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Monday 24 September, 2007

Seloger.com

2007 first-half results: robust revenue growth,...

PR Newswire/Les Echos/
 
                                                                      - Press 
release -




A record first-half 2007: robust revenue growth, soaring
                           profits

            •     Revenues up 60%
            •     EBITDA up 93%
            •     EBITDA margin of 53.2 %
            •     Net interest expense slashed by two-thirds
            •     Attributable net profit of €6,650k vs. a loss of €300k 
in H1-
2006



Consolidated figures (in thousands of euros)	H1-2007	H1-2006	Change
Revenues	26,839	16,766	+60.1%
EBITDA*	14,287	7,389	+93.4%
EBITDA margin	53.2%	44.1%	
Operating profit	11,302	5,007	+ 125.7 %
Net interest expense	-1,811	-5,396	-66.4%
Tax	-2,797	88	N/A
Attributable net profit	6,650	-300	N/A

 * EBITDA = Earnings before interest, tax, depreciation and amortisation.




Paris, 24 September 2007 - Seloger.com delivers impressive revenue and profit 
growth in H1-
2007. Consolidated revenues rose by 60.1% to €26.8m. As anticipated, this was 
paired with a       1

spectacular improvement in profit, with a 93.4% jump in EBITDA and a 125.7% 
surge in
operating profit. The EBITDA margin widened to 53.2% in H1-2007 from 44.1% in 
the first half of
2006.



Highly effective operational gearing; net interest expense slashed by two-thirds

The improvement in EBITDA margin was due to tightly controlled costs against a 
background of
strong business growth.

Costs rose by far less than revenues. The main expense items (staff costs and 
external charges)
amounted to 43.4% of revenues compared with 53.2% in the first half of 2006. 
External charges as
a percentage of revenues declined to 18.3% from 26.3%.

Staff costs came to 25.2% of revenues in the first half of 2007 against 26.9% 
in the same year-ago
period. This handsome performance includes the contribution of P(c)riclès, a 
company acquired in
November 2006, which was consolidated over the full first six months of 2007.

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 operational gearing that is an 
integral part of
SeLoger.com's business model.

As anticipated, net interest expense was slashed to €1.8m or nearly one-third 
of the €5.4m
booked in the first half of 2006. Proceeds from the December 2006 IPO share 
issue considerably
reduced net debt and the attendant average debt service cost.

At the end of the first half of 2007, income tax was a charge of €2.8m 
compared 
with a credit of
€0.09m in the same year-ago period. As announced, the group returned to a 
conventional tax
situation. The previous €9.9m tax loss will have been entirely applied by the 
end of 2007.

The Group's robust growth, coupled with tightly controlled fixed costs, boosted 
attributable net
profit to €6.65m in the black from €0.3m in the red in the first six months
of 
2006.



2007 objectives

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.

This strategy should enable SeLoger.com to achieve a substantial increase in 
penetration among
estate agents, as well as growth in revenues and earnings. The company will 
also strengthen its
position as the benchmark online marketplace.

3
Seloger.com confirmed its target for revenues of €56m over the full year 2007 
and upgraded its EBITDA margin target to 48% (after the planned stock option 
and bonus share awards) from 45% previously. The company believes it will be 
able to boost its penetration rate to over 45% by the end of December 2007 from 
36% at end-2006 and to 70% in 2009, in line with its objectives.

