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Monday 31 March, 2008

2007 full-year results: targets exceeded

PR Newswire/Les Echos/
                                                                     - Press 
release -

                       2007 results: targets exceeded
             Revenues up 52%
             EBITDA up 75%
             EBITDA margin of 51.8%
             Net profit of €13.5m, up 1,200%
             Favourable outlook for 2008: further expansion and
             improvement in margins

             Consolidated financial statements
                                                               2006 (*)
                                                     2007                 Change
                             (€ million)

                                                     57.219    37.746      51.6%

                                                     29.668    16.967      74.9%

                                                     23.918    11.837     102.1%
               Recurring operating profit

                                                     -4.000    -11. 032    
             Net financial cost

                                                     -6.414    0.226         -
             Income tax

                                                     13.503    1.031      
             Net profit

             (*) 12 months

Paris, 31 March 2008 - achieved excellent sales and earnings growth
in 2007.
Consolidated revenues totalled €57.2m, an increase of 51.6%. This growth was 
accompanied by
improvement in earnings, with EBITDA growth of 74.9% and growth in operating 
profit on ordinary
activities of 102.1%. EBITDA margin was 51.8% in 2007 compared with 44.9% in 

Strong operating leverage and further reduction in net debt

   •   EBITDA margin improved as a result of control of costs against the 
backdrop of robust
       growth. Staff costs and external expenses represented just 44.3% of 
revenues in 2007
       compared with over 51.6% in 2006. External expenses decreased to 19.3% 
from 23.6% of
       revenues, while staff costs represented 25.0% of revenues compared with 
28.1% in 2006.

The bulk of depreciation and amortisation was due to amortisation of intangible
assets (ImmoStreet
brand, contracts, technologies and customer relations).

The increase in operating margin illustrates the leverage effect that is an 
integral part of's business model.

Net interest expense was slashed to nearly one-third of the previous level of 
€11.0m to €4.0m
in 2007, thanks in particular to proceeds from the IPO share issue in November 
2006 and the
restructuring of debt. Net debt stood at €42.0m at the end of 2007, down from
€51.2m at the end of

Over the period, the company used up its tax deficit and will be subject to tax
at the normal rate in
the future. In terms of cash flow, tax to be paid in 2008 in respect of the 2007
financial year, after
the use of tax deficits, comes to €5m.

2007 net profit totalled €13.5m, an increase of 13x compared with 2006.

Net operating cash flow came to €29.3m, up from €18.2m in 2006.

Robust growth in the Paris region and the provinces

The classified ads business generated revenues of €40.6m in 2007, an increase
of 45.5%
compared with 2006. This strong growth stemmed primarily from the increase in 
the number of
customers, with 2,217 net new customers relative to last year, bringing the 
total number of
customers to 11,576 at the end of 2007.

The number of customers in the Paris region increased by 410 to a total of 4,439
at the end of
2007, with an additional 1,807 customers in the provinces bringing the total to

This growing contribution from activities in the provinces should be confirmed 
in 2008. Classified
ads sales teams consist of telesales staff and the cost of acquiring a customer
in the provinces is
similar to that of acquiring a customer in the Paris region.

Targets for 2008's business model is based on a range of services centred around 
classified real
estate ads. The company plans to maintain its strategy of rapid growth, focusing
on four main

   - continuing to win new estate agent customers in both the Paris region and 
the provinces;

   - improving its range of products and services for real estate professionals;

   - introducing innovative new services for individuals planning a real estate

   - making selective acquisitions.

This strategy should enable to improve its market share 
substantially among estate
agents, as well as increase its revenues and earnings. The company maintains its
target of
market share of 70% in France at the end of 2009. It also plans to strengthen 
its position as the
leading online marketplace.

For the current year, the company believes that it will be able to achieve 
revenues of €73m
and improve its EBITDA margin by at least one point and a half.


                         Conference call in English today at 5.45pm (Paris time)

       To take part, call:             France        : +33(0)1 70 99 42 84
                                       UK            : +44(0)20 7138 0845
                                       Germany       : +49(0)69 5007 1265
                                       USA           : +1 718 354 1360

       Conference code: 4568560

                                  Analyst meeting on 1 April 2008 at 11.00am

                     Centre de Conférences Edouard VII, Amphithéâtre Marc 
                                  23 Square Edouard VII, Paris 9ème

                                Forthcoming event: first-quarter 2008 revenues
                             to be announced on 17 April 2008 (after market 

                Consolidated 2007 Income statement

In euros
 12 months

Revenues                                                            57 219 155 
  37 746 463

Other revenues from operations                                          37 992 
       28 842
Cost of good sold                                                      -97 657 
     -145 565
Staff costs                                                        -14 325 642 
  -10 598 962
External charges                                                   -11 030 661 
   -8 895 298
Taxes                                                               -1 488 682 
     -914 421
Other ordinary operating revenue and expenses                         -646 753 
     -254 458

Recurring operating profit before depreciation, amortisation and
  16 966 601
provisions                                                          29 667 752

Depreciation of tangibles                                             -446 108 
    -228 282
Net additions to provisions                                            211 516 
     -66 545
Net additions to depreciation                                         -327 095
Depreciation of intangible assets                                   -5 188 334 
   -4 835 029

Recurring operating profit                                          23 917 731 
  11 836 744

Other non-ordinary operating revenue ad expenses

Operating profit                                                    23 917 731 
  11 836 744

Income from cash and equivalent                                        767 826 
    1 028 080
Gross financial cost                                                -4 768 214 
  -12 059 532
Net financial cost                                                  -4 000 388 
  -11 031 452

Income tax                                                                     
     225 713
                                                                    -6 414 040

Net profit                                                         13 503 303  
   1 031 005
Group share                                                         13 421 397 
   1 058 541
Minority interests                                                      81 906 
     -27 536


The 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 its two leading sites and
The group gives internet users access to France's most extensive range of 
classified real estate ads, with
more than 1.8 million ads. It also gives real estate professionals the largest 
platform in the market, with an
audience consisting of more than 1.6 million unique visitors and an exclusive 
distribution network that covers
almost 9 out of 10 French internet users.'s business model is based on a range of services based around online
classified real estate
ads. The company plans to maintain its rapid growth strategy, which focuses on 
four main areas:

  - continuing to win new estate agent customers, in both Paris and the Regions;
  - improving its range of products and services for real estate professionals;
  - introducing innovative new services for individuals planning a real estate 
  - making selective acquisitions. 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

                             Corporate website:

+33 1 53 38 29 00
Laurence Bégonin Maury
[email protected]
Blandine Lazennec
[email protected]


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