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Annual Report 2018 Contents Annual Report 2018 Contents 4 About us 6 Chairman's message 8 CEO's message 10 How we've performed 14 Australian highlights 18 Asian highlights 20 Strategic investments 22 Our latest innovations 24 Community partnerships 26 Our people 28 Executive Leadership Team 30 Board of Directors 32 Directors' Report 43 Auditor’s Independence Declaration 44 Remuneration Report 57 Consolidated Financial Statements 113 Directors’ Declaration 114 Independent Auditor's Report 119 Historical results 120 Shareholder information 121 Corporate information REA Group Limited (ASX:REA) ABN 54 068 349 066 www.rea-group.com Our purpose Our purpose is to change the way the world experiences property 1 Our business We’re passionate about all things property and digital, and that enthusiasm has spread across the globe 2 REA Groupoup AnnualAnnual ReportReport 20182018 Our people We value expertise, collaboration and creativity 3 Year in review About us REA Group Limited is a Spacely, launched in 2017, has quickly We remain committed to finding new global, digital advertising become the number one place for ways to help our real estate agent short-term listings of commercial and customers grow their businesses. company specialising in co-working spaces in Australia.4 In 2018, we launched Agent Edge, property. Our purpose is to a new suite of products that help We help people in all aspects of their individual agents promote their brand change the way the world property experience – buying, selling, across our sites, and use behavioural and renting. To this end, we provide experiences property. We data to reach potential vendors. do this by investing in new consumers with information such as renovation tips, property estimates Lifestyle and financial services technology and developing and market insights. Our goal is to help people throughout innovative and personalised This year, we entered the financial their entire property journey. In 2017, we products. We connect a services industry and welcomed Smartline launched ‘Lifestyle’, a video-led content global audience of property to our team. Smartline is one of Australia’s experience that connects our brand seekers across three premier mortgage broking franchise to a wider audience of home owners, groups and, combined with our own decorators and property improvers, continents. realestate.com.au branded brokers, all of whom are seeking new ways to we now have over 400 brokers in market create their perfect space. Lifestyle has A global network of helping people finance their next property. seen incredible results with more than property portals 20 million visits since launch.5 In June 2018, we acquired Hometrack REA Group is a digital advertising Australia – a leading provider of property Home finance is an integral part company spanning three continents. data services. With Hometrack on board, of the property purchasing process. Everything our talented team of more we will be able to deliver more property As part of our strategy to enter the than 1,400 people does, it does to data and insights to our customers and financial services industry, we launched fulfil our purpose: to ‘change the way consumers than ever before. realestate.com.au Home Loans in the world experiences property’. Our partnership with NAB. It combines Our global footprint now includes teams across the world are experts in searching for property and obtaining Australia, Southeast Asia, China, their markets. We use technology and a home loan in a single experience. North America and India. data to help solve the needs of our We already have a highly engaged customers and consumers. Our growth strategy audience with more than 350,000 financial profiles created on Our Australian residential property Our strategy is based on three pillars: realestate.com.au since launch.6 platform, realestate.com.au, is the market leader, attracting 72.4 million Property advertising Building a strong presence in the average monthly visits.1 We also operate broker market channel is an important Online property advertising remains at Australia’s leading commercial property part of our financial services strategy. the centre of our business as we develop site, realcommercial.com.au,2 and Our acquisition of Smartline and our more personalised ways to help people Australia’s biggest share accommodation strategic mortgage broking partnership buy, rent and share property. site, Flatmates.com.au.3 with NAB complements our digital 1 Nielsen Digital Content Ratings, tagged, people 2+, text, average monthly sessions, computer and mobile (Jul 17 – Jun 18). 2 Nielsen Market Intelligence, average monthly sessions to realcommercial.com.au, compared to the nearest competitor (Jul 17 - Jun 18). 3 Experian market share data, comparing visits to flatmates.com.au to nearest competitors (Jul 17 – Jun 18). 4 REA Internal Data, number of listings on spacely.com.au compared to its nearest competitor (Jul 17 – Jun 18). 