ADENCLASSIFIEDS 
By PR Newswire/Les Echos/
PRESS RELEASE
BUOYANT INCREASE IN 2007 RESULTS
REVENUE = €50.2 million (+ 50.7% / 2006)
EBITDA = €8.9 million (x4 / 2006)
Paris, 27th March 2008
Adenclassifieds, leader in the French B2B online classified ad market, today announces its consolidated
results for 2007.
2007 key events
FY 2007 notably saw:
? Adenclassifieds' IPO in March, which raised €49 million,
? the launch of an active acquisition policy in Property, with the acquisition of Openmedia in
January, and in Training, with the acquisition of the leading German training ad company Seminus
in July,
? a partnership intensification policy with leading French media companies and Internet sites,
? a strengthening of the Company's administrative bodies and Boards.
Annual results
SIMPLIFIED P&L STATEMENT
(millions of euros / IFRS) 2007 2006 (*) ?
Revenue 50.2 33.3 +50.7%
EBITDA Pre-IFRS 2 10.6 3.7 + 185.7%
EBITDA margin Pre-IFRS2 (1) 21.1% 11.1%
EBITDA 8.9 2.1 x4
EBITDA margin 17.7% 6.2%
Current operating profit 7.0 0.8 x9
Operating profit 5.1 - 1.7 na
Net financial income 2.3 0.5 na
Tax - 3.0 - 0.1 na
Attributable net profit 4.4 - 1.4 na
(*) Pro forma financial information
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outside France, and notably in the United States, Canada or Japan
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Accounting principles
The publication of 2007 annual accounts is the first to be carried out in consolidated form in accordance
with IFRS norms.
In this respect, and in application of IFRS 3 for business combinations, it appears that the merger
operations carried out in September 2006 between Keljob, Cadremploi and Explorimmo met reverse
acquisition criteria. Consequently, comparative information for 2006 corresponds to Cadremploi and
Explorimmo over 12 months, only integrating Keljob over 3 months.
In order to provide comparative elements that reflect a more economic vision of the Group's
performances, the financial information to 31st December 2006 presented and commented herein is pro
forma, as if the mergers took place on 1st January 2006 (this pro forma 2006 financial information does
not include the reconstitution of Openmedia, acquired in January 2007).
Revenue and EBITDA
As announced on 13th February, Adenclassifieds' revenue reached €50.2 million in 2007, jumping more
than 50% on the year.
2007 saw a surge in value-added products (CV databases, Web agency, transaction software, etc.),
which accounted for 14% of total revenue versus just 10% in 2006(*), thus positively impacting the
Group's profitability.
EBITDA for FY 2007 totalled €8.9 million, up an impressive 327% on the previous year(*), including a
charge of €1.7 million relating to the application of IFRS 21 norms.
This surge is first and foremost due to the synergies and economies of scale recorded following the
merger of the activities that now make up the Adenclassifieds group. It is the result of the sharp growth
in revenue and the controlled steering of operating charges.
Personnel charges, up +28.5%, rose at a slower pace than revenue, notably benefiting from the merger
of Keljob and Cadremploi and sales synergies on very complementary clientele segments. They thus
represented 44.2% of revenue in 2007, versus close to 51% in 2006(*).
Similarly, marketing spending totalled €6.1 million, or 12.2% of 2007 revenue. This relative moderation
of marketing spending is the result of improved budget allocation and better control of the media plans
of the Group's brands whilst ensuring their optimum impact.
In the medium term, such spending should represent around 15% of Group revenue.
The EBITDA margin was 17.7% in 2007. Excluding the impact of IFRS 2, it would have been 21.1% in
2007 versus 11.1% in 2006(*).
Operating profit
Current operating profit was €7.0 million in 2007, more than 8 times the 2006(*) figure.
Operating profit totalled €5.1 million, compared to a significant loss in 2006(*). As announced when half-
year results were published, this figure includes €1.2 million of non-recurring costs relating to the IPO of
March 2007 and exceptional charges notably relating to the departure of Keljob's founding managers.
1
IFRS 2 norms concerns benefits accorded to employees on tools giving access to the Group's capital
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outside France, and notably in the United States, Canada or Japan
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Net profit
In 2007, financial revenue totalled €2.3 million thanks to investment operations carried out by the Group.
Adenclassifieds possessed a net cash surplus of over €61 million at 31st December 2007, showing its
ability to generate cash flow of a similar level to the sums allocated to the acquisitions carried out during
the year, and thus its ability to rebuild it cash position.
Net profit totalled €4.4 million in 2007, once a theoretical tax charge of €3.0 million is taken into account.
