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Changing the Way the World Experiences Property

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Changing the Way the World Experiences Property Changing the way the world experiences property Annual Report 2019 Contents 04 06 08 About us Chairman’s message CEO’s message 10 14 18 How we’ve performed Australian highlights Asian highlights 20 22 24 Strategic investments Our latest innovations In the community 26 27 Our people Operating with integrity 28 Executive Leadership Team 59 Consolidated Financial Statements 30 Board of Directors 117 Directors’ Declaration 32 Directors’ Report 118 Independent Auditor’s Report 123 Historical results 43 Auditor’s Independence Declaration 124 Shareholder information 44 Remuneration Report 125 Corporate information REA Group Limited (ASX:REA) | ABN 54 068 349 066 www.rea-group.com Our purpose To change the way the world experiences property. About us 1 About us Our business REA Group is a global digital advertising company, specialising in property. We use new technology and our collective genius to deliver the best products and services to our customers and consumers. Our people Our people are the key to our success. With operations in three continents, we have a team of more than 1,600 people who wake up every day living our values. They are purpose-driven and collaborative, which drives our inventive culture. We have a team of the best and brightest who are changing the way the world experiences property. 2 REA Group Annual Report 2019 Our people About us 3 About us About us REA Group is a global, digital advertising company specialising in property. Our business spans across three continents, including Australia, Asia and North America. Our vision and reaches an audience of 1.2 million more options when looking for a home people every day across desktop, mobile loan or refinancing. We want to be the best property-related and app.1 We also operate Australia’s We aspire to become the authority marketplace in every country in which leading commercial, share and co-working on property in Asia and see strategic, we operate. This means we’re continually property sites, realcommercial.com.au,2 long-term opportunities in all our looking for new ways to engage people Flatmates.com.au3 and spacely.com.au4. throughout every step of their property Asian markets. We continue to invest journey – from helping them find and REA Group owns Hometrack Australia in attracting top talent, growing our finance their next home, to providing (“Hometrack”), a leading provider of audience, and creating innovative the most up-to-date property insights, property data services. Hometrack is experiences that drive meaningful value how-to guides, and design inspiration. now the single source of property data for our customers and consumers. on realestate.com.au, powering the Reaching a global audience rich market insights we provide to our Delivering on our growth strategy customers and consumers. REA Group is one of Australia’s greatest Our strategy is underpinned by our start-up success stories. Founded in a In July 2019 we acquired the remaining desire to offer the most comprehensive garage in Melbourne in 1995, our network stake in Smartline, one of Australia’s experience across property, finance and includes Australia, Malaysia, Singapore, premier mortgage broking franchise property-related services. We continue to Indonesia, Thailand, Hong Kong, groups. Combined with our digital invest in the areas where we see the most Greater China, the United States and India. home loans offering and our own potential to provide greater value to our realestate.com.au branded brokers, customers and consumers. Our Australian residential property platform, we’re now able to give our consumers realestate.com.au, is the market leader Sources: Unless otherwise specified, all metrics included from page 4 to 27 are REA Internal Data for the financial year (Jul 18 – Jun 19). 1 Nielsen Digital Content Ratings, tagged, people 2+, text, daily unique audience to realestate.com.au, mobile and app (Jul 18 – Jun 19). 2 Nielsen Market Intelligence, Home and Fashion, average total sessions (exclude app). Nielsen Digital Content Ratings; average app launches for the audited site realcommercial.com.au and app, in each case compared to nearest competitor (Jul 18 - Jun 19). 3 Hitwise market share data; comparing visits to Flatmates.com.au to its nearest competitor (Jul 18 - Jun 19). 4 REA Internal Data, number of listings on spacely.com.au compared to its nearest competitor (Jul 18 – Jun 19). 5 Nielsen Digital Content Ratings, tagged, people 2+, text computer and mobile average monthly sessions and total time spent per session, compared to the nearest competitor (Jul 18 – Jun 19). 