Slide 1: 2023 H1 Results
2023 H1 RESULTS 17TH AUGUST 2023
Slide 2: 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 focused on luxury hotels EVENTS Event management Full-service travel agency for 1’000 ASW events per year for curated travel ar
Slide 4: Agenda
AGENDA • OVERVIEW OF H1 PERFORMANCE • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK PAGE 4
Slide 5: Financial Results H1 2023
FINANCIAL RESULTS H1 2023 Strongest sales period in company’s history • NET SALES +56% from CHF 7.4M to CHF 11.5M • COGS +126% due to strong Prestige and Signature membership sales • PERSONNEL AND OTHER OPEX +5% and 17% respectively • EBITDA -25% from 1.4M to CHF 1.0M • NET INCOME -39% from 960k to
Slide 6: KPI Over Time (Half-Year View)
KPI OVER TIME (HALF-YEAR VIEW) Strong sales growth and more members, EBITDA lower NET SALES MEMBERS EBITDA +56% +5.6% -25% 66.0k 67.4k 1.4M 11.5M 10.8M 63.3k 63.8k 1.1M 1.1M 1.0M 7.4M 6.1M 2021 2022 2022 2023 2021 2022 2022 2023 2021 2022 2022 2023 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 PAGE 6
Slide 7: Operational Highlights H1 2023 I/II
OPERATIONAL HIGHLIGHTS H1 2023 I/II Strong growth and strategic investments into long-term growth of group • STRONG GROWTH due to increased demand for Prestige and Signature memberships with Emirates Skywards miles, First Class & More travel services, increase in Collection bookings and fees from Gl
Slide 8: Operational Highlights H1 2023 II/II
OPERATIONAL HIGHLIGHTS H1 2023 II/II Strong growth and strategic investments into long-term growth of group • LARGER HOSPITALY CONSULTING PROJECT unfortunately absent during H1, compared to same period year (Ritz-Carlton Residences in Dubai) • Joint effect of investments in key initiatives and lack
Slide 9: Initiatives to Expand Revenue Potential
INITIATIVES TO EXPAND REVENUE POTENTIAL We keep focusing on three key initiatives to expand our revenue potential Continue to build ONLINE Added EMIRATES SKYWARDS Completed acquisition of HOTEL BOOKING ENGINE MILES to our premium 10% STAKE in Global Hotel focused on luxury hotels memberships Allianc
Slide 10: Booking Engine for Luxury Hotels
BOOKING ENGINE FOR LUXURY HOTELS The ASMALLWORLD Collection is a hotel booking engine focused exclusively on luxury hotels • A hotel booking engine focused on THE WORLD’S BEST LUXURY HOTELS • Booking experience is HIGHLY VISUAL AND STREAMLINED • Bookings can be made via WEB and via the ASMALLWORLD A
Slide 11: The ASMALLWORLD VIP Rate
THE ASMALLWORLD VIP RATE Our ‘ASMALLWORLD VIP Rate’ allows customers to enjoy extraordinary VIP benefits at no extra cost • LOWEST RATE: lowest rate available, great for price-sensitive customers • ASMALLWORLD VIP RATE: our exclusive “value-for-money rate” that includes extraordinary VIP benefits*:
Slide 12: The Collection Has Strong Partners
THE COLLECTION HAS STRONG PARTNERS We have partnerships with all key players in the industry to give us access to a broad range of hotels and benefits PAGE 12
Slide 13: Booking Volume Steadily Increasing
BOOKING VOLUME STEADILY INCREASING The ASMALLWORLD Collection is continuing to grow, underlining long-term growth potential for the business STAYS BY HALF-YEAR • Stays for the ASMALLWORLD Collection GREW BY 26% vs. last year Value of stays per half-year (indexed) +26% • Bookings during the first hal
Slide 14: Partnership with Emirates
PARTNERSHIP WITH EMIRATES Prestige and Signature memberships with Emirates Skywards miles contributed strongly to H1 result • Emirates Airlines one of the few airlines with STRONG INTERNATIONAL APPEAL • Signed a PARTNERSHIP in July 2022 • Next to Miles & More and Etihad, THIRD OPTION for customers t
Slide 15: GHA Partnership Going Well
GHA PARTNERSHIP GOING WELL Global Hotel Alliance partnership is on track; also expecting a dividend payment in H2 • GLOBAL HOTEL ALLIANCE (GHA) is the world’s largest alliance of independent hotel brands • ASMALLWORLD ACQUIRED 10% STAKE last year • GHA DISCOVERY elite members started to receive COMP
Slide 16: ASW Added to Discovery Brand Portfolio
ASW ADDED TO DISCOVEY BRAND PORTFOLIO 40 brands and over 800 hotels are part of the DISCOVERY hotel portfolio, now including ASMALLWORLD PAGE 16
Slide 17: ASMALLWORLD Discovery
ASMALLWORLD DISCOVERY ASMALLWORLD DISCOVERY supports independent hotels who want to become part of GHA DISCOVERY loyalty platform https://asmallworlddiscovery.com/ PAGE 17