5 Adobe Analytics, total number of visits to realestate.com.au/lifestyle (May 17 – Jun 18). 6 REA Internal Data, total financial profiles created (Sep 17 – Jun 18). 4 REA Group Annual Report 2018 About us experience. We can now provide people This year, we extended our leadership with greater choice when selecting the positions in both Malaysia and right home loan for them. Indonesia,7 and we now have one of the fastest growing audiences Global of property seekers in Singapore.8 Our global strategy leverages our We hold strategic investments in experience in other markets, giving us a PropTiger in India and Move, Inc significant footprint on three continents in the United States. and the ability to be a global leader in digital property media. 7 Similar Web, average monthly visits for iProperty.com.my site in Malaysia and rumah123.com site in Indonesia compared to their nearest competitors for the 12 months ended 30 June 2018. 8 Similar Web, average monthly visits for iProperty.com.sg site in Singapore compared to its nearest competitors as at June 18. Year in review 5 Year in review Chairman’s message It has been a fantastic year Double digit growth in a market of lower residential listings for REA Group, delivering compared to 2017, which clearly shows We have had another year of record that the products and services we are another set of record results. results for REA Group, delivering double delivering to consumers and customers Our revenue increased by digit growth across Australia and Asia. are demonstrating real value. 20% to $807.7 million.9 This The Group’s revenue increased 20% to $807.7 million9 and EBITDA increased by realestate.com.au, our flagship site, is an excellent achievement, 22%, finishing the year at $463.7 million.10 continues to be the clear market leader underpinned by a motivated, with the largest11 and most engaged12 I am pleased to report the Board passionate and energetic audience in the country. This year, has declared a full year dividend of we extended our lead against the team who remain focused on 109.0 cents per share, which is an competition. More than 1 million people implementing our strategy. increase of 20% on last year. now visit realestate.com.au each day13 and people spend more than 3.8 times This is an excellent result and has been longer on the realestate.com.au achieved in a market of significantly app than the number two app.14 In a lower new development project competitive landscape, these results commencements, a moderate decline showcase the strength of our brand in residential listings in Australia, and further cement us as Australians’ and continued challenges in many preferred place to find property. Asian markets. Agents continue to play a critical role Our success is a result of having in our business, we thank them for a highly motivated team which their ongoing support. To support our is focused on implementing the customers, this year we launched a three pillars of our growth strategy: number of new products and services 20% property advertising, lifestyle and to help them build their brand and financial services, and building a growth in full grow their business. global network of property portals. year dividend Delivering value in Australia Beyond Property Listings As part of our strategy, we have entered Our Australian businesses have had a new markets and now offer a suite of strong year, with revenue growth of experiences beyond property listings. 21% to $763.4 million.9 We achieved this 9 Revenue is defined as revenue from property advertising and financial services less expenses from franchisee commissions disclosed in the Consolidated Financial Statements as operating income. 10 Financial results/highlights from core excludes significant non-recurring items such as revaluation and unwind of contingent consideration, transaction costs relating to acquisitions, brand write-off and the impact of the change in US tax rates on results of Move, Inc. In 2017, this included items such as revaluation, unwind and finance cost of contingent consideration, foreign exchange (“FX”) on proceeds from European operations, impairment charge, transaction costs and discontinued operations (net of gain on sale). 11 Nielsen Digital Panel, average monthly unique audience (Jul’17 – Apr’18) & Nielsen Digital Content Ratings, text, People 2+, average monthly unique audience, computer & mobile (May ’18 – Jun’18). 12 Nielsen Digital Content Ratings, text, People 2+, average time spent per person, computer & mobile, (Jul’17 – Jun’18). 13 Nielsen Digital Content Ratings, people 2+, text, average daily unique audience to the realestate.com.au site and app, computer and mobile (Jul 17 - Jun 18). 14 Nielsen Digital Content Ratings, total time on app compared with the nearest competitor (Aug 17 – Jun 18). 6 REA Group Annual Report 2018 Chairman’s message Home finance is an important part of the property purchasing process. We have now moved into the financial services industry, launching realestate.com.au Home Loans in partnership with NAB.
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