SeLoger.com: First Half 2009 Results - Increase in Revenues and Net Profit

PARIS -

Revenues EBITDA(*) Net profit +2.1% +0.3% +0.4% EUR34.7m -> EUR35.5m EUR18.1m -> EUR18.2m EUR8.7m -> EUR8.7m 30 June2008 30 June2009 30 June2008 30 June2009 30 June2008 30 June2009 - Sales up by 2.1% - EBITDA(*) Margin Rate Stands at 51.2% of Sales - Net Profit up by 0.4% Stands at EUR8.7m - Audience Growth Gaining Pace Over Competitors - 2009 Results: in the Upper Range of Targets

<< Despite the deterioration of the real estate environment, we have continued to follow our roadmap. The growth of the Group websites audience has widened the gap with competitors. Careful to stay << a click ahead >> of other websites, we are launching, as announced, a new generation of the www.seloger.com website, featuring innovative search functions. Lastly, we have continued to build stronger links with our clients by transforming occasional service requests to recurrent subscriptions.

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The deep crisis which we are crossing highlights our robust commercial position as well as our capacity to protect our profitability, as is revealed by the 0.4% increase of net profit at the closing of the first half 2009. As we experience a weaker competition, we are much better placed to further strengthen our leadership as the market returns >>, comments Roland Tripard, Managing Director of the Group Seloger.com.

(*): EBITDA: earnings before interest, tax, amortizations and provisions, accounting for stock option and free award plans.

Operating performance

EBITDA recorded an increase of 0.3 % standing at EUR18.2m against EUR18.1m during the first-half 2008. The margin rate has decreased by 0.9 points to 51.2%.This fall-off shows that staff costs have out-paced Group sales figures. The books incorporate Belles Demeures (which was only consolidated in the second-half 2008). Furthermore, overhead costs integrate the recruitments made end of the second quarter 2008. Headcount as of 30th June 2009 was 255 employees. Excluding Belles Demeures (29 employees), headcount was almost stable compared with 30th June 2008 (229 employees).

Marketing and communication expenses have dropped by 14.8% as we launched a television campaign in the first-half 2008. Excluding this event, restated marketing figures show an increase of 14.0%. This change is the materialization of our will to gain audience and further our advantage over competitors.

Other operating costs have fallen by 3.0 %.

Net Result

The cost of finance has continued to fall-back (EUR1.3m against EUR1.7m) along with a decrease in net debt. Tax expenses stand at EUR4.8m, i.e. 35.7% of current profit after the net cost of debt. Net profit went up by 0.4% to EUR8.7m.

Structure of finance

The net debt has continued to drop reaching EUR22.9m at the closing of the first-half 2009, i.e.13% gearing against 16% at the closing of 2008. Available cash has decreased by EUR4.4m due to tax instalments which were higher than in the first-half 2008.

Outlook for the year 2009

The Group announced the target of achieving a sales figure somewhere between EUR70m and EUR73m in 2009 with an EBITDA* of between EUR35m and EUR37m. Considering current market conditions, the Group is confident in its ability to reach the upper range of this target.

<< Following several quarters of downturn in the real estate agency business, the number of agents has continued to adjust itself to current business volumes. We remain mindful of the effects this situation could have on the viability of agents. The work carried out by all within the group has allowed our continued development despite the unfavourable environment. I wish to congratulate our teams for their talent, their creativity, and their professionalism. We are convinced that our new offers will meet the needs of our clients and users alike. We pursue our commitment of solid partnership towards estate agents, in order to continue the supply of quality contacts, rapid feedback and the promotion of their agencies. The new site, www.seloger.com, designed for users, will bring a new ease in Internet navigation coupled with an ever-more efficient search engine.

Thus, we pursue our mission to ease the connection between offer and demand in the real estate market >>. Roland Tripard, Managing Director of Seloger.com.

