Slide 1: H1 2018 Results Conference Call
H1 2018 Results Conference Call Scout24 AG Greg Ellis (CEO), Christian Gisy (CFO) www.scout24.com Munich | 13 August 2018
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 BE THE MOST RELEVANT MARKETPLACE FOR BOTH OUR PARTNERS AND CONSUMERS Around 3m active listings1 Visits to core brands increased y-o-y3 0.3m 1.4m 183m 161m 1.2m 0.5m H1 2018 H1 2018 Leading market positions in Germany and 7 out of 10 engage through us on the
Slide 4: Key Financial Highlights
Key Financial Highlights STRONG ORGANIC REVENUE GROWTH …SUSTAINABLE PROFITABILITY... …AND ROBUST & VISIBLE CASH FLOWS in €m +10% Like-for-like +13% +6% for IFRS 16 (+10%) adoption 251 123 139 121 229 113 (126) 3 92% 55% 55% 91% 54% 87% H1 2017 H1 2018 H1 2017 H1 2018 H1 2017 H1 2018 Group Revenues G
Slide 5: ImmobilienScout24
ImmobilienScout24 LISTINGS TRAFFIC MONETISATION Listings position Residential Real Estate Partner 490 +10.2% 14,301 480 12,974 470 460 1.7x IS24 450 June 2017 June 2018 Business Real Estate Partner 280 270 1.8x 1.8x +1.2% 2,752 2,785 260 250 combined comp. 0 June 17 Sep 17 Dec 17 Mar 18 Jun 18 June
Slide 6: ImmobilienScout24
ImmobilienScout24 LISTINGS TRAFFIC MONETISATION Traffic evolution1 Unique Visitors (H1 2018)2 Increase in (visits in millions) (in millions) exclusive UMV: 6.3 55% of the market visits IS24 ONLY 1.8x (H1 2017: 50%) 3.5 27% 25% Total: Total: IWH IS24 79m 81m Time Spent (H1 2018)2 73% 75% (in minutes)
Slide 7: ImmobilienScout24
ImmobilienScout24 LISTINGS TRAFFIC MONETISATION VIA – Providing Value to our Partner’s Businesses Residential Real Estate Partner ARPU (contractual) (in €/month) +2.2% growth Average ARPU of 29,3% of newly VIA Revenues +1.6% aquired Q1 2018 to partners in Q2 2018 616 626 June 2018: €338/month1 VIA R
Slide 8: ImmobilienScout24
ImmobilienScout24 What We Have Delivered What We Are Working On Increase in customer satisfaction and continued Continue to drive VIA usage and further low churn expand ARPU Successfully implemented initiatives to improve Leveraging regional product and pricing strategy sales execution Increase of l
Slide 9: AutoScout24
AutoScout24 FOCUS ON GERMANY – STRENGTHENING MARKET POSITIONING Dealer Partner Locations1 Dealer Listings2 Decrease 0% market driven 26,729 26,752 -6% „Diesel-gate“ LISTINGS 1,059 995 June 2017 June 2018 June 2017 June 2018 (visits in millions) 3 32% 36% +10% y-o-y Total: Total: TRAFFIC 45m +17% y-o
Slide 10: AutoScout24
AutoScout24 FOCUS ON ITALY, AUSTRIA & BENELUX – CEMENTING OUR LEADERSHIP POSITIONS Dealer Partner Locations1 Dealer Listings2 +4% +1% 22,013 950 LISTINGS 21,096 941 June 2017 June 2018 June 2017 June 2018 (visits in millions) 3 29% 33% +30% y-o-y4 Total: Total: TRAFFIC +38% y-o-y4 40m 52m = main sit
Slide 11: AutoScout24
AutoScout24 PROVIDING CLEAR BENEFIT TO OUR PARTNERS +5.5% growth Dealer Partner ARPU Germany (contractual) of 19,1% MIA Revenues Q1 2018 to Q2 2018 MIA Revenues +7.6% as % of total AS24 Dealer 210 226 Revenues (Q2 2018) MONETISATION H1 2017 H1 2018 Dealer Partner ARPU European Core Countries (contra
Slide 12: AutoScout24
AutoScout24 What We Have Delivered What We Are Working On Creating tangible USPs/differentiation points Further leverage USPs to narrow traffic and content gap vs. vs. our competition in Germany our competition Further increase penetration of Marketing power products Marketing Power product range en
Slide 13: Scout24 Consumer Services
Scout24 Consumer Services DRIVING DIGITISATION Property Mortgage Moving Renovation / Switch seekers 1m users 1m users Facilities / Phone / 20m Kitchen Electricity Consumer journey € % New and Auto financing Car insurance Tyres Workshop used car searchers credit seekers up to 19m 1.3m 1m % Providing
Slide 14: Takes our Consumer Services Business to the Next Level
Takes our Consumer Services Business to the Next Level Mid-term revenue outlook 250m+ (in €) 100m+ • FINANZCHECK.de to transform the Consumer Services business • To boost growth through + revenue contribution as well as Current outlook synergies Revised outlook 14 Acquisition of FINANZCHECK.de
