SEEK : FY19 Full Year Results

ASX Announcement

20 August 2019

Strong revenue growth as SEEK pursues large revenue opportunity

FY19 Key Highlights

SEEK Group: Strong revenue result alongside strategic investment

• Revenue growth of 18% vs pcp1
• EBITDA growth of 6% vs pcp1 driven by SEEK ANZ, SEEK Asia and Zhaopin
• Achieved guidance2 despite deteriorating macro conditions during FY19

Asia Pacific & Americas (AP&A): Good growth in SEEK ANZ and SEEK Asia in weaker conditions

• SEEK ANZ: Ongoing revenue growth particularly from depth products
• SEEK Asia: Ongoing revenue growth and early integration benefits

SEEK Investments: Strong revenue growth in Zhaopin and across our Investments portfolio

• Zhaopin: Strong revenue result across core and adjacent businesses
• Early Stage Ventures (ESVs): Strong growth in revenue and operating metrics

SEEK Limited (SEEK) announced its results for the 12 months ended 30 June 2019

• Reported Revenue of A$1,537.3m (pcp1: A$1,299.5m)
• Reported EBITDA of A$455.0m (pcp1: A$431.2m)
• Underlying NPAT (excl. significant items, AP&A Other and SEEK Investments ESVs) of A$229.0m (pcp1: A$228.5m)
• Reported NPAT3 of A$180.3m (pcp1: A$52.2m)

Commenting on SEEK's FY19 results, SEEK CEO and Co-Founder Andrew Bassat said:

"SEEK is pursuing an aspirational revenue opportunity of cA$5b by FY25 and we made strong progress towards this in the last 12 months. Key FY19 highlights include good results in SEEK ANZ, SEEK Asia, Zhaopin and our ESV portfolio. These results were achieved despite a backdrop of weaker macro conditions and strong competition."

"AP&A continued to invest and innovate for long-term growth. SEEK ANZ achieved strong growth from its depth products which helped offset macro weakness. SEEK Asia delivered good revenue growth and is starting to see early integration benefits. In the years to come, deeper AP&A integration will increase the speed to market of new products which should support strong revenue growth over the medium to long-term."

"SEEK Investments is focused on managing and making investments to drive large capital returns over a 5+ year horizon. Despite softening macro conditions, Zhaopin achieved strong revenue growth in a competitive environment. In our portfolio of early stage ventures, we have invested in emerging leaders exposed to long-term structural trends. Our portfolio is performing well and achieved strong growth in operating metrics and look-through revenue growth of c65%4."

1. Comparative information has been restated to reflect the adoption of AASB15 Revenue from Contracts with Customers
2. Based on FY19 Guidance provided in FY19 SEEK Macquarie Conference Presentation: May 2019
3. Reported Results includes the following significant items FY19: Zhaopin privatisation & refinancing related costs (A$4.5m); FY18: primarily impairment losses (-A$179.5m) & Maimai FV gain (A$35.9m)
4. "Look-through" share represents revenue of investments multiplied by SEEK's ownership interest (based on comparable ownership interest across FY18 & FY19). Excludes Coursera (ownership interest <5%)

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ASIA, PACIFIC & AMERICAS (AP&A)

SEEK ANZ: Ongoing growth in financial results reflect benefits of re-investment

• Revenue growth of 7%5 and EBITDA growth of 8%5 despite weaker H2 conditions
• Market leader with c34% of placements, lead of c6x times over our nearest competitor

SEEK Asia: Continuing growth in Revenue and EBITDA alongside early integration benefits

• Revenue growth of 9%5 and EBITDA growth of 11%5 (constant currency)
• Starting to see results from early AP&A integration

Andrew Bassat commented, "SEEK ANZ delivered continued growth, highlighted by a 26% increase in depth revenue. The strong depth result was due to sustained investment in prior years and helped to counter the impact of weak H2 ad volumes. We are confident that our future strategies focused on aligning price to value and product set expansion will open up large new revenue pools."

"The strength and resilience of ANZ's business model gives us optimism that our capabilities, products and key learnings can be applied to help accelerate SEEK Asia's evolution."

"SEEK Asia delivered good financial and operational results. There is more work to do to grow SEEK Asia's product and service offerings and we are confident that deeper AP&A integration will accelerate this process. In Latin America, we are seeing improvement in marketplace metrics but this has not yet led to improved financial results."

SEEK INVESTMENTS

Zhaopin: Strong revenue growth alongside growth in market share

• Record results with strong revenue growth of 34%5 (constant currency)
• Strong revenue growth across core and adjacent businesses

OES: Solid revenue growth alongside scaling up multiple new partnerships

• Revenue growth of 7% despite the regulatory constraints on Australian undergraduate courses
• Solid progress in scaling up several new education partnerships (Western Sydney University, QUT and in the UK)

ESVs: Strong growth in operating metrics, revenue and overall portfolio valuation

• Key investments delivering rapid growth in operating metrics
• "Look-through"revenue growth of c65%6 and a portfolio valuation of A$425m7

Andrew Bassat commented,

"Zhaopin delivered record financial results and grew hirer market share. Strong revenue results were achieved in our core and adjacent businesses. Our near-term financial results will be impacted by weak macro conditions, however our focus will remain on investing to build sustainable market leadership in what is expected to be the world's largest human capital market."

