
90.88%
February 2005
OmniSign LLC
USA
100%
February 2005
Ubizen USA LLC
USA
100%
(ii)
Part of a preferred provided and supplier agreement. security
PKI services12 Contribution of chaining activities
Cybertrust’s
Contribution Cybertrust’s activities
CAof MSS
Product development and partnerships: focus on own products
At the time of the IPO, Ubizen's services were based on both own products and third-party products. Soon after the IPO, however, the Company started focusing more and more on its own products. This resulted in the restructuring of its global third-party product activities as a separate entity, named RISC Technology, in October 2000. This subsidiary was listed on Euronext Paris in November 2000. Ubizen has completely divested its participation in RISC Technologies in 2002 and 2003. With the launch of new own products (Multisecure, OnlineGuardian) Ubizen tries to boost sales and increase margins. Although the Ubizen products win several awards, positive net results were not attained, forcing the Company to restructure and to consider several strategic options. In 2004, Ubizen made the strategic decision to discontinue the further development and selling of its proprietary security software product Mutisecure and to fully focus on its successful and leading managed security services, high end professional services and security consultancy. Information security is a dynamic, constantly evolving process that Ubizen categorizes into three stages: planning, implementation, and management. Ubizen professional services experts can assist customers in each stage of the lifecycle. Planning Fundamental to effective e-security are security policies and procedures that match an organization's risk environment. The professional services team starts by transferring information from Ubizen's substantial knowledge base to the customer, with the end result being a blueprint for an optimal security infrastructure that balances risk and cost. Included in the process is a definition of the organization's security profile and security improvement plan, along with a security risk assessment. In addition, existing security processes and policies are evaluated, tested, and probed. Implementation
12
GlobalSign was sold to Certification Services Limited on October 30, 2006 for an aggregate consideration of 7.9 million €. A copy of the press release announcing the sale is enclosed in Exhibit 3E.
54
Next, Ubizen professional services work with customers to implement a security infrastructure. Ubizen's expertise covers best-of-breed security devices and technologies, including firewalls, intrusion detection systems, VPNs, authentication, and PKI. Ubizen experts have achieved certification by most leading security vendors – including Check Point Technologies, RSA Security, and Cisco. Management Finally, Ubizen’s global professional services staff support the MSS offerings by providing implementation services and ongoing updates and remediation to new information security threats as they become known in the world. Implementation services can be very complex, especially for large, multi-national organizations, which can lead to additional offerings to the customer. Ubizen’s professional service experts can provide solutions to problems or vulnerabilities, occurring anywhere in the world. In addition to providing customized implementations, Ubizen offers a core set of standard services to ensure repeatable and cost-effective execution worldwide. Since the maturity of the Information Security market varies widely throughout the world, different regions augment the core deliverables with varying levels of local offerings. On February 17, 2006, the Company sold its entire ownership stake in eXpanded Media NV to a French consulting group. Over the 15-month period ending December 31, 2005, eXpanded Media represented 5.1% of Ubizen’s consolidated revenue and 2.9% of the consolidated gross profit. Effective December 23, 2005, as a result of a capital increase, Ubizen’s ownership of Aethis S.A. was diluted below 50%. Therefore Ubizen will no longer consolidate Aethis S.A.’s operating results subsequent to December 31, 2005. Over the 15-month period ending December 31, 2005, Ubizen Aethis represented 1.5% of Ubizen’s consolidated revenue and 1.1% of the consolidated gross profit. Ubizen refocused its professional services practice during fiscal 2004 towards high-end consulting services and operational security services. Examples of these services are Risk Assessments, Forensic Investigation, and Visa and Mastercard compliance services. This change in focus and a reduction of billable consultants resulted in a decrease in professional services revenue from EUR 11,161 for the 12-months ended September 30, 2004 to EUR 10,697 for the 15-months ended December 31, 2005. (iii)
Developments on shareholder level
Date
Transaction
Amount
Effect
Description
December 1999
capital increase (private placement)
15.8m
375k new shares (4.6% dilution)
Use of proceeds: working cap, debt repayment, acquisition
March 2000
SPO
130m
634,146 shares
June 2000
stock split
September 2000
dual listing
Dual listing on Euronext Brussels.
August 2003
end dual listing
Delisting Europe
new
from
Nasdaq
55
Date
Transaction
January 2004
Voluntary public takeover bid by Ubidco NV
February 2004
11,
capital increase subscribed by Betrusted Holdings, Inc.
February 19 – March 3, 2004
Public counter offer by Betrusted Holdings, Inc.
March 2004
capital increase subscribed by Ubidco and Betrusted Holdings, Inc.
May 2004
Amount
Effect
Description Ubidco acquires 34,7% of Ubizen
3,580,576 new shares
Use of proceeds: address urgent working capital needs
10,345,814 shares acquired
Betrusted Holdings Inc. controls 43.15 % of Ubizen
2m
1,515,152 new shares
Use of proceeds: reimburse financial debt and reduce suppliers’ credit
Betrusted Holdings, Inc. acquires Ubidco
-
-
Betrusted now owns 78.7% of Ubizen
August 2004
Second voluntary public takeover bid by Betrusted and purchases by Betrusted on the market
-
-
Betrusted Holdings Inc. now owns 89,33% of Ubizen
November 2004
Merger of TruSecure Corporation into Betrusted Holdings, Inc., name changed to Cybertrust Holdings, Inc.
-
-
Cybertrust Holdings Inc. owns 89,33% of Ubizen
February 2005
Cybertrust contributes two business lines to the capital of Ubizen
8.4 m
4,378,665 new shares
Consolidation of businesslines within Cybertrust Group
August 2006
Third voluntary public take over bid by Cybertrust and purchases by Cybertrust on the market
(b)
4,7 m
Cybertrust Holdings Inc. now holds 95.8% of Ubizen
Business
56
Ubizen is a provider of e-security solutions. It supplies products and services in the areas of Managed Security Services (MSS) through Ubizen Online Guardian®: outsourced continuous monitoring, management and support of security devices; Professional Services: helping enterprises plan and implement vulnerability assessments, security policies and security infrastructures; and Managed outsourced PKI solutions: issuance and life cycle management of electronic certificates for third parties. Net revenues from Ubizen’s MSS offering represented 63% and 53% of total revenue for the 12 months ended September 30, 2005 and 2004 respectively. The corresponding gross profit contribution amounted to 55.2% and 57.3 % respectively. (c)
Recent Business Combinations and divestures (i)
Ubizen USA LLC
In February 2005, the Offeror contributed all of its MSS activities into a wholly owned subsidiary, the beneficial ownership of which was contributed to the share capital of Ubizen on February 21, 2005. The goal of this operation was to increase synergies and avoid competion between the MSS activities of Ubizen and Cybertrust. (ii)
OmniSign LLC
In February 2005, the Offeror contributed all of its CA-chaining activities into a wholly owned subsidiary, the beneficial ownership of which was contributed to the share capital of Ubizen on February 21, 2005. Cybertrust’s OmniRoot and the CA-chaining activities of Ubizen’s majority owned subsidiary GlobalSign were geographically complimentary. GlobalSign’s RootSign™ customers are mainly located in Europe while the contributed “Cybertrust” OmniRoot™ is primarily sold in the United States and Asia, so combining these two operations was very complementary. (iii)
eXpanded Media
eXpanded Media is a spin off of Ubizen, was incorporated in 1998 and is a specilalized service provider in the field of interactive web-based applications. In February 2006, the Company sold its 85.27 % participation in eXpanded Media to a French consulting group. (iv)
GlobalSign
As a result of the acquisition of OmniSign LLC in February 2005, GlobalSign had become a duplicative asset to the Company. On October 30, 2006, GlobalSign was sold to Certification Services Limited. A copy of the press communiqué related to the sale of GlobalSign is enclosed to the prospectus in exhibit 3.E. (d)
Principal shareholders
The following table sets forth the ownership of the Shares for the shareholders known to hold more than 5% of the outstanding Shares, as at close of business on November 20, 2006: Name Cybertrust Holdings, Inc. Free Float Total
Number of shares 43,378,10813 1,902,050 45,280,158
Percentage 95.8 % 4.2 % 100%
13
Of which 29,161,557 shares are owned directly by Cybertrust and the remaining 14,216,551 shares are owned indirectly by Cybertrust through its wholly-owned subsidiary Ubidco.
57
The Company nor any of its subsidiaries owns any of the Company's own shares. (e)
Litigation – recent developments
Note 15 to Ubizen’s consolidated financial statements describes the various litigation matters in which Ubizen is involved (see Exhibit 1.A). (f)
Risk factors
Ubizen’s consolidated financial statements (see Exhibit 1.A) set out the risk factors that may affect Ubizen's business. (g)
Projected consolidated balance sheet per December 31, 2006
The projected consolidated balance sheet per December 31, 2006, as shown in the company’s businessplan is provided below. This projection dated November 16, 2006 has not been reviewed by the company.
58
(000) Omitted ASSETS Current Assets Cash and Investments Total Accounts Receivable Related Party Receivables Total Prepaid Expenses and Other Current Assets Total Current Assets Fixed Assets Intangible Assets Total Goodwill Other Assets Assets Held for Sale (GlobalSign) Total Assets LIABILITIES Current Liabilities Total Accounts Payable Related Party Payables Other Accrued Liabilities Current Portion of LT Debt Deferred Revenue Commitments and Contingencies Total Minority Interest Total Liabilities
Dec 2006 YTD
€ 6.649 € 11.454 €0 € 2.928 € 21.032 € 5.456 € 1.344 € 10.090 € 2.394 €0 € 40.316
€ 6.606 € 5.021 € 4.906 €0 € 2.225 € 5.605 €0 € 24.363
SHAREHOLDERS' EQUITY Common Stock Total Paid In Capital Accumulated Comprehensive Income Total Retained Earnings
€ 26.988 € 158.989 (€ 615) (€ 169.409)
Total Shareholders' Equity
€ 15.953
Total Liabilities and Shareholders' Equity
€ 40.316
59
EXHIBITS
EXHIBIT 1.A.: FINANCIAL CONSOLIDATED STATEMENTS OF THE COMPANY FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2005
60
Ubizen Annual Report 2004-2005
www.ubizen.com Ubizen • Ubicenter • Philipssite 5 • 3001 Leuven • Belgium T +32 16 28 70 00 • F +32 16 28 71 00
LETTER TO THE SHAREHOLDERS
Dear shareholders, 2005 was a year of steady overall performance as we continued to strike a balance between maintaining a continued focus on profitability and our ongoing work to build the company for the long term. Ubizen’s fiscal year 2005 was also clearly a year of transition. We continue to focus on Managed Security Services and have divested all non core assets. As we enter 2006, these divestments are now finalized and during the last two quarters of 2005 we achieved EBITDA profitability. Cybertrust’s majority shareholding in Ubizen represents an important milestone, as Ubizen is now part of a much larger global entity. Cybertrust, the largest privately held information security company in the world, has over 800 employees, more than 30 offices around the world and more than 3,000 clients worldwide. Ubizen benefits from this global reach as our products and services are leveraged through Cybertrust’s global sales force. Our strong product offering and operational excellence were key factors in winning recognition from both customers and market analysts this year. According to a report entitled, "METAspectrumSM Managed Security Services Provider - Europe," Ubizen is recognized as one of only two vendors with the "Leader" designation on the METAspectrumSM. We are encouraged by our continued efforts to increase profitability and are determined to build on the progress we have made over the past several years. The difficulties of the past have tested our company in many ways, but they have not altered our fundamental strengths: a leading product portfolio, broad market leadership recognition, and an impressive customer base. In 2006 we will maintain our focus on financial discipline, ongoing operational improvement and the customer relationships that are vital to keeping Ubizen at the forefront of our industry. We will focus on sustaining profitability as well as executing our strategy for achieving consistent, profitable growth. And we will evolve to maintain our competitive position in a market that is undergoing constant change. In closing, on behalf of the Board of Directors and myself, I must compliment Ubizen’s employees for their talent, dedication and innovation throughout 2005. Together, we foresee encouraging potential for 2006 and beyond. We remain confident that we will meet the challenges ahead and capitalize on the opportunities presented.
Stijn Bijnens Chief Executive Officer
2
BUSINESS Ubizen is focused on helping organizations worldwide plan, implement and manage IT security solutions. In view of that strategy, Ubizen has built its business on a combination of professional services and Managed Security Services (MSS) which allow organizations to outsource the monitoring, management, and support of its critical security devices. Today, Ubizen delivers industryleading and award-winning MSS solutions, based on its proprietary technology, knowledge, and infrastructure that surpass that of its competition. Ubizen Managed Security Services Ubizen OnlineGuardian With OnlineGuardian, Ubizen was one of the pioneers to bring to market a managed security services offering. Since then Ubizen has consistently invested in infrastructure, technology and security intelligence to consolidate and increase its market leadership position. Frost & Sullivan’s 2005 report ‘World Managed Security Services Markets’, ranks Ubizen’s MSS offering, as part of the Cybertrust group, as the global MSS market leader.
Ubizen delivers its MSS services through its team of security experts that work in three Security Operations Centers (SOCs) around the globe. This global presence allows Ubizen to ensure aroundthe-clock vigilance and redundancy and immediate fail-over in case of a catastrophic emergency. These SOCs are built using the highest levels of construction standards and have the toughest security available; including strong identification devices ensuring that only authorized employees can gain access. Ubizen analysts average over ten years of security experience, and receive extensive training on all devices monitored and managed. They are supported by Ubizen' s Security Intelligence Lab (SIL), which provides information about new security threats, security bulletins and security patch updates. Large organizations require a comprehensive e-Security infrastructure that is often very complex. Integrating a managed security solution into such an existing infrastructure must be done by security professionals who have experience with large-scale implementations. Ubizen is one of the few managed security vendors supported by a professional services organization that has years of consulting experience with large organizations.
3
Ubizen Online Compliance Program Ubizen developed a specific managed security solution for the payments card industry, called the Ubizen Online Compliance Program. The program facilitates merchants, payment service providers and processors to comply with the credit card associations'mandates; and allows acquirers to monitor and manage the compliance status of their merchant population. Ubizen’s Online Compliance Program implements both proactive and reactive measures to prevent or limit online fraud. Ubizen Managed Identities Solutions Ubizen offers identity management solutions to help businesses and governments efficiently manage user identities across multiple systems and applications. -
CorporateID and CorporateSSL are turnkey solutions that allow organizations to provision users, servers or application code with certificates to prove identity and secure exchange of information. Both solutions offer one simple web-enabled interface to centrally manage and control the issuance, suspension, access control and revocation for client and SSL certificates. It eliminates the need for multiple vendors and additional information technology personnel.
-
OmniRoot extends the capability of in-house or hosted PKI to issue SSL, S/MIME and code signing certificates chained to GlobalSign’s or GTE Cybertrust’s root certificate. OmniRoot is the exclusive public root certificate pre-distributed in over 99 percent of the world' s web browsers and is also present in the most popular servers, e-mail clients, mobile phones and operating systems. By chaining identity and trust infrastructure to OmniRoot, organizations can eliminate the need to deploy a root certificate to every end-user and device, and instead gain automatic recognition of certificates.
Ubizen Professional Services Ubizen is the trusted provider of security services to financial, multinational and governmental organizations around the globe. Information security is a dynamic, constantly evolving process that we categorize into three stages: planning, implementation, and management. Ubizen professional services experts can assist customers in each stage of the lifecycle. Planning Fundamental to effective e-Security are security policies and procedures that match an organization' s risk environment. The professional services team starts by transferring information from Ubizen' s substantial knowledge base to the customer, with the end result being a blueprint for an optimal security infrastructure that balances risk and cost. Included in the process is a definition of the organization' s security profile and security improvement plan, along with a security risk assessment. In addition, existing security processes and policies are evaluated, tested, and probed. Implementation Next, Ubizen professional services work with customers to implement a security infrastructure. Ubizen' s expertise covers best-of-breed security devices and technologies, including firewalls, intrusion detection systems, VPNs, authentication, and PKI. Ubizen experts have achieved certification by most leading security vendors – including Check Point Technologies, RSA Security, and Cisco. Management Finally, Ubizen’s global professional services staff support the MSS offerings by providing implementation services and ongoing updates and remediation to new information security threats as they become known in the world. Implementation services can be very complex, especially for large, multi-national organizations, which can lead to additional offerings to the customer. Ubizen’s professional service experts can provide solutions to problems or vulnerabilities, occurring anywhere in the world. Often these vulnerabilities are identified by security analysts during the normal monitoring and management of security devices. Few other vendors can support an MSS offering with the depth of experience, number of experts, or worldwide reach of Ubizen. In addition to providing customized implementations, Ubizen offers a core set of standard services to ensure repeatable and cost-effective execution worldwide. Since the maturity of the Information Security market varies widely throughout the world, different regions augment the core deliverables 4
with varying levels of local offerings. Cybertrust On November 4, 2004, Ubizen’s majority shareholder, Betrusted Holdings, Inc., and TruSecure Corporation announced a merger, creating Cybertrust. Cybertrust combines the in-depth operational security expertise, knowledge, and technology of Betrusted, TruSecure, and Ubizen to assist large enterprises and governments with today' s critical information security and compliance issues across the entire security lifecycle. From a business point of view, the merged company continues to translate into additional benefits for existing and future Ubizen customers and partners. These benefits include: •
Cybertrust’s wider array of capabilities, including access to some of the most knowledgeable security professionals in the industry today.
•
Cybertrust’s global reach.
•
Cybertrust’s extensive research and development expertise, enabling customers to access the most pertinent information and intelligence on a timely basis as well as technologically advanced solutions.
•
Cybertrust’s capabilities and solutions can be delivered through professional services or as a managed service utilizing an enterprise software platform at a customer’s site or through multiple, accredited Operations Centers located throughout the world.
Cybertrust is a global information security leader able to respond to today’s security challenges and assist customers in creating pervasive trust for all transactions and interactions. Cybertrust is uniquely positioned to address vulnerability issues, evolving regulatory compliance requirements and identity management needs. RISK FACTORS CERTAIN FACTORS THAT MAY AFFECT OUR BUSINESS Our revenues and operating results tend to fluctuate from quarter to quarter. Our quarterly operating results have fluctuated in the past and may fluctuate significantly in the future. A variety of factors, many of which are outside our control, can cause these fluctuations, including: • • • • • • • • • • •
reduced expenditures for research and development; length of sales cycles associated with our solutions; the timing, size, and nature of our transactions; market acceptance of new products or product enhancements by our competitors; the relative proportions of revenues derived from services, third-party products, and maintenance; the timing of new personnel hires and the rate at which new personnel become productive; changes in pricing policies by our competitors; changes in our operating expenses; fluctuations in foreign currency exchange rates; reduced spending by critical vertical markets; and general economic conditions.
Because we derive a majority of our revenue from Managed Services, any decline in demand for these services could severely harm our ability to generate revenues. We derive a majority of our revenues from a limited number of Managed Security Services (MSS) within the data security market. Net revenues from our MSS offerings represented 63% and 53% of total revenue for the 12 months ended September 30, 2005 and 2004, respectively. As a result, we are particularly vulnerable to fluctuations in demand for these services, whether as a result of competition, technological change, budget constraints of our potential customers, or other factors. If our MSS revenues were to decline significantly, our business and operating results would be adversely affected.
5
Because of the lengthy and unpredictable sales cycle associated with our large transactions, we may not succeed in closing transactions on a timely basis or at all, which would adversely affect our revenues and operating results. Transactions for our solutions often involve large expenditures, and the sales cycles for these transactions are often lengthy and unpredictable. Factors affecting the sales cycle include: • customers’ budgetary constraints, particularly in a soft economic environment where technology spending is often deferred; • the timing of customers’ budget cycles; and • customers’ internal approval processes. We may not succeed in closing such large transactions on a timely basis or at all, which could cause significant variability in our revenues and results of operations for any particular period. War, the significant threat of war, or a terrorist act could adversely affect our business. Historically, the world economy has been adversely affected by war, the significant threat of war and terrorist acts. Any of these factors could cause one or more of the following to occur: • government spending could be reprioritized to wartime activities; • global enterprise spending budgets could be cut or delayed resulting in lower demand for our solutions; or • widespread and unprecedented acts of cyber-terrorism could cause disruption of communications and technology infrastructures, which could impact our customers or solutions and could have unforeseen economic impacts. A decline or delay in economic spending due to war, the significant threat of war or a terrorist act could reduce demand for our services, materially adversely affecting our revenues and results of operations. A widespread outbreak of an illness or other health issue could negatively affect our business, making it more difficult and expensive to meet our obligations to our customers, and could result in reduced demand from our customers. A number of countries in the Asia/Pacific region have experienced outbreaks of SARS or bird flu. As a result of such an outbreak, businesses can be shut down temporarily and individuals can become ill or quarantined. Outbreaks of infectious diseases such as these, particularly in North America or Europe, could adversely affect general commercial activity, which could have a material adverse effect on our financial condition, results of operations, business or prospects. If our operations are curtailed because of health issues, we may need to seek alternate sources of supply for services and staff and these alternate sources may be more expensive. Alternate sources may not be available or may result in delays to our customers, each of which would affect our results of operations. Further, if our customers’ businesses are affected by health issues, they might delay or reduce purchases from us, which could adversely affect our results of operations. If the enterprise information technology budgets and the digital identity security market do not continue to grow, demand for our products and services will be adversely affected. The market for digital identity and information security solutions is at an early stage of development. Continued growth of the digital identity security market will depend, in large part, on the following: • the continued increase in the number of organizations adopting or expanding intranets and extranets; • the perceived quality, price, availability, and interoperability of our services as compared to our competitors’ services; • the rate of adoption of Internet-based business applications such as Web Services; • the ability of network infrastructures to support an increasing number of users and services;
6
• the public recognition of the potential threat posed by computer hackers and other unauthorized users; • market acceptance and use of new technologies and standards; and • the continued development of new and improved services for implementation across the Internet, intranets and extranets. A decline in the growth of this market could reduce demand for our solutions, adversely affecting our revenues and results of operations. A breach of security at one of our customers or one of our data centers, whether or not due to our solutions, could harm our reputation and reduce the demand for our services. The processes used by computer hackers to access or sabotage networks and intranets are rapidly evolving. A well-publicized actual or perceived breach of network or computer security at one of our customers or our internal network, regardless of whether such breach is attributable to our services, third-party technology used within our services or internally, or any significant advance in techniques for decoding or “cracking” encrypted information, could adversely affect the market’s perception of us and our services, and could have an adverse effect on our reputation and the demand for our services. Our revenues may decline if we cannot compete successfully in an intensely competitive market. We target our solutions at the rapidly evolving market for digital identity and information security solutions. Many of our current and potential competitors have longer operating histories, greater name recognition, larger installed bases and significantly greater financial, technical, marketing and sales resources than we do. As a result, they may be able to react more quickly to emerging technologies and changes in customer requirements, or to devote greater resources to the promotion and sale of their products. In addition, certain of our current competitors in particular segments of the security marketplace may in the future broaden or enhance their offerings to provide a more comprehensive solution competing more fully with our functionality. Increased competition and increased market volatility in our industry could result in lower prices, reduced margins or the failure of our products and services to achieve or maintain market acceptance, any of which could have a serious adverse effect on our business, financial condition and results of operations. Our business will not be successful if we do not keep up with the rapid changes in our industry. The emerging market for digital identity and information security products and related services is characterized by rapid technological developments, frequent new product introductions and evolving industry standards. To be competitive, we have to continually improve the performance, features and reliability of our products and services, particularly in response to competitive offerings, and be first to market with new products and services or enhancements to existing products and services. Our failure to develop and introduce new products and services successfully on a timely basis and to achieve market acceptance for such products and services could have a significant adverse effect on our business, financial condition and results of operations. We may have difficulty managing our operations, which could adversely affect our ability to successfully grow our business. Our ability to manage future growth, if any, will depend upon our ability to: • continue to implement and improve operational, financial and management information systems on a timely basis; and • expand, train, motivate and manage our work force.
7
Our personnel, systems, procedures and controls may not be adequate to support our operations. The geographic dispersal of our operations may make it more difficult to manage our growth. We depend on our key personnel for the success of our business and the loss of one or more of our key personnel could have an adverse effect on our ability to manage our business or could be negatively perceived in the capital markets. Our success and our ability to manage our business depend, in large part, upon the efforts and continued service of our senior management team. The loss of one or more of our key personnel could have a material adverse effect on our business and operations. It could be difficult for us to find replacements for our key personnel, as competition for such personnel is intense. Further, such a loss could be negatively perceived in the capital markets, which could reduce the market value of our securities. If we fail to continue to attract and retain qualified personnel, our business may be harmed. Our future success depends upon our ability to continue to attract and retain highly qualified scientific, technical, sales and managerial personnel. Competition for such personnel is intense, particularly in the field of information security, and there can be no assurance that we can retain our key scientific, technical, sales and managerial employees or that we can attract, motivate or retain other highly qualified personnel in the future. These challenges are made more severe by our history of operating losses and the employment reductions from our restructurings. If we cannot retain or are unable to hire such key personnel, our business, financial condition and results of operations could be significantly adversely affected. We may not be able to protect our intellectual property rights, which could make us less competitive and cause us to lose market share. Our future success will depend, in part, upon our intellectual property rights and our ability to protect these rights. We rely on a combination of copyright, trademark and trade secret laws, nondisclosure agreements and other contractual provisions to establish, maintain and protect our proprietary rights. Despite our efforts to protect our proprietary rights, unauthorized third parties may: • copy aspects of our products; or • obtain and use information that we regard as proprietary. Our inability or failure to protect our proprietary rights could have a significant adverse effect on our business, financial condition or results of operations, while actions taken to enforce our intellectual property rights could substantially increase our quarterly expenses. We may in the future become subject to intellectual property infringement claims that could be costly and could result in a diversion of management’s attention. Technology companies may be exposed to intellectual property infringement claims from third-parties. Such potential litigation carries a number of significant risks, including: • litigation is often very expensive, even if resolved in our favor; and • litigation diverts the attention of management and other resources. Moreover, if a court or other government agency rules against us in any intellectual property litigation, we might be required to: • • • • •
discontinue the use of certain processes; cease the use and sale of certain products; expend significant resources to develop non-infringing technology; obtain licenses to the infringing technology; or pay significant monetary damages.
8
We may lose access to technology that we license from outside vendors, which loss could adversely affect our ability to sell our services. We rely on outside licensors for patent and/or software license rights in technology that is incorporated into and is necessary for the operation of our products and services. Our success will depend in part on our continued ability to have access to such technologies that are or may become important to the functionality of our products and services. Any inability to continue to procure or use such technology could have a significant adverse effect on our ability to sell some of our services. Future acquisitions or investments could disrupt our ongoing business, distract our management and employees, increase our expenses and adversely affect our results of operations. It is possible, as part of our future growth strategy, that we will from time-to-time acquire or make investments in companies, technologies, product solutions or professional services offerings. With respect to these acquisitions, we would face the difficulties of assimilating personnel and operations from the acquired businesses and the problems of retaining and motivating key personnel from such businesses. In addition, these acquisitions may disrupt our ongoing operations, divert management from day-to-day business, increase our expenses and adversely impact our results of operations. Any future acquisitions would involve certain other risks, including the assumption of additional liabilities, potentially dilutive issuances of equity securities and incurrence of debt. In addition, these types of transactions often result in charges to earnings for such items as amortization of goodwill or inprocess research and development expenses. Our excess facilities are costly. We currently lease a number of excess or unused facilities for which our lease commitments will not expire for several years. If we are unable to enter into suitable sublease arrangements for these facilities, we would continue to be responsible for the full rental amount, a continuing cash strain on the Company. We face risks associated with our international operations, which, if not managed properly, could have a significant adverse effect on our business, financial condition or results of operations. In the future, we may establish additional foreign operations, hire additional personnel and establish relationships with additional partners internationally. This expansion would require significant management attention and financial resources and could have an adverse effect on our business, financial condition and results of operations. In addition, our international business may be subject to the following risks: • • • • • • • •
difficulties in collecting international accounts receivable; difficulties in obtaining export licenses, especially for products containing encryption technology; potentially longer payment cycles for customer payments; increased costs associated with maintaining international marketing efforts; introduction of non-tariff barriers and higher duty rates; difficulties in enforcement of contractual obligations and intellectual property rights; difficulties managing personnel, partners and operations in remote locations; and increased complexity in global corporate tax structure.
Any one of these risks could significantly and adversely affect our business, financial condition or results of operations. If the laws regarding exports of products further limit or otherwise restrict our business, we could be prohibited from shipping third-party products to restricted countries, which would result in a loss of revenues. Some of the third-products we offer are subject to export controls under the laws of Belgium, United States, and other countries. The list of products and countries for which exports are restricted, and the 9
relevant regulatory policies, are likely to be revised from time to time. If we cannot obtain required government approvals under these regulations, we may not be able to sell products abroad or make products available for sale internationally. Our stock is relatively illiquid. Less than 10% of our shares are held by the public. Consequently, there is very limited daily trading activity. An investor wishing to sell our shares in the public market may not be able to do so at a favorable price or at all.
