DGAP-News: Scout24 AG / Key word(s): Preliminary Results 
Scout24 AG publishes preliminary results for 2020: Q4 strongest revenue quarter, annual guidance fully met. 
2021-02-23 / 07:30 
The issuer is solely responsible for the content of this announcement. 
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Scout24 AG publishes preliminary results for 2020: 
Q4 strongest revenue quarter, annual guidance fully met. 
  . Annual Group revenues increase by 1.2 % to EUR 353.8 million. 
  . Ordinary operating EBITDA margin remains stable at 60.0 %. 
  . Residential Real Estate segment sees 3.5 % revenue growth. 
  . Implementation of market network strategy is progressing well. 
  . Focus on sustainability is being extended. 
Munich / Berlin, 23 February 2021 
The 2020 financial year of the Scout24 Group was marked by the successful completion of the AutoScout24 transaction 
and, from March onwards, by the impact of the Covid-19 pandemic. The strategic focus was on the leading digital 
marketplace ImmoScout24. Management responded quickly to the Covid-19 crisis and launched a comprehensive immediate 
action programme for customers already at the end of March. Where possible, cost efficiencies were realised. Despite 
Covid-19, Scout24 continued to invest into the future. For example, product enhancements and innovations were 
implemented throughout the financial year, and a strategically important acquisition was completed with immoverkauf24. 
In the third quarter, the largest advertising campaign in the company's history was launched. Furthermore, the Group 
extended its focus on sustainability with climate protection and diversity initiatives. 
KEY FINANCIALS GROUP (PRELIMINARY, UNAUDITED) 
(EUR million)                                      Q4 2020     Q4 2019^1     Change    FY 2020     FY 2019^1     Change 
Group revenue                                         91.2          89.7     +1.6 %      353.8         349.7     +1.2 % 
Ordinary operating EBITDA^2                           54.7          55.5     -1.4 %      212.3         209.3     +1.4 % 
Ordinary operating EBITDA margin                    60.0 %        61.8 %    -1.8 pp     60.0 %        59.9 %    +0.1 pp 
 
^1 In accordance with IFRS 5, the previous year's figures were retrospectively adjusted for discontinued operations. 
^2 Ordinary operating EBITDA corresponds to EBITDA adjusted for non-operating effects such as expenses for share-based 
payment, M&A activities, reorganisation, and strategic projects.

Management Board Summary

"In 2020, we demonstrated to be a reliable and responsible partner in difficult times: We strengthened the relationships with our customers and created strong momentum for our continued successful growth. We have never lost sight of our strategic objectives. Through the ongoing enhancement of our digital product offering, we are progressing well with the development towards a comprehensive market network, thereby further expanding our addressable markets. This is also reflected in our diversified revenue mix, where consumer subscriptions and mandate leads are increasingly replacing revenues from private listings and 3^rd party display. At the same time, we are thinking beyond the financials. As part of our 2020 strategy, we are making Scout24 an even more sustainable digital company with an enhanced impact on society and climate," comments Tobias Hartmann, CEO of Scout24 AG.

"Throughout the 2020 financial year, Scout24's business model has proven to be exceptionally resilient in the Covid-19 pandemic. In a difficult macro environment, we have operated successfully and reliably achieved our guidance. At the same time, our financial strength has given us the flexibility to make promising future-oriented investments. The extended lockdown and persistent uncertainties caused by Covid-19 make it difficult to deliver quantitative forecasts for the current financial year. However, we still feel confident with the revenue estimates formulated in December 2020. Accordingly, for 2021 we expect growth in the mid to high single-digit percentage range for the Residential Real Estate segment, slight growth for the Business Real Estate segment and declining to flat revenues in the Media & Other segment," explains Dirk Schmelzer, CFO of Scout24 AG.

Full-year Development 2020

Preliminary Group revenues rose by 1.2 % year-on-year to EUR 353.8 million (2019: EUR 349.7 million) in 2020, with the revenues of the immoverkauf24 acquisition contributing to this since the third quarter. The revenue performance fully meets the annual guidance, adjusted in August, of Group revenues in-line with the prior-year level.

Ordinary operating EBITDA for the 2020 financial year is expected to come in at EUR 212.3 million, an increase of 1.4 % compared to the prior-year figure (2019: EUR 209.3 million). The ordinary operating EBITDA margin reached 60.0 %, slightly up on the previous year (2019: 59.9 %). This is also in line with the guided Group ordinary operating EBITDA margin of around 60 %.

The business activities of Scout24 are divided into three segments - Residential Real Estate, Business Real Estate and Media & Other.

