Quarterly Report • May 18, 2020
Quarterly Report
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Quarterly Statement Q1 2020
| Overview | 3 |
|---|---|
| Business performance Group | 4 |
| Segment performance | 7 |
| Impact of Covid-19 | 10 |
| Consolidated statement of profit or loss (IFRS, unaudited) | 13 |
| Consolidated statement of financial position (IFRS, unaudited) | 15 |
| Consolidated statement of cash flows (IFRS, unaudited) | 17 |
| Imprint | 19 |
Scout24 AG as parent company together with its direct and indirect subsidiaries forms the Scout24 Group. Insofar as information in the following notice refers exclusively to Scout24 AG, the company is designated accordingly there ("Scout24 AG"). The designations "Scout24 Group", "Scout24", "Scout24 Group" refer to the entire Group. The continuing business of the ImmoScout24 segment is occasionally referred to in the following as "IS24", the discontinued business of the AutoScout24 segment also as "AS24".
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 document (including forwardlooking statements), whether as a result of new information, future events or otherwise. You should not place undue reliance on forwardlooking 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 2019 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.
The quarterly figures contained in this release were neither audited in accordance with §317 HGB nor reviewed by an auditor.
The first quarter 2020 was the last quarter in which the Scout24 Group was active on two digital marketplaces with ImmoScout24 and AutoScout24. The AutoScout24 / FinanceScout24 / FINANZCHECK sale transaction was successfully completed with the receipt of the provisional purchase price of EUR 2.84 billion on 31 March 2020 and the transfer of control on 1 April 2020. Scout24 is now fully focussing on ImmoScout24 and thus on building a comprehensive eco-system for sale, rent and commercial real estate in Germany and Austria.
In accordance with IFRS 5, the business activities underlying the sale transaction were classified as discontinued operations in the consolidated financial statements for 2019 and in this quarterly statement. The following explanations therefore focus on the continuing operations of the Scout24 Group.
From an operational perspective, the Scout24 Group had a strong start into the 2020 financial year. The membership migrations initiated at the beginning of the year started with great momentum, as well as the "free-to-list" initiative for certain rental listings. Only towards the end of the first quarter Covid-19 and the associated social distancing measures had a dampening effect on consumer behaviour, the business of commercial customers and consequently on the business activities of Scout24. The Management Board expects an impact for the continuing business mainly in the second and third quarters of the financial year.
Also from a financial point of view, the Scout24 Group demonstrated in the first quarter 2020 the success of its growth strategy. Revenues from continuing operations increased, in line with expectations, by almost 6 %. The ordinary operating EBITDA margin increased by 4.7 percentage points to 61.8 %.
| EUR million | Q1 2020 | Q1 2019 | change |
|---|---|---|---|
| External revenues | 89.1 | 84.4 | 5.6 % |
| Ordinary operating EBITDA | 55.1 | 48.2 | 14.4 % |
| Ordinary operating EBITDA margin | 61.8 % | 57.1 % | 4.7 Pp |
Scout24 delivered a solid performance in the first quarter of the financial year 2020, increasing its revenue from continuing operations by 5.6 % from EUR 84.4 million to EUR 89.1 million.
Ordinary operating EBITDA from continuing operations amounted to EUR 55.1 million in the reported quarter (Q1 2019: EUR 48.2 million). This represents a growth rate of 14.4 % year-on-year, driven by the solid revenue development, higher own work capitalised and cost efficiency measures (amongst others reduced operating personnel and almost flat marketing costs), which more than compensated for the increasing ITcosts . Group functions contributed EUR 2.4 million to the costs (Q1 2019: EUR 1.9 million). At 61.8 %, the ordinary operating EBITDA margin from continuing operations was 4.7 percentage points higher than in the previous year (Q1 2019: 57.1 %).
