ADENCLASSIFIEDS PR Newswire/Les Echos/
2010 FIRST-HALF RESULTS
Revenue: EUR31.3m
EBITDA: EUR3.6m, EBITDA margin: 11.5%
Operating profit: EUR1.9m
Net cash position at 30th June 2010: EUR54.5m
Paris, 31st August 2010:
ADENCLASSIFIEDS (FR0004053932 - ADEN), leading Internet Group in classified ads
and services in France, today announces its consolidated results for the first
half of 2010.
I. 2010 FIRST-HALF RESULTS
Simplified P&L Statement*
Millions of euros / IFRS H1 2010 H1 2009 Var.
Revenue 31.3 25.4 +23.6%
EBITDA pre-IFRS 2 3.8 5.5 -31.2%
EBITDA margin pre-IFRS 2 12,2% 21,8%
EBITDA 3.6 4.4 -18.9%
EBITDA margin 11.5% 17.5%
Current operating profit 1.9 2.5 -25.0%
Operating profit 1.9 1.7 +14.3%
Net financial income 0.3 0.4 -33.2%
Tax -0.9 -0.9 -3.9%
Attributable net profit 1.3 1.2 +12.7%
*Results for the first half of 2010 are not given for comparison purposes, as
they incorporate new activities: Groupe Indicateur Bertrand, the advertising
management contract for LE FIGARO's Property, Recruitment and Training ads, and
Aden Grand Sud Ouest.
H1 2010 revenue impacted by the 2009 economic situation, but buoyant upturn in
orders
As announced on 28th July, ADENCLASSIFIEDS' revenue for the first half of 2010
totalled EUR31.3m, an increase of 23.6% on the first half of 2009, taking into
account the integration of Groupe Indicateur Bertrand's activities, the
advertising management contract for LE FIGARO's Property, Recruitment and
Training ads, and Aden Grand Sud Ouest.
Like for like, revenue would have been down 5.3%, impacted by the 2009 economic
situation. For the record, ADENCLASSIFIEDS writes down revenue from orders
linearly across the duration of the service. Revenue for the first half of 2010
is thus partly the result of the poor level of sales in 2009.
Revenue from the Group's Recruitment activity was down 3.0% on the first half
of 2009 at EUR18.0m, or -7.1% like for like. Training activity recorded
revenue of EUR2.1m, an increase of 1.7%, whilst Property activity recorded
revenue of EUR11.2m, a surge of 137.0% (and an increase of 12.1%
like for like).
At the same time, the improvement in the Recruitment and Property markets was
confirmed in the first half of 2010, with a substantial upturn in consolidated
orders to EUR30.3m, a jump of 45.9% or +9.4% like for like. Orders for the
Group's Recruitment activity notably increased by 19.6%, or +14.3% like for
like, in the first half of 2010, reflecting the time lag ADENCLASSIFIEDS
records between receiving orders and recording revenue.
Deferred revenue totalled EUR13.5m at 30th June 2010, +6.7% compared to the
figure at 30th June 2009 and up on the previous year for the first time since
September 2008.
EBITDA: EUR3.6m, EBITDA margin 11.5%
EBITDA for the first half of 2010 came to EUR3.6m, down 18.9% on the first half
of the previous financial year.
Personnel costs rose by 18.9% to EUR1 5.6m as a result of (i) the integration
of Indicateur Bertrand staff as well as employees who work for LE FIGARO's
Property, Recruitment and Training ad management contracts, and (ii) the
variable pay system for Recruitment sales staff that is tied to orders rather
than revenue, which resulted in the Company paying higher premiums to sales
staff in the first half of 2010 than in the first half of 2009.
The Company thus had a consolidated workforce of 433 staff at 30th June 2010,
compared to 384 at 30th June 2009.
Marketing spending remained under control, representing 9.2% of revenue in the
first half of 2010 versus 9.5% in the first half of 2009.
EBITDA pre-IFRS 2 thus came to EUR3.6m at 30th June, giving an EBITDA pre-IFRS
2 margin of 12.2%.
IFRS 2 costs totalled EUR0.2m at 30th June 2010, a significant decrease on the
figure at 30th June 2009 (EUR1 .1 m) because of the end of the acquisition
period of three free share programmes in 2009.
SECTORIAL INFORMATION
Millions of euros Recruitment Training Property TOTAL
Revenue 18.0 2.1 11.2 31.3
EBITDA 3.1 -0.1 0.6 3.6
EBITDA margin 17.2% -4.6% 5.4% 11.5%
Recruitment activity accounted for a large share of ADENCLASSIFIEDS'
consolidated EBITDA, recording an EBITDA margin of 17.2% over the first half
of 2010 compared to 22.0% over the same period of 2009.
Regarding Training, EBITDA was negatively impacted by Seminus, the German
subsidiary. However, for the first time Training activity generated positive
EBITDA of EUR62k in France, giving an EBITDA margin of 3.1%.