SECTORIAL INFORMATION
(millions of euros / IFRS) Recruitment Property Training TOTAL
Revenue 39.7 8.0 2.5 50.2
EBITDA 7.8 1.8 - 0.7 8.9
EBITDA margin 19.5% 22.8% -27.3% 17.7%
In 2007, Recruitment represented 87% of Adenclassifieds' consolidated EBITDA and explains the bulk
of the surge in this indicator compared to 2006(*).
Property activity, meanwhile, recorded an EBITDA margin of close to 23%, making it the Group's most
profitable activity. Revenue from Property activity grew significantly in 2007 (+135.8%) without affecting
its ability to generate a strong EBITDA margin.
Training activity is in an investment phase and negatively contributed to the Group's consolidated
EBITDA. Given the implicit potential of this market, the Group's aim is to see this activity gradually break
even before then contributing positively to consolidated EBITDA from 2009.
Strategy and Outlook
The second half of 2007 saw a strengthening of the management team, with the arrival of Patrice de
Beaufond as Manager of the Property line, replacing Stéphane Scarella who became Manager of the
Recruitment line, and of François Dufresne as Marketing Director. The arrival of these online and media
classified ads experts will allow the Group to implement its strategy of deploying its offer across its three
sectors of activity.
Similarly, the arrival of Marie-Christine Levet and Michel Wolfovski, independent Board members in
charge of the strategic committee and the audit committee respectively, shows the Group's desire to
structure itself and accelerate its development by benefiting from their expertise.
Adenclassifieds began 2008 with a cash position of €61 million, and acquired Cadresonline for €11.7
million cash. Cadresonline is a major player in online executive recruitment. This operation illustrates the
acceleration in the Group's acquisition policy and was accompanied by the signing of 3-year strategic
partnerships with the Tests group, a subsidiary of the NextRadioTV group. Adenclassifieds thus intends
to strengthen its services offer to IT business lines.
This acquisition is totally in line with the Adenclassifieds group's criteria vis-à-vis its external growth
policy (strengthen the brand and site portfolio, acquire complementary technological components,
establish a targeted presence in Europe). Creating value, it enables the Group to increase its leadership
on the French online recruitment market, notably amongst executives. It also allows an acceleration in
the multi-brand, multi-product and multi-service strategy already implemented in order to position
Adenclassifieds's Recruitment brands everywhere where job applicants come into contact with
recruiters.
This document is not for publication or distribution, either directly or indirectly,
outside France, and notably in the United States, Canada or Japan
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Thibaut Gemignani, CEO, comments: ?2007 was Adenclassifieds' first full financial year. The success of
the merger of teams and activities has allowed the implementation of substantial synergies, not only at
sales level but also at IT, marketing and administrative level. We would like to thank our staff, clients
and partners who are daily contributors to this success. The results recorded in 2007 illustrate the vigour
of our development and our ability to generate high levels of profitability on high-potential sectors of
activity. 2008 will see an acceleration in our efforts to further increase the quality and visibility of our
products and services.?
Pierre Conte, Chairman of the Board of Management, adds: ?Our 2007 results are encouraging. They
validate our profitable growth model. In 2008, faced with a more hesitant market, we will focus on
leverage associated with the merger of our activities. At the same time, we reserve the right, with our
shareholders' backing, to increase our marketing investments in the Property sector and we will pursue
a targeted and reasonable acquisition policy. Reaffirming our guidance issued at the time of our IPO, we
expect to record revenue of €83 million and an EBITDA margin of 25% in 2009.?
Next press release: revenue for the first quarter of 2008:
th
6 May 2008, after market
About Adenclassifieds (www.adenclassifieds.com):
Listed on Eurolist by Euronext Paris since March 2007, Adenclassifieds is a leader in the French B2B online classified ad market.
Adenclassifieds offers a range of products across its 3 business segments: employment (cadremploi.fr and keljob.com), property
(explorimmo.com) and training (kelformation.com).
