DGAP-News: Scout24 AG / Key word(s): Preliminary Results
Scout24 preliminary results 2016: Continued revenue and profit growth
Berlin / Munich, 13 February 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, continues on its growth path based on preliminary results for the full year 2016.
Preliminary Group revenues of EUR 442.1 million (2015: EUR 393.6 million) for the full year 2016 are up 12.3 % year-over-year, mainly driven by the strong performance of AutoScout24 (AS24) and consumer monetization initiatives under the umbrella of Scout24 Media.
"In September 2015, we introduced Scout24 Media as a Group-wide function pooling our display advertising activities as well as the activities in the field of consumer services. Looking at the 2016 financials, we can already see an increasing impact through product innovation driven by Scout24 Media" said Greg Ellis, CEO of Scout24 AG.
Scout24 expects to achieve an ordinary operating EBITDA of EUR 224.5 million for the full year 2016 (2015: EUR 189.6 million), a 2.6 percentage points improvement in ordinary operating EBITDA margin to 50.8% and thus slightly above guidance given in August 2016. Furthermore, cash contribution (ordinary operating EBITDA reduced by investments) increased strongly by 20.4%, underpinning the Group's ability to swiftly delever its balance sheet. The leverage ratio of net debt to ordinary operating EBITDA is expected to come in at 2.84x and therefore well underway to reach the target level of 2.50x ahead of time.
"2016 has been another record breaking year following our IPO in 2015. Our growth was further fuelled by the acquisition of the Dutch company European Autotrader B.V. which has already been successfully integrated into our AS24 business", said Christian Gisy, CFO of Scout24 AG and added: "Besides the high top and bottom-line growth, I am especially pleased with our strong cash generation which helps us to reduce debt more quickly."
Preliminary Group EBITDA is expected to come in at EUR 206.8 million (2015: EUR 166.9 million), affected by non-operating items of EUR 17.8 million, slightly higher than expected, relating mainly to the reorganisation of the sales force and IT teams. Capital expenditures were EUR 19.5 million.
Net profit is expected at EUR 66.9 million (2015: EUR 56.9 million) being affected by a one-time effect of EUR 14.4 million for the amortisation of debt issuance cost caused by the refinancing and prepayments of the previous syndicated loan. Preliminary earnings per share amount to EUR 0.62 (2015: 0.56 EUR).
All figures reported herein are preliminary and unaudited. Full financial disclosure for financial year 2016, together with management guidance for the financial year 2017, will be published on 29 March 2017.
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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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|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|