Edreams Odigeo · BME:EDR
Edreams Odigeo — Q3 FY2014 Earnings Presentation
21 slides from Edreams Odigeo's earnings presentation, February 2014
Slide 1: High Yield report – Quarter ended December 31, 2013
Quarter ended December 31, 2013 High Yield report
Slide 2: Key Highlights
High yield report – Quarter ended December 31, 2013 Key Highlights Quarterly Recurring EBITDA in line with guidance provided to markets and above market on revenue and booking growth showing the advantages of the unified Flight Booking Engine, cars and hotels platforms, investment on innovation an
Slide 3: Volume growth
High yield report – Quarter ended December 31, 2013 Volume growth Quarterly bookings evolution eDreams ODIGEO has achieved 14% growth in volumes in Q3 versus last year and 15% growth on 2,500 a YTD basis. 2,000 On a segment basis: In thousands 2,202 1,500 Sustained bookings growth in Core segm
Slide 4: Revenue margin
High yield report – Quarter ended December 31, 2013 Revenue margin Quarterly revenue margin evolution Revenue margin growing faster than volumes YoY in Q3. Increase in service fees more than 140 compensates the reduction in GDS incentives 120 per booking resulting from the change in mix 100 (GDS v
Slide 5: Recurring EBITDA
High yield report – Quarter ended December 31, 2013 Recurring EBITDA Quarterly Recurring EBITDA evolution 11% increase in Q3 recurring EBITDA, in line with guidance provided, stabilizing around 10% 40 35 Results in 10% growth on YTD basis 30 YoY EBITDA growth on Q3 results from : In € million
Slide 6: Income statement - Highlights
High yield report – Quarter ended December 31, 2013 Income statement - Highlights Q3 Q3 YTD YTD Higher non recurring items Var Var (In € million) Dec.12 Dec.13 Dec.12 Dec.13 driven by LTI plan (see appendix) Gross bookings(1) 947.0 965.5 2% 3,119.3 3,261.0 5% D&A increase related mainly to impai
Slide 7: Balance sheet - Highlights
High yield report – Quarter ended December 31, 2013 Balance sheet - Highlights (In € million) Dec - 2012 Mar - 13 Dec - 13 Compared to last year, changes in the balance sheet mainly Goodwill 873.9 876.1 879.9 reflect: Other fixed assets 327.1 320.2 309.7 Increase in Goodwill following Total fixe
Slide 8: Working capital - Highlights
High yield report – Quarter ended December 31, 2013 Working capital - Highlights Quarterly working capital eDreams ODIGEO benefits from a negative working capital due to its high proportion of Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 business achieved through full agent of record - Decrease in negativ
Slide 9: Cash flow statement - Highlights
High yield report – Quarter ended December 31, 2013 Cash flow statement - Highlights Q3 Dec. Q3 Dec. YTD Dec. YTD Dec. Quarterly change in working capital (In € million) 2012 2013 2012 2013 vs last year in Q3 reflects : Recurring EBITDA 24.0 26.7 80.4 88.9 Higher seasonal decrease in regular gro
Slide 10: Net debt information
High yield report – Quarter ended December 31, 2013 Net debt information Undrawn revolving credit facilities end of Net debt excl. capitalization of financing costs Q3 2013 Dec.12 Mar.13 Jun.13 Sept.13 Dec.13 December 2013 net debt higher by €18.8 - million vs last year mainly due to: (100) Hi
Slide 11: Covenants
High yield report – Quarter ended December 31, 2013 Covenants TOTAL DEBT COVER RATIO (TOTAL NET DEBT / LTM EBITDA) Total Net Debt(*) 3.53x LTM EBITDA 6 5 1.97x x LTM EBITDA 4 3 5.50x 2 3.53x 1 - Dec.13 Headroom Ratio cap *IFRS net debt is calculated after deducting the financing fees capitalised Not
Slide 12: Conclusion and outlook
High yield report – Quarter ended December 31, 2013 Conclusion and outlook Exploitation of the common Flight Booking Engine and international expansion delivering results Continued focus on delivering on Management Agenda communicated to the market PhoCusWright is currently forecasting the Eur
Slide 13: Appendix
DD eee eDreamsOD!GEO Appendix
Slide 14: Consolidated financial statements – Profit & Loss
High yield report – Quarter ended December 31, 2013 Consolidated financial statements – Profit & Loss The Profit and Loss accounts presented here show quarterly information for the October- December period and year to date information for the April-December period for 2012/2013 and 2013/2014 Non
Slide 15: Consolidated financial statements – Balance Sheet
High yield report – Quarter ended December 31, 2013 Consolidated financial statements – Balance Sheet Note: Quarterly results are not audited 14
Slide 16: Consolidated financial statements – Cash Flow
High yield report – Quarter ended December 31, 2013 Consolidated financial statements – Cash Flow Note: Quarterly results are not audited 15
Slide 17: Net debt analysis
High yield report – Quarter ended December 31, 2013 Net debt analysis Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Senior Debt (314.7) - - - - 2019 Notes (175.0) (175.0) (175.0) (175.0) (175.0) 2018 Notes - (325.0) (325.0) (325.0) (325.0) Revolving Credit Facilities - - - - - Accrued interest (3.0) (11.6) (13
Slide 18: Non recurring items
High yield report – Quarter ended December 31, 2013 Non recurring items Q3 Q3 Dec-12 Dec-13 Transaction related compensation - - Transaction related expenses - - LTI plan 1,1 1,4 Other non recurring items 0,6 0,7 Non recurring items 1,8 2,1 YTD YTD Dec-12 Dec-13 Transaction related compensation - -
Slide 19: Fixed vs variable costs
High yield report – Quarter ended December 31, 2013 Fixed vs variable costs Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Revenue margin 93.0 92.3 82.8 104.8 102.9 109.7 99.3 Variable costs (51.1) (51.6) (45.5) (62.0) (57.4) (66.4) (55.0) Fixed costs (13.0) (13.2) (13.3) (14.7) (13.6) (13.0) (17.
Slide 20: Gross bookings
High yield report – Quarter ended December 31, 2013 Gross bookings Quarterly gross bookings evolution – Quarterly gross bookings evolution – Former definition New definition Total amount paid by our customers for travel products Total amount paid by our customers for travel products and services boo
Slide 21: eDreamsODIGEO
eDreamsODIGEO