Capital expenditure from continuing operations increased by 36.2 % from EUR 4.1 million to EUR 5.6 million in the first quarter of 2020. This was mainly due to the above mentioned higher own work capitalised. This refers to project developments that support the future growth of the platform, such as: projects aiming at an accelerated homeowner acquisition, an improved consumer journey, integrating CRM solutions, premium membership enhancements, and data technology projects.
As a result, the cash contribution1 from continuing operations increased by 12.4 % to EUR 49.5 million in the first quarter of 2020 (Q1 2019: EUR 44.0 million). The cash conversion rate from continuing operations2 decreased by 1.7 percentage points to 89.7 % compared to the previous year (Q1 2019: 91.4 %).
EBITDA from continuing operations of the Group amounted to EUR 52.6 million, a strong increase of 38.4 % compared to the first quarter of 2019 (Q1 2019: EUR 38.0 million). This includes EUR 2.5 million of nonoperating costs, which are significantly lower than the year before (Q1 2019: EUR 10.2 million) mainly because of higher personnel expenses from share-based compensation in the previous year. In the first quarter 2020, non-operating costs mainly consisted of reorganisation costs, incurred within the continuing operations.
The consolidated earnings after tax from continuing operations attributable to the shareholders of the parent company increased significantly by 51.8 % to EUR 26.6 million for the first quarter of the financial year 2020 (Q1 2019: EUR 17.5 million). Besides the above-mentioned effects, this is also due to the slightly declining depreciation / amortisation / impairment (e.g., lower depreciation of IT equipment due to cloud migration, expiring PPA amortisation). Based on a weighted average number of 104,868,448 shares in the first quarter, (undiluted) earnings per share from continuing operations amounted to EUR 0.25 in Q1 2020 (Q1 2019: EUR 0.16; number of shares: 107,600,000).
1 Ordinary operating EBITDA less capital expenditure (adjusted), from continuing operations respectively 2 Ratio of Cash Contribution to ordinary operating EBITDA
As planned, the sale of AutoScout24, FinanceScout24 and FINANZCHECK was closed with receipt of the provisional purchase price on 31 March 2020 and the transfer of control on 1 April 2020. The deconsolidation will be shown accordingly in the half-yearly financial report.
The cash and cash equivalents from continuing operations of the Scout24 Group increased to EUR 2,332.3 million as of 31 March 2020 (31 December 2019: EUR 65.6 million). This includes the transaction proceeds (adjusted for provisionally determined net working capital and net debt of the sold units) in the amount of EUR 2,838.7 million less a sum of EUR 680.0 million for initial debt repayments (EUR 200 million term loan, EUR 315 million RCF II, EUR 120 million RCF I and EUR 45 million floating rate promissory note tranches). Of this amount, EUR 320.0 million was valued as a reduction in cash and cash equivalents as of 31 March 2020, but not yet as a corresponding reduction in liabilities. This amount was therefore reported as cash in transit under other financial assets.
Total current and non-current financial liabilities (including lease liabilities) of continuing operations decreased by EUR 262.2 million to EUR 592.6 million as of 31 March 2020, primarily due to debt repayments of EUR 360 million (total repayments of EUR 680 million less cash in transit) less EUR 100 million additionally drawn under RCF I in the first quarter of 2020.
Due to the high inflow of cash and cash equivalents and repayments of financial liabilities, the net financial surplus3 for continuing operations as of 31 March 2020 amounted to EUR 1,739.7 million compared to net financial liabilities4 for continuing operations of EUR 789.2 million as of 31 December 2019. The leverage ratio5 (31 December 2019: 2.45 : 1) as of 31 March 2020 is therefore not meaningful.
Overall, total assets increased by EUR 2,586.8 million to EUR 5,018.0 million compared to 31 December 2019.
At this point, the Management Board reconfirms its intent to distribute capital to shareholders in the amount of up to approximately EUR 1,690 million by way of share buybacks, of which approximately EUR 490 million during the 2020 financial year, as announced on March 25th. This measure, in addition to the proposed dividend payment of EUR 94.3 million, is part of the plan to return the proceeds from the AutoScout24 transaction to the shareholders.
