Slide 1: The inspiring travel company: Delivering the Strategy
The inspiring travel company Delivering the Strategy Lugano, 22 March 2016
Slide 2: Agenda
Agenda Key messages Integration plan and FY2015 results Strategic and business review Appendix Presentation updated at 11:30am on the 22 March 2016 2
Slide 3: Transforming to improve
Transforming to improve A year of transformation. Full integration of lastminute.com technology architecture and functional ✓ reorganisation concluded ahead of initial plan Short-term trade-off in volume and profitability. Accelerated execution of the integration plan reflected in 2015 decreased con
Slide 4: Integration plan and FY2015 results
Integration plan and FY2015 results
Slide 5: A year of transformation
A year of transformation 2015 was a year of transformation, a process that started in March with the acquisition of lastminute.com and saw the whole Group fully focused on delivering a fast, complex integration. Acquisition of Complete separation of Change of the Launch of the lastminute.com assets
Slide 6: Group size significantly increasing and KPIs improving
Group size significantly increasing and KPIs improving Even if “growth” was not a keyword this year and despite extraordinary events affecting the possibility to reach our revenue target of € 255M, thanks to the consolidation of lastminute.com (10 months) and a positive organic performance, our Grou
Slide 7: Balanced breakdown of business lines and geographical footprint
Balanced breakdown of business lines and geographical footprint Revenues by geography The consolidation of lastminute.com contributed to diversify our revenue stream and to balance the income’ flow both in terms of countries and business lines. +30% ≈ x2 ≈ x10 -5% ≈ x2 +22% We grew dramatically in U
Slide 8: Integration costs affecting profit generation and cash evolution
Integration costs affecting profit generation and cash evolution 2015 costs increase reflects the consolidation of lastminute.com, extraordinary investments in marketing and one-off expenditures related to the integration plan Adjusted EBITDA 2014 vs Increase in marketing expenses (55.7) 2015 EBITDA
Slide 9: Significant cost savings already secured for 2016 and beyond
Significant cost savings already secured for 2016 and beyond Around € 26M of savings to target margin’s recovery Cost base - Actual marketing HR other adjustments Cost savings - Secured OPEX CAPEX TOTAL % on Revenue savings 121.8 121.8 50.3 78.0 10.4 15.8 2015 costs 48.8% 2016 savings - 6.0 8.2 8.6
Slide 10: Strong recovery of profitability expected
Strong recovery of profitability expected Current trading in line with planned recovery of profitability. Strategic initiatives on track to further improve margins • Focus on making the marketing spending more effective targeting cost/revenue ratio of 42% in 2017 • Scale effect + productivity-orient
Slide 11: Strategic and business review
Strategic and business review
Slide 12: A structurally growing market where several opportunities arise
A structurally growing market where several opportunities arise The very fragmented European landscape remains the most attractive for OTA and META players Mobile is not even more an option. It is now representing around 50% of the traffic. Innovative and technology oriented companies may leverage t
Slide 13: Our key strengths to boost a new wave of growth
Our key strengths to boost a new wave of growth Scale: lastminute.com group is among the first 4 OTAs in Europe. It is one of the leaders in countries with higher digitalisation growth rate (Italy, Spain, Germany). Positioning: the inspiring travel company featuring one of the most strong and scalab
Slide 14: Building the inspiring travel company
Building the inspiring travel company We aim to be an inspiring travel company, committed to enrich the lives of travellers through smart technology and cutting-edge content to get audience engaged. We try to monetise as much as possible all traffic by means of a comprehensive business model and a d
Slide 15: Focusing on the most important things for our audience
Focusing on the most important things for our audience We have implemented an audience-centric operating model aiming at delivering the most to our customers and at increasing the overall profitability of the business through innovative approaches and optimised allocation of resources • Mobile APP a
Slide 16: A clear leadership committed to execute
A clear leadership committed to execute We implemented a fully empowered and straightforward organisation enabling the Group to deliver against its qualitative and quantitative targets, supporting all functions in fulfilling their objectives and employees in doing their best. GROUP CEO v Fabio Canna
Slide 17: Appendix
APPENDIX lastminute.comgroup
Slide 18: Profit & loss
Profit & loss 2014 2015 In EUR M 2014 ADJ Adjusted 2015 ADJ Adjusted Revenues 147.0 - 147.0 249.7 - 249.7 Marketing costs (66.2) 0.5 (66.7) (121.9) 0.1 (121.8) Personnel costs (24.5) 0.3 (24.8) (59.0) 8.7 (50.3) Other operating costs (40.2) 5.8 (34.4) (79.7) 1.7 (78.0) EBITDA 16.1 - 21.1 (10.9) - (0
Slide 19: Balance sheet and cash flow highlights
Balance sheet and cash flow highlights In EUR M 31 December 2014 31 December 2015 Fixed assets 134.4 212.9 Working capital (35.1) (104.2) Other long term items (26.0) (36.1) Capital employed 73.2 72.6 Equity 163.2 140.8 Net financial position 89.9 68.2 In EUR M 2014 2015 Net cash from operating acti
Slide 20: Net financial position
Net financial position In EUR M 31 December 2014 31 December 2015 Current financial assets 0.5 1.3 Cash and cash equivalents 89.3 65.5 Short term financial liabilities - - Net financial position within 12 months 89.8 66.9 Non current financial assets 0.1 1.3 Long term financial liabilities - - Net f
Slide 21: Disclaimer
Disclaimer The material in this presentation has been prepared by lastminute.com N.V. and reports general background information about lastminute.com group activities as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in th
Slide 22: Thanks
THANKS Investor.relations@lastminute.com www.lastminutegroup.com