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Annual Report 2017 Annual Report | 2017 Annual Report Annual Shareholder Meeting Annual Report 2017 Annual Report | 2017 Annual Shareholder Meeting 2017 Annual shareholder meeting of Trade Me Group David Kirk will host shareholders at the Trade Me AGM on Thursday 9 November in Wellington. The notice of meeting and agenda will be mailed to shareholders in early October 2017. This report is dated 24 August 2017 and is signed on behalf of the Board of directors of Trade Me Group by: David Kirk Joanna Perry Chairman Director For more investor information about Trade Me Group, please visit the Trade Me investor relations website at investors.trademe.co.nz Table of contents 2017 highlights: Chairman’s report: CEO’s report: 5 big things a letter from the rundown from 3 from F17 16 David Kirk 20 Jon Macdonald Directors’ report: Financial statements: Directory: Board profiles, governance our important our websites 31& disclosures 51 financial information 80 & other info Jargon buster 2 Highlights 3 The year in review 14 Chairman’s report 16 CEO’s report 20 Business Update 24 Executive team profiles 26 The Trade Me values 30 Directors’ report 31 Director profiles 32 Corporate governance 34 Financial statements 51 Directory 80 TRADE ME GROUP ANNUAL REPORT 2017 1 Jargon buster ASX Australian Securities Exchange EBITDA Probably the best accounting acronym, and means earnings before interest, tax, depreciation, amortisation and impairment F15 The financial year for the 12 months to 30 June 2015 F16 The financial year for the 12 months to 30 June 2016 F17 The financial year for the 12 months to 30 June 2017 FTE A full-time equivalent is a way to measure the workload of one person GMS Gross Merchandise Sales. The total value of items sold on Trade Me IPO An “initial public offering” is selling shares in a company to the public Jargon Technical words and acronyms that drive readers crazy and often need explaining Kevin The kiwi who stars in the Trade Me logo and famously dresses up on the homepage in various guises Net operating profit This number excludes one-off gains in F17 and an impairment charge in F16 NPAT Net Profit After Tax NZX New Zealand Stock Exchange OneHub Our online portal for Real Estate agents to create their profile and effectively monitor their listings Pre-associate We part-own associated company Harmoney, a peer-to-peer lender TME Trade Me’s stock ticker Trade Me In this report, this refers to the company called Trade Me Group Limited, as opposed to the marketplace website called www.trademe.co.nz 2 JARGON BUSTER Highlights TRADE ME GROUP ANNUAL REPORT 2017 3 Highlight 1 2017 Excellent progress continues Revenue up 7.7% on F16 to $234.9m Operating EBITDA up 9.8% on F16 to $154.3m Net operating profit after tax up 12.0% on F16 to $93.0m Earnings per share of 23.76 cents Dividends of 8.5c per share paid in March, and 10.0c per share to be paid in September Chairman David Kirk said Trade Me’s result reflected the company’s “excellent progress”, with double-digit growth in profit and earnings. A successful multi-year period of accelerated The rate of our expense growth has continued reinvestment in people, product development, to decline. Expenses grew by just 5.7 per cent marketing and sales has set Trade Me up for year-on-year, down significantly on the 17.8 and success over the medium to long term. 25.5 per cent growth in F16 and F15 respectively. We have targeted our investment carefully, in line Trade Me CEO Jon Macdonald said it had been with our strategy. another good year for Trade Me. “The company is going well. We have delivered revenue and profit Looking ahead, Trade Me will continue to derive growth to our investors, and also demonstrated our benefit from the investment we have made over the continued ability to keep costs within our forecasts.” past three years and we are better placed than ever to convert on the opportunities in front of us and keep growing. 4 HIGHLIGHTS TRADE ME GROUP ANNUAL REPORT 2017 5 Highlight 2 2017 Classifieds keep on keeping on Another very strong result delivered to investors Double-digit revenue growth again, up 11.3% on F16 The Classifieds continued to enjoy success. Overall revenue across the three businesses was up 11.3 per cent year-on-year to $125.5m, and growth was stronger in the second half of the financial year. We maintained a focus on improving the value our Trade Me Motors reported a revenue increase of products provide to our customers and generating 8.2 per cent year-on-year. Strong dealer premium premium revenue. revenue growth continued across F17, up 26.8 per cent on F16. Trade Me Jobs has continued to perform strongly with revenue increasing by 25.0 per cent year- Trade Me Property reported revenue growth of on-year, driven by a 58.5 per cent increase in 7.3 per cent year-on-year. Revenue derived from sales