Seek Limited · ASX:SEK
Seek — Shareholder Meeting (November 2011)
26 slides from Seek's shareholder meeting presentation, Nov 21, 2011
Slide 1: SEEK Limited Annual General Meeting 2011
SEEK Limited Annual General Meeting For personal use only 2011 21 November 2011
Slide 2: Disclaimer
For personal use only The material in this presentation has been prepared by SEEK Limited ABN 46 080 075 314 ("SEEK") and is general background information about SEEK’s activities current as at the date of this presentation. The information is given in summary form and does not purport to be complet
Slide 3: SEEK operates a range of strategic businesses in Employment & Education
SEEK operates a range of strategic businesses in Employment & Education For personal use only Domestic Employment International Employment Education Australia New Zealand Swinburne Online Key Operating Metrics (FY11) Key Operating Metrics (FY11) Key Operating Metrics (FY11) • FY11 174m cumulative AU
Slide 4: FY11 Overview
FY11 Overview Consistent strategy and effective execution delivers a record full year result For personal use only Group Financial Performance Growth from diverse earnings streams underpinning a record full year financial result with normalised NPAT (Post NCI) of A$104.6m1 Profit increase driven by
Slide 5: SEEK achieved a record full year result for 12 months to June 2011
SEEK achieved a record full year result for 12 months to 30 June 2011 For personal use only For FY11 final dividend, SEEK has maintained FY11 – Headline Performance its dividend pay-out ratio at 50% of Cash NPAT2 A$m Growth A$ Growth SEEK Group FY10 FY11 $m % FY10 FY11 $ % Revenue1 280.9 343.1 62.1
Slide 6: Continuation of SEEK's track record of consistent growth
... which is a continuation of SEEK’s track record of consistent growth over a long time period. For personal use only Operating Revenue - CAGR of 36.1% Normalised EBITDA – CAGR of 38.9% Normalised NPAT (Post NCI) – CAGR of 33.6% $143.6M $104.6M $343.1M $117.4M $280.9M $109.8M $83.1M $76.3M $97.8M $
Slide 7: SEEK's FY11 look through result is Revenue ~A$558m and EBITDA ~A$188m
SEEK’s FY11 look through result is Revenue ~A$558m and EBITDA ~A$188m For personal use only “Look through” Revenue “Look through” EBITDA FY06 – FY11 CAGR of 39.3% FY07 – FY11 CAGR of 32.6% A$557.6m A$187.5m A$454.3m A$128.3m A$399.4m $35.7m A$73.8m A$142.3m A$59.6m A$18.4m A$304.4m A$118.8m A$111.1m
Slide 8: Domestic Employment
8 For personal use only Domestic Employment
Slide 9: SEEK Employment had a robust FY11
SEEK Employment had a robust FY11 For personal use only SEEK Financials – continued recovery since the GFC Discussion on results A$m Growth Revenue growth of 30% (FY11 v FY10) SEEK Employment FY10 FY11 $m % Revenue 172.7 224.0 51.4 30% • Revenue growth attributable to volume of 22% EBITDA 93.4 133.5
Slide 10: SEEK holds the #1 online market position in Australia and New Zealand
SEEK holds the #1 online market position in Australia and New Zealand ... For personal use only Australia Source: October 2011 Nielsen NetRatings, SEEK Count of websites New Zealand 10 Visits: Number of visits per site TTOS: Share of total time on site across the top 2 or 3 players
Slide 11: Online is the preferred way to search for jobs
..and online is the preferred way to search for jobs. 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, Q. When you think about employment websites on the internet, in what way would y
Slide 12: Online dominates in job ads yet half of ad spend still resides in print
Online dominates in job ads & job seeker preferences yet half of ad spend still resides in print ... For personal use only Online vs. Print (%) Job Seeker Job Ad Volume 1 Share of Spend 3 Preferences 2 Oct-11 Oct-11 Mar-11 Online 84% 74% 52% Print 16% 26% 48% What does this mean? o Approximately $20
Slide 13: Structural migration from print to online will continue
