SEEK - First Impressions from Reporting

Bell Potter

SEEK (SEK): Divisional Performance: ANZ Employment revenue up 13% to $171.3m and EBITDA up 10% to $97.2m; EBITDA margin 57% as compared to 58% in pcp; Seek International revenue up 4% to $308.5m and EBITDA down 3% to $97.5m, EBITDA margin 35%; Zhaopin revenue growth 23% EBITDA growth 20% and Seek Asia revenue growth 1% and EBITDA growth 3%,Brasil revenue down 15% and EBITDA decline 16%, Mexico revenue growth 14% EBITDA decline 27% | Net operating cash flow down 53% to $70m. | Outlook: Now expecting Underlying NPAT (ex-Early Stage) of $220m (prev. $215m-220m), along with increasing capex.

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