08.05.2018
Scout24 AG DE000A12DM80
DGAP-News: Scout24 AG reports a successful first quarter 2018 with strong top- and bottom-line growth
DGAP-News: Scout24 AG / Key word(s): Quarter Results/Quarterly / Interim
Statement
Scout24 AG reports a successful first quarter 2018 with strong top- and
bottom-line growth
08.05.2018 / 07:27
The issuer is solely responsible for the content of this announcement.
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Scout24 AG reports a successful first quarter 2018 with strong top- and
bottom-line growth
* Double-digit revenue growth of 10.3% to EUR 123.4 million
* Ordinary operating EBITDA-margin of 51.6%
* Well on track to achieve full year 2018 targets
Berlin / Munich, 08 May 2018 - Scout24 AG ("Scout24" or "the Group"), the
leading operator of digital networked marketplaces specialising in the real
estate and automotive sectors in Germany and other selected European
countries, successfully concluded the first quarter of 2018 with strong
growth in revenues and profitability.
According to the unaudited consolidated financial statements published
today, Group revenues for the first quarter 2018 increased by 10.3% from EUR
111.9 million to EUR 123.4 million. Group ordinary operating EBITDA was up
12.7% from EUR 56.5 million to EUR 63.7 million, increasing the respective
margin from 50.5% to 51.6%. Cash contribution (excluding capital expenditure
incurred due to the first-time application of IFRS 16 in Q1 2018) increased
by 6.3% to EUR 55.7 million (Q1 2017: EUR 52.4 million), highlighting the
Group's strong cash generation capabilities.
"The results of the first quarter 2018 show we are well on track to achieve
the targets, we have communicated to the market on our Capital Markets Day
last November and reiterated with our Annual Report 2017. We not only
recorded a strong top- and bottom-line growth, but as well further improved
our financial position with the first issue of a Schuldschein in March
2018," said Christian Gisy, Chief Financial Officer of Scout24 AG.
Overview of Financial Results
The table below provides a summary overview of the Group's performance for
the first quarter ended 31 March 2018.
(EUR millions) Q1 2018 Q1 2017* %
change
External revenues 123.4 111.9 10.3%
IS24 60.5 57.1 6.0%
AS24 42.2 36.3 16.1%
CS 20.7 18.4 12.6%
Ordinary operating EBITDA1 63.7 56.5 12.7%
IS24 39.6 38.1 3.8%
AS24 18.9 14.8 28.1%
CS 6.7 6.2 7.6%
Ordinary operating EBITDA-margin- in %1 51.6% 50.5% 1.1pp
IS24 65.4% 66.8% (1.4)pp
AS24 44.9% 40.7% 4.2pp
CS 32.3% 33.8% (1.5)pp
EBITDA2 60.8 53.3 14.1%
Capital expenditure (adjusted)5 8.0 4.1 95.3%
Cash contribution3 55.75 52.4 6.3%
Cash conversion4 88%5 93% (5)pp
* The following change has been implemented compared to the reported 2017
financials: IFRS 15 was applied as of 1 January 2018 and 2017 financials
have been restated retrospectively. For more details, please refer to the
quarterly statement available at www.scout24.com/financial-reports.
1 Ordinary operating EBITDA represents EBITDA adjusted for non-operating and
special effects; These include primarily expenses for reorganisation,
expenses in connection with the capital structure of the Company and company
acquisitions (realised and unrealised) as well as effects from share-based
compensation programs recognized in income. The ordinary operating EBITDA
margin of a segment is defined as ordinary operating EBITDA as a percentage
of external segment revenues.
2 EBITDA is defined as profit before financial results, income taxes,
depreciation and amortisation, impairment write-downs and the result of
sales of subsidiaries.
3 Cash contribution is defined as ordinary operating EBITDA less capital
expenditure (adjusted).
4 Cash conversion is defined as ordinary operating EBITDA less capital
expenditure (adjusted) divided by ordinary operating EBITDA.
5 Capital expenditure (adjusted) does not include capital expenditure
incurred due to the first-time application of IFRS 16 in the financial year
2018. Capital expenditure incurred due to the first-time application of IFRS
16 amounts to EUR 41.0 million in Q1 2018.
The quarterly statement including financial statements is available at
www.scout24.com/financial-reports.
Business Development and Group results
Scout24 successfully started the year 2018 on the back of continued positive
momentum in the ImmobilienScout24 ("IS24") segment, as well as sustainable
growth in the AutoScout24 ("AS24") and Consumer Services ("CS") segments.
