DGAP-News: Scout24 AG: Scout24 improves financial position through successful refinancing

Scout24 improves financial position through successful refinancing

- Financing volume of EUR 800 million

- Annual interest savings of at least EUR 12 million

- Higher flexibility and thus excellently positioned for further growth

Berlin / Munich, 18 January 2017 - Scout24 AG ("Scout24" or "the Group"), the leading operator of digital marketplaces specializing in the real estate and automotive sectors in Germany and other selected European countries, has concluded a new syndicated loan with eleven renowned European banks under the leadership of UniCredit Bank AG totaling up to EUR 800 million and maturing in December 2021.
The existing syndicated loan with a residual debt of EUR 680 million is therefore fully repaid.

The new credit agreement comprises a term loan of EUR 600 million and a revolving credit facility of EUR 200 million. As a result of the positive business development of Scout24 in the recent years, the new facility agreement has been concluded at considerably improved terms. The loan is unsecured, with the interest margin being linked to the leverage ratio (ratio of net debt to ordinary operating EBITDA over the last twelve months). With the current leverage ratio (2.9:1 as of 30 September 2016:), the initial interest margin is at 1.7%. Before the refinancing, the interest margin was at 3.5%. This improvement of the interest rates will result in interest savings of around EUR 12 million already in the financial year 2017.

"The new financing package reflects the strong business development and strong financial trajectory of Scout24 that have resulted from the excellent work we have done over the recent years. It gives us even more flexibility in shaping our future and further strengthening our market position. We will continue to push ahead with debt reduction so that we can quickly reach our target for the leverage ratio of 2.5:1, which we have set ourselves for the ability to pay dividends," said Christian Gisy, CFO of Scout24 AG.

About Scout24

Scout24 operates leading digital classifieds platforms in Germany and other selected European countries. The main operations under the umbrella brand Scout24 are the digital marketplaces ImmobilienScout24 and AutoScout24. ImmobilienScout24 is the leading digital real estate classifieds platform in Germany, based on consumer traffic and time spent as well as customer numbers and listings. AutoScout24 is a leading automotive digital classifieds platform in Europe, in terms of unique monthly visitors and listings. Scout24's digital marketplaces are empowering people to realise their property and car-owning dreams simply, efficiently and stress-free. Further information is available at www.scout24.com.


Investor Relations contact

Britta Schmidt
Vice President Investor Relations & Treasury
Tel.: +49 89 44456 3278
E-Mail: ir@scout24.com

Press contact

Marie Fabiunke
Head of Corporate Communications & PR
Tel.: +49 30 24301 1427
E-Mail: marie.fabiunke@scout24.com

Disclaimer:

All information contained in this document has been carefully prepared. However, no reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company or any of its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of its directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.

The information contained in this release is subject to amendment, revision and updating. Certain statements, beliefs and opinions in this document are forward-looking, which reflect the Company's or, as appropriate, senior management's current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any information contained in this press release (including forward-looking statements), whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document.