Slide 1: FY21 Performance Update
FY21 Performance Update Webjet Limited e
Slide 2: 1H21 key highlights
• • • • • • • • • Note: All financials are for Underlying Operations (unless otherwise stated) and all comparisons are over the prior corresponding period (pcp) 2
Slide 3: Key highlights and EBITDA
90% 52% 1) EBITDA excludes Share Based Payment (SBP) Expense 3
Slide 4: Average monthly TTV and bookings recovery
WebBeds • Average Monthly TTV (A$m) 215.6 172.2 146.3 • 66.9 25.1 23.0 24.6 17.8 26.4 5.7 14.6 1.5 2.2 (1) Pre-Covid Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul- 20 Aug-20 Sep-20 Oct -20 Nov -20 Dec-20 • Webjet OTA Average Monthly Bookings (000s) 131.3 131.1 121.6 • 53.9 49.7 52.7 26.2 18.2 21.7 1
Slide 5: 1H21 monthly cash burn $4.8 million
1H21 monthly cash burn - $4.8 million (after working capital inflows) +$104m $312m ($2m) +$22m +$3m $283m ($2m) ($52m) $210m ($8.7m) per month (1) 30 June 2020 Net Capital Foreign Currency 1H21 Cash Cash burn WebBeds Webjet OTA Online Republic Opex/CAPEX/ Working Capital Working Capital Working Capi
Slide 6: Debt covenants and facilities
(1) (1) (1) • • • • • • • • • • 1) Test to be done at 30 June 2022, 30 September 2022 and 31 December 2022 but 6 on the basis of annualising the EBITDA for the period commencing 1 April 2022
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Slide 8: WebBeds (B2B) results
A$ 1H20 2H20 1H21 1H21 vs 1H20 Bookings ('000s) 2,410 808 442 82% TTV $1,470m $395m $132m 91% Revenue $127.5m $26.4m $8.0m 94% Expenses $70.1m $68.4m $40.4m 42% EBITDA $57.3m ($42.0m) ($32.4m) 157% TTV / Revenue Margin 8.7% 6.7% 6.1% 259bps EBITDA Margin 45.0% n/a n/a nm • • • • • • •
Slide 9: Pre-Covid customer profile mix
Pre-Covid Customer profile mix (1) Super Apps, 3% Tour operators, 8% OTA, 17% • • Corporate travel agents, 20% • • • Retail travel agents, 32% • Wholesalers, 20% Average Daily TTV • • • • 1) As at 31 December 2019 9
Slide 10: WebBeds Transformation Strategy underway
Websbeds Transformation Strategy underway Strategic Objective: To become the global #1 B2B provider Initiatives on track to deliver at least 20% greater cost efficiencies at scale Rethinking how we do business Streamlining technology Increased leverage of data analytics and automation Sharpened focu
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Slide 12: Webjet OTA results
A$ 1H20 2H20 1H21 1H21 vs 1H20 Bookings ('000s) 795 330 183 77% TTV $708m $269m $119m 83% Revenue $74.8m $18.6m $11.4m 85% Expenses $45.9m $24.8m $10.3m 78% EBITDA $28.8m ($6.2m) $1.1m 96% TTV / Revenue Margin 10.6% 6.9% 9.6% 95bps EBITDA Margin 38.6% n/a 9.7% nm • • • • • • • • • 12
Slide 13: Webjet OTA flight bookings
1H20 Flight bookings • 15% • • • 85% • Domestic International Average Daily Bookings B/E = 23% of CY19 Bookings(1) VIC/NSW/QLD border reopenings • NSW outbreak announced NSW borders • reopen • • 1) Break-even calculation assumes all bookings are domestic flight bookings 13
Slide 14: Webjet domestic bookings and market share
Domestic bookings performance (% of last year) Outperforming 65.3% 2x market 51.1% 35.9% 24.8% 26.9% 19.2% 19.3% 20.2% 17.6% 12.1% 13.7% 13.7% 10.0% 11.3% 8.5% 6.0% 6.2% 3.6% May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 8 month avg (May-20 to Dec-20) (1) Total Market Webjet OTA (2) Webjet
Slide 15: Pay Later Options
Pay Later Options • • • • • • • • • • • • • 1) Comparing attachment rates: 1/2/20 to 30/11/20 vs 10/12/20 to 31/01/21 15
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Slide 17: Online Republic results
A$ 1H20 2H20 1H21 1H21 vs 1H20 Bookings ('000s) 253 86 51 80% TTV $156m $24m $16m 90% Revenue $15.6m $3.4m $3.2m 80% Expenses $9.0m $8.3m $5.3m 41% EBITDA $6.6m ($4.9m) ($2.1m) 132% TTV / Revenue Margin 10.0% 14.2% 19.5% nm EBITDA Margin 42.4% n/a n/a nm • • • • • • • 17
Slide 18: Online Republic bookings
1H20 Bookings • 30% • 70% • Domestic International Average Daily Bookings • (1) • Reduced cost base • 1) Government subsidy and 4 day working weeks for majority of staff from 1 April 2020 to 30 September 2020 18
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Slide 20: 1H21 Statutory Result and Underlying Operations
1H21 Statutory Result Underlying Operations (1) TTV $267m 89% $267m 89% Revenue $22.6m 90% $22.6m 90% Expenses $135.0m 21% $62.7m 52% EBITDA(2) ($112.4m) 337% ($40.1m) 146% EBITDA Margin n/a nm n/a nm Tax (Benefit)/Expense ($12.9m) nm ($12.3m) nm NPAT (before AA) (3) ($122.0m
