DGAP-News: Scout24 AG / Key word(s): Quarterly / Interim Statement
Scout24 AG gets off to a successful start into the 2019 financial year with significant double-digit revenue growth
According to the unaudited interim consolidated financial statements, Group revenue increased by 20.6% from EUR 123.4 million to EUR 148.8 million in the first quarter of 2019. Adjusted for consolidation effects, the growth rate came to 14.8% (Q1 2018 adjusted revenue: EUR 129.7 million). The Group's ordinary operating EBITDA increased in the first quarter of 2019 to EUR 70.9 million (Q1 2018: EUR 63.7 million). This is equivalent to a growth rate of 11.3% in relation to the previous year, or of 15.3% on an adjusted basis, which is higher than the revenue growth rate (adjusted ordinary operating EBITDA of the Group in Q1 2018: EUR 61.5 million). The ordinary operating EBITDA margin is 47.7% (Q1 2018 adjusted: 47.5%; Q1 2018: 51.6%). This development reflects above all the investment made in the first quarter in the Scout24 Group's future growth. The cash contribution increased by 17.2% to EUR 65.3 million (Q1 2018: EUR 55.8 million), once again underscoring the Group's high financial strength.
"The 2019 financial year got off to an excellent start for Scout24. The strong development of AutoScout24 revenue and earnings is particularly noteworthy. But we are also very satisfied with the high revenue growth and sustained high level of profitability at ImmobilienScout24. The high growth rate recorded as expected in the Consumer Services segment highlights the progress made in monetising our service offering and emphatically confirms our strategic alignment in this segment. The financials for the first quarter of 2019 are once again proof of the Scout24 Group's strong operating performance and therefore the Group reaffirms that the corporate targets for the 2019 financial year can be reached," says Christian Gisy, CFO of Scout24 AG.
* Advertising revenue with OEM partner agencies and the corresponding ordinary operating EBITDA is no longer reported in the AutoScout24 segment as of 1 January 2019 but rather in the Scout24 Consumer Services segment due to the close structural relationship with Third-Party Display Revenue; the figures of the previous year have been restated accordingly.
1 Ordinary operating EBITDA refers to EBITDA adjusted for non-operating effects, which mainly include restructuring expenses, expenses in connection with the Company's capital structure and company acquisitions (realised and unrealised), costs for strategic projects as well as effects on profit or loss from share-based payment programmes. The ordinary operating EBITDA margin of a segment is defined as ordinary operating EBITDA as a percentage of external segment revenue.
The complete quarterly statement including interim consolidated financial statements is available at www.scout24.com/financial-reports.
The 2019 financial year got off to a successful start for Scout24, driven by the continuing positive dynamics in the ImmobilienScout24 ("IS24") segment as well as strong growth in the AutoScout24 ("AS24") and Consumer Services ("CS") segments.
According to the unaudited interim consolidated financial statements, Group revenue increased by 20.6% to EUR 148.8 million in the first quarter of 2019 (Q1 2018: EUR 123.4 million). Adjusted for consolidation effects, i.e. taking into account the contribution of FINANZCHECK.de for the full 2018 financial year and without the contributions of the deconsolidated entities AS24 Spain and classmarkets in the first quarter of 2018, the growth rate came to 14.8% (adjusted revenue for Q1 2018: EUR 129.7 million).
The Group's ordinary operating EBITDA improved to EUR 70.9 million (Q1 2018: EUR 63.7 million), and the ordinary operating EBITDA margin was 47.7% (Q1 2018 adjusted: 47.5%; Q1 2018: 51.6%). This is equivalent to a growth rate of 11.3% in relation to the previous year, or of 15.3% on an adjusted basis, which is higher than the adjusted revenue growth rate. This development reflects above all the investment made in the first quarter in the Scout24 Group's future growth.
The Group's EBITDA decreased by EUR 2.4 million to EUR 58.5 million in the first quarter of 2019 compared with the first quarter of 2018 (Q1 2018: EUR 60.8 million). It includes non-operating costs of EUR 12.5 million, which mainly comprised personnel expenses in connection with share-based payments (EUR 9.3 million) and costs attributable to M&A transactions as well as post-merger integration (EUR 2.8 million). The Group's net profit for the reporting period attributable to shareholders of the parent company amounted to EUR 26.1 million (Q1 2018: EUR 30.2 million), resulting in basic earnings per share of EUR 0.24 (Q1 2018: EUR 0.28).
With revenue growth of 20.6% (adjusted for consolidation effects: revenue growth of 14.8%) and an ordinary operating EBITDA margin of 47.7%, the Group reaffirm the corporate targets communicated in the 2018 annual report (revenue growth between 15.0% and 17.0%, ordinary operating EBITDA margin between 52.0% and 54.0%).
The segment is well on track to achieving the targets communicated in the 2018 annual report (adjusted revenue growth of between 9.0% and 11.0%, ordinary operating EBITDA margin of up to 70.0%).
In view of the segment's strong operating performance in the first quarter of 2019, the Group is highly confident that the segment will reach the upper end of guidance communicated in the 2018 annual report (adjusted revenue growth of between 12.0% and 14.0%, ordinary operating EBITDA margin of up to 54.0%).
The CS segment is well on track to achieving the targets communicated in the 2018 annual report (adjusted revenue growth of between 15.0% and 17.0%, slight decrease in the ordinary operating EBITDA margin as a result of the negative FINANZCHECK.de contribution although it should still reach up to 30.0%).
With our leading digital marketplaces ImmobilienScout24 in Germany and Austria and AutoScout24 across Europe we are creating a connected network for living and mobility. More than 1,500 employees empower our users to find their new home or their new car quickly and easily. Individual additional services, such as the brokerage of relocation services or construction and car financing, by Scout24 Consumer Services support this purpose. Scout24 AG 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.
All information contained in this press release has been carefully prepared. However, no reliance may be placed for any purposes whatsoever on the information contained in this press release 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 press release 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 press release is subject to amendment, revision and updating. Certain statements, beliefs and opinions in this press release 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 press release
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 Group Interim Report 2018, 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 the quarterly financials has not been subject to audit and is thus preliminary. , 2 I.e. taking into account the contribution of FINANZCHECK.de and without the contributions of the deconsolidated entities AS24 Spain and classmarkets in the first quarter of 2018
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