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Annual Report 2017 Contents Annual Report 2017 Contents About us 4 Chairman's message 6 CEO's message 8 How we've performed 10 Australian highlights 14 Asian highlights 16 Strategic investments 18 Our latest innovations 20 Our people 22 Community partnerships & programs 24 Executive Leadership Team 26 Board of Directors 28 Directors' Report 30 Auditor’s Independence Declaration 40 Remuneration Report 41 Consolidated Financial Statements 54 Directors’ Declaration 97 Independent Auditor's Report 98 Historical results 103 Shareholder information 104 Corporate information 105 REA Group Limited (ASX:REA) ABN 54 068 349 066 www.rea-group.com Everything we do is driven by our purpose to ‘change the way the world experiences property’ REA Group Annual Report 2017 1 From humble beginnings in 1995, we have expanded to provide services across Australia, Asia and North America 2 Our competitive advantage comes from engaging the passion and creativity of each and every one of our employees REA Group Annual Report 2017 3 Year in review About us REA Group Limited is a global, digital advertising company specialising in property. We want to change the way the world experiences property by investing in new technology, and developing innovative and personalised products. Our footprint connects a global audience of property seekers, which now spans three continents. A global network of property portals Our property portals provide exceptional experiences for our customers and consumers REA Group is not your average digital media across the full range of devices, from large to company. Our business is innovative and small screen. We add to the experience by disruptive. We are constantly improving the way leveraging our rich data to provide property the world experiences property by using new insights to our consumers around the globe. technology, innovative products and leveraging our global footprint. Our growth strategy We have a team of more than 1,400 talented Our strategy rests on three pillars: people around the world who work in a highly > Property advertising collaborative and agile culture. The online advertising of property remains at Our Australian residential property site, our core. Our strategy involves using data on realestate.com.au, is the market leader. The residential and commercial property to make site attracts 49.9 million average monthly visits1. it easier for our consumers to find a property We also operate Australia’s leading commercial to buy, rent or share. property site, realcommercial.com.au, with average monthly visits of 1.8 million2, and We continue to develop new, more intelligent, Australia’s biggest share accommodation site, and personalised products and services for Flatmates.com.au, which is the leader in the property seekers around the world. share accommodation segment3. Agents are critical to the success of our business, Beyond Australia, our businesses span Southeast and retaining their loyalty and engagement is Asia, China, North America and, most recently, of great importance. Core to this is our ability India, where in 2017 we acquired a 14.7% to deliver value for our customers by providing stake in online real estate services company, new property leads. PropTiger4. 1 Source: Nielsen Online Market Intelligence Home and Fashion Suite average monthly visits for the audited sites of realestate.com.au for the year ended 30 June 2017. Excludes apps. 2 Source: Nielsen Online Market Intelligence Home and Fashion Suite average monthly visits for the audited sites of realcommercial.com.au for the year ended 30 June 2017. Excludes apps. 3 Source: Google Analytics average monthly visits for the year ended 30 June 2017. 4 PropTiger is owned and operated by Elara Technologies, which also owns and operates Housing.com and makaan.com 4 > Lifestyle and financial services In June 2017, we entered into an agreement to acquire a majority stake in mortgage broking We want to be with people throughout their franchise business, Smartline, as well as entering entire property journey. Whatever they’re doing; into a strategic mortgage broking partnership whether they’re searching for a flatmate; renting, with NAB. buying or selling a property; searching for finance to buy a home; looking for inspiration Our investment in property-related services will on how to decorate their existing home; or help our users around the world connect with simply dreaming about their next home here the right services, at the right time. or abroad, we want REA to be their choice. > Global In 2017, we extended our property-related We know that everybody around the world is services strategy to include Lifestyle. It is a video- connected to, or touched by, property. We are led content experience that connects our brand already on three continents and we want people to a wider audience of home owners, decorators to be able to search for property anywhere in the and property improvers, all of whom are seeking world with us. We will leverage our global scale, inspiration on ways to create their perfect space. knowledge and capability to increase our speed We have also moved into financial services to market and competitiveness. and home financing. In December 2016, we partnered with National Australia Bank (NAB) to develop an Australian-first, digital property buying experience on realestate.com.au, which will transform the way people search for and finance their home. REA Group Annual Report 2017 5 Year in review Chairman's message Delivering strong results These are impressive metrics in a competitive environment, and demonstrate the strength It has been another strong year for REA Group, of our consumer experience across all 16% with revenue in 2017 increasing by 16% to devices. We are delivering products and $671 million. revenue growth innovative experiences that strongly resonate from core This is an excellent achievement, driven by with consumers. operations our ongoing focus on implementing our three We continue to work closely with agent core strategies: property advertising; diversifying customers to grow their business and provide across the property journey; and building a value for them. They are core to our success global property network. and we thank them for their ongoing support. Importantly, EBITDA from our core operations Global commitment increased by 16% to $381 million and we achieved a 12% increase in net profit, finishing This year we shifted our global priorities to where the year at $228 million. we could make the greatest impact and optimise returns for shareholders. After completing the I am pleased to report the Board has declared successful sale of our European business, we a full year dividend of 91 cents, which is a focused on the growth opportunities in Australia, 12% increase on last year. Asia and North America. Australian growth The acquisition of iProperty Group last year, We have continued to see robust growth in coupled with the investment in PropTiger in Australia in a market where the overall volume India, means that Asia is now the geographic of property listings remained lower than in 2016. centre of our global strategy. The increased The Australian businesses delivered 14% growth collaboration and integration between our teams in revenue to $633.5 million. have resulted in product innovation and stronger consumer engagement. We have a significant Our Australian flagship site, realestate.com.au, opportunity to leverage our Australian insights is the clear number one and extended its and experience into a region which is very early lead against the competition. People visited in its transition to digital advertising. realestate.com.au 2.5 times more5 and spent 7.8 times6 longer on the site compared to our Our investment in Move, Inc. continues to nearest competitor. perform well, allowing us to shape and share insights from North America, the largest property market in the world. 6 Leadership I’d like to thank Tracey Fellows and the Our Australian flagship REA Group leadership team for their hard work and achievements this year, ensuring site, realestate.com.au teams across our global network are passionate, engaged and remain focused on delivering is the clear number outstanding results. I would also like to thank my fellow Board one and extended members for their guidance and counsel. It is a cohesive and knowledgeable Board. its lead against the We remain on strategy and will continue to focus on delivering superior returns for competition our shareholders. Finally, I would like to thank all of our customers, shareholders, consumers and staff for their Hamish McLennan continued support. Chairman 5 Source: Nielsen Online Market Intelligence Home and Fashion Suite average monthly visits for the audited sites of realestate.com.au compared to domain.com.au for the full year ended 30 June 2017. Excludes apps. 6 Source: Nielsen Online Market Intelligence Home and Fashion Suite average Hamish McLennan monthly time on site for the audited sites of realestate.com.au compared to Chairman domain.com.au for the year ended 30 June 2017. Excludes apps. REA Group Annual Report 2017 7 Year in review CEO's message It has been another strong year for REA Group with revenue and EBITDA growth of 16%. Our commitment 12% to create the best products and experiences has been increase in core to achieving this result. net profit from core operations In Australia, we remain the clear leader with Globally, Asia and North America remain our the largest and most engaged online property priority. We are the market leader in Malaysia and audience. We extended our market leadership Indonesia9. This year, we also made a strategic position, with visits reaching record highs investment to enter the Indian market by buying against our main competitor7. a 14.7% stake in PropTiger10, a leading local real estate platform. The core of the Group’s business remains property advertising, and we grew this in Leadership remains critical to our global success.
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