RESULTS OF OPERATIONS MANAGEMEN T’S DISC USSION AND ANALYSIS OF FINANC IAL C O N D I T I O N AN D R E S U L T S O F O P ER AT I O N S GENERAL Ubizen is reporting a fifth quarter for 2005 as a one time reflection of the change from a fiscal year ending September 30 to a fiscal year ending December 31. Thus, fiscal 2005 reflects the 15-month period ended December 31, 2005. Fiscal 2005 was a year of steady performance for Ubizen as we continued to strike a balance between maintaining a continued focus on profitability and our ongoing work to build the company for the long term. Ubizen’s fiscal year 2005 was clearly a year of transition. We continued to focus on Managed Security Services and continued to divest non core assets. As we entered 2006, these divestments are now finalized and during the last two quarters of 2005 we achieved EBITDA profitability. As a result of our continued focus on Managed Security Services, this segment of the business has consistently grown throughout the year and represents more than 61% of consolidated revenue for fiscal 2005. During the fifth quarter, the MSS business contributed more than 57% to consolidated revenue. The strengthening of the MSS business has contributed to an improvement of Ubizen’s financial performance. Ubizen’s focus on MSS has resulted in lower revenues in other segments, such as thirdparty products, however the gross profit has remained stable. In addition, the Company has undertaken a very stringent cost control initiative, which has resulted in significant improvements in both operating and net results. The operating loss amounted to EUR (3,820) for the 15-months ended December 31, 2005 as compared to EUR (5,533) for the 15-months ended December 31, 2004. Net loss improved to EUR (8,610) for the 15-months ended December 31, 2005 compared to EUR (14,669) for the 15-months ended December 31, 2004. The financial position has been strengthened by capital increases and further divestitures of nonstrategic assets. Specifically, Ubizen increased its unrestricted cash position to EUR 3,130 at December 31, 2005 from EUR 2,351 at December 31, 2004. This increase was largely due to net borrowings of EUR 1,445 from the Company’s principal shareholder, Cybertrust Holdings, Inc. The results for the 15-months ended December 31, 2005 include activity for both Aethis S.A. and eXpanded Media N.V. Effective December 23, 2005, Ubizen’s ownership of Aethis S.A. was diluted below 50%. Therefore we will no longer consolidate Aethis S.A.’s operating results subsequent to December 31, 2005 and Aethis S.A.’s net assets were reported as an equity method investment as of December 31, 2005. During the first quarter of 2006, we sold eXpanded Media N.V. Accordingly, eXpanded Media N.V.’s operating results will not be included in the Company’s results subsequent to December 31, 2005. These entities represented EUR 751, or 6.9%, of consolidated revenues in the fifth quarter of fiscal 2005. 10
RESULTS OF OPERATIONS (12 MONTHS ENDED SEPTEMBER 30, 2005 AND 2004) PREPARED IN ACCORDANCE WITH THE ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA (“US GAAP”) Ubizen has obtained exemption from preparing its consolidated financial statements in accordance with Belgian GAAP and only prepares its consolidated financial statements in accordance with US GAAP. Revenues Consolidated revenues have decreased 2.1% to EUR 41,825 for the 12-months ended September 30, 2005 from EUR 42,722 for the 12-months ended September 30, 2004. The decrease primarily results from a decrease in professional services revenue. Ubizen’s core MSS business grew 15.3% from EUR 22,766 for the 12-months ended September 30, 2004 to EUR 26,252 for the 12-months ended September 30, 2005. This increase results from Ubizen’s continued strategy of focusing on MSS rather than on products and related integration services. Ubizen refocused its professional services practice during fiscal 2004 towards high-end consulting services and operational security services. Examples of these services are Risk Assessments, Forensic Investigation, and Visa and Mastercard compliance services. This change in focus and a reduction of billable consultants resulted in a decrease in professional services revenue from EUR 11,161 for the 12-months ended September 30, 2004 to EUR 7,891 for the 12-months ended September 30, 2005. Third-party product sales increased 3.9% to EUR 7,682 for the 12-months ended September 30, 2005 from EUR 7,395 for the 12-months ended September 30, 2004. Gross profit Gross profit decreased 5.8% from EUR 21,962 for the 12-months ended September 30, 2004 to EUR 20,684 for the 12-months ended September 30, 2005. The MSS business realized increased gross profit of EUR 14,732 for the 12-months ended September 30, 2005 up from EUR 12,585 for the 12-months ended September 30, 2004. The gross profit margin increased to 56.1% for the 12-months ended September 30, 2005 from 55.2% for the 12-months ended September 30, 2004. The gross profit on professional services decreased to EUR 4,029 for the 12-months ended September 30, 2005 from EUR 6,245 for the 12-months ended September 30, 2004. The reduced number of billable consultants caused professional services’ revenue to decrease. Gross margin on professional services returned to a more normalized level of 51.1% for the 12-months ended September 30, 2005 compared to 56.0% for the 12-month period ended September 30, 2004. The increase in third-party product revenue resulted in the increase in gross profit to EUR 1,923 for the 12-months ended September 30, 2005 from EUR 1,743 for the 12-months ended September 30, 2005. Research and development Total research and development expenditures amounted to EUR 7,380 for the 12-months ended September 30, 2005 compared to EUR 7,480 for the 12-months ended September 30, 2004. This decrease directly resulted from cost control initiatives. Sales and marketing
11
Sales & marketing expenses decreased to EUR 8,181 for the 12-months ended September 30, 2005 from EUR 9,238 for the 12-months ended September 30, 2004, resulting from continued focus on cost containment as well as leveraging of the sales and marketing efforts of its principal shareholder, Cybertrust Holdings, Inc. General and administrative General and administrative expenses decreased by more than 17% to EUR 5,418 for the 12-months ended September 30, 2005 from EUR 6,556 for the 12-months ended September 30, 2004. Ubizen achieved this reduction as part of its cost control program. Other operating expenses Other operating expenses increased to EUR 2,727 for the 12-months ended September 30, 2005 to EUR 2,326 for the 12-months ended September 30, 2004. Loss from operations Ubizen’s focus on Managed Security Services resulted in gradually improving results. Operating loss improved to EUR 3,653 for the 12-months ended September 30, 2005 from EUR 4,366 for the 12months ended September 30, 2004. This improvement resulted from Ubizen’s cost control program. Net other income (expense) Net other expense increased to EUR (4,624) for the 12-months ended September 30, 2005 compared to EUR (4,007) for the 12-months ended September 30, 2004. For the 12-months ended September 30, 2005, Ubizen accrued additional vacant office space costs of EUR 4,163. Additionally, foreign currency exchange gains totaled EUR 637 for the 12-months ended September 30, 2005 compared to exchange losses of EUR (414) for the 12-months ended September 30, 2004. The exchange gains for the 12-months ended September 30, 2005 mainly result from the improvement in the value of the US Dollar relative to the Euro. For the 12-months ended September 30, 2004, the Company incurred EUR 1,189 related to take-over bids and capital increases. Additionally, Ubizen incurred a loss of EUR 853 on disposal of nonstrategic assets such as the remaining stake in Risc Technology. LIQUIDITY AND CAPITAL RESOURCES Operating activities for the 12-months ended September 30, 2005 have used cash in the amount of EUR (1,350) compared to EUR (4,602) for the 12-months ended September 30, 2004. Working capital, net of short-term borrowings resulted in positive cash flow of EUR 4,088 for the 12-months ended September 30, 2005 compared to a cash usage of EUR (86) for the 12-months ended September 30, 2004. For the 12-months ended September 30, 2005, Ubizen continued to divest non-strategic assets. Proceeds from the disposal of shares in Vasco Data Security International amount to EUR 1,942 for this period. Capital expenditures decreased to EUR (932) for the 12-months ended September 30, 2005 compared to EUR (1,169) for the 12-months ended September 30, 2004. Capital expenditures primarily relate to investments in MSS infrastructure. For the 12-months ended September 30, 2005, cash used in financing activities was EUR (124) compared to cash provided by financing activities of EUR 4,597 for the 12-months ended September 30, 2004. During the 12-months ended September 30, 2004, two capital increases provided EUR 6,726 to the Company. This increased funding was partially offset by net short-term debt repayments
12
of EUR (1,650). The unrestricted cash position increased from EUR 3,662 at September 30, 2004 to EUR 3,815 at September 30, 2005. RESULTS OF OPERATIONS (3 MONTHS ENDED DECEMBER 31, 2005 AND 2004) PREPARED IN ACCORDANCE WITH THE ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA (“US GAAP”) Revenues Consolidated revenues have increased 7.1% to EUR 10,809 for the 3-months ended December 31, 2005 from EUR 10,096 for the 3-months ended December 31, 2004. The core MSS business grew 2.4% to EUR 6,214 for the 3-months ended December 31, 2005 from EUR 6,071 for the 3-months ended December 31, 2004. Professional services increased 36.4% to EUR 2,830 for the 3-months ended December 31, 2005 from EUR 2,075 for the 3-months ended December 31, 2004. Third-party product sales decreased 9.5% to EUR 1,765 for the 3-months ended December 31, 2005 from EUR 1,950 for the 3-months ended December 31, 2004. Gross profit Gross profit increased 17.8% from EUR 4,890 for the 3-months ended December 31, 2004 to EUR 5,762 for the 3-months ended December 31, 2005. The increase results principally from the increase in total revenue as well as the improved margins for both the MSS and third-party product lines. The growth of Ubizen’s MSS business resulted in increased gross profit to EUR 3,806 for the 3months ended December 31, 2005 from EUR 3,542 for the 3-months ended December 31, 2004. The gross profit margin increased to 61.2% for the 3-months ended December 31, 2005 from 58.3% for the 3-months ended December 31, 2004. The gross profit on professional services increased to EUR 1,216 for the 3-months ended December 31, 2005 from EUR 964 for the 3-months ended December 31, 2004. Gross margin on professional services decreased to 43.0% for the 3-months ended December 31, 2005 compared to 46.5% for the 3-months ended December 31, 2004. The gross profit on third-party products increased from EUR 384 for 3-months ended December 31, 2004 to EUR 739 for the 3-months ended December 31, 2005. Although third-party products revenue decreased over the respective periods, gross profit improved due to sales of higher margin third-party products. Research and development Total research and development expenditures amounted to EUR 1,616 for the 3-months ended December 31, 2005 compared to EUR 1,707 for the 3-months ended December 31, 2004. The decrease principally resulted from concerted cost-cutting efforts, including reducing the Company’s investment in application security products. Sales and marketing Sales & marketing expenses decreased to EUR 1,641 for the 3-months ended December 31, 2005 from EUR 1,943 for the 3-months ended December 31, 2004, resulting from continued focus on cost containment. General and administrative General and administrative expenses increased to EUR 1,718 for the 3-months ended December 31,
13
2005 from EUR 1,092 for the 3-months ended December 31, 2004. This increase directly resulted from the commencement of additional operations in the United States. Excluding the impact of these new operations, general and administrative expenses would have been flat at EUR 1,104 for the 3months ended December 31, 2005. Other operating expenses Other operating expenses decreased from EUR 1,116 for the 3-months ended December 31, 2004 to EUR 954 for the 3-months ended December 31, 2005, resulting from continued focus on cost containment. Loss from operations Ubizen’s focus on Managed Security Services resulted in improved results. EBITDA for the 3-months ended December 31, 2005 was EUR 313 compared to EUR (524) for the 3-months ended December 31, 2004. Net other income (expense) Net other expense amounted to EUR (25) for the 3-months ended December 31, 2005 compared to EUR (4,167) for the year-ago period. This increase principally resulted from the accrual for additional vacant office space. During the 3-months ended December 31, 2004, the Company recorded an additional accrual of EUR 4,163. LIQUIDITY AND CAPITAL RESOURCES Operating activities provided cash in the amount of EUR 150 for the 3-months ended December 31, 2005 as compared to cash usage of EUR (2,936) for the 3-months ended December 31, 2004. Working capital, net of short-term borrowings resulted in cash outflow of EUR (132) for the 3-months ended December 31, 2005 compared to cash inflow of EUR 1,755 for the 3-months ended December 31, 2004. Capital expenditures for the 3-months ended December 31, 2005 totaled EUR (746) compared to EUR (193) for the 3-months ended December 31, 2004. Capital expenditures primarily relates to investments in MSS infrastructure. For the 3-months ended December 31, 2005, cash provided in financing activities was EUR 274 compared to cash used in financing activities of EUR (124) for the 3-months ended December 31, 2004. The improvement resulted from EUR 274 increase of net assets resulting from the partial dilution of our ownership interest in Aethis S.A. coupled by the final payment of capital leases incurred for 3-months ended December 31, 2004. The unrestricted cash position increased from EUR 2,351 at December 31, 2004 to EUR 3,130 at December 31, 2005. The Company’s net borrowings from Cybertrust of EUR 1,147 during the 3months ended December 31, 2005 represented the primary reason for improved cash position.
14
Contents Independent Auditor’s Report
16
Financial Statements Consolidated Balance Sheets
18
Consolidated Statements of Operations
19
Consolidated Statements of Stockholders’ Equity
20
Consolidated Statements of Cash Flows
21
Notes to the Consolidated Financial Statements
22
15
STATUTORY AUDITOR’S REPORT TO THE GENERAL MEETING OF SHAREHOLDERS OF UBIZEN NV ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE 15 MONTHS ENDED 31 DECEMBER 2005 In accordance with the legal and statutory requirements, we report to you on the performance of the audit mandate which has been entrusted to us. We have audited the consolidated financial statements for the 15 months ended 31 December 2005, prepared in accordance with the accounting principles generally accepted in the United States of America, which show a balance sheet total of 38,549 thousand and a loss for the 15 months of 8,610 thousand. We have also carried out the specific additional audit procedures required by law. The preparation of the consolidated financial statements and the assessment of the information to be included in the consolidated directors’ report, are the responsibility of the Board of Directors. Our audit of the consolidated financial statements was carried out in accordance with the auditing standards applicable in Belgium, as issued by the Institut des Reviseurs d’Entreprises / Instituut der Bedrijfsrevisoren. Disclaimer of opinion on the consolidated financial statements The above mentioned auditing standards require that we plan and perform our audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. In accordance with those standards, we considered the group’s administrative and accounting organisation, as well as its internal control procedures. Company officials have responded clearly to our requests for explanations and information. We have examined, on a test basis, the evidence supporting the amounts included in the consolidated financial statements. We have assessed the accounting policies used, the consolidation principles, the significant accounting estimates made by the Company and the overall consolidated financial statement presentation. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The consecutive losses and negative cash flows have weakened the Company’s financial position and liquidity. According to article 96 of the Belgian Company Code, the Board of Directors had to deliberate on the measures to be taken for safeguarding the continuity of the Company and to justify in the Annual Report the going concern assumption underlying the preparation of the consolidated financial statements. Note 1.2 and the Annual Report specify the Board’s position on the going concern assumption, based on the 2006 budgets confirming continued improvement of the operating results. Furthermore, the Board assumes the Company will remain controlled by Cybertrust Holdings, Inc, its major shareholder. Ubizen NV has relied on funding from Cybertrust Holdings, Inc. As a result, the going concern assumption is dependent on the continued financial support of its major shareholder and the successful realisation of the budgets. We are unable to obtain reasonable assurance as to whether this assumption will be realized. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts or classifications of liabilities that may result in case the Company would not be able to continue as a going concern. Because of the uncertainties, discussed in the preceding paragraph, we are unable to express and we do not express an opinion on the true and fair presentation in the consolidated financial statements of the financial position of Ubizen NV and subsidiaries as of December 31, 2005 and the results of their operations and their cash flows for the 15 months then ended, in conformity with accounting principles generally accepted in the United States of America. 16
Additional certifications and information We supplement our report with the following certifications and information which do not modify our audit opinion on the consolidated financial statements: • The consolidated directors’ report includes 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 group is facing, and of its situation, its foreseeable evolution or the significant influence of certain facts on its future development. We can nevertheless confirm that the matters disclosed do not present any obvious contradictions with the information of which we became aware during our audit. • As has been indicated in note 1.2, under a special derogation obtained by the Ministry of Economy, the consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the regulations of the Seventh Directive have been complied with. Gent, 18 April, 2006 Ernst & Young Reviseurs d' Entreprises SCC Statutory auditor represented by
Jean-Pierre Romont Partner
17
Consolidated Balance Sheets (EUR in thousands) Assets Current assets Cash and cash equivalents
Note
1.9
Trade accounts receivable, net Prepaid expenses Other current assets
September 30, 2004
December 31, 2005
2
Total current assets
3,130
3,662
10,541
9,167
1,668
1,551
2,901
5,403
18,240
19,783
Intangibles, net of amortization
3
11,936
3,915
Net property and equipment
4
6,608
8,193
Investments and advances in affiliated companies
1.4
139
-
Other investments
1.5
-
1,723
Restricted cash
1.9
1,055
1,055
571
223
Total non-current assets
20,309
15,109
Total assets
38,549
34,892
8,279 250 1,445 3,375 7,383
7,129 250 124 3,064 7,359
20,732
17,926
Other assets
Liabilities and Stockholders’ Equity Current Liabilities Trade accounts payable Short-term borrowings Due to related parties, net Current installments of obligations under capital leases Deferred revenue Other current liabilities and accrued expenses
6 7 8
Total current liabilities Other non-current liabilities Total liabilities Commitments and contingencies Minority interest Stockholders’ equity: Common stock, no par value; 45,280,158 and 40,901,493 shares issued and outstanding as of December 31, 2005 and September 30, 2004, respectively
7 11
9
92
-
20,824
17,926
6,681 440
5,326 451
26,988
24,378
158,989
153,235
(175,328) (45)
(631) (166,340) 547
Total stockholders’ equity
10,604
11,189
Total liabilities and stockholders’ equity
38,549
34,892
Additional-paid in capital Deferred compensation Retained earnings Accumulated other comprehensive income (loss)
See accompanying notes to the consolidated financial statements.
18
Consolidated Statements of Operations
(EUR in thousands)
Note
15-Months Ended December 31, 2005 (audited)
12-Months Ended September 30, 2005 (unaudited)
12-Months Ended September 30, 2004 (audited)
Revenues Cost of revenues
52,634 (26,188)
41,825 (21,141)
42,722 (20,760)
Gross profit
26,446
20,684
21,962
9,150 10,012 7,272 631 3,201
7,380 8,181 5,418 631 2,727
7,480 9,238 6,556 728 2,326
Operating expenses: Research and development, net Sales and marketing General and administrative Compensation cost Other operating expenses
1.14
Total operating expenses
30,266
24,337
26,328
Operating loss Other income (expense): Interest expense, net Other expense, net Foreign currency exchange gain/(loss), net
(3,820)
(3,653)
(4,366)
(134) (5,186) 619
(89) (5,172) 637
(319) (3,273) (414)
(4,701)
(4,624)
(4,007)
18
Net other income (expense) Income (loss) before income taxes and minority interest Income tax benefit (expense) Minority interest in net loss of consolidated subs
5 11
(8,521) (241) 152
(8,277) (274) 152
(8,373) (769) 392
Net income (loss)
10
(8,610)
(8,399)
(8,750)
Basic and diluted earnings per share
10
(0.20)
(0.19)
(0.22)
See accompanying notes to the consolidated financial statements.
19
Consolidated Statement of Stockholders’ Equity (EUR in thousands, except share data) Balance at September 30, 2003 Issuance of 3,580,576 new shares on February 11, 2004 Issuance of 1,515,152 new shares on March 16, 2004 Effect of compensation accounting with respect to the issuance of warrants Comprehensive income: Net loss Foreign currency translation adjustment Balance at September 30, 2004 Issuance of 4,378,665 new shares on February 21, 2005 Effect of compensation accounting with respect to the issuance of warrants Comprehensive income: Net loss Foreign currency translation adjustment Balance at December 31, 2005
Common shares
Additional paid-in capital
(no par value)
Deferred
Retained earnings
compensation
Accumulated other comprehensive loss
Stockholders’ equity
Shares 35,805,765
Amount 21,341
149,546
(1,360)
(157,590)
(69)
11,868
3,580,576
2,134
2,592
-
-
-
4,726
1,515,152
903
1,097
-
-
-
2,000
-
-
-
729
-
-
729
-
-
-
-
(8,750) -
616
(8,750) 616
40,901,493
24,378
153,235
(631)
(166,340)
547
11,189
4,378,665
2,610
5,754
-
-
-
8,364
-
-
-
631
(378)
-
253
-
-
-
-
(8,610) -
(592)
(8,610) (592)
45,280,158
26,988
158,989
-
(175,328)
(45)
10,604
See accompanying notes to the consolidated financial statements.
20
Consolidated Statements of Cash Flows 15-Months Ended December 31, 2005 (audited)
(EUR in thousands) Cash flows from operating activities: Net income (loss) Adjustments to reconcile net income to net cash provided (used) by operating activities: Depreciation and amortization Compensation cost Loss (gain) on disposal of property and equipment Loss (gain) on disposal of investments Change of minority interests in subsidiaries Exchange gain/(loss) Changes in assets and liabilities, net of effects from acquisitions and disposals: Decrease/ (increase) in trade accounts receivables Decrease/ (increase) in inventories Decrease /(increase) in prepaid expenses Decrease/(increase) in other current assets Decrease/(increase) in costs and recognized income on contracts in excess of billings Decrease/(increase) in other assets Increase/(decrease) in trade accounts payable Increase/(decrease) in deferred revenue Increase/(decrease) in other non current liabilities Increase/(decrease) in related party payable, net Increase/(decrease) in other current liabilities and accrued expenses Net cash used in operating activities Cash flows from investing activities: Additions to property and equipment Other investments Net cash provided by investing activities
12-Months Ended September 30, 2005 (unaudited)
12-Months Ended September 30, 2004 (audited)
(8,610)
(8,399)
(8,750)
2,512 631 1,382 (432) (22) (619)
2,032 631 1,390 (432) (22) (637)
3,063 730 (91) 199 (392) 725
(1,324) (48) (118) (695)
(973) (326) (223) (481)
2,027 48 (141) 615
3,318 (265) 1,132 311 (422) 1,445
3,231 (469) 3,283 (403) 631 298
551 101 (2,274) 208 (1,645) -
624
(481)
424
(1,200)
(1,350)
(4,602)
(1,678) 1,942
(932) 1,942
(1,169) 3,322
264
1,010
2,153
(124) 274
(124) -
6,726 (1,650) (479) -
Cash flows from financing activities: Proceeds on issue of shares, net of offering costs Short-term borrowings, net Repayments of long-term debt and capital obligations Increase in net assets of divested investments in subs
150
(124)
4,597
Cash and cash equivalents of divested subsidiaries
(786) 254 3,662 -
(464) 617 3,662 -
2,148 1,547 (32)
Cash and cash equivalents at end of period
3,130
3,815
3,662
135 253
90 241
181 734
Net cash provided by financing activities Increase/(decrease) in cash and cash equivalents Foreign exchange impact on cash and equity Cash and cash equivalents, beginning
Supplemental disclosure: Cash paid during period for interest Income taxes paid
See accompanying notes to the consolidated financial statements
21
Notes to the Consolidated Financial Statements (EUR and USD in thousands, except share and per share data) 1
Nature of business and significant accounting policies
1.1.
Description of business
Ubizen, founded in May 1995, is a provider of e-security solutions. Ubizen’s e-security products and services allow companies worldwide to confidently move their business operations (business-tobusiness, business-to-consumer, Intranet) online. Companies rely on Ubizen’s OnlineGuardian® for outsourced monitoring, management and support of enterprise security devices 24x7. Expert security analysts at three Security Operations Centers worldwide, utilize unique SEAM™ technology to analyze millions of security events and rapidly respond to the real security threats. A Professional Services team complements OnlineGuardian by helping enterprises plan and implement vulnerability assessments, security policies and security infrastructures. Ubizen is the trusted partner of major financial institutions and organizations worldwide. 1.2
Basis of presentation
The consolidated financial statements are stated in thousands of Euro (EUR), unless otherwise indicated and are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Ubizen is reporting a fifth quarter for 2005 as a one time reflection of the change from a fiscal year ending September 30 to a fiscal year ending December 31. Thus, fiscal 2005 reflects the 15-month period ended December 31, 2005. Following Belgian accounting law, the Group is obliged to prepare its consolidated financial statements in accordance with Belgian accounting principles. Following article 14 of the law of July 17, 1975 on accounting and the annual accounts of enterprises, the Ministry of Economy authorized Ubizen to use other accounting principles than the ones defined in chapters I to III of the Royal Decree of January 31, 2001 on the consolidated financial statements of enterprises. This departure allows Ubizen to prepare and publish the consolidated financial statements under US GAAP. This authorization is contingent upon the following conditions: -
Ubizen follows all US GAAP requirements;
-
Ubizen abides by all mandatory rules of the 7th European Directive.
In preparing the financial statements following US GAAP, the Group has found no material contradiction with the mandatory rules of the 7th European Directive. The financial statements have been prepared under the assumption of going concern. This assumption is based on the basis of a detailed business plan, resulting in positive EBITDA and operating cash flows, as well as anticipated synergies derived from being a member of the Cybertrust group, a strong position in the MSS market, and continued improvement in the cost structure from the ongoing cost-control initiatives. Pursuant to the European regulation n° 1606/2002 dated July 19, 2002, issuers whose securities are admitted for trading on a regulated market of a member state have to prepare their consolidated financial statements for financial years beginning on or after January 1, 2005 in accordance with IFRSs adopted by the European Union (EU IFRS). The financial year subject of the current annual report started on October 1, 2004 and ended on December 31, 2005. Accordingly, the annual accounts of the past financial year have not been prepared in accordance with EU IFRS. At the end of this report, an analysis is provided disclosing the major differences between the Company’s current valuation rules (US GAAP) and EU IFRS which might impact the opening balance sheet and the 2005 financial statements.
22
1.3
Principles of consolidation
The consolidated financial statements include the financial statements of Ubizen and its wholly and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. eXpanded Media N.V. On February 17, 2006, the Company sold its entire ownership stake in eXpanded Media to a French consulting company (see Note 23). At December 31, 2005, the following is an overview of the consolidated entities: Name
Country
Statutory seat
% control by the Company Direct
Indirect
Core business Ubizen Luxembourg S.A.
Luxembourg
L-Luxembourg
100.00%
-
Ubizen B.V.
The Netherlands
Mijdrecht
100.00%
-
UK
London
100.00 %
-
Ubizen Inc.
U.S.A.
Herndon
100.00%
-
Ubizen USA LLC
U.S.A.
Herndon
100.00%
-
Ubizen France SAS
France
Paris
100.00%
-
Ubizen Italia SrL
Italy
Milan
100.00%
-
GlobalSign N.V.
Belgium
Leuven
90.88%
-
U.S.A.
Herndon
100.00%
-
Belgium
Leuven
76.11%
9.16%
Ubizen Limited
GlobalSign USA LLC Related business eXpanded Media N.V. 1.4
Investments in associated companies
Ubizen Aethis On November 27, 2002, Ubizen entered into a management buy-out agreement with Ubizen Aethis Management, whereby Aethis Management purchased 40% of outstanding Ubizen Aethis shares for an aggregate amount of EUR 262. Additionally, Ubizen granted a call option on 384 shares of Ubizen Aethis at an aggregate price of EUR 133. The option was to be exercised between January 1, 2003 and December 31, 2005. On December 23, 2005, Ubizen and Aethis Management entered into a new shareholders’ agreement that replaced the management buy-out agreement of 2002 and canceled the call option. On that same day, Aethis Management and Ubizen subscribed to a capital increase as a result of which Ubizen’s participation in Ubizen Aethis diluted to 49.96%. Accordingly, the Ubizen Aethis net assets as of December 31, 2005 were reclassified to Investment and advances in affiliated companies on the Balance Sheet. 1.5
Other investments
Vasco Data Security International Inc. On July 15, 2003, Ubizen and Vasco Data Security International (VDSI), a leading e-security product company, entered into a Securities Purchase Agreement to sell and redeem the securities purchased following a Securities Purchase Agreement entered into by the same parties on July 20, 2000.
23
Through the Securities Purchase Agreement of July 15, 2003, Ubizen sold all these securities to VDSI in exchange for USD 4,000 in cash and 2,000,000 shares of common stock subject to certain transfer restrictions. Of the cash purchase price, USD 3,000 was paid on July 25, 2003 and USD 1,000 was paid on November 14, 2003. The shares of common stock were issued subject to a one-year lock-up period. For so long as the shares remained subject to the Lock-Up Period, Ubizen was not permitted to sell or otherwise transfer such shares. The shares were released from the restrictions of the Lock-Up Period in tranches in three-month intervals starting October 15, 2003. Upon the expiration of the Lock-Up Period with respect to any shares, Ubizen was during any calendar week restricted from selling or otherwise transferring an amount of the released shares exceeding the average weekly trading volume for the common stock during the four calendar weeks immediately preceding the relevant week. At September 30, 2004, Ubizen had sold 1,061,100 ordinary VDSI shares. The remaining 938,900 shares were recorded at USD 2.25 per share, totaling USD 2,113 or EUR 1,709. Total market value of the investment as of September 30, 2004, based on the closing price on NASDAQ, amounted to USD 2,037 or EUR 1,652. The EUR 0.08 per share difference between market value and carrying amount was not written-down as of September 30, 2004 as the remaining 938,900 shares were sold in October and November 2004 at an average price in excess of the carrying value resulting in a gain of EUR 432. 1.6
Foreign currency translation
The functional currency of Ubizen’s foreign subsidiaries is the local currency. Assets and liabilities in foreign currencies are translated using the exchange rate on the balance sheet dates. The translation adjustments resulting from this process are included as a component of stockholders’ equity in accumulated other comprehensive income. Revenues and expenses are translated using average exchange rates prevailing during the period. Foreign currency transaction gains and losses are included in the determination of net income (loss). Deferred tax assets (liabilities) are established on the cumulative translation adjustment attributable to unremitted foreign earnings that are not intended to be indefinitely reinvested. 1.7
Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. 1.8
Revenue recognition
The Company recognizes revenue from the sale of its own developed and third party software licenses and the performance of multiple element arrangements upon satisfaction of all of the following criteria to the sale or each separate element of the arrangement: (1) persuasive evidence of an arrangement exists including signed contracts, (2) the product has been delivered, (3) the fee for the sale has been fixed or determined, and (4) the collectibility of the related receivable is probable. (SOP 97-2 as modified by SOP 98-9) Revenue related to support contracts is recognized on a straight-line basis over the period of the contract. Revenue from hardware and off-the-shelf software sales are recognized upon shipment and the passage of title. Management has adopted EITF 00-21 “Revenue Arrangements with Multiple Deliverables” prospectively for new arrangements starting July 1, 2003 based on guidance with respect to the definition of “fiscal periods” as issued by the AICPA International Task Force.
24
Professional services are focused on risk management, assessment and development of customers’ security policies and architecture and infrastructure design. Revenues from fixed fee arrangements are billed and recognized upon completion of the work and work under time and materials are billed and recognized as incurred. Multiple elements arrangements can include any combination of hardware, software and services. Revenue on components of a multiple element arrangement is recorded when (1) the delivered item(s) has value to the customer on a standalone basis. That item(s) has value on a standalone basis if it is sold separately by any vendor or the customer could resell the delivered item(s) on a standalone basis. (2) There is objective and reliable evidence of the fair value of the undelivered item(s). (3) If the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item(s) is considered probable and substantially in the control of the vendor”. 1.9
Cash and cash equivalents
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of December 31, 2005 and September 30, 2004, EUR 1,078 and EUR 406, respectively, was held in financial institutions outside Europe. As of December 31, 2005 and September 30, 2004, cash totaling EUR 1,055 was restricted in use as it was held as collateral for the guarantee of the Ubicenter lease (see Note 8). 1.10
Trade accounts receivable, net
Accounts receivable are recorded at the invoiced amount and are not interest bearing. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible trade receivables. The Company also reviews its trade receivables by aging category to identify specific customers with known disputes or collectibility issues. The Company exercises judgment when determining the adequacy of these reserves as it evaluates historical bad debt trends, general economic trends in Europe and the US, and changes in customer financial condition. As of December 31, 2005 and September 30, 2004, allowance for doubtful accounts receivable was EUR 360 and EUR 491, respectively. 1.11
Goodwill and other intangibles
Ubizen accounts for goodwill and other intangible assets in accordance with Statement of Financial Accounting Standards No. (SFAS) 142, Goodwill and Other Intangibles. SFAS 142 requires that goodwill and identifiable intangible assets with indefinite useful lives no longer be amortized, but instead be tested for impairment at least annually. SFAS 142 also requires that intangible assets with estimable useful lives be amortized over their respective estimated useful lives, and reviewed for impairment in accordance with SFAS 144, Accounting for the Impairment or Disposal of Long-Lived Assets. Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired. In accordance with SFAS 142, goodwill is no longer amortized, but reviewed at least annually for impairment. Based on the applicable provisions and interpretive guidance, the Company tested the fair value of goodwill and performed a goodwill impairment test. Licenses and other intangible are stated at cost unless acquired as part of a business combination in which case they are stated at fair value determined at the time of acquisition. Amortization is charged on a straight-line basis over the expected useful life of these assets deemed to be 3 years with respect to licenses and from 5 to 10 years with respect to other intangibles. Licenses to be held and used are measured for impairment when indicators of impairment exist and the sum of the estimated undiscounted future cash flows attributable to the licenses is lower than the their carrying amounts. If the undiscounted cash flows used in the test for recoverability are less than the licenses carrying amount, an impairment loss is recorded when the difference between the fair value of the licenses is below the carrying amount of the license.
25
1.12
Property and equipment
The Company records property and equipment at cost and then provides for depreciation using the straight-line basis over the estimated useful lives of the assets. Property and equipment under capital leases are stated at the present value of the minimum lease payments, and are amortized using the straight-line basis over the shorter of the lease term or estimated useful life of the assets. The estimated useful lives of assets are as follows: Estimated Useful Life Machinery and equipment Vehicles Computer equipment Furniture
5-7 years 4-5 years 3-5 years 5-10 years
When property and equipment is retired or sold, its cost and the related accumulated depreciation are written off and the resulting gain or loss is included in net income (loss). 1.13
Income taxes
The provision for income taxes is computed using the liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and of net operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. 1.14
Research and development
The Company invests in research and development to enhance existing software products and develop new software products to take advantage of market opportunities. The Company expenses research and development costs as incurred. The Regional Government of Flanders and the European Community provided non-refundable financial support for certain research and development projects which is used to off-set gross research and development expenses. This financial support is recognized when the Company is certain that the conditions to be complied with in order to receive the grant have been met. The Company incurred research and development expenses, as follows: 15 Months Ended December 31, 2005 9,150 9,150
Total research and development expense Less: government grants Research and development, net of government grants
1.15
12 Months Ended September 30, 2005 7,380 7,380
12 Months Ended September 30, 2004 7,765 (285) 7,480
Net loss per share
Basic net loss per share is computed using the weighted-average number of common shares outstanding during the periods. Diluted net loss per share is computed using the weighted-average number of common shares outstanding and potentially dilutive common shares outstanding during the periods. As the Company has experienced net losses since inception, potentially dilutive securities are excluded from diluted net loss per share as the impact would be anti-dilutive. Thus, for each period presented basic and diluted net loss per share are the same.
