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ER - Scout24 AG: Scout24 AG reports a successful first quarter 2016

Company: Scout24 AG Date: 2016-05-11 Language: English Register to download
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 News Details

Corporate | 11 May 2016 07:30

#   

Scout24 AG: Scout24 AG reports a successful first quarter 2016

DGAP-News: Scout24 AG / Key word(s): Quarter Results/Quarterly / Interim
Statement

2016-05-11 / 07:30
The issuer is solely responsible for the content of this announcement.

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Scout24 AG reports a successful first quarter 2016

  - 12.9% increase in Group revenues to EUR 104.7 million 

  - Ordinary operating EBITDA margin of 49.3%

  - 11.8% increase in cash contribution supports robust deleveraging 
    profile

  - Fully on track to achieve full year 2016 targets 

Berlin / Munich, 11 May 2016 - Scout24 AG ("Scout24" or "the Group"), the 
leading operator of digital marketplaces specializing in the real estate 
and automotive sectors in Germany and other selected European countries, 
announces its results for the first quarter of the financial year 2016.

According to the unaudited consolidated financial statements, Group 
revenues (excluding revenues from the latest acquisition European 
AutoTrader B.V.) for the first three months ended March 31, 2016 increased 
by 12.9% to EUR 104.7 million (Q1 2015: EUR 92.7 million). Group ordinary 
operating EBITDA (excluding the contribution from European AutoTrader B.V.)
was up 12.8% to EUR 51.6 million, representing a margin of 49.3%.
Furthermore, cash contribution  increased by a solid 11.8%, supporting 
Group deleveraging. 

"Scout24 recorded strong first quarter 2016 results with all major 
performance indicators in line with Management Board's expectations. We are
therefore very confident to meet our full year targets", 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 March 31, 2016.
 

(in EUR million)           Q1 2016             Q1 2015             %
                                                                   change
External Revenues                       104.7                92.7   12.9%
IS24                                     69.1                63.9    8.3%
AS24                                     34.0                27.6   23.2%
EBITDA                                   48.0                41.1   16.8%
IS24                                     39.3                35.6   10.2%
AS24                                     12.0                10.0   20.0%
Ordinary operating EBITDA                51.6                45.7   12.8%
IS24                                     42.4                38.4   10.4%
AS24                                     13.3                10.7   24.2%
Ordinary operating EBITDA               49.3%               49.3%   0.0pp
margin
IS24                                    61.3%               60.1%   1.2pp
AS24                                    39.2%               38.9%   0.3pp
Capital expenditure                       4.9                 3.9   23.4%
Cash contribution                        46.7                41.8   11.8%

All figures in the table above do not include results of European 
AutoTrader B.V.

The quarterly statement including financial statements and additional 
details on segment level is available at www.scout24.com/financial-reports.


Business Development 

Group

Scout24 continues on its growth path driven by its core businesses, 
ImmobilienScout24 ("IS24") and AutoScout24 ("AS24"), the ongoing roll-out 
of the product models "VIA" in IS24 and "MIA" in AS24 and strong focus on 
executing on its sales strategy. 

Reported Group EBITDA for the first quarter 2016 was up EUR 6.9 million 
compared to the first quarter 2015, reaching EUR 48.0 million. It included 
non-operating costs of EUR 3.6 million mainly due to the Management Equity 
programme, obligations from a purchase price agreement, costs related to 
the acquisition of European AutoTrader B.V. as well as restructuring costs 
of EUR 1.0 million. The Group's ordinary operating EBITDA improved by 12.8%
to EUR 51.6 million. Consolidated reported net profit for the period was
EUR 12.6 million (Q1/2015: EUR 11.3 million), resulting in earnings per
share of EUR 0.12 (Q1/2015: EUR 0.11).
 
Cash contribution increased by 11.8% to EUR 46.7 million, supporting Group 
deleveraging. Cash and cash equivalents amounted to EUR 67.8 million as of 
March 31, 2016 including the cash outflow for the purchase price of 
European AutoTrader B.V. in an amount of EUR 27.7 million in Q1 2016 
(December 31, 2015: EUR 70.6 million), highlighting the strong free cash 
flow generation. Total net financial debt  therefore amounted to EUR 714.1 
million, leading to a leverage (ratio of ordinary operating EBITDA of the 
last twelve months to net debt) of 3.65:1 (December 31, 2015: 3.74:1).

Based on this positive financial position Scout24 has made a voluntary 
repayment towards its bank loan of EUR 40 million on April 5, 2016. This 
reduced the total debt of EUR 782 million as of March 31, 2016 further to 
EUR 742 million and will reduce annualized interest expense by 
approximately EUR 1.5 million.

