Slide 1: Investor Presentation
Investor Presentation Webjet Limited e
Slide 2: FY20 highlights
• • • • • • • • • Note: All financials are for Underlying Operations (unless otherwise stated) and all comparisons are over the prior corresponding period (pcp) 1) Refer slide 7 2) Cash settled Notes based on $4.09 conversion price at a coupon of 2.5% for a 7-year term 2
Slide 3: Monthly TTV and bookings by business
WebBeds • Average Monthly TTV (A$m) 215.6 • 172.2 146.3 • 66.9 • 1.5 2.2 5.7 (1) Pre-Covid Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 • Webjet OTA Average Monthly Bookings (000s) • 131.3 131.1 121.6 • 53.9 18.2 5.7 (0.6) (1) Pre-Covid Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Online Republic Average
Slide 4: FY20 financial results summary
(2) Statutory Result Underlying Operations (1) FY20 vs FY19 1H20 2H20 FY20 1H20 2H20 FY20 (includes one-offs) (excludes one-offs) TTV $2,334m $687m $3,021m 21% $2,334m $687m $3,021m 21% Revenue $217.8m $48.3m $266.1m 27% $217.8m $48.3m $266.1m 27% EBITDA $46.4m ($137.7m) ($91.3m) 171% $86.
Slide 5: One-off Summary
Webjet Limited One-off Summary Unprecedented as J iizo | azo | rv Non-cash items 2H resu Ited in a * Reduction in future liability to purchase remaining portion of Umrah (6.7) (43) qi.) Holidays International ” - . nu mber of one- + Purchase price adjustment for DOTW due to working capital completio
Slide 6: Record earnings for CY19
Record earnings for CY19 $155.5 million (WebBeds delivered > 60%) $200M $155.5M $129.5M $150M $96.3m $70.6m $100M $86.3M $69.2M $60.3M $13.3m $12.7m $57.3m $39.0m $50M $31.7m $26.4M $7.3m $6.6m $6.1m $15.3m $61.4m $61.5m $1.7m $28.8m $28.8m $32.6m $22.6m ($7.5m) ($6.5m) ($8.4m) ($6.2m) ($13.3m) ($4.
Slide 7: Q4 average monthly Opex
(1) (1) • • • • • • • • • • 1) Q4 average monthly Opex (excluding write-down of deposits, commissions and overrides in WebBeds – refer slide 11) • 2) Q121E based on current activity and Government Subsidies 7
Slide 8: Liquidity at 30 June 2020
$420m $350m $100m $140m Undrawn credit facilities $320m Cash and cash equivalents $210m 30 June 2020 Proforma 30 June 2020 • • • • • • • 8
Slide 9: Debt covenant testing
• • • • • • • • 1) Test to be done at 30 September 2021, 31 December 2021, 31 March 2022 and • 30 June 2022 but on the basis of annualising the EBITDA for the period commencing 1 July 2021 9
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Slide 11: WebBeds results
A$ 1H20 Change 2H20 Change FY20 FY19(1) Change CY19(1) Proforma Bookings ('000s) 2,410 11% 808 57% 3,217 4,042 20% 4,274 Proforma TTV $1,470m 10% $395m 65% $1,865m $2,452m 24% $2,588m Proforma Revenue $127.5m 13% $26.4m 73% $153.9m $212.7m 28% $226.9m Proforma EBITDA $57.3m 33% (
Slide 12: WebBeds transformation strategy
Websbeds Transformation Strategy underway Strategic Objective: To become the global #1 B2B player Redefining our business model and refining key processes to emerge as the leading B2B player serving the global travel industry. Strategic Initiatives Rethinking how we do business Streamlining technolo
Slide 13: Customer profile mix
Customer profile mix (1) Super Apps, 3% Tour operators, 8% OTA, 17% • Corporate travel • agents, 20% • • Retail travel agents, 32% • Wholesalers, 20% Average Daily TTV • Break-even = 45% of CY19 TTV • 13% 9% 7% 7% 3% 5% 6% 1% 1% 1% 0% 1% 1% 1% 1% 1% 2% 2% 3% 1) As at 31 December 2019 1-Apr 8-Apr 15-
Slide 14: aia
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Slide 15: Webjet OTA results
A$ 1H20 Change 2H20 Change FY20 FY19(1) Change CY19(1) Bookings ('000s) 795 1% 330 58% 1,125 1,565 28% 1,575 TTV $708m 3% $269m 61% $976m $1,378m 29% $1,402m Revenue $74.8m 1% $18.6m 76% $93.3m $150.5m 38% $151.1m EBITDA $28.8m 0% ($6.2m) 119% $22.6m $61.4m 63% $61.5m Revenue
Slide 16: 1H20 Flight bookings
1H20 Flight bookings • 15% • • • • 85% • Domestic International • - Average Daily Bookings - - - Social distancing relaxed NSW/QLD - on domestic flights JQ/QF/VA add border opens - domestic capacity VIC cases rise, lockdowns begin. NSW/VIC border closed • - (1) Break-even = 23% of CY19 Bookings - -
Slide 17: Webjet OTA landscape provides significant opportunity
webjet.com.au Webjet OTA- Landscape provides significant opportunity Strategic objective: To increase market share leadership Webjet OTA plans to emerge from COVID-19 with the strongest customer offering Strateg jatives Leveraging brand strengthas #1 - OTA Maintaining relevance withour - customers D
Slide 18: Market S
Market 100 S 3 Val ViGiAG.
