Scout24 Se · XETR:G24
Scout24 — Investor Day (November 2017)
78 slides from Scout24's investor day presentation, Nov 14, 2017
Slide 1: Capital Markets Day 2017
www.scout24.com Capital Markets Day 2017 November 2017| Scout24 1
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 s
Slide 3: Agenda
Scout24 Capital Markets Day 2017 Agenda 09:00 am CET Welcome to Scout24‘s first Capital Markets Day ImmobilienScout24: Update on strategy and market segments AutoScout24: Update on strategy and market segments Scout24 Consumer Services: Expanding focus from listings to transaction Re-Cap Q3 2017 Fin
Slide 4: Speakers
Capital Markets Day 2017 Speakers Greg Ellis Christian Gisy CEO CFO Scout24 AG Scout24 AG Thomas Schroeter Felix Frank Ralf Weitz Senior Vice President Vice President Senior Vice President ImmobilienScout24 AutoScout24 Scout24 Consumer Services page 3
Slide 5: Keynote
Capital Markets Day 2017 Keynote Greg Ellis CEO, Scout24 AG Scout24 Capital Markets Day, November 2017
Slide 6: Our Purpose: Inspiring Your Best Decisions
Our Purpose: Inspiring Your Best Decisions We connect people, cars and homes. Seite 4
Slide 7: The Journey Continues: Delivering on IPO Objectives
The Journey Continues: Delivering on IPO Objectives Total core operations Guidance given at time of IPO LTM 9M 2015 – 9M 2017 Revenues (growth) Low double-digit +11% CAGR ooEBITDA margin (%) Low-single-digit expansion p.a. +2% CAGR Delevered from 4.0x to 2.45x net Group Leverage (1) Deleveraging
Slide 8: Digital activity influencing market dynamics & driving change
Digital activity influencing market dynamics & driving change CONSUMER PARTNER Transparency Consumer orientation Reflect market Simplicity Cost efficiencies Relevance Enhance market Modularisation Functionality Allow market to transact page 6
Slide 9: Addressing Consumer And Customer Needs In The Market
Addressing Consumer And Customer Needs In The Market CONSUMER PARTNER Displaying a wide range of listings REFLECT Supporting with lead acquisition Creating a transparent market environment Providing valuable consumer insights Complementing offering with relevant services ENHANCE Delivering data driv
Slide 10: Scout24 Market Network: An Ecosystem for Consumers and Customers
Scout24 Market Network: An Ecosystem for Consumers and Customers Long-term Multiple relationships Buyers and Sellers Transaction Marketplace Network Listings Complex Profiles Products and Services Multi- Interaction/ transactions Communication Data & Analytics Cross-device flow Personalization Marke
Slide 11: Enhanced Monetization Opportunities for Scout24
Enhanced Monetization Opportunities for Scout24 More ARPU1 and 3 Revenue Content Leadership Monetization of Value Proposition 1 Large Amount of Quality Listings Best Consumer Experience... 2 More Traffic and Audience page 9
Slide 12: Bringing more Value to the Marketplace – Real Estate
Bringing more Value to the Marketplace – Real Estate 103m 100k 13.000 square meters Additional Email Subscribers Leads per Object Reflecting a great amount of Enhancing search results with Helping Consumers finalize the Commercial Real Estate in Germany „Property you might also like“ transaction pag
Slide 13: Bringing more Value to the Marketplace – Automotive
Bringing more Value to the Marketplace – Automotive 65% 50% of of users want users 8-10% 360° images find feature New Car helpful Leads originate from AS24 Providing quality listings exclusively Enhancing listings with valuable Delivering relevant leads to dealers and with the 360° experience inform
Slide 14: Bringing more Value to the Marketplace – Consumer Services
Bringing more Value to the Marketplace – Consumer Services 82k 100k 176k Leads credit score Leads to RRI to finance applications per partners per partners per quarter quarter quarter Finding the right financing Providing an easy service for property In-app inventory list tool for partner with the mo
Slide 15: Expanding our addressable market and targeting additional revenue opportunity
Expanding our addressable market and targeting additional revenue opportunity ● Mortgage loans Property Sector ● New cars retail Automotive Sector ● Home insurance in Germany 1 ● Used cars retail in Germany 1 ● Utilities ● After-sales market ● Moving expenses c.€510bn+ c.€280bn+ ● Auto finance & lea
