PARIS, September 9, 2010 /PRNewswire-FirstCall/ --
- Sales up by 11%
- EBITDA* margin rate increases to 52.0% of turnover against 51.2%
- Net profit up by 20%
- 2010 growth targets confirmed
<<20% growth in net profit rewards all of our efforts: cost control during a period of double-digit growth in activity permits significant leverage on margin. At the same time, we have continued to reinforce our workforce in order to step-up the launching of new services for real estate agents and Internet users alike. We welcome the rebound of the real estate market which is materialised by the sharp improvement in real estate professionals' finances. Results obtained during the semester enable us to confirm the full-year targets which we fixed at the beginning of the year >>, comments Roland Tripard, CEO of the Group Seloger.com.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080131/291759 )
*: EBITDA: earnings before interest, tax, amortizations and provisions, accounting for stock option and free award plans.
Operating performance
EBITDA margin during the first-half of 2010 has improved by almost one point to stand at 52.0% against 51.2%.
The return of double-digit business activity and the strict control of expenses have resulted in an increase of EBITDA margin rate. Only personnel expenses have outpaced sales (+18%) notably due to enlarged allocation towards a special profit sharing reserve. Payroll itself records an increase of 12.7%. Head count at the end of the first-half stands at 277 persons. Considering scheduled recruitments, payroll costs as a percentage of turnover should lessen by several points during the second-half. The expansion of external costs has been limited to 5% over the period. This figure shows the careful control of external expenses, notably the growth in marketing and communications budgets limited to 2%.
Net Result
The net cost of borrowing decreased by 27% (EUR 1.0m against EUR 1.3m) concurrent to a decrease in net debt. Accounting for a tax charge representing 35.7% of profit and after the net cost of debt, net profit totalled EUR 10.4m i.e. an increase of 20.0%.
Structure of finance
Declining net debt now stands at EUR 4m at the end of the first-half of 2010 against EUR 6m at the end of 2009. The limited decrease in debt is due to the first dividend pay-out made since the company's listing, during the first-half of the year, (EUR 5m) as well as the disbursement of the last instalment for the acquisition of Pericles (EUR 4m), now held by a 100% stake. Available cash stands at EUR 27m at the end of the semester.
Year 2010 Outlook
These highly satisfactory half-year results enable us to confirm the targets announced at the onset of the year, that is, a sales figure of between EUR 81m and EUR 84m, enabling an EBITDA of between EUR 42m et EUR 44m .
"The improvement of the financial position of real estate professions has had positive effects in our books during the semester. Even in the event of a slackening of euphoria in transaction volumes during the second-half due to less favourable economic factors, we remain confident for the second part of the year. We pursue the enhancement of our offers: following the overhauls of SeLogerNeuf (property developments) and AgoraBiz (commercial real estate), SeLogerVacances is gaining force and we are launching a new version of ImmoStreet (second portal of the Group) at the end of the month. Our audience has continued to expand at a steady pace and the mobile use of our services grows continually, reinforcing our position as the market leader. As expected, our business model has resulted in the acceleration of business growth during the second-half, as well as the improvement of profitability>>. Roland Tripard, CEO of SeLoger.com.
Forthcoming event:
2010 Third-quarter revenues
November 3rd (after market closing)
CONSOLIDATED FINANCIAL STATEMENT GROUP SELOGER
Euros 30/06/2010 31/12/2009
Goodwill 135,378,212 135,378,212
Intangible assets 77,409,587 79,756,946
Tangible assets 1,096,640 1,263,194
Other non-current financial assets 275,126 275,842
Other non-current assets 319,942 639,880
Deferred tax assets
Total non-current assets 214,479,507 217,314,074
Inventories 13,413 7,958
Trade receivables 14,405,030 12,228,881
Current taxes
Other current assets 1,821,212 1,290,376
Cash and cash equivalents 27,239,188 32,764,799
Total current assets 43,478,843 46,292,014
TOTAL ASSETS 257,958,350 263,606,088
3,329,301 3,329,301
Share capital
Premiums 126,399,904 126,399,904
Reserves 45,273,008 32,525,156
Result 10,426,269 17,542,003
Total shareholder's equity, Group share 185,428,482 179,796,364
Minority interests
Total shareholders' equity 185,428,482 179,796,364
Bank loans and other borrowings 15 737 906 23,416,402
Other non-current liabilities 828 167 756,267
Deferred tax liabilities 25 204 635 26,234,790
Total non-current liabilities 41 770 708 50,407,459
Bank overdrafts and other short term borrowings 15 396 505 15,410,323
Trade payables 3 796 464 3,624,674
Current taxes 955 967 247,147
Less than one-year provisions 173 518 173,518
