Slide 1: 2023 Full Year Results
2023 FULL YEAR RESULTS 14TH MARCH 2024
Slide 2: ASMALLWORLD is the world's leading travel & lifestyle community
ASMALLWORLD is the world’s leading TRAVEL & LIFESTYLE COMMUNITY, focusing on experiences: the modern-day definition of luxury. Centred around the ASMALLWORLD social network, we operate a digital travel & lifestyle ecosystem which inspires our members to TRAVEL BETTER, EXPERIENCE MORE, AND MAKE NEW C
Slide 3: ASMALLWORLD Travel & Lifestyle Ecosystem
ASMALLWORLD TRAVEL & LIFESTYLE ECOSYSTEM Centred around the ASMALLWORLD social network, our group offers a wealth of travel & lifestyle services Launched during 2023 Online hotel booking engine Full-service travel agency New acquisition focused on luxury hotels for curated travel arrangements Partne
Slide 4: Agenda
AGENDA • OVERVIEW OF 2023 PERFORMANCE • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2024 PAGE 4
Slide 5: 2023 Financial Results
2023 FINANCIAL RESULTS Another record year: highest sales in ASMALLWORLD’s history • NET SALES +15% from CHF 18.5M to 21.2M • EBITDA -16% from CHF 2.5M to 2.1M • NET INCOME +5% from CHF 1.45M to 1.53M – EPS: CHF 0.13 • GHA INVESTMENT DIVIDEND payments received: USD 0.3M • CASH POSITION of CHF 3.0M p
Slide 6: Strong Debt Reduction of 54%
STRONG DEBT REDUCTION OF 54% After becoming self-funding in 2022, we significantly reduced our debt in 2023 • DEBT REDUCED BY 54%: a total of CHF 4.9M of debt was repaid in 2023, bringing the outstanding debt from CHF 9.1M to 4.2M • CAPITAL INCREASE IN OCTOBER: ASW issued 2.7M in new shares and incr
Slide 7: KPI Overview 2023
KPI OVERVIEW 2023 Strong sales and solid member base growth; EBITDA lower due to product mix shift and investments in business growth NET SALES MEMBERS EBITDA +6% -16% +15% 70.2k 2.5M 21.2M 66.0k 2.4M 63.3k 18.5M 62.0k 2.1M 57.9k 15.6M 12.9M 1.4M 1.5M 12.0M 2019 2020 2021 2022 2023 2019 2020 2021 20
Slide 8: Operational Highlights 2023 I/II
OPERATIONAL HIGHLIGHTS 2023 I/II Strong growth due to Prestige and Signature memberships and continued investments into long-term growth of group • PARTNERSHIP WITH EMIRATES allowed us to sell significantly more Prestige and Signature memberships this year • ASMALLWORLD COLLECTION hotel bookings inc
Slide 9: Operational Highlights 2023 II/II
OPERATIONAL HIGHLIGHTS 2023 II/II Strong growth due to Prestige and Signature memberships and continued investments into long-term growth of group • ACQUIRED JETBEDS.COM, an online flight booking tool, to expand our setup of online travel booking tools • LARGER HOSPITALY CONSULTING PROJECT unfortuna
Slide 10: Partnership with Emirates
PARTNERSHIP WITH EMIRATES Prestige and Signature memberships with Emirates Skywards miles contributed strongly to 2023 result • Emirates Airlines one of the few airlines with STRONG INTERNATIONAL APPEAL • Signed a PARTNERSHIP in July 2022 • Next to Miles & More and Etihad, THIRD OPTION for customers
Slide 11: Premium Memberships Most Important Product
PREMIUM MEMBERSHIPS MOST IMPORTANT PRODUCT The ASMALLWORLD Premium Memberships have become the most important revenue drivers ASMALLWORLD MEMBERSHIPS • ASMALLWORLD offers 2 TYPES OF MEMBERSHIPS: • Basic Membership: Community access • Prestige and Signature: Travel benefits packages • Premium Members
