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SeLoger.com: First Half 2009 Results - Increase in Revenues and Net Profit
PARIS, September 15 /PRNewswire/ --
Revenues EBITDA(*) Net profit
+2.1% +0.3% +0.4%
EUR34.7m -> EUR35.5m EUR18.1m -> EUR18.2m EUR8.7m -> EUR8.7m
30 June2008 30 June2009 30 June2008 30 June2009 30 June2008 30 June2009
- Sales up by 2.1%
- EBITDA(*) Margin Rate Stands at 51.2% of Sales
- Net Profit up by 0.4% Stands at EUR8.7m
- Audience Growth Gaining Pace Over Competitors
- 2009 Results: in the Upper Range of Targets
<< Despite the deterioration of the real estate environment,
we have continued to follow our roadmap. The growth of the Group websites
audience has widened the gap with competitors. Careful to stay << a click
ahead >> of other websites, we are launching, as announced, a new generation
of the http://www.seloger.com website, featuring innovative search functions.
Lastly, we have continued to build stronger links with our clients by
transforming occasional service requests to recurrent subscriptions.
(Logo:
)
The deep crisis which we are crossing highlights our robust
commercial position as well as our capacity to protect our profitability, as
is revealed by the 0.4% increase of net profit at the closing of the first
half 2009. As we experience a weaker competition, we are much better placed
to further strengthen our leadership as the market returns >>, comments
Roland Tripard, Managing Director of the Group Seloger.com.
(*): EBITDA: earnings before interest, tax, amortizations and
provisions, accounting for stock option and free award plans.
Operating performance
EBITDA recorded an increase of 0.3 % standing at EUR18.2m
against EUR18.1m during the first-half 2008. The margin rate has decreased by
0.9 points to 51.2%.This fall-off shows that staff costs have out-paced Group
sales figures. The books incorporate Belles Demeures (which was only
consolidated in the second-half 2008). Furthermore, overhead costs integrate
the recruitments made end of the second quarter 2008. Headcount as of 30th
June 2009 was 255 employees. Excluding Belles Demeures (29 employees),
headcount was almost stable compared with 30th June 2008 (229 employees).
Marketing and communication expenses have dropped by 14.8% as
we launched a television campaign in the first-half 2008. Excluding this
event, restated marketing figures show an increase of 14.0%. This change is
the materialization of our will to gain audience and further our advantage
over competitors.
Other operating costs have fallen by 3.0 %.
Net Result
The cost of finance has continued to fall-back (EUR1.3m
against EUR1.7m) along with a decrease in net debt. Tax expenses stand at
EUR4.8m, i.e. 35.7% of current profit after the net cost of debt. Net profit
went up by 0.4% to EUR8.7m.
Structure of finance
The net debt has continued to drop reaching EUR22.9m at the
closing of the first-half 2009, i.e.13% gearing against 16% at the closing of
2008. Available cash has decreased by EUR4.4m due to tax instalments which
were higher than in the first-half 2008.
Outlook for the year 2009
The Group announced the target of achieving a sales figure
somewhere between EUR70m and EUR73m in 2009 with an EBITDA* of between EUR35m
and EUR37m. Considering current market conditions, the Group is confident in
its ability to reach the upper range of this target.
<< Following several quarters of downturn in the real estate
agency business, the number of agents has continued to adjust itself to
current business volumes. We remain mindful of the effects this situation
could have on the viability of agents. The work carried out by all within the
group has allowed our continued development despite the unfavourable
environment. I wish to congratulate our teams for their talent, their
creativity, and their professionalism. We are convinced that our new offers
will meet the needs of our clients and users alike. We pursue our commitment
of solid partnership towards estate agents, in order to continue the supply
of quality contacts, rapid feedback and the promotion of their agencies. The
new site, http://www.seloger.com, designed for users, will bring a new ease
in Internet navigation coupled with an ever-more efficient search engine.
Thus, we pursue our mission to ease the connection between
offer and demand in the real estate market >>. Roland Tripard, Managing
Director of Seloger.com.
