PR Newswire/Les Echos/
H1 2008 REVENUE: €29.7 million (+17.1%)
Q2 2008 growth was +19.3%, thus outstripping Q1
Deferred revenue: €17.9 million (+53%)
EBITDA margin pre IFRS 21 for H1 2008
expected at between 21.8% and 23.1%
Acquisition of Pro A Part
Paris, 31st July 2008
Adenclassifieds (FR0004053932 ADEN), leader in the French B2B online classified ad market,
today announces its consolidated revenue for the first half of its 2008 financial year.
Reminder 1st quarter Second quarter First half
2008 2007 ? 2008 2007 ?
2008 2007 ?
(€ thousands)
Recruitment 11,497 9,694 23,856 20,574
12,359 10,881 +13.6% +18.6% +16.0%
% of total 81% 82% 80% 80% 80% 81%
Property 2,251 1,894 4,422 3,703
2,172 1,808 +20.1% +18.9% +19.4%
% of total 14% 14% 15% 16% 15% 15%
695 519 1,397 1,062
Training 703 542 + 29.5% +33.9% +31.5%
% of total 5% 4% 5% 4% 5% 4%
14,442 12,107 29,676 25,339
15,234 13,232 +15.1% +19.3% +17.1%
Total revenue
The growth rate for the 2nd quarter indicated for Property activity in the above table corresponds to the impact, entirely written down in Q2, of an
inter-company elimination of €0.1 million between Adenclassifieds and Open Media. If this elimination had been carried out during the actual
periods, the increases in revenue from this activity would have been 14.6% and 24.1% respectively for the 1st and 2nd quarters of 2008, thus
showing a significant acceleration in growth in the 2nd quarter.
Over the first half of 2008, Adenclassifieds recorded revenue of €29.7 million, up 17.1% on the same
period of 2007.
Over the second quarter of 2008, revenue totalled €14.4 million, up +19.3%, marking an acceleration
in the rate of growth compared to the first quarter of the year, when growth reached 15.1%.
Half-year growth revenue remains affected by an unfavourable base effect because of the buoyant
growth of +63% recorded over the first half of 2007.
The amount of value-added services totalled €4.2 million, up 28.3% compared to the period to 30th
June 2007.
At 30th June 2008 and again using the mechanism explained when first-quarter revenue was
published, deferred revenue totalled €17.9 million, up 53% compared to 30th June 2007. €15.5 million
of this total (versus €9.8 million at end-June 2007, giving growth of +59%) will be written down in 2008,
thus providing the group with good visibility for coming quarters.
1 th
EBITDA as defined in the 2007 Reference Document registered with the AMF on 17 June 2008
1/3
Recruitment
For the first half of 2008, revenue from Recruitment activity increased by +16.0% to €23.9 million.
Over the second quarter alone, growth was +18.6%.
Excluding Cadresonline, acquired in January 2008, revenue from the Group's Recruitment activity in
France was up 8.5% over the first half and +13.6% over the second quarter (versus +4.1% over Q1).
The Executive segment, on which Adenclassifieds is the undisputed leader, remains particularly
strong, with demand remaining buoyant and a full-employment situation (very low unemployment
amongst executives).
However, the first half of 2008 was still affected by a difficult economic context that, for
Adenclassifieds, meant increased caution from companies in terms of marketing investments.
The first six months of 2008 saw the onlining of new versions of the Group's KELJOB (end of April)
and CADREMPLOI (early June) flagship sites. These new versions meet the sector's highest
standards, with innovative functionalities, more powerful search engines and increased editorial
content. Initial results have been encouraging, and the full effect of these new versions should be felt
over the second half of 2008.
Lastly, the new version of the CV database has been undergoing testing in some twenty client
companies since early July. The launch is planned for September.
Training
Over the first half of 2008, revenue from Training activity jumped +31.5% to €1.4 million, with the
second quarter seeing growth of +33.9%, a higher pace than over the previous quarter.
Excluding Seminus, which was acquired in July 2007, growth in the Group's Training activity in France
was +10.7% (+14.2% over the second quarter versus +7.3% over the first).
Property
Revenue recorded over the first half of 2008 by Property activity totalled €4.4 million, up +19.4%.