Slide 12: Hotel Booking Volume Steadily Increasing
HOTEL BOOKING VOLUME STEADILY INCREASING The ASMALLWORLD Collection is continuing to grow, underlining long-term growth potential for the business STAYS BY HALF-YEAR • VALUE OF BOOKINGS WERE UP BY 29% vs. Value of stays per half-year (indexed) last year (20% more bookings, 7% higher average value of
Slide 13: GHA Partnership Is Starting to Pay Off
GHA PARTNERSHIP IS STARTING TO PAY OFF Global Hotel Alliance partnership is on track; paid first service fee and (unexpected) first dividend • GLOBAL HOTEL ALLIANCE (GHA) is the world’s largest alliance of independent hotel brands • ASMALLWORLD ACQUIRED 10% STAKE at the end of 2021 • GHA DISCOVERY e
Slide 14: ASMALLWORLD Discovery
ASMALLWORLD DISCOVERY ASMALLWORLD DISCOVERY supports independent hotels who want to become part of GHA DISCOVERY loyalty platform https://asmallworlddiscovery.com/ PAGE 14
Slide 15: ASMALLWORLD Discovery: 18 Hotels Signed
ASMALLWORLD DISCOVERY:18 HOTELS SIGNED ASMALLWORLD DISCOVERY hotel portfolio steadily growing • 18 HOTELS signed so far to join ASMALLWORLD DISCOVERY • 4 HOTELS ARE FULLY CONNECTED and are now bookable by customers on GHA DISCOVERY: The Chedi Andermatt, the Mandrake in London, Hotel Alex Zermatt and
Slide 16: Acquired Jetbeds Flight Booking Portal
ACQUIRED JETBEDS FLIGHT BOOKING PORTAL In November 2023, we acquired online flight booking portal Jetbeds.com to add flight booking capabilities • Jetbeds.com is an online booking engine to book FIRST AND BUSINESS CLASS FLIGHTS • Acquisition will further expand ONLINE TRAVEL BOOKING CAPABILITIES, ne
Slide 17: Big Win for Hospitality Consulting Business
BIG WIN FOR HOSPITALITY CONSULTING BUSINESS ASMALLWORLD Hospitality reached a milestone for hotel development with Rosewood in Barbuda • ASMALLWORLD client Murbee Resorts has signed a DEAL WITH ROSEWOOD HOTELS & RESORTS to bring the first Rosewood hotel to the island of Barbuda • ASMALLWORLD Hospita
Slide 18: Agenda
AGENDA • OVERVIEW OF 2023 PERFORMANCE • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2024 PAGE 18
Slide 19: Subscriptions Business
SUBSCRIPTIONS BUSINESS Solid growth driven by ASW Prestige and Signature memberships but lower profitability due to higher COGS • Strong ASW PRESTIGE AND SIGNATURE In CHF 2023 2022 CHANGE membership sales due to increased demand for new Emirates option REVENUE 14.8M 13.0M +13% • HIGHER COGS due to a
Slide 20: Services Business
SERVICES BUSINESS Services business with strong growth, driven by FCAM flight packages, ASW Collection and GHA service fees • Demand for FIRST CLASS & MORE'S In CHF 2023 2022 CHANGE BUSINESS AND FIRST-CLASS FLIGHT PACKAGES increased again REVENUE • ASMALLWORLD COLLECTION hotel 6.5M 5.4M +19.8% booki
Slide 21: Agenda
AGENDA • OVERVIEW OF 2023 PERFORMANCE • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2024 PAGE 21
Slide 22: Income Statement
