Scout24 Se · XETR:G24
Scout24 — Debt Investor Presentation (September 2016)
27 slides from Scout24's debt investor presentation, Sep 7, 2016
Slide 1: Scout24 AG Lender Presentation
www.scout24.com Scout24 AG Lender Presentation September 7, 2016 www.scout24.com
Slide 2: Disclaimer
Disclaimer This document has been issued by Scout24 AG (the “Company” and, together with its direct and indirect subsidiaries, the "Group") and does not constitute or form part of and should not be construed as any offer or invitation to sell or issue, or any solicitation of any offer to purchase or
Slide 3: Today's Presenters
Today‘s Presenters Christian Gisy Britta Schmidt Chief Financial Officer VP Investor Relations & Treasury
Slide 4: Key Financial Highlights FY 2015
Key Financial Highlights FY 2015 Strong organic …sustainable profitability… …and robust & visible cash revenue growth… flows +14% +28% +27% 394 190 170 345 149 134 91% 91% 43% 48% FY2014 1 FY2015 FY20141 FY2015 FY20141 FY2015 Group Revenues Group ordinary Group cash operating EBITDA2 contribution3 o
Slide 5: Key Financial Highlights H1 2016
Key Financial Highlights H1 2016 Strong organic …sustainable profitability… …and robust & visible cash revenue growth… flows +14% +15% +14% 216 109 100 189 95 87 91% 91% 216 51% 51% 189 H1 2015 H1 2016 H1 2015 H1 2016 H1 2015 H1 2016 Group Revenues Group ordinary Group cash operating EBITDA1 contrib
Slide 6: Key Operational Highlights
Key Operational Highlights We Continue to Be the Most Relevant Marketplace for BOTH our Customers and Consumers Record Listings Levels Record Traffic Levels More than 3m active listings Visits to core brand on constant high level +25% YoY 0.4m 0.2m 0.9m +15% YoY 149 150 1.3m +16% YoY 0.5m +0% YoY Ju
Slide 7: ImmobilienScout24: Listings
ImmobilienScout24 Listings Traffic Monetization Membership migration process1 Relative listings position to #2 competitor Membership migration to be 1.4x 1.5x mostly finalized in 2016 1.3x 82% 1.0x 54% June 15 June 16 Dec 14 June 15 Dec 15 June 16 Listings evolution 22,092 20,606 19,355 17,603 511 5
Slide 8: ImmobilienScout24: Traffic
ImmobilienScout24 Listings Traffic Monetization Traffic Evolution1 (visits in millions) 36% +5% y-o-y growth 32% Total: Total: 73m 72m 64% = main sites 68% = mobile sites and apps June 2015 June 2016 Unique Visitors (June 2016)2 Time Spent (June 2016)2 (in millions) (in minutes) 50% of the 6.5m mark
Slide 9: ImmobilienScout24: Monetization (ARPU)
ImmobilienScout24 Listings Traffic Monetization ARPU Evolution (ARPU in €/month) 703 623 602 569 510 512 466 424 1 2012 2013 2014 2015 H1 2015 H1 2016 1. Given the Group’s complex financial history, to facilitate year-on-year comparison and to better represent the business trends and situation of Sc
Slide 10: ImmobilienScout24 Financials: Platform for Continued Growth
ImmobilienScout24 Financials Platform for Continued Growth External Revenues Key highlights growth y-o-y growth y-o-y (in €m) Core Agent revenues 140 9% 129 Revenue growth driven by solid ARPU increase offsetting 9% 15% decreasing core agent numbers Other Agent revenues 65 71 19% 2% Slight decre
Slide 11: IS24 Wrap-Up
IS24 Wrap-Up What We Have Delivered What We Are Working On Membership migration near Drive VIA power usage and further expand completion ARPU Continue to roll-out regional product and Increased listings market share pricing strategy Launched initiatives to improve sales Finalize sales force reorgani
Slide 12: AutoScout24: Focus on Germany
AutoScout24 Focus on Germany – Strengthening Market Positioning Core Dealer Locations1 Listings2 (‘000) +7% +16% 21,655 23,235 1,254 1,077 Listings June 2015 June 2016 June 2015 June 2016 (visits in millions) 43% 49% +14% y-o-y growth Total: Total: Traffic3 43m = main sites 42m = mobile sites and ap
Slide 13: AutoScout24: Focus on Italy & Benelux
AutoScout24 Focus on Italy & Benelux – Cementing our Leadership Positions Core Dealer Locations1 Listings2 AutoTrader.nl +17% Listings growth (‘000) +11% de-duplicated 1.2x vs. #2 +39% AutoTrader.nl (+3,1%) customer (+15%) listings accretion +11% organic Listings growth 18,712 Listings 16,892 1.032
Slide 14: AutoScout24 Financials: Delivering on Growth Potential
