Scout24 Se · XETR:G24
Scout24 — FY2015 Earnings Presentation
32 slides from Scout24's earnings presentation, Mar 30, 2016
Slide 1: Full Year 2015 Results Conference Call
www.scout24.com Scout24 AG Full Year 2015 Results Conference Call March 30, 2016
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: Key Operational Highlights
Key Operational Highlights We Continue to Deliver on our Mission by Remaining Relevant to BOTH our Customers and Consumers Record Listings Levels Record Traffic Levels Close to 3m active listings Visits to core brand platforms grew by 14% 0.4m +18% YoY 0.8m 138m +24% YoY 1.2m 121m +13% YoY 0.5m +0%
Slide 4: Key Financial Highlights
Key Financial Highlights Strong, organic …and significant …generate robust & revenue growth… operating leverage… visible cash flows +14% 394 345 +28% +27% 190 170 149 134 48% 90% 43% 90% 20141 2015 2014 1 2015 20141 2015 Group Revenues Group ordinary operating Group cash contribution3 EBITDA2 ooEBIT
Slide 5: Recent Developments
Recent Developments Acquired Acquired easyautosale.com AutoTrader.NL ● Further rationalization Leading re-commerce & valuation A leading car portal of portfolio site for cars in the Netherlands (PropertyGuru) Apr-2015 Feb-2016 ● Increase consumer touchpoints and 2015 2016 subsequently lifetime value
Slide 6: ImmobilienScout24
ImmobilienScout24 Listings Traffic Monetization Membership migration process1 Relative listings position to #2 competitor 1.5x 1.4x Highly 76% 1.3x successful 1.1x membership 1.0x year 1 12% Dec-14 Dec-15 Dec-14 Mar-15 Jun-15 Sept-15 Dec-15 Listings evolution (‘000s) Number of 22,092 21,326 20,606 2
Slide 7: ImmobilienScout24 listings and customer development
ImmobilienScout24 Listings Traffic Monetization Listings Development¹ (Sales and Rental) Customer development (‘000s) (‘000s) 550 (11%) IS24 IS24 26,4 500 23,4 (9%) 0% 15,8 450 IS24 listings lead 14,3 over combined competitors growing from 47K in Jan 15 to 400 170K in Jan 16 Jan-15 Jan-16 Jan-15 Jan
Slide 8: ImmobilienScout24 traffic evolution
ImmobilienScout24 Listings Traffic Monetization Traffic Evolution1 (visits in millions) +27% y-o-y 39% 31% growth Total: Total: Total +13% 64m 56m growth: y-o-y 61% = main sites 69% = mobile sites December 2014 and apps December 2015 Unique Visitors (Dec-15)2 Time Spent (Dec-15)2 (in millions) (in m
Slide 9: ImmobilienScout24 ARPU evolution
ImmobilienScout24 Listings Traffic Monetization ARPU Evolution (ARPU in €/month) 623 655 602 510 521 512 466 424 2012 2013 2014 2015 1 2014 2015 Q4 run-rate 1. Given the Group’s complex financial history, to facilitate year-on-year comparison and to better represent the business trends and situation
Slide 10: IS24 Wrap-Up
IS24 Wrap-Up What We Have Delivered What We Are Working On Membership migration near Execute Membership Year Two to drive VIA completion power usage and further expand ARPU Increased listings market share Leverage intelligent pricing engine to optimize price-to-value and listings share Improved
Slide 11: AutoScout24 Focus on Germany
AutoScout24 Focus on Germany – Closing the Gap to mobile.de Listings Core Dealer Locations1 Listings2 (‘000) +13% +18% 0.98x 22,298 compared to 19,774 1,206 competitor 1,025 Dec 2014 Dec 2015 Dec 2014 Dec 2015 (visits in millions) Traffic3 +47% 45% y-o-y 58% growth Total: Total: 42% 39m 35m = main s
Slide 12: AutoScout24 Focus on Italy & Benelux
AutoScout24 Focus on Italy & Benelux – Cementing our Leadership Positions Listings Core Dealer Locations1 +29% Listings growth Listings2 (‘000) 1.2x vs. #2 (2014: 0.9x) +6% +24% +17% Listings growth 16,395 17,447 814 1.1x vs. #2 (2014: 1.0x) 654 +29% Listings growth 2.1x vs. #2 (2014: 1.5x) Dec 2014
Slide 13: AS24 Wrap-Up
AS24 Wrap-Up What We Have Delivered What We Are Working On Successfully implemented new sales Rollout AS24 Germany sales approach to approach with significant listings catch up in Germany Benelux and Italy to strengthen leadership position Rollout Marketing Power pricing Increase penetration of Ma
Slide 14: Growth opportunity: Large adjacencies
Growth opportunity: Large adjacencies Revenue growth 2015: +17% y-o-y Selected ● Buy-or-Rent ● Solvency ● Links to ● Relocation Calculator Check Lenders Solutions Offerings1 ● Valuation Driving Efficiency Underlying TAM:2 €510 bn €280 bn Advertising for Property and Auto: €3bn+ Market in Germany3 1.