According to the unaudited consolidated financial statements, Group revenues
for the first three months ended 31 March 2018 increased by 10.3% to EUR
123.4 million (Q1 2017: EUR 111.9 million).
The Group's ordinary operating EBITDA improved by 12.7% to EUR 63.7 million
(Q1 2017: EUR 56.5 million), yielding a margin of 51.6% (Q1 2017: 50.5%).
Adjusted by effects arising from the application of IFRS 16 the increase was
10.0%. Reported Group EBITDA for the first quarter 2018 was up EUR 7.5
million compared to the first quarter 2017, reaching EUR 60.8 million (Q1
2017: EUR 53.3 million). It included non-operating costs of EUR 2.9 million,
which essentially consisted of costs related to post-merger integration as
well as personnel expenses. Personnel expenses mainly relate to share-based
compensation and to a lesser extent to reorganisational measures
implemented. Moreover, non-operating costs included some EUR 0.4 million
related to the relocation of the Munich office in March 2018. The
non-operating costs were offset by an extraordinary income for the sale of
the trade mark "JobScout24" Switzerland in the amount of ERUR 1.6 million.
Consolidated reported net profit for the period was EUR 30.2 million (Q1
2017: EUR 24.2 million), resulting in basic earnings per share of EUR 0.28
(Q1 2017: EUR 0.23).
Cash contribution (excluding capital expenditure incurred due to the
first-time application of IFRS 16 in Q1 2018) increased by 6.3% to EUR 55.7
million (Q1 2017: EUR 52.4 million), highlighting the Group's strong cash
generation capabilities. Cash Conversion, relative to ordinary operating
EBITDA and excluding capital expenditure incurred due to the first-time
application of IFRS 16 in Q1 2018, for the first quarter of 2018 was
slightly down to 88% compared to the first quarter in 2017 (93%), due to
extraordinary capital expenditure related to the office relocation in March
2018 of EUR 2.7 million as well as the positive impact on ordinary operating
EBITDA due to application of IFRS 16 (Q1 2018 adjusted: 94%). Cash and cash
equivalents amounted to EUR 58.0 million as of 31 March 2018 (31 March 2017:
EUR 73.9 million). This includes the cash inflow of EUR 215,0 million from
the first Schuldschein loan issue of Scout24 AG as well as the cash outflow
of EUR 250,0 million from an early repayment towards the existing bank loan
at the end of March 2018. Total net financial debt therefore amounted to EUR
564.9 million, leading to a leverage (ratio of net debt to ordinary
operating EBITDA of the last twelve months) of 2.2:1, respectively of 2.0:1
excluding impact from IFRS 16 adoption (31 December 2017: 2.2:1).
Overall, with Q1 2018 revenue growth rate of 10.3% and ordinary operating
EBITDA-margin standing at 51.6%, the Group is well on track to achieve the
targets as communicated within the Annual Report 2017, respectively adapted
for the new accounting regulations IFRS 9, IFRS 15 and IFRS16 respectively
(revenue growth between 9.0% and 11.0 %, ordinary operating EBITDA-margin
between 56.0% and 57.5%).
ImmobilienScout24 (IS24)
External revenues in the IS24 segment grew by 6.0% to EUR 60.5 million in
the reporting period compared to EUR 57.1 in the first quarter of 2017. The
strong growth acceleration in the first quarter 2018 (Q4 2017 year-on-year
revenue growth was 3.5%) is mainly attributable to Revenue with residential
real estate partners and Revenue with business real estate partners. Revenue
with residential real estate partners continued on its path of sequential
growth quarter on quarter, showing an acceleration compared to the fourth
quarter 2017 as well as a strong year-on-year growth compared to the first
quarter 2017. Revenue with business real estate partners also showed a
strong year-on-year development, as expected with a slightly less dynamic
acceleration than Revenues with residential real estate partners. After
stabilising in mid-2017, the residential and business real estate partner
count has increased steadily since then driven by low churn, high win-back
and new acquisition rates. Both revenue lines are therefore well on track to
meet expectations for the full year. Revenue with private listers and others
grew as well in line with expectations in the first quarter 2018 compared to
the first quarter of 2017. The segment's profitability, in terms of ordinary
operating EBITDA-margin, of 65.4% is slightly below the previous year's
level (Q1 2017: 66.8%, adjusted for effects from IFRS 16 68.1%) and reflects
investments in product innovation as well as timing of marketing
investments.
