Slide 1: Evolving Business Model
EVOLVING BUSINESS MODEL Lugano, 14 September 2016
Slide 2: Agenda
Agenda Key messages 1H2016 results Business review and Guidance update Q&A + Appendix 2
Slide 3: Disclaimer
Disclaimer The material in this presentation has been prepared by lastminute.com N.V. and reports general background information about lastminute.com group activities as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in th
Slide 4: Key Messages
KEY MESSAGES
Slide 5: We aim to be an inspiring travel company
We aim to be an inspiring travel company, committed to enrich the lives of travellers offering them support and services whenever they need it We leverage innovation to simplify the whole customer journey and to offer outstanding diversified and constantly updated products and services We are passio
Slide 6: On track to fulfil all targets
On track to fulfil all targets ✓ Delivering results according to our priorities and plans OUR 2016 PUBLIC COMMITMENT* Fully implemented organization and operating model Margins significantly above expectations. Overall transaction volume down as expected Ongoing process to improve customer experienc
Slide 7: A resilient and diversified business model
A resilient and diversified business model Positioning Investment strategy from Online Travel from Volume-driven to Travel & Media to Profit oriented ✓ Centralized marketing governance enables more attentive resource allocation based on ROI metrics ✓ Audience-driven model to manage effective multi-b
Slide 8: 1H2016 Results
1H2016 RESULTS
Slide 9: Cost efficiencies and new marketing model generate strong rebound of profitability
Cost efficiencies and implementation of new marketing model generate strong rebound of profitability Data in € M 1H2016 1H2015* Delta abs/eff** Comments Results vs Exp*** Overall positive effect from: + META and MEDIA growth Revenue 133.2 123.1 +8.2% + perimeter change* = ✓ IN LINE - OTA performance
Slide 10: Dynamic Packages and META strategic businesses offset expected slowdown in OTA flight
Dynamic Packages and META strategic businesses offset expected slowdown in OTA flight revenue trend Travel & Status - Overall trend of T&L segment positively affected by perimeter change** and Dynamic Packages good performance Leisure Direction – Investments addressed to strategic DP area and to rec
Slide 11: NFP in line with FY2016 target
NFP in line with FY2016 target A resilient business model able to generate cash even in case of not growing volumes and extraordinary events Data in € M 1H2015 Results vs Exp 1H2016 Comments EBITDA IFRS 14.7 0.8 ABOVE 2015 effect of LMN consolidation Change in trade working capital 2.4 60.1 2016 res
Slide 12: Total Income in line with expectation
Total Income in line with expectation as a result of opposite effects offsetting each others Data in € M 1H2016 1H2015* Delta Comments Results vs Exp Higher than expected efficiency EBITDA IFRS 14.7 0.8 > +1,700% at operating level ABOVE Change of perimeter. D&A at run D&A (5.6) (4.4) +27.3% rate le
Slide 13: Business Review and Guidance Update
BUSINESS REVIEW AND GUIDANCE UPDATE
Slide 14: Achieving sustainability through a right mix of profits and continuous investments in innovation
Achieving sustainability through a right mix of profits and continuous investments in innovation OUR PLANS AND STRATEGIC DIRECTIONS – GUIDING PRINCIPLES CONFIRMED Profitability still a Optimization plan ongoing to secure good results already achieved priority Customer experience at the core of our I
Slide 15: Guidance updated. Targets above market expectations
Guidance updated. Targets above market expectations Based on a first semester above expectations, Management confirms its positive stance and updates the Group 2016 Guidance accordingly Adjusted EBITDA from above €25M to above €27M - UP Adjusted EBITDA margin above 10% - unchanged Positive NFP
Slide 16: Q&A
Q&A
Slide 17: Appendix
APPENDIX lastminute.comgroup
Slide 18: Complexity means opportunities
Complexity means “opportunities”. Highlights on lastminute.com group approach to market environment SCENARIO HOW WE DO Our comprehensive and diversified revenue model contributes to mitigate Competition still fierce but dynamics appear quite stable risks and to exploit a wider range of potential opp
Slide 19: Shift to non-transactional business changes focus from KPIs perspective
Shift to non-transactional business changes focus from KPIs perspective GTV and bookings become less relevant and not indicative. META and MEDIA business generate only Revenues. 1H2016 1H2015 Delta Results vs MGMT Exp Bookings (units) 2,430,559 2,782,838 -12.7% ✓ IN LINE Gross Travel Value (‘000) 1,
Slide 20: Strong positioning in CORE Countries confirmed
Strong positioning in CORE Countries confirmed REVENUE BREAKDOWN PER COUNTRY UK FRANCE ITALY SPAIN GERMANY OTHER Data in € M 1H2016 31.5 31.1 26.6 18.7 8.9 16.3 On Total 24% 23% 20% 14% 7% 12% UK benefited from change of perimeter and overall good performance DELTA +24.3% +4.1% +9.8% -2.2% +2.9% +
Slide 21: Profit & loss
Profit & loss 1H2015 1H2016 In EUR M 1H2015 ADJ Adjusted 1H2016 ADJ Adjusted Revenues 123.1 - 123.1 133.2 - 133.2 Marketing costs (58.4) - (58.4) (55.1) - (55.1) Personnel costs (27.4) 1.3 (26.1) (25.2) 1.1 (24.1) Other operating costs (36.5) 0.7 (35.8) (38.2) 1.5 (36.7) EBITDA 0.8 2.0 2.8 14.7 2.6
Slide 22: Balance sheet and cash flow highlights
Balance sheet and cash flow highlights In EUR M 31 December 2015 30 June 2016 Fixed assets 212.9 212.4 Working capital (104.2) (104.5) Other long term items (36.1) (35.2) Capital employed 72.6 72.7 Equity 140.8 143.7 Net financial position 68.2 71.0 In EUR M 1H2015 1H2016 Net cash from operating act
Slide 23: Net financial position
Net financial position In EUR M 31 December 2015 30 June 2016 Current financial assets 1.3 1.2 Cash and cash equivalents 65.6 68.5 Short term financial liabilities 0.0 0.0 Net financial position within 12 months 66.8 69.7 Non current financial assets 1.4 1.3 Long term financial liabilities 0.0 0.0 N
Slide 24: An international listed Group headquartered in Switzerland
An international listed Group headquartered in Switzerland Free float 41.3% Shareholder Structure Shareholders Agreement % of ownership 48.6% Treasury Ardian > 5.0% 5.1% Dutch Holding Company, listed on SIX- Swiss Exchange since April 2014 1138 Employees Live bold! STABILITY 33 Nationalities Life co
Slide 25: Thanks
THANKS Investor.relations@lastminute.com www.lastminutegroup.com