Forthcoming events: third-quarter 2007 revenues
to be announced on 25 October 2007 (after the market closes)

PLEASE NOTE:

SeLoger.com will present its results for the first half of 2007 at a briefing 
to be held on
Tuesday, 25 September 2007 at 8:30 a.m.
at the Edouard VII Conference Centre, 23 square Edouard VII 75009 Paris

Seloger.com - Consolidated income statement for the six months to 30 June 2007
In euros	Notes	30 June 2006 (6 months)	30 June 2007 (6 months)



Revenues	4.1	26 839 188	16 766 332


Other revenues from operations	55 042	152 265
Purchases used in the business	4.1 -	74 208 -	97 039
Staff costs	-	6 771 420 -	4 512 465
External charges	4.1 -	4 904 602 -	4 403 935
Tax	-	612 174 -	385 337
Changes in inventories of work in progress and finished products	-	-
Other ordinary operating revenue and expenses	-	244 935 -	131 128

Ordinary operating profit before depreciation, amortisation and provisions	14 
286 892	7 388 693

Depreciation of property, plant and equipment	-	245 579 -	89 385
Net additions to provisions	164 878	98 671
Amortisation of intangible assets	-	2 577 492 -	2 391 055

Ordinary operating profit	11 628 699	5 006 924

Other non-ordinary operating revenue and expenses	4.2	-	327 095	-

Operating profit	11 301 604	5 006 924

Income from cash and equivalents	408 227	159 802
Gross interest expense	-	2 220 758 -	5 555 410
Net interest expense	4.3 -	1 812 531 -	5 395 608

Other financial revenue and expenses	4.3	1 476	-


Income tax expense	4.4	-	2 796 960	88 255

Share in the net profit of equity affiliates	-	-
Net profit before contribution of discontinued bbusinesses or businesses bein 
sold	-	-
Net profit of discontinued businesses or businesses being sold	-	-

Net profit	6 693 589 -	300 430
Attributable to equity holders of the parent	6 649 750 -	300 430
Minority interests	43 838	-


Earnings per share (attributable to equity holders of the parent)	4.5 0,41	-	
1,40
Number of shares used in the EPS calculation	16 333 669	2 000 000

Fully diluted earnings per share (attributable to equity holders of the parent)
4.5	0,40 -	1,40
Number of shares used in the EPS calculation	16 669 017	2 000 000


SeLoger.com - Consolidated balance sheet data at 30/06/2007
In euros	Notes	30/06/2007	31/12/2006
	132 990		
Goodwill	5.1/5.2	224	903
Intangible assets	5.1/5.2	88 713 357	91 062 664
Property, plant and equipment	5,2	1 167 631	806 554
Other non-current financial assets	5,3	263 959	151 794
Other non-current assets	5,4	0	374 916
Deferred tax assets	5,5	26 698	221 235
	223 161		
TOTAL NON-CURRENT ASSETS	868	066
Inventories	5,6	19 922	84 465
Trade receivables	5,7	11 780 165	9 494 526
Current tax	5,8	1 304 295	957 518
Other current assets	5,9	2 555 462	2 731 170
Cash and equivalents	5,1	18 768 650	25 975 123
TOTAL CURRENT ASSETS		34 428 495	39 242 801
	257 590	263 216
TOTAL ASSETS	363	867
Share capital		3 267 445	3 267 445
		126 396	126 396
Share premiums		008	008
Reserves		690 664	152 537
Retained earnings		6 649 750	667 691
			
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF		137 003	130 483
THE PARENT	5,11	867	680
			
Minority interests		0	0
			
		137 003	130 483
TOTAL SHAREHOLDERS' EQUITY	5,11	867	680
			
Long-term debt	5,12	61 796 518	67 515 293
Other non-current liabilities	5.14/5.15	5 867 707	3 856 545
Deferred tax liabilities	5,5	30 312 285	28 077 298
			
TOTAL NON-CURRENT LIABILITIES		97 976 510	99 449 137
			
Short-term debt	5,12	12 953 311	9 709 761
Trade payables	5,16	3 417 036	5 765 074
Current tax	5,8	328 006	
Provisions (less than one year)	5,13	59 000	108 542
Other current liabilities	5,16	5 852 632	17 700 674
			
TOTAL CURRENT LIABILITIES		22 609 986	33 284 050
			
		257 590	263 216
TOTAL LIABILITIES		363	867


Seloger.com - Cash flow statement for the six months to 30 June 2007
		30 June 2007	30 June 2006
(In euros)	Notes	(6 months)	(6 months)
			
