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Friday 10 September, 2010

First-half figures up sharply

PR Newswire/Les Echos/

- Press release -

                         First-half 2010 figures up sharply

       Revenues                 ITDA margin*                Net profit
        +11.2%                   +0.8 point                   +20.0%

EUR35.5m    EUR39 .4m          51.2%      51.0%        EUR8.7m      EUR10.4m
June 2009   June 2010        June 2009  June 2010     June 2009    June 2010

     * Sales up by 11%

     * EBITDA* margin rate increases to 52.0% of turnover against 51.2%

     * Net profit up by 20%

     * 2010 growth targets con firmed

Paris, September 9th 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 rein force 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 con firm the full-year targets which we fixed at the beginning 
of the year ", comments Roland Tripard, CEO of the Group

*: 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 Périclès (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 pro fitability". Roland Tripard,
CEO of

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


Euros                   Notes           30/06/2010        31/12/2009
Goodwill                 4.1           135,378,212       135,378,212
Intangible assets        4.1            77,409,587        79,756,946
Tangible assets          4.1             1,096,640         1,263,194
Other non-current 
financial assets         4.1               275,126           275,842
Other non-current assets 4.3               319,942           639,880

Deferred tax assets

Total non-current assets               214,479,507       217,314,074

Inventories                                 13,413             7,958
Trade receivables        4.3            14,405,030        12,228,881
Current taxes
Other current assets     4.3             1,821,212         1,290,376
Cash and cash 
equivalents              4.5            27,239,188        32,764,799

Total current assets                    43,478,843        46,292,014
TOTAL ASSETS                           257,958,350       263,606,088

Share capital                            3,329,301         3,329,301
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               4.6             15 737 906        23,416,402
Other non-current 
liabilities              4.8                828 167          756,267
Deferred tax 
liabilities             3.3.2            25 204 635        26,234,790

Total non-current 
liabilities                              41 770 708        50,407,459

Bank overdrafts and 
other short term 
borrowings               4.6             15 396 505        15,410,323
Trade payables           4.9              3 796 464         3,624,674
Current taxes                               955 967           247,147
Less than one-year 
provisions                                  173 518           173,518
Other current 
liabilities              4.9             10,436,706        13,946,603

Total current 
liabilities                              30,759,160        33,402,265

TOTAL LIABILITIES                       257,958,350       263,606,088

Euros                     Notes           30/06/2010         31/06/2009  
Sales                      3.1             39,437,521        35,475,755  
Other operating 
Purchases consumed                            -49,843          -102,549  
Payroll costs                             -11,097,986        -9,405,504  
External costs             3.1             -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        4.1               -373,583          -373,701  
Provisions                                   -325,168          -296,971  
Amortization of 
intangible assets          4.1             -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             3.2                -958,317       -1,305,724  
Income tax (expense) 
credit                    3.3.1             -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                3.4                     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  

                                  Note         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 related 
to current assets)                               3,009,297      3,069,056  
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 
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             3.2          958,317     1,305,726  

Tax                                    3.3        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                   4.1         -147,125      -157,414  
Cash outflows for acquisitions 
of property, plant and equipment       4.1         -206,095       -50,263  
Cash inflows from disposals of 
property, plant and equipment 
and intangible assets    
Cash outflows for acquisitions of 
financial investments    
Cash inflows from disposals 
of financial investments    
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            -451,226      -210,415  
III. Financing activities  
Amounts received from shareholders 
on capital increases    
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             4.9       -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 
Net cash flow from financing activities          -18,315,963   -9,088,807  
Impact of changes in exchange rates    
Change in net cash                                -5,540,063   -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 Périclès 
(Source: Mediamétrie // 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.   
Investor relations:            Laurence Bégonin Maury   
                               +33 1 53 38 29 00   
                               [email protected]     
Corporate communication:       Karine Reffet   
                               [email protected]  
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