26
1.16
Advertising costs
Advertising costs are expensed as incurred. The advertising costs are included in the sales & marketing costs as presented on the face of the consolidated statements of income. 1.17
Accumulated other comprehensive income (loss)
The Company records comprehensive income (loss) in accordance with SFAS 130, Reporting Comprehensive Income, which establishes standards for reporting comprehensive income and its components in the financial statements. The principal component of other comprehensive income (loss) is foreign currency translation adjustments, net of taxes. Comprehensive income (loss) and the components of other comprehensive income are presented in the accompanying Consolidated Statement of Stockholders’ Equity. 1.18
Recently issued accounting pronouncements
In December 2004, the Financial Accounting Standards Board issued SFAS 123R, Share-Based Payment, which requires companies to measure and recognize compensation expense for all stockbased payments at fair value. SFAS 123R is effective for fiscal years beginning after June 15, 2005. Thus, SFAS 123R will be effective for the Company beginning in 2006. The Company is currently evaluating the impact of SFAS 123R on its financial position and results of operations. 1.19
Reclassifications
Certain fiscal 2004 amounts have been reclassified to conform to the fiscal 2005 presentation. 2
Other current assets
Other current assets consisted of: December 31, 2005 Income taxes refundable
1,556
4
3,322
286
525
2,901
5,403
Costs and recognized income on contracts in excess of billings Other
3
September 30, 2004
2,611
Intangibles
Intangibles, net of amortization include the following: December 31, 2005
September 30, 2004
Goodwill
72,174
Licenses
5,335
5,335
13,371
13,371
Other intangibles Accumulated amortization
64,153
90,880
82,859
(78,944)
(78,944)
11,936
3,915
Other intangibles consist mainly of identified technology-related intangible assets (EUR 13,214) including core developed technology (EUR 4,786) and identified non-technology related intangible assets (EUR 1,813) in relation to the acquisition of Ubizen SAS and Ubizen Inc. Identified nontechnology related intangible assets include assembled work force, trademark and trade name and customer related intangibles. As a result of discontinuing the Company’s own software division these
27
identified intangible assets were fully amortized at September 30, 2001. Goodwill, calculated in accordance with the specified policy, consists of the following: December 31, 2005 Value at acquisition date Less: accumulated amortization
September 30, 2004
72,174
64,153
(60,238)
(60,238)
11,936
3,915
At December 31, 2005 net goodwill was EUR 11,936 related to Ubizen Netherlands as well as its acquisition of Cybertrust’s Managed Security Services and Omniroot business lines. 4
Net property and equipment
Property and equipment consisted of the following: December 31, 2005 393 7,913 8,299 16,605 (9,997) 6,608
Machinery and equipment Computers, vehicles and furniture Leasehold improvements Less accumulated depreciation and amortization Net property and equipment
September 30, 2004 541 8,054 9,065 17,660 (9,467) 8,193
Depreciation expense for the 15-months ended December 31, 2005 as well as for the 12-months ended September 30, 2005 and 2004 was EUR 2,280, EUR 1,925, and EUR 2,085, respectively. 5
Income taxes
The income tax expense/(income) attributable to income from operations consists of: 15 Months Ended
12 Months Ended
December 31, 2005
September 30, 2004
Current Belgium
(30)
276
Outside of Belgium
271
493
Belgium
-
-
Outside of Belgium
-
-
241
769
Deferred
The actual income tax expense for the periods differ from the "expected" tax computed by applying the Belgian corporate income tax rate of 33.99% to income before taxes and minority interests as follows: Computed "expected" tax (benefit) expense Difference in foreign tax rates Compensation cost of share and warrant plans not deductible Minority interest in net loss of consolidated subsidiaries Losses of Ubizen and its subsidiaries not utilized Disallowed expenses Eliminations and other Taxation on intercompany dividends (Gain)/Loss on disposal of investments not (taxable)/deductible Provision for income taxes
28
December 31, 2005 (2,844) 109 2,751 269 (44) -
September 30, 2004 (3,206) (943) 292 (157) 4,640 181 23
-
(61)
241
769
Deferred income taxes reflect the tax impact of temporary differences between the amount of assets and liabilities for financial reporting purposes and such amounts as measured by current tax laws and regulations. The tax effects of the temporary differences that give rise to significant portions of deferred tax assets and liabilities at December 31, 2005 and September 30, 2004 are as follows: December 31, 2005
September 30, 2004
Deferred tax assets Timing differences on intangibles
2,715
Timing differences on leases
2,008
-
38,638
43,162
587
-
Timing differences on employee benefits
91
-
Timing differences on tangible property
56
-
Timing differences on other accruals
44
-
(44,139)
(43,172)
-
-
Operating tax loss carry forwards Timing differences on related party interest accruals
Valuation allowance Net deferred tax assets
10
The Group will be permitted to carry forward its Belgian accumulated taxable losses for an indefinite period of time. As of December 31, 2005 and September 30, 2004, the amount of these losses was approximately EUR 98,863 and EUR 68,236 respectively. The accumulated U.S. federal tax losses of Ubizen Inc. and Ubizen USA LLC amount to approximately USD 7,947 and USD 12,300 as at December 31, 2005 and September 30, 2004, respectively. U.S. federal net operating losses generally may be carried back 2 years and carried forward 20 years. A net operating loss is defined as the excess of the deductions permitted for a taxable year over the gross income of the taxpayer for that year. The net operating loss for the taxable year is carried first to the earliest year to which such loss may be carried and then to each succeeding year, and applies to the extent taxable income exists for each of those years. If unutilized, these losses will expire in 2020 – 2022 and 2025. Utilization of the U.S. federal net operating loss of Ubizen Inc. may be limited by the provisions of Section 382 of the U.S. Internal Revenue Code which provides an annual limitation on the utilization of pre-existing net operating losses after a change of control, such as the acquisition of Ubizen N.V. and its subsidiaries, including Ubizen Inc., by Betrusted Holdings, Inc. in 2004. USD 889 tax losses have been utilized to offset the taxable income for the year ending December 31, 2005. Tax losses for other subsidiaries amount to approximately EUR 14,352 at December 31, 2005. The Group considers that it is likely that the results of future operations will generate sufficient taxable income to realize all deferred tax assets. Although a large portion of the tax losses can be carried forward for an indefinite period of time, there is doubt about the exact timing of return to profitability and, therefore, the realization of net loss carry forwards is uncertain within the applicable carry forward periods. As a result, the Company has decided to record a valuation allowance amounting to EUR 44,139 and EUR 43,162 on the deferred tax asset resulting from the tax losses available at December 31, 2005 and September 30, 2004, respectively. 6
Credit facilities
The Company is able to draw down funds from a line of credit available from Fortis Bank. Funds utilized under the various lines of credit are as follows: December 31, 2005 Straight loan with an average interest rate of 7.8% and 4.14% as of December 31, 2005 and September 30, 2004 respectively
250
September 30, 2004 250
Fortis Commercial Finance The total facility with Fortis Commercial Finance amounts to maximum EUR 2,000 and is based on a
29
factoring agreement with Ubizen N.V. consisting of management, financing and collecting of trade accounts receivable. The trade accounts receivable can be financed at 40% of balances within terms, with a maximum of 20% per customer. Interest is determined at straight loan market rate. A factoring fee of 0.19% with a minimum of EUR 20 is due on a yearly basis. The agreement with Fortis Commercial Finance is also pledged to the benefit of Fortis Bank. KBC Bank KBC Bank provides for the lease guarantee on the Ubicenter in the amount of EUR 1,055. This guarantee is fully covered by cash collateral. This amount is reflected in restricted cash on the Company’s balance sheet as of December 31, 2005. 7
Leases
The Company was obligated under one capital lease, which expired on December 31, 2004. The gross amount of leased assets and related accumulated amortization recorded under capital leases is as follows: December 31, 2005
September 30, 2004
Assets under lease
-
1,496
Less accumulated amortization
-
(894)
-
602
The Company maintains several non-cancelable operating leases, primarily for office premises and vehicles, which generally expire over the next three years, except for the offices leased in Leuven, Belgium and Reston, Virginia. These leases expire in 2012 and 2010 respectively. The leases for office premises generally contain renewal options and require the Company to pay all executory costs such as maintenance and insurance. The rental expense for operating leases (except those with lease terms of a month or less that were not renewed) amounted to EUR 4,019 for the 15-months ended December 31, 2005 as well as EUR 3,190 and EUR 3,379 for the 12-months ended September 30, 2005 and 2004, respectively. Future minimum lease payments under non-cancelable operating leases (with initial remaining lease terms in excess of one year) as of December 31, 2005 are: Gross operating leases
Facility exit costs
Net operating leases
2006
6,408
1,294
5,114
2007
5,989
1,319
4,670
2008
5,933
1,345
4,588
2009
5,532
1,372
4,160
2010
3,996
1,399
2,597
Thereafter
4,202
992
3,210 24,339
During 2002, Ubizen recorded costs associated with excess facilities as staffing was consolidated in its facility in Leuven, Belgium, which left vacant and available for sublease more than one full floor of the facility currently under lease which ends in 2012. During 2004, Ubizen recorded costs associated with excess facilities, as well as property and equipment associated with consolidating certain sites in the United States. In December 2004, the Company abandoned its Reston, Virginia operating center, under lease until 2010, and moved to facilities in Columbia, Maryland and Atlanta, Georgia. At December 31, 2005, the total accrual for termination costs related to the unused office space amounts to EUR 7,975. The current portion, EUR 1,294, has been recorded as current liability as of December 31, 2005. The long-term portion, recorded under commitments and contingencies, totaled EUR 6,681 at December 31, 2005.
30
8
Other current liabilities and accrued expenses
Other current liabilities and accrued expenses consist of: Income taxes Accrued expenses Facility exit costs, current Other
9
December 31, 2005 1,813 1,421 1,294 2,855
September 30, 2004 1,625 1,901 830 3,003
7,383
7,359
Stockholders’ equity
Common shares As at October 1, 2003, the Company’s share capital amounted to EUR 21,341 and consisted of 35,805,765 common shares without par value. The extraordinary shareholders meeting of January 16, 2004 renewed the authority of the Board of Directors to increase the share capital of the company under the so-called authorized capital for an additional period of five years as from the date of publication of the amendment of the articles of association. Under this mandate, the Board of Directors has the power to approve capital increases for an aggregate amount up to EUR 21,341. At the same occasion, the extraordinary shareholders’ meeting authorized the Board of Directors, for a period of three years as from the date of the extraordinary general shareholders'meeting, to increase the Company' s share capital under the authorized capital upon receipt of a notification from the Belgian Banking and Finance Commission of a public take-over bid on the securities of the Company, subject to (i) the shares issued at the occasion of the capital increase being fully paid up (ii) the issuance price of the shares being not less than the price of the bid and (iii) the number of shares issued at the occasion of the capital increase not exceeding 10% of the number of shares outstanding prior to the capital increase. On February 11, 2004, the Board of Directors used the powers granted by said extraordinary shareholders’ meeting to increase the Company’s capital with EUR 2,134. This capital increase resulted in the issuance of 3,580,576 new shares, entirely subscribed by Betrusted Holdings Inc. On March 16, 2004, an extraordinary shareholders’ meeting decided to increase the Company’s capital again. The amount of the increase amounted to EUR 903, represented by 1,515,152 new shares. 525,780 shares were issued for the benefit of “UBIDCO” NV, a legal entity jointly owned by Apax Partners and Kennet Venture Partners. The balance of 989,372 shares was acquired by Cybertrust Holdings Inc. As at September 30, 2004, the Company’s share capital amounted to EUR 24,378, represented by 40,901,493 shares. On February 21, 2005, an extraordinary shareholders meeting approved a capital increase of EUR 2,610, bringing the share capital to EUR 26,988, represented by 45,280,158 shares. The capital increase was the result of a contribution in kind by the Company’s majority shareholder Cybertrust Holdings, Inc, that contributed two US based business lines to the Company. Authorized capital On January 20, 1999, an extraordinary shareholders’ meeting authorized the Board of Directors to approve capital increases for an aggregate value equal to the then current amount of the share capital of the Company, EUR 18,265. The Board of Directors was allowed to use this authorization during a 5year period as from February 13, 1999, expiring on February 12, 2004. At the extraordinary shareholders’ meeting of January 16, 2004 the power of the Board of Directors to increase the Company' s capital under the authorized capital was renewed for an additional period of five years. The current amount of the authorized capital is equal to the share capital of the Company on January 16,
31
2004, EUR 21,341. In case of a capital increase decided by the Board of Directors in the framework of the authorized capital, the preferential subscription right of the existing shareholders may be restricted or canceled by a resolution of the Board of Directors. The capital increase decided by the Board of Directors on February 11, 2004 for the benefit of Cybertrust Holdings Inc, formerly Betrusted Holdings, Inc., took place in the framework of the authorized capital and amounted to EUR 2,134. The capital increases of March 19, 2004 and February 21, 2005 were approved at the level of the shareholders’ meeting. Shareholders’ structure Ubizen' s shareholders'structure as at December 31, 2005 and September 30, 2004 is as follows: Cybertrust Holdings Inc (1) Public
December 31, 2005 90.36% 9.64%
September 30, 2004 89.33% 10.67%
100.00%
100.00%
(1) As of December 31, 2005 and September 30, 2004, respectively, 31.40% and 34.76% of which is held by Ubidco, a wholly owned subsidiary of Cybertrust Holdings Inc. 10
Earnings per share
(EUR in thousands, except share and per share data)
15 Months Ended December 31, 2005
Earnings per share: Net income (loss) Weighted average number of common shares and profit shares outstanding Net income (loss) per share, basic
12 Months Ended September 30, 2005
12 Months Ended September 30, 2004
(8,610)
(8,399)
(8,750)
43,820,603 (0.20)
43,528,692 (0.19)
40,192,101 (0.22)
The effect of potential ordinary shares to be issued for each of the periods presented is anti-dilutive. Accordingly, dilutive loss per share does not assume the conversion of 200,253, 200,253, and 488,170 shares as of December 31, 2005, September 30, 2005, and September 30, 2004, respectively. 11
Minority interest
Minority interest as at December 31, 2005 and September 30, 2004 relate to GlobalSign, eXpanded Media, and Ubizen Aethis. See Notes 1.3 and 1.4 for percentages held by minority shareholders. 12
Employee stock purchase plans
Since 1999, Ubizen has issued several stock purchase plans for the benefit of employees and directors. Most of these plans had a limited term of 5 years as from allocation date, after which the options that had not been exercised lapsed automatically. Accordingly, the S-warrant plan, issued in July 1999, and the I-plan, adopted in May 2000, lapsed as of December 31, 2005. The J-plan, issued in January 2001, lapsed on January 18, 2006. No option had been exercised under any of these plans.
32
J-warrant plan On January 19, 2001, Ubizen’s Board of Directors issued 800,000 J warrants without rights. Each J warrant entitles the holder to subscribe to one common share. Except for the transmission of a J warrant on the death of a warrant-holder to his heirs or personal assigns, or if the Board of Directors otherwise decides, neither a J warrant nor any rights in respect of it may be transferred, assigned or otherwise disposed of by a warrant-holder to any other person. As a consequence, the J warrants were not eligible for transferring at the occasion of the public take-over bids issued by Ubidco N.V. and Cybertrust Holdings Inc. J warrants were exercisable gradually over a five-year period after granting according to the following vesting schedule: 20% on or after the first anniversary of the date of grant; 45% on or after the second anniversary of the date of grant; 70% on or after the third anniversary of the date of grant; and 100% on or after the fourth anniversary of the date of grant. J warrants were required to be exercised before the 5th anniversary of the date of grant after which they lapse. As of December 31, 2005, 184,360 J warrants had been granted at exercise prices between EUR 8.94 and EUR 10.55. 615,640 J warrants remained issuable at the disposal of the Board. K-warrant plan In order to bring the existing allocations under the warrant plans S, I, and J in line with the then current price level of the Ubizen stock, Ubizen' s Board of Directors decided in early 2002 to issue a new option plan and to grant to all employees a number of warrants equal to the sum of warrants S, I, and J granted in the past. Accordingly, on March 19, 2002, the Board of Directors issued 1,400,000 K warrants, each warrant entitling the holder to subscribe to one ordinary share. K warrants vested on a quarterly basis (yearly basis in plans I and J) over a period of four years and were non-transferable unless the Board of Directors otherwise approved by the Board of Directors. Additionally, unexercised warrants expired upon termination of the employment contract of the beneficiary. Since the creation of the Plan, 977,707 K warrants have been allocated at exercise prices between EUR 1.34 and EUR 4.30. The last allocation dated October 28, 2003. Bearing in mind the considerable losses of the stock markets since mid-2000 and the specific tax regime applicable to employee stock options in Belgium, the Belgian government created the possibility to extend with a maximum of three years, the exercise period of employee warrants granted between January 1, 1999 and June 30, 2003. Ubizen decided to make use of this possibility and extended the exercise period by 3 years of the K warrants that had been granted through December 31, 2002. As a consequence, K warrants that had been allocated on or before December 31, 2002 became exercisable over a period of eight years instead of five as provided initially. Both at the occasion of the public offer of Ubidco and the offers of Cybertrust Holdings Inc., the Board of Directors entitled beneficiaries of K warrants to sell their options. Most of the then outstanding K warrants were sold to Cybertrust Holdings Inc. As of December 31, 2005, only 19,866 K warrants remained outstanding and 422,293 K warrants remained issuable by the Board of Directors.
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L-warrant plan On June 10, 2002, an extraordinary shareholders'meeting issued 110,000 L warrants in favor of the non-executive members of the Board of Directors. Each L warrant entitled the holder to subscribe to one common share of the Company. L warrants vested over the same schedule as the J warrants. The L warrants were allocated at an exercise price of EUR 3.30, i.e. the average closing quotation of the Ubizen stock at Euronext Brussels during thirty calendar days preceding the issuance of the L warrants. All outstanding warrants L were sold to Cybertrust Holdings Inc. at the occasion of its second public offer. FAS 123 Disclosure As permitted under SFAS 123, Accounting for Stock-Based Compensation, the Company accounts for stock-based compensation awards to employees using the intrinsic value method in accordance with Accounting Principles Board Opinion No. (APB) 25, Accounting for Stock Issued to Employees. Had Ubizen determined compensation costs as if the fair value method of accounting prescribed by SFAS 123 had been applied, net earnings would have been reduced to the pro forma amounts indicated below: 15 Months Ended December 31, 2005
12 Months Ended September 30, 2005
12 Months Ended September 30, 2004
Net income (loss): As reported
(8,610)
(8,399)
(8,750)
Pro forma
(8,759)
(8,518)
(8,030)
Net income (loss) per share, basic: As reported
(0.20)
(0.19)
(0.22)
Pro forma
(0.20)
(0.20)
(0.20)
The average fair value of each J and K warrant was estimated to be EUR 0 using an option pricing method with the following assumptions: expected volatility of 30%; risk free interest of 3.13%; a remaining life of 0.1 years and 4.7 years, respectively; and no dividend yield. A summary of the activity in the warrant plans and the exercise prices is as follows: (EUR in thousands, except exercise price) Outstanding at beginning of year Granted Exercised Forfeited or sold
2005 Warrants
Exercise price
494,446 290,220
2004 Warrants 1,447,969 3,000 956,523
Outstanding at end of year
204,226
494,446
Warrants exercisable at year-end
200,253
488,170
13
Exercise price 1.34
Related party transactions
Revenue from Cybertrust’s principal investor In 2004 and 2005, the Company provided services to the parent company of Cybertrust’s principal investor. For the 15-months ended December 31, 2005, the Company recognized EUR 5,486 in revenue from this arrangement. As of December 31, 2005, EUR 24 was due from the Company under this arrangement.
34
Amount due to/from Cybertrust, net As of December 31, 2005 EUR 1,445 was due to Cybertrust Holdings Inc. As of September 30, 2004 EUR 555 was receivable from Cybertrust Holdings Inc. as a result from its commitment to bear costs related to the implementation of certain employee terminations. Management agreement On December 28, 1998, R2I N.V. (formerly V.O.F. Bijnens-Joosen) entered into a management agreement with Ubizen. This agreement covers an indefinite period. Under the agreement, R2I N.V., provides management services as well as services related to strategic management. For the 15months ended December 31, 2005 and for the 12-months ended September 30, 2004, the Company paid EUR 328 and EUR 300, respectively. No additional compensation was paid by the Company to R2I or Mr. Bijnens, other than reimbursement of expenses. Directors’ responsibility insurance The Company subscribed to a directors’ responsibility insurance for the benefit of its directors. Insurance premiums paid under these policies totaled EUR 30 and EUR 25 for the 15-months ended December 31, 2005 and the 12-months ended September 30, 2004, respectively. At December 31, 2005, there were no outstanding premiums payable. Strategic alliance agreement with Cybertrust Holdings Inc. On June 2, 2004, the Company and Cybertrust Holdings, Inc. entered into a "Strategic Alliance Agreement", defining the terms and conditions governing the commercial co-operation between the parties. The agreement describes the way parties will bring each others products and services to the market and provides for an adequate, industry standard pricing to incentivise cross-selling. On August 31, 2005, the Company entered into a Global Transfer Pricing Agreement and a Global Intragroup Pricing Agreement with Cybertrust. The first agreement defines the terms and conditions, including discount terms, governing the sale by a Cybertrust affiliate selling the products or services of another Cybertrust affiliate. The second agreement concerns the provisioning of services between Cybertrust affiliates other than related to transactions with customers. For example, the provisioning of supporting services in accounting and information technology. 14
Fair value of financial instruments
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2005 and September 30, 2004: December 31, 2005
Financial assets: Cash and cash equivalents Trade accounts receivable Other current assets Investments and advances in affiliated companies Other investments Other assets
Carrying amount
Financial liabilities: Trade accounts payable Short-term borrowings
September 30, 2004
Fair value
Carrying amount
Fair value
3,130 10,541 2,901 139 1,626
3,130 10,541 2,901 139 1,626
3,662 9,167 5,403 1,723 1,278
3,662 9,167 5,403 1,723 1,278
8,279 250
8,279 250
7,129 250
7,129 250
The carrying amounts shown in the table above are included in the consolidated balance sheets under the indicated captions. The following method and assumptions were used to estimate the fair value of each class of financial instruments.
35
Cash and cash equivalents, trade accounts receivable, other current assets, other assets, short-term borrowings, and trade accounts payable: the carrying amounts approximate fair value because of the short maturity of those instruments. Investments and advances in affiliated companies: the fair value, which approximates carrying value, reflects the net assets of the deconsolidated interest in Aethis S.A. Other investments: fair value has been determined on the basis of the closing share price of the publicly traded investment in Risc Technology Europe and Vasco Data Security International as of September 30, 2004. 15
Commitments and contingencies
ComSec On November 29, 2001, Ubizen was subpoenaed by ComSec in breach of a memorandum of understanding concluded on February 20, 2000. Referring to the conclusion of several agreements Ubizen entered into with customers in the Middle-East, ComSec claims the payment of commissions amounting to EUR 20,000 due in lieu of finder’s fees on above agreements. Management of the Company is of the opinion that ComSec has absolutely no grounds to justify its claim nor has it supported in any way the amount of the claim. On March 10, 2005, the Court of Commerce has ruled this case in favor of Ubizen. ComSec has appealed this judgment. Ubizen did not accrue anything to cover this contingency as the Company was successful in the initial case and believes it will prevail in the appeal. NewTech NewTech was a wholly owned subsidiary of Ubizen France with activities in the field of website development. NewTech incurred considerable losses over the past years and management did not expect a recovery within a reasonable period of time. Therefore, an extraordinary shareholders' meeting was held and it was decided to wind up the company on October 31, 2001. The remaining employees of NewTech were made redundant on November 9, 2001. All of the dismissed employees (9) have subpoenaed NewTech and its parent company Ubizen France arguing that: -
the provisions of the French labor laws have been violated and therefore all redundancies are null and void;
-
NewTech was only formal, not really an independent legal entity;
-
NewTech is to be considered as a business entity from Ubizen France, its personnel as personnel of Ubizen France;
-
Since the redundancies are null, they are entitled to full salary and benefits since their dismissal in November 2001; and
-
If NewTech/Ubizen France wants to dismiss them, the entire termination procedure is to be started as from the beginning.
The aggregate amount of the claims of the nine former employees amounts to EUR 877. On December 16, 2004, the labor court of Toulouse turned down the claim of 9 former employees. On November 17, 2005, the Court of Appeal has confirmed the initial judgment confirming that Ubizen France is not to be considered the employer of the former NewTech employees. The latter have confirmed that they will not challenge this decision before the Supreme Court. Accordingly, this case is closed. Additionally, NewTech’s ex-employees claimed additional remunerations for performing research and development for Ubizen in the months preceding the liquidation of NewTech. The ex-employees are claiming that they performed 660 man days, worth EUR 409. Ubizen is arguing that the man days performed by NewTech were not for the benefit of Ubizen but were part of a commercial offer for a
36
common customer. Hence, no billing to Ubizen NV was needed. No formal claim has been made to date. As of December 31, 2005, Ubizen accrued EUR 54 to cover this contingency. OutSource On January 15, 2002, GlobalSign, a 90% owned subsidiary, signed a services contract with Outsource BVBA for marketing & communication services. The contract provided for a monthly fee, including expense reimbursement, of EUR 8. The contract was signed for an indefinite term with six months notice. It soon turned out that this contract did not meet GlobalSign' s expectations. After Ubizen acquired the majority of GlobalSign' s share capital, several invoices were rejected and the contract with Outsource was terminated. Outsource has subpoenaed GlobalSign for breach of contract and claimed damages amounting to EUR 72. GlobalSign was ordered to pay EUR 64 on June 30, 2004. GlobalSign has appealed against this judgment. As of December 31, 2005, Ubizen accrued EUR 64 to cover this contingency. ARMA ARMA is a leasing company with whom Ubizen entered into an agreement on May 5, 1998 for the leasing of company cars. On September 8, 1998, Ubizen and ARMA signed an addendum in order to make the framework agreement applicable to all subsidiaries of Ubizen. One of the minority subsidiaries that leased cars from ARMA under the agreement, MediaMine, was declared bankrupt on April 30, 2003. MediaMine' s outstanding debt towards ARMA amounts to EUR 153. ARMA states that as a result of the addendum to the leasing agreement, Ubizen is bound as co-lessee with MediaMine and thus liable for MediaMine' s debt towards ARMA. On September 16, 2003, ARMA subpoenaed Ubizen for an amount of EUR 153. On February 4, 2005, the Court of Commerce decided in favor of ARMA and required Ubizen to pay damages amounting to EUR 151. Ubizen has appealed this ruling. As of December 31, 2005, Ubizen has accrued EUR 151 to cover this contingency. CSFB On March 7, 2001, Ubizen engaged Credit Suisse First Boston as a financial advisor “with respect to the potential or actual disposal of all or part of the assets or capital stock of the company”. The mandate provided for a fee based on the value of a transaction with a minimum of USD 2,000. A retainer fee of USD 100 was paid at the signing of the mandate. On April 28, 2004, CSFB issued an invoice of USD 1,914 regarding “Transaction fee as per engagement letter dated March 7, 2001”. Ubizen believes the invoice is not valid, as the public take-over bids of Ubidco and Betrusted Holdings Inc, do not fall in the scope of the mandate. -
The mandate aims at transactions in which Ubizen is the beneficiary, be it as the seller of all or part of its assets, be it as a result of a transaction at the level of the company’s equity (merger, joint venture, capital increase…); CSFB’s mission under the mandate was not to look for potential purchasers for Ubizen’s shareholders.
-
The events that have triggered the invoice took place at the level of Ubizen’s shareholders. Ubizen was not the beneficiary of these transactions.
-
CSFB did not introduce Ubidco or Betrusted to Ubizen nor did it assist Ubizen’s board of directors in the course of the take-over bids
-
Most importantly, CSFB was not involved in any way in the public take-over bids of Ubidco and Betrusted.
The Company continues to negotiate a resolution directly with CSFB. As of December 31, 2005, the Company has accrued EUR 750 to cover this contingency.
37
Alex Vervaet BVBA Alex Vervaet, a former sales agent, claimed that Ubizen, NV owes him EUR 781 arising from his agency agreement. On December 22, 2005 the Court of Commerce ruled the case in favor of the Company ordering Ubizen to pay only EUR 43, rejecting all other claims. As of December 31, 2005, Ubizen accrued EUR 43 to cover this contingency. Yves Demeester Yves Demeester, former account manager of Ubizen NV, claimed the termination fee paid by Ubizen did not contain all elements required by law and has subpoenaed Ubizen for EUR 48. On March 16, 2006, the court ruled entirely in Ubizen’s favor. Accordingly, no amount was accrued as of December 31, 2005. Two former Ubizen France employees Two former employees of Ubizen France claimed EUR 291 under French labor laws arising from the termination of his employment in August 2005. Although management believes it has reasonable defenses to this claim, the matter remains unresolved. As of December 31, 2005, Ubizen accrued EUR 160 to cover this contingency. 16
Significant customers
The Company had 10 significant customers, individually contributing over EUR 1,000, who accounted for approximately 38% of revenues during the 15 months ended December 31, 2005. One individual customer accounts for more than 10% of the Company’s revenue. Other than the transactions with the Company’s principal shareholder (see Note 13), transactions with significant customers are performed at arm’s length. 17
Segment information
The following table summarizes financial information by geographic area: Revenue by Destination
Benelux Europe, other United States
15 Months Ended December 31, 2005 35,223 3,143 14,268
12 Months Ended September 30, 2005 30,292 2,327 9,206
12 Months Ended September 30, 2004 28,932 4,429 9,361
52,634
41,825
42,722
Long-lived Assets Benelux Europe, other United States
December 31, 2005 17,907 27 2,375
September 30, 2004 13,914 116 1,079
20,309
15,109
The following table summarizes financial information by business unit: 15-Months Ended December 31, 2005 Services Revenues
Software
10,697
281
38
Online Guardian 32,493
Third Party Products 9,163
Total 52,634
Gross profit
5,244
224
18,539
2,439
26,446
12-Months Ended September 30, 2004 Services Revenues Gross profit
18
Online Guardian
Third Party Products
Total
11,161
1,400
22,766
7,395
42,722
6,245
1,390
12,584
1,743
21,962
Other income (expense), net
Vacant lease accrual costs Gain (loss) on disposal of property & equipment Gain (loss) on sale of investments Costs associated with take-over bids and capital increases Other
19
Software
15 Months Ended December 31, 2005 (4,163) (1,382) 432
12 Months Ended September 30, 2005 (4,163) (1,390) 432
12 Months Ended September 30, 2004 91 (198)
-
-
(1,189)
(73)
(51)
(1,977)
(5,186)
(5,172)
(3,273)
Personnel
The average number of persons employed by Ubizen group is as follows: December 31, 2005 Employees Management
September 30, 2004
222
293
3
6
The annual remuneration and social charges for Ubizen group amounted to EUR 15,208 and EUR 21,790 for the 12-months ended December 31, 2005 and 12-months ended September 30, 2004, respectively. The total remuneration granted in respect of members of the Board of Directors of Ubizen N.V. for their responsibilities in the consolidating company, its subsidiaries and its associated companies amounted to EUR 74 and EUR 325 for the 15-months ended December 31, 2005 and 12-months ended September 30, 2004, respectively. 20
Subsequent events
On February 17, 2006, the Company sold its entire ownership stake in eXpanded Media NV to a French consulting group resulting in a gain of EUR 574. Accordingly, the net assets of eXpanded Media are presented as held for sale and included in Other noncurrent assets in the Balance Sheet as of December 31, 2005. All periods prior to December 31, 2005 include the operating results of eXpanded Media. On March 16, 2006, the Board of Directors appointed Mr. Jean-Paul Coenen as Chairman.
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CORPORATE GOVERNANCE The "Corporate Governance Act", dated August 2, 2002 has introduced several principles of corporate governance into the Belgian Companies'Act. The structure and procedures provided for in the "Corporate Governance Act" were adopted by Ubizen at the time of its initial public offering in February 1999. Ubizen remains committed to the general principles of corporate governance and the respect of the legitimate interests of the Company’s stakeholders. Given the very limited free float (9.64% at December 31, 2005) and liquidity (1,586 trades were recorded in 2005, representing a turnover of 4.14% of the Company’s stock on an annual basis) the Company has decided to further apply the essential principles of corporate governance rather than to fully implement the so called Code Lippens as published by the Corporate Governance Committee on December 9, 2004. Shareholders structure Since May 2004, the Company has been a majority owned subsidiary of Cybertrust Holdings, Inc. Since August 2004 and after two consecutive take over bids and a contribution of business lines, Cybertrust owns 90.36% of the Company’s share capital. As of December 31, 2005, Ubizen' s shareholders'structure was as follows: NAME
NUMBER OF SHARES
PERCENTAGE
Cybertrust Holdings Inc.
26,698,983
58.96%
Ubidco NV (1)
14,216,551
31.40%
4,364,624
9.64%
45,280,158
100.00%
Free Float TOTAL
(1) a holding company, wholly owned by Cybertrust Holdings Inc.
Shareholders meeting According to Belgian law, the shareholders meeting has the sole authority with respect to the appointment, remuneration, termination and discharge of directors, the appointment and remuneration of statutory auditors, the approval of the annual report of the Board of Directors and the statutory auditors, the approval of the annual accounts and the allocation of results, the assessment whether or not to initiate liability claims against directors and auditors, the issuance of warrants and convertible bonds and the amendment of the articles of association. All other corporate powers are vested in the Board of Directors. Ubizen' s articles of association do not provide for specific regulations as to the functioning of the shareholders meeting. As a general rule, decisions are taken by simple majority of the shareholders present at the meeting. Amendments to the articles of association require a quorum of 50% of all outstanding shares and a majority of 75% or 80% of the shares present or represented at the meeting. An extraordinary shareholders meeting can be convened at the initiative of the Board of Directors, by the statutory auditors or at the request of shareholders representing twenty percent or more of the outstanding share capital. Board of Directors As at September 30, 2004, the Board of Directors was composed as follows:
40
-
Mr. Stijn Bijnens - CEO, Chairman of the Board
-
R2I NV, represented by Stijn Bijnens
-
Mr. Rick Smith - Chairman Cybertrust
-
Mr. Brett Jackson - COO Cybertrust
-
Mr. Petrus Verbaeten - Independent director
-
Mr. Wouter Joosen
-
CVBA Francis Vanderhoydonck, represented by Mr. Francis Vanderhoydonck - Independent director
On November, 10, 2004, Mr. James Murphy was appointed by the extraordinary shareholders’ meeting as a director. On February 7, 2005, Mr. Wouter Joosen’s mandate expired. Mr. Brett Jackson, who represented Cybertrust in the Board, resigned on August 15, 2005. On February 21, 2005, Mr. Jean-Paul Coenen was appointed by the extraordinary shareholders’ meeting as independent director. Mr. Coenen was elected Chairman of the Board on March 16, 2006. On December 31, 2005, the board of Directors was composed as follows Director
Status
End date mandate
Stijn Bijnens
CEO
shareholders’ meeting 2009
Jean-Paul Coenen
Independent (Chairman) shareholders’ meeting 2006
Petrus Verbaeten
Independent
shareholders’ meeting 2006
Francis Vanderhoydonck
Independent
shareholders’ meeting 2006
Richard Smith
represents Cybertrust
shareholders’ meeting 2009
James Murphy
represents Cybertrust
shareholders’ meeting 2009
CVBA
The mandate of Mr. Coenen, Mr. Verbaeten and CVBA Francis Vanderhoydonck expires at the end of the shareholders’ meeting of May 2, 2006. The shareholders will propose to renew the mandate of these directors until the close of the shareholders’ meeting of 2007. In general, decisions are taken by simple majority; in case of a tie vote, the vote of the Chairman is final. Certain strategic decisions have to be approved by 60% of the directors who are not considered to be "independent". The mandate of director is carried out without remuneration, except for the independent directors. The general shareholders'meeting of February 7, 2005 approved compensation for the independent directors amounting to EUR 24 per year. The Board of Directors is advised by two committees: The Remuneration Committee The Remuneration Committee advises the Board of Directors concerning the remuneration of the executive management and general remuneration policies. The majority of the Remuneration Committee consists of "independent" directors. On December 31, 2005, the members of the
41
Remuneration Committee were Messrs Vanderhoydonck, Verbaeten and Smith. The Audit Committee The Audit Committee assists the Board of Directors in its control of financial information, systems of internal control and the audit process. Its responsibilities and functioning are laid down in a Charter, approved by the Board of Directors on May 19, 2000. In accordance with the Company' s bylaws, the majority of the Audit Committee consists of independent directors. The Audit Committee meets at the occasion of the approval of the quarterly results. At least twice per year, the Audit Committee and the Statutory Auditor meet in order to discuss the conclusions of the Auditor' s limited resp. statutory review. On December 31, 2005, the members of the Audit Committee were Mr. Vanderhoydonck, Verbaeten and Smith. The Executive Management The day-to-day management of the Company is entrusted to a Management Committee. The Management Committee is conceived in terms of business lines and competence areas, not in geographic terms. As at December 31, 2005, the Members of the Executive Management and their responsibilities were: Stijn Bijnens - Chief Executive Officer Stijn Bijnens has served as Chief Executive Officer and as a member of the Board of Directors of Ubizen since he co-founded the company in 1995. Bijnens is an internationally recognized leader in the field of e-Security, and a regular speaker for ITWorks and the Institute for International Research. He has been widely recognized for his outstanding business and management skills, and was named Manager of the Year 1999 in Belgium by Trends Magazine. He also received the DataNews Award of Excellence for a Startup Company. As a researcher at the Department of Computer Science at KULeuven, Belgium' s largest university, and at Trinity College in Dublin, Ireland from 1992 through 1995, Bijnens investigated network security and object-oriented distributed systems. His research background has been instrumental in Ubizen' s growth and success. In addition to leading Ubizen, Bijnens is also co-founder and Chairman of the Board for GlobalSign (http://www.globalsign.com). Bijnens has a Masters Degree in Computer Science from KULeuven. James Murphy - CFO Jim Murphy is Chief Financial Officer and responsible for the financial reporting, planning and supervision of all finance, accounting, Human Resource and IT functions. He previously served as the executive vice president and chief financial officer of Summerville Healthcare Group, Inc. Prior to that, he served as the senior vice president and chief financial officer of Meadowbrook Rehabilitation Group, Inc., a NASDAQ traded company. Mr. Murphy' s experience also includes senior finance and accounting positions with Kaufman and Broad Home Corporation and Arthur Andersen, LLP. Mr. Murphy graduated with both a BS in Accounting and a BS in Information Systems from California State University-Hayward and received his MBA from the Haas School of Business, University of California at Berkeley. Mr. Murphy represents Cybertrust on the Board. Bart Vansevenant - Executive Vice President MSS Business Development Bart Vansevenant is Executive Vice President Business Development for Managed Security Services at Ubizen. Prior to joining Ubizen in January 2001, he headed up the Internet Product Management department at cable operator Telenet. Before that Vansevenant served as Account Manager and Channel Marketing Manager at Oracle. Vansevenant holds a Masters Degree in Applied Economics from the University of Antwerp, Belgium and a Post-graduate Degree in ICT (DGTIC) from the University of Namur, Belgium. Vansevenant is a Certified Information Systems Security Professional (CISSP).
