2 | investor presentation - domain...5 | investor presentation *fy19 h1 results exclude divestments...
TRANSCRIPT
2 | Investor Presentation
5 | Investor Presentation
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*FY19 H1 results exclude divestments
**Like-for-like adjustments include extra week of trading in FY19, revenue deferral arising from extended duration of Platinum l istings, impact of acquisitions and accounting adjustments arising from the adoption of AASB 16.
Full details are contained in Appendix 2.
5
Revenue
Share of Profits (Loss)
Expenses
EBITDA
EBIT
Net profit attributable to members of the company
Earnings per share (EPS) ¢
147.0
-
(99.9)
47.0
25.0
12.9
2.22
164.9
(0.3)
(113.0)
51.6
37.5
20.9
3.59
(10.9%) (8.0%)
NM NM
11.5% 7.8%
(8.9%) (8.0%)
(33.4%) (23.7%)
(38.0%)
(38.3%)
6 | Investor Presentation
*FY19 H1 results exclude divestments (Compare & Connect in Consumer Solutions and Star Weekly in Print)
Residential
Media, Developers & Commercial
Agent Services
Core Digital
Consumer Solutions & Other
Digital
Corporate
Domain Group
84.5
24.2
16.8
125.5
2.6
128.0
17.7
1.3
147.0
93.6
25.8
15.8
135.2
1.5
136.7
27.3
0.9
164.9
(9.7%)
(6.3%)
6.0%
(7.2%)
71.9%
(6.3%)
(35.2%)
38.3%
(10.9%)
51.5
(2.1)
49.4
5.1
(7.5)
47.0
55.9
(5.0)
50.9
9.1
(8.4)
51.6
(7.9%)
57.9%
(3.0%)
(43.2%)
10.2%
(8.9%)
41.0%
(81.9%)
38.6%
29.1%
32.0%
41.3%
(334.7%)
37.2%
33.2%
31.3%
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7 | Investor Presentation
*Like-for-like depth revenue is adjusted for extra week in FY19 and impact of revenue deferral arising from new depth contract duration in FY20
** Source : Australian Property Monitors
6%9%
-2%
-17%
-9%
-2%
FY19 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY20 Q1 FY20 Q2
Reported revenue
Like-for-like revenue*
National listings**
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Source: 1. Domain and APM PriceFinder data; 2. Domain internal
Volume % ch Yield % chJan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2019 2018
0
100,000
200,000
300,000
400,000
500,000
Ja
n 1
4
Ju
n 1
4
Nov 1
4
Ap
r 15
Se
p 1
5
Feb
16
Ju
l 1
6
Dec 1
6
May 1
7
Oct
17
May 1
8
Nov 1
8
May 1
9
Nov 1
9
Domain Listings Competitor Listings
13 | Investor Presentation
Established Expanding Emerging
Continue to grow consumer
engagement and strengthen
market position
Targeted investment to
grow audience reach and
accelerate depth coverage
Continue to develop market position
via cost-effective marketing
and sales activities
Market Segments
Objective
Agent
coverage
Audience Expand reach
Pricing
Product
upsell
Increase in frequency Expand reach
High upsideMedium upside High upside
Key opportunity
FY20 H1 Volume vs
Yield (sale only)
Volume % ch Yield per listing % ch
High upside
Audience & engagement upside
Volume % ch Yield per listing % ch
High upside
Volume % ch Yield per listing % ch
High upside
Audience & engagement upside Audience & engagement upside
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Note: 1. Platinum and Gold only. 2. and 3. Platinum only
15 | Investor Presentation
National NSW Vic Qld SA WA
Jun-19 Nov-19
1. Top-of-mind (TOM) brand awareness refers to a brand or product being first in customers' minds when thinking of a particular industry or category. Source : YouGov Omnibus November 2019 report, % change between June and November 2019
2. App Figures as at Dec 2019. Incl. Domain+Allhomes, FY20 H1 YoY growth 3. Domain Internal FY20 H1 YoY growth Domain and Allhomes 4. Domain Internal FY20 H1 YoY growth 5. Domain internal FY20 H1 YoY growth for Domain
6. Domain internal FY20 H1 YoY growth
1. Top-of-mind (TOM) brand awareness refers to a brand or product being first in customers' minds when thinking of a particular industry or category. Source : YouGov Omnibus November 2019 report, % change between June and
November 2019 2. Nielsen Market Intelligence-Domestic Traffic, Website sessions in Queensland for Domain.com.au and Allhomes.com.au combined (excludes app), October 2019 YoY. 3. Domain internal, October 2019 YoY growth.