Slide 19: Online Republic results
A$ 1H20 Change 2H20 Change FY20 FY19(1) Change CY19(1) Bookings ('000s) 253 5% 86 66% 339 496 32% 508 TTV $156m 7% $24m 85% $180m $299m 40% $309m Revenue $15.6m 4% $3.4m 78% $18.9m $31.4m 40% $30.8m EBITDA $6.6m 9% ($4.9m) 181% $1.7m $13.3m 87% $12.7m Revenue Margin 10.0% 1
Slide 20: Bookings domestic and international
1H20 Bookings • 30% • 70% • Domestic International - Average Daily Bookings - • - NZ restrictions lifted - - Break-even = 37% of CY19 Bookings • - - 20% 20% 17% 18% 20% 16% 18% 16% 11% 14% - 4% 6% 1% - • - - 1-Apr 8-Apr 15-Apr 22-Apr 29-Apr 6-May 13-May20-May27-May 3-Jun 10-Jun 17-Jun 24-Jun 1-Jul 8
Slide 21: Online Republic strategy to improve performance
SHE RERU TAIWS Online Republic- Strategy to improve performance Reviewing offerings streamlining processes. Online Republic Recovery Strategy + Well placed to benefit from domestic led tourism industry 75% of 1H20 Car bookings were domestic While 80% Motorhomes volume was international pre-COVID; th
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Slide 23: EBITDA by business
A$ 1H20 Change 2H20 Change FY20 FY19(1) Change CY19(1) B2B EBITDA $57.3m 81% ($42.0m) 208% $15.3m $70.6m 78% $96.3m B2C EBITDA (2) $35.4m 2% ($11.1m) 129% $24.3m $74.8m 68% $74.1m Corporate costs ($6.5m) 13% ($6.7m) 20% ($13.3m) ($15.9m) 17% ($15.0m) Total EBITDA $86.3m 43% ($59.
Slide 24: Summary Balance Sheet
Jun-20 Dec-19 Jun-19 Summary Balance Sheet $m $m $m • Cash & equivalents 209.6 157.2 211.4 Trade receivables & Other assets 74.5 330.7 368.1 • Non-current assets 931.4 933.7 942.2 Total Assets 1,215.5 1,421.6 1,521.7 Trade & Other payables 97.0 509.0 540.5 Other current liabilities 65.9 33.6 57.4 Bo
Slide 25: Cash Flow Summary
1H20 2H20 FY20 FY19 (1) Cash Flow Summary $m $m $m $m Statutory EBITDA 46.4 (137.7) (91.3) 127.9 • Change in working capital (16.0) (116.6) (132.6) (52.6) Income tax paid (16.6) 5.0 (11.7) (12.3) Interest (8.9) (6.4) (15.3) (13.0) Cash Flow from Operating Activities 4.9 (255.8) (250.8) 50.1 Capital
Slide 26: Capital expenditure
$32.7M $29.7M $28.6M FY19 B2C B2B FY20 Sale of Land & FY20 (1) (underlying) Buildings (reported) • • • 1) Underlying CAPEX defined as CAPEX spend before one-off proceeds from the sale of land and buildings 26
Slide 27: Dividends
• • 13.50c 12.00c 10.00c 8.00c • 8.00c 8.50c 9.00c 6.50c 7.50c • FY16 FY17 FY18 FY19 FY20 Interim Final 27
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Slide 29: Outlook - Travel
Webjet Limited Travel is fundamental to an interconnected global society. Outlook- Travel Over time, the demand for travel continues to grow... Leisure tourism spending worldwide from 2000 to 2019 in bilfon US. dolar) International Tourist Arrivals by World Region ., and spend on leisure tourism con
Slide 30: Outlook - Demand to return to long term growth levels
Webjet Limited Webjet is well placed to capture demand for travel. Outlook- Demand to return to long term growth levels + Webjet is a global travel business and well placed to capture the pick up in travel activity + Our WebBeds and B2C businesses provide critical distribution channels for the trave
Slide 31: FY21 Outlook
