Edreams Odigeo · BME:EDR
Edreams Odigeo — Q1 FY2021 Earnings Presentation
40 slides from Edreams Odigeo's earnings presentation, Aug 27, 2020
Slide 1: Results Report 1Q FY 2021
RESULTS REPORT 1Q FY 2021 27th August 2020 eDreams ODIGEO
Slide 2: Index
eDreams ODIGEO INDEX 1. A brief look at eDreams ODIGEO and KPIs 2. Business Performance 3. Financial Review 4. Other information 5. Condensed Consolidated Interim Financial Statements and Notes 6. Glossary 7. Reconciliation eDreams ODIGEO 2
Slide 3: A brief look at eDreams ODIGEO and KPIs
eDreams ODIGEO 1. A brief look at eDreams ODIGEO and KPIs 1.1 KPIs 1.2 Results Highlights 1.3 Current Trading & Outlook 3
Slide 4: KPIs
eDreams ODIGEO 1.1 KPIs (€14.7)M 0.4M €16.6M (€23.6)M 54% 86% Bookings Revenue Diversification Product Adjusted YoY -87% Margin Adjusted Revenue Diversification EBITDA (From 2.9M) YoY -88% Net Income +8pp Ratio (From €28.1M) (From €141.5M) (From €9.0M) (From 46% of total) +10pp (From 76%) 49% 51% (*
Slide 5: Results Highlights and Current Trading & Outlook
eDreams ODIGEO 1.2 RESULTS HIGHLIGHTS 1.3 CURRENT TRADING & OUTLOOK During 1Q we have seen continued progress, particularly in June, with July and August both Current trading showing gradually improved performance showing further improvements Our current trading suggest steady recovery, it shows mon
Slide 6: Liquidity and summary
eDreams ODIGEO Strong liquidity is a consequence of strong business model and active management of the In Summary situation Our business is strong and we are positioning to be a winner from the crisis. Key highlights of liquidity performance We have a good liquidity position. Our liquidity posit
Slide 7: Business Performance
eDreams ODIGEO 2. Business Performance 2.1 Business Review 2.2 Product 2.3 Geography 2.4 KPIs 7
Slide 8: Business Review
eDreams ODIGEO Our industry-leading subscription programme Prime, launched just two years ago, has 2.1 BUSINESS REVIEW continued its success. The number of subscribers have increased to 564 thousand members, 289 thousand more than in 1Q FY20. We now operate Prime in four of our largest markets Spain
Slide 9: Product: Revenue Margin and Diversification
eDreams ODIGEO 2.2 PRODUCT Diversification Revenue is more resilient than our Classic Customer Revenue REVENUE MARGIN (IN € MILLION) DIVERSIFICATION 1Q Var 1Q FY21 FY21 vs FY20 FY20 -85% Diversification 10.7 -85% 72.2 72.2 Classic Customer 3.3 -93% 46.0 Classic Supplier 2.1 -88% 16.8 10.7 Advertisin
Slide 10: Geography: Revenue Margin
eDreams ODIGEO 2.3 GEOGRAPHY Revenue diversification by Geography remains stable REST OF THE WORLD REVENUE MARGIN (IN € MILLION) 1Q Var 1Q FY21 FY21 vs FY20 FY20 33.2 -89% Top 6 12.9 -88% 108.3 Rest of the world 3.7 -89% 33.2 Total 16.6 -88% 141.5 3.7 1Q FY20 1Q FY21 TOP 6 11% 23% 22% -88% 1Q 1Q 1Q
Slide 11: KPIs
eDreams ODIGEO 2.4 KPIs Revenue diversification ratio (*) Customer repeat booking rate (annualised) (**) Product diversification ratio (*) Acquisition cost per booking index Mobile bookings as a share of flight bookings +9 pp 49% 36% 40% 1Q FY19 1Q FY20 1Q FY21 Note: Definitions non-GAPP measures ca
Slide 12: Financial Review
3. Financial Review 3.1 Summary Income Statement 3.2 Summary Balance Sheet 3.3 Summary Cash Flow Statement 3.4 Efficient Debt Management
Slide 13: Summary Income Statement and Balance Sheet
eDreams ODIGEO 3.1 SUMARY INCOME STATEMENT 3.2 SUMMARY BALANCE SHEET 1Q Var 1Q 30th June 30th June (in € million) FY21 FY21 vs FY20 FY20 (in € million) 2020 2019 Revenue margin 16.6 (88%) 141.5 Total fixed assets 978.9 1,055.2 Variable costs (*) (15.4) (84%) (95.7) Total working capital (113.3) (271
Slide 14: Summary Cash Flow Statement and Efficient Debt Management
eDreams ODIGEO 3.3 SUMMARY CASH FLOW STATEMENT 3.4 EFFICIENT DEBT MANAGEMENT 1Q 1Q (in € million) FY21 FY20 In 1Q FY21, despite a significant reduction in Bookings since March 2020 due to the spread of COVID-19, the Adjusted EBITDA (14.7) 28.1 group continued to have a strong balance sheet, with liq
Slide 15: Shareholder Information
