Net Profit Up 29.6% at EUR8.6m




    PARIS, July 30 /EMWNews/ --



    - Revenues up 29.4%, classifieds up 37.2%



    - EBITDA margin 52.1%



    - Sharp increase in cash flow



    - New 2008 targets confirmed







    Consolidated financial

          statements               First-Half   First-Half   Change

          (EUR '000)                   2008         2007



    Revenues                         34.740       26.839     29.4%



    EBITDA*                          18.109       14.287     26.8%



    EBITDA margin                      52.1%        53.2%



    Recurring operating profit       15.025       11.629     29.2%



    Net interest expense             -1.704       -1.811     -5.9%



    Income tax                       -4.664       -2.797     66.7%



    Attributable net profit           8.621        6.650     29.6%



    * EBITDA = Operating profit before depreciations and provisions.



    SeLoger.com achieved substantial revenue growth in the first half of

2008. Consolidated revenues rose by 29.4% to EUR34.7m. EBITDA grew by 26.8%

to EUR18.1m, equal to 52.1% of revenues. Net profit rose by 29.6% to

EUR8.6m. Net margin was stable at 24.9%.



    



    EBITDA up 26.8% at EUR18.1m



    The company carried out a TV advertising campaign in the first half of

2008. In 2007, a similar campaign was conducted in the second half.

Adjusted for this expense, EBITDA margin in the first half of 2008 was

54.1%, almost 1 point higher than in the year-earlier period.



    Staff costs were the main expense item on the income statement. As a

proportion of revenues, staff costs continued to fall, to 23.5% in the

first half of 2008 versus 25.2% in the first half of 2007. This improvement

reflects the leverage effect that forms part of SeLoger.com's business

model.



    External expenses rose faster than revenues, mainly due to the cost of

the TV advertising campaign, given that the cost of the equivalent campaign

in 2007 was recognised in the second half.



    Depreciation and amortisation was stable, and related mostly to the

amortisation of intangible assets (Immostreet brand, contracts,

technologies and customer relations).



    Net interest expense was EUR1.7m, 5.9% lower than in the year-earlier

period, reflecting the fall in average net debt during the period.



    The tax charge in the first half of 2008 was higher than in the first

half of 2007, since the company has now used up all of its tax deficit. The

EUR4.6m figure comprised an ordinary tax charge of EUR5.6m less a deferred

tax gain.



    Sharp increase in cash flow



    Cash flow after interest expense and tax rose by 24.2% to EUR12.0m. Net

debt was stable relative to 31 December 2007 at EUR42.1m.






    Revenues up 29.4% in the first half of 2008



             EURRevenues (EUR'000)            H1-08  H1-07         Change



    Classified ads                           25.631 18.686     6.946   +37.2%

    - Paris area                             12.494  9.856     2.638   +26.8%

    - Regions                                13.137  8.829     4.308   +48.8%

    Online advertising and partnerships       1.741  1.464       278   +19.0%

    Direct services to internet users           585    702      -117   -16.7%

    Total classified ads and media           27.958 20.851     7.107   +34.1%



    Services: agency website design and       3.736  3.506       230     6.6%

    listing



    Real estate software                      3.046  2.483       563    22.7%



    TOTAL revenues                           34.740 26.840     7.900   +29.4%







    - Consolidated revenues came in at EUR34.7m in the first half

      of 2008, representing a 29.4% increase on the EUR26.8m generated in the

      year-earlier period.



    - Increasingly solid competitive position:



    - more than 2,325,000 classified ads in June 2008, as opposed

      to 1,950,000 in June 2007 (+19%),



    - an audience consisting of more than 1,900,000 unique

      visitors[1] (+43.3%), more than 9,433,000 visits (+18.5%) and

      136,395,000 page views (+10.8%) in June 2008,



    - 12,345 estate agent classified ad customers, representing 17,558

      branches and a national penetration rate of 52.2% at end-June  2008.



    Classified ads and media revenues rose by 34.1% to EUR28.0m. This

segment accounted for 80.5% of total revenues in the first half, and its

various activities performed as follows:



    - Classified ad revenues rose by 37.2%. The balance in revenues between

the Regions (+48.8%) and Paris (+26.8%) continued to improve, with revenues

from the Regions accounting for 51.3% of the total as opposed to 47.2% in

June 2007.



    The number of estate agent classified ad customers rose from 10,653 in

June 2007 to 12,345 in June 2008. The average monthly amount invoiced per

classified ad customer rose by 11.0% year-on-year, from EUR283 in June 2007

to EUR314 in June 2008.






    - In Paris, SeLoger.com's penetration rate was 76%, with 4,501

      customers (a net year-on-year increase of 212) representing 5,890

      branches. The average spend in June 2008 was EUR393.



    - In the Regions, SeLoger.com's penetration rate was 45%, with

      7,844 customers (a net year-on-year increase of 1,480) representing

      11,668 branches. The average spend in June 2008 was EUR269.



    The number of new customers was 407 in the second quarter of 2008, as

opposed to 740 in the second quarter of 2007. In accounting terms, the

number of new customers was 324, since 84 contracts related to a network of

customers, which were converted into a single contract. SeLoger.com now has

a total of 12,345 estate agent classified ad customers.






    - In online advertising and partnerships, revenues rose by

      19.0%. As expected, revenues grew firmly in the second quarter.



    - Revenues from direct services to internet users fell by

      16.5%.



    Agency website design and listing revenues rose by 6.6%. In the second

quarter of 2008, revenues increased by 15.0%, making up for the slower

growth seen in the first quarter.



    The Pericles real estate software business continued to grow, with

revenues up 22.7% at EUR3m in the first half of 2008.



    2008 targets



    Although visibility is currently limited, the company believes that the

downturn in the French real estate market will be less severe than in other

countries like the USA, the UK and Spain. With its solid business model and

undisputed market leadership, SeLoger.com will emerge from the current

slowdown stronger than before.



    The company confirms its new full-year 2008 targets. Revenues should

come in between EUR69m and EUR70m and EBITDA between EUR36m and EUR37m.

This should result in EBITDA margin of between 52.2% and 52.8%, an

improvement of between 0.4 and 1.0 percentage points.






    Second quarter 2008: revenue growth of 29.5%



    The classified ads segment generated revenue growth of 34.3%,

    versus 40.4% in the first quarter.



                Revenues (EUR'000)               Q2-08   Q2-07      Change



    Classified ads                              13.357   9.948  3.410  +34,3%

    - Paris area                                 6.488   5.179  1.309  +25.3%

    - Regions                                    6.870   4.769  2.101  +44.1%

    Online advertising and partnerships          1.015     756    259  +34.3%

    Direct services to internet users              292     367    -75  -20.4%

    Total classified ads and media              14.665  11.071  3.594  +32.5%



    Services: agency website design and          1.904   1.656    248  +15.0%

    listing



    Real estate software                         1.562   1.273    289  +22.7%



    TOTAL revenues                              18.131  14.000  4.131  +29.5%







    Forthcoming event:

    Third quarter revenues 2008

    21st October 2008 (after market close)

    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 its two leading sites http://www.seloger.com and

http://www.immostreet.com.



    The group gives internet users access to France's most extensive range

of classified real estate ads, with more than 1.9 million ads. It also

gives real estate professionals the largest platform in the market, with an

audience consisting of more than 1.9 million unique visitors (source:

Mediametrie//Netratings June 2008) and an exclusive distribution network.



    SeLoger.com'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 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



    http://www.groupe-seloger.com



    [1] Source: Nielsen/Netratings June 2008