Slide 16: Continued Diversification of Revenues since IPO
Continued Diversification of Revenues since IPO 33% 30% At Time of IPO Today 50% (Sep 2015) (Sep 2017) 70% 17% IS24* AS24* IS24 AS24 S24 Consumer Services Adapting financial disclosure to reflect transformed business page 14 Revenue shares * Scout24 Consumer Services Revenues included
Slide 17: ImmobilienScout24
ImmobilienScout24 Update on Strategy and Market Segments Thomas Schroeter Senior Vice President, ImmobilienScout24 Scout24 Capital Markets Day, November 2017
Slide 18: Provide a Networked Real Estate Marketplace
Provide a Networked Real Estate Marketplace which is Completely Digital, Offering a Transparent, Simple and Relevant Experience for All Actors in the Market
Slide 19: We are the Dominant Player (473k Listings)
We are the Dominant Player (473k Around Listings) 40k 1.9x private listings Around 470,000 listed properties, 1.9x more than next competitor1 per day more listings than Around 40,000 paid private listingscompetition online per day11 Offering the most residential listings in 84% of regions in Germany
Slide 20: Acting in a Healthy Market
Acting in a Healthy Market GDP with stable growth during last 3 years Moderate growth in residential transaction volume Consumer confidence at record high Healthy increase in residential sale level transaction value in 2016 Amount of building permissions increased Employment continuously increasing
Slide 21: We Serve the Whole Market Fueled by Consumer Needs
We Serve the Whole Market Fueled by Consumer Needs Consumers Asset Owner Partners Picture Picture • ~50% home ownership rate in • ~33 thousand real estate • ~3.6 million transactions in Germany, trending upwards professionals in Residential • ~2.5 million private residential residential real estate
Slide 22: Dominating the Demand Side of the Market
Dominating the Demand Side of the Market We are reaching most consumers… …and they are satisfied with us ~ 13.0 Million Unique Monthly Visitors1 ~ 76% satisfaction with search experience5 ~ 50% only look on IS242 Best rated and most downloaded App6 ~ Most used portal in 288 regions3 Consumer Brand o
Slide 23: Digitizing the Owner Lifecycle to Expand Competitive Advantage
Digitizing the Owner Lifecycle to Expand Competitive Advantage Simple & efficient web Finding the best agent & mobile listing flows Listing and digital presentation of properties Contact manager & appointment planner ~ 40 thousand private listings Managing Valuation Market on IS24 and insights quali
Slide 24: Residential Real Estate: Partnering with Agents
Residential Real Estate: Partnering with Agents to Drive their Business in a Digitising Real Estate World €112 m Residential real estate ~ 26 thousand players in the market (incl. property managers) ~ 70% working with IS24 on a regular basis1 ~ €5.0+ billion commission pool Fragmented market with lo
Slide 25: We are Fueling our Dominant and Exclusive Position
We are Fueling our Dominant and Exclusive Position… We offer the most residential real estate listings… ...and we are the most used portal 330 160 IS24 315 150 IS24 1.5x 1.7x 1.2x # residential listings, in thousands 140 210 1.6x 1.7x Average Usage index1 1.2x 1.3x 1.3x 1.9x 130 195 120 combined com
Slide 26: … in the Local Real Estate Markets …
… in the Local Real Estate Markets … Leading in regional listings… and traffic share +16pp +18% increase in regions with regions with leading leading position position Q3 2017 vs Sep 2017 vs Sep 2016 Q3 2016 Sep 2016 Sep 2017 Q3 2016 Q3 2017 Residential real estate page 10 Sources: Management estima
Slide 27: … and our Partners are Appreciating this
… and our Partners are Appreciating this Churn rate at Indexed churn rate, residential agents2 100% record low 90% (0.3) 13.2 80% 0.0 0.5 13.2 70% (0.3) 0.3 (0.3) 2016 60% -53% 13.0 12.9 50% # of partners, in thousands 40% 2017 +6% 0% net Increase in number Mar Jun Sep Dec of partners since Dec 16 5
Slide 28: Our Products Provide Value to our Partner's Businesses
Our Products Provide Value to our Partner’s Businesses Successfully market Acquire new objects, Run the business existing objects build local reputation & brand ▪ Largest reach in Germany ▪ Increased visibility with top- ▪ Market Navigator: Market ▪ Accelerated marketing of-the-list products knowled
