Slide 1: Q3 2022 Results
lastminute.com Q3 2022 Results November 17th, 2022
Slide 2: Safe Harbour Statement
Safe Harbour Statement The material in this presentation has been prepared by lastminute.com N.V. and reports general background information about lastminute.com activities as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information
Slide 3: The Speakers
The Speakers Javier Laurent Foata Pérez-Tenessa Laura Amoretti Sergio Signoretti Chairman of the Non-Executive Board of Directors Director Ad interim CEO Chief Financial Officer 3
Slide 4: Agenda
Agenda Opening Statement 01 L. Foata Market Update and Q3 Overview L. L. L 02 L. Amoretti & S. Signoretti September YTD Results 03 S. Signoretti Key Takeaways 04 L. Amoretti 05 Q&A 4
Slide 5: Opening statement
Opening statement ● EGM called for 21 December 2022 ● Fabio Cannavale and Andrea Bertoli are resigning from the Board effective today, 17 November 2022 ● Luca Concone is to be nominated CEO ● Laura Amoretti will remain as interim CEO until the EGM, then she will cover the role of interim COO ● Non-ex
Slide 6: Agenda
Agenda Opening Statement 01 L. Foata Market Update and Q3 Overview L. L. L 02 L. Amoretti & S. Signoretti September YTD Results 03 S. Signoretti Key Takeaways 04 L. Amoretti 05 Q&A 6
Slide 7: Market Update
Market Update Recovery pace has slowed down due to disruptions and uncertainties EU Commercial Flight Activity (vs. 2019 levels) * 2019 Steep recovery path from January to May -16% Then notable slow-down due to capacity disruptions Rising fuel prices and deteriorating economic outlook weigh on recov
Slide 8: Q3 2022 | Overview
Q3 2022 | Overview Ongoing strong recovery, with very solid performance vs. 2021 HOLIDAY ADJ. EBITDA* NET FINANCIAL BOOKINGS GTV REVENUE* PACKAGES Net of government Contribution margin share** subsidies POSITION* +33% vs. 2021 +93% vs. 2021 +49% vs. 2021 61% in Q3 2022 +21% vs. 2021 +92% vs. 2021 St
Slide 9: Q3 | Operational & strategic highlights
Q3 | Operational & strategic highlights Implementing our initiatives as planned Growth of the Holiday Customer Karma efforts to Improve product excellence Package Business: improve booking experience: and brand awareness: ● Dynamic Packages launched in 5 new ● Opened a dedicated customer care ● Hirin
Slide 10: Q3 2022 | KPI Overview
Q3 2022 | KPI Overview Solid ongoing recovery on the topline, Adj. EBITDA level +21% vs LY excluding government subsidies Flat Summer impacts on Adj. EBITDA comparison with 2019 Q3 Q3 % Q3 % 2022 2021 22 vs. 21 2019 22 vs. 19 Ongoing recovery in volumes and record GTV Bookings (k) 1,067 804 +33% 1,3
Slide 11: Agenda
Agenda Opening Statement 01 L. Foata Market Update and Q3 Overview L. L. L 02 L. Amoretti & S. Signoretti September YTD Results 03 S. Signoretti Key Takeaways 04 L. Amoretti 05 Q&A 11
Slide 12: Bookings doubled vs. 2021 with all-time record GTV
Bookings doubled vs. 2021 with all-time record GTV Bookings even outgrew the market proxy; record GTV reflects higher mix of holiday packages sales BOOKINGS GROSS TRAVEL VALUE (GTV) k €m 12
Slide 13: Revenues more than doubled vs 2021 while Gross Profit almost doubled
Revenues more than doubled vs 2021 while Gross Profit almost doubled OTA Revenues already in line with 2019, Gross Profit growth impacted by higher marketing spend to drive volume recovery Of which Media Rev Mktg No-Performance €m 6.6 0.9 8.0 17.4 5.0 10.2 €m % on Group Revenues 3% 1% 3% REVENUES GROS
Slide 14: HR Fix Costs reflect latest hirings, Running Costs show lasting improvements
