Lastminute.com N.v. · SIX:LMN
Lastminute.com — Bravofly Rumbo Group — H1 2014 Earnings Presentation
26 slides from Lastminute.com's earnings presentation, Sep 16, 2014
Slide 1: Half Year Results H1 2014
HALF YEAR RESULTS H1 2014 September 16th, 2014
Slide 2: Today's Presenters
Today’s Presenters Fabio Cannavale Francesco Signoretti Gaspar Santonja Founder and Chairman CEO CFO p.2
Slide 3: Key Highlights
Key Highlights Continuous growing volumes in a more competitive Gross Travel Value (GTV) grew by 22.5% to EUR 643 million (internal growth only) environment Growth in revenue driven by internal Revenues increased by 21.2% to EUR 72.1 million (including Jetcost’s contribution) and external growth Pro
Slide 4: Business Overview
Business Overview | p.4 Bravofly Rumbo Group
Slide 5: Continuous Growing Volumes
Continuous Growing Volumes Gross Travel Value* Number of Bookings To support our long term strategy we focus on growth in volumes and our customer base In EUR M In ‘000 The Gross Travel Value / Number of Bookings ratio increased by 5.3% from EUR 350 to EUR 368 mainly driven by: • Increase in the ave
Slide 6: Growth in Revenues
Growth in Revenues Revenues The growth in revenues can be split between: In EUR M OTA BUSINESS (+10.3%) Flight Business (+10.3%) +6.5 72.1 Lower growth than growth in number of bookings driven by strong reduction in average service and agency +6.1 META 12.3 fees, partially offset by other sources of
Slide 7: Revenues Growing Strongly Outside Core Markets
Revenues Growing Strongly Outside Core Markets Revenues by geography Different dynamics in the different geographical areas: Geographical areas Others Others Italy 20.2% 28.1% 28.4% Italy 34.4% Italy (0.2% decrease) and Spain (2.1% decrease) H1 2013 H1 2014 • Our OTA business in both markets has bee
Slide 8: Operating Costs Increasing more than Proportionally
Operating Costs Increasing more than Proportionally Operating costs* Marketing costs In EUR M Marketing costs increased by 1.2% as percentage of revenues Adjusted Costs as % of revenues driven by: v • Higher competitive pressure in core markets 59.9 • Higher weight of business outside core markets N
Slide 9: Adjusted EBITDA Growth Supported by Jetcost
Adjusted EBITDA Growth Supported by Jetcost Adjusted EBITDA In EUR M H1 2013 H1 2014 In EUR M Adjusted EBITDA 11.2 12.2 12.2 Non-cash impact of stock options (0.4) (0.2) 11.2 3.2 IPO related costs - (3.9) v Costs related to acquisitions and integration of (0.3) (0.2) subsidiaries Litigation, restruc
Slide 10: Strategic Actions
Strategic Actions | p.10 Bravofly Rumbo Group
Slide 11: Exploring New Marketing Channels Mainly in our Core Markets
Exploring New Marketing Channels Mainly in our Core Markets ACHIEVED IN PROGRESS v v Continuous optimisation of cost per sale and Following months of very high pressure on volumes margins on the main channels (meta-search and and profitability in our Flight business, since August we search engine ma
Slide 12: Rebalancing Margin per User and Increasing Conversion to Recover Profitability
Rebalancing Margin per User and Increasing Conversion to Recover Profitability ACHIEVED IN PROGRESS v Improvement of operational efficiency v experience, Big effort on user through higher automation driving site to higher conversion Improved transparency on websites through the Increasing penetratio
Slide 13: Exploiting the Mobile Opportunity
Exploiting the Mobile Opportunity ACHIEVED IN PROGRESS v v Focus on mobile as a growth channel, Significant upgrade of mobile App and responsive with number of bookings generated from both website expected before year end and consequent smartphone and tablet devices up 150% increase of conversion Re
