2018 Annual Report
Melbourne, Oct 29, 2018 AEST (ABN Newswire) - SEEK Limited (
ASX:SEK) (SKLTY:OTCMKTS) provides the Company's 2018 Annual Report.
SEEK achieved a strong operational result for the year ended 30 June 2018 ('FY2018') with growth in sales revenue (before significant items) of 25% (24% constant currency). EBITDA (before significant items) was up 15% (up 16% constant currency) compared to the year ended 30 June 2017 ('FY2017').
Profit attributable to the owners of SEEK Limited was $53.2m (30 June 2017: $340.2m).
Key drivers
- ANZ Employment: revenue growth of 16% and EBITDA growth of 18%;
- Zhaopin: revenue growth of 24% (21% constant currency) and EBITDA growth of 5% (3% constant currency);
- SEEK Asia: revenue growth of 8% (10% constant currency) and EBITDA growth of nil% (3% constant currency);
- Brasil Online: revenue decline of 14% (9% constant currency) and EBITDA decline of 27% (24% constant currency); and
- Total revenue growth as a result of acquisitions was 11% primarily due to consolidation of OES.
Below EBITDA items:
- Depreciation and amortisation increased by 27% largely due to increased capex in product and technology;
- Net interest: higher interest expenses due to OES and Zhaopin transaction related funding; and
- Share-based payments and other LTI: Returning back to normal levels.
Significant items
FY2018 significant items of $147.0m included the following:
- Fair value gain from SEEK's investment in MaiMai (via Zhaopin) of $35.9m (representing SEEK's share);
- Impairment charge against the carrying value of Brasil Online ($119.0m), OCC ($60.0m, $58.9m SEEK share) and CJOL (subsidiary of Zhaopin) of $1.6m (representing SEEK's share); and
- Other one-off items of $3.4m.
FY2017 significant items of $138.7m included the following:
- Fair value gain from SEEK increasing its ownership stake in OES of $174.3m;
- One-off restructuring costs and write-off of intangibles relating to the cessation of VET sales in SEEK Learning of $15.9m;
- Net one-off tax items of $1.1m comprising of a Zhaopin withholding tax provision ($10.5m) offset by a tax benefit arising from the sale of the investment in JCBNext Berhad ('JCBNext') ($9.4m); and
- Impairment of Babajob and another early stage minority investment of $6.1m and transaction costs related to Zhaopin's privatisation of $12.5m.
To view the full report, please visit:
http://abnnewswire.net/lnk/4O2Q1WZB
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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