2018 Annual Report
2018 Annual Report
Melbourne, Oct 29, 2018 AEST (ABN Newswire) - SEEK Limited (ASX:SEK) (OTCMKTS:SKLTY) 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:

About SEEK Limited

The purpose of SEEK Limited (ASX:SEK) (OTCMKTS:SKLTY) is to help people live more fulfilling and productive working lives and help organisations succeed. SEEK makes a positive contribution to people's lives on a global scale.

SEEK is the global leader in the creation and operation of online employment markets. Globally SEEK has relationships with over 700,000 hirers and 150 million candidates.

SEEK makes a positive contribution to people's lives through connecting more people to relevant job opportunities using its marketplace scale and technology to build radically more efficient and effective employment marketplaces.

SEEK is listed on the Australian Securities Exchange, and has been listed in the Top 20 Most Innovative Companies Globally by Forbes, and Number One in Australia.

SEEK has been recognised by AON Hewitt as an Employer of Choice ten years straight and is passionate about it's company's culture. SEEK is a leader in workplace diversity and inclusion.

For 20 years SEEK has been an integral part of Australians' job-search process, and as the country's leading employment marketplace is uniquely positioned to empower Australians with career, education and volunteer opportunities to create productive and fulfilling working lives.



Investors & Analysts
Geoff Roberts / Jeff Tang
SEEK Limited
T: +61-3-8517-4484

Sarah Macartney
SEEK Limited
T: +61-3-8306-0850
M: +61-433-949-639

Related Companies

SEEK Limited          

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