INCOME STATEMENT Best year in the company's history in terms of sales and 5% increase in net result In CHF ‘000 2023 2022 CHANGE NET SALES 21,242 18,455 +15% • SALES INCREASED BY 15% due to strong OTHER OPERATING INCOME 53 -250 +121% Prestige & Signature memberships TOTAL SALES 21,295 18,205 +17% de
Slide 23: Balance Sheet - Assets
BALANCE SHEET - ASSETS No major shifts on the asset side • CASH POSITION decreased due to an In CHF ‘000 2023 2022 investment in financial assets (1.2M) CASH 3,029 4,014 and repayments of debt (1.1M) RECEIVABLES FROM SERVICES 207 1’402 OTHER SHORT-TERM RECEIVABLES 164 226 • RECEIVABLES FROM SERVICES
Slide 24: Balance Sheet - Liabilities
BALANCE SHEET - LIABILITIES Balance sheet strengthened: debt reduced from 9.1M to 4.2M • PAYABLES FROM GOODS AND SERVICES / In CHF ‘000 2023 2022 ACCRUED LIABILITIES AND DEFERRED INCOME SHORT-TERM FINANCIAL LIABILITIES 543 543 The high sales volume of a Miles & More PAYABLES FOR GOODS AND SERVICES 1
Slide 25: Cash Flow Statement – Part 1
CASH FLOW STATEMENT – PART 1 Operating cash flow decreased mainly due to seasonality effects in operating working capital In CHF ‘000 2023 2022 • OPERATING CASH FLOW decreased due NET RESULT 1,533 1,454 to lower expenses, such as DEPRECIATION OF TANGIBLE FIXED ASSETS 9 24 depreciation, amortization,
Slide 26: Cash Flow Statement – Part 2
CASH FLOW STATEMENT – PART 2 Cash drain from investing activities due to the investment in a hotels fund and the acquisition of jetbeds.com In CHF ‘000 2023 2022 • CASH DRAIN FROM INVESTING ACTIVITIES due to an investment of CHF 1.2M in a OUTFLOWS FOR INVESTMENT OF TANGIBLE FIXED luxury hotels fund
Slide 27: Cash Flow Statement – Part 3
CASH FLOW STATEMENT – PART 3 Cash drain from financing activities driven by debt reduction In CHF ‘000 2023 2022 • CASH DRAIN FROM FINANCING ACTIVITIES INFLOW/OUTFLOWS FROM CAPITAL INCREASE due three loan repayments: 0.6M to 265 -25 Pellegrino capital, 0.4M to bank and REPAYMENT OF FINANCIAL LIABILI
Slide 28: Agenda
AGENDA • OVERVIEW OF 2023 PERFORMANCE • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2024 PAGE 28
Slide 29: Outlook for 2024
OUTLOOK FOR 2024 We anticipate steady revenue growth but also the need to invest in our business • Demand for PRESTIGE AND SIGNATURE memberships with Emirates Skywards miles anticipated to remain high • For the ASMALLWORLD Collection, we will further EXPAND THE PRODUCT OFFERING, leading to more sale
Slide 30: Ongoing Business Model Transformation
ONGOING BUSINESS MODEL TRANSFORMATION We are transforming our business model from a single source business, to multiple revenue streams STARTING POINT TARGET STATE BUSINESS CORES Single core: Multi-core: ASW community Group of travel businesses FOCUS 2024 COMMUNITY SIZE Small community Larger commun
Slide 31: Guidance for 2024
GUIDANCE FOR 2024 Steady growth and and “investment year” with (temporarily) lower EBITDA NET SALES MEMBERS EBITDA 2.5M 23-25M 73-74k 2.4M 21.2M 70.2k 2.1M 18.5M 66.0k 63.3k 15.6M 62.0k 1.5M 12.0M 1-1.2M 2020 2021 2022 2023 2024E 2020 2021 2022 2023 2024E 2020 2021 2022 2023 2024E PAGE 31
Slide 32: Q&A
Q&A PAGE 32
Slide 33: ASMALLWORLD AG
ASMALLWORLD AG Seidengasse 20, 8001 Zürich, Switzerland info@asmallworldag.com www.asmallworldag.com www.asw.com PAGE 33