Slide 1: FY2018 Results Conference Call
SCOUT24 AG | FY2018 Results Conference Call| March 25, 2019
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: FY 2018 Results Conference Call
SCOUT24 AG FY 2018 Results Conference Call Tobias Hartmann - CEO Christian Gisy- CFO 3 Scout24 AG | FY 2018 Results Presentation
Slide 4: We have built a highly data-driven Market Network
We have built a highly data-driven Market Network Connected Digital Market Places 20 years operating & market expertise Transaction DATA Capabilities • Listings • Traffic • Leads • Behaviour 4 Scout24 AG | FY 2018 Results Presentation
Slide 5: Key Operational Highlights
Key Operational Highlights WE CONTINUE TO BE THE MOST RELEVANT MARKETPLACE FOR BOTH OUR PARTNERS AND CONSUMERS More than 3m active listings1 Visits to core brands increased y-o-y3 0.3m 1.2m 185m 192m 1.1m 0.5m FY 2018 FY 2018 FY 2017 FY 2018 Leading market positions in Germany and European core coun
Slide 6: Key Financial Highlights
Key Financial Highlights WE DELIVER STRONG REVENUE GROWTH AND EVEN STRONGER SUSTAINABLE PROFITABILITY AND CASH FLOWS in €m +12.5% +15.3% +14.4% +9.9% w/o FINANZCHECK.de +16.1% w/o FINANZCHECK.de +15.3% w/o FINANZCHECK.de 532 292 263 473 IFRS 16 like- for-like3 253 230 56.5% ooEBITDA- margin FY 2017
Slide 7: ImmobilienScout24
ImmobilienScout24 LISTINGS TRAFFIC MONETISATION Listings Position Residential Real Estate Partners +9.8% 14,745 13,434 460 450 440 IS24 430 December 2017 December 2018 1.7x 1.8x 270 Business Real Estate Partners 260 1.9x +1.6% 250 2,771 2,815 240 Combined 230 comp. 0 Dec 17 Jan 18 Feb 18 Mar 18 Apr
Slide 8: ImmobilienScout24
ImmobilienScout24 LISTINGS TRAFFIC MONETISATION Traffic evolution1 Unique Visitors (FY 2018)2 Exclusive UMV: (visits in millions) (in millions) 54% of the 5.9 market visits IS24 ONLY 1.8x 3.3 27% 23% Total: Total: IWH IS24 81m 87m Time Spent (FY 2018)2 73% 77% (in minutes) 534 FY 2017 +7% y-o-y FY 2
Slide 9: ImmobilienScout24
ImmobilienScout24 LISTINGS TRAFFIC MONETISATION VIA – Providing Value to our Partners' Businesses Residential Real Estate Partner ARPU (contractual) (in €/month) Steadily Average ARPU increased share 31.2% of newly of VIA revenues. +2.8% aquired Q3 2018: 30.1% partners in 617 634 2018: €348/month1 V
Slide 10: ImmobilienScout24
ImmobilienScout24 LISTINGS TRAFFIC MONETISATION INNOVATION Real-Estate Realtor Atlas Lead-Engine ~enhanced~ FINE-TUNING THE FUNNEL Neighbours Listing History Price History DATA DRIVEN PRODUCTS FOR USERS AND PARTNERS 10 Scout24 AG | FY 2018 Results Presentation
Slide 11: Bestellerprinzip – regulatory change in real-estate sale transactions
ImmobilienScout24 BESTELLERPRINZIP – REGUALTORY CHANGE IN THE AREA OF REAL-ESTATE SALE TRANSACTIONS TODAY WITH BSP PURCHASE PRICE PURCHASE PRICE Up to 7.14% Up to 7.14% 11 Details on agent commission: https://www.immobilienscout24.de/eigentuemer/lexikon/maklerprovision.html (German only) Scout24 AG
Slide 12: Bestellerprinzip – well positioned for regulatory change
ImmobilienScout24 BESTELLERPRINZIP – WE ARE WELL POSITIONED FOR AN INTRODUCTION OF REGULATORY CHANGE IS24: IS24: Help agents to present The number of paying themselves more professionally More homeowners will Agents to the homeowner homeowners increase compete sell without on price agent Real estate
Slide 13: ImmobilienScout24
ImmobilienScout24 What We Have Delivered What We Are Working On Increase of listing market share, Leverage our market position to further drive growth healthy traffic growth Successful implementation of new initiatives to Continue to drive sales force excellence to support our improve sales executio
Slide 14: AutoScout24 – Focus on Germany
