Corporate Travel Management Limited · ASX:CTD
Corporate Travel Management — FY2021 Earnings Presentation
25 slides from Corporate Travel Management's earnings presentation, Aug 18, 2021
Slide 1: FY21 Results Presentation
ASX Announcement 18 August 2021 FY21 Results Presentation Attached is Corporate Travel Management Limited’s full year results presentation for the year ended 30 June 2021. Authorised for release by the Board. Contact details Media enquiries: Alasdair Jeffrey – Rowland – Alasdair.Jeffrey@rowland.com.
Slide 2: Full Year 2021 Results: Recovery Underway
Corporate Travel Management Full Year 2021 Results “Recovery Underway” North America regional HQ
Slide 3: Disclaimer
Disclaimer The information in this presentation contains summary information about the current activities of Corporate Travel Management Limited ACN 131 207 611 (Company) and its subsidiaries. It should be read in conjunction with the Company’s other periodic and continuous disclosure announcements
Slide 4: Index
Index. FY21 Highlights Agenda. Page 4 Regional Performance Page 9 Acquisition Update Page 15 Group Financial Summary Page 17 FY22 Outlook Page 22 Page 3
Slide 5: FY21 Highlights
FY21 Highlights Page 4
Slide 6: CTM highlights
CTM highlights. 1. Rapid return to positive underlying EBITDA in 2H21 • North America (NA), Europe (EU), ANZ regions all profitable in 4Q21, with NA momentum strong, continuing post year-end • Targeting return to dividends in CY22 2. CTM is most exposed to regions with strongest recovery momentum/ad
Slide 7: Rapid return to underlying profitability in 4Q21
Rapid return to underlying profitability in 4Q21 FY21 Revenue and other income FY21 Underlying EBITDA (A$m) (A$m) $80m 42% $15.0m $19.1m $70m $74m $10.0m $60m 16% $13.6m $50m 55% $52m $5.0m $40m $45m* $30m $0.0m $29m -$5.5m $20m -$7.1m -$8.2m* -$5.0m $10m $0m -$10.0m Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • 4Q21 a
Slide 8: FY22: Exposed to regions with most recovery momentum
FY22: Exposed to regions with most recovery momentum Proforma 2019 Group Monthly Overweight exposure to NA and EU: Revenue (A$60m*) • 72% of proforma 2019 revenue derived from NA and EU regions, 4Q21: ~80% North America 4Q21 • CTM’s largest regions also recovering the fastest annualised Europe reven
Slide 9: The trajectory - a significantly larger business post-COVID
The trajectory - a significantly larger business post-COVID. Revenue recovery to proforma CY19* Targeted Full Recovery EBITDA $800m $250m +57% $235m $700m $26m $200m $600m +57% $500m $150m $400m -36% $720m* -64% $300m $100m $209m* $459m $150m $200m $296m $50m $100m $54m $0m $0m CY19 Actual 4Q21 Annu
Slide 10: Regional Performance
Regional Performance ctm Page 9
Slide 11: Group overview
Group overview. YoY (AUD$m) FY20 1H21 3Q21 4Q21 2H21 FY21 Change TTV 4,561.8 403.8 384.1 821.5 1,205.6 1,609.4 (65%) Revenue and other income 349.9 74.2 52.2 74.1 126.3 200.5 (43%) Underlying EBITDA 74.41 (15.3)2 (5.5) 13.6 8.1 (7.2) (110%) EBITDA / Rev & Oth Inc Margin 21.3% (20.6%) (10.5%) 18.4% 6
Slide 12: North America
North America. YoY (AUD$m) FY20 1H21 3Q21 4Q21 2H21 FY21 Change TTV 1,146.3 181.5 190.3 383.7 574.0 755.5 (34%) Revenue and other income 134.3 29.4 26.9 39.7 66.6 96.0 (29%) Underlying EBITDA 14.71 (8.8)2 (7.0) 5.1 (1.9) (10.7) (173%) EBITDA / Rev & Oth Inc Margin 10.9% (29.9%) (26.0%) 12.8% (2.9%)
