Scout24 Se · XETR:G24
Scout24 — Q1 2017 Earnings Presentation
18 slides from Scout24's earnings presentation, May 10, 2017
Slide 1: Scout24 AG Q1 2017 Results Conference Call
www.scout24.com Scout24 AG Q1 2017 Results Conference Call May 10, 2017
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 Financial Highlights
Key Financial Highlights Strong organic …sustainable profitability… …and robust & visible cash revenue growth… flows +8% 114 57 52 106 52 47 50% 93% 49% 91% Q1 2016 Q1 2017 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Group Revenues Group ordinary Group cash operating EBITDA1 contribution2 ooEBITDA margin1 Cash
Slide 4: IS24: Platform for Continued Growth
IS24: Platform for Continued Growth External Revenues ordinary operating EBITDA Key highlights (in €m) (in €m) Core Agent revenues Core agent revenues remained flat on a y-o-y basis driven by growth y-o-y solid ARPU increase offsetting declining Core Agent numbers 72 4% 69 Other Agent revenues O
Slide 5: IS24: Core agent evolution
IS24: Core agent evolution Q1 2016 trends Key highlights Sept 2016 17.4 Excluding out of business agents, core agent numbers remained flat in Q1 0.3 2017 (0.3) Customer winback rate and new customer acquisition rate (based on monthly runrate) on a stable level in Dec 2016 17.4 Q1 2017 compared t
Slide 6: AS24: Delivering on Growth Potential
AS24: Delivering on Growth Potential External Revenues ordinary operating EBITDA Key highlights (in €m) (in €m) growth y-o-y Core Dealer revenues Solid ARPU increase on the back of price increases and good 15% visibility product uptake in Germany and Benelux 40 Other Dealer revenues Ongoing succes
Slide 7: Ordinary Operating Cost
Ordinary Operating Cost Q1 2016 Q1 2017 (in €m) Revenues 105.8 113.9 • including €0.6m for stock-option programme for employees (SOP) Own work capitalised 2.6 2.6 • increase driven by regular salary increase as well as seasonality effects Personnel (incl. external labour) (29.7) (31.2) • driven by i
Slide 8: Below EBITDA Items
Below EBITDA Items Q1 2016 Q1 2017 (in €m) Comments • include €0.5m effect from share-based Ordinary operating EBITDA 52.2 56.5 compensation (Management Equity Programmes), €0.8m performance based Non-operating items (3.5) (3.2) compensation stemming from a purchase price agreement, €1.1m of cost Re
Slide 9: Capital structure
Capital structure Strong deleveraging profile and low interest margins supporting dividend payment Margin ratchet thresholds Key highlights Leverage Margin1 (Net Debt/EBITDA) Refinancing end of 2016 significantly improved Term Loan Revolving Facility2 interest margins, as business de-levers over t
Slide 10: Recap: Strong Free Cash Flow Generation
Recap: Strong Free Cash Flow Generation Revenue to Free Cash Flow Bridge (3M 2017) (in €m) Total Revenue 114 Solid topline driven by organic growth Operating Expenses (57) Operating leverage oo EBITDA 56 49,6% non-operating items (3) margin Reported EBITDA 53 Capex (4) Limited capex requirements 93%
Slide 11: Outlook Full Year 2017 [unchanged]
Outlook Full Year 2017 [unchanged] On track to reach targets Revenues (in €m) 114 Group revenues expected to record a high-single-digit percentage growth rate IS24 is expected to achieve a mid-single percentage revenue growth rate, revenue growth weighted towards second half 2017 with acceleration
Slide 12: SCOUT
SCOUT 24
Slide 13: Reconciliation Adjusted Earnings
Reconciliation Adjusted Earnings1 (in €m) Q1 2016 Q1 2017 Earnings before Tax 20.1 36.6 Add back non-operating items 3.5 3.2 Add back D&A on PPA items 12.1 10.2 Add back extraordinary finance expense/ income and 2.7 (1.3) effects from derivative instruments Based on relevant nominal Deduct Profit fr
Slide 14: Income Statement
Income Statement (EUR '000) Q1 2017 Q1 2016 1 Revenues 113,858 105,780 Own work capitalised 2,559 2,581 Other operating income 197 372 Total operating performance 116,614 108,733 Personnel expenses (28,361) (26,705) Advertising expenses (13,870) (12,684) IT expenses (3,823) (4,237) Other operating e
Slide 15: Balance Sheet
Balance Sheet Assets 31/03/2017 31/12/2016 (EUR '000) Current assets 129,816 96,175 Cash and cash equivalents 73,874 43,441 Trade receivables 43,311 43,275 Financial assets 502 406 Income tax receivables 1,030 1,249 Other assets 11,099 7,804 Non-current assets 2,025,183 2,034,722 Goodwill 816,231 81
Slide 16: Balance Sheet
Balance Sheet Equity and liabilities 31/03/2017 31/12/2016 (EUR '000) Current liabilities 115,840 112,300 Trade payables 22,257 27,897 Financial liabilities 32,456 31,835 Other provisions 2,520 4,027 Income tax liabilities 24,191 15,870 Other liabilities 34,415 32,671 Non-current liabilities 1,023,4
Slide 17: Cash Flow Statement
Cash Flow Statement (EUR '000) Q1 2017 Q1 20161 Earnings after tax 24,233 12,988 Depreciation and amortisation 14,419 16,083 Income tax expense/(income) 12,374 7,132 Financial income1 (1,323) (48) Financial expenses1 3,539 12,483 Result from investments accounted for using the equity method 11 1 Res
Slide 18: IR Contact details and financial calendar
IR Contact details and financial calendar Financial Calendar (expected) Thursday Annual General Meeting Full year report 8 June 2017 report.scout24.com/2016 Wednesday Half Year Report 2017 9 August 2017 Wednesday Interim Report Q3 2017 http://www.scout24.com/en/Investor-Relations.aspx 8 November 201