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Monday 22 March, 2010

Seloger.com

2009 Full-Year Results up 3.9%

PR Newswire/Les Echos/

- Press release -

Paris, 22 March 2010

                            2009 full-year results

      Revenues                 Net profit            Dividend

       + 1.9%                    + 3.9%              EUR 0.33
EUR 71.7m   EUR 73.0m     EUR 17.0m   EUR 17.7m      per share
  2008        2009          2008        2009           2009

* 2009 Results in line with top range of target as announced

* Ebitda(1) margin rate: 51.1% of sales

* Net income increased by 3.9% and stands at EUR 17.7m

* EUR 0.33 per share dividend payout proposed, i.e. 31% of 2009 net income

* 2010 outlook: return to a robust double-digit growth rate

"Despite fourth-quarter recovery, estate agents were severely affected by this
crisis and the contraction of estate agents is estimated at 17% compared to the
closing of the year 2006. In this new environment, the Group penetration rate
stands at 61% ; the outlook for further development remains significant.
Considering the results achieved in 2009: an increase in the ARPU (2) , a 
nearly stabile client base, the successful launch of the new SeLoger.com 
website and the seizure of mobile internet (iPhone, Android,...), the vertical 
portals' audiences take off and the continued growth of the Seloger.com website
audience, robust margins and the perusal of debt repayment, we celebrate this 
year the out pacing of all our competitors.
The decision taken by the Supervisory Board to propose a EUR 0.33 per share
dividend payout illustrates our confidence in the future, and we shall make
every effort, as long as conditions allow, to pursue this policy ", declared
Roland Tripard CEO of Seloger.com.

(1)EBITDA: earnings before interest, taxes, depreciation and amortisation after
           IFRS 2 
(2) Average Revenue Per User

Highly satisfactory operating performance in a tough environment

2009 Ebitda totals EUR 37.3m, with an increase of 0.9%, i.e. Ebitda rate stands
at 51.1%. Staff costs, which constitute the main expenses, are under control.
Excluding the impact of IFRS 2, payroll has increased by 3.4%, while the 
average headcount has increased by 10%. The Group has proven its ability to 
preserve its margins while maintaining its teams intact in order to continue 
the delivery of high quality services to its clients and pursue developments 
in terms of innovation for Internet users and estate agents alike. The 
9.3% decrease in external expenses demonstrates the implementation of rigorous 
cost management.

New calculation of average basket and penetration rate

For the sake of transparency, the Group has undertaken the study of new
indicators in order to provide a faithful description of its operating
performance. The calculation of the average basket (ARPU), which was formerly
limited to the sales figure stemming from estate agent subscriptions to SeLoger
and Immostreet, has been improved by the addition of all the media activities
(new developments, luxury properties, as well as commercial and offices). This
new way of calculating highlights crossed transactions within the Group; the
continued increase in the average basket constitutes a major element of our
strategy. Thus, in December 2009, the average basket totalled EUR 378 against
EUR 351 the previous year and therefore increased by 7.7%. Note, the average
basket of classified ads had increased in 2009 by 4,3% to EUR 339.

The real estate profession has paid a heavy toll in the crisis and our figures
show that the total number of branches has decreased by 17% since 2006. We now
estimate the total number of branches at 27,921 of which 6,814 are in the Paris
Region and 21,108 in the Province. Thus, our penetration rate stands at 61% of
the domestic market, with a break down of 80% in the Paris Region and 55 % in
the Province.

Net income up by 3.9%

Net allocation for provisions primarily concerns trade receivables. It stands 
at EUR 1.1 m at the closing of 2009 against EUR 1.2m at the closing of 2008. In
the face of the financial decline of certain clients during the last 18 months,
the receivables item has been carefully surveyed. Since the end of 2008 the 
Group has adopted a more conservative depreciation policy on receivables which 
has proven well justified in the current economic environment. Losses on bad 
debt are recorded in the other operating income and expenses item.

The cost of financial debt has decreased by 31% and stands at EUR 2.4m as
forecast. This exemplifies the pursuit of debt repayment and the decrease in 
the cost of borrowing despite the drop in cash management products due to lower
short-term interest rates (Eonia).

Tax charge amounts to EUR 9.9m which represents 36% of current income after the
net cost of borrowing.

Thus, net consolidated income increased by 3.9 % to EUR 17.7m.