eDreams ODIGEO 4.1 SHAREHOLDER INFORMATION The subscribed share capital of eDreams ODIGEO at June 2020 is €11,046 thousand divided into 110,463,043 shares with a par value of ten euros cents (€0.10) each, all of which are fully paid. As at 30th June 2020, the Group had 1,081,466 treasury shares unde
Slide 16: Condensed Consolidated Interim Financial Statements and Notes
5. Condensed Consolidated Interim Financial Statements and Notes For the three-month period ended 30th June 2020 eDreams ODIGEO 16
Slide 17: Interim Income Statement and Other Comprehensive Income
eDreams ODIGEO Condensed Consolidated Interim Income Statement Condensed Consolidated Interim Statement of Other Comprehensive Income (Thousands of euros) Notes Unaudited Unaudited (Thousands of euros) Unaudited Unaudited 3 months ended 3 months ended 3 months ended 3 months ended th th 30th June 20
Slide 18: Interim Balance Sheet Statement
eDreams ODIGEO Condensed Consolidated Interim Balance Sheet Statement (Thousands of euros) ASSETS Notes Unaudited Audited EQUITY AND LIABILITIES Notes Unaudited Audited th st 30 June 2020 31 March 2020 th 30 June 2020 st 31 March 2020 Goodwill 12 655,633 654,746 Share capital 11,046 11,046 Other int
Slide 19: Statement of Changes in Equity and Cash Flow Statement
eDreams ODIGEO Condensed Consolidated Interim Statement of Condensed Consolidated Interim Changes in Equity Cash Flow Statement (Thousands of euros) Notes Share Share Other Treasury Profit & Foreign Total (Thousands of euros) Notes Unaudited Unaudited capital premium reserves shares Loss for currenc
Slide 20: Notes: General Information
eDreams ODIGEO Notes to the Condensed Consolidated Interim 2.2 Redomicile to Spain Financial Statements On 31st March 2020, the Group announced a plan to move the Group’s registered seat from Luxembourg to Spain, to achieve organizational and cost efficiencies. The Group is taking the necessary step
Slide 21: Basis of Presentation
eDreams ODIGEO current circumstances, the Group has implemented cost-saving measures to minimize the temporary impact 3. BASIS OF PRESENTATION of the health crisis, such as the temporary reduction of working hours explained in note 2.1. 3.1 Accounting principles The Group has access to funding from
Slide 22: Seasonality of Business and Earnings per Share
eDreams ODIGEO The scope of the future effects of the COVID-19 pandemic on the Group’s operations, cash flows and growth 3.7 Working capital prospects is very uncertain and depends on future developments. These include, among others, the severity, extent and duration of the pandemic and its impact o
Slide 23: Earnings per Share and Segment Information
eDreams ODIGEO The calculation of basic earnings per share and fully diluted earnings per share (rounded to two digits) for the three-month period ended 30th June 2020 and 2019, is as follows: 6. SEGMENT INFORMATION Unaudited Unaudited The Group reports its results in geographical segments based on
Slide 24: Revenue Margin
eDreams ODIGEO Unaudited th 3 months ended 30 June 2019 7. REVENUE MARGIN The Group disaggregates revenue from contracts with customers by source of revenue, as management Total Top 6 Rest of the TOTAL believe this best depicts how the nature, amount, timing and uncertainty of the Group’s revenue an
Slide 25: Personnel Expenses and Depreciation and Amortization
eDreams ODIGEO 8. PERSONNEL EXPENSES 8.2 Number of employees The average number of employees by category of the Group is as follows: 8.1 Personnel expenses Unaudited Unaudited Unaudited Unaudited 3 months ended 3 months ended 3 months ended 3 months ended 30th June 2020 30th June 2019 30th June 2020
Slide 26: Other Operating Expenses and Financial Income and Expense
eDreams ODIGEO 10. OTHER OPERATING EXPENSES 11. FINANCIAL INCOME AND EXPENSE Unaudited Unaudited Unaudited Unaudited 3 months ended 3 months ended 3 months ended 3 months ended 30th June 2020 30th June 2019 30th June 2020 30th June 2019 Marketing and other operating expenses (14,251) (91,342) Intere
Slide 27: Goodwill and Other Intangible Assets