Lastly, EBITDA for Property activity was up 30.5% because of changes in scope,
but the EBITDA margin fell from 9.7% at 30th June 2009 to 5.4% at 30th June
2010. Over the first half of the year, the Company undertook a comprehensive
reorganisation of its Property teams and sites. The aim of this reorganisation,
which is close to completion, is to optimise each brand's sales leverage and
resources in order to make the Group's Property offer even more consistent and
attractive.
Operating profit: EUR1.9m, +14.3%
Depreciation and amortisation totalled EUR1 .8m, up 24.8%. This increase was
essentially due to the pursuance of Internet investments, and notably their
"mobile" versions.
Current operating profit thus totalled EUR1 .9m, down 25.0% on the first half
of 2009.
Non-current operating profit came to EUR0.1 m over the half, versus -EUR0.8m
over the first half of 2009. Operating profit thus totalled EUR1.9m, giving an
operating margin of some 6.2%, an increase of 14.3% compared to the first half
of 2009.
Net profit: EUR1.3m
Net financial income for the 1st half of 2010 totalled EUR0.3m, versus EUR0.4m
at 30th June 2009, a result of the decrease in yields on the Company's cash
investments (12-month Euribor and EONIA).
Once a tax charge of EUR0.9m is taken into account, ADENCLASSIFIEDS' net profit
for the first half of 2010 was up 12.6%, totalling EUR1.3m.
Other financial information
Over the first half of 2010, ADENCLASSIFIEDS generated cash flow of EUR1.7m,
with EUR3.5m of operating cash flow. Investments essentially associated with
technological evolutions of the Group's Internet sites totalled EUR1.8m.
ADENCLASSIFIEDS' cash position thus stood at EUR54.5m at 30th June 2010.
At 30th June 2010, total assets stood at to EUR220.6m, an increase of EUR6.9m
on the figure at 31st December 2009, with shareholders' equity of EUR168.6m.
II. OUTLOOK FOR THE SECOND HALF OF 2010
The first half of 2010 saw an upturn in the Recruitment and Property markets,
and ADENCLASSIFIEDS made the most of this to record an upward trend in activity
thanks to the quality of its sites and its teams. Growth in both the Group's
orders and in its deferred revenue suggests higher EBITDA in the second half of
2010 than in the first half of 2010, and therefore than in the second half of
2009.
The Company intends to maintain strict management, whilst maintaining its IT
investments that have proved their relevance by providing the Group with
modernised sites suited to the expectations of Recruitment, Property and
Training market professionals. "Mobile" versions of these sites have also begun
to bear fruit, as reflected by the very successful August launch of the free
Cadremploi application, which is already the iPhone n°1 on the Recruitment
market in France.
Thibaut Gemignani, ADENCLASSIFIEDS' CEO, comments: "Our results for the first
half of 2010 illustrate ADENCLASSIFIEDS' new scope, but have been affected by
the time lag between our orders and our revenue. The growth in orders over the
first half of 2010 shows, as expected, our ability to make the most of the
signs of a recovery and to accompany Recruitment, Training and Property
professionals, thanks to the quality of our sites and our teams. This should
allow us to improve our results over the second half of 2010."
Pierre Conte, Chairman of the Board of Management, adds: "The first half of
2010 is encouraging, and validates our strategy. In the face of free sites,
our upmarket positioning is proving its worth. Our sites are highly
acknowledged and our clients know that we can guarantee them quality contacts.
The broadening of our offer to include mobile use for increased convergence
is enabling us to emphasise our assets and our differences."
Next press release: revenue for the 3rd quarter of 2010;
10th November 2010 (after market)
About ADENCLASSIFIEDS (www.adenclassifieds.com):
Listed on Euronext, compartment C of the NYSE-Euronext, ADENCLASSIFIEDS is a
leading Internet group in classified ads and services in France.
ADENCLASSIFIEDS has a multi-product and multi-brand offer across its
3 activities: online Recruitment (notably via the Cadremploi.fr, Keljob.com
and Cadresonline.com sites), online Training ads (notably via Kelformation.com)
and online Property (notably via the Explorimmo, Propriétés de France,
Indicateur Bertrand, Bertrand Vacances and OpenMedia brands).
Euronext, compartment C by NYSE-Euronext - ISIN: FR0004053932
Reuters: ADEN.PA - Bloomberg: ADEN FP
Member of the CAC Allshare
Contacts:
ADENCLASSIFIEDS NewCap.
Jean-François Busnel Financial Communication
CFO Simon-Laurent Zaks / Emmanuel Huynh
Tel: +33 (0)1 76 63 03 50 Tel: +33 (0)1 44 71 94 94
jean-francois.busnel@adenclassifeds.com ADENCLASSIFIEDS@newcap.fr
Dorothée Touil
Director of Communication and Press Relations
Tel: +33 (0)1 76 63 02 21
dorothee.touil@adenclassifieds.com
ANNEX: DETAILED 2010 HALF-YEAR ACCOUNTS
Income statement - Part 1
In thousands of euros 30th June 31st Dec. 30th Dec.