Slide 13: Europe
Europe. YoY (AUD$m) FY20 1H21 3Q21 4Q21 2H21 FY21 Change TTV 933.2 77.8 60.5 249.0 309.5 387.3 (58%) Revenue and other income 77.8 13.3 10.1 18.6 28.7 42.0 (46%) Underlying EBITDA 26.71 (2.2) 2.6 9.7 12.3 10.1 (62%) EBITDA / Rev & Oth Inc Margin 34.3% (16.5%) 25.7% 52.2% 42.9% 24.0% FY21 Outlook • 4
Slide 14: ANZ
ANZ. YoY (AUD$m) FY20 1H21 3Q21 4Q21 2H21 FY21 Change TTV 958.8 155.3 127.2 160.3 287.5 442.8 (54%) Revenue and other income 81.3 18.1 11.7 12.2 23.9 42.0 (48%) Underlying EBITDA 32.81 3.0 2.8 1.9 4.7 7.7 (77%) EBITDA / Rev & Oth Inc Margin 40.3% 16.6% 23.9% 15.6% 19.7% 18.3% FY21 Outlook • Profitab
Slide 15: Asia
Asia. YoY (AUD$m) FY20 1H21 3Q21 4Q21 2H21 FY21 Change TTV 1,523.5 (10.8) 6.1 28.5 34.7 23.9 (98%) Revenue and other income 53.2 12.1 3.3 3.5 6.8 18.9 (64%) Underlying EBITDA 6.91 (3.6) (1.4) (0.4) (1.8) (5.4) (178%) EBITDA / Rev & Oth Inc Margin 13.0% (29.8%) (42.4%) (11.4%) (26.5%) (28.6%) FY21 Ou
Slide 16: Acquisition Update
Acquisition Update Page 15
Slide 17: Travel & Transport high level integration
Travel & Transport high level integration Year 1 Execution Operate Fully Planning Alignment Finalise Execution Nov20-Jun21 Integrated Business Completed Completed Completed To 30 June 2022 From 1 July 2022 ✓ Acquisition rationale ✓ Finalise detailed ✓ Foster unified culture and ✓ Consolidation of ba
Slide 18: Group Financial Summary
Group Financial Summary Page 17
Slide 19: Profit and loss
Profit and loss. $AUD(m) FY21 FY20 %Δ • FY21 was a year of two distinct halves due to improved earnings performance, and following the T&T acquisition TTV 1,609.4 4,561.8 (65%) 1H21 2H21 %Δ Revenue and other income 200.5 349.9 (43%) Revenue $74.2m $126.3m 70% Underlying EBITDA1 (7.2) 74.4 (110%) Und
Slide 20: Non-recurring items
Non-recurring items. $AUD(m) 1H21 2H21 FY21 • Acquisition-related costs represent 82% of non-recurring items Items in Underlying EBITDA • $19.6m Acquisition and Integration costs relate to Travel & Transport acquisition Acquisition costs (6.6) (0.6) (7.2) Integration costs (4.5) (7.0) (11.5) • Expec
Slide 21: Comparative statutory balance sheet
Comparative statutory balance sheet. $AUD(m) Jun 21 Jun 20 • Cash has increased by $6.2m from the p.c.p to $99.0m Cash 99.0 92.8 • Increased receivables and payables a function of increased Receivables 175.4 64.5 client activity into 30 June 2021 Other current assets 16.3 16.5 • Increase in intangib
Slide 22: Cash flow summary
Cash flow summary. $AUD(m) FY21 FY20 • Operating cash flow conversion primarily impacted by a EBITDA statutory (31.1) 63.8 combination of: Non-cash items 1.1 (24.4) • Timing of supplier payments around balance sheet date Change in working capital (33.3) 65.6 • Rapid travel recovery primarily led by
Slide 23: FY22 Outlook
FY22 Outlook Page 22
Slide 24: FY22 Outlook
FY22 Outlook. Guidance and activity update: • Given uncertainty of government decisions on border restrictions and travel supply, CTM is not in a position to offer FY22 profit guidance • Targeting return to dividend payments in CY22 FY22 Key Expectations: 1. 1Q22 expect continuing positive underlyin
Slide 25: travelctm.com
ccm travelctm.com
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