Slide 1: lastminute.com 1H 2022 results
lastminute.com 1H 2022 results August 05th, 2022 © A.S.O./Gautier Demouveaux
Slide 2: Safe Harbor Statement
Safe Harbor Statement The material in this presentation has been prepared by lastminute.com N.V. and reports general background information about lastminute.com activities as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information
Slide 3: Presenters: Laurent Foata, Laura Amoretti, Sergio Signoretti
Laurent Foata Laura Amoretti Sergio Signoretti Chairman of the Ad interim CEO Chief Financial Officer Board of Directors 3
Slide 4: Agenda
Agenda ● Opening statement [L. Foata] ● Business update [L. Amoretti] ● 1H results and Current Trading [S. Signoretti] ● Q&A 4
Slide 5: In 1H 2022 we have finally seen travellers determined to make up for lost time
In 1H 2022 we have finally seen travellers determined to make up for lost time (despite new challenges)… First weeks in January have seen a weak As travel restrictions began to ease and start due to Omicron consumer confidence returned, the January industry has been gaining momentum, From then on th
Slide 6: …and we have continued to increase our OTA Holiday Packages business
…and we have continued to increase our OTA Holiday Packages business OTA CONTRIBUTION MARGIN BY CATEGORY 6 Note: Please consider that figures included in April Press Release referred only to OTA main categories (Flight, Holiday Packages, Hotel)
Slide 7: We are riding the recovery thanks to our unique proposition and strategy
We are riding the recovery thanks to our unique proposition and strategy 1 Dynamic Holiday ■ Unique distinctive Dynamic Holiday Package technology, ensuring access to millions of combinations of travel solutions in real-time, Package technology bringing Value both to Suppliers and Customers 2 B2B2C
Slide 8: Dynamic Holiday Packages bring value in the distribution chain
Dynamic Holiday Packages bring value in the distribution chain SUPPLIERS CONSUMERS lastminute.com is seen as a Access to a virtually unlimited What’s our channel distribution “Raison d'etre”? not a competitor inventory of travel solutions Manage price and inventory in real-time Product often cheaper
Slide 9: Our Dynamic Holiday Package technology gaining traction on our B2B2C Partnerships
Our Dynamic Holiday Package technology gaining traction on our B2B2C Partnerships DYNAMIC PACKAGES REVENUES White Labels Other Channels* (*) “Other Channels” includes SEM, Direct, Social, etc. 9
Slide 10: We address a huge and very fragmented market
We address a huge and very fragmented market 30% 300 billion TTV Fragmented supply Fragmented distribution that needs to be organised and distributed There is a huge space Travel market in Europe 300+ airlines and 1M+ hotels to capture opportunities out there 50% online 50% offline pre-COVID and alt
Slide 11: We are active across largest European travel markets with well-known consumer brands
We are active across largest European travel markets with well-known consumer brands % Revenues Source: Figures as of 30.06.2022 11
Slide 12: We serve a global audience from our Headquarter in Switzerland and international subsidiaries
We serve a global audience from our Headquarter in Switzerland and international subsidiaries < 500 People ~1,680 People HEADCOUNT DISTRIBUTION [Country’s HC / Total HC] DEPARTMENTS HC GB DE PL OTA Business 118 3% 3% 4% META Business 39 CH IE UA 0.7% Technology 169 29% 0.1% IN 17% CZ Customer Karma
Slide 13: 1H 2022 Results
1H 2022 Results 13
Slide 14: ATH GTV and OTA Rev in line vs. 2019 and more than tripled vs 2021
ATH GTV and OTA Rev in line vs. 2019 and more than tripled vs 2021 with recovery driven by Dynamic Holiday Packages; META Rev weaker due to different countries and categories mix REVENUES Mln€ OTA GTV 2022 vs. 2022 vs. 2019 2021 Mln€ (51%) +42% (41%) +140% (41%) +86% In+16% line +228% +152% Of which
Slide 15: Gross profit tripled vs. 2021 and recovering in Q2 at almost preCovid level
Gross profit at 61 mln €, tripled vs. 2021 and recovering in Q2 at almost preCovid level 1H GROSS PROFIT 2Q GROSS PROFIT Mln€ Mln€ 2022 vs. 2022 vs. 2019 2021 (51%) +42% (37%) (41%) +104% +86% (15%) +16% +160% +152% 4.9 0.4 5.6 Mktg No-Performance Mln € 1.8 0.3 3.3 Mktg No-Performance Mln € 3% 1% 3%
Slide 16: Gross HR costs back to 2019 levels; running costs still 24% below 2019
Gross* HR costs back to 2019 levels mainly due to Tech talent acquisition plan Running costs still 24% below 2019 thanks to improved efficiency HR FIXED COSTS* RUNNING COSTS Mln€ Mln€ €3.5M saving vs. 2019 - 1.8M Office / Facilities - 1M Travel & Events - 0.7M Technology on Group Revenues 9% 16% 7%
Slide 17: Strong acceleration in 2Q 2022 leading to PreCovid level Adjusted EBITDA
Strong acceleration in 2Q 2022 leading to PreCovid level Adjusted EBITDA, doubled vs 2021 Mln€ REVENUES Mln€ ADJ. EBITDA 17
Slide 18: H1 2022 IFRS EBITDA is higher vs. H1 2022 Adjusted EBITDA
H1 2022 IFRS EBITDA is higher vs. H1 2022 Adjusted EBITDA mainly due to vouchers misredemption Mln€ Reversal of direct Average 5% revenue in case of 30% on canx rate in H1 voucher choice and TO Voucher Responsibility for PY BKs Amounts 18
Slide 19: H1 2022 Net Result at +13 mln € vs a Net Loss of 18mln€ in 2021
H1 2022 Net Result at +13 mln € vs a Net Loss of 18mln€ in 2021 Higher Net Income vs PreCovid 1H 2019 Net Income (*) equal to 11.6 mln € (*) In 2022 C19 cancellations effects are negative for only € 0.2 mln as they are compensated by € 4.9 mln of voucher misredemption 19
Slide 20: Record cash position with 220 mln € Gross Cash and 157 mln € Net Financial Position
Record cash position with 220 mln € Gross Cash and 157 mln € of Net Financial Position as of the end of June 2022 Mln€ Cash-generating business with structural cash- advance inflow CASH IN CASH OUT DSO < DPO 20
Slide 21: 151 mln € of cash generation in H1 with 17 mln € debt repayments
151 mln € of cash generation in H1 with 17 mln € debt repayments Mln€ (*) Change in Net Working Capital includes 1.2 mln € of Net COVID 19 refunds and 25.5 mln € of Voucher usage & Cashback. Without such effects the change in NWC would have been 150.1 mln € 21
Slide 22: Current Trading
Current Trading 22
Slide 23: Strong summer travel demand but with disruptions
Strong summer travel demand but with disruptions 23
Slide 24: We expect an early and late Summer without the usual July and August peaks
We expect an early and late Summer without the usual July and August peaks Current trading has not been affected by the latest news War in Ukraine starts Investigation starts OTA Daily Contribution Margin 24
Slide 25: Thanks
lastminute.com investor.relations@lastminute.com Thanks © A.S.O._Charly_Lopez