ImmobilienScout24 (IS24)

(in EUR million)           Q1 2016              Q1 2015              %
                                                                     change
Revenues from core agents                 39.1                 35.8    9.4%
(Germany)
Revenues from other                        8.5                  8.6  (0.9)%
agents
Other revenues                            21.5                 19.5   10.3%
Total external revenues                   69.1                 63.9    8.3%
EBITDA                                    39.3                 35.6   10.2%
Ordinary operating EBITDA                 42.4                 38.4   10.4%
Ordinary operating EBITDA                61.3%                60.1%   1.2pp
- margin %
Capital expenditure                        2.5                  2.4    6.3%

Revenues from core agents increased by 9.4% to EUR 39.1 million driven by a
solid ARPU (average revenue per core agent) increase offsetting decreasing
core agent numbers, both developments in line with expectations. Revenues
from other agents slightly decreased year-over-year driven by professional
pay-per-ad revenues, which decreased driven by impacts of business closures
caused by the so-called "Bestellerprinzip". The increase of 10.3% in other
revenues reflect a healthy development in revenues from adjacent businesses
combined with a lower increase in revenues from private listings.

IS24 maintained a strong competitive lead in listings share as well as 
consumer traffic and engagement in Q1 2016.
 
AutoScout24 (AS24)

(in EUR million)             Q1 2016            Q1 2015            %
                                                                   change
Revenues from core dealers                13.2                9.7   36.1%
(Germany)
Revenues from core dealers                10.0                8.4   18.7%
(Benelux/Italy)
Revenues from other dealers                3.2                2.7   20.3%
Other revenues                             7.6                6.8   10.9%
Total external revenues                   34.0               27.6   23.2%
EBITDA                                    12.0               10.0   21.4%
Ordinary operating EBITDA                 13.3               10.7   24.2%
Ordinary operating EBITDA -              39.2%              38.9%   0.3pp
margin %
Capital expenditure                        2.3                1.5   52.7%

All figures in the table above do not include results of European 
AutoTrader B.V.

External revenues for AS24 accelerated significantly with an increase of 
23.2% compared to the first quarter 2015. Revenues from core dealers in 
Germany increased by 36.1% on the back of an increase in core dealer ARPU  
(average revenue per core dealer) driven by the roll-out of MIA products 
and an ongoing expansion of core dealer base. Benelux and Italy equally 
performed strongly with revenues from core dealers increasing by 18.7% to 
EUR 10.0 million. The increase is driven by  a balanced mix of growth in 
dealer locations and ARPU as well fuelled by the roll-out of the MIA 
products, which started successfully in Q4 2015. The acquisition of 
European AutoTrader B.V. which took place in February 2016, will further 
extend the market leading position of AS24 in the Netherlands. Revenues of 
European AutoTrader B.V. in February and March 2016 amounted to EUR 1.1 
million and are not included in the revenues reported. Other dealer 
revenues benefit from the consolidation of easyautosale GmbH (consolidated 
since April 2015). 

AS24 sustained its content leadership positions in Belgium, Netherlands and
Italy with regards to general classifieds and automotive classified
competitors and continued to work on closing the gap towards its competitor
in Germany.

Outlook

The business development of Scout24 Group in the first quarter 2016 was in 
line with the Management Board's expectations and Scout24 is therefore very
confident to reach the targets for the financial year 2016 communicated on
March 30, 2016. For details, please refer to our Annual Report 2015, which
is available at report.scout24.com/2015.
 
Conference Call

On Wednesday, May 11, 2016, 1:00 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:
http://scout110516-live.audio-webcast.com

Next events and reportings

On June 23, 2016, the Annual General Meeting of Scout24 AG will take place 
in Belin.

Scout24 expects to report results for the first half of the 2016 financial 
year on Thursday, August 11, 2016.

About Scout24

Scout24 operates leading digital classifieds platforms in Germany and other
selected European countries. The main operations under the umbrella brand
Scout24 are the digital marketplaces ImmobilienScout24 and AutoScout24.
ImmobilienScout24 is the leading digital real estate classifieds platform
in Germany, based on consumer traffic and time spent as well as customer
numbers and listings. AutoScout24 is a leading automotive digital
classifieds platform in Europe, in terms of unique monthly visitors and
listings. Scout24's digital marketplaces are empowering people to realise
their property and car-owning dreams simply, efficiently and stress-free.
Further information is available at www.sout24.com.

Investor Relations contact

Britta Schmidt
Vice President Investor Relations & Treasury
Tel.: +49 89 44456 3278 
Email: ir@scout24.com

Press contact

Svenja Lahrmann
Instinctif Partners
Tel.: +49 221 42075 23
Email: svenja.lahrmann@instinctif.com

 
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.


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2016-05-11 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.
Media archive at www.dgap-medientreff.de and www.dgap.de

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   Language:    English                                                     
   Company:     Scout24 AG                                                  
                Dingolfinger Str. 1 - 15                                    
                81673 Munich                                                
                Germany                                                     
   Phone:       +49 89 44456 - 0                                            
   Fax:         +49 89 44456 - 3000                                         
   E-mail:      ir@scout24.com                                              
   Internet:    www.scout24.com                                             
   ISIN:        DE000A12DM80                                                
   WKN:         A12DM8                                                      
   Indices:     SDAX                                                        
   Listed:      Regulated Market in Frankfurt (Prime Standard); Regulated   
                Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,  
                Munich, Stuttgart, Tradegate Exchange                       
 
   
     End of News    DGAP News Service