Listed on Eurolist Compartment B of Euronext Paris - ISIN: FR0004053932
Reuters: ADEN.PA - Bloomberg: ADEN FP
Member of the CAC Allshare
Contacts
NewCap
Adenclassifieds
Financial communication
Eric Magne
Simon-Laurent Zaks / Emmanuel Huynh
CFO
Tel.: +33 (0)1 44 71 94 94
Tel.: +33 (0)1 76 63 02 00
Fax: +33 (0)1 44 71 94 90
info@adenclassifieds.com
adenclassifieds@newcap.fr
This document is not for publication or distribution, either directly or indirectly,
outside France, and notably in the United States, Canada or Japan
4/8
ANNEX: DETAILED ANNUAL ACCOUNTS
Annual consolidated income statement
2007.12 2006.12
12 months 12 months
(thousands of euros)
Revenue 50,184 23,223
94 367
Other income from activity
Purchases consumed -865 -331
External expenses -15,408 -7,149
Personnel expenses -23,391 -10,924
Taxes -1,318 -605
Depreciation -1,419 -711
Provisions -509 200
Other operating expenses -398 -144
Current operating profit 6,971 3,926
Other operating revenue and expenses -1,899 -2,649
Operating profit 5,072 1,277
Cash income and cash equivalents 19 -
Cost of gross financial debt -7 -4
Cost of net financial debt 12 -4
Other financial income and expenses 2,267 461
Pre-tax profit 7,350 1,734
Income tax -2,955 -767
Profit after tax 4,395 967
Share of profit from associates - -
Total net profit 4,395 967
Attributable net profit 4,395 967
Minority interests - -
EPS (€) 0.68 0.55
Diluted EPS (€) 0.66 0.47
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outside France, and notably in the United States, Canada or Japan
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Consolidated balance sheet
Assets
2007.12 2006.12
(thousands of euros)
Intangible fixed assets 36,385 3,545
Goodwill 79,285 91,966
Tangible fixed assets 1,415 1,333
Investments in associates - -
Other financial assets 783 808
Deferred tax assets 3,023 4,946
Other long-term assets - -
120,891 102,598
Non-current assets
Inventories and work in progress - -
Trade accounts and other receivables 26,984 16,978
Tax payables 429 848
Other current assets 977 1,951
Securities and other investments 60,610 13,289
Cash and cash equivalents 1,264 2,197
Current assets 90,265 35,263
Non-current group of assets intended for disposal - -
Total Assets 211,156 137,861
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outside France, and notably in the United States, Canada or Japan
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Liabilities
2007.12 2006.12
(thousands of euros)
Share capital 6,468 4,898
Share premiums 76,891 29,740
Company's shares -228 -
Other reserves 1,912 356
Retained earnings 74,998 69,960
Total shareholders equity group share 160,041 104,954
Minority interests - -
Total minority interests - -
160,041 104,954
Total shareholders equity
Loans and financial debt - -
Commitments to personnel 167 154
Other provisions -
Deferred tax liabilities 9,594 - -
Other long-term liabilities - -
Total non-current liabilities 9,761 154
Borrowings and bank credit facilities (< 1 year) 111 433
Provisions (< 1 year) 497 1,007
Trade payables 22,671 18,623
Tax liabilities - 36
Other current liabilities 18,075 12,654
Total current liabilities 41,354 32,753
Total liabilities related to a group of assets intended for
- -
disposal
32,907
Total current and non-current liabilities 51,115
137,861
Total Liabilities 211,156
This document is not for publication or distribution, either directly or indirectly,
outside France, and notably in the United States, Canada or Japan
7/8
Annual consolidated cash flow statement
(thousands of euros)
2007.12 2006.12
12 months 12 months
4,395 967
Consolidated net profit
Adjustments
Depreciation, amortization and charges to provisions 927 1,335
Capital gains / losses - 174
Charges and proceeds from payments in shares 1,705 315
Operating cash flow after cost of debt and tax 7,027 2,792
Elimination of tax charge / income 2,955 766
Elimination of the cost of net debt 2 4
Operating Cash flow before cost of debt and tax 9,984 3,562
Impact of change in working capital requirement -1,620 4,538
Tax paid -638 -895
Cash flow from operating activity 7,726 7,205
Impact of changes in scope of consolidation -3,814 1,396
Acquisition of current & non-current assets -6,362 -1,202
Acquisition of financial assets -61 -1
Changes in loans and advances 39 -692
Other cash flow related to investing activities -177 6
Cash flow from investing activity -10,375 -494
Capital increase 49,435 1,014
Net interest payments -60 -4
Cash flow from financing activity 49,375 1,010
Net foreign exchange difference -15 1
Difference due to changes in accounting principles - -
Change in cash position 46,711 7,723
Cash position at start of period 15,052 7,329
Cash position at end of period 61,763 15,052
This document is not for publication or distribution, either directly or indirectly,
outside France, and notably in the United States, Canada or Japan
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information. All information should be checked prior to publication.Adenclassifieds : ADENCLASSIFIEDS : BUOYANT INCREASE IN 2007 RESULTS, REVENUE = ?50.2 million (+ 50.7% / 2006), EBITDA = ?8.9 million (x4 / 2006)
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