2010 2009 2009
Revenue 31,343 53,410 25,355
Other income from activity 223 614 344
Purchases consumed -1,940 -2,688 -871
External expenses -9,319 -16,104 -6,461
Personnel expenses -15,588 -27,037 -13,113
Taxes -595 -1,666 -799
Depreciation -1,722 -3,048 -1,420
Provisions 42 -273 -527
Other current income and expenses -520 -643 -11
Current operating profit 1,874 2,564 2,498
Other non-recurrent operating income
and expenses -348 -821 -459
Non-recurrent expenses excl. depreciation and
amortisation 408 -1,000 -347
Other non-recurrent operating income and
expenses 60 -1,821 -806
Operating profit 1,934 743 1,692
Cash income and cash equivalents 264 647 412
Cost of gross financial debt - 1 1
Cost of net financial debt 264 648 413
Other financial income and expenses - 45 -18
Pre-tax profit 2,198 1,436 2,087
Income tax -889 -675 -925
Consolidated net profit 1,309 761 1,162
Minority interests 4 -17 -
Attributable net profit 1,305 777 1,162
EPS (EUR) 0.19 0.12 0.17
Diluted EPS (EUR) 0.19 0.11 0.17
Income statement - Part 2
Consolidated profit
1,309 761 1,162
Other elements of the global profit
Forex gain/loss from overseas activities 69 177 205
Financial assets available for sale
Effective portion or loss on hedging instruments
Reappraisal of tangible assets
Actuarial gains/losses on defined benefit dues
Equity-method stakes
Tax on profit from other elements of the global profit
Other elements of the global profit excl. tax -356 -95
Overall total profit 1,378 582 1,272
Overall total profit attributable to
Owners of the parent company 1,374 598 1,272
Minority interests 4 -17
Balance sheet
In thousands of euros
30th June. 2010 31st Dec. 2009
Intangible fixed assets 41,386 41,196
Goodwill 93,928 93,927
Tangible fixed assets 1,548 1,745
Other financial assets 852 864
Deferred tax assets 526 523
Other long-term assets 7 1
Non-current assets 138,247 138,257
Inventories - -
Trade accounts and other receivables 26,037 20,493
Tax payables 21 181
Other current assets 1,110 1,031
Cash and cash equivalents 55,148 53,678
Available cash
Current assets 82,316 75,383
Total Assets associated with a group of
assets to be divested - -
Total Assets 220,564 213,640
Share capital 7,045 7,045
Share premiums 78,479 78,479
Currency translation reserves - 402 - 471
Other reserves 82,130 81,125
Net profit 1,305 777
Total shareholder's equity - group share 168,557
166,955
Minority interests - Reserves 1 18
Minority interests - Profit 4 - 17
Total minority interests 6 1
Total shareholders' equity 168,563 166,957
Loans and financial debt - -
Commitments to personnel 754 699
Other provisions 552 884
Deferred tax liabilities 10,263 10,263
Total non-current liabilities 11,569 11,846
Loans and bank facilities (share < 1 year) 632 841
Trade payables 25,241 21,230
Tax liabilities 238 631
Other current liabilities 14,321 12,135
Total current liabilities 40,432 34,838
Total liabilities 220,564 213,640
Consolidated cash flow
In thousands of euros 30th June. 31st Dec. 30th June.
2010 2009 2009
Consolidated net profit 1,309 761 1,162
Elimination of depreciation and provisions 1,476 4,034 1,920
Elimination of capital gains / losses 3 1 -1
Charges and proceeds from payments in shares 208 1,495 1,094
Cash flow after cost of net debt and tax 2,996 6,291 4,175
Elimination of tax charge / income 896 675 925
Elimination of the cost of net debt 1 3 3
Cash flow before cost of net debt and tax 3,893 6,969 5,103
Impact of change in working capital requirement 697 -3,423 -1,334
Tax paid -1,131 114 130
Cash flow from operating activity 3,459 3,660 3,899
Impact of changes in scope 0 -118 -473
Acquisition of tangible & intangible fixed
assets -1,830 -3,807 -1,472
Change in loans and advances 12 53
Divestment of tangible and intangible assets 1
Cash flow from investing activity -1,817 -3,872 -1,945
Capital increase 0 18 0
Net divestment (acquisition) of treasury shares -8 -316 -331
Loan repayments 0 -67 -67
Net interest payments -1 -3 -3
Cash flow from financing activity -9 -368 -401
Net foreign exchange difference 47 28 48
Net change in cash position 1,680 -551 1,601
Cash position at start of period 52,836 53,387 53,387
Cash position at end of period 54,516 52,836 54,988
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information. All information should be checked prior to publication.ADENCLASSIFIEDS : 2010 half-year results
Le 01 septembre 2010 à 18:30
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