Revenues Net Profit Dividend
+1.9% +3.9%
EUR71.7m EUR73.0m EUR17.0m EUR17.7m EUR0.33 per share
2008 2009 2008 2009 2009
- 2009 Results in Line With Top Range of Target as Announced
- Ebitda(1) Margin Rate: 51.1% of Sales
- Net Income Increased by 3.9% and Stands at EUR 17.7m
- EUR 0.33 Per Share Dividend Payout Proposed, i.e. 31% of 2009 net
Income
- 2010 Outlook: Return to A Robust Double-Digit Growth Rate
"Despite fourth-quarter recovery, estate agents were severely affected by this crisis and the contraction of estate agents is estimated at 17% compared to the closing of the year 2006. In this new environment, the Group penetration rate stands at 61% ; the outlook for further development remains significant.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080131/291759 )
Considering the results achieved in 2009: an increase in the ARPU (2), a nearly stabile client base, the successful launch of the new SeLoger.com website and the seizure of mobile internet (iPhone, Android,...), the vertical portals' audiences take off and the continued growth of the Seloger.com website audience, robust margins and the perusal of debt repayment, we celebrate this year the out pacing of all our competitors.
The decision taken by the Supervisory Board to propose a EUR 0.33 per share dividend payout illustrates our confidence in the future, and we shall make every effort, as long as conditions allow, to pursue this policy >>, declared Roland Tripard CEO of Seloger.com.
(1)EBITDA: earnings before interest, taxes, depreciation and amortisation after IFRS 2
(2) Average Revenue Per User
Highly satisfactory operating performance in a tough environment
2009 Ebitda totals EUR 37.3m, with an increase of 0.9%, i.e. Ebitda rate stands at 51.1%. Staff costs, which constitute the main expenses, are under control. Excluding the impact of IFRS 2, payroll has increased by 3.4%, while the average headcount has increased by 10%. The Group has proven its ability to preserve its margins while maintaining its teams intact in order to continue the delivery of high quality services to its clients and pursue developments in terms of innovation for Internet users and estate agents alike. The 9.3% decrease in external expenses demonstrates the implementation of rigorous cost management.
New calculation of average basket and penetration rate
For the sake of transparency, the Group has undertaken the study of new indicators in order to provide a faithful description of its operating performance. The calculation of the average basket (ARPU), which was formerly limited to the sales figure stemming from estate agent subscriptions to SeLoger and Immostreet, has been improved by the addition of all the media activities (new developments, luxury properties, as well as commercial and offices). This new way of calculating highlights crossed transactions within the Group; the continued increase in the average basket constitutes a major element of our strategy. Thus, in December 2009, the average basket totalled EUR 378 against EUR 351 the previous year and therefore increased by 7.7%. Note, the average basket of classified ads had increased in 2009 by 4,3% to EUR 339.
The real estate profession has paid a heavy toll in the crisis and our figures show that the total number of branches has decreased by 17% since 2006. We now estimate the total number of branches at 27,921 of which 6,814 are in the Paris Region and 21,108 in the Province. Thus, our penetration rate stands at 61% of the domestic market, with a break down of 80% in the Paris Region and 55 % in the Province.
Net income up by 3.9%
Net allocation for provisions primarily concerns trade receivables. It stands at EUR 1.1m at the closing of 2009 against EUR 1.2m at the closing of 2008. In the face of the financial decline of certain clients during the last 18 months, the receivables item has been carefully surveyed. Since the end of 2008 the Group has adopted a more conservative depreciation policy on receivables which has proven well justified in the current economic environment. Losses on bad debt are recorded in the other operating income and expenses item.
The cost of financial debt has decreased by 31% and stands at EUR 2.4m as forecast. This exemplifies the pursuit of debt repayment and the decrease in the cost of borrowing despite the drop in cash management products due to lower short-term interest rates (Eonia).
Tax charge amounts to EUR 9.9m which represents 36% of current income after the net cost of borrowing.
Thus, net consolidated income increased by 3.9 % to EUR 17.7m.
