First- Half 2010 Figures up Sharply

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

(Logo: )

*: 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

                              Forthcoming event:

                        2010 Third-quarter revenues
                    November 3rd (after market closing)


    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


    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


                                                    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
    Cash inflows from disposals of financial
    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
    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 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
(,,,, and

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). 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, Investor relations: Laurence Bégonin Maury, +33-1-53-38-29-00, Laurence.maury at; Corporate communications, Karine Reffet
Karine.reffet at

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