Slide 29: Product Launch Example: New Exposé in VIA Logic
Product Launch Example: New Exposé in VIA Logic Improved sharing & saving No third-party advertising opportunities for Schaufenster exposés Logo & corporate Improved multimedia- coloring integration Improved map Detailed partner portrait integration Sticky contact form Residential real estate page 1
Slide 30: Sales Presenter Example: Investing into Sales
Sales Presenter Example: Investing into Sales to Have High-Quality Conversations with our Partners… Sales Presenter Your Usage of Visibility Products Automated data collection to simplify preparation of customer visits Provides customer-specific data without manual research Simple and flexible custo
Slide 31: … and to Demonstrate our Value Creation to our Partners
… and to Demonstrate our Value Creation to our Partners Illustrative Sales Presenter output Sale Rent # of sold objects during the last 6 months 12 - Price of sold objects 3.936.000,00 € - Ø Price / Rent per object 328.000,00 € - Provision (%) / Number of monthly Rents (#) 5,0% - Commission in the l
Slide 32: Value Creation Allows for Consistent Price Increases Using VIA
Value Creation Allows for Consistent Price Increases Using VIA as Differentiator 30% KAM Inside Sales 70% Revenue Share Revenue Share # of Partners As-is In Future Q3 2017 Residential real estate page 16 All data with regards to Residential Agents, excluding Property Management Scources: Management
Slide 33: First Results in Uptake of VIA Products
And We are Seeing First Results in Uptake of VIA Products 25% of ARPU driven Revenue from Residential Agents in first month of VIA Contract (in €k) 1 130 by VIA products amongst Customers buying 120 VIA in September 2017 110 100 +47% +117% 90 80 70 60 50 2016 2017 10 Q1 Q2 Q3 Residential real estate
Slide 34: Business Real Estate: Leader in a Diverse Market with Opportunity
Business Real Estate: Leader in a Diverse Market with Opportunity €46 m Business real estate Commercial real estate Developers and New Home Builders ~ 1.7 thousand players in the market ~ 3.0 thousand players in the market ~ 90% working with IS24 on regular basis ~80% working with IS24 on regular ba
Slide 35: Commercial and Developer: Dedicated Products
With Dedicated Products Providing Significant Value Proposition Efficient marketing channel Brand exposure Dedicated platform, customised for the needs of VIA Products and media products Commercial commercial seekers ✓ Dedicated search criteria ✓ VIA products for efficiently marketing objects ✓ Busi
Slide 36: ImmobilienScout24 Strategy Going Forward
ImmobilienScout24 Strategy Going Gorward What We Have Delivered What We Are Working On Leveraging regional product and pricing Increased listings market share strategy Successful roll-out of major Continue product innovations, support with customized product innovations marketing activities First su
Slide 37: AutoScout24
AutoScout24 Update on Strategy and Market Segments Felix Frank Vice President, AutoScout24 Christian Gisy CFO, Scout24 AG Scout24 Capital Markets Day, November 2017
Slide 38: We are the Largest EU Automotive Digital Marketplace
We are the Largest EU Automotive Digital Marketplace Around 2.4 million new and used cars1 98 million visits per month with 69% mobile share2 Around 47,600 dealer partners3 Market leader in 4 European countries4 48% of dealer revenue generated in market leading countries5 20% dealer growth in German
Slide 39: We are a Leading Player in our Core Markets
We are a Leading Player in our Core Markets European market overview No.1* NETHERLANDS GERMANY » ~ 280,000 ads » ~ 1.2m ads » ~ 8.5m visits per month2 » ~ 40m visits per month2 » Main competitor: » Main competitor: » Listing share vs. Main » Listing share vs. Main competitor1: 1.52x competitor1: 0.9
Slide 40: We Cater to the Evolving Needs of the Massive Auto Ecosystem
We Cater to the Evolving Needs of the Massive Auto Ecosystem Consumers Dealers OEMs €156bn spent on cars annually €61m also spent on insurance and Marketing spend of >€650m in €2bn ad spend by OEMs in financing and €64m on after sales Germany – 65% is still offline Germany - 71% is still offline in