AutoScout24 FOCUS ON GERMANY – OPTIMISING OUR PARTNER BASE Dealer Partner Locations1 Optimisation Dealer Listings2 of customer -13.3% base. 27,470 Average ARPU -5.6% LISTINGS 23,813 of churned 1,027 969 dealer in Q4 2018: €77/month December 2017 December 2018 December 2017 December 2018 (visits in m
Slide 15: AutoScout24 – Italy, Austria & Benelux
AutoScout24 FOCUS ON ITALY, AUSTRIA & BENELUX – CEMENTING OUR LEADERSHIP POSITIONS Dealer Partner Locations1 Dealer Listings2 -1.8% +9.0% 22,349 21,947 957 LISTINGS 878 December 2017 December 2018 December 2017 December 2018 (visits in millions) 3 23% 25% Total: Total: +6% y-o-y TRAFFIC 49m 51m = ma
Slide 16: AutoScout24 – Providing clear benefit to our partners
AutoScout24 PROVIDING CLEAR BENEFIT TO OUR PARTNERS Dealer Partner ARPU Germany (contractual) (in €/month) MIA Revenues Q3 2018: 17.9% 18.2% +18.3% MIA Revenues as % of total 252 AS24 Dealer 213 Revenues (Q4 2018) MONETISATION FY 2017 FY 2018 Dealer Partner ARPU European Core Countries (contractual)
Slide 17: AutoScout24
AutoScout24 LISTINGS TRAFFIC MONETISATION INNOVATION Direct Price Selling Push authority ~launched in notifications Recommendations Austria~ boosting traffic sell directly to trusted dealer partners DATA DRIVEN PRODUCTS FOR USERS AND PARTNERS 17 Scout24 AG | FY 2018 Results Presentation
Slide 18: AutoScout24
AutoScout24 What We Have Delivered What We Are Working On Deliver best-in-class value proposition to our dealer Solidifying our listing advantage across Europe partners Improving our user experience and leveraging mobile Continue to make search experience more relevant and traffic capabilities drive
Slide 19: Scout24 Consumer Services
Scout24 Consumer Services ENHANCING THE CONSUMER JOURNEY ON SCOUT24 PLATTFORMS Financing Services 3rd Party Display • Mortgage leads • Relocation leads € % • Scout24 Media • Car Financing leads • Premium membership Audience reach: 16m UMV1 • Consumer loans 2023 outlook : € 250m+ in revenues incl. FI
Slide 20: Scout24 Consumer Services – Enabling best decisions
Scout24 Consumer Services ENABLING BEST DECISIONS >30k Mortgage leads Consumer >45k Relocation leads Journey Touch Points >50k Premium Members >13k Property valuations >2k Car Financing leads 20 Source: Management Estimates; Based on monthly average for FY2018 Scout24 AG | FY 2018 Results Presentati
Slide 21: Scout24 Consumer Services – Enabling best decisions
Scout24 Consumer Services ENABLING BEST DECISIONS Premium Membership ~New features~ + legal support B2B Product for + locksmith service Dealer Partners ~Finance Boost~ Dealer Partner Cockpit DOWN PAYMENT TERM Partner Bank DATA DRIVEN PRODUCTS FOR USERS AND PARTNERS 21 Scout24 AG | FY 2018 Results Pr
Slide 22: Continuing strong growth profile
CONTINUING STRONG GROWTH PROFILE Brokered loans (thousands)1 Brokered loans volume (€m)2 Revenue (€m) 70 1.310 44 61 6 1.060 36 47 6 779 26 38 30 FY 2016 FY 2017 FY 2018 FY 2016 FY 2017 FY 2018 FY 2016 FY 2017 FY 2018 3 Pro Forma Reconcilling items 3 Pro Forma Revenue contribution 1) Cumulative cust
Slide 23: Scout24 Consumer Services
Scout24 Consumer Services What We Have Delivered What We Are Working On Strong growth in both organic footprint and Continued growth by fast adaption to changing environment FINANZCHECK.de stand-alone Creation of a recurring business model Further leverage touchpoints with consumers and continue to
Slide 24: Financial Review FY 2018
Financial Review FY 2018 SCOUT24 AG Christian Gisy (CFO)
Slide 25: 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 are restated for 16 IFRS 15 25 Scout24 AG | FY 20
Slide 26: Scout24 Group
