Edreams Odigeo · BME:EDR
Edreams Odigeo — Q1 FY2019 Earnings Presentation
23 slides from Edreams Odigeo's earnings presentation, Aug 29, 2018
Slide 1: Q1 Results Presentation
Q1 Results Presentation Fiscal Year 2019 Q1 Results, ending June 30th 2018 August 29th 2018
Slide 2: Disclaimer
Q1 FY 2019 Results Presentation Disclaimer This presentation is to be read as an introduction to the unaudited consolidated financial statements of the Group and contains key information presented in a concise manner on the Group and its financial condition. The information contained in this prese
Slide 3: Q1 Results Highlights
Q1 Results Highlights • Q1 Results Highlights • KPIs • Financial Analysis • Outlook • Appendix
Slide 4: Results Highlights
Q1 FY 2019 Results Presentation Results Highlights Solid performance and in line with our guidance ▪ Bookings (+1%), Revenue Margin (+7%) and Adjusted EBITDA (-3%) Q1 performance was driven by: ▪ Solid bookings and revenue margin ▪ Positive revenue margin per booking: Flight (+4%) & Non Flight (+11%
Slide 5: Results in line with H1 outlook and on track to meet FY19 guidance
Q1 FY 2019 Results Presentation Results in line with H1 outlook and on track to meet FY 2019 guidance Bookings Revenue Margin Adjusted EBITDA (*) In thousands In € million In € million 134,6 27,0 2.934 2.970 26,1 125,3 +1% +7% -3% Q1 Q1 Q1 Q1 Q1 Q1 FY 2018 FY 2019 FY 2018 FY 2019 FY 2018 FY 2019 Sou
Slide 6: KPIs
KPIs • Q1 Results Highlights • KPIs • Financial Analysis • Outlook • Appendix 6
Slide 7: Revenue diversification on track, positive results visible on the KPIs
Q1 FY 2019 Results Presentation KPIS Revenue diversification on track, positive results visible on the KPIs Revenue diversification ratio Revenue split evolution 38% 31% Q1 FY18 Q1 FY19 6% 5% 14% 31% 15% 38% Q1 FY18 Q1 FY19 Product diversification ratio 49% 42% 60% 47% Diversification revenues Class
Slide 8: Changes to our revenue model on track, successful execution on strategy
Q1 FY 2019 Results Presentation KPIS Changes to our revenue model on track, we are successful on executing on our strategy as evidenced on our KPIs Customer repeat booking rate (Annualised) Acquisition cost per booking index 48% 47% 100 -18 percentage points Q1 FY18 Q1 FY19 82 78 Mobile bookings as
Slide 9: Financial Analysis
Financial Analysis • Q1 Results Highlights • KPIs • Financial Analysis • Outlook • Appendix 9
Slide 10: Income statement
Q1 FY 2019 Results Presentation FINANCIAL ANALYSIS Income statement Q1 Q1 Var. Key highlights Q1 FY 2019 FY 2019 FY 2018 19 vs 18 (In € million) In FY 19, main YoY evolutions reflect: Revenue margin 134,6 125,3 7% ▪ Revenue margin increase by 7% Variable costs (90,6) (77,2) 17% ▪ Variable Costs grew
Slide 11: Cash flow statement
Q1 FY 2019 Results Presentation FINANCIAL ANALYSIS Cash flow statement Q1 Q1 Key highlights Q1 FY 2019 (In € million) FY 2019 FY 2018 ▪ Cash flow from operations increased by €1.4 million, due to: Adjusted EBITDA (*) 26,1 27,0 – An increase in changes in working capital with an outflow of €53.6 mill
Slide 12: Debt
Q1 FY 2019 Results Presentation FINANCIAL ANALYSIS Debt ▪ Gross Leverage ratio (*) was down to 3.8x in June 2018 vs Gross Leverage Ratio (*) 4.2x in June 2017, which gives us ample headroom vs our (Total Gross Financial Debt / LTM Adjusted EBITDA ) covenant ratio. 7 6 x LTM Adj. EBITDA ▪ Due to stro
Slide 13: Outlook
Outlook • Q1 Results Highlights • KPIs • Financial Analysis • Outlook • Appendix 13
Slide 14: Reiterate full year Outlook
Q1 FY 2019 Results Presentation FY 2019 OUTLOOK Reiterate full year Outlook Outlook Statement Outlook for FY 2019 In FY 19, we will continue to invest and accelerate the strategic shift in our revenue model, including increased price transparency display in some countries. We expect this strategy to
Slide 15: Appendix
Appendix • Q1 Results Highlights • KPIs • Financial Analysis • Outlook • Appendix 15
Slide 16: Flight and Non-Flight Bookings
Q1 FY 2019 Results Presentation FLIGHT AND NON-FLIGHT BOOKINGS Revenue diversification drives growth Flight - Bookings Flight In ‘000 ▪ The increase in flight bookings is mainly driven by the implementation of our marketing 2.725 2.748 and pricing strategies but is partly offset by the short term im
Slide 17: Flight and Non-Flight Revenue Margin
Q1 FY 2019 Results Presentation FLIGHT AND NON-FLIGHT REVENUE MARGIN Revenue diversification drives growth Flight Flight – Revenue Margin In € million ▪ In Q1 FY 19, revenue margin performance driven by: 107,2 – Bookings, already explained in previous slide. 102,0 – An increase of 4% in revenue marg
Slide 18: Core and Expansion Bookings
Q1 FY 2019 Results Presentation CORE AND EXPANSION BOOKINGS Revenue diversification drives growth in the Expansion Markets Core- Bookings Core In ‘000 ▪ In Q1 FY 19, bookings decreased by 9% as a result of our investment in the evolution of the revenue model and our transition to mobile. 1.505 ▪ We
Slide 19: Core and Expansion Revenue Margin
Q1 FY 2019 Results Presentation CORE AND EXPANSION REVENUE MARGIN Revenue diversification drives growth in the Expansion Markets Core – Revenue Margin Core In € million ▪ In Q1 FY 19, revenue margin performance driven by: 69,0 – Bookings, already explained in previous slide. 67,9 Partly offset by: –
Slide 20: eDreams ODIGEO
eDreams ODIGEO
Slide 21: Glossary of Definitions
Q1 FY 2019 Results Presentation Glossary of Definitions Non-reconcilable to GAAP measures "Acquisition Cost per Booking Index" refers to the most relevant marketing expenses incurred to acquire new customers (encompassing Paid search, Metasearch and Affiliates), divided by the total number of Book
Slide 22: Glossary of Definitions
Q1 FY 2019 Results Presentation Glossary of Definitions Other Defined Terms “Bookings” refers to the number of transactions under the agency model and the principal model as well as transactions made under white label arrangements. One Booking can encompass one or more products and one or more pas
Slide 23: Glossary of Definitions
Q1 FY 2019 Results Presentation Glossary of Definitions Other defined terms Classic Customer Revenue represents customer revenue other than Diversification Revenues earned through flight service fees, cancellation and modification fees, tax refunds and mobile application revenue. Our management be