New Segment Reporting Structure
Melbourne, June 25, 2018 AEST (ABN Newswire) - To align with previously announced organisational structure changes, SEEK (
ASX:SEK) (SKLTY:OTCMKTS) has made a series of changes to its financial reporting structure. The revised segment reporting will now comprise three main segments:
- SEEK Asia Pacific & Americas ("AP&A"): SEEK ANZ, SEEK Asia, Brasil Online, OCC and "Other Businesses(see Note 1 below)"
- SEEK Investments: Zhaopin, Online Education Services and Early Stage Ventures(see Note 2 below) (ESVs)
- Corporate Costs: Costs incurred that are not directly attributable to AP&A
Key Insights
- At a SEEK Group level, reported Revenue, EBITDA and NPAT remains unchanged
- SEEK Group Balance Sheet and Cash Flow statement also remain unchanged
- Excluding EBITDA changes for SEEK ANZ, Revenue and EBITDA results for SEEK's main operating businesses remain unchanged
- SEEK ANZ has historically incurred shared costs that have also supported the SEEK Group. Under this new structure, costs that are not directly attributable to AP&A will now be captured in Corporate Costs(see Note 3 below)
- ESVs have been allocated between AP&A and SEEK Investments. ESVs that reside in "Other Businesses" are those that are highly synergistic with AP&A's core businesses. The remaining ESVs are included in SEEK Investments
Annexure 1 (see link below) reflects the restated segment information that will be used to present SEEK's FY18 results.
To facilitate prior period comparisons, SEEK has provided restated segment information for the period FY14 to H1 18. An Excel version of Annexure 1 can be found at the Reports & Presentations section of SEEK's Investor Centre: http://www.abnnewswire.net/lnk/368A372T
Notes:
1 Other Businesses include Jora, JobAdder, SEEK Learning, Digitary and other undisclosed investments
2 SEEK Investments ESVs include: Sidekicker, Workana, Ximble, Go1, Caelum, Catho Education, Jobstreet Education and other undisclosed investments
3 International Other which previously related to costs used to manage SEEK's International businesses have been now re-allocated between AP&A and Corporate Costs
To view Annexure 1, please visit:
http://abnnewswire.net/lnk/0T8715J1
About SEEK Limited
SEEK Limited (ASX:SEK) (OTCMKTS:SKLTY) is a diverse group of companies, comprised of a strong portfolio of online employment, educational, commercial and volunteer businesses. SEEK operates across 18 countries with exposure to over 2.9 billion people and approximately 26 per cent of GDP. SEEK makes a positive contribution to people's lives on a global scale. SEEK is listed on the Australian Securities Exchange, where it is a top 100 company with a market capitalisation close to A$6billion and has been listed in the Top 20 Most Innovative Companies Globally by Forbes, and Number One in Australia.
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