...indicating future revenue growth as structural migration from print to online will continue For personal use only Structural migration of revenue from print to online 80 USA Online Revenue as a % of total employment market 70 60 ~2 years lag Australia 50 40 30 20 10 0 2003 2004 2005 2006 2007 200
Slide 14: SEEK is well positioned for growth due to market leadership
SEEK is well positioned for growth due to its market leadership and exposure to favourable structural trends For personal use only Volume • Continue attacking industry segments such as Trade & Services, Regional, Govt & Healthcare. SEEK has repositioned its Exec offering to better serve this market
Slide 15: SEEK International
15 For personal use only SEEK International
Slide 16: SEEK International has exposure to over ~2b people and ~20% of Global GDP
SEEK International has exposure to over ~2b people and ~20% of Global GDP For personal use only China Zhaopin CJOL1 (56 %) Mexico • Zhaopin is #2 overall SE Asia • CJOL is #2 in South China OCC (40 %) JobStreet JobsDB • Population of ~1,330m (22 %) ( 80 %) • Internet penetration ~32% • #1 Market Pos
Slide 17: SEEK International achieved revenue of A$128.3m & EBITDA of A$35.7m
On a look through basis, SEEK International achieved revenue of A$128.3m & EBITDA of A$35.7m For personal use only SEEK International1 – Pro-Forma2, 3 Pro-Forma2, 3 – Strong Revenue & EBITDA Growth SEEK Int'l $Am Growth A$128.3m Pro-Forma 2,3 FY10 FY11 $m % Revenue 73.8 128.3 54.5 74% EBITDA 9.2 35.
Slide 18: SEEK's Asian Business performed very well in FY11
SEEK’s Asian Business performed very well in FY11 For personal use only In FY11, achieved online revenue growth of 73% vs pcp & SEEK’s share of NPAT was A$8.7m1 Strategic focus is to continue growth via expansion into new markets and in under-penetrated segments (industry verticals & geography)
Slide 19: SEEK's Latin American businesses provide a platform for strong growth
SEEK’s Latin American businesses provide a platform for strong growth For personal use only In FY11, achieved revenue growth of 16% and normalised EBITDA1 growth of 23% vs pcp SEEK received dividends of A$4.4m in FY11 Strategic focus is to leverage market leadership into growth in job listings
Slide 20: SEEK Education
20 For personal use only SEEK Education
Slide 21: SEEK Education faced headwinds in FY11 but has positioned itself for future growth
SEEK Education faced headwinds in FY11 but has positioned itself for future growth SEEK Education1 – Pro-Forma2 “Look through” Education financials over the last six years1, 2 For personal use only A$m Growth SEEK Education FY10 FY11 $m % $39.7M $23.3M $207.8M $205.3M Revenue 207.8 205.3 (2.5) (1%)
Slide 22: SEEK's Education Businesses
SEEK’s Education Businesses Strong H2 FY11 of A$24.3m (H2 v H1 growth of 20%) & EBITDA of A$8.6m For personal use only (H2 v H1 growth of 91%) – Driven by achieving strong improvements in key operational metrics Strategic focus is to continue executing on operational improvements and adding new
Slide 23: Trading Update
23 For personal use only Trading Update
Slide 24: Trading Update – FY12 YTD
Trading Update– FY12 YTD For personal use only DISCUSSION ON YTD RESULTS • Domestic employment results proving to be resilient reflecting market leadership position and robust business model • International employment results are pleasing reflecting exposure to favourable structural trends in inte
Slide 25: Resolutions and Proxy Votes received - Annual General Meeting
Resolutions and Proxy Votes received - Annual General Meeting 21 November 2011 Resolution Vote type Voted % % of all securities For personal use only 2, REMUNERATION REPORT For 189,383,586 95.11 56.18 Against 9,339,793 4.69 2.77 Open-Usable 388,996 0.20 0.12 Abstain 607,697 N/A 0.18 3, RE-ELECT MR N
Slide 26: Resolutions and Proxy Votes received - Annual General Meeting
Resolutions and Proxy Votes received - Annual General Meeting 21 November 2011 Resolution Vote type Voted % % of all securities For personal use only 5, INCREASE OPT TO A BASSAT For 198,011,198 96.91 58.74 Against 5,273,974 2.58 1.56 Open-Usable 1,043,961 0.51 0.31 Abstain 286,047 N/A 0.08 6, APPROV