Robust cash flow, decrease of debt and first dividend payout
Cash flow after the net cost of borrowing and tax totals EUR 24.7m, representing an increase of 3.3% against 2008. As forecast, debt repayment is almost complete and net debt has been reduced to EUR 6m. The focus on trade receivables has lead to a 25% decrease of this item in the financial statement mainly due to the shortening of payment delays to 50 days in 2009 against 68 days in 2008.
Investments totalled EUR 0.5m against EUR 1.5m in 2008 and concern mainly computer equipment. Note that, as in former years, the total costs of Group research and development are not recorded as assets but figure as expenses in the profit and loss account. With EUR 32.8m of available cash at end 2009, the company will propose during its next Annual General Meeting the first dividend payout since its listing. It will amount to EUR 0.33 per share which represents a payout rate of 31% of net consolidated income for the financial year. If possible, the Supervisory Board will pursue sustained payout from profits during the coming years. The payment of dividends constitutes a significant step and is a means of retribution to shareholders for their confidence. It will not replace the financing of future developments.
2010 Outlook
The market environment has become more favourable for property resale. The recovery observed since the beginning of the fourth quarter 2009 should at any rate lead to stabilized transaction volumes in 2010. Real estate agents sales figures have regained impetus since the end of 2009.
The recovery of the profession combined with our improved offers in terms of new services allows us to anticipate an acceleration of growth in 2010. Excepting a reversal in the trend, the Group believes it can achieve in 2010 performances above expectations, that is to say double-digit growth in terms of activity and profitability. It forecasts a sales figure ranging between EUR 81m and EUR 84m, leading to an Ebitda of between EUR 42m and EUR 44m.
To close his presentation, Roland Tripard, CEO concludes, << We approach the year 2010 with optimism. Throughout the period of crisis crossed by our markets, we have pursued the implementation of our strategy and continued to invest for future growth in innovation and new services. For their commitment and their passion, for their talent and their contribution to our successes, I wish to thank all the Group employees. Today, we are able to gather the fruits of our long-term development policy. The Group resumes a double-digit growth; robust, and secured by a recurrent subscription model."
Notes: Historic figures on the ARPU
Dec-09 Sept-09 June-09 March-09 Dec-08
Paris area
Number of customers 4.580 4,549 4,607 4,558 4,573
ARPU in Euros 481 481 473 466 450
Provinces
Number of customers 8.168 8.010 8.075 7.928 8.016
ARPU in Euros 320 319 308 298 294
TOTAL
Number of customers 12.748 12.559 12.682 12.486 12.589
ARPU in Euros 378 378 368 359 351
Next event: first-quarter 2009 revenues to be announced on 4 May 2010
(after market closing)
Consolidated Balance Sheet of SeLoger.com
Euros 31/12/2009 31/12/2008
Goodwill 135,378,212 137,185,655
Intangible assets 79,756,946 81,547,052
Tangible assets 1,263,194 1,769,099
Other non-current financial assets 275,842 291,327
Other non-current assets 639,880
Differred tax assets
Total non-current assets 217,314,074 220,793,133
Inventories 7,957 46,476
Trade receivables 12,228,881 16,305,562
Current taxes 205,483
Other current taxes 1,290,377 1,039,079
Cash and cash equivalents 32,764,799 27,978,813
Total current assets 46,292,014 45,575,413
Total assets 263,606,088 266,368,546
Share capitol 3,329,301 3,329,301
Premiums 126,399,904 126,399,904
Reserves 32,525,156 14,842,626
Result 17,542,003 16,927,856
Total shareholder's equity, Group share 179,796,364 161,499,687
Minority interests
Total shareholder's equity 179,796,364 161,499,687
Bank loans and other borrowings 23,416,402 38,750,540
Other non-current liabilities 756,267 4,260,306
Deferred tax liabilities 26,234,790 27,009,633
Total non-current liabilities 50,407,459 70,020,479
Bank overdrafts and other
short term borrowings 15,410,323 15,489,221
Trade payables 3,624,674 3,115,894
Current taxes 247,147 6,195,236
Less than one-year provisions 173,518 270,932
Other current liabilites 13,946,603 9,777,097