"OES delivered a solid financial result given the constraints of funding caps on Australian undergraduate courses. OES made good progress in scaling up Western Sydney University and is making good but early progress in scaling up its next suite of new partners being QUT and two UK universities."

"Our portfolio of emerging leaders in online education, online contingent labour and HR SaaS is focused on growing market share in large addressable markets. The portfolio delivered strong look-through revenue growth of c65%6 alongside good results in unit economics. Our results to date have emboldened us to continue investing in our current portfolio and to pursue new investments within these themes."

1. Comparative information has been restated to reflect the adoption of AASB15 Revenue from Contracts with Customers
2. "Look-through" share represents revenue of investments multiplied by SEEK's ownership interest (based on comparable ownership interest across FY18 & FY19). Excludes Coursera (ownership interest <5%)
3. SEEK Investments ESV portfolio valuation. Refer to Note 9 of SEEK's FY19 Statutory accounts for further information

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H2 19 DIVIDENDS | 22 cents per share in line with pcp

• H2 dividend will be paid on 3 October 2019 with a record date of 12 September 2019
• Dividend pay-out ratio to be revised in FY20 to better align with our growth aspirations
• Refer to slide 13 of SEEK's FY19 Results Presentation

OUTLOOK | FY20 guidance

FY20 Guidance (excl. significant items)8

• Revenue growth in the range of 15% to 18% (FY20 v FY19)
• EBITDA growth in the range of 8% to 11% (FY20 v FY19)
• D&A in the range of A$135-A$140m
• Reported NPAT in the range of A$145-A$155m

Further detail explaining key differences between FY20 and FY19 Reported NPAT is provided on slide 32 of SEEK's FY19 Results Presentation.

In conclusion Andrew Bassat commented,

"Volatile economic conditions may impact our near term results but this will not impact SEEK's focus on investing to grow long-term shareholder value. We remain focused on our approach of investing aggressively to capture large revenue opportunities alongside growing our overall defensibilty."

"Across the SEEK Group, we see many opportunites to deploy capital at high rates of return and in areas where we have a proven track record. Shareholders should expect the majority of our additional capex to be deployed towards our highest performing businesses being SEEK ANZ, SEEK Asia and Zhaopin. We will also deploy capital to accelerate growth in our ESV portfolio. If we execute well, we expect to generate strong returns for our long-term shareholders."

ANNUAL GENERAL MEETING

In accordance with ASX Listing Rule 3.13.1, SEEK Limited advises that its Annual General Meeting will be held in Melbourne, Victoria on 26 November 2019.

For further information or to arrange an interview please contact:

Investors & Analysts	Media
Steven Moran	Sarah Macartney
SEEK Limited	SEEK Limited
[phone]	Mob: [phone]

This announcement contains certain "forward-looking statements". Forward looking words such as, "expect", "should", "could", "may", "predict", "plan", "will", "believe", "forecast", "estimate", "target" and other similar expressions are intended to identify forward-looking statements within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Such forward-looking statements, opinions and estimates are not guarantees of future performance.

Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This announcement contains such statements that are subject to risk factors associated with the markets in which SEEK operates. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially. Such forward-looking statements only speak as to the date of this announcement and SEEK assumes no obligation to update such information. No representation or warranty is or will be made by any legal or natural person in relation to the accuracy or completeness of all or part of this document, or the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in, or implied by, the information or any part of it. To the full extent permitted by law, SEEK disclaims any obligation or undertaking to release any updates or revisions to the information contained in this document to reflect any change in expectations or assumptions. Nothing contained in this document constitutes investment, legal, tax or other advice. You should make your own assessment and take independent professional advice in relation to the information and any action taken on the basis of the information.

Appendices - ASX Release

SEEK's results are reported under International Financial Reporting Standards (IFRS). This document also makes reference to the non-IFRS measure "EBITDA". This measure is used internally by management to assess the performance of our business, our associates and Joint Ventures, make decisions on the allocation of our resources and assess operational management.

EBITDA

"EBITDA" is earnings before interest, tax, depreciation and amortisation and excluding share of net profits of associates and jointly controlled entities accounted for using the equity method, dividend income and amortisation of share-based payments and other long-term incentive schemes.

Review of information

Non-IFRS financial information is calculated based on underlying IFRS financial information extracted from SEEK's financial statements. Non-IFRS measures have not been

subject to audit or review.

8 FY20 Guidance reflects the impacts of adopting AASB 16 Leases from 1 July 2019 3