Slide 41: We Provide Consumers with Tools to Address their Key Questions
We Provide Consumers with Tools to Address their Key Questions Is the dealer OK? Is the price OK? Is the condition OK? Dealer ratings Price tool 360° images CarlAuto Dealer AS24 was first in market and is still leading in # of AS24 was and still ratings (doubled last year) AS24 was and still is firs
Slide 42: Price Authority: Evolving into Authoritative EU Pricing Data Source
Price Authority: Evolving into Authoritative EU Pricing Data Source While Maximising Value for Money for Consumers List Page: Unmatched value proposition for both consumers and dealers Machine learning Algorithm based on 10m ✓ training datasets Consumers Accurate and transparent market values of ✓ c
Slide 43: Visit the 360° link
Please visit the link on the Capital Markets Day page or just visit www.autoscout24.de/360/
Slide 44: 360° - Highly Differentiated Proposition for Consumers and Dealers
360° - Highly Differentiated Proposition both for Consumers and Dealers Differentiator for consumers Differentiator for dealers New Experience Stand out from competition Engaging New Car Configurator Visibility boost and positioning as experience also for used cars innovative & trustworthy dealer In
Slide 45: Clear ROI Proposition for Dealers
Clear ROI Proposition for Dealers c.3% 1 €5-10 at 10-15% << x €19k 2 €50-€100 c.€570 Cost per sale with AS24 is significantly lower than dealer net margin page 9 Sources: Management estimates, internal data, if not otherwise stated 1. OC&C 2015 2. Average Car Price in 2017, AutoScout24 Used Car Pric
Slide 46: Clear ROI Articulation Supports New Dealer Acquisition
Clear ROI Articulation Supports New Dealer Acquisition... Customized Pulse Report…. … to support ROI-Based Pitch Anonymized Anonymized Resulted in dealer acquisition 1 of 20% within last 2 years 30 15% 5 €254 €51 page 10 Source: Management estimates 1. Growth in Dealer locations in Germany since IPO
Slide 47: … and Allows for Consistent Price Increases
… and Allows for Consistent Price Increases… Drove ARPU growth4 of 6 Price increases across all markets1 X 35% Ø10-25% Average price increase2 since IPO Associated churn impact of only 2% 3 Sources: Management estimates, internal data 1. During the course of 2017 page 11 2. Average price increase in
Slide 48: On-Top-Product Sales with Clear ROI by Decreasing Standing Times
...and On-Top-Product Sales with Clear ROI by Decreasing Standing Times. Proven lead uplift/ selling time decline Clear benefit for dealers Impact of standing time on price reductions Already used on 6% of all listings6 On average 0,5% price reduction every 10 days Marketing Power allows positioning
Slide 49: AS24 is a Crucial Contributor to How OEMs Reach Customers
AS24 is a Crucial Contributor to How OEMs can Reach and Acquire Customers AS24 can enable OEM target consumers at a very early stage in buying process DECISION STAGE 51% are still undecided at the New vs Old car beginning of journey1 Key Consumer Only 31% of new touchpoint in Brand and Model car buy
Slide 50: Autoscout24 Strategy Going Forward
Autoscout24 Strategy Going Forward What We Have Delivered What We Are Working On Future proofed tech platform and Further leverage clear ROI product set to upgraded user experience continue strong monetisation growth Established a ROI based product Enhance & exploit USPs to further close gap in set
Slide 51: Scout24 Consumer Services
Scout24 Consumer Services Expanding focus from listing to transaction Ralf Weitz Senior Vice President, Scout24 Consumer Services Scout24 Capital Markets Day, November 2017
Slide 52: Digital Activity is Increasingly Influencing Market Dynamics
Digital Activity is Increasingly Influencing Market Dynamics Consumers Partners Transparency Consumer orientation Simplicity Cost efficiencies Flexibility Modularisation Availability Automatisation Drive the digitisation of the whole process of buying homes and cars Be the central place where the co
Slide 53: We are Extending Focus from Listings to Transactions
We are Extending Focus from Listings to Transactions Property Mortgage Moving and Switch Facilities seekers 1m users renovation Phone / and Kitchen 20m 1m users Electricity Consumer journey € % New and Auto financing Car insurance Tyres Workshop used car searchers credit seekers up to 19m 1.3m 1m %
