SeLoger.com : 2010 Full-Year Figures
By Seloger.com, PRNESunday, March 20, 2011
Sales up by 13%
PARIS, March 21, 2011 - "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:
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:
- www.seloger.com
- www.selogerneuf.com
- www.immostreet.com
- www.bellesdemeures.com
- vacances.seloger.com
- www.construire.seloger.com
- 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.
www.groupe-seloger.com
Tags: France, March 21, Paris, SeLoger.com
