Slide 1: 2024 H1 Results
2024 H1 RESULTS 23RD AUGUST 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 Online hotel booking engine Full-service travel agency focused on luxury hotels for curated travel arrangements Partner for independent hotels participatin
Slide 4: Agenda
AGENDA • 2O24 H1 PERFORMANCE • KEY INITIATIVES • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2024 FULL YEAR PAGE 4
Slide 5: Financial Results 2024 H1
FINANCIAL RESULTS 2024 H1 Record half year sales and 90% of 2024 full year EBITDA guidance achieved already • NET SALES +2% from CHF 11.5M to 11.7M; strongest 6 months on record • EBITDA OF CHF 0.9M; 90% of annual guidance already achieved • NET INCOME +2% from CHF 584k to 595k – EPS: CHF 0.04 • DEB
Slide 6: KPI Over Time (Half-Year View)
KPI OVER TIME (HALF-YEAR VIEW) Sales and members up; EBITDA slightly down but 90% of full year guidance already achieved NET SALES MEMBERS EBITDA +2% +6% 71.6k 1.4M 11.5M 11.7M -10% 70.2k 10.8M 9.7M 67.4k 1.1M 66.0k 1.0M 1.0M 63.8k 0.9M 7.4M H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 2022 2023 24
Slide 7: Operational Highlights 2024 H1
OPERATIONAL HIGHLIGHTS 2024 H1 Continued strong demand for ASW premium memberships; investments in new membership model for ASW community • ASMALLWORLD PREMIUM MEMBERSHIPS continue to see strong demand, despite competition from Miles & More’s own Bundle & Go product • TRAVEL BUSINESS GROWING: ASW Co
Slide 8: Agenda
AGENDA • 2O24 H1 PERFORMANCE • KEY INITIATIVES • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2024 FULL YEAR PAGE 8
Slide 9: Five Ongoing Key Initiatives
FIVE ONGOING KEY INITIATIVES We are focused on a select few initiatives that will drive value in the long run 1 2 3 4 5 NEW MEMBERSHIP REFINE BUILD SCALE EXPAND PRODUCT REDUCE MODEL ASW ASW BRAND IN TRAVEL RANGE DEBT Drive sustainable Position ASW as Grow online and Add more products to Reduce debt
Slide 10: Ongoing Business Model Transformation
NEW MEMBERSHIP ONGOING BUSINESS MODEL TRANSFORMATION MODEL 1 New membership model is a key puzzle piece in our ongoing business model transformation STARTING POINT TARGET STATE BUSINESS CORES Single core: ASW community Multi-core: Group of businesses Single source Multiple sources REVENUE Basic ASW
Slide 11: A Free Membership Will Drive Member Growth
NEW MEMBERSHIP A FREE MEMBERSHIP WILL DRIVE MEMBER GROWTH MODEL ASW 1 The goal is that the larger member base will generate more demand for our services • We are introducing a FREE ASW MEMBERSHIP in early November • Membership will have 90% OF THE FUNCTIONALITY of the current paid membership • The p
Slide 12: Brand Refinement to Increase Luxury Appeal
REFINE BRAND REFINEMENT TO INCREASE LUXURY APPEAL ASW BRAND 2 We are refining our brand to reflect our luxury travel positioning; introduction with the new membership model • We will introduce a REFINED BRAND with the launch of the new membership model • This allows us to position ASW more clearly a
Slide 13: Online Hotel Booking Volume Increasing
BUILD SCALE ONLINE HOTEL BOOKING VOLUME INCREASING IN TRAVEL 3 The ASMALLWORLD Collection is continuing to grow in terms of value, inventory and functionality STAYS BY HALF-YEAR • Value of STAYS UP BY 29% vs. H1 last year Value of stays per half-year (indexed) 29% • Value of BOOKINGS UP 34% vs. H1 l
Slide 14: "ASW Private" Has Become "Bespoke Travel"
BUILD SCALE “ASW PRIVATE” HAS BECOME “BESPOKE TRAVEL” IN TRAVEL 3 We are increasing our efforts in the traditional offline travel agency business • We have made a strategic decision to INVEST IN THE TRADITIONAL OFFLINE TRAVEL AGENCY BUSINESS • We have changed the name to “ASMALLWORLD BESPOKE TRAVEL”
Slide 15: Jetbeds Additional Travel Service Offering
BUILD SCALE JETBEDS ADDITIONAL TRAVEL SERVICE OFFERING IN TRAVEL 3 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 • Jetbeds expanded our ONLINE TRAVEL BOOKING
Slide 16: New Prestige and Signature Products
EXPAND PRODUCT NEW PRESTIGE AND SIGNATURE PRODUCTS RANGE 4 We have been exploring other miles/point options for our Prestige and Signature memberships • We want to EXTEND OUR PRESTIGE AND SIGNATURE MEMBERSHIPS beyond the three existing miles options • In April we tested the addition of GHA DISCOVERY