Slide 14: Maintaining our International Growth Increasing our Local Competitiveness
Maintaining our International Growth Increasing our Local Competitiveness ACHIEVED IN PROGRESS v v Integration of selected local low cost airlines, particularly in the APAC area Integrated effort to access to more competitive local fares Increase of marketing investment in new countries and launch o
Slide 15: Boosting Vacation Packages Sales both Internally and through Acquisitions
Boosting Vacation Packages Sales both Internally and through Acquisitions ACHIEVED IN PROGRESS v v Reshuffle the website front-end Successful extension to the Spanish market (packages and hotels) of the integrated online/offline business model in vacation and cruises Further development of cutting e
Slide 16: Leveraging Jetcost to Exploit the Metasearch Business Model Opportunities
Leveraging Jetcost to Exploit the Metasearch Business Model Opportunities ACHIEVED IN PROGRESS v v New mobile-optimised homepage (to be released New release of iOS App with the new responsive version of the overall site) Launch of meta-search service in new countries (Singapore, India, Canada, Hunga
Slide 17: Financial Update
Financial Update | p.17 Bravofly Rumbo Group
Slide 18: Statement of Profit & Loss
Statement of Profit & Loss In EUR M H1 2013 H1 2014 Revenues 59.5 72.1 Marketing costs (23.8) (30.8) Personnel costs (10.8) (12.8) Other operating costs (14.1) (20.9) EBITDA 10.8 7.6 Amortisation, depreciation and impairment (2.5) (2.8) EBIT 8.4 4.8 Net financial cost (0.5) (0.2) PBT 7.9 4.6 Income
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights In EUR M 30 June 2013 31 December 2013 30 June 2014 Fixed assets 97.1 132.6 133.1 Working capital (48.4) (36.8) (50.4) Other long term items (18.4) (24.3) (24.6) Capital employed 30.2 71.5 58.2 Equity 48.0 76.0 163.3 Net financial position (net cash) 17.8 4.5 105.2 p.19
Slide 20: Net Financial Position and Cash Flow Generation
Net Financial Position and Cash Flow Generation In EUR M H1 2013 H1 2014 Net cash from operating activities 22.0 20.3 Interest paid 0.4 0.2 Net capital expenditure (3.2) (3.4) Free cash flow 19.2 17.1 In EUR M 30 June 2013 30 June 2014 Current financial assets 0.9 0.6 Cash and cash equivalents 41.4
Slide 21: Share Buyback Program
Share Buyback Program Buyback plan The plan: Repurchased bearer shares will be used to cover the potential exercise of the Group’s 2011-2013 employee stock option plan and/or to finance acquisitions Maximum amount: The plan is to purchase bearer shares for a maximum amount of EUR 10 million. This ma
Slide 22: Highlights and Final Considerations
Highlights and Final Considerations Strategy Prioritising growth over short term profitability Initial recovery in our flight KPIs of August and September thanks to increasing marketing spend Recent trend effectiveness Continuing substantial investment in technology and key resources expected to sta
Slide 23: Appendix
Appendix | p.23 Bravofly Rumbo Group
Slide 24: Operational Costs
Operational Costs H1 2013 H1 2014 In EUR M H1 2013 ADJ Adjusted H1 2014 ADJ Adjusted Revenues 59.5 - 59.5 72.1 - 72.1 Marketing costs (23.8) (0.5) (24.3) (30.8) 0.5 (30.3) Personnel costs (10.8) 0.4 (10.4) (12.8) 1.5 (11.4) Other operating costs (14.1) 0.4 (13.7) (20.9) 2.7 (18.3) EBITDA 10.8 0.3 11
Slide 25: Shareholder Structure
Shareholder Structure FIL 5.0% Ardian 4.4% Shareholder Other Shareholders Shareholders Agreement 47.5% Structure 43.1% % of ownership p.25 Source: Notifications to SIX as of 15 September 2014
Slide 26: Disclaimer
Disclaimer Some of the information included in this presentation contains forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those