3 Cash and cash equivalents less total current and non-current financial liabilities (including lease liabilities)
4 Total current and non-current liabilities (including lease liabilities) less cash and cash equivalents
5 Ratio of net debt to ordinary operating EBITDA for the last twelve months; as stated in the loan agreements, this leverage information relates to continuing and discontinued operations.
The following table provides an overview of the Scout24 Group's key financial figures for the first quarter of the financial year 2020 – for the continuing and discontinued operations according to IFRS 5.
| (EUR million) | Q1 2020 | Q1 2019 | Change |
|---|---|---|---|
| Continuing operations (ImmoScout24 segment) | |||
| External revenue | 89.1 | 84.4 | 5.6 % |
| Ordinary operating EBITDA1 (without Group functions/consolidation/other) |
57.5 | 50.1 | 14.8 % |
| 2 Ordinary operating EBITDA margin in % |
64.6 % | 59.4 % | 5.2 Pp |
| Ordinary operating EBITDA1 (including Group functions/consolidation/other) |
55.1 | 48.2 | 14.4 % |
| 2 Ordinary operating EBITDA margin in % |
61.8 % | 57.1 % | 4.7 Pp |
| Capital expenditure (adjusted)3 | 5.6 | 4.1 | 36.2 % |
| Cash contribution4 | 49.5 | 44.0 | 12.4 % |
| Cash conversion5 | 89.7 % | 91.4 % | -1.7 Pp |
| Discontinued operations (AutoScout24 segment) | |||
| External revenue | 56.7 | 64.4 | -11.9 % |
| Ordinary operating EBITDA1 (without Group functions/consolidation/other) |
15.8 | 23.1 | -31.5 % |
| 2 Ordinary operating EBITDA margin in % |
27.7 % | 35.7 % | -8.0 Pp |
| Ordinary operating EBITDA1 (including Group functions/consolidation/other) |
15.8 | 22.8 | -30.8 % |
| 2 Ordinary operating EBITDA margin in % |
27.8 % | 35.4 % | -7.6 Pp |
| Continuing + discontinued operations | |||
| External revenue | 145.9 | 148.8 | -2.0 % |
| Ordinary operating EBITDA1 (Group with continuing + discontinued operations) |
70.9 | 70.9 | -0.1 % |
| 2 Ordinary operating EBITDA margin in % |
48.6 % | 47.7 % | 0.9 Pp |
1 Ordinary operating EBITDA refers to EBITDA adjusted for non-operating effects, which mainly include expenses for share-based payments, M&A activities (realised and unrealised), reorganisation, strategic projects and other non-operating effects.
2 The ordinary operating EBITDA margin of a segment is defined as ordinary operating EBITDA as a percentage of external segment revenue.
3 Capital expenditure (adjusted) does not include capital expenditure made due to the application of IFRS 16.
4 Cash contribution is defined as ordinary operating EBITDA less capital expenditure (adjusted).
5 The cash conversion rate is defined as ordinary operating EBITDA less capital expenditure divided by ordinary operating EBITDA.
As announced in the previous year, the Scout24 Group changed its reporting to a simplified segment structure consisting of ImmoScout24 and AutoScout24 as of 1 January 2020 (in each case including the related business activities from the former Scout24 Consumer Services segment).
With the completion of the AutoScout24 transaction, the following new segmentation applies to continuing operations from the second quarter onwards:
In the future, each of these new segments will show its own revenue development and ordinary operating EBITDA. For a better understanding and continuity of future reporting, these key figures are already used in the following discussion of continuing operations in the first quarter.