Slide 15: Scout24 Consumer Services
Scout24 Consumer Services What We Have Delivered What We Are Working On Continued organic growth by fast adoption to changing Strong organic growth environment Creation of a recurring business model Further leverage touchpoints with consumers and continue In the consumer journey to deliver value Str
Slide 16: Financial Review H1 2018
Financial Review H1 2018 SCOUT24 AG Christian Gisy (CFO)
Slide 17: Recap: New accounting regulations as of 2018
Recap: New accounting regulations as of 2018 IFRS 9, IFRS 15, IFRS 16 ARE BEING APPLIED AS OF 1 JANUARY 2018 IN REPORTING OF SCOUT24 AG IFRS Financial Instruments IFRS Revenue from contracts with customers 9 15 IFRS Leases Financial year 2017 figures to be restated 16 for IFRS 15 17 Scout24 AG | H1
Slide 18: Scout24 Group
Scout24 Group STRONG ORGANIC GROWTH AND SUSTAINABLE PROFITABILITY in €m Revenues1 +9.7% y-o-y 251 229 +12.0% y-o-y +9.2% y-o-y +15.4% y-o-y 117 128 +10.9% y-o-y CS +15.0% y-o-y AS24 +5.2% y-o-y IS24 +4.2% y-o-y Q2 2017 Q2 2018 H1 2017 H1 2018 Ordinary operating EBITDA 1 55% 54% 59% 139 57% 123 66 75
Slide 19: ImmobilienScout24
ImmobilienScout24 PLATFORM FOR CONTINUED GROWTH Subline im Text ImmobilienScout24 Key highlights Q2 2017 Q2 2018 y-o-y H1 2017 H1 2018 y-o-y Lorem (in €m) ipsum et dolor sit amet. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut Revenue with Residential
Slide 20: AutoScout24
AutoScout24 DELIVERING ON GROWTH POTENTIAL AutoScout24 Key highlights Q2 2017 Q2 2018 y-o-y H1 2017 H1 2018 y-o-y (in €m) Revenue with Dealers • Continued ARPU expansion in uncertain Germany 16.7 18.4 10.2% 33.0 36.7 11.2% market condition (“Diesel gate”) driving Revenue with Dealers in Revenue with
Slide 21: Scout24 Consumer Services
Scout24 Consumer Services TAKING THE BUSINESS TO THE NEXT LEVEL Consumer Services Key highlights Q2 2017 Q2 2018 y-o-y H1 2017 H1 2018 y-o-y (in €m) • Services Revenue fuelled by product Revenue with Finance Partners 10.1 10.6 5.0% 19.1 20.6 7.9% offering serving consumer needs • Strong 3rd party di
Slide 22: Ordinary Operating Cost
Ordinary Operating Cost H1 2017 H1 2018 (in €m) • Increase in capitalisation of internally Revenues 228.9 251.2 generated assets partially due to change in Own work capitalised 5.8 9.6 methodology of accounting (€ 2.6m) as well as by increased product development Personnel (incl. external labour) (6
Slide 23: Below EBITDA Items
Below EBITDA Items H1 2017 H1 2018 • Includes € 1.6m of extraordinary income for the (in €m) sale of the trade mark JobScout24 CH Ordinary operating EBITDA 122.8 138.8 • Includes expenses of € 3.5m for share-based compensation, € 3.2m for M&A related activities Non-operating items (10.7) (7.8) and €
Slide 24: Capital Structure
Capital Structure Debt structure (as per August 2018)1 Loan volume (€m) Margin • Debt structure reflecting successful Term loan 300 1.15% early refinancing of bank debt in July RCF I (drawn) 70 0.85% 2018 with expected annual savings of RCF I (undrawn) 130 0.85% €2.4m post acquisition of RCF II (und
Slide 25: We have clear priorities for cash
We have clear priorities for cash Re-invest in growth M&A activities targeted to strengthen market positions or grow adjacencies business -Acquisition of FINANZCHECK.de to boost consumer services growth to become a €250m+ revenue business in the mid-term- Return cash to shareholders Dividend pay-out
Slide 26: Outlook Full Year 2018
Outlook Full Year 2018 Revenue ordinary operating EBITDA margin ImmobilienScout24 5.0% to 6.0% growth ImmobilienScout24 At least 68.0% AutoScout24 At least €180.5m AutoScout24 Around 52.0% Increase by at least one Scout24 Consumer Services At least €87.0m Scout24 Consumer Services percentage point S
Slide 27: Appendix
Appendix SCOUT24 AG H1 2018 Results
Slide 28: Reconciliation Core Agents