42
The total remuneration for the Management Committee in the financial year 2003-04 amounted to approximately EUR 935, compared to EUR 348 in financial year 2005 (on a twelve months basis). Statutory auditors Ubizen' s financial and consolidated financial statements have been audited by Ernst and Young Bedrijfsrevisoren B.C.V., Moutstraat 54, 9000 Gent, represented by Mr. Jean-Pierre Romont. The current mandate of Ernst and Young Bedrijfsrevisoren expires after the shareholders’ meeting of 2006. The shareholders’ meeting will be proposed to renew the mandate of Ernst & Young, represented by Mr. Jean-Pierre Romont, for a new term of three years.
IFRS TRANSITION NOTE In June 2002, the European Union adopted Regulation No 1606/2002 that requires, from 1 January 2005, European listed companies to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”). Under that Regulation, the first consolidated financial statements Ubizen has to prepare under IFRSs will be the Group’s 2006 financial statements with 2005 comparatives prepared on the same basis. In view of the transition to IFRS, the Group shall have to prepare an opening balance sheet at the date of transition to IFRS. As the Group is used to publish one year of comparatives, the date of transition will be October 1, 2004. In its first IFRS consolidated financial statements the Group will make use of the following options provided by IFRS 1 First Time Adoption of International Financial Reporting Standards: Share-based payment transactions All employee stock purchase plans currently in place relate to plans in which equity instruments were granted before 7 November 2002. The Group will not account for these share-based payment transactions under IFRS 2 Share –based Payment, an exemption provided under IFRS 1 First Time Adoption of International Financial Reporting Standards. Fair value as deemed cost The Group will not elect to measure an item of property, plant and equipment at the date of transition to IFRS at its fair value and use that fair value as its deemed cost at that date. Financial Instruments Although not required under IFRS 1 First Time Adoption of International Financial Reporting Standards, the Group will apply IAS 32 and IAS 39 on Financial Instruments in its comparative information. Business Combinations The Group will not elect to apply IFRS 3 Business Combinations retrospectively to past business combinations that occurred before the date of transition to IFRSs.
Major differences between the current valuation rules (USGAAP) and IFRS that might have a significant impact relate to: • Minority interest Under IFRS, minority interest is part of equity whereas under USGAAP it is presented outside equity as a separate line between liabilities and equity.
43
• Impairment of goodwill USGAAP requires a two-step impairment test in order to determine the impairment loss. 1. the fair value and the carrying amount of the reporting unit including goodwill should be compared. If the fair value of the reporting unit is less than the book value, goodwill would be considered to be impaired; then 2. the goodwill impairment should be measured as the excess of the carrying amount of goodwill over its implied fair value. The implied fair value of goodwill should be determined by allocating fair value to the various assets and liabilities included in the reporting unit in the same manner as goodwill is determined in a business combination Under IFRS a one-step impairment test is performed. The recoverable amount (the higher of its net selling price and its value in use) of the cash-generating-unit to which goodwill is allocated, is compared to its carrying amount. The impairment loss is recognised as the excess of the carrying amount over the recoverable amount. • Impairment of long-lived assets excluding goodwill Under USGAAP, for assets to be held and used, impairment is first measured by reference to undiscounted cash flows. If there is no impairment by reference to undiscounted cash flows, no further action apart from reconsidering the useful life of the asset, is required. Under IFRS, an impairment loss must be recognised when an asset’s carrying amount exceeds its recoverable amount. Recoverable amount being the higher of its net selling price and its value in use (value in use is a calculation based upon discounted cash flows). • Leases Although the impact on equity and net profit between a finance lease and an operating lease is likely immaterial, the impact on the overall balance sheet could be significant as assets held by a lessee under a finance lease have to be recognised on the balance sheet with a corresponding long term debt. The concepts behind lease classification are similar in both frameworks. However, substance rather than legal form is applied under IFRS, while extensive form-driven requirements are present in USGAAP. In relation to the leases of two office premises, further investigation is currently required as to the determination of the lease qualification. Under USGAAP, these leases classify as operating leases. • Development expenses USGAAP applies stricter recognition criteria than IFRS in relation to research and development costs making the recognition of internally generated intangible assets rare. Under IFRS, costs in the research phase must always be expensed. Costs in the development phase are expensed unless the entity can demonstrate all of the following: (a) (b) (c) (d) (e) (f)
the technical feasibility of completing the intangible asset so that it will be available for use or sale. its intention to complete the intangible asset and use or sell it. its ability to use or sell the intangible asset. how the intangible asset will generate probable future economic benefits. the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset. its ability to measure reliably the expenditure attributable to the intangible asset during its development.
In relation to the development costs for computer software that is to be sold, capitalisation under USGAAP only applies once technological feasibility is established. Although the opening balance sheet under IFRSs will not be affected by the capitalisation of development costs, going further the
44
change to IFRSs might result in development expenses, if any to be recognised. • Revenue recognition As the rules on software revenue recognition are much more extensively developed under USGAAP as compared to IFRS, management is expecting no significant differences when converting into IFRS and hence did not yet make an investigation as to the existence of any detailed revenue recognition rules currently applied which would not be compliant with IFRSs. We will continue with our preparatory work over the coming months so that all necessary changes to our accounting policies, procedures and systems are implemented in good time and we comply with the requirements of the new Standards.
HELPFUL INVESTOR INFORMATION Latest stock information and financial news such as quarterly releases, publications and other information useful for shareholders can be found on the following websites: http://www.ubizen.com/investor_relations and http://www.euronext.com
INVESTOR INQUIRIES AND CORRESPONDENCE General Investor Inquiries and correspondence should be directed to Ubizen HQ Attn. Ina Suffeleers - VP Investor Relations Ubicenter - Philipssite 5 - B-3001 Leuven Belgium T +32 (0)16 28 70 00 Email:
[email protected]
FINANCIAL CALENDAR 2006 Annual Shareholders’ meeting: Tuesday May 2nd 2006 at 8 pm CET Q1 (ending March 31st 2006) Earnings Release: Monday, May 15th 2006 th Q2 (ending June 30th 2006) Earnings Release: Monday, August 14 2006 Q3 (ending September 30th 2006) Earnings Release: Monday, November 13th 2006 Q4/FY (ending December 31st 2006) Earnings Release: Monday, March 19th 2007
45
EXHIBIT 1.B.: FINANCIAL STATUTORY STATEMENTS OF THE COMPANY FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2005
61
NAT. Datum neerlegging
Nr.
Blz.
9
EUR
E.
D.
VOL 1.
JAARREKENING IN DUIZENDEN EURO'S NAAM :
.................................................................................................................................................................................................................................................................................. UBIZEN
.........................................................................................................................................................................................................................................................................................................
Rechtsvorm : .......................................................................................................................................................................................................................................................................... Naamloze vennootschap Adres : Philipssite Bus : ................................................................................................................................................................................................ Nr. : ........................................ 5
..................
Postnummer : ......................................................... Gemeente : Heverlee ................................................................................................................................................................................... 3001 Rechtspersonenregister (RPR) - Rechtbank van Koophandel van: LEUVEN .......................................................................................................................................................... Internetadres * :
...................................................................................................................................................................................................................................................................
Ondernemingsnummer DATUM
16 / 08 / 2005
BE 0455.138.450
van de neerlegging van de oprichtingsakte OF van het recentste stuk dat de datum van
bekendmaking van de oprichtingsakte en van de akte tot statutenwijziging vermeldt. JAARREKENING goedgekeurd door de algemene vergadering van met betrekking tot het boekjaar dat de periode dekt van Vorig boekjaar van
02 / 05 / 2006
01 / 10 / 2004
tot
31 / 12 / 2005
01 / 10 / 2003
tot
30 / 09 / 2004
De bedragen van het vorig boekjaar zijn identiek met die welke eerder openbaar werden gemaakt : ja / neen ** VOLLEDIGE LIJST met naam, voornamen, beroep, woonplaats (adres, nummer, postnummer en gemeente) en functie in de onderneming, van de BESTUURDERS, ZAAKVOERDERS EN COMMISSARISSEN ........................................................................................................................................................................................................................................................................................................ BIJNENS Stijn Wolvendreef 1, 3380 Glabbeek(Zuurbemde), BELGIE ........................................................................................................................................................................................................................................................................................................ Gedelegeerd bestuurder Begin mandaat : 07/02/2005 Einde mandaat : 04/05/2009 ........................................................................................................................................................................................................................................................................................................ ........................................................................................................................................................................................................................................................................................................ ........................................................................................................................................................................................................................................................................................................ VERBAETEN Petrus, Joannes Huttelaan 33, 3001 Heverlee, BELGIE ........................................................................................................................................................................................................................................................................................................ Bestuurder Begin mandaat : 07/02/2005 Einde mandaat : 02/05/2006 ........................................................................................................................................................................................................................................................................................................ ........................................................................................................................................................................................................................................................................................................ ........................................................................................................................................................................................................................................................................................................ JOOSEN Wouter
A. Scheyvaertslaan 46, 2180 Ekeren (Antwerpen), BELGIE ........................................................................................................................................................................................................................................................................................................ Bestuurder Einde mandaat : 07/02/2005 ........................................................................................................................................................................................................................................................................................................ ........................................................................................................................................................................................................................................................................................................ ........................................................................................................................................................................................................................................................................................................ ........................................................................................................................................................................................................................................................................................................ ........................................................................................................................................................................................................................................................................................................ ........................................................................................................................................................................................................................................................................................................
(eventueel vervolg op blz. VOL 1bis.) Zijn gevoegd bij deze jaarrekening :
- het jaarverslag ** - het verslag van de commissarissen **
Totaal aantal neergelegde bladen : omdat ze niet dienstig zijn :
............................. 34
Nummers van de bladen van het standaardformulier die niet werden neergelegd
11, 18, 19 .....................................................................................................................................................................................................................................
Handtekening (naam en hoedanigheid)
Handtekening (naam en hoedanigheid)
BIJNENS Stijn Gedelegeerd bestuurder * Facultatieve vermelding. ** Schrappen wat niet van toepassing is.
OCR2048
Nr.
VOL 1 bis.
BE 0455.138.450
LIJST VAN DE BESTUURDERS, ZAAKVOERDERS EN COMMISSARISSEN (vervolg van blz. VOL 1 . )
COENEN Jean-Paul Herkerstraat 9, 3500 Hasselt, BELGIE Bestuurder Begin mandaat : 21/02/2005
Einde mandaat : 02/05/2006
R2I (BE 0459.522.949) Wolvendreef 1, 3380 Glabbeek(Zuurbemde), BELGIE Bestuurder Einde mandaat : 07/02/2005 CVBA Francis Vanderhoydonck Struikenbosstraat 4, 3040 Huldenberg, BELGIE Bestuurder Begin mandaat : 07/02/2005
Einde mandaat : 02/05/2006
SMITH Richard Wertsville Road 19, Bestuurder
08844 Hillsborough, New Jersey, VERENIGDE STATEN VAN AMERIKA Begin mandaat : 16/03/2004 Einde mandaat : 04/05/2009
JACKSON Brett Levelle Drive 9225, Bestuurder
20815 Chevy Chase, MD, VERENIGDE STATEN VAN AMERIKA Begin mandaat : 26/05/2004 Einde mandaat : 15/08/2005
ERNST & YOUNG BEDRIJFSREVISOREN CV (B 160), 2002 Moutstraat 54, 9000 Gent, BELGIE Commissaris Begin mandaat : 01/10/2003
Einde mandaat : 02/05/2006
Wordt vertegenwoordigd door : ROMONT Jean-Pierre, Bedrijfsrevisor Gentstraat 16 Bus A, 9850 Nevele, BELGIE
(eventueel vervolg op blz. VOL 1 ter.) - Het bestuursorgaan verklaart dat geen enkele opdracht voor nazicht of correctie werd gegeven aan iemand die daar wettelijk niet toe gemachtigd is met toepassing van de artikelen 34 en 37 van de wet van 22 april 1999 betreffende de boekhoudkundige en fiscale beroepen. - Werd de jaarrekening geverifieerd of gecorrigeerd door een externe accountant of door een bedrijfsrevisor die niet de commissaris is ? JA / NEEN 1. Indien JA, moeten hierna worden vermeld: naam, voornamen, beroep en woonplaats van elke externe accountant of bedrijfsrevisor en zijn lidmaatschapsnummer bij zijn Instituut, evenals de aard van zijn opdracht. (A. Het voeren van de boekhouding van de onderneming 2 ; B. Het opstellen van de jaarrekening van de onderneming 2 ; C. Het verifiëren van deze jaarrekening; D. Het corrigeren van deze jaarrekening). - Indien taken bedoeld onder A. (Het voeren van de boekhouding van de onderneming) of onder B. (Het opstellen van de jaarrekening) uitgevoerd zijn door erkende boekhouders of door erkende boekhouders-fiscalisten, kunnen hierna worden vermeld: naam, voornamen, beroep en woonplaats van elke erkende boekhouder of erkende boekhouder-fiscalist en zijn lidmaatschapsnummer bij het Beroepsinstituut van erkende Boekhouders en Fiscalisten, evenals de aard van zijn opdracht (A. Het voeren van de boekhouding van de onderneming; B. Het opstellen van de jaarrekening). Naam, voornamen, beroep en woonplaats
1 Schrappen wat niet van toepassing is. 2 Facultatieve vermelding.
Lidmaatschapsnummer
Aard van de opdracht (A, B, C en/of D)
Nr.
VOL 1 ter.
BE 0455.138.450
LIJST VAN DE BESTUURDERS, ZAAKVOERDERS EN COMMISSARISSEN (vervolg van blz. VOL 1 bis.)
MURPHY James Francis Brookside Lane 1763,
22182 Vienna VA, VERENIGDE STATEN VAN AMERIKA Begin mandaat : 10/11/2004 Einde mandaat : 04/05/2009
(eventueel vervolg op blz. VOL 1 quater.) - Het bestuursorgaan verklaart dat geen enkele opdracht voor nazicht of correctie werd gegeven aan iemand die daar wettelijk niet toe gemachtigd is met toepassing van de artikelen 34 en 37 van de wet van 22 april 1999 betreffende de boekhoudkundige en fiscale beroepen. - Werd de jaarrekening geverifieerd of gecorrigeerd door een externe accountant of door een bedrijfsrevisor die niet de commissaris is ? JA / NEEN 1. Indien JA, moeten hierna worden vermeld: naam, voornamen, beroep en woonplaats van elke externe accountant of bedrijfsrevisor en zijn lidmaatschapsnummer bij zijn Instituut, evenals de aard van zijn opdracht. (A. Het voeren van de boekhouding van de onderneming 2 ; B. Het opstellen van de jaarrekening van de onderneming 2 ; C. Het verifiëren van deze jaarrekening; D. Het corrigeren van deze jaarrekening). - Indien taken bedoeld onder A. (Het voeren van de boekhouding van de onderneming) of onder B. (Het opstellen van de jaarrekening) uitgevoerd zijn door erkende boekhouders of door erkende boekhouders-fiscalisten, kunnen hierna worden vermeld: naam, voornamen, beroep en woonplaats van elke erkende boekhouder of erkende boekhouder-fiscalist en zijn lidmaatschapsnummer bij het Beroepsinstituut van erkende Boekhouders en Fiscalisten, evenals de aard van zijn opdracht (A. Het voeren van de boekhouding van de onderneming; B. Het opstellen van de jaarrekening). Naam, voornamen, beroep en woonplaats
1 Schrappen wat niet van toepassing is. 2 Facultatieve vermelding.
Lidmaatschapsnummer
Aard van de opdracht (A, B, C en/of D)
Nr.
VOL 2.
BE 0455.138.450 Codes
Boekjaar
Vorig boekjaar
1. BALANS NA WINSTVERDELING ACTIVA VASTE ACTIVA
20/28
I. Oprichtingskosten (toel. I) . . . . . . . . . . . . . . . . . . . . . .
20
II. Immateriële vaste activa (toel. II) . . . . . . . . . . . . . . . . .
21
III. Materiële vaste activa (toel. III). . . . . . . . . . . . . . . . . . . . A. Terreinen en gebouwen . . . . . . . . . . . . . . . . . . . . . . . B. Installaties, machines en uitrusting . . . . . . . . . . . . . . . C. Meubilair en rollend materieel . . . . . . . . . . . . . . . . . . . D. Leasing en soortgelijke rechten. . . . . . . . . . . . . . . . . . E. Overige materiële vaste activa . . . . . . . . . . . . . . . . . . F. Activa in aanbouw en vooruitbetalingen . . . . . . . . . . .
22/27 22 23 24 25 26 27
IV. Financiële vaste activa (toel. IV en V) . . . . . . . . . . . . . A. Verbonden ondernemingen . . . . . . . . . . . . . . . . . . . 1. Deelnemingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Vorderingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28 280/1 280 281
B. Ondernemingen waarmee een deelnemingsverhouding bestaat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Deelnemingen . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Vorderingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C. Andere financiële vaste activa . . . . . . . . . . . . . . . . . 1. Aandelen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Vorderingen en borgtochten in contanten . . . . . . .
282/3 282 283 284/8 284 285/8
VLOTTENDE ACTIVA V. Vorderingen op meer dan één jaar . . . . . . . . . . . . . . A. Handelsvorderingen . . . . . . . . . . . . . . . . . . . . . . . . . B. Overige vorderingen . . . . . . . . . . . . . . . . . . . . . . . . . VI. Voorraden en bestellingen in uitvoering . . . . . . . . . . A. Voorraden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Grond- en hulpstoffen . . . . . . . . . . . . . . . . . . . . . . 2. Goederen in bewerking . . . . . . . . . . . . . . . . . . . . 3. Gereed product . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Handelsgoederen . . . . . . . . . . . . . . . . . . . . . . . . . 5. Onroerende goederen bestemd voor verkoop . . . 6. Vooruitbetalingen . . . . . . . . . . . . . . . . . . . . . . . . . B. Bestellingen in uitvoering . . . . . . . . . . . . . . . . . . . . . .
22 301
5 935
3 30/36 30/31 32 33 34 35 36 37
6 935
.................................................
.................................................
................................................. 4 920
................................................. 5 866
................................................. 1 015
................................................. 1 069
.................................................
.................................................
.................................................
.................................................
.................................................
.................................................
16 366 ................................................. 15 122
9 620 ................................................. 8 532
.................................................... 15 122
.................................................. 8 532
....................................................
..................................................
................................................. 85
.................................................
.................................................... 85
..................................................
....................................................
..................................................
................................................. 1 159
................................................. 1 088
....................................................
..................................................
.................................................... 1 159
.................................................. 1 088
29/58 29 290 291
16 555
21 961
19 838
.................................................
.................................................
.................................................
.................................................
288 ................................................. 39
419 ................................................. 51
....................................................
..................................................
....................................................
..................................................
....................................................
..................................................
.................................................... 39
.................................................. 51
....................................................
..................................................
....................................................
..................................................
................................................. 249
19 747
................................................. 368
15 722
VII. Vorderingen op ten hoogste één jaar . . . . . . . . . . . . . A. Handelsvorderingen . . . . . . . . . . . . . . . . . . . . . . . . . B. Overige vorderingen . . . . . . . . . . . . . . . . . . . . . . . . .
40/41 40 41
................................................. 5 155
................................................. 7 282
................................................. 14 592
................................................. 8 440
VIII. Geldbeleggingen (toel. V en VI) . . . . . . . . . . . . . . . . . . . A. Eigen aandelen. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B. Overige beleggingen . . . . . . . . . . . . . . . . . . . . . . . . .
50/53 50 51/53
.................................................
.................................................
.................................................
................................................. 1 723
IX. Liquide middelen . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54/58
774
1 038
X. Overlopende rekeningen (toel. VII) . . . . . . . . . . . . . . . .
490/1
1 152
936
TOTAAL DER ACTIVA
20/58
44 262
36 393
1 723
Nr.
VOL 3.
BE 0455.138.450 Codes
Boekjaar
Vorig boekjaar
PASSIVA EIGEN VERMOGEN I. Kapitaal (toel. VIII) . . . . . . . . . . . . . . . . . . . . . . . . . . . . A. Geplaatst kapitaal . . . . . . . . . . . . . . . . . . . . . . . . . B. Niet-opgevraagd kapitaal . . . . . . . . . . . . . . . . . ( - )
10/15 10 100 101
II. Uitgiftepremies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
III. Herwaarderingsmeerwaarden . . . . . . . . . . . . . . . . .
12
IV. Reserves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A. Wettelijke reserve . . . . . . . . . . . . . . . . . . . . . . . . . B. Onbeschikbare reserves . . . . . . . . . . . . . . . . . . . . 1. Voor eigen aandelen . . . . . . . . . . . . . . . . . . . . . 2. Andere . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C. Belastingvrije reserves . . . . . . . . . . . . . . . . . . . . . . D. Beschikbare reserves . . . . . . . . . . . . . . . . . . . . . . .
13 130 131 1310 1311 132 133
V. Overgedragen winst . . . . . . . . . . . . . . . . . . . . . . . . . Overgedragen verlies . . . . . . . . . . . . . . . . . . . . . ( - )
140 141
VI. Kapitaalsubsidies . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
VOORZIENINGEN EN UITGESTELDE BELASTINGEN
16
VII. A. Voorzieningen voor risico's en kosten. . . . . . . . 1. Pensioenen en soortgelijke verplichtingen . . . . 2. Belastingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Grote herstellings- en onderhoudswerken . . . . 4. Overige risico's en kosten (toel. IX) . . . . . . . . . B. Uitgestelde belastingen . . . . . . . . . . . . . . . . . . . . SCHULDEN VIII. Schulden op meer dan één jaar (toel. X) . . . . . . . . . A. Financiële schulden . . . . . . . . . . . . . . . . . . . . . . . . 1. Achtergestelde leningen . . . . . . . . . . . . . . . . . . 2. Niet-achtergestelde obligatieleningen . . . . . . . . 3. Leasingschulden en soortgelijke schulden . . . . 4. Kredietinstellingen. . . . . . . . . . . . . . . . . . . . . . . . 5. Overige leningen . . . . . . . . . . . . . . . . . . . . . . . . B. Handelsschulden . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Leveranciers . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Te betalen wissels. . . . . . . . . . . . . . . . . . . . . . . . C. Ontvangen vooruitbetalingen op bestellingen . . . . D. Overige schulden. . . . . . . . . . . . . . . . . . . . . . . . . . .
160/5 160 161 162 163/5
20 848 26 988
20 034 24 378
................................................. 26 988
................................................. 24 378
............................................
............................................
162 335
156 581
335
335
................................................. 17 .................................................
................................................. 17 .................................................
....................................................
....................................................
....................................................
....................................................
.................................................
.................................................
................................................. 318
................................................. 318
(
168 810 )
(
161 260 )
3 000 3 000
3 145 3 145
.................................................
.................................................
.................................................
.................................................
.................................................
.................................................
................................................. 3 000
................................................. 3 145
168 17/49 17 170/4 170 171 172 173 174 175 1750 1751 176 178/9
20 414 .................................................
13 214 .................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
.................................................
.................................................
....................................................
....................................................
....................................................
....................................................
.................................................
.................................................
.................................................
.................................................
17 536
42/48
11 068
IX. Schulden op ten hoogste één jaar (toel. X) . . . . . . A. Schulden op meer dan één jaar die binnen het jaar vervallen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B. Financiële schulden . . . . . . . . . . . . . . . . . . . . . . . . 1. Kredietinstellingen. . . . . . . . . . . . . . . . . . . . . . . . 2. Overige leningen . . . . . . . . . . . . . . . . . . . . . . . . C. Handelsschulden . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Leveranciers . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Te betalen wissels . . . . . . . . . . . . . . . . . . . . . . . D. Ontvangen vooruitbetalingen op bestellingen . . . . E. Schulden met betrekking tot belastingen, bezoldigingen en sociale lasten . . . . . . . . . . . . . . . . . . . . . 1. Belastingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Bezoldigingen en sociale lasten . . . . . . . . . . . . F. Overige schulden . . . . . . . . . . . . . . . . . . . . . . . . . .
45 450/3 454/9 47/48
X. Overlopende rekeningen (toel. XI) . . . . . . . . . . . . . .
492/3
2 878
2 146
TOTAAL DER PASSIVA
10/49
44 262
36 393
42 43 430/8 439 44 440/4 441 46
................................................. ................................................. 4
................................................. 124 ................................................. 250
.................................................... 4
....................................................
....................................................
.................................................... 250
................................................. 5 227
................................................. 5 269
.................................................... 5 227
.................................................... 5 269
....................................................
....................................................
................................................. ................................................. 1 242
................................................. ................................................. 2 397
.................................................... 224
.................................................... 353
.................................................... 1 018
.................................................... 2 044
................................................. 11 063
................................................. 3 028
Nr.
VOL 4.
BE 0455.138.450 Codes
Boekjaar
Vorig boekjaar
2. RESULTATENREKENING (in staffelvorm) I. Bedrijfsopbrengsten . . . . . . . . . . . . . . . . . . . . . . . . . A. Omzet (toel. XII, A) . . . . . . . . . . . . . . . . . . . . . . . . . B. Wijziging in de voorraad goederen in bewerking en gereed product en in de bestellingen in uitvoering (toename +, afname -) . . . . . . . . . . . . . . . . C. Geproduceerde vaste activa . . . . . . . . . . . . . . . . . . D. Andere bedrijfsopbrengsten (toel. XII, B) . . . . . . . . . II. Bedrijfskosten . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - ) A. Handelsgoederen, grond- en hulpstoffen . . . . . . . . . 1. Inkopen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Wijziging in de voorraad (toename -, afname +) . . . . . . . . . . . . . . . . . . . . . B. Diensten en diverse goederen . . . . . . . . . . . . . . . . . . C. Bezoldigingen, sociale lasten en pensioenen (toel. XII, C2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D. Afschrijvingen en waardeverminderingen op oprichtingskosten, op immateriële en materiële vaste activa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E. Waardeverminderingen op voorraden, bestellingen in uitvoering en handelsvorderingen (toevoegingen +, terugnemingen -) (toel. XII, D) . . . . . . . . . . . . F. Voorzieningen voor risico's en kosten (toevoegingen + , bestedingen en terugnemingen - ) (toel. XII, C3 en E) . . . . . . . . . . . . . . . . . . . . . . . . . . G. Andere bedrijfskosten (toel. XII, F) . . . . . . . . . . . . . . H. Als herstructureringskosten geactiveerde bedrijfskosten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - )
70/74 70
71 72 74 60/64 60 600/8 609 61
28 132
18 998
.................................................. 26 308
................................................. 17 125
( .................................................. 119 )
( ................................................. 476 )
..................................................
.................................................
.................................................. 1 943
................................................. 2 349
(
33 003 )
.................................................. 6 964
(
30 120 )
................................................. 5 039
.................................................... 6 952
.................................................... 5 025
.................................................... 12
.................................................... 14
.................................................. 10 878
................................................. 9 217
62
.................................................. 13 059
................................................. 10 703
630
.................................................. 1 743
................................................. 1 590
631/4
.................................................. 26
................................................. 41
635/7 640/8
( .................................................. 145 )
................................................. 3 145
.................................................. 478
................................................. 385
............................................
..........................................
649
III. Bedrijfswinst . . . . . . . . . . . . . . . . . . . . . . . . . . . . .( + )
70/64
Bedrijfsverlies . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - )
64/70
IV. Financiële opbrengsten . . . . . . . . . . . . . . . . . . . . . . A. Opbrengsten uit financiële vaste activa . . . . . . . . . . B. Opbrengsten uit vlottende activa . . . . . . . . . . . . . . . C. Andere financiële opbrengsten (toel. XIII, A) . . . . . .
75 750 751 752/9
V. Financiële kosten. . . . . . . . . . . . . . . . . . . . . . . . . . ( - ) A. Kosten van schulden (toel. XIII, B en C) . . . . . . . . . B. Waardeverminderingen op andere vlottende activa dan bedoeld onder II. E (toevoegingen +, terugnemingen - ) (toel. XIII, D) . . . . . . . . . . . . . . . . . . . C. Andere financiële kosten (toel. XIII, E) . . . . . . . . . .
65 650
651 652/9
VI. Winst uit de gewone bedrijfsuitoefening, vóór belasting . . . . . . . . . . . . . . . . . . . . . . . . . . .( + )
70/65
Verlies uit de gewone bedrijfsuitoefening, vóór belasting . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - )
65/70
(
4 871 )
(
1 562
11 122 ) 2 175
..................................................
................................................. 1 153
.................................................. 569
................................................. 384
.................................................. 993
................................................. 638
(
1 622 )
(
2 820 )
.................................................. 686
................................................. 462
( .................................................. 209 )
................................................. 280
.................................................. 1 145
................................................. 2 078
(
4 931 )
(
11 767 )
Nr.
VOL 5.
BE 0455.138.450 Codes
Boekjaar
Vorig boekjaar
2. RESULTATENREKENING (vervolg) (in staffelvorm) VI. Winst uit de gewone bedrijfsuitoefening, vóór belasting . . . . . . . . . . . . . . . . . . . . . . . . . . ( + )
(70/65)
Verlies uit de gewone bedrijfsuitoefening, vóór belasting . . . . . . . . . . . . . . . . . . . . . . . . . . ( - )
(65/70)
VII. Uitzonderlijke opbrengsten. . . . . . . . . . . . . . . . . . . . . A. Terugneming van afschrijvingen en van waardeverminderingen op immateriële en materiële vaste activa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B. Terugneming van waardeverminderingen op financiële vaste activa . . . . . . . . . . . . . . . . . . . . . . C. Terugneming van voorzieningen voor uitzonderlijke risico's en kosten . . . . . . . . . . . . . . . . . . . . . . . D. Meerwaarden bij de realisatie van vaste activa E. Andere uitzonderlijke opbrengsten (toel. XIV, A) VIII. Uitzonderlijke kosten . . . . . . . . . . . . . . . . . . . . . ( - ) A. Uitzonderlijke afschrijvingen en waardeverminderingen op oprichtingskosten, op immateriële en materiële vaste activa . . . . . . . . . . . . . . . . . . . . . . . B. Waardeverminderingen op financiële vaste activa C. Voorzieningen voor uitzonderlijke risico's en ...... kosten (toevoegingen + , bestedingen - ) D. Minderwaarden bij de realisatie van vaste activa E. Andere uitzonderlijke kosten (toel. XIV, B) . . . . . . . F. Als herstructureringskosten geactiveerde uitzonderlijke kosten . . . . . . . . . . . . . . . . . . . . . . . . . ( - )
(
11 767 ) 320
..................................................
.................................................
761
..................................................
.................................................
762 763 764/9
..................................................
.................................................
.................................................. 6
................................................. 1
.................................................. 569
................................................. 319
66
(
3 190 )
(
5 667 )
660 661
..................................................
.................................................
.................................................. 1 913
................................................. 3 983
662 663 664/8
..................................................
.................................................
.................................................. 29
................................................. 353
.................................................. 1 248
................................................. 1 331
669
(+)
70/66
Verlies van het boekjaar vóór belasting
(-)
66/70
............................................
(
.............................................
7 546 )
(
17 114 )
780 680
X. Belastingen op het resultaat . . . . . . . . . . . . ( - )( + ) A. Belastingen (toel. XV) . . . . . . . . . . . . . . . . . . . . ( - ) B. Regularisering van belastingen en terugneming van voorzieningen voor belastingen . . . . . . . . . . . . .
67/77 670/3
XI. Winst van het boekjaar . . . . . . . . . . . . . . . . . . . ( + )
70/67
Verlies van het boekjaar . . . . . . . . . . . . . . . . . . ( - )
67/70
77
XII. Onttrekking aan de belastingvrije reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( + )
789
Overboeking naar de belastingvrije reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - )
689
XIII. Te bestemmen winst van het boekjaar . . . . ( + )
(70/68)
(-)
(68/70)
Te verwerken verlies van het boekjaar
4 931 ) 575
760
IX. Winst van het boekjaar vóór belasting
IXbis. A. Onttrekking aan de uitgestelde belastingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( + ) B. Overboeking naar de uitgestelde belastingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - )
(
76
( (............................................ 4)
4)
..................................................
( 278 ) ( ............................................. ) 278 .................................................
(
7 550 )
(
17 392 )
(
7 550 )
(
17 392 )
Nr.
VOL 6.
BE 0455.138.450 Codes
Boekjaar
Vorig boekjaar
RESULTAATVERWERKING A. Te bestemmen winstsaldo . . . . . . . . . . . . . . . . . . . . . .
70/69
....................................................
Te verwerken verliessaldo . . . . . . . . . . . . . . . . . . ( - ) 1. Te bestemmen winst van het boekjaar . . . . . . . . . Te verwerken verlies van het boekjaar . . . . . ( - ) 2. Overgedragen winst van het vorige boekjaar . . . . Overgedragen verlies van het vorige boekjaar ( - )
69/70 70/68 68/70 790 690
( ............................................. 168 809 )
B. Onttrekking aan het eigen vermogen . . . . . . . . . . . . . 1. aan het kapitaal en aan de uitgiftepremies . . . . . . . . . 2. aan de reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
791/2 791 792
C. Toevoeging aan het eigen vermogen . . . . . . . . . ( - ) 1. aan het kapitaal en aan de uitgiftepremies . . . . . . . 2. aan de wettelijke reserve . . . . . . . . . . . . . . . . . . . . 3. aan de overige reserves . . . . . . . . . . . . . . . . . . . . . .
