Lastminute.com N.v. · SIX:LMN
Lastminute.com — H1 2015 Earnings Presentation
20 slides from Lastminute.com's earnings presentation, Sep 16, 2015
Slide 1: Riding together – 1H2015 Results
Riding together 1H2015 Results London, 16 September 2015
Slide 2: Agenda
Agenda Key Messages Strategic Review Business Review Integration Roadmap Economics 2
Slide 3: Laying the foundations for sustainable value creation
Laying the foundations for sustainable value creation ✓ Vision and strategic focus confirmed. Execution roadmap accelerated. Delivering robust growth across the entire offering, featuring double digit organic performance and strong cash generation. Successful integration on track. Benefits from cost
Slide 4: Business model turning to a more customer-centric approach
Business model turning to a more customer-centric approach Vision Simplify the life of travellers anytime anywhere We are thinking at the whole traveller experience by broadening the spectrum of touch points and covering Strategy the trip cycle from inspiration to post travel, in order to strenghten
Slide 5: Robust growth backed by resilience of revenue model
Robust growth backed by resilience of revenue model In EUR million In EUR million Gross Travel Value Revenues Bookings The lastminute.com acquisition (4 months consolidation, since 1st 2014 2015 KPI in EUR 2013 March) and BRG performance lead to a solid double digit growth even on organic basis well
Slide 6: Performance steered by diversified tactical approach
Performance steered by diversified tactical approach OTA Flight OTA Travel & Leisure META Revenues Revenues Revenues in EUR million 73.3 +34.5% in EUR million 41.7 +275.7% in EUR million +24.6% 8.1 +21% +21.5% 6.5 54.5 11.1 OTA OTA META Flight Travel & Leisure 2014 2015 2014 2015 2014 2015 UP UP UP
Slide 7: Gaining market share through well balanced revenue mix
Gaining market share through well balanced revenue mix Revenues by geography in € million France becomes the first country thanks to staggering +37% organic growth and lastminute.com consolidation. UK growth mostly explained by the contribution of lastminute.com operations Italy and Spain performanc
Slide 8: Comprehensive offering delivered…
Comprehensive offering delivered… Actually embedded To be embedded Coming soon Flights Hotels Organic double digit growth confirms Flights as the core The Hotel business is supported by succesful offering such product of our offering. Trains (which are included in this as Top Secret® Hotel which is
Slide 9: …through lastminute.com successful integration
…through lastminute.com successful integration § Integration is ahead of expectations § Target is now to conclude all the migrations by the end of October § Great effort in September when UK Flights, and France, Germany, Ireland Hotels and Packages will be switched to end-state platforms Market /
Slide 10: Plan ahead of initial expectations
Plan ahead of initial expectations March 2015 April May June July August September October November December March 2016 Acquisition Change of Launch TV Complete FY2015 of the campaign in separation of IT Major deadlines Accounts lastminute. Company the UK, infrastructure release com assets name Fran
Slide 11: Operating Costs
Operating Costs 2017 €140M ACTUAL TARGET Marketing expenses represent the main cost % on Revenue sustained by the Group. First months 2015 were affected by higher than usual marketing €120M expenses as a result of a precise strategy addressed to relaunch lastminute.com as the core-global brand of th
Slide 12: Adjusted EBITDA impacted by LMN consolidation
Adjusted EBITDA impacted by LMN consolidation €25M 15.5 10.3 €20M €15M 2.4 4.1 10.6 1.7 €10M 7.6 1.4 €5M 0.8 Revenue Marketing Variable HR Fixed Adjustments EBITDA 2014 BRG ORGANIC LMN 2015 12
Slide 13: NFP strongly improved thanks to changes in NWC
NFP strongly improved thanks to changes in NWC €175M 82.2 (22.1) (3.8) 4.5 152.6 2.4 €150M 0.9 (0.8) 148.1 €125M €100M 89.3 Cash flow from operating activities capex, acquisitions, repayments currency Cash at 1st Change in Change in Other Investing Financing Adjustments Cash at 30th Financial NFP Ja
Slide 14: 2015 targets fine tuned, 3ys Guidance confirmed
2015 targets fine tuned, 3ys Guidance confirmed 2015 Target 2017 Ambition 2020 GTV € 2,500 M > CONFIRMED GTV € 3,000 M GTV € 5,000 M Revenues Increasing € 270 M > Fine tuned at € 255 M Revenues € 330 M Revenues € 600 M Over-performing respective industry CAGR EBITDA EBITDA margin 18% EBITDA margin 2
Slide 15: APPENDIX
APPENDIX lastminute.comgroup
Slide 16: Profit & loss
Profit & loss H1 2014 H1 2015 In EUR M H1 2014 ADJ Adjusted H1 2015 ADJ Adjusted Revenues 72.1 - 72.1 123.1 - 123.1 Marketing costs (30.8) 0.5 (30.3) (58.4) - (58.4) Personnel costs (12.8) 1.5 (11.3) (27.4) 1.3 (26.1) Other operating costs (20.9) 2.7 (18.2) (36.5) 0.7 (35.8) EBITDA 7.6 - 12.3 0.8 -
Slide 17: Balance sheet and cash flow highlights
Balance sheet and cash flow highlights In EUR M 31 December 2014 30 June 2015 Fixed assets 134.3 190.7 Working capital (35.1) (162.7) Other long term items (26.0) (25.7) Capital employed 73.2 2.3 Equity 163.2 154.9 Net financial position 90.0 152.6 In EUR M H1 2014 H1 2015 Net cash from operating ac
Slide 18: Net financial position
Net financial position In EUR M 31 December 2014 30 June 2015 Current financial assets 0.5 3.2 Cash and cash equivalents 89.3 148.1 Short term financial liabilities - - Net financial position within 12 months 89.8 151.3 Non current financial assets 0.1 1.3 Long term financial liabilities - - Net fin
Slide 19: Disclaimer
Disclaimer Some of the information included in this presentation contains forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those
Slide 20: THANKS
THANKS Investor.relations@lastminute.com www.lastminutegroup.com