Seek Limited · ASX:SEK
Seek — Shareholder Meeting (November 2009)
20 slides from Seek's shareholder meeting presentation, Nov 30, 2009
Slide 1: SEEK Limited Annual General Meeting
For personal use only SEEK Limited Annual General Meeting 30 November 2009
Slide 2: Joint CEO update
Joint CEO update For personal use only Andrew Bassat & Paul Bassat 2
Slide 3: Full Year Overview
Full Year Overview For personal use only Consistent strategy and effective execution delivers a strong result Financial Performance Strong financial result in a challenging year with EBITDA of $97.8m and NPAT of $55.3m Result driven by resilience in Ad revenues, growth in SEEK Learning and a reducti
Slide 4: Strong Financial Results to June 2009
Strong Financial Results to 30 June 2009 For personal use only Change to Dividend Policy commencing H2 FY09 - Final Dividend Current policy is to pay out 40%-70% of NPAT with the current pay out ratio being 40%. Revised policy is that SEEK will continue with the 40% pay-out ratio but from “Cash NPAT
Slide 5: SEEK has a strong track record over a sustained period
SEEK has a strong track record over a sustained period For personal use only CAGR 51.4% 61.4% 41.5% Note Revenue excludes interest and other revenue 5
Slide 6: Employment Dynamics
For personal use only 6 Employment Dynamics
Slide 7: During the GFC there was an acceleration of print to online migration
During the GFC there was an acceleration of print to online migration … For personal use only We have seen an acceleration in migration of revenue from print to online in the last 12 months (2001-2010F; (2001 2010F; %) enue as % of totall employment ad market 70 60 USA 50 ~2 years lag 40 Australia 3
Slide 8: Further growth from revenue migration from print to online
…with further growth to come from revenue migration from print to online which is an ongoing structural trend. For personal use only Online vs vs. Print (%) J b Ad Volume Job-Ad V l 1 J bS Job Seeker k P Preferences f 2 Sh Share d3 off Spend S Online 77% 74% 39% Print 23% 26% 61% 1 ANZ Job Series Da
Slide 9: Online is the way to search for jobs; SEEK is the #1 brand
Online is the way to search for jobs where SEEK continues to be the #1 brand… For personal use only Online is the way to search for jobs1 … … and SEEK is the #1 brand1 Q: If you were looking for a job and could use only one way to find a job, in what way would you choose to look for a job? 1Source:
Slide 10: SEEK rapidly increasing its share of unique browsers
…which is reflected in SEEK rapidly increasing it share of unique browsers relative to its competitors. For personal use only SEEK has rapidly grown its share of UBs 10
Slide 11: SEEK is positioned for growth in its online business in Australia and NZ
SEEK is positioned for growth in its online business in Australia and NZ given its strong market position and favourable exposure to structural trends. For personal use only Core drivers of long term employment earnings SEEK’s core growth strategy remains on accelerating the structural migration of
Slide 12: Education – SEEK Learning, THINK and IDP
Education – SEEK Learning, THINK and IDP For personal use only 12
Slide 13: SEEK has a broad and diverse presence in education and training
SEEK has a broad and diverse presence in education and training… For personal use only Billy Blue (Design) William Blue (Hospitality) ACNT (Natural Therapies) (100%) APM (Marketing/PR) dents JNI (Psychology/Counselling) CATC ((Design) g ) omestic Stud (100%) EDUCATION AND TRAINING SEEK Learning UK S
Slide 14: In just over five years, SEEK has built a large Education business
…and in just over five years, SEEK has built a large Education business. For personal use only SEEK’s Education Business In five years, years SEEK has built a large Education business with “look through” revenue of $152.5m and EBITDA of $28.2m in FY09. Revenue growth4 of 50% for FY09 was split betwe
Slide 15: Since the acquisition, THINK's performance has been strong
Since the acquisition, THINK’s performance has been strong For personal use only Update THINK is executing well against the core drivers that impact earnings & revenue growth • Pleased with progress by THINK and SEEK Learning to extract integration & synergy benefits THINK benefiting from SEEK’s e
Slide 16: Update on SEEK Learning & IDP
Update on SEEK Learning & IDP For personal use only Update Update • Strong growth in leads & enrolments • Continued expenditure into USA expansion across ac oss e existing s ga and d new e pa partners es with project progressing well • Achieving economies of scale and • Strong enrolment growth from
Slide 17: International
For personal use only 17 International
Slide 18: SEEK has an attractive suite of international investments
SEEK has an attractive suite of international investments exposed to fast growing economies and favourable structural trends For personal use only Brasil Online Holdings (SEEK owns 30%) • FY09 SEEK’s share of revenue A$18.3m & EBITDA of A$3.3m (margin of 18%) • Performing well across all user and ad
Slide 19: FY10 Outlook
FY10 Outlook For personal use only EMPLOYMENT • Revenue has modestly grown month on month since the April lows ¨ • Early months of CY2010 important in determining if a sustainable recovery is underway • When market conditions improve expect strong structural growth to continue EDUCATION • SEEK Learn
Slide 20: Focus drivers for SEEK's growth remains consistent
Focus drivers for SEEK’s growth remains consistent For personal use only SEEK is well positioned to strongly grow earnings Employment Volume Yield Product Expansion Education Drivers of Future SEEK Learning Earnings Growth IDP THINK International Brasil Online Holdings Zhaopin JobStreet 20