Slide 21: Summary of non-operating expenses
Webjet Limited Summary of non-operating expenses ° . Significant non agm . ° cash items in Norrcash items 1 H21 + Debtors written off due to adverse impact of COVID-19 95 - * Thomas Cook receivable write-off 2 44.0 v Debtor write off- - Fair value change on embedded derivatives {ie Convertible Note)
Slide 22: EBITDA by segment
EBITDA (A$M) 1H20 2H20 1H21 1H21 vs 1H20 B2B EBITDA $57.3m ($42.0m) ($32.4m) 157% B2C EBITDA (1) $35.4m ($11.1m) ($1.0m) 103% Corporate costs (2) ($5.5m) ($6.5m) ($6.7m) 22% Total EBITDA $87.3m ($59.7m) ($40.1m) 146% • ‒ ‒ ‒ 1) B2C is Webjet OTA and Online Republic combined 2) 1H20 and 2H20
Slide 23: Summary Balance Sheet
Dec-20 Jun-20 Change Summary Balance Sheet $m $m $m • Cash & cash equivalents 283.0 209.6 73.4 Trade receivables & Other assets 45.8 74.5 (28.7) Non-current assets 891.9 931.4 (39.5) Total Assets 1,220.7 1,215.5 5.2 • Trade & Other payables 106.3 97.0 9.3 • Other current liabilities 67.2 65.9 1.3 Bo
Slide 24: Cash Flow Summary
1H20 2H20 1H21 Cash Flow Summary $m $m $m • (1) Statutory EBITDA 46.4 (137.7) (114.4) Change in working capital and non-cash items (16.0) (116.6) 100.0 Income tax (paid)/received (16.6) 5.0 - Net Interest paid (8.9) (6.4) (2.6) • Cash Flow from Operating Activities 4.9 (255.8) (17.0) Capital Expendi
Slide 25: Capital expenditure
$16.6M $15.4M $9.9M 1H20 Sale of Land & 1H20 B2C B2B 1H21 (reported) Buildings (underlying) (reported) • • • 1) Underlying CAPEX defined as CAPEX spend before one-off proceeds from the sale of land and buildings 25
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Slide 27: Consumer sentiment and travel outlook
• • 1. BCG COVID-19 Consumer Sentiment Snapshot #10 (https://www.bcg.com/en- gb/publications/2020/covid-consumer-sentiment-survey-snapshot-5-18-20) 2. Source: Amadeus “Destination X: Where to Next. What Leisure Travellers want in a COVID-19 world.” September 2020, page 27 27
Slide 28: IATA air travel outlook
Source: IATA https://www.iata.org/en/iata-repository/publications/economic-reports/weak- year-end-for-air-travel-and-deteriorating-outlook/ 28
Slide 29: Travel recovery forecasts
• • 1. Source: Global Travel Service, 11 Dec 2020, Tourism Economics, an Oxford Economics Company 2. See Note 3.1 Consolidated Financial statements, FY21 Annual Report, page 73 29
Slide 30: Powered for travel recovery
Webjet Limited Powered for travel recovery. Webjet will capitalise on travel recovery Webjet has a global footprint, with a diverse customer base, allowing for demand to be captured when and where the borders open * All businesses retain #1 or #2 market positions + Key management remain in place Str
Slide 31: Capital strength and FY21 outlook
Webjet Limited Capital strength Leveraging domestic leisure markets and delivering efficiencies FY21- Outlook * FY21 Outlook + 2H21YTD continues to be impacted by ongoing travel restrictions and border closures * Trading for the remainder of FY21 expected to be in line with 1H21; no earnings guidanc
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Slide 35: WebBeds regional results: APAC, Europe, AMEA, Umrah
APAC 1H20 2H20 1H21 1H21 vs 1H20 Bookings ('000s) 810 293 235 71% TTV $343m $109m $46m 86% EBITDA $8.2m ($13.3m) ($12.8m) 257% Europe 1H20 2H20 1H21 1H21 vs 1H20 Bookings ('000s) 843 239 68 92% TTV $646m $150m $48m 93% EBITDA $30.4m ($11.5m) ($11.7m) 139% AMEA 1H20 2H20 1H21 1H21 vs 1H20
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Slide 37: Underlying Operations and Statutory Result 1H21
Statutory Result Underlying Operations (1) 1H21 1H20 Change 1H21 1H20 Change $m $m $m % $m $m $m % TTV 267 2,334 (2,067) (89%) 267 2,334 (2,067) (89%) Revenue (2) 22.6 217.8 (195.2) (90%) 22.6 217.8 (195.2) (90%) Expenses 135.0 170.4 (35.4) (21%) 62.7 130.5 (67.8) (52%) EBITDA (112.4) 47.4 (159.8) (
Slide 38: Bookings, TTV, revenue and EBITDA by business
1H21 1H20 Change Underlying Operations (1) $m $m $m % Bookings (000s) Webjet OTA 183 795 (612) (77%) Online Republic 51 253 (202) (80%) B2C 234 1,048 (814) (78%) APAC 235 810 (575) (71%) Europe 68 843 (775) (92%) AMEA 139 750 (611) (81%) Umrah Holidays 0 7 (7) (99%) B2B 442 2,410 (1,968) (82%) Total