Slide 1: Bravofly Rumbo Group: The future is ONE
Bravofly Rumbo Group The future is ONE Zurich, 26 March 2015
Slide 2: At a glance
At a glance • Our strategy was to focus on growing volume and customer base rather than short-term profitability, in a still complex and highly competitive scenario. Revenue growth driven by acquisitions and international expansion with a rebalanced mix between 2014 • service/agency fees and other s
Slide 3: Responsive strategy in a turmoil market
Responsive strategy in a turmoil market Guidance GTV REV EBITDA Despite market €1,300-1,350 €142-147 €22-24 turmoil and a highly million million million dynamic environment, we executed our strategy of boosting volume and FY2014 Official growing our customer base rather than defending REV EBITDA GTV
Slide 4: Long-term strategy focused on volume and customer base growth
Long-term strategy focused on volume and customer base growth Strong volume and customer base growth in a Gross Travel Value* Number of Bookings continuously competitive environment In EUR M In ‘000 The Gross Travel Value / Number of Bookings ratio increased by 5.2% from EUR 356 to EUR 375 mainly dr
Slide 5: Increase in revenues driven by internal and external growth
Increase in revenues driven by internal and external growth Revenues OTA BUSINESS (+8.8%) In EUR M Flight Business (+7.8%) Lower growth than volume growth driven by reduction in average service and agency fees, partially offset by other sources of income +13.0 147.0 (commissions from airlines, GDS f
Slide 6: Revenues growing strongly outside core markets
Revenues growing strongly outside core markets Revenues by geography Key dynamics Others Others Italy Italy (5.6% decrease) and Spain (4.3% increase) 21.7% 28.1% 27.3% Still very competitive environment in both markets. Italy Italy has seen a difficult second half impacted by a 34.6% combination of
Slide 7: Increasing marketing investments
Increasing marketing investments Operating costs* Marketing costs In EUR M Marketing costs increased by 3.0% as percentage of revenues Adjusted Costs as % of revenues driven by: v core markets • Higher competitive pressure in • Expanding business outside core markets 125.9 • Increasing weight of mob
Slide 8: Adjusted EBITDA impacted by lower OTA profitability
Adjusted EBITDA impacted by lower OTA profitability Adjusted EBITDA In EUR M 2013 2014 In EUR M Adjusted EBITDA 22.7 21.1 Non-cash impact of stock options (0.8) (0.4) 22.8 21.1 5.1 IPO related costs - (3.9) v Costs related to acquisitions and integration of 16.0 subsidiaries (0.3) (0.2) Litigation,
Slide 9: WHAT'S NOW
WHAT’S NOW
Slide 10: Our vision is driven by INNOVATION…
Our vision is driven by INNOVATION… Strategy Execution Target SIMPLIFY THE LIFE BRIDGE SUSTAINABLE OF TRAVELLERS THE GAP GROWTH STORY Best User Experience Model Organic • Develop mobile-native platforms, new Management Apps and reshape our user interfaces Brand Team • Continuous investments in cutti
Slide 11: …accelerated by lastminute.com strategic acquisition
…accelerated by lastminute.com strategic acquisition Experienced Management Team Vibrant, relevant consumer brand • Seniority with diversity One global brand with high recognition • Integration capability among over 90% of European consumers • Marketing competence Financially robust Economic No mate
Slide 12: In a more complex market size becomes increasingly important
In a more complex market size becomes increasingly important A leading Smart Travel Provider in the online travel and leisure Industry, ranked among the top five OTA worldwide according to GTV* >35 Countries Start-up Build-up Grow-up Scale-up >2.000 People*** 2.5 Billion** estimated 1.3 Billion >100