ImmoScout24 had a strong start into the year 2020. Only towards the end of the first quarter the Corona crisis and the associated social distancing measures had a dampening effect on consumer behaviour, the business of commercial customers and consequently the segment's financial figures.
| EUR million | Q1 2020 | Q1 2019 | Change |
|---|---|---|---|
| Total external revenue | 89.1 | 84.3 | 5.6 % |
| thereof Residential Real Estate | 63.4 | 59.2 | 7.1 % |
| thereof Business Real Estate | 17.9 | 16.8 | 6.4 % |
| thereof 3rd Party Media and Other | 7.8 | 8.3 | -6.4 % |
| Ordinary operating EBITDA | 57.5 | 50.1 | 14.8 % |
| thereof Residential Real Estate | 41.2 | 35.8 | 15.0 % |
| thereof Business Real Estate | 13.2 | 11.1 | 18.4 % |
| thereof 3rd Party Media and Other | 3.1 | 3.1 | 0.4 % |
| Ordinary operating EBITDA margin | 64.6 % | 59.4 % | 5.2 pp |
| thereof Residential Real Estate | 65.0 % | 60.6 % | 4.4 pp |
| thereof Business Real Estate | 73.6 % | 66.1 % | 7.5 pp |
| thereof 3rd Party Media and Other | 39.9 % | 37.2 % | 2.7 pp |
External revenues of the ImmoScoutS24 segment increased by 5.6% to EUR 89.1 million in the first quarter of the 2020 financial year (Q1 2019: EUR 84.3 million).
The strongest growth driver was the Residential Real Estate business with a plus of 7.1%. Contractual revenues with residential real estate partners (including agents, property managers and finance customers) showed above-average growth. On the one hand, 479 (smaller) new core customers were acquired year-onyear (a total of 16,680 residential real estate partners as of 31 March 2020 with a 9.5 % higher ARPU of EUR 729). On the other hand, sales of on-top products and migration to higher tier memberships started with great momentum, the latter with an acceptance rate of over 40 % of the customers addressed. An important on-top product was the "Realtor Lead Engine", whose revenues increased by almost 90 % in the first quarter. These revenues derive from a strongly increasing number of registered homeowners (more than 50% growth since year end 2019) who have agreed to be contacted by real estate agents. Revenues from services for consumers (especially services for property seekers such as credit check and premium membership) also rose sharply until mid-March. Revenues from individual listings ("pay-per-ad" revenues) were down on the previous year. This is primarily due to the "free-to-list" initiative launched at the beginning of the year. It initially applied to rental listings for properties up to EUR 400 net rent and for new rental listings. The offer was very well received: the number of private rental listings rose by 12 % year-on-year in January, by 8 % in February (lower growth because of similar initiative in February 2019) and by 3 % in March (showing Covid-19 impact). The foregone revenue was partly compensated by the afore-mentioned increase in premium membership revenues, as the majority of the free listings could only be contacted by premium customers within the first 48h. In April, "free-to-list" was then extended to all listings booked by private individuals as part of the immediate-action programme to overcome the Corona crisis announced at the end of March.
Revenues in the Business Real Estate segment also grew at an above-average rate of 6.4% in the first quarter of 2020, compared to the total revenues of the ImmoScout24 segment. This development was mainly due to strong growth in revenues with project developers and with business real estate core customers. The number of business real estate partners at 2,748 as of 31 March 2020 was slightly lower than in the previous year. The ARPU increased by 6.8 % to EUR 1,811. Pay-per-ad revenues declined year-on-year in the business segment, too.
3rd Party Media & Other revenues declined by 6.4 % in the first quarter of the 2020 financial year. The main reason for this was the decline in media business due to market reasons, accelerated by the first Covid-19 effects in March. The subsidiary FlowFact also reported declining revenues due to delayed transfer of products into the new cloud solution. In contrast, ImmoScout24 Austria developed very positively.
The ordinary operating EBITDA of ImmoScout24 rose by a strong 14.8 % year-on-year to EUR 57.5 million (Q1 2019: EUR 50.1 million). This is due to the above-mentioned strong revenue development and efficient cost savings.