Robust cash flow, decrease of debt and first dividend payout

Cash flow after the net cost of borrowing and tax totals EUR 24.7m, 
representing an increase of 3.3% against 2008. As forecast, debt repayment is 
almost complete and net debt has been reduced to EUR 6m. The focus on trade 
receivables has lead to a 25% decrease of this item in the financial statement 
mainly due to the shortening of payment delays to 50 days in 2009 against 
68 days in 2008.

Investments totalled EUR 0.5m against EUR 1.5m in 2008 and concern mainly
computer equipment. Note that, as in former years, the total costs of Group
research and development are not recorded as assets but figure as expenses in
the profit and loss account. With EUR 32.8m of available cash at end 2009, the
company will propose during its next Annual General Meeting the first dividend
payout since its listing. It will amount to EUR 0.33 per share which represents
a payout rate of 31% of net consolidated income for the financial year. If
possible, the Supervisory Board will pursue sustained payout from profits 
during the coming years. The payment of dividends constitutes a significant 
step and is a means of retribution to shareholders for their confidence. It 
will not replace the financing of future developments.

2010 Outlook

The market environment has become more favourable for property resale. The
recovery observed since the beginning of the fourth quarter 2009 should at any
rate lead to stabilized transaction volumes in 2010. Real estate agents sales
figures have regained impetus since the end of 2009.

The recovery of the profession combined with our improved offers in terms of 
new services allows us to anticipate an acceleration of growth in 2010. 
Excepting a reversal in the trend, the Group believes it can achieve in 2010 
performances above expectations, that is to say double-digit growth in terms of
activity and profitability. It forecasts a sales figure ranging between 
EUR 81m and EUR 84m, leading to an Ebitda of between EUR 42m and EUR 44m.

To close his presentation, Roland Tripard, CEO concludes, " We approach the 
year 2010 with optimism. Throughout the period of crisis crossed by our 
markets, we have pursued the implementation of our strategy and continued to 
invest for future growth in innovation and new services. For their commitment 
and their passion, for their talent and their contribution to our successes, 
I wish to thank all the Group employees. Today, we are able to gather the 
fruits of our long-term development policy. The Group resumes a double-digit 
growth; robust, and secured by a recurrent subscription model."

                     Notes: Historic figures on the ARPU 

                      Dec-09    Sept-09   June-09   March-09    Dec-08
                                         Paris area
Number of customers    4.580      4 549     4 607      4 558     4 573
ARPU in Euros            481        481       473        466       450

                                         Provinces
Number of customers    8.168      8.010     8.075      7.928     8.016  
ARPU in Euros            320        319       308        298       294

                                           TOTAL
Number of customers   12.748     12.559    12.682     12.486    12.589
ARPU in Euros

                   Next event: first-quarter 2009 revenues 
            to be announced on 4 May 2010 (after market closing)

                 Consolidated Balance Sheet of SeLoger.com

Euros                                           31/12/2009        31/12/2008

Goodwill                                       135 378 212       137 185 655
Intangible assets                               79 756 946        81 547 052
Tangible assets                                  1 263 194         1 769 099
Other non-current financial assets                 275 842           291 327
Other non-current assets                           639 880
Differred tax assets

Total non-current assets                       217 314 074       220 793 133

Inventories                                          7 957            46 476
Trade receivables                               12 228 881        16 305 562
Current taxes                                                        205 483
Other current taxes                              1 290 377         1 039 079
Cash and cash equivalents                       32 764 799        27 978 813

Total current assets                            46 292 014        45 575 413

Total assets                                   263 606 088       266 368 546

Share capitol                                    3 329 301         3 329 301
Premiums                                       126 399 904       126 399 904  
Reserves                                        32 525 156        14 842 626 
Result                                          17 542 003        16 927 856

Total shareholder's equity, Group share        179 796 364       161 499 687

Minority interests

Total shareholder's equity                     179 796 364       161 499 687

Bank loans and other borrowings                 23 416 402        38 750 540
Other non-current liabilities                      756 267         4 260 306
Deferred tax liabilities                        26 234 790        27 009 633

Total non-current liabilities                   50 407 459        70 020 479

Bank overdrafts and other 
short term borrowings                           15 410 323        15 489 221
Trade payables                                   3 624 674         3 115 894
Current taxes                                      247 147         6 195 236
Less than one-year provisions                      173 518           270 932
Other current liabilites                        13 946 603         9 777 097