HR Fix Costs reflect latest hirings, Running Costs show lasting improvements Gross* HR costs back to 2019 levels mainly due to Tech talent acquisition plan Running costs still 19% below 2019 thanks to improved efficiency Headcount 995 904 974 Average year On Group Revenues % Net Cost on Rev 16% 23% 15%
Slide 15: September 2022 YTD | KPI Overview
September 2022 YTD | KPI Overview €35m Adjusted EBITDA vs. breakeven in 2021 (net of government subsidies) 9M 9M % 9M % 2022 2021 22 vs. 21 2019 22 vs. 19 Strong Booking growth YTD, with an Bookings (k) 3,362 1,646 +104% 3,966 -15% all-time high GTV GTV (€m) 2,509 906 +177% 2,253 +11% Strong Revenue
Slide 16: IFRS EBITDA at €41m prior to the provision for the investigation in CH
IFRS EBITDA at €41m prior to the provision for the investigation in CH Overall impact of the investigation is €34m €m 9M 2022 €m 9M 2021 (*) 2021 numbers have been sterilised from government subsidies for €13.6M 16
Slide 17: Update on the Investigation
Update on the Investigation ● The Criminal investigation of Prosecutor of Canton Ticino is still ongoing. ● In parallel, the relevant Swiss Authority (SECO) is carrying out an audit on the administrative side. ● The Board has initiated an internal investigation as well: in reason of the preliminary
Slide 18: September 2022 YTD | Net Results
September 2022 YTD | Net Results Pre-provision IFRS EBITDA and Net Result back to 2019 levels One-off provision leads to a reported negative Net Result €m 9M 9M % 9M % 2022 2021 22 vs. 21 2019 22 vs. 19 Government subsidies of €13.6m in 2021 and IFRS EBITDA pre-provision and €1m in 2022 41.0 -7.6 n.a
Slide 19: Cash Curve reflects very strong early summer and flatter Q3
Cash Curve reflects very strong early summer and flatter Q3 Net financial position doubled compared to September 2021 in spite of different seasonality €m 19
Slide 20: €35m cash generation during the first nine months despite headwinds
€35m cash generation during the first nine months despite headwinds Approx. €100m Operating Cash, €13m net debt repayments €m (*) Change in Net Working Capital includes € 8.0 m of Net COVID 19 refunds and €33.2 m of Voucher usage & Cashback. Without such effects the change in NWC would have been €98.4
Slide 21: Agenda
Agenda Opening Statement 01 L. Foata Market Update and Q3 Overview L. L. L 02 L. Amoretti & S. Signoretti September YTD Results 03 S. Signoretti Key Takeaways 04 L. Amoretti 05 Q&A 21
Slide 22: Key Takeaways
Key Takeaways Summary of the results and current situation Ongoing strategic and operational initiatives implemented as planned Company continues its recovery path in Q3 despite the investigation in CH Revenues and Adjusted EBITDA and Net Cash more than doubled in the first nine months of 2022 One-off
Slide 23: Agenda
Agenda Opening Statement 01 L. Foata Market Update and Q3 Overview L. L. L 02 L. Amoretti & S. Signoretti September YTD Results 03 S. Signoretti Key Takeaways 04 L. Amoretti 05 Q&A 23
Slide 24: lastminute.com
lastminute.com investor.relations@lastminute.com 24
Slide 25: Annex
Annex
Slide 26: €35m cash generation during the first nine months despite headwinds
€35m cash generation during the first nine months despite headwinds Approx €100m Operating Cash, €13m net debt repayments and €20m of acquisition of financial assets €m (*) Change in Net Working Capital includes € 8.0 m of Net COVID 19 refunds and € 33.2 m of Voucher usage & Cashback. Without such effe
Slide 27: Financial Calendar
Financial Calendar 21 Dec 2022 Extraordinary General Meeting February 2023 Publication of preliminary results for FY 2022 27