The ordinary operating EBITDA margin of ImmoScout24 rose to 64.6 % (Q1 2019: 59.4 %) with all new segments delivering positive margin expansions. The business real estate segment achieved a high margin of 73.6 % (up 7.5 percentage points on the prior-year quarter) driven by revenue expansion and significant economies of scale. The residential real estate ordinary operating EBITDA margin was 65.0 % (up 4.4 percentage points). The lower-margin business with 3rd party media & others also improved its profitability, by 2.7 percentage points to a margin of 39.9 %.
| Q1 2020 | Q1 2019 | Change | |
|---|---|---|---|
| Residential real estate partners (number of core-customers1 end of period) | 16,680 | 16,201 | 3.0 % |
| thereof residential agents and property managers | 15,289 | 14,841 | 3.0 % |
| thereof finance partners | 1,391 | 1,360 | 2.3 % |
| Residential real estate partner ARPU2 (EUR/month) |
729 | 666 | 9.5 % |
| Residential agent and property manager ARPU2 (EUR/month) |
707 | 649 | 8.9 % |
| Finance partner ARPU2 (EUR/month) |
974 | 914 | 6.6 % |
| Business real estate partners (commercial agents, project developers, new home builders) (number of core-customers1 end of period) |
2,748 | 2,809 | -2.2 % |
| Business real estate partner ARPU2 (EUR/month) |
1,811 | 1,695 | 6.8 % |
| IS24 Multiplatform UMV (millions)3 | 14.7 | 13.2 | 11.4 % |
| IS24 Sessions per month, Germany (millions)4 | 103.6 | 98.7 | 5.0 % |
1 Customers with a running contract containing an obligation for payment which entitles the customer to publish more than one object within the runtime of the contract
2 Average revenue per user per month, calculated by dividing the revenue generated with the respective core customer in the reported period by the average number of core customers in this period (calculated from the opening and closing balance) further divided by the number of months in the corresponding period
3 Monthly individual visitors (average of months), regardless of how often they visit the platform in that month and regardless of how many different accesses (desktop and mobile) they use; source: AGOF e. V. / digital facts, 2019-2020
4 Number of all monthly visits (average of months) in which individual users actively interact with the web or app offering via an end device, whereby a visit ends automatically when the user is not active during at least 30 minutes; source: internal measurement using Google Analytics
According to the ACEA association, the European automobile market recorded a decline of more than 25 %6 in the first quarter. Countries affected by the Covid-19 pandemic early on have been the most impacted, such as Italy, Austria and Spain. The German market showed a contraction of 20 %. The business development of AutoScout24 in the first quarter of 2020 was negatively impacted with a revenue decline of 11,8 %. Already in March, the first Corona discounts were granted, and certain fee-based services were offered free of charge. These measures were further expanded in April.
| EUR million | Q1 2020 | Q1 2019 | Change |
|---|---|---|---|
| Total external revenue | 56.7 | 64.4 | -11.9 % |
| thereof revenue with dealers in Germany | 17.1 | 23.8 | -28.1 % |
| thereof revenue with dealers in European core countries | 18.2 | 20.6 | -11.7 % |
| thereof revenue with finance partners and display revenue | 20.4 | 19.0 | 7.3 % |
| thereof other revenue | 1.0 | 1.0 | 0.0 % |
| Ordinary operating EBITDA | 15.8 | 23.1 | -31.5 % |
| Ordinary operating EBITDA margin | 27.7 % | 35.7 % | -8.0 pp |
The Covid-19 pandemic is an unprecedented situation with broad and significant impact globally, and the German Real Estate Market has not been spared. The situation continues to evolve quickly, hence it is too early to measure the precise extent of its impact on the economy in general and on Scout24 in particular. Nevertheless, Scout24 is in a strong and resilient position on the back of its leading market position in a highly attractive market.
The residential real estate market is expected to be less affected than other economic sectors due to longer-term investment, planning, and contract horizons. However, social distancing measures across Germany since mid-March have temporarily slowed both real estate rent and sale transactions. In particular activities like viewings but also notary appointments could not take place at the usual pace, and economic uncertainty, reduced income as well as hiring freezes by companies have temporarily reduced the number of people moving into a new home.
