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.
*: 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.
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.