I. Operating activities			
			
Consolidated net profit		6 693 589	(300 430)
Net depreciation, amortisation and provisions (other than on current assets)		3
103 798	2 381 769
Unrealised gains and losses arising from changes in fair value	5.9	(297 002)	
Calculated income and expenses associated with stock option and similar plans		
141 650	31 200
Other calculated income and expenses			
Gains/(losses) on disposals		(10 467)	
Gains/(losses) on dilution			
Share in the net profit of equity affiliates			
Dividends from non-consolidated equity interests			
Cash flow after net interest expense and tax charge		9 631 567	2 112 539
Net interest expense	4.3	1 812 531	5 395 609
Tax	4.4	2 796 960	(88 255)
Cash flow before net interest expense and tax charge		14 241 059	7 419 893
Tax paid			(24 250)
Change in operating working capital requirements		(2 838 526)	(574 162)
Net cash generated from operating activities		11 402 533	6 821 481
			
II. Investing activities			
			
Cash used for purchases of property, plant & equipment and intangible assets	5.2
(831 060)	(123 548)
Proceeds from disposals of property, plant & equipment and intangible assets		10
500	
Cash used for acquisitions of long-term investments	5.3	(113 415)	
Proceeds from disposals of long-term investments			
Effect of changes in scope of consolidation			
			
Amount paid during the period ended 30 June 2007 for purchases of shares 
effected in 2005 and 2006*	2.1	(11 201 711)	
Other cash provided/(used) by investing activities			19 685
Net cash provided/(used) by investing activities		(12 135 686)	(103 863)
			
III. Financing activities			
			
Amounts received from shareholders in consideration for share issues			
Paid by shareholders of the parent company			
Paid by minority shareholders of consolidated companies			
Amounts received from exercise of stock options			
Sales and purchases of treasury shares	5.11.3	(271 215)	
Dividends paid during the year			
Dividends paid to shareholders of the parent company			
Dividends paid to minority shareholders of consolidated companies			
Proceeds from new loans			
Loan reimbursements	5.12	(4 098 193)	
Net interest paid	5.12	(606 524)	(2 510 468)
Other cash provided/(used) by financing activities			
Incidental costs of 2006 share issue paid during the first half of 2007		(1 296
755)	
Net cash provided/(used) by financing activities		(6 272 687)	(2 510 468)
			
Impact of currency fluctuations			
			
Change in net cash		(7 005 836)	4 207 150
			
			
		2007	2006
(In euros)		First half	First half
Cash and equivalents		18 768 650	18 203 780
Bank overdrafts		-	
Net cash and equivalents	5.10	18 768 650	18 203 780
			

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 www.seloger.com and www.immostreet.com.
The group gives internet users access to France's most extensive range of 
classified real estate ads, with more than 1.95 million ads. It also gives real 
estate professionals the largest platform in the market, with an audience 
consisting of more than 1.33 million unique visitors and an exclusive 
distribution network that covers almost 9 out of 10 French internet users.

The Seloger.com group intends to implement a rapid growth strategy, consisting 
of four main aspects:
- 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 Eurolist by Euronext TM (compartment B) since 30 
November 2006 and is part of the following indexes: SBF 250, CAC SMALL 90 and 
CAT IT since 21 September 2007.
ISIN code: FR0010294595


Corporate website: www.groupe-seloger.com
Contacts
Seloger.com	HDL Communication
+33 1 53 38 29 00	Bruno Lorthiois
Laurence B(c)gonin Maury	blorthiois@hdlcom.com
www.seloger.com	+33 1 58 65 00 72
Blandine Lazennec	Herv(c) de Laitre
blandine.lazennec@seloger.com	hdl@hdlcom.com
	+33 1 58 65 00 71

                         
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