4 Domain internal, FY20 H1 (Average) YoY growth 5. Domain internal (sale only), FY20 H1 YoY growth
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*Source: OzTAM
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Source: Australian Property Monitors – New ‘For Sale’ Listings (Total market)
25,000
30,000
35,000
40,000
45,000
50,000
55,000
60,000
July Aug Sept Oct Nov Dec Jan Feb March April May June
2017/18 2018/19 2019/20
2,000
4,000
6,000
8,000
10,000
12,000
July Aug Sept Oct Nov Dec Jan Feb March April May June
2017/18 2018/19 2019/20
2,000
4,000
6,000
8,000
10,000
12,000
14,000
July Aug Sept Oct Nov Dec Jan Feb March April May June
2017/18 2018/19 2019/20
0
200
400
600
800
1,000
1,200
July Aug Sept Oct Nov Dec Jan Feb March April May June
2017/18 2018/19 2019/20
19 | Investor Presentation
Source: Australian Property Monitors – New ‘For Sale’ Listings (Total market)
25,000
30,000
35,000
40,000
45,000
50,000
55,000
60,000
July Aug Sept Oct Nov Dec Jan Feb March April May June
2017/18 2018/19 2019/202,000
3,000
4,000
5,000
6,000
7,000
July Aug Sept Oct Nov Dec Jan Feb March April May June
2017/18 2018/19 2019/20
0,700
1,200
1,700
2,200
2,700
3,200
July Aug Sept Oct Nov Dec Jan Feb March April May June
2017/18 2018/19 2019/20
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
July Aug Sept Oct Nov Dec Jan Feb March April May June
2017/18 2018/19 2019/20
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Gold & Silver
Platinum
Note : Residential depth product penetration disclosure previously reflected % of new “for sale and rent” listings. This has been updated to “for sale” listings only as more reflective of revenue
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* Excludes divestment of Compare & Connect
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* Excludes divestment of Star Weekly
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Revenue
Share of Profits (Loss)
Expenses
EBITDA
Depreciation & Amortisation
EBIT
Net Finance Costs
Net Profit / (Loss) Before Tax
Tax (Expense)/ Benefit
Net Profit / (Loss) After Tax
Net Profit Attributable to Non Controlling
Interest
Net Profit / (Loss) Attributable to Members of
the Company
Earnings Per Share (EPS) (¢)
157.6
-
(103.3)
54.3
(22.1)
32.3
(2.8)
29.4
(6.6)
22.8
(3.4)
19.4
3.32
(10.6)
-
3.3
(7.3)
-
(7.3)
(0.7)
(7.9)
(0.4)
(8.3)
1.9
(6.4)
147.0
-
(99.9)
47.0
(22.1)
25.0
(3.5)
21.5
(7.1)
14.5
(1.5)
12.9
2.22
-
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-
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-
-
-
147.0
-
(99.9)
47.0
(22.1)
25.0
(3.5)
21.5
(7.1)
14.5
(1.5)
12.9
2.22
38 | Investor Presentation
Revenue
Share of Profits (Loss)
Expenses
EBITDA
Depreciation & Amortisation
EBIT
Net Finance Costs
Net Profit / (Loss) Before Tax
Tax (Expense)/ Benefit
Net Profit / (Loss) After Tax
Net Profit Attributable to Non Controlling
Interest
Net Profit / (Loss) Attributable to Members of
the Company
Earnings Per Share (EPS) (¢)
186.3
(0.3)
(311.3)
(125.3)
(14.4)
(139.6)
(4.7)
(144.3)
(9.8)
(154.1)
(2.2)
(156.4)
(26.94)
(2.5)
-
180.5
178.0
-
178.0
-
178.0
(0.5)
177.5
-
177.5
183.9
(0.3)
(130.8)
52.7
(14.4)
38.4
(4.7)
33.7
(10.3)
23.4
(2.2)
21.1
3.64
(19.0)
-
17.9
(1.1)
0.2
(0.9)
(0.0)
(0.9)
0.4
(0.5)
0.2
(0.3)
164.9
(0.3)
(113.0)
51.6
(14.1)
37.5
(4.7)
32.8
(9.9)
22.9
(2.0)
20.9
3.59
*Note: Divestments include Compare & Connect and Star Weekly.