Other current liabilities 10,436,706 13,946,603
Total current liabilities 30,759,160 33,402,265
TOTAL LIABILITIES 257,958,350 263,606,088
CONSOLIDATED INCOME STATEMENT GROUP SELOGER
Euros 30/06/2010 31/06/2009
Sales 39,437,521 35,475,755
Other operating income
Purchases consumed -49,843 -102,549
Payroll costs -11,097,986 -9,405,504
External costs -6,617,316 -6,293,733
Taxes and duties -859,396 -782,378
Other operating income and expenses
from ordinary activities -293,893 -722,343
Gross operating profit (loss) 20,519,087 18,169,248
Depreciation of property, plant and equipment -373,583 -373,701
Provisions -325,168 -296,971
Amortization of intangible assets -2,647,555 -2,676,226
Operating profit (loss) from ordinary
activities 17,172,781 14,822,350
Other operating income and expenses
Operating profit (loss) 17,172,781 14,822,350
Income from cash and cash equivalents 44,162 195,438
Cost of gross financial debt -1,002,479 -1,501,162
Cost of net financial debt -958,317 -1,305,724
Income tax (expense) credit -5,788,195 -4,827,761
Net profit 10,426,269 8,688,865
Group share 10,426,269 8,627,217
Minority interests 61,648
Earnings per share, Group share 0.63 0.52
Number of shares used in the calculation 16,641,788 16,637,171
Diluted earnings per share, Group share 0.62 0.52
Number of shares used in the calculation 16,763,522 16,685,256
CONSOLIDATED CASH FLOW STATEMENT IFRS
30/06/2010 30/06/2009
1.Consolidated net profit (including minority
interests) 10,426,257 8,688,865
Net charges to amortization, depreciation and
provisions (excluding those 3,009,297 3,069,056
related to current assets)
Unrealized gains and losses from changes in
fair value
Income and expenses linked to stock options
and equivalent 541,158 450,613
Other calculated income and expenses
Capital gains and losses on disposals 63
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 13,976,775 12,208,534
Cost of net financial debt 958,317 1,305,726
Tax 5,788,195 4,827,761
Cash flow from operating activities before
cost of net financial debt and tax 20,723,287 18,342,021
Tax paid -6,086,903 -11,898,912
Change in operating working capital requirement -1,409,258 -1,497,099
Other flows from activity
Net cash flow from operating activities 13,227,126 4,946,010
II. Investing activities
Cash outflows for acquisitions of intangible
assets -132,673 -157,414
Cash outflows for acquisitions of property,
plant and equipment -206,095 -50,263
Cash inflows from disposals of property, plant
and equipment and intangible assets
Cash outflows for acquisitions of financial
investments
Cash inflows from disposals of financial
investments
Payments related to share buy-out obligation -100,000
Dividends received 1,994 -2,738
Changes in loans and advances granted
Investment subsidies received
Other flows on investment operations
Net cash flow from investing activities -436,774 -210,415
III. Financing activities
Amounts received from shareholders on capital
increases
Paid by share holders of parent company
Paid by consolidated minorities
Cash inflows from exercise of stock options
Additional purchase of shares from minority
shareholders -4,136,202
Repurchase and resale of treasury shares -37,818 -49,768
Dividends paid during the year
Dividends paid to parent company shareholders -5,491,221
Dividends paid to shareholders of incorporated
minority interests
Cash drawn down re new loans
Repayments of borrowings -8,022,639 -8,042,131
Net interest paid -628,083 -996,908
Other cash flows from financing activities
Net cash flow from financing activities -18,315,963 -9,088,807
Impact of changes in exchange rates
Change in net cash -5,525,611 -4,353,212
Cash at opening 32,764,799 27,978,813
Net cash at closing 27,239,188 23,625,601
About Seloger.com
SeLoger.com has been the specialist leader of on-line real estate in France for the past 18 years. Its websites are available on any screen (mobile, TV with Samsung, and computer) and every day millions of French Internet users view the 1.1 million plus property ads posted by estate professionals at any time, from wherever they may be.
Be it a purchase or rental, resale or property development, in France or abroad, a business location or a demeure de charme, everyone can satisfy their property project through one of the Group's 6 websites (http://www.seloger.com, http://www.selogerneuf.com, http://www.immostreet.com, http://www.bellesdemeures.com, http://www.selogervacances.com and http://www.agorabiz.com).
The Group also provides real estate professionals the broadest visibility of their ads with an audience of 3 million unique visitors and close to 15 minutes viewing per visitor via its different websites.
It is also the number-one supplier of Internet websites for real estate agencies and software transaction design for professionals with Pericles (Source: Mediametrie // Nielsen Netratings).
SeLoger.com has been listed on Euronext Paris (compartment B) since 30 November 2006 and is part of the following indexes: SBF 250, CAC MID 100, CAT IT and Euronext 100.
ISIN code: FR0010294595.
SOURCE SeLoger.com
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