SeLoger.com : 2010 Full-Year Figures

Mar 21, 2011, 12:35 ET from SeLoger.com

    PARIS, March 21, 2011 /PRNewswire-FirstCall/ --
    - Sales up by 13%
    - Ebitda* up by 19%
    - Dividend per share X 2
    - 2010 Figures in Line With High Range of Targets Announced
    - Recurring EBITDA* margin rate up by 53.7% (+2.6 points)
    - Proposal to Double Dividend Pay-Out: i.e. EUR 0.66 per Share
    - 2011 Outlook: Double-Digit Growth for all Performance Indicators

"2010 is marked by a significant recovery in the real estate market and regular acceleration in our performances. By achieving recurring Ebitda* of over EUR 44m, we have fulfilled our targets announced for the year, i.e. recurring Ebitda* standing between EUR 42m and EUR 44m. As previously stated, the Group will propose to double dividend pay-out to EUR 0.66 euro per share during the next General Meeting. We are highly enthusiastic for the current financial year: it has opened with a record audience level, combined with a steady increase in clients for all our services. We are getting ready to launch new innovating offers to our clients. For the year 2011, we are counting on double-digit growth of our key performance indicators: i.e. sales figure standing between EUR 91m and EUR 93m and pre IFRS 2 recurrent Ebidta of between EUR 51m and EUR 53m. Lastly, we are convinced that the arrival of SeLoger.com in the Group Axel Springer will offer opportunities for combining our outlook and developments." declares Roland Tripard, CEO of Seloger.com.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080131/291759 )

*: Ebitda: earnings before interest, tax, depreciation and amortization and before charges due to stock options and free share awards.

Ebitda margin up by 2.6 points in 2010, i.e. 53.7%

2010 recurring Ebitda reached EUR 44.5m which represents an annual increase of 19.2%. The Ebitda margin rate corresponds to 53.7% of sales. This is the highest rate ever reached by the Group since its listing in 2006. If we look at the second-half 2010, this rate reached 55.3%. The main cause for this improvement remains the leverage effect brought by the increase in sales. On the one hand, the Group experienced an acceleration of growth during the second-half 2010 (+15.3% against the second-half 2009) compared to the first-half 2010 (+11.2% against the first-half 2009). On the other hand, external expenditure increased by only 7.2% over the year, i.e. at less than half the pace of sales.

On the whole of the year, headcount costs increased by 14.9%. As announced, the increase during the second-half (+11.8%) remains well below the increase of sales (+15.3%) notably due to the fact that recruitments mostly took place during the first-half. On the whole year, average headcount increased by 8% to 277 persons. Wages progressed more rapidly than headcount; this is due to the added expense of Standard IFRS 2 (a new, free share award plan) as well as the payment of sales commissions linked to turnover. After restatement of the elements above, the wage bill increased by 10.4%.

The "other operating costs" item was divided by three and amounts to EUR 0.4m. This is mainly due to the sharp decrease in write-offs, and confirms the net improvement in the financial position of estate agents.

Lastly, the item "other operating income and expenses" includes external advisors expenses in the context of the bid made by AS Online; these total EUR 3.7m for the year 2010. Considering the offer closing date, the amount of EUR 0,8m will be recorded in 2011.

                                            As at         As at
    EUR ('000)                          31st Dec 2010 31st Dec 2009 Variation
    Sales                                      82.739        73.045     13.3%
    Staff costs                               -21.694       -18.882     14.9%
    Of which IFRS 2                            -1.811        -1.050     72.5%
    External charges                          -14.440       -13.476      7.2%
    Other charges                              -0.408        -1.780    -77.1%
    Other taxes                                -1.739        -1.615      7.7%
    Recurring Ebitda before IFRS 2 charges     46.268        38.342     20.7%
    Recurring Ebitda before IFRS 2 margin       55.9%         52.5%
    Recurring Ebitda                           44.458        37.292     19.2%
    Recurring Ebitda margin                     53.7%         51.1%
    Other operating income and expenses        -3.746             -
    Ebitda                                     40.712        37.292
    Net profit                                 20.778        17.679     17.5%


    17.5% increase in Net Profit

Depreciation for intangibles remains stable at EUR 5.4m. This amount shall be halved in 2011 as some of these assets (technology, trademark) will have been completely amortized.