39 | Investor Presentation
Statutory expenses
Less : Significant items
Statutory excluding significant items
Less : Disposals
Trading expenses
Comprising
Consumer Solutions expenses
Underlying expenses
(311.3)
180.5
(130.8)
17.9
(113.0)
(6.3)
(106.7)
66.8%
n/a
23.6%
n/a
11.5%
25.7%
10.7%
(103.3)
3.3
(99.9)
-
(99.9)
(4.7)
(95.3)
Operating expenses – Property, Repairs & Maintenance
Depreciation and amortisation
Interest expense
Net Profit
4
(4)
(1)
(1)
7-8
(8)-(9)
(1)-(2)
(2)-(3)
*Note: FY19 H1 results exclude divestments (Compare & Connect in Consumer Solutions and Star Weekly in Print)
42%
15%
24%
10%
1%8%
Staff
Production andDistribution
Promotion
Software andCommunications
Property, Repairs andMaintenance
Other
$99.9m
38%
16%
22%
9%
4%
11%
Staff
Production andDistribution
Promotion
Software andCommunications
Property, Repairs andMaintenance
Other
$113.0m
40 | Investor Presentation
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Impairment of goodwill
Income tax benefit
Impairment of goodwill, net of tax
Restructuring charges
Gain on debt refinance
Income tax benefit
Restructuring charges, net of tax
Gain on contingent consideration payable and sale of controlled entities
Income tax expense
Gain on contingent consideration payable and sale of controlled entities, net of tax
Significant items, net of tax
-
-
-
(2.1)
0.7
0.4
(1.1)
9.4
-
9.4
8.3
(178.8)
-
(178.8)
(1.6)
-
0.5
(1.1)
2.5
-
2.5
(177.5)
41 | Investor Presentation
Cash from Trading
Net Finance Charges
Tax Payments
Net Cash Inflow from Operating Activities
Investment in PP&E and Software
Net Investment in Businesses/ Ventures
Net Cash Outflow from Investing Activities
Proceeds from Borrowings
Dividends Paid
Lease Payments
Net Other
Net Cash Outflow from Financing Activities
Net Cash (Outflow) / Inflow
Cash at Beginning of Period
Cash at End of Period
51.5
(3.5)
(22.1)
25.9
(10.9)
(19.7)
(30.6)
0.2
(27.8)
(4.3)
1.6
(30.4)
(35.1)
49.3
14.2
57.9
(3.6)
(9.2)
45.1
(11.3)
(2.6)
(13.9)
-
(25.4)
-
(0.3)
(25.7)
5.5
60.8
66.3
42 | Investor Presentation
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Non Current
Syndicated Bank Facility
Total Debt Facilities
225.0
225.0
163.0
163.0
50.0
100.0
150.0
FY20 FY21 FY22 FY23 FY24$A
m
Undrawn
Drawn
43 | Investor Presentation
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Cash 14.2 49.3
Trade and Other Receivables 45.6 46.0
Current Lease Assets 1.1 -
Current Assets 60.9 95.3
Intangible Assets 1,383.6 1,365.2
Property, Plant and Equipment 13.8 15.9
Non-Current Lease Assets 45.2 -
Non Current Assets 1,442.5 1,381.1
Total Assets 1,503.5 1,476.4
Current Lease Liability 10.2 -
Other Current Liabilities 44.6 61.1
Current Liabilities 54.9 61.1
Interest Bearing Liabilities 162.1 162.5
Non-Current Lease Liability 43.3 -
Provisions 5.4 11.2
Deferred Tax Liabilities 76.7 78.0
Non Current Liabilities 287.6 251.8
Total Liabilities 342.4 312.9
Net Assets 1,161.0 1,163.5
Contributed Equity 1,290.3 1,289.7
Reserves (35.2) (35.0)
Retained Profits (98.5) (94.6)
Total Parent Equity Interest 1,156.6 1,160.1
Non-Controlling Interest 4.4 3.4
Total Equity 1,161.0 1,163.5
Net Debt / (Cash) 147.9 113.2
46 | Investor Presentation
Core Digital
Consumer Solutions & Other
Digital
Total Non Controlling Interest
(2.7)
1.0
(1.6)
0.1
(1.5)
(2.7)
1.3
(1.5)
(0.5)
(2.0)
47 | Investor Presentation
FY20 H1 Reported
Adjustments:
Revenue deferral from extended duration
Acquisitions
AASB 16
FY20 H1 Adjusted (like-for-like)
FY19 H1 Reported
Adjustments:
Extra week of trading
FY19 H1 Adjusted (like-for-like)
% change like-for-like
147.0
1.4
(0.8)
147.6
164.9
(4.4)
160.5
(8.0%)
(99.9)
0.9
(3.6)
(102.6)
(113.0)
1.7
(111.2)
7.8%
47.0
1.4
0.1
(3.6)
45.0
51.6
(2.7)
48.9
(8.0%)
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