On the construction side, completion of new buildings is expected to continue, but at a reduced level due to delays in the delivery of parts and longer processing times at relevant authorities.
6 "Passenger car registrations: -25.6% first quarter of 2020; -55.1% in March", European Automobile Manufacturers Association (ACEA), 17 April 2020
The commercial real estate market is experiencing a simultaneous drop in supply and demand. The tourism segment followed by retail are most significantly affected due to resolutions to temporarily close hotels and stores or to continue operations, if at all, with heightened safety requirements, resulting necessarily in reduced vibrancy. Office properties are also affected, as companies might postpone decisions on new leases or review their office space requirements. As a partly mitigating effect, the current situation could entail a higher number of sale and rent transactions in the mid-term, especially in the retail segment, albeit possibly at lower prices.
On 20 March 2020, Scout24 has announced it will support its customers with a comprehensive immediateaction programme. The programme was designed to help mitigate the impact of the crisis for its customers by relieving them of some of their cash flow burden. As part of the programme, professional customers were granted a payment deferral ("liquidity plus") of up to nine months for their April invoice, and private listers could advertise on ImmoScout24 free of charge for one month ("listings plus"). Both programmes have been extended for the month of May. With "leads plus", ImmoScout24 will support interested residential real estate partners with free homeowner leads in the second quarter of 2020.
Recent ImmoScout24 analyses show the success of the immediate-action programme. By the beginning of May, professional listings were up 3 % compared to pre-Covid-19 -levels. Private listings increased by more than 20 % mainly due to "listings plus". On the demand side, traffic is also picking up with sessions having increased by 7 % compared to pre-Covid-19 levels.
Scout24 is highly resilient and well positioned to "weather the storm" together with its customers. Management expects Covid-19 to further catalyse the digitisation of the real estate transaction process, for which Scout24 as the market leader in Germany is well placed to capitalise on.
| (EUR '000) | Q1 2020 | Q1 20197 (adjusted) |
|---|---|---|
| Revenue | 89,110 | 84,361 |
| Own work capitalised | 5,383 | 2,995 |
| Other operating income | 296 | 725 |
| Total operating performance | 94,789 | 88,081 |
| Personnel expenses | -17,890 | -26,469 |
| Advertising expenses | -8,264 | -8,129 |
| IT expenses | -4,172 | -3,040 |
| Other operating expenses | -11,877 | -12,450 |
| Earnings before interest, tax, depreciation, amortisation and impairment losses – EBITDA |
52,586 | 37,992 |
| Depreciation, amortisation and impairment losses | -12,786 | -13,588 |
| Earnings before interest and tax – EBIT | 39,799 | 24,404 |
| Profit/loss from investments accounted for using the equity method | 34 | 54 |
| Finance income | 1,622 | - |
| Finance expenses | -8,071 | -4,218 |
| Financial result | -6,415 | -4,164 |
| Earnings before tax | 33,384 | 20,240 |
| Income taxes | -6,755 | -2,695 |
| Earnings from continuing operations after tax | 26,629 | 17,545 |
| Earnings from discontinued operations after tax | 633 | 7,778 |
| Earnings after tax | 27,262 | 25,322 |
| Of which attributable to: | ||
| Shareholders of the parent company | ||
| of which: continuing operations, after tax | 26,629 | 17,545 |
| of which: discontinued operations, after tax | 633 | 7,778 |
7 Please refer to the consolidated financial statements 2019, note "2.1 Discontinued operations and assets held for sale in the 2019 financial year" and note "2.2 Assets held for sale in the 2018 financial year". In the scope of the reclassification in April 2019 as described in note 2.2, the catch-up of scheduled depreciation resulted in an effect on earnings after taxes of EUR -790 thousand for the first quarter of 2019.