AutoScout24 Financials Delivering on Growth Potential Q2 and H1 2016 External Revenues including revenues from European Key highlights growth y-o-y Autotrader B.V. growth y-o-y (in €m) Core Dealer revenues 27% Ongoing expansion of dealer base and ARPU in Germany due 73 to success of new sales appr
Slide 15: AS24 Wrap-Up
AS24 Wrap-Up What We Have Delivered What We Are Working On Successfully implemented new sales Execute on sales strategy to further cement approach Benelux and Italy leadership position Further increase penetration of Marketing Rollout Marketing Power pricing model power products and monetize complet
Slide 16: Corporate Financials
Corporate Financials Revenues 12 Key highlights (in €m) 6 Internal revenues relate to shared services and group functions as well as to the management fee charged by 5 11 Corporate to IS24 and AS24 Cost base impacted by set-up of 3 6 Asa NewCo/AG structures as 4 well as centralization of group f
Slide 17: Bolt-on acquisitions to strengthen market position
Group Bolt-on acquisitions to strengthen market position Acquired Acquired Acquired Acquired easyautosale.com classmarkets AutoTrader.NL immodirekt.at mynexthome.de Leading re-commerce & valuation Operator of property portals A leading car portal Regionally focused site for cars (software-as-a-servi
Slide 18: Group Financials
Group Financials Strong organic growth and sustainable profitability growth y-o-y growth y-o-y Revenues 14% 216 (in €m) 189 Organic revenue growth of 27% 12% in H1 2016 14% AutoTrader.nl adding a total 110 €2.9 million revenues in H1 96 2016 (Q2 2016: €1.9 million) 27% 9% 9% Q2 2015 Q2 2016 H1 2
Slide 19: Below EBITDA Items
Below EBITDA Items H1 2015 H1 2016 (in €m) Comments • include €2.2m non-cash accounting effect from share-based compensation (Management Equity Programmes), Ordinary operating EBITDA 95.5 109.4 €1.2m performance based compensation stemming from a purchase price Non-operating items (10.6) (9.6) agree
Slide 20: Covenant KPI: Strong deleveraging profile
Covenant KPI Strong deleveraging profile Dec June (in €m) 2015 2016 Total Net Debt 711.3 685.4 LTM EBITDA 189.9 203.9 (in accordance with SFA clause 26.4) Leverage Ratio 3.75x 3.36x Covenant 7.75x 7.75x Headroom abolute 4.0x 4.39x EBITDA Headroom % 51.7% 56.6% 19
Slide 21: Outlook Full Year 2016
Outlook Full Year 2016 Moving to high end of previously guided margin range Revenues (in €m) 216 Group revenues expected to record a low double-digit percentage growth rate IS24 is expected to achieve a mid single percentage revenue growth rate AS24 is expected to grow revenues at a low twenties
Slide 22: Scout24
SCOUT 24
Slide 23: Reconciliation Adjusted Earnings
Reconciliation Adjusted Earnings1 (in €m) H1 2015 H1 2016 Earnings before Tax 55.5 44.3 Add back non-operating items 10.6 9.6 Add back D&A on PPA items 24.6 24.7 Add back extraordinary finance expense/ - - income Deduct Profit from disposal of investments (22.1) - accounted for using the equity meth
Slide 24: Income Statement
Income Statement 01/01/15 - 06/30/15 01/01/16 - 06/30/16 (EUR '000) Revenues 189.1 215.9 Own work capitalised 5.3 5.5 Other operating income 1.6 0.8 Total operating performance 196.0 222.1 Personnel expenses (47.9) (55.0) Advertising expenses (22.5) (24.6) IT expenses (5.9) (6.9) Other operating exp
Slide 25: Balance Sheet: Assets
Balance Sheet Assets 12/31/2015 06/30/2016 (EUR millions) Current assets 117.7 104.6 Cash and cash equivalents 70.6 56.4 Trade receivables 37.8 38.7 Financial assets 0.3 0.2 Income tax receivables 0.3 0.2 Other assets 8.6 9.1 Non-current assets 2,055.5 2,060.5 Goodwill 787.3 816.2 Trademarks 983.7 9
Slide 26: Balance Sheet: Equity and Liabilities
Balance Sheet Equity and liabilities 12/31/2015 06/30/2016 (EUR millions) Current liabilities 86.9 86.5 Trade payables 25.6 18.4 Financial liabilities 6.0 5.8 Other provisions 4.7 4.4 Income tax liabilities 15.3 27.7 Other liabilities 35.3 30.2 Non-current liabilities 1,165.0 1,125.5 Financial liabi
Slide 27: Cash Flow Statement
Cash Flow Statement 01/01/15 - 06/30/15 01/01/16 - 06/30/16 (in €m) Earnings after tax 40.0 29.5 Depreciation, amortisation and impairment losses 31.7 32.4 Income tax expense/(income) 15.6 14.9 Financial expenses/(income) 18.9 23.0 Result from investments/ (disposals of) accounted for using the equi
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