Scout24 Group STRONG ORGANIC GROWTH AND SUSTAINABLE PROFITABILITY Revenues1 in €m 532 +12.5% y-o-y 473 +29.1% y-o-y 146 +16.6% y-o-y +14.4% y-o-y 125 +57.9% y-o-y +11.2% y-o-y CS AS24 +6.0% y-o-y +6.3% y-o-y IS24 FY 2017 FY 2018 Q4 2017 Q4 2018 Ordinary operating EBITDA1 292 253 78 67 53.5% 54.8% 53
Slide 27: ImmobilienScout24 – Platform for continued growth
ImmobilienScout24 PLATFORM FOR CONTINUED GROWTH Subline im Text ImmobilienScout24 Key highlights FY 2017 FY 2018 y-o-y Q4 2017 Q4 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 28: AutoScout24 – Delivering on growth potential
AutoScout24 DELIVERING ON GROWTH POTENTIAL AutoScout24 Key highlights FY 2017 FY 2018 y-o-y Q4 2017 Q4 2018 y-o-y (in €m) Revenue with Dealers • Successful implementation of price 67.9 77.5 14.1% 17.8 20.9 17.2% Germany adjustments results in ARPU expansion Revenue with Dealers in (FY 2018: 18.3% y-
Slide 29: Scout24 Consumer Services – Taking the business to the next level
Scout24 Consumer Services TAKING THE BUSINESS TO THE NEXT LEVEL Scout24 Consumer Services Key highlights FY 2017 FY 2018 y-o-y Q4 2017 Q4 2018 y-o-y (in €m) Revenue with Finance • Revenue with Finance partners 39.5 54.8 38.9% 10.5 20.5 95.1% Partners reflecting the contribution of FZ.de of Services
Slide 30: Ordinary Operating Cost
Ordinary Operating Cost FY 2017 FY 2018 (in €m) • Increase in capitalisation of internally Revenues 472.6 531.7 generated assets mainly due to change in methodology of accounting (+€3.0m) offset Own work capitalised 15.1 18.6 by increase of external labour cost Personnel (incl. external labour) (128
Slide 31: Below EBITDA Items
Below EBITDA Items • Includes personnel expenses of €18.7m (therein €15.3m for share-based compensation), €14.2m FY 2017 FY 2018 for M&A related activities and €1.1m for the office (in €m) relocation in Munich Ordinary operating EBITDA 252.8 291.5 • Includes €1.7m of extraordinary income for the sal
Slide 32: Capital Structure
Capital Structure Debt structure Loan volume (€m) Margin • Debt structure reflecting successful Term loan 300 1.35% early refinancing of bank debt in July RCF I (drawn) 20 1.05% 2018 RCF I (undrawn) 180 RCF II (drawn) 250 1.00% • Successfully financed the acquisition RCF II (undrawn) 250 of FINANZCH
Slide 33: Outlook FY 2019
Outlook FY 2019 SCOUT24 AG Christian Gisy (CFO) March 25, 2019
Slide 34: Financial Disclosure Adjusted to Reflect Operations
Financial Disclosure Adjusted to Reflect Operations Revenue 2018 2018 YOY ordinary operating 2018 2018 Margin (in €m) as new new EBITDA as new new reported disclosure disclosure (in €m) reported disclosure disclosure ImmobilienScout24 250.0 250.0 6.0% ImmobilienScout24 170.3 170.3 68.1% AutoScout24
Slide 35: Outlook Full Year 2019
Outlook Full Year 2019 Revenue growth1 ordinary operating EBITDA margin 9.0% to 11.0% ImmobilienScout24 reported 8.0% to 10.0% ImmobilienScout24 Up to 70.0% 12.0% to 14.0% AutoScout24 reported 9.0% to 11.0% AutoScout24 Up to 54.0% 15.0% to 17.0% Scout24 Consumer Services reported high 30% to low 40%
Slide 36: 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 Return cash to shareholders Dividend pay-out ratio of 30.0% to 50.0% of adjusted net income over time Repay debt Target leverage ratio of 1.0x to 1.5x over time 3
Slide 37: Q&A
Q&A 37 page 37 Scout24 AG | FY 2018 Results Presentation
Slide 38: Appendix
Appendix SCOUT24 AG FY 2018 Results
Slide 39: Guidance 2018: We delivered on what we guided for
Guidance 2018: We delivered on what we guided for 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
Slide 40: New long term incentive programme (LTIP)
