First- Half 2010 Figures up SharplyBy Seloger.com, PRNE
Wednesday, September 8, 2010
Sales up by 11%
PARIS, September 9, 2010 - <<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: www.newscom.com/cgi-bin/prnh/20080131/291759 )
*: EBITDA: earnings before interest, tax, amortizations and
provisions, accounting for stock option and free award plans.
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%.
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
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
www.selogervacances.com and 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.
Contacts SeLoger.com, Investor relations: Laurence Bégonin Maury, +33-1-53-38-29-00, Laurence.maury at seloger.com; Corporate communications, Karine Reffet
Karine.reffet at seloger.com
Tags: France, Paris, SeLoger.com, September 9