Slide 17: Launched Solo Cruise Company
EXPAND PRODUCT LAUNCHED SOLO CRUISE COMPANY RANGE 4 In May we launched a new travel business, focussed primarily on senior women travelling on their own • New offering taps into the growing solo travel market, specifically LUXURY CRUISES FOR SENIOR WOMEN • FULLY HOSTED JOURNEYS are set cruises desig
Slide 18: Debt Reduction Continued in H1
REDUCE DEBT REDUCTION CONTINUED IN H1 DEBT 5 We significantly reduced our debt in 2023 and continued to do so during H1 2024 • IN 2023 WE REDUCE OUR DEBT BY 54%: CHF 4.9M of debt was repaid in 2023, which brought the outstanding debt from CHF 9.1M to 4.2M by end of 2023 • In H1 2024, we REDUCED OUR
Slide 19: Agenda
AGENDA • 2O24 H1 PERFORMANCE • KEY INITIATIVES • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2024 FULL YEAR PAGE 19
Slide 20: Subscriptions Business
SUBSCRIPTIONS BUSINESS Stronger sales but various other factors impacting margins this period • ASW PRESTIGE AND SIGNATURE In CHF 24 H1 23 H1 CHANGE memberships continue to grow • …but slightly LOWER MARGINS due to REVENUE 7.7M 7.5M +2.6% competition from Miles & More’s own Bundle& Go product • BASI
Slide 21: Services Business
SERVICES BUSINESS Services business growing as well, driven by demand for travel services and events • Strong DEMAND FOR TRAVEL and (to a In CHF 24 H1 23 H1 CHANGE smaller extent) for events • ASMALLWORLD COLLECTION hotel REVENUE bookings increased by 29% 4.1M 4.0M +1.7% • ASW PRIVATE bookings up as
Slide 22: Agenda
AGENDA • 2O24 H1 PERFORMANCE • KEY INITIATIVES • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2024 FULL YEAR PAGE 22
Slide 23: Income Statement 2024 H1
INCOME STATEMENT 2024 H1 Sales and net result up; cost under control • NET SALES increased by 2%; growth in travel, events and hospitality largely In CHF ‘000 2024 H1 2023 H1 CHANGE offset by lower demand for flight NET SALES 11’731.3 11’471.3 +2% upgrade services at FCAM OTHER OPERATING INCOME 32.1
Slide 24: Balance Sheet 2024 H1 – Part 1
BALANCE SHEET 2024 H1 – PART 1 Stable balance sheet; increase in current assets off-set by decrease in non-current assets • CASH POSITION decreased due to In CHF ‘000 2024 H1 2023 FY repayments of debt (1.0M repaid) and increase in receivables CASH 1’968.0 3’029.2 RECEIVABLES FROM SERVICES 2’016.2 2
Slide 25: Balance Sheet 2024 H1 – Part 2
BALANCE SHEET 2024 H1 – PART 2 Stable balance sheet; liabilities decreased by CHF 1.0M and equity increased by CHF 0.7M In CHF ‘000 2024 H1 2023 FY • PAYABLES FROM GOODS AND SERVICES increased due to higher outstanding SHORT-TERM FINANCIAL LIABILITIES 400.0 543.1 balance from suppliers for air miles
Slide 26: Cash Flow Statement 2024 H1 – Part 1
CASH FLOW STATEMENT 2024 H1 – PART 1 Operating cash flow decreased due to high receivables; investing activities with positive contribution In CHF ‘000 2024 H1 2023 HY1 • OPERATING CASH FLOW decreased due to NET RESULT 595.3 584.2 an increase in receivables (if settled, DEPRECIATION OF TANGIBLE FIXE
Slide 27: Cash Flow Statement 2024 H1 – Part 2
CASH FLOW STATEMENT 2024 H1 – PART 2 Financing cash flow driven by repayments of financial liabilities In CHF ‘000 2024 H1 2023 H1 • CASH FLOW FROM FINANCING ACTIVITY decreased due to repayment of bank REPAYMENT OF SHORT-TERM FINANCIAL LIABILITIES -543.1 -522.9 loan (0.4M) and final payment for Swis
Slide 28: Agenda
AGENDA • 2O24 H1 PERFORMANCE • KEY INITIATIVES • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2024 FULL YEAR PAGE 28
Slide 29: Outlook for 2024 Full Year
OUTLOOK FOR 2024 FULL YEAR We anticipate steady revenue growth but expect more investments in H2 • Demand for PRESTIGE AND SIGNATURE anticipated to stay high for H2 • TRAVEL BUSINESS TO GROW FURTHER during second half of the year • GO-LIVE OF NEW MEMBERSHIP MODEL AND BRAND REFINEMENT expected for ea
Slide 30: Guidance for 2024
GUIDANCE FOR 2024 We maintain our guidance: steady revenue and membership growth and a (temporarily) lower EBITDA due to investments 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 2
Slide 31: Q&A
Q&A PAGE 31
Slide 32: ASMALLWORLD AG
ASMALLWORLD AG Seidengasse 20, 8001 Zürich, Switzerland info@asmallworldag.com www.asmallworldag.com www.asw.com PAGE 32