| EARNINGS PER SHARE | ||
|---|---|---|
| (EUR '000) | Q1 2020 | Q1 20198 (adjusted) |
| Basic earnings per share after tax | 0.26 | 0.24 |
| Diluted earnings per share after tax | 0.26 | 0.23 |
| (EUR '000) | Q1 2020 | Q1 20199 (adjusted) |
|---|---|---|
| Basic earnings per share after tax | 0.25 | 0.16 |
| Diluted earnings per share after tax | 0.25 | 0.16 |
| EARNINGS PER SHARE FROM DISCONTINUED OPERATIONS | ||
|---|---|---|
| (EUR '000) | Q1 2020 | Q1 20199 (adjusted) |
| Basic earnings per share after tax | 0.01 | 0.07 |
| Diluted earnings per share after tax | 0.01 | 0.07 |
| Q1 2020 | Q1 20199 | |
|---|---|---|
| (EUR '000) | ||
| Ordinary operating EBITDA | 55,104 | 48,157 |
| Non-operating effects | -2,518 | -10,165 |
| EBITDA | 52,586 | 37,992 |
| Depreciation, amortisation and impairment losses | -12,786 | -13,588 |
| Profit/loss from investments accounted for using the equity method | 34 | 54 |
| Other financial result | -6,450 | -4,218 |
| Earnings before tax | 33,384 | 20,240 |
8 Please refer to the consolidated financial statements 2019, note "2.1 Discontinued operations and assets held for sale in the 2019 financial year" and note "2.2 Assets held for sale in the 2018 financial year". In the scope of the reclassification in April 2019 as described in note 2.2, the catch-up of scheduled depreciation resulted in an effect on earnings after taxes of EUR -790 thousand for the first quarter of 2019.
| (EUR '000) | 31.03.2020 | 31.12.2019 |
|---|---|---|
| Current assets | 3,338,449 | 740,382 |
| Cash and cash equivalents | 2,332,261 | 65,574 |
| Trade receivables | 28,325 | 31,241 |
| Financial assets | 320,657 | 1,290 |
| Income tax assets | 37 | 32 |
| Other assets | 15,655 | 7,450 |
| Assets held for sale | 641,514 | 634,795 |
| Non-current assets | 1,679,580 | 1,690,810 |
| Goodwill | 692,690 | 692,690 |
| Trademarks | 872,818 | 872,818 |
| Other intangible assets | 85,898 | 91,437 |
| Right-of-use assets from leases | 20,827 | 22,051 |
| Property, plant and equipment | 4,358 | 8,747 |
| Investments accounted for using the equity method | 282 | 247 |
| Financial assets | 2,684 | 2,525 |
| Deferred tax assets | 6 | 277 |
| Other assets | 16 | 18 |
| Total assets | 5,018,029 | 2,431,192 |
| (EUR '000) | 31.03.2020 | 31.12.2019 |
|---|---|---|
| Current liabilities | 3,168,282 | 210,809 |
| Trade payables | 44,297 | 17,905 |
| Financial liabilities | 120,945 | 26,666 |
| Lease liabilities | 4,606 | 4,834 |
| Other provisions | 34,737 | 48,038 |
| Income tax liabilities | 22,499 | 17,124 |
| Contract liabilities | 9,067 | 8,339 |
| Other liabilities | 2,857,095 | 16,192 |
| Liabilities associated with assets held for sale | 75,035 | 71,710 |
| Non-current liabilities | 791,996 | 1,166,465 |
| Financial liabilities | 449,939 | 805,199 |
| Lease liabilities | 17,112 | 18,075 |
| Other provisions | 34,698 | 44,983 |
| Deferred tax liabilities | 288,266 | 296,060 |
| Other liabilities | 1,981 | 2,148 |
| Equity | 1,057,751 | 1,053,919 |
| Subscribed share capital | 107,600 | 107,600 |
| Capital reserve | 171,133 | 171,133 |
| Retained earnings | 931,345 | 904,083 |
| Measurement of pension obligations associated with assets held for sale | -206 | –206 |
| Other reserves | 887 | 879 |
| Treasury shares (2,793,873 shares, previous year: 2,437,041 shares) | -153,009 | –129,571 |
| Equity attributable to shareholders of parent company | 1,057,751 | 1,053,919 |
| Total equity and liabilities | 5,018,029 | 2,431,192 |
| (EUR '000) | Q1 2020 | Q1 20199 |
|---|---|---|