691/2 691 6920 6921
D. Over te dragen resultaat 1. Over te dragen winst . . . . . . . . . . . . . . . . . . . . ( - ) 2. Over te dragen verlies . . . . . . . . . . . . . . . . . . . . . . .
693 793
.................................................... 168 809
.................................................. 161 259
E. Tussenkomst van de vennoten in het verlies . . . . . . .
794
....................................................
.....................................................
F. Uit te keren winst . . . . . . . . . . . . . . . . . . . . . . . . . . ( - ) 1. Vergoeding van het kapitaal . . . . . . . . . . . . . . . . . . . . 2. Bestuurders of zaakvoerders . . . . . . . . . . . . . . . . . . . . 3. Andere rechthebbenden . . . . . . . . . . . . . . . . . . . . . .
694/6 694 695 696
....................................................
.....................................................
( ............................................... 161 259 ) ..................................................
( ............................................. 7 550 )
(............................................ 17 392 )
....................................................
..................................................
( ............................................. 161 259 )
(............................................ 143 867 )
....................................................
.....................................................
....................................................
..................................................
....................................................
..................................................
.............................................
...............................................
....................................................
..................................................
....................................................
..................................................
....................................................
..................................................
.............................................
...............................................
.............................................
...............................................
....................................................
..................................................
....................................................
..................................................
....................................................
..................................................
3. T O E L I C H T I N G
Codes
Bedragen
I. STAAT VAN OPRICHTINGSKOSTEN (post 20 van de activa) Nettoboekwaarde per einde van het vorige boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8001
...............................................
Mutaties tijdens het boekjaar : . Nieuwe kosten van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Afschrijvingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - ) . Andere . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( + ) ( - )
8002 8003 8004
...............................................
Nettoboekwaarde per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8005
Waarvan : - Kosten van oprichting of kapitaalverhoging, kosten bij uitgifte van leningen en andere oprichtingskosten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Herstructureringskosten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
200/2 204
...............................................
...............................................
............................................... ...............................................
Nr.
VOL 7.
BE 0455.138.450
II. STAAT VAN DE IMMATERIELE VASTE ACTIVA
(post 21 van de activa) Codes
a) AANSCHAFFINGSWAARDE Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Aanschaffingen, met inbegrip van de geproduceerde vaste activa . . . . . . Overdrachten en buitengebruikstellingen . . . . . . . . . . . . . . . . . . . . . ( - ) . Overboekingen van een post naar een andere . . . . . . . . . . . . ( + ) ( - ) Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c) AFSCHRIJVINGEN EN WAARDEVERMINDERINGEN Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Geboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Teruggenomen want overtollig . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - ) . Verworven van derden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Afgeboekt na overdrachten en buitengebruikstellingen . . . . . . . . . ( - ) . Overgeboekt van een post naar een andere . . . . . . . . . . . . . . ( + ) ( - )
...............................................
............................................... 1 065
802 803 804
...............................................
............................................... ........................................
...............................................
...............................................
1 065
806
...............................................
............................................... 1 065
807 808 809 810 811
...............................................
...............................................
d) NETTOBOEKWAARDE PER EINDE VAN HET BOEKJAAR (a) - (c) . . .
813
Codes
c) AFSCHRIJVINGEN EN WAARDEVERMINDERINGEN Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Geboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Teruggenomen want overtollig . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - ) . Verworven van derden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Afgeboekt na overdrachten en buitengebruikstellingen . . . . . . . . . ( - ) . Overgeboekt van een post naar een andere . . . . . . . . . . . . . . ( + ) ( - )
........................................
805
812
Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Concessies, octrooien, licenties, enz.
801
Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
a) AANSCHAFFINGSWAARDE Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Aanschaffingen, met inbegrip van de geproduceerde vaste activa . . . . . Overdrachten en buitengebruikstellingen . . . . . . . . . . . . . . . . . . . . . ( - ) . Overboekingen van een post naar een andere . . . . . . . . . . . ( + ) ( - )
1. Kosten van onderzoek en ontwikkeling
........................................
........................................
...............................................
...............................................
........................................
........................................
...............................................
...............................................
1 065
3. Goodwill
4. Vooruitbetalingen
801
...............................................
...............................................
802 803 804
...............................................
...............................................
........................................
........................................
...............................................
...............................................
806
...............................................
...............................................
807 808 809 810 811
...............................................
...............................................
805
Per einde van het boekjaar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
812
d) NETTOBOEKWAARDE PER EINDE VAN HET BOEKJAAR (a) - (c) . . .
813
........................................
........................................
...............................................
...............................................
........................................
........................................
...............................................
...............................................
Nr.
VOL 8.
BE 0455.138.450
III. STAAT VAN DE MATERIELE VASTE ACTIVA (posten 22 tot 27 van de activa)
Codes
1. Terreinen en gebouwen (post 22)
a) AANSCHAFFINGSWAARDE Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Aanschaff., incl. de geprod. vaste activa . . . . . . . . . . . . . . Overdrachten en buitengebruikstellingen . . . . . . . . . ( - ) . Overboek. van een post naar een andere . . . . ( + ) ( - )
815
.................................................
816 817 818
.................................................
Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . .
819
.......................................... .................................................
2. Installaties, machines en uitrusting (post 23)
............................................... 8 260 ............................................... 128
(
........................................ 61 )
...............................................
3. Meubilair en rollend materieel (post 24)
............................................... 5 461 ............................................... 659
(
........................................ 17 )
...............................................
8 327
6 103
b) MEERWAARDEN Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Geboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Verworven van derden . . . . . . . . . . . . . . . . . . . . . . . . . . . Afgeboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - ) . Overgeboekt van een post naar een andere ( + ) ( - )
820
.................................................
...............................................
...............................................
821 822 823 824
.................................................
...............................................
...............................................
.................................................
...............................................
...............................................
..........................................
........................................
........................................
.................................................
...............................................
...............................................
Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . .
825
c) AFSCHRIJVINGEN EN WAARDEVERMINDERINGEN Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Geboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Teruggenomen want overtollig . . . . . . . . . . . . . . . . . ( - ) . Verworven van derden . . . . . . . . . . . . . . . . . . . . . . . . . . . . Afgeboekt na overdr. en buitengebruikstell. . . . . . . . ( - ) . Overgeboekt van een post naar een andere ( + ) ( - )
826
.................................................
............................................... 2 395
............................................... 4 392
827 828 829 830 831
.................................................
............................................... 1 036
............................................... 707
..........................................
........................................
........................................
.................................................
...............................................
...............................................
Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . .
832
3 407
5 088
833
4 920
1 015
d) NETTOBOEKW. PER EINDE BOEKJAAR (a)+(b)-(c)
Codes
.......................................... .................................................
4. Leasing en soortgelijke rechten (post 25)
(
........................................ 24 )
...............................................
5. Overige materiële vaste activa (post 26)
(
........................................ 11 )
...............................................
6. Activa in aanbouw en vooruitbetalingen (post 27)
a) AANSCHAFFINGSWAARDE Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Aanschaff., incl. de geprod. vaste activa . . . . . . . . . . . . . . Overdrachten en buitengebruikstellingen . . . . . . . . . ( - ) . Overboek. van een post naar een andere . . . . ( + ) ( - )
815
.................................................
...............................................
...............................................
816 817 818
.................................................
...............................................
...............................................
..........................................
........................................
........................................
.................................................
...............................................
...............................................
Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . .
819
b) MEERWAARDEN Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Geboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Verworven van derden. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Afgeboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - ) . Overgeboekt van een post naar een andere ( + ) ( - )
820
.................................................
...............................................
...............................................
821 822 823 824
.................................................
...............................................
...............................................
.................................................
...............................................
...............................................
..........................................
........................................
........................................
.................................................
...............................................
...............................................
Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . .
825 826
.................................................
...............................................
...............................................
827 828 829 830 831
.................................................
...............................................
...............................................
..........................................
........................................
........................................
.................................................
...............................................
...............................................
c) AFSCHRIJVINGEN EN WAARDEVERMINDERINGEN Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Geboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Teruggenomen want overtollig . . . . . . . . . . . . . . . . . ( - ) . Verworven van derden . . . . . . . . . . . . . . . . . . . . . . . . . . . . Afgeboekt na overdr. en buitengebruikstell. . . . . . . . ( - ) . Overgeboekt van een post naar een andere ( + ) ( - ) Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . d) NETTOBOEKW. PER EINDE BOEKJAAR (a)+(b)-(c) Waarvan : - Terreinen en gebouwen. . . . . . . . . . . . . . . . . . - Installaties, machines en uitrusting . . . . . . . . . - Meubilair en rollend materieel . . . . . . . . . . . .
..........................................
........................................
........................................
.................................................
...............................................
...............................................
832 833 250 251 252
................................................. ................................................. .................................................
Nr.
VOL 9.
BE 0455.138.450
IV. STAAT VAN DE FINANCIELE VASTE ACTIVA
(post 28 van de activa) Codes
1. Deelnemingen en aandelen
1. Verbonden ondernemingen
2. Ondernemingen met deelnemingsverhouding
3. Andere ondernemingen
(post 280)
(post 282)
(post 284)
a) AANSCHAFFINGSWAARDE Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Aanschaffingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Overdrachten en buitengebruikstellingen . . . . . . . ( - ) . Overboekingen van een post naar een andere ( + ) ( - )
835
................................................. 95 417
............................................... 1 552
...............................................
836 837 838
................................................. 8 589
...............................................
...............................................
..........................................
........................................
........................................
( ................................................. 85 )
............................................... 85
...............................................
Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . .
839
103 921
1 637
b) MEERWAARDEN Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Geboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Verworven van derden . . . . . . . . . . . . . . . . . . . . . . . . . . Afgeboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - ) . Overgeboekt van een post naar een andere ( + ) ( - )
840
.................................................
...............................................
...............................................
841 842 843 844
.................................................
...............................................
...............................................
.................................................
...............................................
...............................................
..........................................
........................................
........................................
.................................................
...............................................
...............................................
Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . .
845
c) WAARDEVERMINDERINGEN Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Geboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Teruggenomen want overtollig . . . . . . . . . . . . . . . ( - ) . Verworven van derden . . . . . . . . . . . . . . . . . . . . . . . . . . Afgeboekt na overdrachten en buitengebruikstell. ( - ) . Overgeboekt van een post naar een andere ( + ) ( - )
846
................................................. 86 886
............................................... 1 552
...............................................
847 848 849 850 851
................................................. 1 913
...............................................
...............................................
..........................................
........................................
........................................
.................................................
...............................................
...............................................
Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . .
852
d) NIET-OPGEVRAAGDE BEDRAGEN Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar . . . . . . . . . . . . . ( + ) ( - )
853 854
Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . .
855
NETTOBOEKWAARDE PER EINDE VAN HET BOEKJAAR (a) + (b) - (c) - (d) . . . . . . . . . . .
856
2. Vorderingen
..........................................
........................................
........................................
.................................................
...............................................
...............................................
88 799
1 552
.................................................
...............................................
...............................................
.................................................
...............................................
...............................................
15 122
85
(post 281)
(post 283)
(post 285/8)
............................................... 1 088
NETTOBOEKWAARDE PER EINDE VAN HET VORIGE BOEKJAAR . . . . . . . . . . . . . . . . . . . . . Mutaties tijdens het boekjaar : . Toevoegingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Terugbetalingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - ) . Geboekte waardeverminderingen . . . . . . . . . . . . . . . . ( - ) . Teruggenomen waardeverminderingen . . . . . . . . . . . . . . . . . Wisselkoersverschillen . . . . . . . . . . . . . . . . . . . . . . . ( + ) ( - ) . Overige . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( + ) ( - )
857
.................................................
...............................................
858 859 860 861 862 863
.................................................
...............................................
..........................................
........................................
..........................................
........................................
........................................
.................................................
...............................................
...............................................
.................................................
...............................................
...............................................
.................................................
...............................................
...............................................
NETTOBOEKWAARDE PER EINDE VAN HET BOEKJAAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
864
GECUMULEERDE WAARDEVERMINDERINGEN OP VORDERINGEN PER EINDE BOEKJAAR . . . . . . . . . . . .
865
............................................... 93
(
........................................ 22 )
1 159
Nr.
VOL 10. / 01
BE 0455.138.450
V. A. DEELNEMINGEN EN MAATSCHAPPELIJKE RECHTEN IN ANDERE ONDERNEMINGEN Hieronder worden de ondernemingen vermeld waarin de onderneming een deelneming bezit (opgenomen in de posten 280 en 282 van de activa), alsmede de andere ondernemingen waarin de onderneming maatschappelijke rechten bezit (opgenomen in de posten 284 en 51/53 van de activa) ten belope van ten minste 10 % van het geplaatste kapitaal. Maatschappelijke rechten gehouden door NAAM, volledig adres van de ZETEL en zo het een onderneming naar Belgisch recht betreft, het ONDERNEMINGSNUMMER
dochters
de onderneming (rechtstreeks) Aantal
Gegevens geput uit de laatst beschikbare jaarrekening
%
Nettoresultaat
Muntcode
31/12/2005
EUR
425
(525)
31/12/2005
EUR
1 284
1 039
31/12/2005
EUR
550
(217)
31/12/2005
EUR
(170)
(187)
31/12/2005
EUR
444
80
31/12/2005
EUR
(686)
(1 011)
31/12/2005
EUR
(192)
(95)
%
Ubizen France SAS Avenue de Wagram 92 75017 Paris, FRANKRIJK
Eigen vermogen
Jaarrekening per
( + ) of ( - ) (in duizenden munteenheden)
2 447 200 100,00
Ubizen USA LLC Dulles Technology Drive, Suite 500 13650 Herndon, VA 20171, VERENIGDE STATEN VAN AMERIKA 1 100,00
Ubizen Luxemburg SA Rue Robert Stumper 18 2557 Luxembourg, LUXEMBURG 1 249
NV Ubizen Aethis Rue du Bosquet 7 1348 Louvain-la-Neuve, BELGIE BE 0458.439.024
3 220
99,92
49,96
Ubizen Nederland BV Rendementsweg 20 Bus B1 3641 SL Mijdrecht, NEDERLAND 185 100,00
Ubizen Italia Srl Via Felice Maritano 26 20097 San Donato Milanese, ITALIE 1 100,00
NV eXpanded Media Philipssite 5 3001 Heverlee, BELGIE BE 0464.599.613
245 716
82,81
9,16
Nr.
VOL 10. / 02
BE 0455.138.450
V. A. DEELNEMINGEN EN MAATSCHAPPELIJKE RECHTEN IN ANDERE ONDERNEMINGEN Hieronder worden de ondernemingen vermeld waarin de onderneming een deelneming bezit (opgenomen in de posten 280 en 282 van de activa), alsmede de andere ondernemingen waarin de onderneming maatschappelijke rechten bezit (opgenomen in de posten 284 en 51/53 van de activa) ten belope van ten minste 10 % van het geplaatste kapitaal. Maatschappelijke rechten gehouden door NAAM, volledig adres van de ZETEL en zo het een onderneming naar Belgisch recht betreft, het ONDERNEMINGSNUMMER
dochters
de onderneming (rechtstreeks) Aantal
Gegevens geput uit de laatst beschikbare jaarrekening
%
Globalsign USA LLC Dulles Technology Drive, Suite 500 13650 Herndon, VA 20171, VERENIGDE STATEN VAN AMERIKA
Eigen vermogen
Nettoresultaat
Jaarrekening per
Muntcode
31/12/2005
EUR
2 269
72
31/12/2005
EUR
(1 126)
(114)
31/12/2005
EUR
(12 588)
(920)
31/12/2005
EUR
3 976
693
%
( + ) of ( - ) (in duizenden munteenheden)
516 000 100,00
Ubizen Ltd New Square Park, Bedfont Lakes 4 TW14 8HA Feltham, Middlesex, VERENIGD KONINKRIJK 200 100,00
Ubizen, Inc Dulles Technology Drive, Suite 500 13650 Herndon, VA 20171, VERENIGDE STATEN VAN AMERIKA 516 000 100,00
NV Globalsign Philipssite 5 3001 Heverlee, BELGIE BE 0459.134.256
522 333
90,88
Nr.
VOL 12.
BE 0455.138.450
VI. GELDBELEGGINGEN : OVERIGE BELEGGINGEN
(post 51/53 van de activa) Codes
Aandelen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51
Boekwaarde verhoogd met het niet-opgevraagde bedrag . . . . . . . . . . Niet-opgevraagd bedrag . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - )
8681 8682
Vastrentende effecten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52
waarvan uitgegeven door kredietinstellingen . . . . . . . . . . . . . . . . . . . . .
8684
Termijnrekeningen bij kredietinstellingen. . . . . . . . . . . . . . . . . . . . .
53
met een resterende looptijd of opzegtermijn van : . hoogstens één maand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . meer dan één maand en hoogstens één jaar . . . . . . . . . . . . . . . . . . . . meer dan één jaar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8686 8687 8688
Hierboven niet-opgenomen overige geldbeleggingen . . . . . . . . . .
8689
Boekjaar
Vorig boekjaar
1 723 .................................................
................................................. 1 723
..........................................
..........................................
.................................................
.................................................
.................................................
.................................................
.................................................
.................................................
.................................................
.................................................
VII. OVERLOPENDE REKENINGEN Boekjaar
Uitsplitsing van de post 490/1 van de activa indien daaronder een belangrijk bedrag voorkomt. Onderhoud ........................................................................................................................................................................................................................................
................................................. 114
Voorraad ........................................................................................................................................................................................................................................
................................................. 930
Overige over te dragen kosten ........................................................................................................................................................................................................................................
................................................. 105
........................................................................................................................................................................................................................................
.................................................
VIII. STAAT VAN HET KAPITAAL
A. MAATSCHAPPELIJK KAPITAAL 1. Geplaatst kapitaal (post 100 van de passiva) - Per einde van het vorige boekjaar . . . . . . . . . . . . . . . . . . . . . - Wijzigingen tijdens het boekjaar : Kapitaalsverhoging ................................................................................................................................
Codes
Bedragen
8700
................................................. 24 378
................................................................................................................................
Aantal aandelen
xxxxxxxxxxxxxxxxxxx
................................................. 2 610
................................................. 4 378 665
.................................................
.................................................
................................................................................................................................
.................................................
.................................................
................................................................................................................................
.................................................
.................................................
................................................................................................................................
.................................................
.................................................
- Per einde van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . .
8701
26 988
xxxxxxxxxxxxxxxxxxx
2. Samenstelling van het kapitaal 2.1. Soorten aandelen Aandelen zonder nominale waarde .............................................................................................................................
................................................. 26 988
................................................. 45 280 158
.............................................................................................................................
.................................................
.................................................
.............................................................................................................................
.................................................
.................................................
.............................................................................................................................
.................................................
.................................................
.............................................................................................................................
.................................................
.................................................
xxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxx
.................................................
2.2. Aandelen op naam of aan toonder Op naam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aan toonder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8702 8703
................................................. 45 280 158
Nr.
VOL 13.
BE 0455.138.450
VIII. STAAT VAN HET KAPITAAL (vervolg)
Codes
1. Niet-opgevraagd bedrag (post 101)
2. Opgevraagd, niet-gestort bedrag
B. NIET-GESTORT KAPITAAL Aandeelhouders die nog moeten volstorten ....................................................................................................................................................
.................................................
.................................................
....................................................................................................................................................
.................................................
.................................................
....................................................................................................................................................
.................................................
.................................................
....................................................................................................................................................
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.................................................
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.................................................
.................................................
....................................................................................................................................................
.................................................
.................................................
....................................................................................................................................................
.................................................
.................................................
(eventueel vervolg op blz.
)
TOTAAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
871 1. Kapitaalbedrag
C. EIGEN AANDELEN gehouden door : - de vennootschap zelf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - haar dochters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Aantal aandelen
872 873
.................................................
.................................................
.................................................
.................................................
8740 8741 8742
.................................................
D. VERPLICHTINGEN TOT UITGIFTE VAN AANDELEN 1. Als gevolg van de uitoefening van CONVERSIERECHTEN . Bedrag van de lopende converteerbare leningen . . . . . . . . . . . . . Bedrag van het te plaatsen kapitaal . . . . . . . . . . . . . . . . . . . . . . . . Maximum aantal uit te geven aandelen . . . . . . . . . . . . . . . . . . . . 2. Als gevolg van de uitoefening van de INSCHRIJVINGSRECHTEN . Aantal inschrijvingsrechten in omloop . . . . . . . . . . . . . . . . . . . . . . . Bedrag van het te plaatsen kapitaal . . . . . . . . . . . . . . . . . . . . . . . . Maximum aantal uit te geven aandelen . . . . . . . . . . . . . . . . . . . . E. TOEGESTAAN, NIET-GEPLAATST KAPITAAL
.............
8745 8746 8747
................................................. ................................................. ................................................. 204 226 ................................................. 122 ................................................. 204 226
8751
19 207 1. Aantal aandelen
.......................... F. AANDELEN BUITEN KAPITAAL Waarvan : - gehouden door de vennootschap zelf . . . . . . . . . . . . . . . - gehouden door haar dochters . . . . . . . . . . . . . . . . . . . . .
876 877 878
.................................................
2. Daaraan verbonden stemrecht
.................................................
................................................. .................................................
G. AANDEELHOUDERSSTRUCTUUR VAN DE ONDERNEMING OP DE DATUM VAN DE JAARAFSLUITING, zoals die blijkt uit de kennisgevingen die de onderneming heeft ontvangen : zie blz.
IX. VOORZIENINGEN
VOOR
OVERIGE
RISICO'S
EN
KOSTEN
Boekjaar
Uitsplitsing van de post 163/5 van de passiva indien daaronder een belangrijk bedrag voorkomt. Voorziening voor ongebruikte m2 gebouw ...........................................................................................................................................................................................................................................
................................................. 3 000
...........................................................................................................................................................................................................................................
.................................................
...........................................................................................................................................................................................................................................
.................................................
...........................................................................................................................................................................................................................................
.................................................
Nr.
VOL 14.
BE 0455.138.450
X. STAAT VAN DE SCHULDEN A. UITSPLITSING VAN DE SCHULDEN MET EEN OORSPRONKELIJKE LOOPTIJD VAN MEER DAN EEN JAAR, NAAR GELANG HUN RESTERENDE LOOPTIJD
SCHULDEN MET EEN RESTERENDE LOOPTIJD VAN
Codes
880
1. 2. 3. 4. 5.
Achtergestelde leningen . . . . . . . . . . . . . . . . . . . . . Niet-achtergestelde obligatieleningen . . . . . . . . . . . Leasingschulden en soortgelijke schulden . . . . . . . Kredietinstellingen . . . . . . . . . . . . . . . . . . . . . . . . . . Overige leningen. . . . . . . . . . . . . . . . . . . . . . . . . . . .
881 882 883 884 885
Handelsschulden. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
886
1. Leveranciers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Te betalen wissels . . . . . . . . . . . . . . . . . . . . . . . . .
887 888
Ontvangen
889
op
bestellingen
2. meer dan één jaar doch hoogstens 5 jaar
(post 42)
Financiële schulden . . . . . . . . . . . . . . . . . . . . . . . . . .
vooruitbetalingen
1. hoogstens één jaar
Overige schulden . . . . . . . . . . . . . . . . . . . . . . . . . . . .
890
TOTAAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
891
3. meer dan 5 jaar
(post 17)
.................................................
.................................................
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.................................................
.................................................
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.................................................
.................................................
.................................................
.................................................
.................................................
SCHULDEN (OF GEDEELTE V/D SCHULDEN) GEWAARBORGD DOOR
B. GEWAARBORGDE SCHULDEN (begrepen in de posten 17 en 42/48 van de passiva)
Codes
Financiële schulden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
892
Achtergestelde leningen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Niet-achtergestelde obligatieleningen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Leasingschulden en soortgelijke schulden . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kredietinstellingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Overige leningen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
893 894 895 896 897
Handelsschulden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
898
1. Leveranciers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Te betalen wissels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
899 900
Ontvangen vooruitbetalingen op bestellingen . . . . . . . . . . . . . . . . . . . . . . . . .
901
Schulden m.b.t. belastingen, bezoldigingen en sociale lasten. . . . . . . . . . . .
902
1. Belastingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Bezoldigingen en sociale lasten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
903 904
Overige schulden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
905
TOTAAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
906
1. 2. 3. 4. 5.
1. Belgische overheidsinstellingen
2. zakelijke zekerheden gesteld of onherroepelijk beloofd op activa van de onderneming
.................................................
.................................................
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xxxxxxxxxxxxxxxxxxx
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.................................................
Codes
Boekjaar
9072 9073 450
.................................................
9076 9077
.................................................
C. SCHULDEN M.B.T. BELASTINGEN, BEZOLDIGINGEN EN SOCIALE LASTEN 1. Belastingen (post 450/3 van de passiva) a) Vervallen belastingschulden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b) Niet-vervallen belastingschulden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c) Geraamde belastingschulden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Bezoldigingen en sociale lasten (post 454/9 van de passiva) a) Vervallen schulden ten aanzien van de Rijksdienst voor Sociale Zekerheid . . . . . . . . . . . . . . . . . b) Andere schulden met betrekking tot bezoldigingen en sociale lasten . . . . . . . . . . . . . . . . . . . . . . . .
................................................. 224 .................................................
................................................. 1 018
Nr.
VOL 15.
BE 0455.138.450
XI. OVERLOPENDE REKENINGEN Boekjaar
Uitsplitsing van de post 492/3 van de passiva indien daaronder een belangrijk bedrag voorkomt. Toe te rekenen kosten ...........................................................................................................................................................................................................................................
................................................. 1 050
Over te dragen omzet support contracten ...........................................................................................................................................................................................................................................
................................................. 1 828
...........................................................................................................................................................................................................................................
.................................................
...........................................................................................................................................................................................................................................
.................................................
XII. BEDRIJFSRESULTATEN A.
NETTO-OMZET (post 70) : per bedrijfscategorie en per geografische markt uitsplitsen in de bijlage bij het standaardformulier , voor zover deze categorieën en markten, vanuit het oogpunt van de organisatie van de verkoop van goederen en de verlening van diensten in het kader van de normale bedrijfsuitoefening van de onderneming, onderling aanzienlijke verschillen vertonen. Codes
B.
C1.
C2.
C3.
D.
E.
F.
G.
ANDERE BEDRIJFSOPBRENGSTEN (post 74) Waarvan : exploitatiesubsidies en vanwege de overheid ontvangen compenserende bedragen . . . . . . . . . . . . . .
740
WERKNEMERS INGESCHREVEN IN HET PERSONEELSREGISTER a) Totaal aantal op de afsluitingsdatum . . . . . . . . . . . . . . . . . . . . . . 9086 b) Gemiddeld personeelsbestand berekend in voltijdse equivalenten 9087 c) Aantal daadwerkelijk gepresteerde uren . . . . . . . . . . . . . . . . . . 9088
Boekjaar
Vorig boekjaar
.................................................
.................................................
................................................. 128
................................................. 153
................................................. 132,5
................................................. 151,6
................................................. 279 179
................................................. 254 686
PERSONEELSKOSTEN (post 62) a) Bezoldigingen en rechtstreekse sociale voordelen . . . . . . . . . . . ............. b) Werkgeversbijdragen voor sociale verzekeringen c) Werkgeverspremies voor bovenwettelijke verzekeringen. . . . . . . d) Andere personeelskosten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e) Pensioenen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
620 621 622 623 624
................................................. 9 486
................................................. 7 689
................................................. 2 991
................................................. 2 204
................................................. 524
................................................. 409
................................................. 57
................................................. 401
.................................................
.................................................
VOORZIENINGEN VOOR PENSIOENEN (begrepen in post 635/7) Toevoegingen ( + ) ; bestedingen en terugnemingen ( - ) . . . . . . . .
635
.................................................
.................................................
WAARDEVERMINDERINGEN (post 631/4) 1. Op voorraden en bestellingen in uitvoering . geboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . teruggenomen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - ) 2. Op handelsvorderingen . geboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . teruggenomen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - )
9110 9111
.................................................
.................................................
..........................................
..........................................
9112 9113
................................................. 126
................................................. 127
VOORZIENINGEN VOOR RISICO'S EN KOSTEN (post 635/7) Toevoegingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bestedingen en terugnemingen . . . . . . . . . . . . . . . . . . . . . . . . . ( - )
9115 9116
................................................. 1 055
................................................. 3 334
ANDERE BEDRIJFSKOSTEN (post 640/8) Belastingen en taksen op de bedrijfsuitoefening . . . . . . . . . . . . . . . Andere . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
640 641/8
................................................. 469
................................................. 385
................................................. 10
.................................................
UITZENDKRACHTEN EN TER BESCHIKKING VAN DE ONDERNEMING GESTELDE PERSONEN 1. Totaal aantal op de afsluitingsdatum . . . . . . . . . . . . . . . . . . . . . . 2. Gemiddeld aantal berekend in voltijdse equivalenten . . . . . . . . . Aantal daadwerkelijk gepresteerde uren . . . . . . . . . . . . . . . . . . . Kosten voor de onderneming . . . . . . . . . . . . . . . . . . . . . . . . . . .
9096 9097 9098 617
................................................. 5
.................................................
................................................. 1,5
................................................. 1,3
................................................. 2 887
................................................. 2 750
................................................. 128
................................................. 83
( .......................................... 100 )
( .......................................... 1 200 )
( .......................................... 86 )
( .......................................... 189 )
Nr.
VOL 16.
BE 0455.138.450
XIII. FINANCIELE RESULTATEN A. ANDERE FINANCIELE OPBRENGSTEN (post 752/9) Door de overheid toegekende subsidies, aangerekend op het resultaat : . kapitaalsubsidies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . interestsubsidies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Uitsplitsing van de overige financiële opbrengsten, indien het belangrijke bedragen betreft. Voordelige wisselresultaten ............................................................................................................................................... Voordelige financiële herwaardering ............................................................................................................................................... Niet-gerealiseerde omrekeningsverschillen ............................................................................................................................................... Andere ...............................................................................................................................................
Codes
9125 9126
Boekjaar
Vorig boekjaar
.................................................
.................................................
.................................................
.................................................
................................................. 98
................................................. 205
................................................. 852
................................................. 195
................................................. 38
................................................. 236
................................................. 5
................................................. 2
B. AFSCHRIJVINGEN VAN KOSTEN BIJ UITGIFTE VAN LENINGEN EN VAN DISAGIO . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6501
...............................................
............................................
C. GEACTIVEERDE INTERESTEN . . . . . . . . . . . . . . . . . . . . . . . . . .
6503
...............................................
............................................
D. WAARDEVERMINDERINGEN OP VLOTTENDE ACTIVA (post 651) Geboekt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Teruggenomen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( - )
6510 6511
...............................................
............................................ 280
E. ANDERE FINANCIELE KOSTEN (post 652/9) Bedrag van het disconto ten laste van de onderneming bij de verhandeling van vorderingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
653
VOORZIENINGEN MET FINANCIEEL KARAKTER Gevormd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aangewend en teruggenomen . . . . . . . . . . . . . . . . . . . . . . . . ( - ) Uitsplitsing van de overige financiële kosten, indien het belangrijke bedragen betreft. Nadelige wisselresultaten ............................................................................................................................................... Nadelige financiële herwaardering ............................................................................................................................................... Andere ............................................................................................................................................... ...............................................................................................................................................
6560 6561
(
.......................................... 209 )
.......................................
...............................................
............................................ 664
...............................................
............................................
..........................................
.......................................
................................................. 390
................................................. 510
................................................. 683
................................................. 826
................................................. 73
................................................. 10
.................................................
.................................................
XIV. UITZONDERLIJKE RESULTATEN
Codes
A. Uitsplitsing van de ANDERE UITZONDERLIJKE OPBRENGSTEN (post 764/9), indien het belangrijke bedragen betreft. Andere uitzonderlijke opbrengsten ................................................................................................................................................................................................................. Meerwaarde op FVA .................................................................................................................................................................................................................
Boekjaar
................................................. 149 ................................................. 420
.................................................................................................................................................................................................................
.................................................
.................................................................................................................................................................................................................
.................................................
B. Uitsplitsing van de ANDERE UITZONDERLIJKE KOSTEN (post 664/8), indien het belangrijke bedragen betreft. uitzonderlijke diverse kosten .................................................................................................................................................................................................................
................................................. 1 248
.................................................................................................................................................................................................................
.................................................
.................................................................................................................................................................................................................
.................................................
.................................................................................................................................................................................................................
.................................................
XV. BELASTINGEN OP HET RESULTAAT A. UITSPLITSING VAN DE POST 670/3 1. Belastingen op het resultaat van het boekjaar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a. Verschuldigde of betaalde belastingen en voorheffingen. . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Geactiveerde overschotten van betaalde belastingen en voorheffingen . . . . . . . . . . . . ( - ) c. Geraamde belastingsupplementen (opgenomen onder post 450/3 van de passiva) . . . . . . 2. Belastingen op het resultaat van vorige boekjaren . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a. Verschuldigde of betaalde belastingsupplementen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Geraamde belastingsupplementen (opgenomen onder post 450/3 van de passiva) of belastingsupplementen waarvoor een voorziening werd gevormd (opgenomen onder post 161 van de passiva) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9134 9135 9136 9137 9138 9139
................................................. 4
9140
.................................................
................................................. 4 ............................................ ................................................. ................................................. .................................................
Nr.
VOL 17.
BE 0455.138.450
XV. BELASTINGEN OP HET RESULTAAT (vervolg) B. BELANGRIJKSTE OORZAKEN VAN DE VERSCHILLEN TUSSEN DE WINST VOOR BELASTINGEN, zoals die blijkt uit de jaarrekening, EN DE GERAAMDE BELASTBARE WINST, met bijzondere vermelding van die welke voortvloeien uit het tijdsverschil tussen de vaststelling van de boekwinst en de fiscale winst (in de mate waarin het resultaat van het boekjaar op belangrijke wijze werd beïnvloed op het stuk van de belastingen) Boekjaar
...........................................................................................................................................................................................................................................
.................................................
...........................................................................................................................................................................................................................................
.................................................
...........................................................................................................................................................................................................................................
.................................................
...........................................................................................................................................................................................................................................
.................................................