In the Residential Real Estate segment, revenues increased by 3.5 % from EUR 244.9 million to an expected EUR 253.4 million. This segment proved most resilient to the Covid-19 crisis due to a high proportion of contractually secured revenues from commercial customers such as real estate agents. Residential Real Estate Partner ARPU (average revenue per core customer per month) increased 2.5 % year over year. Declining revenues due to the free-to-list offer for private customers were more than offset by strongly growing revenues from consumer subscriptions (MieterPlus, KäuferPlus) and from the Realtor Lead Engine product (sales mandate leads, including immoverkauf24 revenues since the third quarter). The segment thus also met its forecast for the year of stable to slightly rising revenues. The segment's ordinary operating EBITDA margin remained stable at 63.2 % (2019: 63.2 %).

The Business Real Estate segment recorded a slight decrease in revenues of 0.7 %, from EUR 69.6 million in 2019 to an expected EUR 69.1 million in 2020. While contractually secured revenues with commercial agents remained stable year-on-year, revenues with project developers and new home builders showed a slight downward trend. However, this segment also met its forecast for the year. The ordinary operating EBITDA margin of the Business Real Estate segment increased year-on-year to 71.2 % (2019: 70.2 %).

Revenues in the Media & Other segment decreased in the 2020 financial year, primarily due to the shrinking 3rd party media business as a result of market and Covid-19 conditions, which were not compensated even by the growing ImmoScout24 Austria business. As a result, segment revenues declined by 12.1 % from EUR 35.3 million in fiscal 2019 to an expected EUR 31.0 million in fiscal year 2020. The segment thus also met the annual forecast of a revenue decline in the low double-digit percentage range. The segment's ordinary operating EBITDA margin decreased by 0.8 percentage points from 39.5 % in the 2019 financial year to 38.7 % in the 2020 financial year.

Fourth Quarter 2020 Development

In the fourth quarter of 2020, Scout24 generated the highest quarterly revenues of the financial year according to preliminary data. Consolidated revenues thus amounted to EUR 91.2 million, 1.6 % more than in the prior-year quarter (Q4 2019: EUR 89.7 million). In this context, the Residential Real Estate segment achieved growth of 5.1 % year-on-year to EUR 65.2 million, despite the continued free-to-list offering. The main reason for this, in addition to the robust partner business with stable ARPUs year-on-year, was the strong growth in revenues from consumer subscriptions and the Realtor Lead Engine product. In the Business Real Estate segment, quarterly revenues were down 3.9 % at EUR 17.5 million, with both agent business and developer business declining. Revenues in the Media & Other segment decreased by 13.5 % to EUR 8.3 million due to the shrinking advertising business and despite growing Austrian business.

Preliminary Group ordinary operating EBITDA amounted to EUR 54.7 million in the fourth quarter of 2020, 1.4% lower than in the fourth quarter of 2019 (EUR 55.5 million). This decrease is primarily attributable to the change in revenue mix described above. The Group ordinary operating EBITDA margin is expected to come in at 60.0 % compared to 61.8 % in the fourth quarter of 2019.

FINANCIALS AT A GLANCE (PRELIMINARY, UNAUDITED) 


(EUR million, if not indicated otherwise)           Q4 2020 Q4 2019^1  Change FY 2020 FY 2019^1  Change 
External revenue of ImmoScout24                        91.1      89.9  +1.3 %   353.5     349.8  +1.1 % 
(without group functions/consolidation/other) 
thereof Residential Real Estate                        65.2      62.0  +5.1 %   253.4     244.9  +3.5 % 
thereof Residential Real Estate Partners               46.3      42.6  +8.8 %   176.2     165.6  +6.4 % 
ARPU^2 Residential Real Estate Partners (EUR/month)     717       718  -0.2 %     716       698  +2.5 % 
thereof Consumers                                      18.9      19.4  -2.9 %    77.2      79.3  -2.7 % 
thereof Business Real Estate                           17.5      18.2  -3.9 %    69.1      69.6  -0.7 % 
ARPU^2 Business Real Estate Partners (EUR/month)      1,801     1,828  -1.5 %   1,754     1,761  -0.4 % 
thereof Media & Other                                   8.3       9.6 -13.5 %    31.0      35.3 -12.1 % 
Ordinary operating EBITDA^3                            56.2      56.2  -0.1 %   221.3     217.6  +1.7 % 
(without group functions/consolidation/other) 
thereof Residential Real Estate                        40.8      39.6  +3.1 %   160.1     154.8  +3.4 % 
thereof Business Real Estate                           12.4      13.6  -8.3 %    49.2      48.9  +0.7 % 
thereof Media & Other                                   3.0       3.1  -5.1 %    12.0      13.9 -13.9 %

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