New long term incentive programme (LTIP) 2018 2019 2020 2021 • Replacement of existing MEP (only valid for a limited amount of people, running out in 2019) 35% Retention • Started in Q3 2018 for key personnel of the company, around 90 participants as of today • Vesting quarterly over a period of 3 r
Slide 41: AutoScout24: Adjusted to Reflect Operations
AutoScout24: Adjusted to Reflect Operations AS24 as reported AS24 new disclosure1 AutoScout24 H1 H2 FY AutoScout24 H1 H2 FY (in €m) 2018 2018 2018 (in €m) 2018 2018 2018 Revenue with Dealers Revenue with Dealers 36.7 40.8 77.5 37.4 42.8 80.2 (+2.7) Germany Germany Revenue with Dealers Revenue with D
Slide 42: Scout24 Consumer Services: Adjusted to Reflect Operations
Scout24 Consumer Services: Adjusted to Reflect Operations Scout24 CS as reported Scout24 CS new disclosure1 Scout24 Consumer Scout24 Consumer H1 H2 FY H1 H2 FY Services Services 2018 2018 2018 2018 2018 2018 (in €m) (in €m) Revenue with Finance Revenue with Finance 20.6 34.2 54.8 20.6 34.2 54.8 Part
Slide 43: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation Revenue to Free Cash Flow Bridge (2018) (in €m) Total Revenue 532 Solid topline driven by operative business performance Operating Expenses (240) Slower increase in costs and strong operating leverage oo EBITDA 292 54.8% margin Non-operating items are chiefly attribu
Slide 44: Reconciliation Adjusted Earnings
Reconciliation Adjusted Earnings (in €m) FY 2017 FY 2018 Earnings before Tax 165.5 218.5 Add back non-operating items 20.0 34.2 Add back D&A on PPA items 38.2 36.8 Add back extraordinary finance expenses / income and effects from derivative instruments1 (3.4) (7.2) Deduct Profit from disposal of inv
Slide 45: Income Statement
Income Statement (EUR '000) FY 20171 FY 20181 Revenues 427.6 531.7 Own work capitalised 15.1 18.6 Other operating income 1.1 2.8 Total operating performance 488.7 553.2 Personnel expenses (116.9) (133.6) Advertising expenses (53.5) (61.4) IT expenses (17.0) (20.8) Other operating expenses (68.6) (80
Slide 46: Balance Sheet 1 / 2
Balance Sheet 1 / 2 (EUR '000) FY 20171 FY 20181 Assets Current assets 115.3 168.9 Cash and cash equivalents 56.7 58.4 Trade receivables 47.4 58.4 Financial assets 1.1 7.4 Income tax receivables 2.7 0.7 Other assets 7.5 10.1 Assets held for sale - 33.8 Non-current assets 2,025.2 2,295.8 Goodwill 836
Slide 47: Balance Sheet 2 / 2
Balance Sheet 2 / 2 (EUR '000) FY 20171 FY 20181 Equity and liabilities Current liabilities 159.2 148.0 Trade payables 22.2 37.6 Financial liabilities 79.5 23.4 Lease liabilities - 6.0 Other provisions 6.9 9.0 Income tax liabilities 12.8 28.5 Contract liabilities 9.7 9.7 Other liabilities 28.0 22.1
Slide 48: Cash Flow Statement 1 / 2
Cash Flow Statement 1 / 2 (EUR '000) FY 2017 FY 2018 Earnings after tax 110.9 164.4 Depreciation. amortisation and impairment losses 56.8 66.1 Income tax expense/(income) 54.6 54.0 1 Financial income (3.8) (42.7) Financial expenses1 14.2 15.4 Result from investments accounted for using the equity me
Slide 49: Cash Flow Statement 2 / 2
Cash Flow Statement 2 / 2 (EUR '000) FY 2017 FY 2018 Cash flow from investing activities (43.5) (294.1) Raising of short-term financial liabilities 0.0 70.0 Repayment of short-term financial liabilities (30.2) (106.3) Raising of long-term financial liabilities 0.0 765.0 Repayment of medium- and long
Slide 50: IR Contact details and financial calendar
IR Contact details and financial calendar Financial Calendar 2019 (expected) Interim report Q1 2019 May 14, 2019 Half year report 2019 August 13, 2019 Interim report Q3 2019 November 7, 2019 Publications Full year report report.scout24.com/2018 CSR Report csrbericht.scout24.com/en Group Annual Repor