Due to its superior content, IS24 maintained its strong competitive lead in
listings share as well as consumer traffic and engagement in the first
quarter of 2018.
The segment is well on track to achieve the targets as communicated in the
Annual Report 2017 and as adjusted to reflect the adoption of new IFRS
standards, with Q1 2018 revenue growth rate being at the upper end of the
communicated range (revenue growth between 4.0% to 6.0%, ordinary operating
EBITDA-margin of at least 68.0%).
AutoScout24 (AS24)
External revenues in the AS24 segment increased by 16.1% to EUR 42.2 million
in the first quarter of 2018 compared to the first quarter of 2017 (Q1 2017:
EUR 36.3 million). This continued dynamic development is mainly attributable
to Revenues from Dealers in both Germany and the core European countries,
which now also includes Austria as a core country. Both revenue lines are
benefitting from the successful implementation of pricing as well as the
gradual introduction of the 360-degree product tier in the European
Countries and are therefore well on track to meet full year growth
expectations of mid-teens revenue growth rates. The number of dealer
partners in Germany and in the core European countries remained mainly
stable compared to the end of Q4 2017. Revenue with OEM as well as Other
revenues developed as well in line with expectations in the first quarter of
2018. The segment's profitability as measured by the ordinary operating
EBITDA-margin, increased year-on-year by 4.2 percentage points, reaching
44.9% in the first quarter of 2018 (Q1 2017: 40.7%, adjusted for effects
from IFRS 16: 41.6%).
AS24 sustained its content leadership positions in Belgium, Netherlands,
Italy and Austria with regards to general classifieds and automotive
classified competitors and continued to work on closing the gap towards its
competitor in Germany.
The segment is well on track to achieve the management expectations as
communicated in the Annual Report 2017 and as adjusted to reflect the
adoption of new IFRS standards (revenue of at least EUR 180.5 million,
around 52.0% ordinary operating EBITDA-margin).
Scout24 Consumer Services (CS)
Scout24 Consumer Services ("CS") was established as an independent segment
starting 1 January 2018 and is reported for the first time starting Q1 2018.
It comprises all activities in the area of services along the value chain of
the real estate or automobile market and around advertisements from non-real
estate or non-automotive-related third parties.
The segment recorded external revenues of EUR 20.7 million in the first
quarter of 2018, an increase of 12.6% compared to the first quarter of 2017
(Q1 2017: EUR 18.4 million). The increase was mainly driven by Services
revenues and Revenues with Finance partners, both showing solid growth in
the first quarter of 2018. Third party display revenues showed a solid
development compared to the first quarter of the previous year. The
profitability of the CS segment in terms of ordinary operating EBITDA-margin
came in at 32.3%, a slight year-on-year decrease driven by timing of
investments in marketing (Q1 2017: 33.8%, adjusted for effects from IFRS 16:
34.4%).
Thus, the CS segment is well on track to achieve the targets communicated
within the Annual Report 2017 and as adjusted to reflect the adoption of new
IFRS standards (revenues to come in at around EUR 87.0 million, ordinary
operating EBITDA-margin to increase by at least one percentage point).
Adjustments in financial statements and Company outlook due to new
accounting regulations
Scout24 is applying the following new IFRS standards as of 1 January 2018:
IFRS 9, IFRS 15 and IFRS 16, whereas for IFRS 15 the retrospective method is
applied, therefore consequently the comparable period is presented in
accordance with IFRS 15 as well. Details of the adjustments are lined out in
the quarterly statement.
By applying the new accounting regulations IFRS 9, IFRS 15 and IFRS 16
respectively, the Group is adapting the outlook given for financial year
2018 to reflect the changes in reporting starting Q1 2018.
On a Group level, the Management Board expects a revenue growth rate between
9.0% and 11.0%, unchanged to the expectations as given in the Annual Report
2017. Given the application of the retrospective method for IFRS 15, the
2017 financials are reflecting the lower starting base, the application of
IFRS 15 does not have an impact on the underlying operational growth
trajectory.
Based on the reduced revenues and therefore increasing ordinary operating
EBITDA-margin due to the application of IFRS 15, as well as the positive
effect on ordinary operating EBITDA and ordinary operating EBITDA-margin due
to the application of IFRS 16, the ordinary operating EBITDA-margin is now
expected between 56.0% and 57.5% (compared to 54.0% to 55.5% prior to the
adjustment).
The outlook for non-operating costs is unchanged and expected to amount to
between EUR 8.0 and EUR 11.0 million.