Activity was again greater over the second quarter than over the first, once the adjustments mentioned
above are carried out (+24.1% in Q2 versus 14.6% in Q1).
Within a difficult Property market context, the increase in the time taken between property being put on
the market and it being sold (both for existing property and, in particular, new property) has been
further confirmed, resulting in the fact that ads remain online for longer.
The new version of the EXPLORIMMO site was launched at the end of April 2008 with extended
services for Internet users and simplified browsing.
Acquisition of Pro A Part
With the acquisition of Pro A Part, Adenclassifieds is consolidating its position as a major player in the
classified ads and realtor services market, notably in the Paris region.
Founded in 1996, Pro A Part has gradually established itself as a benchmark communication medium
for real-estate professionals in the Paris region, providing a bi-media offer through its Pro A Part paper
and its www.pro-a-part.com Internet portal. Its changeover from printed material to the web has
accelerated over the last 18 months.
Pro A Part in figures:
A free weekly classified ads publication, with 100,000 copies per month and over 500
distribution outlets
Over 4,000,000 online pages seen and over 300,000 visits a month (source: Nielsen, June 08)
Numerous partnerships with major players in the property sector
Over 1,500 client agencies and almost 150,000 ads
Revenue of €2 million and EBITDA of €0.65 million in 2007
2/3
The acquisition of Pro A Part will allow Adenclassifieds to significantly broaden its client portfolio.
Indeed, in the Paris area, Pro A Part's clientele is geographically very complementary to
EXPLORIMMO's clientele, with little duplication.
The acquisition of Pro A Part by Adenclassifieds was carried out at 7 times 2008 operating profit,
including an earn out. The acquisition is being financed via shareholders equity with Adenclassifieds'
existing cash surplus.
Solid EBITDA margin
Adenclassifieds will publish its H1-2008 results on 3rd September.
Currently, Adenclassifieds is anticipating pre-IFRS2 EBITDA for the first half of 2008 of between €6.5
and 6.9 million, giving an EBITDA margin of between 21.8% and 23.1%, compared to a 2007 pre-
IFRS2 EBITDA margin of 21.1%.
Financial information
At 30th June 2008, Adenclassifieds had a net cash surplus of €59.5 million.
Lastly, Adenclassifieds reminds readers that a share buyback programme has been carried out since
10th January 2008. At the end of June 2008, 84,859 shares had thus been acquired by the Group for
€2.0 million, within the framework of this programme.
Thibaut Gemignani, CEO of Adenclassifieds comments: ?In an unsettled market context, our three
activities continued to grow over the first half of 2008, and all three grew faster in the second quarter
than in the first. The new versions of our sites are now operational and, through their quality, are an
ideal support for our sales forces. Over the second half of the year, we will pursue our efforts in order
to, this year again, continue our profitable growth.?
Pierre Conte, Chairman of the Board of Management, concludes: ?The acquisition of Pro A Part
illustrates our unrelenting intention of pursuing our selective acquisition strategy with the same
intensity as in the past. Backed by a substantial cash surplus, we remain on the lookout for
opportunities that meet our strict acquisition criteria.?
Next press release: results for the 1st half of 2008,
3rd September 2008 (after market)
About Adenclassifieds (www.adenclassifieds.com):
Listed on Euronext Compartment B by NYSE Euronext since March 2007, Adenclassifieds is a leader in the French B2B
online classified ad market. Adenclassifieds has a multi-product offer across its 3 business segments: Recruitment via Internet
(notably via the cadremploi.fr and keljob.com sites), Property via Internet (notably via explorimmo.com) and Training classifieds
on Internet (notably via kelformation.com).
Listed on Euronext Compartment B 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 02 00 Tel.: +33 (0)1 44 71 94 94
info@adenclassifieds.com Fax: +33 (0)1 44 71 94 90
adenclassifieds@newcap.fr
3/3
The content and accuracy of news releases published on this site and/or
distributed by PR Newswire or its partners are the sole responsibility of the
originating company or organisation. Whilst every effort is made to ensure the
accuracy of our services, such releases are not actively monitored or reviewed
by PR Newswire or its partners and under no circumstances shall PR Newswire or
its partners be liable for any loss or damage resulting from the use of such
information. All information should be checked prior to publication.