of premium products. premium products sold to our real estate agent clients was up 32.4 per cent year-on-year. 6 HIGHLIGHTS TRADE ME GROUP ANNUAL REPORT 2017 7 Highlight 3 2017 Marketplace shows good growth Dedicated ‘new goods’ and ‘secondhand goods’ teams established Revenue up 7.1% on F16 We’re rapt to see ongoing growth in our General Items marketplace. Revenue was up again this year, following on from revenue growth of 3.5 per cent last year. Over the year we’ve introduced several new initiatives We’re under way with plans to set up dedicated and product changes. This included Buyer Protection teams focused on the distinct business-to- and Seller Protection, both of which are aimed at consumer (‘new goods’) and consumer-to- enhancing trust in trading onsite. consumer (‘secondhand goods’) markets. We’ve also been focused on making buying and selling easier. For example, we’ve started suggesting categories and start prices to sellers when they list. Our ‘Book a courier’ service is also going well. 8 HIGHLIGHTS TRADE ME GROUP ANNUAL REPORT 2017 9 Highlight 4 2017 New things Property Insights a big hit Enhancing trust with Buyer and Seller Protection Book a courier passes the 500,000 bookings milestone Proposed acquisition of Motorcentral under way We have released a suite of products, services and initiatives across Trade Me in F17. Property Insights, our tool that provides free The Trade Me Jobs team also put in a big effort information for more than 1.6 million residential improving our Apple (iOS) and Android mobile apps. properties, has proven very popular and we recently added map based search to this product. We In July 2017, we announced our intention to have also launched a property agent directory, acquire Christchurch-based Limelight Software, showcasing agents’ talents and helping vendors the operator of the cloud-based automotive dealer with a tailored agent recommendation. management platform Motorcentral. The Trade Me Motors team is very excited about prospects for this Over in our General Items marketplace, the business, and eagerly awaiting clearance from the introduction of Buyer Protection was very well- Commerce Commission. received. We also reminded sellers of the safeguards we have in place under the banner of Seller Protection. We’ve completed an integration with a company called Magento to make it easier for sellers using their products to pipe their listings onto Trade Me. The ‘Book a courier’ service is going from strength-to-strength and has recently surpassed 500,000 bookings. We’re also excited about the imminent arrival of Afterpay onsite, an interest-free deferred payment product. 10 HIGHLIGHTS TRADE ME GROUP ANNUAL REPORT 2017 11 Highlight 5 2017 543 people at Trade Me Big hiring plans for Christchurch Simon West appointed as a director Trade Me founder Sam Morgan departed the Board Annie Brown joined as our inaugural Chief People Officer The number of staff at Trade Me has grown from 509 (487 FTEs) as at 31 July 2016 to 543 (512 FTEs) as at 31 July 2017. We’re very proud of our contribution to New Zealand as an employer. The majority of our people are still based in our appointed as our inaugural Chief Customer Officer, Wellington headquarters, but we now have more and the creation of a new Chief Product and than 150 on deck in Auckland. We also have Technology Officer role. big hiring plans for the South Island, and will be strengthening our presence in Christchurch There was one change to the Trade Me board in considerably over the course of F18. December 2016, with Auckland-based Simon West appointed as an independent director. Simon There have been several recent changes to our has extensive experience in retail and technology Executive team. Annie Brown joined as our first businesses, and is currently the executive director Chief People Officer in June 2017. A month later we of Max Fashions. made several other changes based on our strategic priorities, and to assist with our continued growth. Also in December, we farewelled our founder This saw Alan Clark (Head of Trade Me Motors) Sam Morgan as an independent director, a move and Jeremy Wade (Head of Trade Me Jobs) join foreshadowed to shareholders at the annual meeting the executive management team, Trent Mankelow in November. 12 HIGHLIGHTS TRADE ME GROUP ANNUAL REPORT 2017 13 The year in review 2016 July August September October 4 July 28 July 16 August 18 August 21 September 12 October New logo Launch of Missing Type F16 results Glamour Property unveiled vehicle reviews campaign We announced that puss purse Insights It had been 16 years and advice The New Zealand TME revenue was up It’s not to everyone’s launched 9.2% year-on-year to taste but one Trade Me since we’d updated Our members Blood Services Property Insights is a $218m with revenue member caused a stir our logo.
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