Scout24 AG reports successful first quarter 2017 with solid top- and bottomline growth

  • 7.7% increase in Group revenues to EUR 113.9 million
  • Ordinary operating EBITDA margin of 49.6%
  • Cash contribution increased by 10.8%
  • On track to achieve full year 2017 targets

Berlin / Munich, 10 May 2017 – Scout24 AG ("Scout24" or “the Group”), the leading operator of digital marketplaces specialising in the real estate and automotive sectors in Germany and other selected European countries, reports solid growth in revenues and profitability in the first quarter of the financial year 2017.

According to the unaudited consolidated financial statements, Group revenues for the first quarter 2017 increased by 7.7% to EUR 113.9 million (Q1 2016: EUR 105.8 million). Group ordinary operating EBITDA was up 8.2% to EUR 56.5 million, representing a margin of 49.6%. Furthermore, cash contribution increased by 10.8%, once again demonstrating the Group's strong cash generating capabilities.

"Given the continued robust top-line and profitability growth in the first quarter of the financial year, Scout24 is on track to achieve its 2017 targets. Our financial position has further improved also on the back of considerable interest savings deriving from the re-financing concluded end of 2016. This positive development also supports our planned dividend payment in June 2017,” 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 2017.

Key Financial Highlights

(EUR millions)

Q1 2017

Q1 20161

%

change

External revenues

113.9

105.8

7.7%

IS24

72.1

69.1

4.3%

AS24

40.4

35.0

15.4%

Ordinary operating EBITDA2

56.5

52.2

8.2%

IS24

44.4

42.4

4.7%

AS24

17.3

13.9

24.5%

Ordinary operating EBITDA-margin- in %2

49.6%

49.3%

0.3pp

IS24

61.6%

61.3%

0.3pp

AS24

42.8%

39.7%

3.1pp

EBITDA3

53.3

48.6

9.7%

IS24

41.0

39.3

4.3%

AS24

15.4

12.6

22.2%

Capital expenditure

4.1

4.9

(16.3)%

Cash contribution4

52.4

47.3

10.8%

Cash conversion5

93%

91%

2pp

1 Compared with the Q1 2016 statement, the results related to European AutoTrader B.V., Amsterdam, acquired as at 1. February 2016, were considered since acquisition date (see Q2 2016 statement).

2   Ordinary operating EBITDA represents EBITDA adjusted for non-operating and special effects, ordinary operating EBITDA margin of a segment is defined as ordinary operating EBITDA as a percentage of external segment revenues.

3 EBITDA is defined as profit before financial results, income taxes, depreciation and amortisation, impairment write-downs and the result of sales of subsidiaries.

4   Cash contribution is defined as ordinary operating EBITDA less capital expenditure.

5   Cash conversion is defined as ordinary operating EBITDA less capital expenditure divided by ordinary operating EBITDA.

 

Business Development Group

Scout24 continued to perform strongly in the quarter, mainly driven by strong core dealer ARPU increase in the AutoScout24 ("AS24") segment as well as a consistent expansion of consumer monetisation initiatives under the Scout24 Media umbrella in the ImmobilienScout24 (“IS24”) Segment.

Ordinary operating EBITDA in the first quarter 2017 was up by 8.2% year-on-year to EUR 56.5 million. Ordinary operating EBITDA margin increased by 0.3 percentage points to 49.6%.

Reported Group EBITDA for the first quarter 2017 was up EUR 4.7 million compared to the first quarter 2016, reaching EUR 53.3 million. This includes EUR 3.2 million of non-operating costs (Q1 2016: EUR 3.5 million), which essentially consist of costs related to M&A transactions and personnel expenses. Personnel expenses mainly relate to the reorganisation, but also include share-based compensation for management equity programs as well as performance-based remuneration from share purchase agreements. Consolidated net income attributable to parent company owners amounted to EUR 24.2 million in the reporting period (Q1 2016: EUR 13.1 million), which corresponds to basic earnings per share of EUR 0.23 (Q1 2016: EUR 0.12).

The cash contribution in the first quarter of 2017 increased by EUR 5.1 million (10.8%) year-on-year. The cash conversion rate, based on ordinary operating EBITDA, increased to 93% (Q1 2016: 91%). Cash and cash equivalents amounted to EUR 73.9 million as of 31 March 2017 (31 December 2016: EUR 43.4 million). Net financial debt (current and non-current liabilities less cash and cash equivalents) amounted to EUR 603.6 million (31 December 2016: EUR 633.9 million). The ratio of net debt to ordinary operating EBITDA over the last 12 months was reduced to 2.64:1 (31 December 2016: 2.82:1).

The business development of Scout24 Group in the first quarter 2017 was in line with the Management Board's expectations and Scout24 is therefore highly confident to reach the targets for the financial year 2017 communicated on 29 March 2017. For details, please refer to our Annual Report for financial year 2016, which is available at which is available at report.scout24.com/2016.

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

 

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. More than 1,000 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 & Treasury
Fon: +49 89 44456 3278    
Email: ir@scout24.com

 

Media Relations

Marie Fabiunke
Head of Corporate Communications & PR
Fon: +49 30 24301 1427
Email: marie.fabiunke@scout24.com

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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 2016 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 the audit and thus are labelled "unaudited".