Slide 54: Creating a €100m+ Business in the Mid-Term
€ % Car Finance ~€38bn Premium Mortgage Consumer Finance Services ~€172bn ~€27bn This Transition Presents a Huge Market Opportunity Creating a €100m+ Business in the Mid-Term Page 4 Source: OC&C 2015
Slide 55: Significant Progress in Building out the Business
We Have Made Significant Progress in Building out the Business... Strong Organic Track Record Around 2,500 leads per day sent to mortgage & relocation companies Around 39,000 credit checks sold every month 3,000 paying financing and relocation partners1 13,000 premium subscribers2 2.8m visits per mo
Slide 56: Four Avenues to Create Value and Monetise on Both Sides
We Follow Four Avenues to Create Value and Monetise on Both Sides Consumers Partners Mortage Comparison 1 Mortgage Manager Finance Solvency Check 2 Filter to qualified Leads Premium Membership Direct Consumer Monetisation Relocation Calculator 3 Relocation Manager Relocation Brand Day 4 Data segment
Slide 57: Leveraging our Traffic and Data Advantage to Drive Leads
Leveraging our Traffic and Data Advantage to Drive Leads paid traffic Lead Generation Own organic traffic Data analytics, predictive tools Add enriched, personalized data Page 7
Slide 58: Using Own and Enriched Data to Develop more Use Cases
Using Own and Enriched Data to Develop more Use Cases 1 Current lead products Lead quality + Identity check + further filter + Credit score possibilities for banks Information phase First comparison Intensive Comparison 2 Pre Approval 3 Credit request Pre-qualification Prequalification + „What can I
Slide 59: Improve Consumer Journey – Increase Lead Quality & Revenue
Improve Consumer Journey – Increase Lead Quality & Revenue Example How To Personalize The Mortgage Process 1. Leads + Score & User Check 3. Credit request First contact Active search Real estate expert Financing completed Information search Moving 1 3 5 7 9 11 ? % ✓ ✓ Real time notifications 2 4 6 8
Slide 60: The Vision: Scalable and Recurring Business Model
The Vision: Creating a Scalable and Recurring Business Model, Consumers Become Customers Search Apply Live currently 13,000 active subscribers1 Acquisition Use Retention Access to exclusive listings Skip the queue – first line Locksmith service Verified identity Legal advice Premium data about listi
Slide 61: Next: Bringing Car Financing to the Next Level
Next: Bringing Car Financing to the Next Level § Mobility in general is changing OEMs looking to differentiate as Consumers looking at total cost on the back of a variety of they feel the pressure of the of vehicle ownership rather socio-economic factors digitasation than just financing rates Page 1
Slide 62: We are in a Unique Position
We are in a Unique Position Transaction Capability to drive transactions and increase network effects Ability to get deeper in the First party data value chain Scoring and matching capabilities Strong innovation power High industry expertise Re-known partner in the industry Large engaged consumer ba
Slide 63: Scout24 Financials
Scout24 Financials Re-Cap Q3 2017 Financials / Adapted financial disclosure starting Q1 2018 Christian Gisy CFO, Scout24 AG Scout24 Capital Markets Day, November 2017
Slide 64: Re-Cap: 9M 2017 Key Financial Highlights
Re-Cap: 9M 2017 Key Financial Highlights Strong organic …sustainable …and robust & visible revenue growth… profitability… cash flows +8% +11% +10% 354 186 170 326 168 154 92% 92% 52% 51% 9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017 Group Revenues Group ordinary Group cash operating EBITDA1 contri
Slide 65: ImmobilienScout24: Improving Core Agent Dynamics
ImmobilienScout24: Improving Core Agent Dynamics… growth y-o-y External Revenues 5% Key highlights (in €m) 222 212 Core Agent revenues Core Agent revenues show growth y-o-y 12% 12% slight increase compared to Q3 2016 reflecting 6% improvement in core agent 2% 2% 76 trends 71 Other Agent revenues 1
Slide 66: …with Stabilising Core Agent Numbers
