Scout24 Se · XETR:G24
Scout24 — H1 2020 Earnings Presentation
21 slides from Scout24's earnings presentation, Aug 13, 2020
Slide 1: Scout24 H1 2020 Results Analyst Call
Scout24 H1 2020 Results Analyst Call 13 August 2020
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: We pursued our strategic agenda in H1 2020 despite Covid-19 headwinds
We pursued our strategic agenda in Resilient growth Group revenue up 1.0% despite Covid-19 H1 2020 despite & profitability Group ooEBITDA margin up 1.6 pp Covid-19 headwinds Successful free Improved consumer experience private listings Significant increase in consumer traffic initiative Immoverkauf2
Slide 4: Our H1 performance demonstrates growth in all important KPIs and underscores our resilience and momentum
Our H1 performance demonstrates growth in all important KPIs and underscores our resilience and momentum €173.0m 61.0% €709 €1,747 +1.0% +1.6pp +4.1% +1.8% Group revenue ordinary operating ARPU with ARPU with (continuing operations) Group EBITDA margin residential real estate business real estate pa
Slide 5: We successfully supported our partners and set standards while navigating the Covid-19 pandemic
We successfully Homeowners supported our ▪ Free2list initiative started in partners and set January Agents standards while ▪ “Listings Plus” introduced in March (private listings +30% in navigating the ▪ Tailored Covid-19 action programme to strengthen partnership: April vs. March) Covid-19 ▪ “Liqui
Slide 6: We are committed to our agents with growth dynamics intact
We are committed to our agents with Agents growth dynamics intact Trends in the German real estate market Growth in Scout24’s agent business Covid-19 support measures strengthened the Covid-19 accelerating digitisation of real estate partnership with our agents ecosystem Gained c. 800 real estate pa
Slide 7: With our free listing initiatives we fuelled the vibrancy of our marketplace in H1
With our free listing initiatives we fuelled the Consumers vibrancy of our marketplace in H1 Private listings largely paid, translating into Private listings increased by 2019 ARPU of ~€80 per month; free trials only 30% in April vs. March 2020 available to limited number of customers Increased usag
Slide 8: We enhance the home selling journey and strengthen our position as leading platform for homeowners
We enhance the home selling journey and strengthen Homeowners our position as leading platform for homeowners Homeowners browse Homeowners join Realtor Lead Engine: Thanks to real estate 1 price atlas to get price indication for 2 HomesellerHub and enter details of their 3 IS24 provides homeowner le
Slide 9: We delivered H1 yoy EBITDA growth despite Covid-19 effects
We delivered H1 yoy EBITDA growth despite Covid-19 effects (€m) Q2 2020 Q2 2019 +/- H1 2020 H1 2019 +/- Scout24 Group Revenue 83.9 86.9 -3.5 % 173.0 171.3 1.0 % ImmoScout24 Revenue 83.7 86.9 -3.6 % 172.8 171.2 1.0 % - thereof Residential Real Estate 59.9 60.8 -1.6 % 123.2 120.0 2.7 % - thereof Busin
Slide 10: All three segments contributed to the increase in our ooEBITDA margin
All three segments contributed to the increase in our ooEBITDA margin 62.8% 64.5% 68.2% 72.1% 40.0% 40.4% 63.9% + 2.7% H1 2020 120,0 123,2 Thereof: IS24 ▪ Residential Real Estate Partners: €84.9m (+5.5%) Revenue (€ million ) ooEBITDA margin ▪ Consumers: €38.3m (-3.1%) + 1.4% 34,1 34,6 -12.2% 61.6% H
Slide 11: While we successfully upgraded agents in Q1, we focused on customer retention in Q2
While we successfully upgraded agents in Q1, we focused on customer retention in Q2 – still generating overall ARPU growth in H1 Q2 2020 Q2 2019 +/- H1 2020 H1 2019 +/- Residential real estate partners Residential agents and property managers, finance partners 17,020 16,209 +5.0% 17,020 16,209 +5.0%
Slide 12: We achieved a 61% Group ooEBITDA margin supported by efficient cost savings
We achieved a 61% Group ooEBITDA margin supported by efficient cost savings Q2 Q2 H1 H1 Revenue development in Q2 and (€m) 2020 2019 +/- 2020 2019 +/- H1 impacted by Covid-19 effects in Revenues 83.9 86.9 -3.5% 173.0 171.3 +1.0% April and May Own work capitalised 5.4 2.9 +87.7% 10.8 5.9 +83.6% Stron
Slide 13: Our net income benefitted significantly from lower non-operating items
Our net income benefitted significantly from lower non-operating items Significant decrease in non- (€m) Q2 2020 Q2 2019 +/- H1 2020 H1 2019 +/- operating items mainly due to Ordinary operating EBITDA 50.3 53.7 -6.2% 105.4 101.8 +3.6% high level of share-based compensation and M&A-related Non-operat
Slide 14: Our liquidity situation reflects our robust business development and the AutoScout24-transaction
Our liquidity situation reflects our robust business development €490m share buyback and the AutoScout24-transaction €1,776m programme commenced in April: €140m repurchased in Q2 and Net Cash €190m until end of July as of 30 June 2020 Scout24 manages its liquidity ▪ €1,384m Cash and cash equivalents
Slide 15: We feel confident to resume guidance for the full year 2020
We feel confident to resume guidance for the full year 2020 Guidance reflects: • Resilient Scout24 business model • Successful “Listing Plus” programme Group revenue: Around full year 2019 level • Limited exposure to advertising ▪ Residential Real Estate: Stable to slight growth ▪ Business Real Esta
Slide 16: Your questions & backup
Your questions & backup 16 H1 2020 Results Analyst Call
Slide 17: Income Statement
Income Statement (€ ’000) Q2 2020 Q2 2019 % change H1 2020 H1 2019 % change Revenue 83,874 86,939 -3.5% 172,985 171,299 +1.0% Own work capitalised 5,443 2,900 +87.7% 10,826 5,895 +83.6% Other operating income 1,429 842 +69.7% 1,725 1,567 +10.1% Total operating performance 90,746 90,681 +0.1% 185,536
Slide 18: Balance Sheet (Assets)
Balance Sheet (Assets) (€ ’000) 30/06/2020 31/12/2019 Current assets 2,132,669 740,382 Cash and cash equivalents 1,384,319 65,574 Trade receivables 25,830 31,241 Financial assets 684,020 1,290 Income tax assets 37 32 Other assets 38,463 7,450 Assets held for sale - 634,795 Non-current assets 1,673,6
Slide 19: Balance Sheet (Equity and Liabilities)
Balance Sheet (Equity and Liabilities) (€ ’000) 30/06/2020 31/12/2019 Current liabilities 118,405 210,809 Trade payables 13,505 17,905 Financial and lease liabilities 15,947 31,500 Other provisions 14,442 48,038 Income tax liabilities 48,738 17,124 Contract liabilities 8,973 8,339 Other liabilities
Slide 20: Cash Flow Statement
Cash Flow Statement (€ ’000) H1 2020 H1 2019 Cash flow from operating activities of continuing operations 53,004 48,244 Cash flow from operating activities of discontinued operations -14,671 30,550 Cash flow from operating activities (continuing and discontinued) 38,333 78,794 Cash flow from investi
Slide 21: Next events
Next events: 14 Aug. 2020: German language Group Investor Call, Commerzbank 2 Sep. 2020: Barclays Media and Telecom Forum 21 Sep. 2020: Berenberg & Goldman Sachs German Conference 23 Sep. 2020: Baader Investment Conference 11 Nov. 2020: Q3 / 9M 2020 report Ursula Querette Head of Investor Relations