Capital expenditure excluding capital expenditures due to the first-time
application of IFRS 16 is still expected at around EUR 34.0 million. The
application of IFRS 16 results in a balance sheet extension and thus
additional capital expenditure of EUR 41.0 million.
Conference Call
On Tuesday, 8 May 2018, 2:00 p.m. CEST, Scout24 will host a conference call
and webcast for financial analysts and investors. You may dial in using the
following numbers:
DE: +4969222229043
UK: +442030092452
USA: +18554027766
Participant PIN code: 82438614#
The webcast, as well as a replay, will be made available at:
https://webcasts.eqs.com/scout2420180508
Next events and reporting
The Annual General Meeting of Scout24 AG will take place on Thursday, 21
June 2018 in Munich.
New business address
On 19 March 2018, the Scout24 AG Headquarters, Munich, was relocated to the
new office premises of Bothestrasse 11-15, 81675 Munich.
About Scout24
With our leading digital marketplaces ImmobilienScout24 and AutoScout24 in
Germany and across Europe we are inspiring people to make their best
decisions on finding a home and a car. Additional services, such as credit
information, the brokerage of relocation services or construction and car
financing, are bundled in the Scout24 Consumer Services business division.
More than 1,200 employees are working on the success of our products and
services, putting the consumers' needs first in order to create a connected
network for living and mobility. Scout24 is listed on the Frankfurt Stock
Exchange (ISIN: DE000A12DM80, G24). For further information, please visit
www.scout24.com, our Corporate Blog and Tech Blog, or follow us on Twitter
and LinkedIn.
Investor Relations
Britta Schmidt
Vice President Investor Relations & Controlling
Fon: +49 89 44456 3278
Email: [email protected]
Media Relations
Jan Flaskamp
Vice President Communications & Marketing
Fon: +49 30 24301 0721
Email: [email protected]
Disclaimer:
All information contained in this document has been carefully prepared.
However, no reliance may be placed for any purposes whatsoever on the
information contained in this document or on its completeness. No
representation or warranty, express or implied, is given by or on behalf of
the Company or any of its directors, officers or employees or any other
person as to the accuracy or completeness of the information or opinions
contained in this document and no liability whatsoever is accepted by the
Company or any of its directors, officers or employees nor any other person
for any loss howsoever arising, directly or indirectly, from any use of such
information or opinions or otherwise arising in connection therewith.
The information contained in this release is subject to amendment, revision
and updating. Certain statements, beliefs and opinions in this document are
forward-looking, which reflect the Company's or, as appropriate, senior
management's current expectations and projections about future events. By
their nature, forward-looking statements involve a number of risks,
uncertainties and assumptions that could cause actual results or events to
differ materially from those expressed or implied by the forward-looking
statements. These risks, uncertainties and assumptions could adversely
affect the outcome and financial effects of the plans and events described
herein. Statements contained in this document regarding past trends or
activities should not be taken as a representation that such trends or
activities will continue in the future. The Company does not undertake any
obligation to update or revise any information contained in this press
release (including forward-looking statements), whether as a result of new
information, future events or otherwise. You should not place undue reliance
on forward-looking statements, which speak only as of the date of this
document.
Scout24 also uses alternative performance measures, not defined by IFRS, to
describe the Scout24 Group's results of operations. These should not be
viewed in isolation but treated as supplementary information. The special
items used to calculate some alternative performance measures arise from the
integration of acquired businesses, restructuring measures, impairments,
gains or losses resulting from divestitures and sales of shareholdings, and
other material expenses and income that generally do not arise in
conjunction with Scout24's ordinary business activities. Alternative
performance measures used by Scout24 are defined in the "Glossary" section
of Scout24's Annual Report 2017 which is available at
www.scout24.com/financial-reports.
Due to rounding, numbers presented throughout this statement may not add up
precisely to the totals indicated, and percentages may not precisely reflect
the absolute figures for the same reason. Information on quarterly
financials have not been subject to audit and are thus preliminary.
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08.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Scout24 AG
Bothestr. 11-15
81675 Munich
Germany
Phone: +49 89 44456 - 0
Fax: +49 89 44456 - 3000
E-mail: [email protected]
Internet: www.scout24.com
ISIN: DE000A12DM80
WKN: A12DM8
Indices: SDAX
Listed: Regulated Market in Berlin, Frankfurt (Prime Standard);
Regulated Unofficial Market in Dusseldorf, Hamburg,
Hanover, Munich, Stuttgart, Tradegate Exchange; London
End of News DGAP News Service
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683343 08.05.2018
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