Forthcoming event:
2009 Third-quarter revenues
November 3rd (after market closing)
SELOGER GROUP CONSOLIDATED BALANCE SHEET
In Euros As at 30 June As at 31 Dec
2009 2008
Goodwill 134,936,339 137,185,655
Intangible assets 82,224,102 81,547,052
Property, plant and equipment 1,445,658 1,769,099
Other non-current financial assets 295,531 291,327
Other non-current assets 959,818 0
Deferred tax assets 0 0
Total non-current assets 219,861,448 220,793,133
Inventories 11,267 46,476
Trade receivables 16,538,715 16,305,562
Current taxes 234,199 205,483
Other current assets 1,712,846 1,039,079
Cash and cash equivalents 23,625,601 27,978,813
Total current assets 42,122,628 45,575,413
TOTAL ASSETS 261,984,076 266,368,546
Share capital 3,329,301 3,329,301
Additional paid-in capital 126,399,904 126,399,904
Reserves 31,979,628 14,842,626
Net profit (or loss) 8,627,217 16,927,856
Group share of equity 170,336,050 161,499,687
Minority interests 0 0
Total shareholders' equity 170,336,050 161,499,687
Long-term interest-bearing 31,073,838 38,750,540
liabilities
Other non-current liabilities 4,403,714 4,260,306
Deferred tax liabilities 27,091,138 27,009,633
Total non-current liabilities 62,568,690 70,020,479
Short-term interest-bearing 15,431,720 15,489,221
liabilities
Trade payables 3,705,502 3,115,894
Current taxes 16,401 6,195,236
Provisions of less than one year 290,059 270,932
Other current liabilities 9,635,654 9,777,097
Total current liabilities 29,079,336 34,848,380
TOTAL LIABILITIES 261,984,076 266,368,546
SELOGER GROUP CONSOLIDATED INCOME STATEMENT
In Euros As at 30 June As at 30 June
2009 2008
Sales 35,475,755 34,740,158
Other operating income 0 3,990
Purchases used in production -102,549 -29,556
Payroll costs -9,405,504 -8,151,842
External charges -6,293,733 -7,357,009
Taxes and duties -782,378 -884,485
Other operating income and expenses -722,343 -211,788
from ordinary activities
Gross operating profit (loss) 18,169,248 18,109,468
Depreciation of property, plant and
equipment -373,701 -304,613
Provisions and depreciation -296,971 -140,317
Amortisation of intangible assets -2,676,226 -2,639,658
Operating profit (loss) from
ordinary activities 14,822,350 15,024,880
Other operating income and expenses 0 0
Operating profit (loss) 14,822,350 15,024,880
Income from cash and cash
equivalents 195,438 563,958
Cost of gross financial debt -1,501,162 -2,267,874
Cost of net financial debt -1,305,724 -1,703,916
Income tax (expense) credit -4,827,761 -4,663,785
Net profit 8,688,865 8,657,179
Group share 8,627,217 8,621,074
Minority interests 61,648 36,106
Earnings per share, Group share 0.52 0.52
Number of shares used in the
calculation 16,637,171 16,632,831
Diluted earnings per share, Group
share 0.52 0.52
Number of shares used in the
calculation 16,685,256 16,660,831
CASH FLOW STATEMENT
In Euros As at 30 June As at 30 June
2009 2008
Consolidated net profit (including
minority interests) 8,688,865 8,657,179
Net charges to amortisation,
depreciation and provisions
(excluding those related to current
assets) 3,069,056 2,928,327
Unrealised gains and losses from
changes in fair value
Income and expenses linked to stock
options and equivalent 450,613 315,532
Other calculated income and expenses 0
Capital gains and losses on
disposals 65,776
Profits and losses on dilution
Share of income (loss) of equity
affiliates
Dividends (non-consolidated
investments)
Cash flow from operating activities
after cost of net financial debt and
tax 12,208,534 11,966,814
Cost of net financial debt 1,305,726 1,703,536
Tax 4,827,761 4,663,785
18,342,021 18,334,135
Cash flow from operating activities
before cost of net financial debt
and tax -11,898,912 -7,200,934
Tax paid -1,497,099 -1,568,026
Change in operating working capital
requirement
Net cash flow from operating
activities 4,946,010 9,565,175
II. Investing activities
Cash outflows for acquisitions of
intangible assets -157,414 -295,408
Cash outflows for acquisitions of
property, plant and equipment -50,263 -793,826
Cash inflows from disposals of
property, plant and equipment 30,312
Cash outflows for acquisitions of
financial investments 0
Cash inflows from disposals of
financial investments 0 0
Payment of additional cost for
shares
Impact of changes to the scope of
consolidation (1)
Other cash flow from investing
activities
Net cash flow from investing
activities -210,415 -7,901,922
III. Financing activities
Sums received on the exercise of
stock options
Repurchase and resale of treasury
shares -49,768 54,805
Cash drawn down re new loans 0
Repayment of borrowings -8,042,131 -6,058,029
Net interest paid -996,908 -2,671,839
Other cash flow from investing
activities
Net cash flow from financing
activities -9,088,807 -8,675,063
Impact of changes in exchange rates
Change in net cash -4,353,212 -7,011,810
Cash at opening 27,978,813 26,996,087
Cash at closing 23,625,602 19,984,277
About SeLoger.com
The SeLoger.com group is France's leading online real estate
player, with websites and services aimed at internet users and real estate
professionals.
It has become France's benchmark online marketplace for real
estate classified ads with several leading sites http://www.seloger.com,
http://www.immostreet.com, http://www.bellesdemeures.com and
http://www.agorabiz.com. The group is also the leading provider in France for
real estate transactions software solutions with Périclès.
The group gives internet users access to France's most
extensive range of classified real estate ads, with more than 2.2 million
ads. It also gives real estate professionals the largest platform in the
market, with an audience consisting of around 2.5 million unique visitors
spending an average time of 20 minutes (source: Mediametrie//Netratings July
2009).
SeLoger.com's business model is based on innovative services
dedicated to real estate professionals. The company plans to maintain its
growth strategy, which focuses on four main areas:
- continuing to add new estate agent customers, in both Paris
and the Regions;
- improving its range of products and dedicated services for
all types of real estate professionals;
- introducing innovative new services for individuals planning
a real estate transaction;
- making selective acquisitions.
SeLoger.com has been listed on Euronext Paris (compartment B)
since 30 November 2006 and is part of the following indexes: SBF 250, CAC
SMALL 90, CAT IT and Euronext 100.
ISIN code: FR0010294595
http://www.groupe-seloger.com