Total current liabilites 33,402,265 34,848,380
Total liabilities 263,606,088 266,368,546
Consolidated Income Statement
In Euros 31/12/2009 31/12/2008
Sales 73,045,265 71,666,591
Other operating income 126
Purchases consumed -196,382 -162,118
Payroll costs -18,881,927 -17,912,987
External costs -13,279,904 -14,643,248
Taxes and duties -1,614,869 -1,585,433
Other operating income and expenses
from ordinary activities -1,780,141 -418,633
Gross operating profit (loss) 37,292,042 36,944,298
Depreciation of property, plant and equipment -745,241 -675,038
Provisions -1,139,653 -1,212,830
Amortization of intangible assets -5,370,487 -5,306,073
Operating profit (loss) from
ordinary activites 30,036,661 29,750,357
Other operating income and expenses
Operating profit (loss) 30,036,661 29,750,357
Income from cash and cash equivalents 236,953 1,098,243
Cost of gross financial debt -2,644,751 -4,596,497
Cost of net financial debt -2,407,798 -3,498,254
Income tax (expense) credit -9,949,673 -9,237,620
Net profit 17,679,190 17,014,483
Group share 17,542,003 16,927,856
Minority interests 137,187 86,628
Earnings per share, Group share 1.05 1.02
Number of shares used in the calculation 16,638,787 16,632,179
Diluted earnings per share, Group share 1.05 1.02
Number of shares used in the calculation 16,679,854 16,660,179
Consolidated Cash Flow Statement
31/12/2009 31/12/2008
1. Consolidated net profit
(including minority interests) 17,679,190 17,014,484
Net charges to amortization, depreciation
and provisions (excluding those 6,018,317 6,194,753
related to current assets)
Unrealized gains and losses from
changes in fair value
Income and expenses linked to stock
options and equivalent 1,049,505 668,821
Other calculated income and expenses
Capitol gains and loses on disposals 82,056
Profits and losses on dilution
Share of income (loss) of
equity affiliates
Dividends (non consolidated investments)
Cash flow from operating activites
after cost of net financial debt and tax 24,747,012 23,960,114
Cost of net financial debt 2,407,798 3,498,352
Tax 9,949,673 9,238,542
Cash flow from operating activities
before cost of net financial debt and tax 37,104,483 36,697,008
Tax paid -17,428,431 -9,317,374
Change in operating working capitol 3,755,808 -559,336
Plus or minus other flows generated by the activity
0
Net cash flow from operating activities 23,431,860 26,820,298
II. Investing activites
Cash outflows for acquisitions of
property, plant and equipment -237,237 -472,381
Cash outflows for acquisitions of
intangible assets -218,328 -987,613
Cash inflows from disposals of property,
plant and equipment intangible assets 30,312
Cash outflows for acquistitions of
financial investments 0 0
Cash inflows from disposals of financial investments 0 284,577
Payments related to share buy-out obligations -2,843,000
Impact of change in scope -292,210 -4,054,008
Dividends received
Changes in loans and advances granted 21,584 0
Investment subsidies received
Other flows on investment operations
Net cash flow from investing activites -726,191 -8,042,113
III. Financing activities
Amounts recieved 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
Repurchase and resale of treasury shares -75,675 -216,522
Dividends paid during the year
Dividends paid to shareholders of
the parent company 13,500,000 17,550,000
Dividends paid to shareholders of
consolidated affiliates -13,500,000 -17,550,000
Cash drawn re new loans 0
Repayment of borrowings -16,072,592 -14,000,000
Net interst paid -1,771,556 -3,578,936
Other cash flows from financing activities
Net cash from financing activities -17,919,823 -17,795,458
Impact of changes in exchange rates
Change in net cash 4,785,846 982,727
Cash at opening 27,978,813 26,996,086
Net cash at closing 32,764,659 27,978,813
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 2.3 million ads. It also gives real estate professionals the largest platform in the market, with an audience consisting of around 2,8 million unique visitors spending an average time of 24 minutes (source: Mediametrie//Netratings January 2010).
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
Contacts SeLoger.com
Investor relations:
Laurence Bégonin Maury
+33-1-53-38-29-00
[email protected]
Corporate communication:
Karine Reffet
[email protected]
http://www.groupe-seloger.com
SOURCE SeLoger.com
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