Forthcoming event: 2009 Third-quarter revenues November 3rd (after market closing) SELOGER GROUP CONSOLIDATED BALANCE SHEET In Euros As at 30 June As at 31 Dec 2009 2008 Goodwill 134,936,339 137,185,655 Intangible assets 82,224,102 81,547,052 Property, plant and equipment 1,445,658 1,769,099 Other non-current financial assets 295,531 291,327 Other non-current assets 959,818 0 Deferred tax assets 0 0 Total non-current assets 219,861,448 220,793,133 Inventories 11,267 46,476 Trade receivables 16,538,715 16,305,562 Current taxes 234,199 205,483 Other current assets 1,712,846 1,039,079 Cash and cash equivalents 23,625,601 27,978,813 Total current assets 42,122,628 45,575,413 TOTAL ASSETS 261,984,076 266,368,546 Share capital 3,329,301 3,329,301 Additional paid-in capital 126,399,904 126,399,904 Reserves 31,979,628 14,842,626 Net profit (or loss) 8,627,217 16,927,856 Group share of equity 170,336,050 161,499,687 Minority interests 0 0 Total shareholders’ equity 170,336,050 161,499,687 Long-term interest-bearing 31,073,838 38,750,540 liabilities Other non-current liabilities 4,403,714 4,260,306 Deferred tax liabilities 27,091,138 27,009,633 Total non-current liabilities 62,568,690 70,020,479 Short-term interest-bearing 15,431,720 15,489,221 liabilities Trade payables 3,705,502 3,115,894 Current taxes 16,401 6,195,236 Provisions of less than one year 290,059 270,932 Other current liabilities 9,635,654 9,777,097 Total current liabilities 29,079,336 34,848,380 TOTAL LIABILITIES 261,984,076 266,368,546 SELOGER GROUP CONSOLIDATED INCOME STATEMENT In Euros As at 30 June As at 30 June 2009 2008 Sales 35,475,755 34,740,158 Other operating income 0 3,990 Purchases used in production -102,549 -29,556 Payroll costs -9,405,504 -8,151,842 External charges -6,293,733 -7,357,009 Taxes and duties -782,378 -884,485 Other operating income and expenses -722,343 -211,788 from ordinary activities Gross operating profit (loss) 18,169,248 18,109,468 Depreciation of property, plant and equipment -373,701 -304,613 Provisions and depreciation -296,971 -140,317 Amortisation of intangible assets -2,676,226 -2,639,658 Operating profit (loss) from ordinary activities 14,822,350 15,024,880 Other operating income and expenses 0 0 Operating profit (loss) 14,822,350 15,024,880 Income from cash and cash equivalents 195,438 563,958 Cost of gross financial debt -1,501,162 -2,267,874 Cost of net financial debt -1,305,724 -1,703,916 Income tax (expense) credit -4,827,761 -4,663,785 Net profit 8,688,865 8,657,179 Group share 8,627,217 8,621,074 Minority interests 61,648 36,106 Earnings per share, Group share 0.52 0.52 Number of shares used in the calculation 16,637,171 16,632,831 Diluted earnings per share, Group share 0.52 0.52 Number of shares used in the calculation 16,685,256 16,660,831 CASH FLOW STATEMENT In Euros As at 30 June As at 30 June 2009 2008 Consolidated net profit (including minority interests) 8,688,865 8,657,179 Net charges to amortisation, depreciation and provisions (excluding those related to current assets) 3,069,056 2,928,327 Unrealised gains and losses from changes in fair value Income and expenses linked to stock options and equivalent 450,613 315,532 Other calculated income and expenses 0 Capital gains and losses on disposals 65,776 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 12,208,534 11,966,814 Cost of net financial debt 1,305,726 1,703,536 Tax 4,827,761 4,663,785 18,342,021 18,334,135 Cash flow from operating activities before cost of net financial debt and tax -11,898,912 -7,200,934 Tax paid -1,497,099 -1,568,026 Change in operating working capital requirement Net cash flow from operating activities 4,946,010 9,565,175 II. Investing activities Cash outflows for acquisitions of intangible assets -157,414 -295,408 Cash outflows for acquisitions of property, plant and equipment -50,263 -793,826 Cash inflows from disposals of property, plant and equipment 30,312 Cash outflows for acquisitions of financial investments 0 Cash inflows from disposals of financial investments 0 0 Payment of additional cost for shares Impact of changes to the scope of consolidation (1) Other cash flow from investing activities Net cash flow from investing activities -210,415 -7,901,922 III. Financing activities Sums received on the exercise of stock options Repurchase and resale of treasury shares -49,768 54,805 Cash drawn down re new loans 0 Repayment of borrowings -8,042,131 -6,058,029 Net interest paid -996,908 -2,671,839 Other cash flow from investing activities Net cash flow from financing activities -9,088,807 -8,675,063 Impact of changes in exchange rates Change in net cash -4,353,212 -7,011,810 Cash at opening 27,978,813 26,996,087 Cash at closing 23,625,602 19,984,277

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 www.seloger.com, www.immostreet.com, www.bellesdemeures.com and 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 2.2 million ads. It also gives real estate professionals the largest platform in the market, with an audience consisting of around 2.5 million unique visitors spending an average time of 20 minutes (source: Mediametrie//Netratings July 2009).

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

www.groupe-seloger.com

Source: SeLoger.com

Contacts SeLoger.com, Investor relations: Laurence Bégonin Maury, +33-1-53-38-29-00, Laurence.maury at seloger.com; Corporate communication: Karine Reffet, Karine.reffet at seloger.com