eDreams ODIGEO The detail of the goodwill movement by markets for the three-month period ended 30th June 2019 is set out 12. GOODWILL below: Audited Unaudited The detail of the goodwill movement by markets for the three-month period ended 30th June 2020 is set out Markets st 31 March 2019 Exchange r
Slide 28: Equity and Trade Receivables
eDreams ODIGEO The detail of the other intangible assets movement for the three-month period ended 30th June 2019 is set out below: 15. EQUITY Balance at 31st March 2019 (Audited ) 320,038 Unaudited Audited Acquisitions 6,514 30th June 2020 31st March 2020 Amortization (see note 9) (5,919) Share cap
Slide 29: Share-Based Compensation
eDreams ODIGEO 15.5 Foreign currency translation reserve The movement of the Potential Rights during the period is as follows: Granted / The foreign currency translation reserve corresponds to the net amount of the exchange differences arising Delivered Forfeited from the translation of the financia
Slide 30: Financial Liabilities
eDreams ODIGEO 16.2 2019 Long-Term Incentive Plan 17. FINANCIAL LIABILITIES On 19th June 2019, the Board of Directors of the Company approved a new Long-Term Incentive Plan ("2019 The Group debt and other financial liabilities at 30th June 2020 and 31st March 2020 are as follows: LTIP") to ensure th
Slide 31: Provisions
eDreams ODIGEO The interest rate of the SSRCF is the benchmark rate (such as EURIBOR for euro transactions) plus a margin “Provision for others” is related to the earn-out for the Business Combination of Waylo, €2.8 million non- of 3.00%. Though at any time after 30th September 2018, and subject to
Slide 32: Subsequent Events
eDreams ODIGEO The Portuguese entity Viagens eDreams Portugal LDA is currently undergoing a tax audit regarding income tax and VAT (fiscal years 2015-2018). This company has been assessed by the Portuguese tax authorities for 20. SUBSEQUENT EVENTS an amount of EUR €5.1 million. The Group believes th
Slide 33: Consolidation Scope
eDreams ODIGEO 21. CONSOLIDATION SCOPE As at 30th June 2020 the companies included in the consolidation are as follows: Name Location / Registered Office Line of business % interest % control eDreams ODIGEO S.A. 4, rue du Fort Wallis, L-2714 (Luxemburg) Holding Parent company 100% 100% Opodo Limited
Slide 34: Glossary
eDreams ODIGEO 6. Glossary 34
Slide 35: Glossary of Definitions
eDreams ODIGEO interests and overdraft. It includes both non-current and current financial liabilities. This measure offers to Glossary of definitions the reader a global view of the Financial Debt without considering the payment terms. Alternative Performance Measure Gross Leverage Ratio means the
Slide 36: Other Defined Terms
eDreams ODIGEO Fixed Costs per Booking means fixed costs divided by the number of Bookings. See definitions of "Fixed Other defined terms costs" and "Bookings". Adjusted Items refers to share-based compensation, restructuring expenses and other income and expense Marginal Profit means “Revenue Margi
Slide 37: Reconciliation
eDreams ODIGEO 7. Reconciliation 37
Slide 38: Reconciliation of APM & Other Defined Terms
eDreams ODIGEO Reconciliation of APM & Other Defined Terms Revenue Margin, Revenue Margin per booking, Diversification (Thousands of euros, figures for the periods ended on June 2020 and June 2019) revenue EBIT, EBITDA, Adjusted EBITDA Unaudited Unaudited 3 months ended 3 months ended 30th June 2020
Slide 39: Fixed Cost, Variable Cost, Gross and Net Financial Debt
eDreams ODIGEO Fixed Cost, Variable Cost, Adjusted items Gross Financial Debt, Net Financial Debt Restated Unaudited Unaudited Unaudited Unaudited th 30 June 2020 st 31 March 2020 3 months ended 3 months ended 30th June 2020 30th June 2019 Non-current financial liabilities 474,278 489,368 Current fi
Slide 40: Adjusted Net Income
eDreams ODIGEO Adjusted Net Income Unaudited Unaudited 3 months ended 3 months ended th th 30 June 2020 30 June 2019 Net Income (24,413) 1,598 Adjusted items (included in EBITDA) 901 8,688 Loss on transfer of Barcelona customer service assets - 489 Tax effect of the above adjustments (49) (1,781) Ad