| Earnings from continuing operations after tax | 26,629 | 17,545 |
| Amortisation, depreciation and impairment losses | 12,786 | 13,588 |
| Income tax expense | 6,755 | 2,695 |
| Finance income | -1,622 | - |
| Finance expenses | 8,071 | 4,218 |
| Profit/loss from investments accounted for using the equity method | -34 | -54 |
| Gain/loss on disposal of intangible assets and property, plant and equipment | 135 | - |
| Other non-cash transactions | 128 | 66 |
| Change in trade receivables and other assets not attributable to investing or financing activities |
-5,159 | 2,691 |
| Change in trade payables and other liabilities not attributable to investing or financing activities |
6,595 | -2,048 |
| Change in provisions | -1,606 | 7,529 |
| Income taxes paid | -8,909 | -16,960 |
| Cash flow from operating activities of continuing operations | 43,769 | 29,270 |
| Cash flow from operating activities of discontinued operations | 17,196 | 11,548 |
| Cash flow from operating activities | 60,965 | 40,818 |
| Investments in intangible assets, including internally generated intangible assets and intangible assets under development |
-5,383 | -3,751 |
| Investments in property, plant and equipment | -266 | -399 |
| Proceeds from disposal of intangible assets and property, plant and equipment | 6 | 1 |
| Consideration transferred for investments accounted for using the equity method | - | -350 |
| Interest received | 1 | 1 |
| Proceeds from subsidiaries sold in previous years | 504 | 5,300 |
| Cash flow from investing activities of continuing operations | -5,138 | 802 |
| Cash flow from investing activities of discontinued operations | 2,833,898 | -196 |
| thereof net proceeds from the disposal of discontinued operations | 2,837,198 | - |
| Cash flow from investing activities | 2,828,760 | 606 |
9 Please refer to the consolidated financial statements 2019, note "2.1 Discontinued operations and assets held for sale in the 2019 financial year" and note "2.2 Assets held for sale in the 2018 financial year". In the scope of the reclassification in April 2019 as described in note 2.2, the catch-up of scheduled depreciation resulted in an effect on earnings after taxes of EUR -790 thousand for the first quarter of 2019.
| (EUR '000) | Q1 2020 | Q1 20199 |
|---|---|---|
| Raising of short-term financial liabilities | 100,000 | - |
| Repayment of short-term financial liabilities | -121,274 | -1,409 |
| Raising of medium- and long-term financial liabilities | -560,000 | - |
| Interest paid | -4,843 | -4,386 |
| Purchase of treasury shares | -25,765 | - |
| Cash flow from financing activities of continuing operations | -611,882 | -5,795 |
| Cash flow from financing activities of discontinued operations | -541 | -1,211 |
| Cash flow from financing activities | -612,423 | -7,006 |
| Net foreign exchange difference, continuing operations | 8 | 2 |
| Net foreign exchange difference, discontinued operations | - | 1 |
| Change in cash and cash equivalents | 2,277,310 | 34,421 |
| Cash and cash equivalents at beginning of period | 70,385 | 59,202 |
| Cash and cash equivalents at end of period | 2,347,695 | 93,623 |
| Less cash and cash equivalents at end of period held for sale | -15,434 | - |
| Cash and cash equivalents at end of period from continuing operations | 2,332,261 | 93,623 |
Investor Relations
Ursula Querette Phone +49 89 44456 1742 E-Mail [email protected]
Scout24 AG
Bothestrasse 13-15 81675 Munich Germany Phone +49 89 44456-0 E-Mail [email protected] www.scout24.com
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