Webjet Limited Capital strength through to 2022 Focus on market share growth globally FY21- Outlook * Liquidity provides financial and strategic flexibility * FY21 YTD suggests a more protracted recovery * Our strong capital position through to 2022 provides flexibility to weather an extended period
Slide 32: Change of year end to 31 March
Webjet Limited Year end move to 31 March Aligns group to WebBeds seasonal booking patterns Change of Year End - Move from 30 June to 31 March + WebBeds driving significant contribution pre COVID-19 + WebBeds EBITDA has now surpassed B2C * CY19 EBITDA - WebBeds $96.3 million; B2C $74.2 million + WebB
Slide 33: Webjet Limited
Webjet Limited
Slide 34: ;. Bu brea
;. Bu brea FY20 Pe bedinant bond. t tape
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Slide 36: WebBeds results
A$ 1H20 Change 2H20 Change FY20 FY19(1) Change CY19(1) Bookings ('000s) 2,410 53% 808 57% 3,217 3,444 7% 4,274 TTV $1,470m 42% $395m 65% $1,865m $2,154m 13% $2,588m Revenue $127.5m 50% $26.4m 73% $153.9m $184.5m 17% $226.9m EBITDA $57.3m 81% ($42.0m) 208% $15.3m $70.6m 78% $9
Slide 37: WebBeds APAC
A$ 1H20 Change 2H20 Change FY20 FY19(1) Change CY19(1) Bookings ('000s) 810 142% 293 45% 1,103 863 28% 1,339 TTV $343m 108% $109m 55% $453m $409m 11% $588m EBITDA $8.2m nm ($13.3m) 300% ($5.2m) $6.6m 178% $14.8m • • 1) FY19 and CY19 EBITDA restated for AASB16 37
Slide 38: WebBeds Europe
A$ 1H20 Change 2H20 Change FY20 FY19(1) Change CY19(1) Bookings ('000s) 843 2% 239 70% 1,082 1,628 34% 1,648 TTV $646m 10% $150m 72% $796m $1,122m 29% $1,182m EBITDA $30.4m 54% ($11.5m) 165% $18.9m $37.5m 50% $48.2m • • 1) FY19 and CY19 EBITDA restated for AASB16 38
Slide 39: WebBeds AMEA
A$ 1H20 Change 2H20 Change FY20 FY19(1) Change CY19(1) Bookings ('000s) 750 78% 268 50% 1,018 952 7% 1,281 TTV $477m 67% $133m 61% $610m $623m 2% $814m EBITDA $18.9m 57% ($17.1m) 218% $1.8m $26.5m 93% $33.4m • • • • • 1) FY19 and CY19 EBITDA restated for AASB16 39
Slide 40: Umrah Holidays
A$ 1H20 2H20 FY20 Bookings ('000s) 7 8 14 TTV $3m $3m $6m EBITDA ($0.1m) ($0.1m) ($0.2m) • 40
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Slide 42: Increase compared to 3 months pre-Covid-19
• • • • • • • • • • • • • • • • • • • 1) Increase compared to 3 months pre-Covid-19 42
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Slide 44: Online Republic 2H20 initiatives
Save REI TW Online Republic 2HZ20 initiatives. + Team demonstrated significant commitment to keep business moving forward + Unprecedented increase in customer service process changes * Service emails (proactive emails to customers regarding upcoming bookings) increased to unprecedented levels * 3mon
Slide 45: Additional Information
@e Webjet Limited Sad — fuonal Information.
Slide 46: Underlying Operations and Statutory Result FY20
Statutory Result Underlying Operations (2) FY20 FY19 (1) Change FY20 FY19 (1) Change $m $m $m % $m $m $m % TTV 3,021 3,831 (810) (21%) 3,021 3,831 (810) (21%) Revenue (3) 266.1 366.4 (100.3) (27%) 266.1 366.4 (100.3) (27%) EBITDA (91.3) 127.9 (219.2) (171%) 26.4 129.5 (103.1) (80%) Depreciation & Am
Slide 47: Bookings and TTV by business
1H20 1H19 (1) Change 2H20 2H19 (1) Change FY20 FY19 (1) Change Underlying Operations (2) $m $m $m % $m $m % $m $m $m % Bookings (000s) Webjet OTA 795 785 10 1% 330 780 (451) (58%) 1,125 1,565 (441) (28%) Online Republic 253 241 12 5% 86 255 (169) (66%) 339 496 (157) (32%) B2C 1,048 1,026 22 2% 416 1