C. INVLOED VAN DE BOEKJAAR
UITZONDERLIJKE
RESULTATEN
OP
DE
BELASTINGEN
OP
HET
RESULTAAT
Codes
D. BRONNEN VAN BELASTINGLATENTIES ( in de mate waarin deze informatie belangrijk is om een inzicht te verkrijgen in de financiële positie van de onderneming ) 1. Actieve latenties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Gecumuleerde fiscale verliezen die aftrekbaar zijn van latere belastbare winsten . . . . . . . .
9141 9142
VAN
HET
Boekjaar
................................................. 73 157 ................................................. 73 157
..................................................................................................................................................................................................................
.................................................
..................................................................................................................................................................................................................
.................................................
..................................................................................................................................................................................................................
2. Passieve latenties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.................................................
9144
..................................................................................................................................................................................................................
................................................. .................................................
..................................................................................................................................................................................................................
.................................................
..................................................................................................................................................................................................................
.................................................
XVI. BELASTING OP DE TOEGEVOEGDE WAARDE EN BELASTINGEN TEN LASTE VAN DERDEN Codes
Boekjaar
Vorig boekjaar
A. De belasting op de toegevoegde waarde in rekening gebracht : 1. aan de onderneming (aftrekbaar) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. door de onderneming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9145 9146
................................................. 3 851
............................................... 2 925
................................................. 4 157
............................................... 3 093
B. De ingehouden bedragen ten laste van derden bij wijze van : 1. bedrijfsvoorheffing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. roerende voorheffing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9147 9148
................................................. 3 152
............................................... 2 289
.................................................
...............................................
XVII. NIET IN DE BALANS OPGENOMEN RECHTEN EN VERPLICHTINGEN Codes
Persoonlijke zekerheden die door de onderneming werden gesteld of onherroepelijk beloofd als waarborg voor schulden of verplichtingen van derden . . . . . . . . . . . . . . . . . . . . . . Waarvan : . De door de onderneming geëndosseerde handelseffecten in omloop . . . . . . . . . . . . . . . . . . . . . . . De door de onderneming getrokken of voor aval getekende handelseffecten . . . . . . . . . . . . . . . . Het maximumbedrag ten belope waarvan andere verplichtingen van derden door de onderneming zijn gewaarborgd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Boekjaar
9149
...............................................
9150 9151
...............................................
9153
...............................................
...............................................
Nr.
VOL 20.
BE 0455.138.450
XVIII. BETREKKINGEN MET VERBONDEN ONDERNEMINGEN EN MET ONDERNEMINGEN WAARMEE EEN DEELNEMINGSVERHOUDING BESTAAT Codes
1. VERBONDEN ONDERNEMINGEN Boekjaar
1. FINANCIELE VASTE ACTIVA . .
925
Deelnemingen . . . . . . . . . . . . . . . Vorderingen : achtergestelde . . . . andere . . . . . . . . . .
926 927 928
2. VORDERINGEN . . . . . . . . . . . . . .
929
Op meer dan één jaar . . . . . . . . . Op hoogstens één jaar . . . . . . . . .
930 931
3. GELDBELEGGINGEN . . . . . . . .
932
Aandelen . . . . . . . . . . . . . . . . . . . . Vorderingen . . . . . . . . . . . . . . . . .
933 934
4. SCHULDEN . . . . . . . . . . . . . . . . .
935
Op meer dan één jaar . . . . . . . . . Op hoogstens één jaar . . . . . . . . .
936 937
Vorig boekjaar
15 122
2. ONDERNEMINGEN WAARMEE EEN DEELNEMINGSVERHOUDING BESTAAT Boekjaar
8 531
Vorig boekjaar
85
............................................... 15 122
................................................. 8 531
................................................. 85
.................................................
...............................................
.................................................
.................................................
.................................................
...............................................
.................................................
.................................................
.................................................
15 112
12 470
162
...............................................
.................................................
.................................................
.................................................
............................................... 15 112
................................................. 12 470
................................................. 162
.................................................
...............................................
.................................................
...............................................
.................................................
7 563
4 400
31
...............................................
.................................................
.................................................
.................................................
............................................... 7 563
................................................. 4 400
................................................. 31
.................................................
Codes
VERBONDEN ONDERNEMINGEN Boekjaar
5. - Door de onderneming gestelde of onherroepelijk beloofde PERSOONLIJKE EN ZAKELIJKE ZEKERHEDEN als waarborg voor schulden of verplichtingen van verbonden ondernemingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Door verbonden ondernemingen gestelde of onherroepelijke beloofde PERSOONLIJKE EN ZAKELIJKE ZEKERHEDEN als waarborg voor schulden of verplichtingen van de onderneming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. ANDERE BETEKENISVOLLE FINANCIELE VERPLICHTINGEN . . . . . . . . . . . . .
Vorig boekjaar
9381
9391 9401
7. FINANCIELE RESULTATEN Opbrengsten uit financiële vaste activa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Opbrengsten uit vlottende activa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Andere financiële opbrengsten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kosten van schulden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Andere financiële kosten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9421 9431 9441 9461 9471
.................................................
................................................. 1 150
................................................. 550
................................................. 351
.................................................
.................................................
................................................. 381
................................................. 131
................................................. 683
................................................. 827
8. REALISATIE VAN VASTE ACTIVA Verwezenlijkte meerwaarden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9481
.................................................
................................................. 1
Verwezenlijkte minderwaarden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9491
.................................................
................................................. 3
Nr.
VOL 21.
BE 0455.138.450
VERKLARING MET BETREKKING TOT DE GECONSOLIDEERDE JAARREKENING A. Inlichtingen te verstrekken door elke onderneming die onderworpen is aan de bepalingen van het Wetboek van vennootschappen inzake de geconsolideerde jaarrekening De onderneming . heeft een geconsolideerde jaarrekening en een geconsolideerd jaarverslag opgesteld en openbaar gemaakt : ja / neen 1 . heeft geen geconsolideerde jaarrekening en geconsolideerd jaarverslag opgesteld, omdat zij daarvan vrijgesteld is om de volgende reden(en) : a. De onderneming en haar dochterondernemingen overschrijden op geconsolideerde basis niet meer dan één van de in artikel 16 van het Wetboek van vennootschappen vermelde criteria : ja / neen 1 b. De onderneming is zelf dochteronderneming van een moederonderneming die een geconsolideerde jaarrekening, waarin haar jaarrekening door consolidatie opgenomen is, opstelt en openbaar maakt : ja / neen 1 Indien ja : . Motivering dat aan alle voorwaarden tot vrijstelling, opgenomen in artikel 113, paragrafen 2 en 3 van het Wetboek van vennootschappen, is voldaan :
. Naam, volledig adres van de zetel en, zo het een onderneming naar Belgisch recht betreft, het ondernemingsnummer van de moederonderneming die de geconsolideerde jaarrekening opstelt en openbaar maakt, op grond waarvan de vrijstelling is verleend :
B. Inlichtingen die moeten worden verstrekt door de onderneming indien zij dochteronderneming of gemeenschappelijke dochteronderneming is . Naam, volledig adres van de zetel en, zo het een onderneming naar Belgisch recht betreft, het ondernemingsnummer van de moederonderneming(en) en de aanduiding of deze moederonderneming(en) een geconsolideerde jaarrekening, waarin haar jaarrekening door consolidatie opgenomen is, opstelt (opstellen) en openbaar maakt (maken) 2 : Cybertrust Holdings, Inc, 13650 Dulles Technology Drive, Suite 500 Herndon, VA 20171 VERENIGDE STATEN VAN AMERIKA Stelt een geconsolideerde jaarrekening op. . Indien de moederonderneming(en) (een) onderneming(en) naar buitenlands recht is (zijn), de plaats waar de hiervoor bedoelde geconsolideerde jaarrekening verkrijgbaar is 2 :
1 Schrappen wat niet van toepassing is. 2 Wordt de jaarrekening van de onderneming op verschillende niveaus geconsolideerd, dan het grootste geheel en anderzijds voor het kleinste geheel van ondernemingen waarvan waarvoor een geconsolideerde jaarrekening wordt opgesteld en openbaar gemaakt.
worden deze gegevens verstrekt, enerzijds voor de onderneming als dochter deel uitmaakt en
Nr.
VOL 22.
BE 0455.138.450 4. SOCIALE BALANS
Nummers van de paritaire comités die voor de onderneming bevoegd zijn :
I.
........................ 218.00
........................
........................
........................
........................
STAAT VAN DE TEWERKGESTELDE PERSONEN
A. WERKNEMERS INGESCHREVEN IN HET PERSONEELSREGISTER 1. Voltijds
2. Deeltijds
3. Totaal (T) of totaal
Codes
1.
Tijdens het boekjaar en het vorige boekjaar
Gemiddeld aantal werknemers . . . . . Aantal daadwerkelijk gepresteerde uren . . . . . . . . . . . . . . . . . . . . . . . . . . Personeelskosten . . . . . . . . . . . . . . . Bedrag van de voordelen bovenop het loon . . . . . . . . . . . . . . . . . . . . . . .
(boekjaar)
(boekjaar)
in voltijdse
equivalenten (VTE)
equivalenten (VTE)
(boekjaar)
(vorig boekjaar)
(VTE)
(VTE)
100
............................................... 120,9
101 102
............................................... 256 351
................................................. 22 828
........................................ 279 179
............................................... 11 649
................................................. 1 410
........................................ 13 059
(T) (T)
.......................................... 10 703
(T) (T)
103
xxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxx
........................................
(T)
..........................................
(T)
................................................. 15,8
1. Voltijds
2.
4. Totaal (T) of totaal
in voltijdse
Op de afsluitingsdatum van het boekjaar
a. Aantal werknemers ingeschreven in het personeelsregister . . . . . . . . . . . . . . . . . . . . . . . .
.................................... 132,5
2. Deeltijds
Codes
...................................... 151,6
.......................................... 254 686
3. Totaal in voltijdse equivalenten
105
............................................... 116
............................................... 12
............................................... 125,4
110 111 112 113
............................................... 116
............................................... 12
............................................... 125,4
...............................................
...............................................
...............................................
...............................................
...............................................
...............................................
...............................................
...............................................
...............................................
120 121
............................................... 101
............................................... 4
............................................... 103,9
............................................... 15
............................................... 8
............................................... 21,5
130 134 132 133
...............................................
...............................................
...............................................
............................................... 116
............................................... 12
............................................... 125,4
...............................................
...............................................
...............................................
...............................................
...............................................
...............................................
b. Volgens de aard van de arbeidsovereenkomst Overeenkomst voor een onbepaalde tijd . . . . . . . . . . . . . . Overeenkomst voor een bepaalde tijd . . . . . . . . . . . . . . . . Overeenkomst voor een duidelijk omschreven werk . . . . . Vervangingsovereenkomst . . . . . . . . . . . . . . . . . . . . . . . . . c. Volgens het geslacht Mannen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vrouwen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d. Volgens de beroepscategorie Directiepersoneel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bedienden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Arbeiders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Andere . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B. UITZENDKRACHTEN EN TER BESCHIKKING VAN DE ONDERNEMING GESTELDE PERSONEN 1. Uitzendkrachten
2. Ter beschikking van de onderneming
Codes
gestelde personen
Tijdens het boekjaar Gemiddeld aantal tewerkgestelde personen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aantal daadwerkelijk gepresteerde uren . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kosten voor de onderneming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
150 151 152
............................................... 1,5
...............................................
............................................... 2 887
...............................................
............................................... 128
...............................................
Nr.
VOL 23.
BE 0455.138.450
II. TABEL VAN HET PERSONEELSVERLOOP TIJDENS HET BOEKJAAR 1. Voltijds
A. INGETREDEN a. Aantal werknemers die tijdens het boekjaar in het personeelsregister werden ingeschreven
2. Deeltijds
Codes
205
3. Totaal in voltijdse equivalenten
.................................................. 19
.................................................. 2
.................................................... 20,6
b. Volgens de aard van de arbeidsovereenkomst Overeenkomst voor een onbepaalde tijd . . . . . . . Overeenkomst voor een bepaalde tijd . . . . . . . . . Overeenkomst voor een duidelijk omschreven werk Vervangingsovereenkomst . . . . . . . . . . . . . . . . .
210 211 212 213
.................................................. 17
..................................................
.................................................... 17,0
.................................................. 2
.................................................. 2
.................................................... 3,6
..................................................
..................................................
....................................................
..................................................
..................................................
....................................................
c. Volgens het geslacht en het studieniveau Mannen : lager onderwijs . . . . . . . . . . . . . . . . . . secundair onderwijs . . . . . . . . . . . . . hoger niet-universitair onderwijs . . . . . universitair onderwijs . . . . . . . . . . . . . . Vrouwen : lager onderwijs . . . . . . . . . . . . . . . . . . secundair onderwijs . . . . . . . . . . . . . hoger niet-universitair onderwijs . . . . . universitair onderwijs . . . . . . . . . . . . . .
B. UITGETREDEN a. Aantal werknemers met een in het personeelsregister opgetekende datum waarop hun overeenkomst tijdens het boekjaar een einde nam . . . . . . . . . . . . . . . . . . . . . . . . . .
220 221 222 223 230 231 232 233
..................................................
..................................................
....................................................
.................................................. 4
..................................................
.................................................... 4,0
.................................................. 5
..................................................
.................................................... 5,0
.................................................. 5
..................................................
.................................................... 5,0
..................................................
..................................................
....................................................
.................................................. 2
..................................................
.................................................... 2,0
.................................................. 2
..................................................
.................................................... 2,0
.................................................. 1
.................................................. 2
.................................................... 2,6
1. Voltijds
2. Deeltijds
Codes
305
3. Totaal in voltijdse equivalenten
.................................................. 37
.................................................. 9
.................................................... 42,7
b. Volgens de aard van de arbeidsovereenkomst Overeenkomst voor een onbepaalde tijd . . . . . . . Overeenkomst voor een bepaalde tijd . . . . . . . . . Overeenkomst voor een duidelijk omschreven werk Vervangingsovereenkomst . . . . . . . . . . . . . . . . .
310 311 312 313
.................................................. 35
.................................................. 7
.................................................... 39,1
.................................................. 2
.................................................. 2
.................................................... 3,6
..................................................
..................................................
....................................................
..................................................
..................................................
....................................................
c. Volgens het geslacht en het studieniveau Mannen : lager onderwijs . . . . . . . . . . . . . . . . . . secundair onderwijs . . . . . . . . . . . . . hoger niet-universitair onderwijs . . . . . universitair onderwijs . . . . . . . . . . . . . . Vrouwen : lager onderwijs . . . . . . . . . . . . . . . . . . secundair onderwijs . . . . . . . . . . . . . hoger niet-universitair onderwijs . . . . . universitair onderwijs . . . . . . . . . . . . . . d. Volgens de reden van beëindiging van de overeenkomst Pensioen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Brugpensioen . . . . . . . . . . . . . . . . . . . . . . . . . . . . Afdanking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Andere reden . . . . . . . . . . . . . . . . . . . . . . . . . . . . Waarvan : het aantal werknemers dat als zelfstandige ten minste op halftijdse basis diensten blijft verlenen aan de onderneming
320 321 322 323 330 331 332 333
..................................................
..................................................
....................................................
.................................................. 3
..................................................
.................................................... 3,0
.................................................. 13
..................................................
.................................................... 13,0
.................................................. 13
.................................................. 4
.................................................... 15,0
..................................................
.................................................. 2
.................................................... 1,3
.................................................. 4
..................................................
.................................................... 4,0
.................................................. 2
..................................................
.................................................... 2,0
.................................................. 2
.................................................. 3
.................................................... 4,4
340 341 342 343
.................................................. 9
.................................................. 4
.................................................... 11,6
.................................................. 27
.................................................. 5
.................................................... 30,1
350
..................................................
..................................................
....................................................
.................................................. 1
..................................................
.................................................... 1,0
..................................................
..................................................
....................................................
Nr.
VOL 24.
BE 0455.138.450
III. STAAT OVER HET GEBRUIK VAN DE MAATREGELEN TEN GUNSTE VAN DE WERKGELEGENHEID TIJDENS HET BOEKJAAR MAATREGELEN TEN GUNSTE VAN DE WERKGELEGENHEID 1. Maatregelen met een financieel voordeel* 1.1. Voordeelbanenplan (ter aanmoediging van de indienstneming van werkzoekenden die tot risicogroepen behoren) . . . . . . . . . . . . . . . . . . . . . 1.2. Conventioneel halftijds brugpensioen . . . . . . . . . . ............... 1.3. Volledige loopbaanonderbreking 1.4. Vermindering van de arbeidsprestaties (deeltijdse loopbaanonderbreking). . . . . . . . . . . . . 1.5. Sociale Maribel. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6. Structurele vermindering van de sociale zekerheidsbijdragen. . . . . . . . . . . . . . . . . . . . . . . . 1.7. Doorstromingsprogramma's. . . . . . . . . . . . . . . . . . 1.8. Dienstenbanen. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9. Overeenkomst werk - opleiding . . . . . . . . . . . . . . 1.10.Leerovereenkomst. . . . . . . . . . . . . . . . . . . . . . . . . 1.11.Startbaanovereenkomst . . . . . . . . . . . . . . . . . . . . 2. Andere maatregelen 2.1. Stage der jongeren . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Opeenvolgende arbeidsovereenkomsten voor bepaalde tijd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3. Conventioneel brugpensioen . . . . . . . . . . . . . . . . 2.4. Vermindering van de persoonlijke bijdragen van sociale zekerheid aan werknemers met lage lonen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aantal betrokken werknemers
3. Bedrag van het financiële
Codes
1. Aantal
2. In voltijdse
voordeel
equivalenten
414 411 412
..................................................
..................................................
....................................................
..................................................
..................................................
....................................................
..................................................
..................................................
....................................................
413 415
..................................................
..................................................
....................................................
..................................................
..................................................
....................................................
416 417 418 503 504 419
..................................................
..................................................
....................................................
..................................................
..................................................
....................................................
502
..................................................
..................................................
505 506
..................................................
..................................................
..................................................
..................................................
507
.................................................. 1
.................................................. 1,0
550 560
.................................................. 163
.................................................. 158,0
.................................................. 185
.................................................. 178,9
.................................................. 163
.................................................. 158,0
.................................................... 337
..................................................
..................................................
....................................................
..................................................
..................................................
....................................................
..................................................
..................................................
....................................................
Aantal werknemers betrokken bij één of meerdere maatregelen ten gunste van de werkgelegenheid : - totaal voor het boekjaar. . . . . . . . . . . . . . . . . . . . - totaal voor het vorige boekjaar. . . . . . . . . . . . . . .
IV. INLICHTINGEN OVER DE OPLEIDINGEN VOOR DE WERKNEMERS TIJDENS HET BOEKJAAR Totaal van de opleidingsinitiatieven ten laste van de werkgever 1. Aantal betrokken werknemers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Aantal gevolgde opleidingsuren. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Kosten voor de onderneming. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Codes
5801 5802 5803
Mannen
.................................................. .................................................. ..................................................
Codes
5811 5812 5813
Vrouwen
.................................................. .................................................. ..................................................
V. INLICHTINGEN OVER DE ACTIVITEITEN VAN VORMING, BEGELEIDING OF MENTORSCHAP DOOR DE WERKNEMERS GEGEVEN IN TOEPASSING VAN DE WET VAN 5 SEPTEMBER 2001 TOT DE VERBETERING VAN DE WERKGELEGENHEIDSGRAAD VAN DE WERKNEMERS Codes
Activiteiten van vorming, begeleiding of mentorschap 1. Aantal werknemers welke deze activiteiten uitoefenden .............. 2. Aantal uren besteed aan deze activiteiten ......................... 3. Aantal werknemers welke deze activiteiten volgden .................
* Financieel voordeel voor de werkgever met betrekking tot de titularis of diens plaatsvervanger.
5804 5805 5806
Mannen
.................................................. .................................................. ..................................................
Codes
5814 5815 5816
Vrouwen
.................................................. .................................................. ..................................................
Nr.
VOL 25.
BE 0455.138.450
Overzicht van de statutaire waarderingsregels --------------------------------------------OPRICHTINGSKOSTEN De kosten van oprichting en kapitaalverhoging, inclusief beursintroductie (IPO, SPO), worden onmiddellijk ten laste van het resultaat genomen als uitzonderlijke financiële kosten. IMMATERIELE VASTE ACTIVA Onderzoek en ontwikkeling Onderzoekskosten Onderzoekskosten worden onmiddellijk ten laste van het resultaat genomen. Ontwikkelingskosten Ontwikkelingskosten kunnen geactiveerd worden indien aan bepaalde criteria wordt voldaan. afgeschreven over vijf jaar.
Deze worden lineair
De ontwikkelingskosten van een project worden geactiveerd en ten laste genomen in toekomstige boekjaren indien cumulatief aan de volgende criteria wordt voldaan : a) Het product of proces moet nauwkeurig gedefinieerd zijn en de kosten toerekenbaar aan het product of proces moeten geïndividualiseerd kunnen worden; b) De technische uitvoerbaarheid van het product of proces moet worden aangetoond; c) De ondernemingsleiding heeft haar intentie aangegeven om het product of proces te produceren, te commercialiseren of te gebruiken; d) Er is een duidelijke aanwijzing van een toekomstige markt voor het product of proces; e) Voldoende middelen zijn aanwezig of zullen naar redelijke verwachting beschikbaar komen voor de voltooiing van het project en de commercialisatie van het product of proces. De geactiveerde ontwikkelingskosten worden beoordeeld aan het einde van ieder boekjaar. Indien aan de hierboven vermelde criteria niet meer wordt voldaan, wordt het nog niet afgeschreven gedeelte onmiddellijk ten laste van het resultaat genomen. MATERIELE VASTE ACTIVA Materiële vaste activa worden aan aanschaffingsprijs gewaardeerd. Activa worden afgeschreven volgens hun verwachte economische levensduur. De toegepaste afschrijvingspercentages zijn als volgt: Inricht & bureelmat. Computermaterieel Licenties, octrooien Rollend materieel Activa in leasing
Methode Lineair Lineair Lineair Lineair Lineair
Perc. Min 10 20 20 20 10
Perc. Max 20 33 33 20 20
FINANCIELE VASTE ACTIVA Deelnemingen worden gewaardeerd tegen aanschaffingsprijs. De bijkomende kosten inzake kapitaalverhoging worden onmiddellijk ten laste genomen van de resultatenrekening als andere financiële kosten van het boekjaar waarin ze worden aangegaan. Deelnemingen uitgedrukt in vreemde valuta worden tegen historische wisselkoers gewaardeerd. Vorderingen worden opgenomen tegen nominale waarde. Ingeval er op de vervaldag onzekerheid bestaat over de inbaarheid, geheel of gedeeltelijk, van de vordering, dan wordt een voorziening gevormd. VOORRADEN EN BESTELLINGEN IN UITVOERING Grondstoffen, verbruiksgoederen en handelsgoederen worden gewaardeerd volgens de laagste van de kostprijs of de marktwaarde. De kostprijs wordt bepaald volgens het FIFO-principe. Bestellingen in uitvoering worden gewaardeerd aan vervaardigingsprijs en zijn inclusief alle rechtstreekse en
Nr.
BE 0455.138.450
VOL 26.
onrechtstreekse kosten die verband houden met het project, behalve financiële kosten. Een voorziening voor verliezen wordt aangelegd indien de vervaardigingsprijs verhoogd met de nog te maken kosten om het project te voltooien de verkoopprijs overtreft. De winsten met betrekking tot bestellingen in uitvoering worden toegerekend volgens de "percentage of completion" methode (naar gelang de voortschrijding der werken). VORDERINGEN Vorderingen worden opgenomen tegen nominale waarde. Geldbeleggingen worden tegen verkrijgingswaarde gewaardeerd. Waardeverminderingen worden opgenomen als de realisatiewaarde aan het einde van het boekjaar lager is dan de verkrijgingswaarde. LIQUIDE MIDDELEN Liquide middelen worden opgenomen tegen nominale waarde. OVERLOPENDE REKENINGEN VAN HET ACTIEF Overlopende rekeningen van het actief worden opgenomen tegen nominale waarde. De vooruitbetaalde kosten worden opgenomen aan kostprijs. VOORZIENINGEN VOOR PASSIVA EN KOSTEN Voorzieningen voor passiva en kosten worden bepaald met voorzichtigheid, oprechtheid en goede trouw. Als deze voorzieningen gedeeltelijk of als geheel niet langer noodzakelijk zijn, worden zij teruggenomen. SCHULDEN OP MEER DAN EEN JAAR Schulden op meer dan een jaar worden opgenomen tegen nominale waarde. Het gedeelte van de schulden op meer dan een jaar, dat in het boekjaar zal vervallen, wordt afgeboekt van de schulden op meer dan een jaar en overgebracht naar de schulden op ten hoogste een jaar. SCHULDEN OP TEN HOOGSTE EEN JAAR Schulden op ten hoogste een jaar worden opgenomen tegen nominale waarde. OVERLOPENDE REKENINGEN VAN HET PASSIEF Overlopende rekeningen van het passief worden opgenomen tegen nominale waarde. VREEMDE VALUTA Transacties in vreemde valuta worden omgerekend tegen een vaste wisselkoers, op voorwaarde dat deze wisselkoers representatief is voor de werkelijke valutakoers. De hieruit voortvloeiende koersverschillen worden ten laste van de winst- en verliesrekening geboekt. Vorderingen en schulden luidend in vreemde valuta worden in de jaarrekening uitgedrukt in EURO door de vreemde valuta om te rekenen tegen de koers op de afsluitingsdatum van het boekjaar. Alle hieruit voortvloeiende koersverschillen worden verzameld per munteenheid. Verliezen op vreemde valuta worden direct ten laste van het resultaat geboekt en winsten op vreemde valuta worden uitgesteld en via een overlopende rekening op het passief verwerkt.
Nr.
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BE 0455.138.450
SAMENVATTING VAN DE WAARDERINGSREGELS I. Beginsel De waarderingsregels worden vastgesteld overeenkomstig de bepalingen van het koninklijk besluit van 30 januari 2001 tot uitvoering van het Wetboek van vennootschappen. Ten behoeve van het getrouwe beeld wordt in de volgende uitzonderingsgevallen afgeweken van de bij dit besluit bepaalde waarderingsregels : ........................................................................................................................................................................................................................................................................................................ ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................................................................................................................................................................................
Deze afwijkingen worden als volgt verantwoord :
................................................................................................................................................................................................................
........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ......................................................................................................................................................................................................................................................................................................................... .....................................
Deze afwijkingen beïnvloeden als volgt het vermogen, de financiële positie en het resultaat vóór belasting van de onderneming :
........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................................................................................................................................................................................
De waarderingsregels werden ten opzichte van het vorige boekjaar qua verwoording of toepassing [ gewijzigd ] [ niet gewijzigd ]; zo ja, dan heeft de wijziging betrekking op : ................................................................................................................................................................................................................................. ........................................................................................................................................................................................................................................................................................................................... .........................................................................................................................................................................................................................................................................................................................
en heeft een [ positieve ] [ negatieve ] invloed op het resultaat van het boekjaar vóór belasting ten belope van
........................................................
EUR.
De resultatenrekening [ wordt ] [ wordt niet ] op belangrijke wijze beïnvloed door opbrengsten en kosten die aan een vorig boekjaar moeten worden toegerekend; zo ja, dan hebben deze betrekking op : ................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................................................................................................................................................................................
De cijfers van het boekjaar zijn niet vergelijkbaar met die van het vorige boekjaar en wel om de volgende redenen :
.................................................................
Boekjaar werd verlengd tot 31/12/2005. ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................................................................................................................................................................................
[ Voor de vergelijkbaarheid worden de cijfers van het vorig boekjaar op volgende punten aangepast ] [ Voor de vergelijking van de jaarrekeningen van beide boekjaren moet met volgende elementen rekening worden gehouden ] : .................................................................................................................. Verlengen van het boekjaar tot 15 maanden. ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................................................................................................................................................................................
Bij gebrek aan objectieve beoordelingscriteria is de waardering van de voorzienbare risico's, mogelijke verliezen en ontwaardingen waarvan hierna sprake, onvermijdelijk aleatoir : ..................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................................................................................................................................................................................
Andere inlichtingen die noodzakelijk zijn opdat de jaarrekening een getrouw beeld zou geven van het vermogen, de financiële positie en het resultaat van de onderneming : ........................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................................................................................................................................................................................
II. Bijzondere regels Oprichtingskosten : De oprichtingskosten worden onmiddellijk ten laste genomen, behoudens volgende kosten die worden geactiveerd :
............................................................
........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................................................................................................................................................................................
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VOL 28.
BE 0455.138.450
Herstructureringskosten :
De herstructureringskosten werden [ geactiveerd ] [ niet geactiveerd ] in de loop van het boekjaar; zo ja, dan wordt dit als volgt
verantwoord :
........................................................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................................................................................................................................................................................
Immateriële vaste activa :
Het bedrag aan immateriële vaste activa omvat voor ............................................. EUR kosten van onderzoek en ontwikkeling. De afschrijvingstermijn voor deze kosten en voor de goodwill beloopt [ meer ] [ niet meer ] dan 5 jaar ; indien meer dan 5 jaar wordt deze termijn als volgt verantwoord : .......................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................................................................................................................................................................................
Materiële vaste activa :
In de loop van het boekjaar [ werden ] [ werden geen ] materiële vaste activa geherwaardeerd; zo ja, dan wordt deze herwaardering als volgt verantwoord : ............................................................................................................................................................................................................................................................................. ........................................................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................................................................................................................................................................................
Afschrijvingen geboekt tijdens het boekjaar : Methode Activa
Basis NG (niet-geherwaardeerde) G (geherwaardeerde)
............................ ............................ ............................
....................................... ....................................... .......................................
......................................... ......................................... ......................................... -
........................................ ........................................ ........................................ -
............................ L ............................ ............................
....................................... NG ....................................... .......................................
......................................... 20,00 - 33,00 ......................................... ......................................... -
........................................ 20,00 - 33,00 ........................................ ........................................ -
............................ ............................ ............................
....................................... ....................................... .......................................
......................................... ......................................... ......................................... -
........................................ ........................................ ........................................ -
............................ ............................
....................................... .......................................
............................
.......................................
......................................... -
........................................ -
............................ L ............................ ............................ ............................ ............................ ............................
....................................... NG ....................................... ....................................... ....................................... ....................................... .......................................
......................................... 10,00 - 20,00 ......................................... ......................................... ......................................... ......................................... ......................................... -
........................................ 10,00 - 20,00 ........................................ ........................................ ........................................ ........................................ ........................................ -
............................ L ............................ ............................ ............................ ............................ ............................
....................................... NG ....................................... ....................................... ....................................... ....................................... .......................................
......................................... 20,00 - 20,00 ......................................... ......................................... ......................................... ......................................... ......................................... -
........................................ 20,00 - 20,00 ........................................ ........................................ ........................................ ........................................ ........................................ -
............................ L ............................ ............................ ............................ ............................ ............................
....................................... NG ....................................... ....................................... ....................................... ....................................... .......................................
......................................... 10,00 - 20,00 ......................................... ......................................... ......................................... ......................................... ......................................... -
........................................ 10,00 - 20,00 ........................................ ........................................ ........................................ ........................................ ........................................ -
1. Oprichtingskosten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Immateriële vaste activa Licenties, octrooien
.............................
3. Industriële, administratieve of commerciële gebouwen *
4. Installaties, machines en uitrusting Inrichting & machines
*
....
.....................
5. Rollend materieel * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rollend materieel
6. Kantoormaterieel en meubilair * . . . . . . . . . . . . . . . . . . . . . . . . Bureelmeubilair & kantoormaterie
Afschrijvingspercentages
L (lineaire) D (degressieve) A (andere)
7. Andere materiële vaste activa . . . . . . . . . . . . . . . . . . . . . . . . . . ............................
.......................................
............................ ............................
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Hoofdsom Min - Max
......................................... ......................................... -
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Bijkomende posten Min - Max
........................................ ........................................ -
........................................ -
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Overschot aan toegepaste, fiscaal aftrekbare, versnelde afschrijvingen ten opzichte van de economisch verantwoorde afschrijvingen : - bedrag voor het boekjaar : ............................................. EUR. - gecumuleerd bedrag voor de vaste activa verworven vanaf het boekjaar dat na 31 december 1983 begint : ...............................................EUR. * Met inbegrip van de in leasing gehouden activa; deze worden in voorkomend geval op een afzonderlijke lijn vermeld.
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Financiële vaste activa : In de loop van het boekjaar [ werden ] [ werden geen ] deelnemingen geherwaardeerd ; zo ja, dan wordt deze herwaardering als volgt verantwoord : .......................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ........................................................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................................................................................................................................................................................
Voorraden : Voorraden worden gewaardeerd tegen de aanschaffingswaarde berekend volgens de ( te vermelden ) methode van de gewogen gemiddelde prijzen, Fifo, Lifo, individualisering van de prijs van elk bestanddeel of tegen de lagere marktwaarde : 1. Grond- en hulpstoffen : ............................................................................................................................................................................................................................................................. ..................................................................................................................................................................................................................................................................................................................... .....................................................................................................................................................................................................................................................................................................................
2. Goederen in bewerking - gereed product :
....................................................................................................................................................................................................................
..................................................................................................................................................................................................................................................................................................................... .....................................................................................................................................................................................................................................................................................................................
3. Handelsgoederen :
.........................................................................................................................................................................................................................................................................
..................................................................................................................................................................................................................................................................................................................... laagste van de kostprijs of de marktwaarde ..................................................................................................................................................................................................................................................................................................................... De kostprijs wordt bepaald volgens het FIFO principe.
4. Onroerende goederen bestemd voor verkoop :
.........................................................................................................................................................................................................
..................................................................................................................................................................................................................................................................................................................... .....................................................................................................................................................................................................................................................................................................................
Producten : -
De vervaardigingsprijs van de producten [ omvat ] [ omvat niet ] de onrechtstreekse productiekosten. De vervaardigingsprijs van de producten waarvan de productie meer dan één jaar beslaat [ omvat ] [ omvat geen ] financiële kosten verbonden aan de kapitalen ontleend om de productie ervan te financieren.
Bij het einde van het boekjaar bedraagt de marktwaarde van de totale voorraden ongeveer ( Deze inlichting is slechts vereist zo het verschil belangrijk is ).
............................................. %
meer dan hun boekwaarde.