Slide 13: Reinforcing European leadership with balanced product mix
Reinforcing European leadership with balanced product mix Core markets Consolidated markets New markets Flight Travel & Leisure Meta UK FR IT ES DE Other 67.8 58.2 43 40.3 22 26.6 v v v 131 114.1 12.8 Total Revenues € 257.9M 51% 44% 5% Preliminary 2014 pro-forma figures based on management accounts
Slide 14: Creating ONE company through fast integration
Creating ONE company through fast integration INTEGRATION PRINCIPLES NEW FUNCTIONALLY-LED FAST TECHNICAL FOCUSED BRANDS ORGANIZATION INTEGRATION STRATEGY ONE ONE ONE HQ in Switzerland supported Technology Architecture Global Brand by global competence centres enabling scability supported by investme
Slide 15: Brand portfolio strategy allows for offline focus on ONE brand
Brand portfolio strategy allows for offline focus on ONE brand CORE BRAND DIGITAL BRANDS INVESTMENT AND EXPANSION OF DIGITAL ACQUISITION ICONIC BRAND CHANNEL/GEOGRAPHY FOCUS Online and offline marketing Enables autonomy and identity and advertising campaigns across Europe of strong historic brands P
Slide 16: Designing the new group organisation
Designing the new group organisation STRUCTURE FAST EXECUTION COMBINED CULTURES INCENTIVE SYSTEMS Functional organisation The new Group Leverage New Long Term structure by business organisation governance the best talents Incentive Plan (LTIP) to category (and NOT already communicated of the combine
Slide 17: Top-tier international team committed to successful execution
Top-tier international team committed to successful execution Francesco Matthew Andrea Jérôme Gaspar Signoretti Crummack Bertoli Cohen Scali Santonja Deputy CEO General Manager Deputy CEO Chief Chief Integration Metasearch Chief Executive Officer General Manager Financial Officer Travel & Leisure In
Slide 18: WHAT'S BEYOND
WHAT’S BEYOND
Slide 19: Ambition for sustainable long-term value creation
Ambition for sustainable long-term value creation Agile structure and High-end Integrated business Sound € 5,000 M reliable organisation capabilities approach financial structure 2015 Target 2017 AMBITION 2020 REVENUES Increasing > € 270 M GTV Over-performing respective € 3,000 M GTV € 5,000 M indus
Slide 20: APPENDIX
APPENDIX bravoflyrumbogroup
Slide 21: Shareholder structure
Shareholder structure Source: Notifications to SIX as of 6 March 2015 Other STABILITY Shareholders 47.5 % Major shareholding agreement 40% Shareholder Shareholders RELIABILITY Agreement 9.8 % Relevant institutional participations Structure 47.5% % of ownership LIQUIDITY 40 % Free Float Own Shares 2.
Slide 22: Profit & loss
Profit & loss 2013 2014 In EUR M 2013 ADJ Adjusted 2014 ADJ Adjusted Revenues 123.2 - 123.2 147.0 - 147.0 Marketing costs (50.8) (0.5) (51.3) (66.2) 0.6 (65.6) Personnel costs (22.1) 1.1 (21.0) (24.5) 1.6 (22.9) Other operating costs (29.3) 1.2 (28.1) (40.2) 2.8 (37.4) Amortization, depreciation and
Slide 23: Balance sheet and cash flow highlights
Balance sheet and cash flow highlights In EUR M 31 December 2013 31 December 2014 Fixed assets 133.6 134.3 Working capital (36.8) (35.1) Other long term items (25.2) (26.0) Capital employed 71.5 73.2 Equity 76.0 163.2 Net financial position 4.5 90.0 In EUR M 2013 2014 Net cash from operating activit
Slide 24: Strong financial position
Strong financial position In EUR M 31 December 2013 31 December 2014 Current financial assets 0.8 0.5 Cash and cash equivalents 33.5 89.3 Short term financial liabilities (10.5) - Net financial position within 12 months 23.8 89.8 Non current financial assets 0.2 0.1 Long term financial liabilities (
Slide 25: 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
Slide 26: Thank you
Thank you Investor.relations@bravoflyrumbo.com