The net cost of borrowing has decreased by 27.5% to EUR1.7m thanks to pursuit of debt repayment.

Tax expenditure remained almost flat in value and represents a 3-point decrease in the effective tax rate and stands at 33% of FY 2010 earnings before net cost of borrowing. This is mainly due to the consolidated impact of the tax deduction for the provision for Standard IFRS 2 costs. Consolidated net 2010 profit increased by 17.5% and totals EUR 20.8m.

Net cash position at year-end 2010 and proposed doubling of dividend pay-out.

Cash flow, after net cost of borrowing and taxes stands at EUR 29m up by 17% against 2009. The Group has now a positive cash flow position of EUR 13m. The last instalments of the senior debt shall be repaid during 2011.

As announced, the company will propose to double the dividend pay-out to EUR 0.66 per share, which represents a pay-out rate of 53% of net profit, during the coming Annual General Meeting.

2011 Outlook

After a year of vigorous recovery, the real estate market should make a pause in 2011 due to a high comparison basis, an increase in interest rates and lowered tax incentives. Transaction volumes of property resales remain, nevertheless, far behind those prior to the crisis. This is why an increase of about 5% in volumes during 2011 is still possible. Real estate professionals, now reassured by the solidity of their market, pursue the communication campaigns initiated in 2010.

The group believes that under current market conditions, it can achieve, double-digit growth of its key indicators during 2011, i.e. sales figure totalling between EUR 91m and EUR 93m, generating recurrent Ebitda before IFRS 2 charges, of between EUR 51m and EUR 53m.


                                  Coming Events

    - 2011 First-quarter sales           -       4 May, after market closing

    - Annual General Meeting             -       10 May, 2011

                          CONSOLIDATED BALANCE SHEET

    Euros                                           31/12/2010     31/12/2009

    Goodwill                                       134,932,262    135,378,212
    Intangible assets                               74,989,042     79,756,946
    Tangible assets                                    820,586      1,263,194
    Other non-current financial assets                 649,793        275,842
    Other non-current assets                                          639,880
    Differred tax assets

    Total non-current assets                       211,391,683    217,314,074

    Inventories                                         32,169          7,958
    Trade receivables                               13,770,490     12,228,881
    Current taxes                                      815,043
    Other current taxes                              2,602,487      1,290,376
    Cash and cash equivalents                       36,267,883     32,764,799

    Total current assets                            53,488,072     46,292,014

    Total assets                                   264,879,755    263,606,088

    Share capitol                                    3,329,301      3,329,301
    Premiums                                       126,399,904    126,399,904
    Reserves                                        46,657,499     32,525,156
    Result                                          20,777,820     17,542,003

    Total shareholder's equity, Group share        197,164,524    179,796,364

    Minority interests

    Total shareholder's equity                     197,164,524    179,796,364

    Bank loans and other borrowings                     23,538     23,416,402
    Other non-current liabilities                      919,424        756,267
    Deferred tax liabilities                        24,655,062     26,234,790

    Total non-current liabilities                   25,598,024     50,407,459

    Bank overdrafts and other short term borrowings 23,442,980     15,410,323
    Trade payables                                   6,780,276      3,624,674
    Current taxes                                      305,715        247,147
    Less than one-year provisions                      233,618        173,518
    Other current liabilites                        11,354,618     13,946,603

    Total current liabilites                        42,117,207     33,402,265

    Total liabilities                              264,879,755    263,606,088


                          CONSOLIDATED INCOME STATEMENT



    Euros                                            31/12/2010  31/12/2009

    Sales                                            82,739,167  73,045,265

    Other operating income
    Purchases consumed                                 -129,012    -196,382
    Payroll costs                                   -21,694,094 -18,881,927
    External costs                                  -14,311,449 -13,279,904
    Taxes and duties                                 -1,738,521  -1,614,869
    Other operating income and                         -408,194  -1,780,141

    expenses from ordinary activities

    Gross operating profit (loss)                    44,457,897  37,292,042

    Depreciation of property, plant and equipment      -914,195    -745,241
    Provisions                                       -1,646,708  -1,139,653
    Amortization of intangible assets                -5,390,869  -5,370,487