Bestellingen in uitvoering : Bestellingen in uitvoering worden gewaardeerd [ tegen vervaardigingsprijs ] [ tegen vervaardigingsprijs, verhoogd met een gedeelte van het resultaat naar gelang van de vordering der werken ].
Schulden : De passiva [ bevatten ] [ bevatten geen ] schulden op lange termijn, zonder rente of met een abnormaal lage rente; deze schulden [ een ] [ geen ] disconto toegepast dat wordt geactiveerd.
zo ja, dan wordt op
Vreemde valuta : De omrekening in EUR van tegoeden, schulden en verbintenissen in vreemde valuta gebeurt op volgende grondslagen............................................................. : ........................................................................................................................................................................................................................................................................................................................... Omrekening tegen vaste wisselkoers, op voorwaarde dat deze wisselkoers representatief is voor de ........................................................................................................................................................................................................................................................................................................................... werkelijke valutakoers.
De resultaten uit de omrekening van vreemde valuta zijn als volgt in de jaarrekening verwerkt :
..............................................................................................................
........................................................................................................................................................................................................................................................................................................................... Alle koersverschillen worden verzameld per munteenheid. Verliezen worden direct ten laste van het ........................................................................................................................................................................................................................................................................................................................... resultaat geboekt, winsten worden uitgesteld via overlopende rekening op het passief.
Leasingovereenkomsten : Wat de niet-geactiveerde gebruiksrechten uit leasingovereenkomsten betreft (artikel 102, § 1 van het koninklijk besluit van 30 januari 2001 tot uitvoering van het Wetboek van vennootschappen), beliepen de vergoedingen en huurgelden die betrekking hebben op het boekjaar voor leasing van onroerende goederen : .......................................................... EUR.
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Ubizen N.V. Philipssite 5 3001 Leuven Ondernemingsnummer 0. 455.138.450 RPR LEUVEN
VENNOOTSCHAPPELIJK JAARVERSLAG VAN DE RAAD VAN BESTUUR Mevrouw, Mijne Heren, Ingevolge de wet en onze statuten, hebben wij de eer u verslag uit te brengen over de jaarrekening per 31/12/2005. De jaarrekening, die wij hier ter goedkeuring voorleggen, sluit met een verlies van 7.549.594,14 EUR. Overeenkomstig de bepalingen van het Wetboek van Vennootschappen dient het jaarverslag volgende punten te bevatten : 1. Een getrouw overzicht van de ontwikkeling en de resultaten van het bedrijf en van de positie van de vennootschap, alsmede een beschrijving van de voornaamste risico's en onzekerheden. 2. Belangrijke gebeurtenissen te melden die zich voorgedaan hebben na datum van afsluiting van het boekjaar. 3. Werkzaamheden op gebied van onderzoek en ontwikkeling. 4. Een uiteenzetting omtrent kapitaalverhogingen en de uitgifte van warrants door de Raad van Bestuur. 5. Meldingen inzake artikelen 523 en 524 van de Wetboek van vennootschappen inzake strijdig belang van bestuurders. 6. Bestaan van bijkantoren. 7. Verantwoording over de bijzondere bezoldigingen toegekend aan commissaris voor uitzonderlijke werkzaamheden. 8. Wat betreft het gebruik door de vennootschap van financiële instrumenten en voor zover zulks van betekenis is voor de beoordeling van haar activa, passiva, financiële positie en resultaat : - de doelstellingen en het beleid van de vennootschap inzake de beheersing van het risico, met inbegrip van haar beleid inzake hedging van alle belangrijke soorten voorgenomen transacties, waarvoor hedge accounting wordt toegepast, alsook het door de vennootschap gelopen prijsrisico, kredietrisico, liquiditeitsrisico, en kasstroomrisico. 9. Verantwoording van de toepassing van de waarderingsregels in de veronderstelling van continuïteit van de onderneming. 1. Commentaar op de jaarrekening, gang van zaken en positie van de vennootschap. Voor de balans en evolutie hiervan wordt verwezen naar de hierna volgende schematische tabel. UBIZEN N.V. BALANSEN (in 1,000 euro) Activa IMVA + MVA FVA Voorraden + WIU Handelsvorderingen Overige Vorderering Liquiditeiten en Geldbeleg. Overlopende rekeningen Totaal Actief
30.09.03 7.772,0 12.929,0 909,0 11.055,0 10.664,0 5.738,0 1.110,0 50.177,0
15,5% 25,8% 1,8% 22,0% 21,3% 11,4% 2,2% 100%
30.09.04 6.935,0 9.619,0 419,0 7.282,0 8.440,0 2.761,0 936,0 36.392,0
19,1% 26,4% 1,2% 20,0% 23,2% 7,6% 2,6% 100%
31.12.05 5.935,0 16.366,0 288,0 5.155,0 14.592,0 774,0 1.152,0 44.262,0
Passiva EM Voorzieningen Schulden>1j Schulden <1j + kredietinst Leveranciers Overige schulden kort Overlopende rekeningen Totaal Passief
30.09.03 30.701,0 124,0 2.429,0 7.060,0 7.719,0 2.144,0 50.177,0
61,2% 0,0% 0,2% 4,8% 14,1% 15,4% 4,3% 100%
30.09.04 20.035,0 3.145,0 374,0 5.269,0 5.425,0 2.144,0 36.392,0
55,1% 8,6% 0,0% 1,0% 14,5% 14,9% 5,9% 100%
31.12.05 20.848,0 47,1% 3.000,0 6,8% 0,0% 4,0 0,0% 5.227,0 11,8% 12.305,0 27,8% 2.878,0 6,5% 44.262,0 100%
13,4% 37,0% 0,7% 11,6% 33,0% 1,7% 2,6% 100%
De belangrijkste elementen uit de winst en verliesrekeningen van Ubizen N.V. worden hierna besproken. De omzet bedroeg EUR 26.308 duizend per 31/12/2005 tegen EUR 17.125 duizend per 30/09/2004. Omgerekend naar 12 maanden, bedroeg de omzet EUR 21.047 duizend. De omzetstijging kan in hoofdzaak toegeschreven worden aan het toegenomen belang van managed security services die gecentraliseerd zijn in de vennootschap. De bedrijfskosten stegen over de periode van 30/09/2004 tot 31/12/2005 met 9,57 % van EUR 30.120 duizend tot EUR 33.003 duizend. Omgerekend naar 12 maanden, bedroegen de bedrijfskosten EUR 26.402 duizend, of een daling met 12,34%. Teruggerekend naar een periode van 12 maanden vertoonden alle rubrieken een daling ( diensten en diverse goederen - 5,6 %, personeelskosten - 2,4 %, afschrijvingen - 12,3 % ) ten opzichte van het vorige boekjaar. In de loop van het boekjaar werden de voorzieningen voor risico's en kosten teruggenomen voor een bedrag van EUR 145 duizend.
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De financiële opbrengsten van het boekjaar ad EUR 1.562 duizend omvatten in hoofdzaak opbrengsten uit vlottende activa ad EUR 569 duizend, waarvan EUR 550 duizend intercompany intresten en overige financiële opbrengsten ad EUR 993 duizend, bestaande uit voordelige wisselresultaten ad EUR 98 duizend, voordelige financiële herwaardering ad EUR 852 duizend en niet gerealiseerde omrekeningsverschillen ad EUR 38 duizend. Tijdens het afgelopen boekjaar bedroeg de post financiële kosten EUR 1.622 duizend. Deze kosten hadden in hoofdzaak betrekking op : Intercompany intresten ad EUR 381 duizend. een terugname van waardevermindering op andere vlottende activa ad EUR 209 duizend. andere financiële kosten ten bedrage van EUR 1.146 duizend waarvan nadelige wisselresultaten voor EUR 390 duizend en nadelige financiële herwaardering ad EUR 683 duizend. De uitzonderlijke opbrengsten ad EUR 575 duizend omvatten onder andere de meerwaarde op aandelen ad EUR 420 duizend. De uitzonderlijke kosten van het boekjaar beliepen EUR 3.190 duizend. Deze betroffen zowel andere uitzonderlijke kosten (EUR 1.248 duizend), als waardeverminderingen op financiële vaste activa voor een bedrag van EUR 1.913 duizend. Deze waardeverminderingen hadden betrekking op volgende financiële vaste activa : Ubizen France, waardevermindering ad EUR 906; Aethis NV, waardevermindering ad EUR 322; Ubizen Italy, waardevermindering ad EUR 685; De vordering op Ubizen Italy werd eveneens afgewaardeerd voor een bedrag van EUR 618 duizend, welke kosten als "andere uitzonderlijke kosten" werden geboekt. De voornaamste risocofactoren en onzekerheden waarmee de vennootschap geconfronteerd wordt zijn de volgende: Ubizen haalt ongeveer 60 % van haar omzet uit managed security services. Een sterke terugloop in deze markt, een belangrijke technologische evolutie die de vennootschap zou missen of het zich manifersteren van een dominante concurrent zou een aanzienlijke negatieve invloed kunnen hebben op de vennootschap. Managed security services bestaan uit complexe, dure en delicate outsourcingprojecten. Deze worden gekenmerkt door een lange verkoopscyclus met een onzekere afloop wat tot sterke schommelingen in het resultaat kan leiden. Het toekomstig succes van Ubizen zal in belangrijke mate bepaald worden door de verdere groei van internet-gerelateerde applicaties, zowel op commercieel vlak als inzake e-government. Een al dan niet terecht aan Ubizen togeschreven security incident bij één van onze klanten kan zware schade toebrengen aan het imago en de geloofwaardigheid van de onderneming. Ubizen is een nichespeler die moet opboksen tegen veel grotere "generalisten", zoals productontwikkelaars of telecombedrijven. Het succes van Ubizen is afhankelijk van de mate waarin ze hoog gekwalificeerd personeel kan blijven aantrekken en behouden. Ubizen moet structureel winstgevend worden om verder te blijven investeren in technologie en mensen. 2. Belangrijke gebeurtenissen die zich voorgedaan hebben na datum van afsluiting van het boekjaar. 2.1. Op 17 februari 2006 verkocht Ubizen haar belang in eXpanded Media aan een Franse consulting group. Deze verkoop zal geen aanleiding geven tot het boeken van minderwaarden in 2006. 2.2. 3.
Op 16 maart 2006 werd de heer Jean-Paul Coenen verkozen tot voorzitter van de raad van bestuur. Werkzaamheden op gebied van onderzoek en ontwikkeling
In 2005 heeft Ubizen verder geïnvesteerd in de verdere uitbouw van haar managed security services. In de twaalf maanden tussen oktober 2004 en september 2005 bedroeg de investering in onderzoek en ontwikkeling EUR 7,4 miljoen. 4.
Kapitaalverhogingen en uitgiftes van warrants
4.1 Kapitaalverhogingen Op 21 februari 2005 keurde een buitengewone algemene vergadering van aandeelhouders een kapitaalverhoging goed van EUR 8.363.251 waarvan EUR 2.609.684,34 werd geboekt als kapitaal en het saldo als uitgiftepremie. De kapitaalverhoging werd integraal onderschreven door Cybertrust Holdings, Inc middels de inbreng van twee bedrijfsactiviteiten. In ruil hiervoor werden 4.378.665 volledig volgestorte aandelen uitgegeven door de vennootschap. 4.2 Uitgiftes van warrants Er werden in het afgelopen boekjaar geen nieuwe warrants uitgegeven of toegekend. Op 31 december 2005 waren volgende warrants nog uitstaande: - 184.360 warranten J: deze warranten zijn sinds 18 januari 2006 integraal vervallen - 19.866 warranten K: deze warranten zijn uitoefenbaar tot 4 augustus 2010 aan een uitoefenprijs van EUR 2,10. Elke warrant K geeft recht om in te tekenen op één aandeel. 5. Meldingen van strijdig belang In de loop van het voorbije boekjaar werd één maal melding gemaakt van een strijdig belang conform artikel 523 Wetboek van Vennootschappen.
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De notulen van de desbetreffende vergadering van de Raad van Bestuur luiden als volgt : Raad van Bestuur van 10 november 2004 Bij de aanvang van de vergadering licht Stijn Bijnens de leden van de Raad in van het feit dat hij een strijdig belang heeft in de zin van artikel 523 WVenn bij agandapunt 6, dat betrekking heeft op zijn persoonlijke vergoeding. Overeenkomstig artikel 523 WVenn zal Stijn Bijnens de beraadslaging en stemming aangaande dit punt niet bijwonen ; hij vraagt de Raad de commissaris van de vennootschap in te lichten van het belangenconflict. Stijn Bijnens verlaat de vergadering. Het Remuneratie Comité beveelt de Raad van Bestuur aan om Stijn Bijnens een on target bonus van 85.000 € toe te kennen zoals vastgesteld door de Raad van Bestuur op 26 januari 2004. De Raad aanvaardt dit voorstel. 6.
Bestaan van bijkantoren
Ubizen heeft geen bijkantoren, noch in België, noch in het buitenland. 7.
Verantwoording over de bijzondere bezoldigingen toegekend aan commissaris voor uitzonderlijke werkzaamheden.
De vergoedingen voor bijzondere opdrachten verstrekt door de commissaris en aan de personen met wie de commissaris beroepshalve in samenwerkingsverband staat, bedroegen voor het afgelopen jaar 90.632 EUR. De bijkomende vergoedingen voor de commissaris bedroegen 90.632 EUR en betroffen het opmaken van een verslag overeenkomstig art. 602 Wetboek van Vennootschappen naar aanleiding van de kapitaalverhoging door inbreng in natura op 21 februari 2005. advies inzake IFRS en US GAAP rapportering aan de ondernemingsraad beperkt nazicht van de halfjaarresultaten per 31 maart 2005 advies inzake consolidatie. Er werden geen vergoedingen toegekend aan de personen waarmee de commissaris een samenwerkingsverband heeft. 8. Gebruik van financiële instrumenten. De vennootschap loopt een zeker valutarisico wat betreft de Amerikaanse dollar en het Engelse pond. Dit risico wordt niet specifiek ingedekt doch wel opgevolgd De vennootschap beheerst haar kredietrisico aan de hand van de selectie van haar cliënteel dat uit hoofdzaak uit financiële instellingen, ondernemingen uit de pharmaceutische en chemische sector en uit nationale overheden bestaat. Verder besteedt de vennootschap bijzondere aandacht aan de opvolging van haar handelsdebiteuren. Indien nodig wordt van klanten met een hoger risicoprofiel een bankgarantie gevraagd. 9.
De toepassing van de waarderingsregels in de veronderstelling van continuïteit van de onderneming verantwoorden.
De jaarrekening werd opgesteld met toepassing van de waarderingsregels in de veronderstelling van de continuïteit van de vennootschap. Op basis van de budgetten voor het lopende boekjaar verwacht de Raad dat de in 2005 ingezette tendends tot positieve operationele resultaten in 2006 zal worden bevestigd tot verstrekt. Tevens motiveert de Raad van Bestuur de toepassing van de waarderingsregels in de veronderstelling van de continuïteit, door het feit dat Ubizen commercieel sterk blijft presteren in het MSS segment. Tot slot gaat de Raad van Bestuur er redeljkerwijze van uit dat de vennootschap ook in 2006 zal blijven deel uitmaken van de Cybertrust groep wat verder moet leiden tot synergieën en verbeterde commerciële samenwerking. Met betrekking tot de jaarrekening afgesloten per 31/12/2005 stellen wij voor het resultaat als volgt toe te wijzen : - toevoeging aan het te verwerken verlies van het boekjaar ad 7.549.594,14 EUR. Wij verzoeken u deze jaarrekening goed te keuren zoals ze u wordt voorgelegd en ons kwijting te verlenen voor ons beleid gedurende het afgelopen boekjaar. Tevens verzoeken wij u de Commissaris kwijting te verlenen voor zijn mandaat tijdens het afgelopen boekjaar.
Hoogachtend,
Stijn Bijnens Afgevaardigd Bestuurder
James Murphy Bestuurder
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VOL 33.
VERSLAG VAN DE COMMISSARIS AAN DE ALGEMENE VERGADERING DER AANDEELHOUDERS VAN DE NAAMLOZE VENNOOTSCHAP UBIZEN OVER DE JAARREKENING OVER HET BOEKJAAR AFGESLOTEN OP 31 DECEMBER 2005 Overeenkomstig de wettelijke en statutaire bepalingen, brengen wij u verslag uit over de uitvoering van de controleopdracht die ons werd toevertrouwd. Wij hebben de controle uitgevoerd van de jaarrekening over het boekjaar van 15 maanden afgesloten op 31 december 2005, opgesteld op basis van de in België toepasselijke wettelijke en bestuursrechtelijke voorschriften, met een balanstotaal van € 44.262.021,30 en waarvan de resultatenrekening afsluit met een verlies van het boekjaar van € 7.549.594,14. Wij hebben eveneens de bijkomende specifieke controles uitgevoerd die door de wet zijn vereist. Het opstellen van de jaarrekening, de beoordeling van de inlichtingen die in het jaarverslag dienen te worden opgenomen, alsook het naleven door de vennootschap van het Wetboek van vennootschappen en de statuten, vallen onder de verantwoordelijkheid van het bestuursorgaan. Onze controle van de jaarrekening werd uitgevoerd overeenkomstig de wettelijke bepalingen en de in België geldende controlenormen, zoals uitgevaardigd door het Instituut der Bedrijfsrevisoren. Onthoudende verklaring over de jaarrekening De voormelde controlenormen eisen dat onze controle zo wordt georganiseerd en uitgevoerd dat een redelijke mate van zekerheid wordt verkregen dat de jaarrekening geen afwijkingen van materieel belang bevat. Overeenkomstig deze normen hebben wij rekening gehouden met de administratieve en boekhoudkundige organisatie van de vennootschap, alsook met haar procedures van interne controle. De verantwoordelijken van de vennootschap hebben onze vragen naar opheldering of inlichtingen duidelijk beantwoord. Wij hebben op basis van steekproeven de verantwoording onderzocht van de bedragen opgenomen in de jaarrekening. Wij hebben de waarderingsregels, de betekenisvolle boekhoudkundige ramingen gemaakt door de vennootschap, alsook de voorstelling van de jaarrekening globaal beoordeeld.
De jaarrekening werd opgesteld ervan uitgaande dat de vennootschap haar bedrijf zal kunnen verder zetten. De opeenvolgende verliezen en de negatieve kasstromen hebben de financiële- en liquiditeitspositie van de vennootschap verzwakt. Overeenkomstig artikel 96 van het Wetboek van vennootschappen, diende de Raad van Bestuur te beraadslagen over de door de onderneming te nemen maatregelen om de continuïteit, die aan de basis lag voor de opstelling van de jaarrekening, te vrijwaren en in het jaarverslag te verantwoorden. De opstelling van de jaarrekening in de veronderstelling van continuïteit wordt door de Raad van Bestuur in haar jaarverslag verantwoord op basis van de budgetten voor 2006 waaruit de Raad van Bestuur een voortgezette positieve tendens van de operationele resultaten afleidt. Tevens motiveert de Raad van Bestuur haar standpunt op basis van de veronderstelling dat de onderneming deel zal blijven uitmaken van de Cybertrust Groep, de voornaamste aandeelhouder van de vennootschap. Cybertrust Holdings, Inc. heeft steeds de nodige financieringsmiddelen ter beschikking gesteld van de vennootschap in functie van de financiële behoeften. De veronderstelling van continuïteit van de vennootschap is bijgevolg afhankelijk van de verdere financiële ondersteuning door haar voornaamste aandeelhouder en van de succesvolle realisatie van de budgetten. Omtrent de realisatie van deze veronderstelling hebben wij geen redelijke zekerheid bekomen. Er werden geen aanpassingen gedaan met betrekking tot de waardering of de classificatie van bepaalde elementen in de jaarrekening die noodzakelijk zouden kunnen blijken als de vennootschap niet meer in staat zou zijn haar activiteiten verder te zetten. Rekening houdend met de onzekerheden, zoals in voorgaande paragraaf omschreven, kunnen wij geen oordeel geven omtrent het feit of de jaarrekening afgesloten per 31 december 2005 een getrouw beeld geeft van het vermogen, van de financiële toestand en van de resultaten van de vennootschap. Bijkomende verklaringen en inlichtingen Wij vullen ons verslag aan met de volgende bijkomende verklaringen en inlichtingen die niet van aard zijn om de draagwijdte van onze verklaring over de jaarrekening te wijzigen: Het jaarverslag bevat de door de wet vereiste inlichtingen en stemt overeen met de jaarrekening. Wij kunnen ons echter niet uitspreken over de beschrijving van de voornaamste risico's en onzekerheden waarmee de vennootschap wordt geconfronteerd, alsook van haar positie, haar voorzienbare evolutie of de aanmerkelijke invloed van bepaalde feiten op haar toekomstige ontwikkeling. Wij kunnen evenwel bevestigen dat de verstrekte gegevens geen evidente tegenstrijdigheden vertonen met de informatie waarover wij beschikken in het kader van ons mandaat.
In zijn jaarverslag heeft de Raad van Bestuur, overeenkomstig artikel 523 van het Wetboek van Vennootschappen, informatie verschaft inzake de variabele vergoeding van de heer Stijn Bijnens. Op basis van pregedefinieerde objectieven wordt een bijkomende vergoeding goedgekeurd van € 85.000. Onverminderd formele aspecten van ondergeschikt belang is het ons, uitsluitend omwille van de onzekerheid beschreven in het eerste deel van huidig verslag, niet mogelijk een oordeel uit te spreken over het feit of de boekhouding wordt gevoerd overeenkomstig de in België van toepassing zijnde wettelijke en bestuursrechtelijke voorschriften. Voor het overige dienen wij u geen verrichtingen of beslissingen mede te delen die in overtreding met de statuten of het Wetboek van vennootschappen zijn gedaan of genomen. Gent, 18 april 2006
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Ernst & Young Bedrijfsrevisoren BCV Commissaris vertegenwoordigd door
Jean-Pierre Romont Vennoot
VOL 34.
EXHIBIT 2: ACCEPTANCE FORM
ACCEPTANCE FORM for the public squeeze out Offer for all Shares and all outstanding Warrants of the Company not yet held by the Offeror (to be drawn up in duplicate) copy for the Seller
Terms defined in this Acceptance Form have the same meaning as those set out in the Prospectus. Open from 9.00 am (Central European Time) on 8 March 2007 until 4.00 pm (Central European Time) on 21 March 2007. I, undersigned (name, first name) ______________________________________________, residing at, _______________________________________ ______________________, after having had the opportunity to read the Prospectus attached herewith, including the terms of the Offer made by the Offeror, irrevocably declare and unconditionally agree to tender the following financial instruments in the Offer:
Number / Certificate Number: ____________ ____________ ____________
Number
________ to __________ ________ to __________ ________ to __________
Certificate
_________
Shares Form
Offer Price (EUR 2.10 x Amount)
Bearer shares
Coupons N° 1 and following
Registered Total:
Number ____________ ____________
Warrants K Exercise Period Strike Price ____________ ___________ ____________ ___________
Offer Price ____________ ____________ Total
These instruments are attached herewith in the following form: -
the physical bearer Shares, coupon nr. 1 and following attached or the proof of book-entry of the bearer Shares into a securities account or the Certificate(s) representing registered Shares;
-
the Certificate(s) representing registered Warrants.
62
Therefore, I deposit the above-mentioned financial instruments tendered in the Offer, together with any proxies relating to the Offer which may be necessary to validly transfer these instruments. In order to validly tender my financial instruments of the Company, this Acceptance Form, properly completed, duly signed and executed in two copies, together with the relevant above-mentioned documents representing these instruments and any proxy or other required documents must be deposited at the latest on 21 March 2007 before 4.00 pm (Central European Time) with ING Belgium. As far as my registered Shares and Warrants are concerned, I ask that their transfer be registered in the corresponding register of the Company and I give power to each of the members of the Board of Directors of the Company to register and execute in my name and for my account their transfer to the Offeror. I hereby irrevocably and unconditionally waive any and all rights under a Ubizen Warrant Plan (other than the right to receive the Offer Price), and I authorise Cybertrust to take all steps necessary for the cancellation of all the Warrants that I hereby tender to the Offer. If the Warrants or Shares are owned by two or more owners, each of them must execute this Acceptance Form. If the instruments are subject to an usufruct, both the bare owner(s) and usufructory(ies) must execute the same Acceptance Form. If the Warrants or Shares are pledged, both the owner and pledgee(s) must execute the Acceptance Form, and the pledgee(s) must explicitly waive his or her pledge on the relevant instrument(s). As mentioned under Section 2.7. "Procedure – Acceptance of the Offer" of the Prospectus, subject to the application of article 49 of the Royal Decree of 8 November 1989, the risk in connection with and ownership of the Shares and Warrants validly tendered during the Offer Period will only be transferred to the Offeror at 4.00 p.m. on the day of the publication of the results of the Offer according to article 60 of the Royal Decree of 8 November 1989. I wish that the proceeds of the Offer are credited on my account No. ……/……………………/…… with ……………………. All costs relating to the Offer will be borne by the Offeror including the tax on stock exchange transactions. The Sellers, however, who submitted this Acceptance Form through other institutions than ING Belgium must enquire about the additional costs incurred by the intervention of such institution and are liable for any costs which may be charged by, or as a result of the intervention of, such institution. I recognise that I have consulted the lists with securities to which opposition has been made and I accept all the consequences of my tendering instruments which are recorded on such list, even if such recording would occur after my tendering of such financial instruments. By executing this Acceptance Form I represent also that (i) I am not a resident of Canada, Japan or the United Kingdom, (ii) I have not been delivered the Prospectus or this Acceptance Form in Canada, Japan or the United Kingdom and (iii) I have not mailed the Acceptance Form from Canada, Japan or the United Kingdom. Made up in duplicate at______________ , on ___________________ 2007 Signature of the financial agent,
Signature of the Seller,
63
ACCEPTANCE FORM for the public squeeze out Offer for all Shares and all outstanding Warrants of the Company not yet held by the Offeror (to be drawn up in duplicate) copy for the Receiving and Paying Agent
Terms defined in this Acceptance Form have the same meaning as those set out in the Prospectus. Open from 9.00 am (Central European Time) on 8 March 2007 until 4.00 pm (Central European Time) on 21 March 2007. I, undersigned (name, first name) ______________________________________________, residing at, _______________________________________ ______________________, after having had the opportunity to read the Prospectus attached herewith, including the terms of the Offer made by the Offeror, irrevocably declare and unconditionally agree to tender the following financial instruments in the Offer:
Number / Certificate Number: ____________ ____________ ____________
Number
________ to __________ ________ to __________ ________ to __________
Certificate
_________
Shares Form
Offer Price (EUR 2.10 x Amount)
Bearer shares
Coupons N° 1 and following
Registered Total:
Number ____________ ____________
Warrants K Exercise Period Strike Price ____________ ___________ ____________ ___________
Offer Price ____________ ____________ Total
These instruments are attached herewith in the following form: −
the physical bearer Shares, coupon nr. 1 and following attached or the proof of book-entry of the bearer Shares into a securities account or the Certificate(s) representing registered Shares;
−
the Certificate(s) representing registered Warrants.
Therefore, I deposit the above mentioned financial instruments tendered in the Offer, together with any proxies relating to the Offer which may be necessary to validly transfer these instruments.
64
In order to validly tender my financial instruments of the Company, this Acceptance Form, properly completed, duly signed and executed in two copies, together with the relevant above-mentioned documents representing these instruments and any proxy or other required documents must be deposited at the latest on 21 March 2007 before 4.00 pm (Central European Time) with ING Belgium. As far as my registered Shares and Warrants are concerned, I ask that their transfer be registered in the corresponding register of the Company and I give power to each of the members of the Board of Directors of the Company to register and execute in my name and for my account their transfer to the Offeror. I hereby irrevocably and unconditionally waive any and all rights under a Ubizen Warrant Plan (other than the right to receive the Offer Price), and I authorise Cybertrust to take all steps necessary for the cancellation of all the Warrants that I hereby tender to the Offer. If the Warrants or Shares are owned by two or more owners, each of them must execute this Acceptance Form. If the instruments are subject to an usufruct, both the bare owner(s) and usufructory(ies) must execute the same Acceptance Form. If the Warrants or Shares are pledged, both the owner and pledgee(s) must execute the Acceptance Form, and the pledgee(s) must explicitly waive his or her pledge on the relevant instrument(s). As mentioned under Section 2.7. "Procedure – Acceptance of the Offer" subject to the application of article 49 of the Royal Decree of 8 November 1989, the risk in connection with and ownership of the Shares and Warrants validly tendered during the Offer Period will only be transferred to the Offeror at 4.00 p.m. on the day of the publication of the results of the Offer according to article 60 of the Royal Decree of 8 November 1989. I wish that the proceeds of the Offer are credited on my account No. ……/……………………/…… with ……………………. All costs relating to the Offer will be borne by the Offeror including the tax on stock exchange transactions. The Sellers, however, who submitted this Acceptance Form through other institutions than ING Belgium must enquire about the additional costs incurred by the intervention of such institution and are liable for any costs which may be charged by, or as a result of the intervention of, such institution. I recognise that I have consulted the lists with securities to which opposition has been made and I accept all the consequences of my tendering instruments which are recorded on such list, even if such recording would occur after my tendering of such financial instruments. By executing this Acceptance Form I also represent that (i) I am not a resident of Canada, Japan or the United Kingdom, (ii) I have not been delivered the Prospectus or this Acceptance Form in Canada, Japan or the United Kingdom and (iii) I have not mailed the Acceptance Form from Canada, Japan or the United Kingdom. Made up in duplicate at______________
Signature of the financial agent,
, on ___________________ 2007
Sign
65
EXHIBIT 3: PRESS RELEASES 3.A. Press release of April 20, 2006 JOINT PRESS RELEASE On behalf of Ubizen NV and Cybertrust Holdings, Inc. (in accordance with article 7 of the Royal Decree of November 8, 1989)
REQUEST TO TRANSFER THE STOCK OF UBIZEN NV FROM THE REGULATED MARKET EUROLIST BY EURONEXT BRUSSELS TO THE NON REGULATED FREE MARKET BY EURONEXT BRUSSELS COMBINED WITH A PUBLIC TAKE OVER OFFER IN CASH BY CYBERTRUST HOLDINGS, INC. ON ALL SHARES AND WARRANTS OF UBIZEN On April 20, 2006, the board of directors of Ubizen has analyzed the opportunity of further maintaining the listing of the Ubizen stock on the regulated market Eurolist by Euronext Brussels. Given the limited free float (9.64% at the date of this release) and liquidity (1,586 trades were recorded in 2005, representing a turnover of 4.14% of the Company’s stock on an annual basis), the board of directors has come to the conclusion that the costs and overhead associated with being listed on a regulated market are no longer in line with the general interests of the company. Therefore, the Ubizen board of directors has decided to file a request with Euronext Brussels and the CBFA to transfer the stock of the company from Eurolist by Euronext Brussels to the free market by Euronext Brussels. In order to offer the shareholders of the company a window of liquidity prior to the transfer of the Ubizen stock to the free market, Cybertrust Holdings, Inc., Ubizen’s majority shareholder, has agreed to make a voluntary unconditional public take over offer in cash on all remaining shares and warrants of the company. The offer price per share will amount to 2.10 €; the price offered per warrant amounts to 0.542 €. Cybertrust has called upon the services of an independent expert to provide a fairness opinion on the offer price. If, as a result of the offer, Cybertrust holds 96.73 percent or more of the shares of the company, Cybertrust reserves the right to initiate a public purchase offering ("squeeze-out") at the same conditions as the one applying to the offer in accordance with article 32, §3 of the Royal Decree of 8 November 1989 and article 513 of the Belgian Company Code. Following such squeeze-out, the shares and the warrants which were not tendered to Cybertrust will be automatically transferred to the latter and Ubizen will apply for the complete delisting of its stock from the Euronext exchange. If, as a result of the offer, Cybertrust holds less than 96.73 percent of the shares of the company and the regulatory authorities approve the transfer to the free market, the remaining shareholders will have the opportunity to trade their Ubizen shares on the free market. A complete file with respect to the public offer is expected to be filed with the CBFA before the end of this month. The availability of the prospectus will be announced in the press. Contact information Ubizen Attn. Ina Suffeleers Ubicenter - Philipssite 5 B-3001 Leuven Belgium T +32 (0)16 28 70 60 Email:
[email protected]
Cybertrust Att. James Murphy 13650 Dulles Technology Drive Suite 500 Herndon, VA 20171 USA T +1 703 480 82 00
66
Email:
[email protected]
About Ubizen Ubizen is the principal provider of managed security solutions for global businesses. Companies rely on 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. To learn more, 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.