Total current liab ilites                       33 402 265        34 848 380

Total liabilities                              263 606 088       266 368 546

                        Consolidated Income Statement

In Euros                                         31/12/2009        31/12/2008

Sales                                            73 045 265        71 666 591

Other operating income                                                    126
Purchases consumed                                 -196 382          -162 118
Payroll costs                                   -18 881 927       -17 912 987
External costs                                  -13 279 904       -14 643 248
Taxes and duties                                 -1 614 869        -1 585 433
Other operating income and expenses 
from ordinary activities                         -1 780 141          -418 633

Gross operating profit (loss)                    37 292 042        36 944 298

Depreciation of property, plant and equipment      -745 241          -675 038
Provisions                                       -1 139 653        -1 212 830
Amortization of intangible assets                -5 370 487        -5 306 073

Operating profit (loss) from ordinary activites  30 036 661        29 750 357

Other operating income and expenses

Operating profit (loss)                          30 036 661        29 750 357

Income from cash and cash equivalents               236 953         1 098 243
Cost of gross financial debt                     -2 644 751        -4 596 497
Cost of net financial debt                       -2 407 798        -3 498 254

Income tax (expense) credit                      -9 949 673        -9 237 620

Net profit                                       17 679 190        17 014 483
Group share                                      17 542 003        16 927 856
Minority interests                                  137 187            86 628

Earnings per share, Group share                        1.05              1.02
Number of shares used in the calculation         16 638 787        16 632 179
Diluted earnings per share, Group share                1.05              1.02
Number of shares used in the calculation         16 679 854        16 660 179

                       Consolidated Cash Flow Statement

                                                      31/12/2009    31/12/2008
1. Consolidated net profit 
(including minority interests)                        17 679 190    17 014 484
Net charges to amortization, depreciation and 
provisions (excluding those related to 
current assets                                         6 018 317     6 194 753
Unrealized gains and losses from changes 
in fair value
Income and expenses linked to stock options 
and equivalent                                         1 049 505       668 821
Other calculated income and expenses 
Capitol gains and loses on disposals                                    82 056
Profits and losses on dilution
Share of income (loss) of equity affiliates
Dividends (non consolidated investments)

Cash flow from operating activites after cost 
of net financial debt and tax                         24 747 012    23 960 114

Cost of net financial debt                             2 407 798     3 498 352
Tax                                                    9 949 673     9 238 542

Cash flow from operating activities before cost 
of net financial debt and tax                         37 104 483    36 697 008

Tax paid                                             -17 428 431    -9 317 374
Change in operating working capitol                    3 755 808      -559 336
Plus or minus other flows generated 
by the activity                                                0

Net cash flow from operating activities               23 431 860    26 820 298

II. Investing activites

Cash outflows for acquisitions of property,
plant and equipment                                     -237 237      -472 381
Cash outflows for acquisitions of intangible assets     -218 328      -987 613
Cash inflows from disposals of property, 
plant and equipment intangible assets                                   30 312
Cash outflows for acquistitions of 
financial investments                                          0             0
Cash inflows from disposals of financial investments           0       284 577
Payments related to share buy-out obligations                       -2 843 000
Impact of change in scope                               -292 210    -4 054 008
Dividends received
Changes in loans and advances granted                     21 584             0
Investment subsidies received 
Other flows on investment operations

Net cash flow from investing activites                  -726 191    -8 042 113

III. Financing activities

Amounts recieved 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
Repurchase and resale of treasury shares                 -75 675      -216 522
Dividends paid during the year
Dividends paid to shareholders of the parent company  13 500 000    17 550 000
Dividends paid to shareholders of 
consolidated affiliates                              -13 500 000   -17 550 000
Cash drawn renew loans                                                       0
Repayment of borrowings                              -16 072 592   -14 000 000
Net interst paid                                      -1 771 556    -3 578 936
Other cash flows from financing activities

Net cash from financing activities                   -17 919 823   -17 795 458

Impact of changes in exchange rates

Change in net cash                                     4 785 846       982 727
Cash at opening                                       27 978 813    26 996 086
Net cash at closing                                   32 764 659    27 978 813

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 2.3 million ads. It also gives real
estate professionals the largest platform in the market, with an audience
consisting of around 2,8 million unique visitors spending an average time of 
24 minutes (source: Mediametrie//Netratings January 2010).

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

Contacts SeLoger.com

Investor relations:         Laurence Bégonin Maury
                            +33 1 53 38 29 00
                            [email protected] 

Corporate communication:    Karine Reffet
                            [email protected]

                            www.groupe-seloger.com
                      
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