6 SimilarWeb, monthly visits for: iproperty.com.my (Malaysia), rumah123.com (Indonesia), and squarefoot.com.hk (Hong Kong) compared to its nearest competitor for June 2019. Excludes apps. 4 REA Group Annual Report 2019 Individual, proactive & lifelong consumer interactions rty relate pe d m ro a p rk st e e tp b l F a e y i rt n c h a e n e p T c o r e P Services Deepest customer value Richest content, data & insights driving leads & ROI empowering decisions We recognise that the way people content. We do this by using rich data to Property-related Services search and find property continues to support the development of innovative Our strength lies in our ability to change and, increasingly, consumer products and experiences. This creates understand our audience. We are expectations are shaped by their broader more opportunities for customers to continually looking for new ways to digital experience. We’re always looking continue growing their businesses, while create value for our customers and for new ways to make our products creating personalised experiences consumers, while also removing any and experiences simple and highly- for consumers. barriers that prevent them from being relevant. REA Group has access to the Finance able to realise their property dreams. largest network of property seekers across Australia,5 Malaysia, Indonesia Home finance is an integral part of the For consumers, we provide an experience and Hong Kong;6 and we’re growing our property purchase process. As part of that includes inspiring content and a audience presence in other key markets our Financial Services strategy, we offer range of tools, calculators and valuable across Asia. This equips us with unique the realestate.com.au Home Loans information, equipping people with the insights about consumers and their experience in partnership with NAB. knowledge to make the best and most individual property needs, empowering us This combines searching for property informed property decisions. to connect and engage with our audience and obtaining a home loan in a single And for customers, we share insights into at exactly the right time and ensure they experience, while allowing consumers the market and a comprehensive view of make the right property decision. access to a realestate.com.au white-label what consumers want, when they need it. mortgage product. Property This enables us to deliver quality leads and We recognise the value mortgage brokers ensures we’re always driving value. The foundation of our business is the bring to people looking to finance their online advertising of property listings, next property. Through our ownership supported by residential and commercial REA Group has access of Smartline and partnership with NAB, property data. Agents continue to play a to the largest network of this year we had 400 brokers in market. critical role in the success of our business. Our audience, brand strength and digital property seekers across We remain focused on improving the way expertise provides a unique position for Australia5 and is growing its properties are displayed on our sites and long-term growth within the financial audience presence in key apps, to ensure consumers are provided services industry. markets across Asia. with the best and most up-to-date About us 5 Chairman’s Year in review Year message Key to our success is the ability to connect our customers with Australia’s largest network of property seekers.7 Our ongoing growth demonstrates the strength of our strategy and the strong foundations we have in place. Strong performance in a that help achieve our purpose. During the talent, delivering new innovations for challenged market year we continued to innovate, releasing our customers and consumers, and a number of exciting developments strengthening our audience position in I’m exceptionally pleased with our to provide unparalleled customer and every country we operate in. With many performance this year. Financial highlights consumer value. For our customers, these of these elements already in place, we’re 8 9 from core operations included revenue products are designed to help them grow excited by the year ahead. In North growth of 8% to $874.9 million, and their businesses. Agent Match continued America, Move, Inc. increased its revenue EBITDA growth of 8% to $501.2 million. to gain momentum, converting 20% of 7% to USD$484.1 million.11 An exciting leads into listings. For our consumers, development was Move’s acquisition As a result of these achievements, the we continued to help people navigate of Opcity – a lead generation platform Board declared a final dividend of 63 cents the complexities of the Australian property matching buyers and sellers with real per share fully franked. This represents a market by providing in-depth property estate professionals. In India, the business full year dividend of 118.0 cents per share data and insights. Hometrack is now acquired FastFox, a technology enabled for the 2019 financial year, an 8% increase the single source of property data on rental brokerage company to help people on the prior year. realestate.com.au, helping people make find their next home. These are particularly pleasing results more informed decisions.
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