Reconciliation Core Agents ImmobilienScout24 H1 2018 YoY Residential Partners 14,301 10.2% (end of period, contractual, #) ImmobilienScout24 H1 2018 YoY ARPU (€) 626 n/a Core Agents Core Residential revenues (€m) 52.1 7.6% 18,354 7.7% (end of period, #) Business Partners 2,785 1.2% ARPU (€) 795 4.5%
Slide 29: Reconciliation Adjusted Earnings
Reconciliation Adjusted Earnings (in €m) H1 2017 H1 2018 Earnings before Tax 80.1 92.5 Add back non-operating items 10.7 7.8 Add back D&A on PPA items 19.6 17.9 Add back extraordinary finance expenses / income and effects from derivative instruments1 (3.4) (1.0) Deduct Profit from disposal of invest
Slide 30: Historical Data IS24
Historical Data IS24 H1 2016 H2 2016 FY 2016 H1 2017 H2 2017 FY 2017 H1 2018 ImmobilienScout24 (not restated for (not restated for (not restated for (not restated for (not restated for (not restated for IFRS 15,16) IFRS 15,16) IFRS 15,16) IFRS 16) IFRS 16) (in €m) IFRS 16) Revenue with Residential r
Slide 31: Historical Data AS24
Historical Data AS24 H1 2016 H2 2016 FY 2016 H1 2017 H2 2017 FY 2017 H1 2018 AutoScout24 (not restated for (not restated for (not restated for (not restated for (not restated for (not restated for (in €m) IFRS 15,16) IFRS 15,16) IFRS 15,16) IFRS 16) IFRS 16) IFRS 16) Revenue with Dealers Germany 27.
Slide 32: Historical Data CS
Historical Data CS Scout24 Consumer Services H1 2016 H2 2016 FY 2016 H1 2017 H2 2017 FY 2017 (not restated for (not restated for (not restated for (not restated for (not restated for (not restated for H1 2018 (in €m) IFRS 15,16) IFRS 15,16) IFRS 15,16) IFRS 16) IFRS 16) IFRS 16) Revenue with Finance
Slide 33: Income Statement
Income Statement (EUR '000) H1 2017 H1 2018 Revenues 228.9 251.2 Own work capitalised 5.8 9.7 Other operating income 0.3 2.1 Total operating performance 235.0 262.9 Personnel expenses (58.4) (59.9) Advertising expenses (25.9) (28.2) IT expenses (7.8) (9.8) Other operating expenses (30.7) (33.9) EBIT
Slide 34: Balance Sheet 1 / 2
Balance Sheet 1 / 2 Assets H1 2017 H1 2018 (EUR '000) Current assets 115.3 102.9 Cash and cash equivalents 56.7 33.6 Trade receivables 47.4 53.0 Financial assets 1.1 1.4 Income tax receivables 2.7 1.9 Other assets 7.5 12.9 Non-current assets 2,025.2 2,044.9 Goodwill 836.7 836.7 Trademarks 984.6 984.
Slide 35: Balance Sheet 2 / 2
Balance Sheet 2 / 2 Equity and liabilities H1 2017 H1 2018 (EUR '000) Current liabilities 159.2 147.3 Trade payables 22.2 20.9 Financial liabilities 79.5 51.3 Lease liabilities - 5.4 Other provisions 6.9 9.5 Income tax liabilities 12.8 24.6 Contract liabilities 9.7 10.9 Other liabilities 28.0 24.7 N
Slide 36: Cash Flow Statement 1 / 2
Cash Flow Statement 1 / 2 (EUR '000) H1 2017 H1 2018 Earnings after tax 54.9 66.4 Depreciation. amortisation and impairment losses 28.3 31.4 Income tax expense/(income) 25.2 26.1 Financial income1 (3.4) (1.0) 1 Financial expenses 7.1 8.2 Result from investments accounted for using the equity method
Slide 37: Cash Flow Statement 2 / 2
Cash Flow Statement 2 / 2 (EUR '000) H1 2017 H1 2018 Cash flow from investing activities (9.9) (16.6) Repayment of short-term financial liabilities (0,1) (32.3) Raising of medium- and long-term financial liabilities - 215.0 Repayment of medium- and long-term financial liabilities - (220.0) Interest
Slide 38: IFRS changes to be considered for 2017 and Outlook 2018
IFRS changes to be considered for 2017 and Outlook 2018 IFRS 15 (Recognition of Revenues) • Mandatory as of 1 January 2018 • 2017 financials restated, Actuals 2018 and Outlook 2018 adapted to reflect adjustment • Negative impact on Revenue of € 7.2m in 2017 IFRS 16 (Accounting of Leases) • Mandatory
Slide 39: IR Contact details and financial calendar
IR Contact details and financial calendar Financial Calendar 2018 (expected) Q3 2018 Results November 7, 2018 Publications Full year report report.scout24.com/2017 CSR Report csrbericht.scout24.com/en Group Interim Report H1 & Q2 2018 http://www.scout24.com/en/Investor-Relations.aspx Britta Schmidt