…with Stabilising Core Agent Numbers December 2016 17.4 0.1 ▪ Core agent numbers increased in Q3 2017 (0.5) versus Q2 2017 March 2017 17.0 ▪ Low churn rates driving positive agent 0.4 number development (0.4) ▪ Stable customer winback rate (based on monthly run rate) in Q3 2017 June 2017 17.0 0.7 ▪
Slide 67: AutoScout24: Sustainably Delivering on Growth Potential
AutoScout24: Sustainably Delivering on Growth Potential growth y-o-y External Revenues growth y-o-y 15% Key highlights (in €m) 14% 127 6% Core Dealer revenues 111 Strong ARPU increase on the 3% back of price increases and good visibility product uptake in core countries 19% 19% 43 Other Dealer rev
Slide 68: We are Diversifying our Operations
We are Diversifying our Operations… 9M 2016 9M 2017 31% 33% 50% 53% 16% 17% Revenue share ImmobilienScout24 AutoScout24 Scout24 Consumer Services page 6
Slide 69: …and are Adapting our Financial Disclosure
…and are Adapting our Financial Disclosure… 9M 9M 9M Revenue YoY ordinary operating EBITDA Margin (in €m) 2016 2017 (in €m) 2017 ImmobilienScout24 171.8 175.7 2.3% ImmobilienScout24 118.9 67.7% AutoScout24 102.7 118.0 15.0% AutoScout24 54.6 46.2% Scout24 Consumer Services 51.3 59.3 15.6% Scout24 Con
Slide 70: …Providing More Transparency
…Providing More Transparency ImmobilienScout24 9M 2017 (in €m) ImmobilienScout24 9M 2017 Revenue with Residential real estate partners 84.8 (in €m) Revenue with Business real estate partners 35.0 Core Agent Revenues 118.8 Revenue with private listers and others 55.9 Other Agent Revenues 26.9 Revenue
Slide 71: ImmobilienScout24: Adjusted for More Granularity
ImmobilienScout24: Adjusted for More Granularity ImmobilienScout24 Q3 Q3 9M 9M Q3 Q3 YoY YoY KPIs YoY (in €m) 2016 2017 2016 2017 2016 2017 Residential Partners Revenue with Residential 13,157 13,171 0.1% 28.1 28.6 1.8% 84.0 84.8 0.9% (end of period, contractual, #) real estate partners ARPU (€) 610
Slide 72: Reconciliation Core Agent Revenues
Reconciliation Core Agent Revenues ImmobilienScout24 Q3 2017 YoY Residential Partners (end of period, contractual, #) 13,171 0.1% Q3 ImmobilienScout24 YoY 2017 ARPU (€) 634 4.0% Core Agents Core Residential revenues (€m) 24.9 2.7% 17,230 (0.8)% (end of period, #) Business Partners (end of period, #)
Slide 73: AutoScout24: Slightly Adjusted to Reflect Business Evolution
AutoScout24: Slightly Adjusted to Reflect Business Evolution AutoScout24 Q3 Q3 9M 9M Q3 Q3 YoY YoY KPIs YoY (in €m) 2016 2017 2016 2017 2016 2017 Revenue with Dealers Dealer Germany (#) 25,335 27,443 8.3% 14.4 17.1 19.0% 41.9 50.1 19.5% Germany ARPU (€) 193 210 8.9% Revenue with Dealers in European
Slide 74: Scout24 Consumer Services: Additional Disclosure
Scout24 Consumer Services: Additional Disclosure Scout24 Consumer ▪ Revenue with Financing Partners reflects all revenue Q3 Q3 9M 9M Services YoY YoY generated with Financing Partners (consisting of listing 2016 2017 2016 2017 (in €m) and lead revenue) Revenue with Finance 8.4 10.1 19.5% 25.4 29.8 1
Slide 75: Strong Cash Flow Generation…
Strong Cash Flow Generation… (in €m) Total Revenue 354 Solid topline driven by organic growth Operating Expenses (168) Operating leverage oo EBITDA 186 52.5% margin Limited capex requirements non-operating items (14) Reported EBITDA 172 Capex (16) To approach statutory corporate rate Reported Cash C
Slide 76: …with Clear Priorities for Cash…
…with Clear Priorities for Cash… Re-invest in growth M&A activities targeted to strengthen market positions or grow adjacencies business Return cash to shareholders Dividend pay-out ratio of 30.0% to 50.0% of adjusted net income over time Repay debt Target leverage of 1.5x to 1.0x over time page 14
Slide 77: …Combined with Strong Operational and Financial Performance
…Combined with Strong Operational and Financial Performance Revenues 354 ▪ We expect Group revenues to record high-single-digit percentage growth rate in 2017 ▪ We target Group revenues to be back on low double-digit percentage growth trajectory by 2019 9M 2017 ordinary operating EBITDA 186 ▪ We exp
Slide 78: Scout24 Investor Relations Contact Details
Scout24 Investor Relations Contact Details Capital Markets Day 2017 Previous Reports and Publications Today’s presentation material can be found on the Q3 and 9M Report 2017 http://www.scout24.com/en/Investor-Relations/Financial-Publications/Financial- event page: Reports/Financial-reports.aspx http