67
3.B. Press release of May 15, 2006
UBIZEN REPORTS FIRST QUARTER RESULTS Leuven, Belgium, May 15th 2006 - Ubizen (Euronext: UBIB), the principal provider of Managed Security Solutions for global businesses, today announced financial results for its first quarter ended March 31, 2006. During this quarter, Ubizen sold eXpanded Media N.V. Accordingly, eXpanded Media N.V.’s operating results are not included in Ubizen’s results subsequent to December 31, 2005. 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. Prior period results included below are presented on a pro-forma basis eliminating the impact of eXpanded Media N.V. and Aethis S.A. for comparative purposes. Total revenues for the first quarter of 2006 amounted to Euro 9.872 mio as compared to total revenues of Euro 10.058 mio for the fifth quarter of fiscal 2005 and Euro 9.491 mio for the quarter ended March 31, 2005. Gross profit amounted to Euro 4.995 mio or 50.6% as compared to Euro 5.526 mio or 54.9% in the previous quarter and Euro 5.078 mio or 53.5% in the quarter ended March 31, 2005. The decrease in gross margin from the second quarter of fiscal 2005 was largely driven by an unfavorable shift in sales mix as the higher margin Managed Services comprised proportionally less of total revenue than in prior quarters. Operating expenses decreased to Euro 5.567 mio for the first quarter of 2006 from Euro 5.695 mio in the fifth quarter of 2005, and were down from Euro 5.677 mio in the quarter ended March 31, 2005. EBITDA for the first quarter of 2006 amounted to Euro -0.007 mio as compared to Euro 0.300 mio in the fifth quarter of 2005 and Euro -0.125 mio in the quarter ended March 31, 2005. Net income for the first quarter of 2006 amounted to Euro 0.902 mio compared to a net loss of Euro -0.212 mio in the fifth quarter of 2005 and a net loss of Euro -0.936 mio for the quarter ended March 31, 2005. This represents net income per share of Euro 0.02 for the first quarter, a net loss per share of less than Euro -0.01 for the fifth quarter of 2005, and a net loss per share of Euro -0.02 for the quarter ended March 31, 2005. The Company’s net income for the March 2006 quarter directly resulted from one-time exceptional gains totaling EUR 1.540 mio from the sale of eXpanded Media as well as the sublease of vacant space at the Company’s Leuven facility for which charges were previously recognized. Without these gains, the Company would have incurred a net loss of -0.638 mio, representing net loss per share of -0.01. Report for the QUARTER ended March 31, 2006 I. Revenue and Gross Profit In the first quarter of 2006, Ubizen recorded revenues of Euro 9.872 mio compared to Euro 10.058 mio in the fifth quarter of 2005 and Euro 9.491 mio in quarter ended March 31, 2005. Gross profit for the first quarter amounted to Euro 4.995 mio, representing an overall gross profit margin of 50.6% compared to Euro 5.526 mio or 54.9% in the fifth quarter of 2005 and Euro 5.078 mio or 53.5% for the quarter ended March 31, 2005. First quarter 2006 revenue and margin breakdown is as follows: (in '000 Euro) Managed Security Services Services Third-Party Products Total
Contribution 6.663 2.142 1.067 9.872
Contribution % 67.5% 21.7% 10.8% 100.0%
GPM 58.0% 44.7% 16.6% 50.6%
II. Operating Expenses
68
Overall total operating expenses decreased to Euro 5.567 mio for the first quarter of 2006 as compared to Euro 5.695 mio in the fifth quarter of 2005, and Euro 5.677 mio for the quarter ended March 31, 2005, previously the Company’s second fiscal quarter. (in '000 Euro) Q1-06 Q5-05 Q2-05 General and administrative 1.167 1.563 1.159 Research and development, net 1.703 1.612 1.668 Sales and marketing 1.462 1.600 1.766 Other operating expenses 0.670 0.451 0.610 Compensation expense 0.042 Depreciation and amortization 0.565 0.469 0.432 Total operating expenses 5.567 5.695 5.677 III. Balance Sheet and Cash Flow Cash at March 31, 2006 was Euro 4.736 mio compared to Euro 2.824 mio at December 31, 2005 and Euro 3.156 mio at March 31, 2005.
Notes (1) The accounting information taken up in this press release has not been reviewed by the statutory auditor. (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. Contact information at Ubizen Ina Suffeleers VP Investor Relations Email
[email protected] Phone + 32 16 28 70 00 Enclosure – Q1 FY06 Income Statement / Balance Sheet / Cash Flow
69
Balance Sheet (Euro '000) 31-Mar-2006
31-Mar-2005 (Proforma)
Assets Current assets Cash and cash equivalents Trade accounts receivable Prepaid expenses and other current assets Net assets held for sale Total current assets
4.736 9.641 5.012 19.389
3.156 8.852 6.327 811 19.146
Intangibles, less accumulated amortization Net property and equipment Investments and advances in affiliated companies Restricted cash Other assets Total non-current assets
11.822 6.458 139 1.055 77 19.551
12.079 7.137 200 1.055 313 20.784
38.940
39.930
10.325 250 890 7.232 2.078 20.775
6.740 250 500 7.210 3.167 17.867
-
92
-
92
6.416 89 27.280
9.029 464 27.452
26.988 158.989 (174.426) 109 11.660
26.988 158.989 (390) (173.188) 79 12.478
38.940
39.930
Total assets
Liabilities and Stockholders’ Equity Current Liabilities Trade accounts payable Short-term borrowings Due to related parties, net Other current liabilities and accrued expenses Deferred revenue Total current liabilities Long term debt, excluding current portion Total non current liabilities Commitments and contingencies Minority interest Total liabilities Common stock Additional Paid-in capital Deferred compensation Legal reserve and retained earnings Cumulative translation adjustments Total stockholders’ equity Total liabilities and stockholders' equity
70
Statement of Income (Euro '000)
Quarter Ended 31-Mar-2006
Quarter Ended 31-Mar-2005 (Proforma)
Revenues Cost of revenues Gross profit
9.872 (4.877) 4.995
9.491 (4.413) 5.078
Operating expenses: Other operating expenses Research and development Sales and marketing General and administrative Compensation accounting Depreciation and amortisation expense Total operating expenses
(670) (1.703) (1.462) (1.167) (565) (5.567)
(610) (1.668) (1.766) (1.159) (42) (432) (5.677)
(572)
(599)
(20) (152) 12 (160)
3 (184) 36 (145)
(732)
(744)
Loss from operations
Interest income (expense), net Other expense, net Foreign currency exchange gain Net other expense
Loss before income taxes and minority interest Exceptional gain Income taxes (current & deferred) Loss from discontinued operations Minority interest in profit of consolidated subsidiaries Income taxes & minority interest Net income (loss) Weighted-average shares outstanding EPS
1.540
-
94 94
(178) (24) 10 (192)
902
(936)
45.280.158 0,02
45.280.158 (0,02)
71
Statement of Cash Flows (Euro '000)
Quarter Ended 31-Mar-2006
Quarter Ended 31-Mar-2005 (Proforma)
Cash flows from operating activities: Net income (loss)
902
(936)
565 (45) (709) (12)
432 288 24 121 42 (36)
900 (444) 494
667 471 (77)
1.357 535 (555) (639) (1.609)
(176) 281 500 44 (121)
Adjustments to reconcile net loss to net cash provided (used) by operating activities: Depreciation and amortization Loss on disposal of property and equipment Loss from discontinued operations Change of minority interests in subsidiaries Gain on disposal of investments Compensation accounting Exchange gains
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 by operating activities
740
1.524
Cash flows from investing activities: Additions to property and equipment Proceeds from sale of investment in affiliated companies
(301) 1.105
(290) -
804
(290)
Proceeds/(repayment) of borrowings, net
(92)
92
Cash provided (used) by financing activities
(92)
92
Net cash provided (used) by investing activities Cash flows from financing activities:
Net increase in cash Foreign exchange impact on cash and equity Cash and cash equivalents at beginning of period
1.452 154 3.130
1.326 1.830
Cash and cash equivalents at end of period
4.736
3.156
Certain prior quarter balance sheet amounts have been reclassified to conform with current quarter presentation.
72
3.C. Press release of August 14, 2006
Ubizen REPORTS SECOND QUARTER RESULTS Leuven, Belgium, August 14th 2006 - Ubizen (Euronext: UBIB), the principal provider of Managed Security Solutions for global businesses, today announced financial results for its second quarter ended June 30, 2006. During the quarter ended March 31, 2006, Ubizen sold eXpanded Media N.V. Accordingly, eXpanded Media N.V.’s operating results are not included in Ubizen’s results subsequent to December 31, 2005. 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. Prior period results included below are presented on a pro-forma basis eliminating the impact of eXpanded Media N.V. and Aethis S.A. for comparative purposes. Total revenues for the second quarter of 2006 amounted to Euro 10.557 mio as compared to total revenues of Euro 9.872 mio for the first quarter of 2006 and Euro 9.829 mio for the quarter ended June 30, 2005. Gross profit amounted to Euro 5.068 mio or 48.0% as compared to Euro 4.995 mio or 50.6% in the previous quarter and Euro 4.363 mio or 44.4% in the quarter ended June 30, 2005. Operating expenses decreased to Euro 5.287 mio for the second quarter of 2006 from Euro 5.567 mio in the first quarter of 2006, and were down from Euro 6.175 mio in the quarter ended June 30, 2005. EBITDA for the second quarter of 2006 amounted to Euro 0.332 mio as compared to Euro -0.007 mio in the first quarter of 2006 and Euro -1.355 mio in the quarter ended June 30, 2005. Net loss for the second quarter of 2006 amounted to Euro -0.341 mio compared to a net income of Euro 0.902 mio in the first quarter of 2006 and a net loss of Euro -0.812 mio for the quarter ended June 30, 2005. This represents net loss per share of Euro -0.01 for the second quarter, net income per share of Euro 0.02 for the first quarter of 2006, and net loss per share of Euro -0.02 for the quarter ended June 30, 2005. The Company’s net income for the March 2006 quarter directly resulted from one-time exceptional gains totaling EUR 1.540 mio from the sale of eXpanded Media as well as the sublease of vacant space at the Company’s Leuven facility for which charges were previously recognized. Without these gains, the Company would have incurred a net loss of -0.638 mio, representing a net loss per share of -0.01. Report for the QUARTER ended June 30, 2006 I. Revenue and Gross Profit In the second quarter of 2006, Ubizen recorded revenues of Euro 10.557 mio compared to Euro 9.872 mio in the first quarter of 2006 and Euro 9.829 mio in quarter ended June 30, 2005. Gross profit for the second quarter amounted to Euro 5.068 mio, representing an overall gross profit margin of 48.0% compared to Euro 4.995 mio or 50.6% in the first quarter of 2006 and Euro 4.363 mio or 44.4% for the quarter ended June 30, 2005. Second quarter 2006 revenue and margin breakdown is as follows:
(in '000 Euro) Managed Security Services Services Third-Party Products Total
Contribution 6.648 2.328 1.581 10.557
Contribution % 63.0% 22.0% 15.0% 100.0%
GPM 54.9% 45.2% 22.9% 48.0%
II. Operating Expenses Overall total operating expenses decreased to Euro 5.287 mio for the second quarter of 2006 as compared to Euro 5.567 mio in the first quarter of 2006, and from Euro 6.175 mio for the quarter ended June 30, 2005, previously the Company’s third fiscal quarter.
73
(in '000 Euro) General and administrative Research and development, net Sales and marketing Other operating expenses Depreciation and amortization Total operating expenses
Q2-06 1.080 1.488 1.414 0.754 0.551 5.287
Q1-06 1.167 1.703 1.462 0.670 0.565 5.567
Q3-05 1.927 1.261 1.924 0.606 0.457 6.175
III. Balance Sheet and Cash Flow Cash at June 30, 2006 was Euro 4.436 mio compared to Euro 4.736 mio at March 31, 2006 and Euro 3.687 mio at June 30, 2005. Notes (1) The accounting information taken up in this press release has not been reviewed by the statutory auditor. (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. Contact information at Ubizen Wim Ballegeer Legal Counsel Email
[email protected] Phone + 32 16 28 70 00 Enclosure – Q2 FY06 Income Statement / Balance Sheet / Cash Flow
74
Balance Sheet (Euro '000) 30-Jun-2006
30-Jun-2005 (Proforma)
Assets Current assets Cash and cash equivalents Trade accounts receivable Prepaid expenses and other current assets Net assets held for sale Total current assets
4.436 12.791 2.561 19.788
3.687 9.808 6.744 811 21.050
Intangibles, less accumulated amortization Net property and equipment Investments and advances in affiliated companies Restricted cash Other assets Total non-current assets
11.656 6.020 139 1.055 18.870
13.284 5.357 425 1.055 305 20.426
38.658
41.476
Current Liabilities Trade accounts payable Short-term borrowings Due to related parties, net Other current liabilities and accrued expenses Deferred revenue Total current liabilities
7.367 4.834 6.562 2.473 21.236
9.586 250 454 6.245 3.375 19.910
Commitments and contingencies Minority interest Total liabilities
6.251 108 27.595
9.189 469 29.568
26.988 158.989 (174.767) (147) 11.063
26.988 158.989 (173.331) (738) 11.908
38.658
41.476
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' equity
Statement of Income (Euro '000)
Quarter Ended 30-Jun-2006
Quarter Ended 30-Jun-2005 (Proforma)
Revenues Cost of revenues Gross profit
10.557 (5.489) 5.068
9.829 (5.466) 4.363
Operating expenses: Other operating expenses Research and development Sales and marketing General and administrative Depreciation and amortisation expense Total operating expenses
(754) (1.488) (1.414) (1.080) (551) (5.287)
(606) (1.261) (1.924) (1.927) (457) (6.175)
(219)
(1.812)
Loss from operations
Interest income (expense), net Other expense, net Foreign currency exchange gain Net other expense
Loss before income taxes and minority interest Exceptional gain Income taxes & minority interest
Statement of Cash Flows (Euro '000)
Cash flows from operating activities:
8 277 711 996
(258)
(816)
(68) (15)
Net income (loss) Weighted-average shares outstanding EPS
(17) 33 (55) (39)
4
(341)
(812)
45.280.158 (0,01)
45.280.158 (0,02)
Quarter Ended 30-Jun-2006
Quarter Ended 30-Jun-2005 (Proforma)
75
3.D. Press release of August 14, 2006
RESULTATEN 1ste SEMESTER 2006 14 RAPPORT 2de KWARTAAL 2006 Boekjaar 2005 K1 2005 (in ‘000 euro) K2 2005 cijfers onderworpen Pro forma15 PRO aan beperkte revisorale controle FORMA 9.829 9.491 Omzet
Boekjaar 2006 S1 05
K2 2006
K1 2006
S1 03-04
19.320
10.557
9.872
20.429
(5.466)
(4.413)
(9.879)
(5.489)
(4.877)
(10.366)
4.363
5.078
9.441
5.068
4.995
10.063
Bedrijfskosten
(6.175)
(5.677)
(11.852)
(5.287)
(5.567)
(10.854)
Bedrijfswinst/(verlies)
(1.812)
(599)
(2.411)
(219)
(572)
(791)
Overige netto opbrengsten/(kosten)
996
(159)
837
(107)
1380
1273
Winst/(verlies) voor belastingen
(816)
(758)
(1.574)
(326)
808
482
Inkomstenbelasting
4
(178)
(174)
(15)
94
79
Nettowinst/(verlies)
(812)
(936)
(1.748)
(341)
902
561
Winst/(verlies) per aandeel
(0,02)
(0,02)
(0.02)
(0,01)
0,02
0,00
Kostprijs omzet Brutowinst
Omzet en brutowinst De omzet voor het tweede kwartaal van boekjaar 2006 bedroeg Euro 10.557, tegenover Euro 9.872 voor het eerste kwartaal van boekjaar 2006 en Euro 9.829 voor het tweede kwartaal van boekjaar 2005. De brutowinst bedroeg Euro 5.068 of 48,0 % in vergelijking met Euro 4.995 of 50,6 % in het vorige kwartaal en Euro 4.363 of 44,39 % in het tweede kwartaal van boekjaar 2005. De afname in brutomarge in vergelijking met vorig kwartaal is te wijten aan de relatieve toename van de verkoop van derde partij producten. De stijging van de brutomarge ten opzichte van het tweede kwartaal van 2005 is het resultaat van het toegenomen belang van diensten en managed security services.
14
Alle Euro-bedragen vermeld in dit document zijn in duizendtal Ubizen verkocht in februari 2006 haar belang in eXpanded Media. Op 23 december 2005 zakte het belang van Ubizen in Ubizen Aethis onder 50 %. Vanaf 2006 worden de resultaten van Ubizen Aethis en eXpanded Media niet langer opgenomen in de consolidatie van Ubizen. Met het oog op vergelijkbaarheid werden de resultaten van beide vennootschappen geëlimineerd uit de resultaten van 2005.
15
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De opsplitsing van omzet en bruto winstmarges voor het tweede kwartaal van boekjaar 2006 is als volgt:
Contributie (in ‘000 euro)
Contributie %
BWM
Managed Security Services Diensten Derde Partij Producten
6.648 2.328 1.581
63,0 % 22,0 % 15,0 %
54,9 % 45,2 % 22,9 %
Totaal
10.557
100,0 %
48,0 %
Tijdens het tweede kwartaal bleef de omzet en bruto marge inzake MSS ongeveer op hetzelfde niveau als vorig kwartaal. De MSS-omzet bedroeg Euro 6.648 in Q2 tegenover Euro 6.663 voor Q1. De omzet uit diensten steeg het voorbije kwartaal van Euro 2.142 naar Euro 2.328. De omzet uit derde partij producten steeg aanzienlijk van Euro 1.067 naar Euro 1.581. Dit laatste verklaart de daling van de globale bruto winstmarge ten opzichte van het eerste kwartaal van 50,6 % tot 48,0 %. Tijdens de eerste zes maanden van het boekjaar 2006 bedroeg de omzet van Ubizen Euro 20.429 en de brutowinst Euro 10.063. De nettowinst in het eerste semester bedroeg Euro 561 ten opzichte van een nettoverlies van Euro 1.748 tijdens dezelfde periode in het vorige boekjaar. De winst per aandeel bedroeg respectievelijk 0,00 euro en (0,02) euro. Het nettoresultaat van het afgelopen semester werd gunstig beïnvloed door het eenmalige uitzonderlijke resultaat van Euro 1540 dat in het eerste kwartaal van het boekjaar werd geboekt als gevolg van de verkoop van eXpanded Media en de terugname van provisies voor leegstand in de hoofdzetel van de vennootschap te Leuven. Bedrijfskosten en bedrijfsresultaat Tijdens het tweede kwartaal daalden de bedrijfskosten tot Euro 5.287 vergeleken met Euro 5.567 in het eerste kwartaal en Euro 6.175 in het tweede kwartaal van boekjaar 2005. De continue afname van de bedrijfskosten is het resultaat van besparingsmaatregelen die werden doorgevoerd vanaf januari 2004. Sindsdien is het aantal werknemers gedaald van 319 tot 23516, of een vermindering van 26,3%. Ubizen zal haar kosten verder blijven beheersen. Tijdens de eerste zes maanden bedroegen de bedrijfskosten Euro 10.854. De Algemene & Administratieve kosten beliepen Euro 2.247. De O&O-kosten (onderzoek en ontwikkeling) bedroegen Euro 3.191 en de kosten voor Sales & Marketing Euro 2.876. Kaspositie Op 30 juni 2006 had Ubizen Euro 4.436 in kas, vergeleken met Euro 4.736 op 31 maart 2006, bij een stijging van de post handelsvorderingen van Euro 9.641 tot Euro 12.791 een daling van de post handelsschulden van Euro 10.325 tot Euro 7.367. Personeel 30 juni 2006
31 maart 2006
30 juni 2005
Technologie / O&O
95
96
100
Diensten
58
58
55
Sales & Marketing
37
38
35
Algemeen & Administratief
45
46
45
TOTAAL
235
238
235
Vooruitzichten Voor het derde kwartaal (eindigend 30 september 2006) worden vergelijkbare resultaten als voor het tweede kwartaal verwacht. Ubizen zal verder werken aan een gestage groei van de brutowinst uit MSS en aan kostencontrole.
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Een deel van de daling is het gevolg van de deconsolidatie van eXpanded Media en Ubizen Aethis sinds januari 2006, goed voor 21 personeelsleden.
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De boekhoudkundige gegevens in het communiqué zijn niet geauditeerd. 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.
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3.E. Press release of October 30, 2006
Ubizen sells GlobalSign NV to Certification Services Limited LEUVEN, Belgium—30 October 2006—Ubizen®, the principal provider of managed security solutions for global businesses and a majority owned subsidiary of global information security specialist Cybertrust®, today announced the sale of its Belgian subsidiary GlobalSign® NV to UK based Certification Services Limited (CSL) for an aggregate amount of 7.9 million €. GlobalSign NV delivers a family of services, in Europe, designed to allow customers to easily and costeffectively secure Web servers and other devices with a digital identity. Under the agreement, CSL will acquire 100 percent of the share capital of GlobalSign NV. The proceeds of this transaction will allow Ubizen to sustain investments in its core businesses, including managed security services and public key infrastructure (PKI). SSL certificates and certification management services will continue to be delivered through Cybertrust. The overall transaction will result in a net income of approximately 6.5 M euro in Q4 2006. About Ubizen Ubizen is the principal provider of managed security solutions for global businesses. Companies rely on 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. To learn more, please visit www.ubizen.com. Contacts: Ubizen NV Wim Ballegeer ++ 32 (0) 16 28.70.82
[email protected] 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. ### © Cybertrust 2006. All Rights Reserved. Cybertrust, Ubizen, GlobalSign and OnlineGuardian are trademarks or registered trademarks of Cybertrust Holdings, Inc. and/or its affiliates. All other trademarks are property of their respective owners.
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3.F. Press release of November 13, 2006
UBIZEN REPORTS THIRD QUARTER RESULTS Leuven, Belgium, November 13, 2006 - Ubizen (Euronext: UBIB), the principal provider of Managed Security Solutions for global businesses, today announced financial results for its third quarter ended September 30, 2006. During the quarter ended March 31, 2006, Ubizen sold eXpanded Media N.V. Accordingly, eXpanded Media N.V.’s operating results are not included in Ubizen’s results subsequent to December 31, 2005. Additionally, Ubizen’s ownership of Ubizen Aethis S.A. was diluted below 50% effective December 23, 2005. Therefore the Company no longer consolidates Ubizen Aethis S.A.’s operating results subsequent to December 31, 2005. Prior period results included below are presented on a pro-forma basis eliminating the impact of eXpanded Media N.V. and Ubizen Aethis S.A. for comparative purposes. In addition on October 30, 2006 the Company sold its GlobalSign business unit to CSL. The consolidated results include GlobalSign’s activity through September 30, 2006. Total revenues for the third quarter of 2006 amounted to Euro 9.096 mio as compared to total revenues of Euro 10.557 mio for the second quarter of 2006 and Euro 10.351 mio for the quarter ended September 30, 2005. The drop in revenues compared to prior quarter is due to the seasonal effect in professional services in Europe and lower 3rd party product sales in line with our focused strategy around managed security services. Gross profit amounted to Euro 4.365 mio or 48.0% as compared to Euro 5.068 mio or 48.0% in the previous quarter and Euro 5.270 mio or 50.9% in the quarter ended September 30, 2005. Operating expenses decreased to Euro 5.052 mio for the third quarter of 2006 from Euro 5.288 mio in the second quarter of 2006, and were down from Euro 5.802 mio in the quarter ended September 30, 2005. EBITDA for the third quarter of 2006 amounted to Euro -0.137 mio as compared to Euro 0.331 mio in the second quarter of 2006 and Euro 0.190 mio in the quarter ended September 30, 2005. Net loss for the third quarter of 2006 amounted to Euro 0.702 mio compared to a net loss of Euro 0.341 mio in the second quarter of 2006 and a net loss of Euro 0.710 mio for the quarter ended September 30, 2005. This represents a net loss per share of Euro 0.02 for the third quarter, net loss per share of Euro 0.01 for the second quarter of 2006, and net loss per share of Euro 0.02 for the quarter ended September 30, 2005. Report for the QUARTER ended September 30, 2006 I. Revenue and Gross Profit : In the third quarter of 2006, Ubizen recorded revenues of Euro 9.096 mio compared to Euro 10.557 mio in the second quarter of 2006 and Euro 10.351 mio in quarter ended September 30, 2005. Gross profit for the third quarter amounted to Euro 4.365 mio, representing an overall gross profit margin of 48.0% compared to Euro 5.068 mio or 48.0% in the second quarter of 2006 and Euro 5.270 mio or 50.9% for the quarter ended September 30, 2005. Third quarter 2006 revenue and margin breakdown is as follows:
(in '000 Euro) Managed Security Services Services Third-party products Total
Contribution Contribution 6.909 1.467 0.720 9.096
GPM 76.0% 16.1% 7.9% 100.0%
58.6% 6.3% 31.4% 48.0%
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II. Operating Expenses: Overall total operating expenses decreased to Euro 5.052 mio for the third quarter of 2006 as compared to Euro 5.288 mio in the second quarter of 2006, and from Euro 5.802 mio for the quarter ended September 30, 2005, previously the Company’s fourth fiscal quarter.
(in '000 Euro) General and administrative Research and development, net Sales and marketing Other operating expense Depreciation and amortization Total Operating expenses
Q3-06 (0.664) (1.789) (1.203) (0.846) (0.550) (5.052)
Q2-06 (1.080) (1.488) (1.414) (0.754) (0.551) (5.287)
Q3-05 (1.357) (1.685) (1.609) (0.600) (0.551) (5.802)
III. Balance Sheet and Cash Flow: Cash at September 30, 2006 was Euro 1.640 mio compared to Euro 4.736 mio at June 30, 2006 and Euro 3.743 mio at September 30, 2005. Enc. : Q2 FY06 Income Statement / Balance Sheet / Cash Flow
Notes Note - (1) The accounting information taken up in this press release has not been reviewed by the statutory auditor. Note - (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)
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Balance Sheet Q3 2006 (Euro '000)
Quarter Ended 30-Sep-2005 (Proforma)
30-Sep-2006
Assets Current assets Cash and cash equivalents Trade accounts receivable Prepaid expenses and other current assets Total current assets
1.640 11.917 2.930 16.487
3.743 10.686 4.450 18.879
Intangibles, less accumulated amortization Net property and equipment Investments and advances in affiliated companies Restricted cash Total non-current assets
11.538 5.700 139 1.055 18.432
12.009 6.239 355 1.182 19.785
34.919
38.664
Current Liabilities Trade accounts payable Due to related parties, net Other current liabilities and accrued expenses Deferred revenue Total current liabilities
6.787 4.882 5.293 2.316 19.278
8.993 2.408 4.401 2.536 18.338
Commitments and contingencies Minority interest Total liabilities
5.966 133 25.377
10.935 469 29.742
26.988 158.989 -175.469 -965 9.542
26.609 158.989 -176.454 -222 8.922
34.919
38.664
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 Q3 2006 ( Euro '000)
Revenues Cost of revenues Gross profit
10.351 (5.081) 5.270
(695) (7) (7) (702)
(738)
(710)
45.280.158 (0,02)
45.280.158 (0,02)
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 Net income (loss)
Statement of Cash Flows Q3 2006 ( Euro '000)
Quarter Ended 30-Sep-2005 (Proforma)
9.096 (4.731) 4.365 (846) (1.789) (1.203) (664) (550) (5.052) (687) (187) 183 (4) (8) -
Operating expenses: Other operating expenses Research and development Sales and marketing General and administrative Depreciation and amortisation expense Total operating expenses
Weighted-average shares outstanding EPS
-
Quarter Ended 30-Sep-2006
(600) (1.685) (1.609) (1.357) (551) (5.802) (532)
(55) (33) (9) (109) (206)
(1) 29 29
Quarter Ended 30-Sep-2005 (Proforma)
Quarter Ended 30-Sep-2006
Cash flows from operating activities: Net income (loss)
(702)
(710)
550
551 (109)
Adjustments to reconcile net loss to net cash provided (used) by operating activities: Depreciation and amortization Amortization of goodwill Change of minority interests in subsidiaries Exchange gain/loss
-26 4
9
874 (369)
(878) 3.082 (877)
(580) (1.270) 48 (157) (286)
(593) (2.711)
(1.913)
(1.421)
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) Increase/(Decrease) Increase/(Decrease) Increase/(Decrease) Increase/(Decrease)
in in in in in
trade accounts payable other current liabilities and accrued expenses related party payable, net deferred revenue non current liabilities
Net cash provided/(used) by operating activities
(839) 1.654
Cash flows from investing activities: Additions to property and equipment
(125)
(682)
Net cash used by investing activities
(125)
(682)
Cash flows from financing activities: Proceeds/(repayment) of short term borrowings, net
60
2.158
Cash provided by financing activities
60
2.158
(1.978) (818) 4.436
3.697
1.639
3.743
Net increase/ (decrease) in cash Foreign Exchange Impact on cash and Equity Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period
56
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Exhibit 4: Declaration of Independence by Degroof Corporate Finance
Vertrouwelijk Brussel, 16 Februari 2007 Cybertrust Holdings Inc 13650 Dulles Technology Drive Suite 500 US-Herndon VA 20171
O/Ref.: HMV/stb-DCF
Geachte heren, Betreft: Fairness opinion – Ubizen Met deze brief wensen wij te bevestigen dat, in het kader van de opdracht om als onafhankelijk expert een verslag zoals vereist door Artikel 47 van het K.B. van 8 November 1989 op de openbare overnameaanbiedingen uit te brengen aan de raad van bestuur van Cybertrust Holdings Inc over het uitkoopbod aan de minderheidsaandeelhouders van Ubizen NV, Degroof Corporate Finance, 100 % dochteronderneming van Bank Degroof NV, volledig onafhankelijk van Ubizen NV en Cybertrust Holdings Inc opgetreden is. Bank Degroof NV is een globaal geïntegreerde bank, die activiteiten van vermogensbeheer, van zakenbank via haar dochteronderneming Degroof Corporate Finance NV en van asset management uitvoert. Zij is zo betrokken bij een groot aantal financiële transacties voor rekening van haar cliënten of voor eigen rekening. De procedures die bij de uitoefening van bovenvermelde activiteiten gelden, vereisen dat zij de nodige maatregelen treft om belangenconflicten te voorkomen. In het kader van het uitkoopbod van Cybertrust Holdings Inc aan de aandeelhouders van Ubizen NV heeft noch Degroof Corporate Finance NV, noch Bank Degroof NV van geen enkele partij een mandaat van adviesverlening of aantrekking van fondsen gekregen, buiten de opdracht van onafhankelijk expert. In december 2003 heeft Bank Degroof NV een fairness opinion uitgebracht ten aanzien van de Raad van Bestuur van Ubizen n.a.v. het openbaar bod van Ubidco NV op Ubizen. De conclusie van deze fairness opinie luidde toen : “Op basis van haar analyse is Bank Degroof van oordeel dat op de datum van dit verslag de door Ubidco geboden prijs van EUR 0,95 per aandeel Ubizen alsook de geboden prijzen voor de verschillende warranten vanuit een financieel oogpunt billijk zijn voor zowel de aandeel- als de warranthouders van Ubizen.” Deze conclusie was gebaseerd op de toenmalige vaststelling dat de continuïteit van de onderneming Ubizen niet langer gegarandeerd was. De toetrede van Cybertrust Holdings Inc tot het kapitaal van Ubizen diende de perenniteit van de activiteiten van Ubizen te verzekeren. De fairness opinion die Degroof Corporate Finance NV in mei 2006 afleverde ten behoeve van Cybertrust Holdings Inc n.a.v. het openbaar bod van Cybertrust op Ubizen steunde derhalve op het principe van “going concern”. In haar verslag van onafhankelijk expert dat Degroof Corporate Finance NV heden heeft afgeleverd ten behoeve van Cybertrust Holdings Inc steunt net als de fairness opinion van mei 2006 op het principe van “going concern”. Degroof Corporate Finance NV heeft alle maatregelen genomen die zij nodig achtte om haar rol als financieel deskundige zoals bepaald in het KB van 8 november 1989 in alle onafhankelijkheid te kunnen waarnemen.
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Zo maakte Degroof Corporate Finance NV bij het uitvoeren van haar werkzaamheden uitsluitend gebruik van de meest recente financiële cijfers en prognoses die zij op haar verzoek verkreeg van Cybertrust Holdings Inc. zoals hierboven vermeld. Zij verkreeg tevens uitvoerige mondelinge toelichting bij deze nieuwe gegevens, de huidge stand van zaken bij Ubizen en de verwachte evolutie van de activiteiten en de onderliggende cijfers van Ubizen vanwege Cybertrust Holdings Inc. Degroof Corporate Finance NV paste de waarderingsmethodes die zij meest relevant achte toe op deze gegevens en informatie. Om na te gaan of met de geboden prijs de belangen van de effectenhouders werden vrijgesteld, werden naast de waarderingsmethodes vermeld in het prospectus andere en meer uitgebreide analyses gemaakt. De gebruikte waarderingsmethodes omvatten zowel de Discounted Cash Flow analyse, uitgebreide multiple analyse van zowel beursgenoteerde vergelijkbare bedrijven als multiples van vergelijkbare transacties, en een analyse van de historische evolutie van de beurskoers. Teneinde de onafhankelijkheid van de analyses van Degroof Corporate Finance NV nog verder te garanderen berustte thans de eindverantwoordelijkheid voor de werkzaamheden bij de heer Alain Schockert, voorzitter en afgevaardigd bestuurder van Degroof Corporate Finance NV, die niet betrokken was bij de fairness opinion die Degroof Corporate Finance NV in mei 2006 verstrekte naar aanleiding van het vrijwillig overnamebod van Cybertrust Holdings Inc. Verder werd het team dat op deze transactie heeft gewerkt aangevuld met de heer Johan Verstraeten, onderdirecteur bij Degroof Corporate Finance NV, die niet betrokken was bij de fairness opinion die Degroof Corporate Finance NV in mei 2006 verstrekte naar aanleiding van het vrijwillig overnamebod van Cybertrust Holdings Inc. Noch Degroof Corporate Finance NV, noch de betrokken teamleden werden tijdens hun werkzaamheden op enigerlei wijze belemmerd om hun opdracht in alle onafhankelijkheid uit te voeren. Degroof Corporate Finance bevestigt dat zij geenszins belemmerd is geweest om, mocht zij dit nodig hebben geacht, bijvoorbeeld te oordelen dat de belangen van de effectenhouders niet veilig zouden zijn gesteld in de voorgenomen transactie. Het is mogelijk dat Bank Degroof NV in het kader van haar lopende activiteiten opgetreden is bij de aankoop en verkoop van effecten van Ubizen NV en dat zij dat in de toekomst nog zal doen. Niettemin heeft geen enkele van deze activiteiten een invloed op de onafhankelijkheid van Degroof Corporate Finance NV ten opzichte van Ubizen NV en Cybertrust Holding Inc. Noch Bank Degroof NV, noch Degroof Corporate Finance NV heeft trouwens een financieel belang bij de verrichting buiten de vergoeding van de diensten van Degroof Corporate Finance NV voor het uitbrengen van dit advies. Er bestaat ook geen vorm van economische afhankelijkheid tussen Ubizen NV en/of Cybertrust Holdings Inc en een entiteit van de groep Degroof. Geen enkel lid van de groep Degroof oefent een bestuurdersfunctie uit bij Ubizen NV of bij Cybertrust Holdings Inc Wij bevestigen dat wij onze verbintenis in volle onafhankelijkheid ten opzichte van Ubizen NV en Cybertrust Holdings Inc vervuld hebben. Hoogachtend,
Henk Vivile Bestuurder
Alain Schockert Voorzitter, Gedelegeerd bestuurder
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