Slide 18: ASMALLWORLD Discovery: 11 Hotels Signed
ASMALLWORLD DISCOVERY:11 HOTELS SIGNED ASMALLWORLD DISCOVERY steadily growing in size, many more hotels soon bookable through GHA DISCOVERY • 11 HOTELS have been signed already • 2 HOTELS ARE FULLY CONNECTED and are now bookable by customers: The Chedi Andermatt and the Mandrake in London • 5 MORE H
Slide 19: Althoff Hotels Most Recent Addition
ALTHOFF HOTELS MOST RECENT ADDITION Four Althoff properties will be added this year: potential to add all 18 hotels to the ASMALLWORLD portfolio in future • German hotel group Althoff Hotels has agreed to bring FOUR OF ITS HOTELS into ASMALLWORLD DISCOVERY • These hotels include ALTHOFF ST. JAMES'S
Slide 20: Agenda
AGENDA • OVERVIEW OF H1 PERFORMANCE • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK PAGE 20
Slide 21: Subscriptions Business Performance
SUBSCRIPTIONS BUSINESS PERFORMANCE Strong sales growth due to increased demand for Prestige and Signature memberships (Emirates) • Strong ASW PRESTIGE AND SIGNATURE SALES with new Emirates option In CHF 2023 H1 2022 H1 CHANGE • SALES FOR MILES & MORE PRESTIGE LAGGING behind last year’s REVENUE 7.5M
Slide 22: Services Business Performance
SERVICES BUSINESS PERFORMANCE Travel services from First Class & More in high demand but lack of hospitality consulting project with impact on margins • Strong sales of FIRST CLASS & MORE In CHF 2023 H1 2022 H1 CHANGE flight und upgrade services • ASMALLWORLD COLLECTION growing REVENUE 4.0M 2.6M +56
Slide 23: Agenda
AGENDA • OVERVIEW OF H1 PERFORMANCE • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK PAGE 23
Slide 24: Income Statement 2023 HY1
INCOME STATEMENT 2023 HY1 ASMALLWORLD achieves record net sales for HY1 In CHF ‘000 2023 HY1 2022 HY1 CHANGE • NET SALES increased by 56% due to strong demand for Prestige & Signature NET SALES 11’471.3 7’372.8 +56% memberships (Emirates option) OTHER OPERATING INCOME 0.0 0.0 0% DIRECT EXPENSES -7’3
Slide 25: Balance Sheet 2023 HY1 – Part 1
BALANCE SHEET 2023 HY1 – PART 1 Stable balance sheet size • CASH POSITION decreased due to CHF In CHF ‘000 2023 HY1 2022 FY 1.2M investment in real estate investment fund “GE Super Prime CASH 2’412.8 4’013.6 Hospitality Holdings” – goal: short term RECEIVABLES FROM SERVICES 1’034.4 1’402.1 return on
Slide 26: Balance Sheet 2023 HY1 – Part 2
BALANCE SHEET 2023 HY1 – PART 2 Liabilities decreased due to debt repayments, steadily reducing leverage and interest costs In CHF ‘000 2023 HY1 2022 FY • PAYABLES FROM GOODS AND SERVICES / ACCRUED LIABILITIES AND DEFERRED INCOME SHORT-TERM FINANCIAL LIABILITIES 543.1 543.1 decreased due to a reduct
Slide 27: Cash Flow Statement 2023 HY1 – Part 1
CASH FLOW STATEMENT 2023 HY1 – PART 1 Operating cash flow decreased compared to H1 2022 due to lower net result and working capital changes In CHF ‘000 2023 HY1 2022 HY1 NET RESULT 584.2 960.6 • OPERATING CASH FLOW decreased due to DEPRECIATION OF TANGIBLE FIXED ASSETS 4.6 12.8 lower net result and
Slide 28: Cash Flow Statement 2023 HY1 – Part 2
CASH FLOW STATEMENT 2023 HY1 – PART 2 Financing cash flow driven by repayments of short-term financial liabilities In CHF ‘000 2023 HY1 2022 HY1 • CASH FLOW FROM FINANCING ACTIVITY -136.5 decreased due to debt repayments of REPAYMENT OF LONG-TERM FINANCIAL LIABILITIES -522.9 CHF 0.5 Mio. (bank loan
Slide 29: Agenda
AGENDA • OVERVIEW OF H1 PERFORMANCE • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK PAGE 29
Slide 30: Outlook for H2
OUTLOOK FOR H2 We believe the second half of the year see another strong revenue performance and higher EBITDA contribution • Demand for PRESTIGE AND SIGNATURE memberships with Emirates Skywards miles should remain high and we may be able to push the Miles & More options stronger • EBITDA CONTRIBUTI
Slide 31: Guidance for 2023 Full Year
GUIDANCE FOR 2023 FULL YEAR Reiterating sales /member targets; EBITDA revised to CHF 2.2-2.4M due to investments in people, technology and marketing NET SALES MEMBERS EBITDA -4-12% 6-9% 10-20% 70-72k 2.2-2.4M 20-22M 2.5M 62.0k 63.3k 66.0k 2.4M 18.2M 57.9k 15.6M 12.9M 12.0M 1.45M 1.49M 2019 2020 2021
Slide 32: Q&A
Q&A PAGE 32
Slide 33: ASMALLWORLD AG
ASMALLWORLD AG Seidengasse 20, 8001 Zürich, Switzerland info@asmallworldag.com www.asmallworldag.com I www.asw.com PAGE 33