    Operating profit (loss) from ordinary activites  36,506,125  30,036,661

    Other operating income and expenses              -3,746,296

    Operating profit (loss)                          32,759,829  30,036,661

    Income from cash and cash equivalents               124,462     236,953
    Cost of gross financial debt                     -1,871,142  -2,644,751
    Cost of net financial debt                       -1,746,680  -2,407,798

    Income tax (expense) credit                     -10,235,329  -9,949,673

    Net profit                                       20,777,820  17,679,190
    Group share                                      20,777,820  17,542,003
    Minority interests                                              137,187

    Earnings per share, Group share                        1.25        1.05
    Number of shares used in the calculation         16,641,788  16,638,787
    Diluted earnings per share, Group share                1.24        1.05
    Number of shares used in the calculation         16,814,683  16,679,854

                     CONSOLIDATED CASH FLOW STATEMENT

                                                 31/12/2010  31/12/2009

    1. Consolidated net profit                   20,777,820  17,679,190
    (including minority interests)
    Net charges to amortization,                  6,405,204   6,018,317
    depreciation and provisions
    (excluding those related to current assets)

    Unrealized gains and losses
    from changes in fair value

    Income and expenses linked to                 1,810,533   1,049,505
    stock options and equivalent
    Other calculated income and expenses

    Capitol gains and loses on disposals                 63
    Profits and losses on dilution
    Share of income (loss) of equity affiliates
    Dividends (non consolidated investments)

    Cash flow from operating activities          28,993,620  24,747,012
    after net cost of borrowing and tax

    Cost of net financial debt                    1,746,680   2,407,798
    Tax                                          10,235,329   9,949,673

    Cash flow from operating activities          40,975,629  37,104,483
    before net cost of borrowing

    Tax paid                                    -12,237,324 -17,428,431
    Change in operating working capitol           3,191,938   3,755,808
    Plus or minus other flows
    generated by the activity

    Net cash flow from operating activities      31,930,243  23,431,860

    II. Investing activities

    Cash outflows for acquisitions of              -723,689    -237,237
    intangible assets

    Cash outflows for acquisitions of property,    -409,487    -218,328
    plant and equipment

    Cash inflows from disposals of
    property, plant and equipment
    intangible assets

    Cash outflows for acquisitions                 -100,000
    of financial investments

    Impact of change in scope                                  -292,210
    Dividends received
    Changes in loans and advances granted          -369,471      21,584
    Investment subsidies received

    Net cash flow from investing activities      -1,602,647    -726,191

    III. Financing activities

    Amounts received from
    shareholders on capitol increases

    Paid by shareholders
    of the parent company

    Paid by consolidated affiliates                       0           0

    Amounts received on
    exercise of stock options
    Additional purchase of minority interests    -4,136,202
    Repurchase and resale of treasury shares        -88,559     -75,675
    Dividends paid during the year
    Dividends paid to shareholders               -5,491,221
    of the parent company
    Cash drawn re new loans
    Repayment of borrowings                     -16,016,410 -16,072,592
    Net interest paid                            -1,091,980  -1,771,556
    Other cash flows from financing activities

    Net cash from financing activities          -26,824,372 -17,919,823

    Impact of changes in exchange rates

    Change in net cash                            3,503,224   4,785,846
    Cash at opening                              32,764,659  27,978,813
    Net cash at closing                          36,267,883  32,764,659
    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 (computer, mobile phone and connected TV) 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 7 websites:

    - http://www.seloger.com

    - http://www.selogerneuf.com

    - http://www.immostreet.com

    - http://www.bellesdemeures.com

    - http://vacances.seloger.com

    - http://www.construire.seloger.com

    - http://www.agorabiz.com.

The Group also provides real estate professionals the broadest visibility of their ads with an audience of more than 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.

http://www.groupe-seloger.com

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