Slide 15: Financial Review
Financial Review SCOUT 24
Slide 16: Strong Growth with Increasing Profitability
Strong Growth with Increasing Profitability Group Revenue and EBITDA Revenues Key highlights (in €m) IS24 growth Strong revenue growth y-o-y driven by ARPU expansion 394 Additional increase driven by 345 14% first-time consolidation of Flowfact since November 2014 13% AS24 14% 105 Top-line dri
Slide 17: IS24: Platform for Continued Growth
IS24: Platform for Continued Growth External revenues Key highlights (in €m) Core Agent revenues growth Accelerating ARPU growth y-o-y driven by the successful roll- out of the membership model growth 267 15% ARPU increase offsetting y-o-y 231 core agent decrease which 13% was driven by shift to
Slide 18: AS24: Clear Margin Upside and Growth Potential
AS24: Clear Margin Upside and Growth Potential External revenues Key highlights (in €m) growth Core Dealer revenues y-o-y Rapid expansion of dealer base in Germany on the growth back of new sales approach 121 13% Balanced mix of dealer and y-o-y 107 ARPU growth in Italy / 4% Benelux drives conti
Slide 19: Corporate – Revenue & EBITDA
Corporate – Revenue & EBITDA Ordinary operating EBITDA Mainly Reflecting Cost for Holding Activities Total Corporate Revenues Key highlights (in €m) Decrease in external revenues mainly due to discontinuation of online 13 marketing services to DT 12 Internal revenues comprise mainly 5 recharges
Slide 20: Below EBITDA Items
Below EBITDA Items P&L Comments ( € million) Q4 2015 12M 2015 • include €5.5m of IPO-related costs and oo EBITDA 45 190 €3.6m non-cash accounting effect from share-based compensation non-operating items (4) (23) (Management Equity Programme), remainder mainly relating to Reported EBITDA 41 167 restr
Slide 21: Capital structure
Capital structure Current Debt (Nominal Value) & Terms Comments Scout24 is currently rated by Tranche (amount in €m) Sep-2015 Dec-2015 Coupon Maturity Moody’s (B1) and S&P (B+) 1 Term Loan B 595 424 EURIBOR + spread 12-Feb-21 Net primary IPO proceeds of €214m Term Loan C 400 357 1 EURIBOR + spre
Slide 22: Outlook 2016
Outlook 2016 Revenues (in €m) Group revenues expected to record a low double-digit percentage growth 394 rate IS24 is expected to achieve a high single to low double digit Group percentage revenue growth rate Revenues AS24 is expected to grow revenues at a similar rate as 2015 2015 oo EBITDA (in
Slide 23: Recap: Strong Free Cash Flow Generation
Recap: Strong Free Cash Flow Generation Revenue to Free Cash Flow Bridge (12M 2015) (in €m) Total Revenue 394 Solid topline driven by organic growth Operating Expenses (204) Cost optimization, OneScout24 synergies and significant operating leverage oo EBITDA 190 48.2% Non-operating cost of €14.5m ex
Slide 24: SCOUT
SCOUT 24
Slide 25: Appendix
Appendix SCOUT 24
Slide 26: AutoScout24 Focus on Germany – Establishing Content Parity
AutoScout24 Focus on Germany – Establishing Content Parity to mobile.de Continuous Growth in Dealer Locations Catch-Up Especially in Medium and Large Dealers Dealer Locations for AS24 Germany (in ‘000s)1 Number of Dealer Locations on Platform Relative to Market Leader (by Dealer Size Category)2 22,3
Slide 27: Recap: German Property Market Characteristics
Recap: German Property Market Characteristics …And a More Sustainable Price Development Than The German Market Demonstrates Less Volatility… International Markets International Transaction Activity Comparison (‘000)¹ International Nominal Price Development Comparison² 1,400 250% 241.9% 230% 2015 For
Slide 28: Additional Voluntary Disclosure: Revenue
Additional Voluntary Disclosure 12-month 2014 aggregated financials reconciliation S24 Holding + Asa NewCo = Aggregated Scout24 AG (€m) 01/01/14 - 04/01/14 - 01/01/14 - 01/01/15 - YoY % 03/31/14 12/31/14 12/31/14 12/31/15 Change IS24 55.7 175.8 231.4 266.7 15.3% AS24 24.6 82.3 106.9 120.7 13.0% Reve
Slide 29: Income Statement
Income Statement 04/01/14 - 01/01/15 - (€m) 12/31/14 12/31/15 Revenues 262.9 393.6 COGS (40.2) (43.4) Gross Profit 222.6 350.2 IT and product service costs (35.0) (51.6) Distribution and marketing costs (99.8) (135.1) Administrative expenses (80.7) (68.2) Other operating income 1.6 6.8 Other operati
Slide 30: Balance Sheet
Balance Sheet (€m) 12/31/14 12/31/15 Current assets 67.7 117.9 Cash and cash equivalents 21.4 70.6 Trade receicables 35.1 37.8 Income tax receivables 0.5 0.3 Other assets 8.8 8.9 Financial assets 1.9 0.3 Non-current assets 2,127.4 2,055.7 Intangible assets 2,060.7 2,030.4 Property, plant and equipme
Slide 31: Cash Flow Statement
Cash Flow Statement (€m) 04/01/14 - 12/31/14 01/01/15 - 12/31/15 Profit for the year (21.2) 56.9 Depreciation, amortization and impairments of intangible assets and property plant and equipment 50.1 65.6 Income tax expenses/(income) (1.3) 22.0 Interest expense/(income) 26.1 47.4 Other financial resu
Slide 32: IR Contact details and financial calendar
IR Contact details and financial calendar Investor Relations Contact Financial Calendar (expected) Wednesday Interim Report Q1 2016 Britta Schmidt 11 May 2016 Vice President Investor Relations & Treasury Thursday Annual General Meeting 23 June 2016 Tel : +49 89 444 56 3278 Fax : +49 89 444 56 193278