Slide 1: lastminute.com FY 2022 Results
lastminute.com FY 2022 Results
Slide 2: Safe Harbour Statement
Safe Harbour 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: The Speakers
The Speakers Luca Concone Sergio Signoretti Chief Executive Officer Chief Financial Officer
Slide 4: Agenda
Agenda Highlights 01 L. Concone FY 2022 Results L. S 02 S. Signoretti Current Trading and Key Takeaways 03 L. Concone 04 Q&A
Slide 5: Agenda
Agenda Highlights 01 L. Concone FY 2022 Results L. S 02 S. Signoretti Current Trading and Key Takeaways 03 L. Concone 04 Q&A
Slide 6: Market Update
Market Update Recovery curve has flattened from June 2022 onwards, but slightly picking up momentum recently Commercial Flight Activity*, indexed to 2019 levels 2019 Steep recovery path -16% -16% from January to May... -16% -16% … followed by slow- down due to capacity disruptions Rising fuel prices
Slide 7: Operational & strategic highlights 2022
Operational & strategic highlights 2022 Board change in December 2022 opens a new growth chapter Growth of the Holiday Significant customer care efforts Package Business: to improve booking experience: 7 new European markets launched Customer hub in Bangalore ramped up and during 2022, now coverage of
Slide 8: Board change in December 2022 opens a new growth chapter
Board change in December 2022 opens a new growth chapter Series of initiatives started since governance change ● On 21 December 2022, the EGM of lastminute.com N.V. approved the appointment of 5 new directors, including Luca Concone as new CEO and Sole Executive Director ● New Board immediately star
Slide 9: Freesailors transaction null and investigation provision audited
Freesailors transaction null and investigation provision audited Pending transaction was voided and investigation impact has been confirmed The annulment of the contracts has been considered based on accounting principles as a subsequent event in the Financial Purchase from minority investors in Stat
Slide 10: Key communication milestone: Integrated Annual Report 2022
Key communication milestone: Integrated Annual Report 2022 Comprehensive document on all aspects of the business and performance including ESG New communication reference for stakeholders combining different reports with financial and non-financial information into one single document. First Integrated
Slide 11: FY 2022 | Overview
FY 2022 | Overview Market recovery and mix shift to Holiday Packages translated into very strong 2022 results HOLIDAY NET FINANCIAL PACKAGES ADJ. EBITDA* BOOKINGS GTV REVENUE* Contribution Margin share** POSITION* +84% vs. 2021 +145% vs. 2021 +103% vs. 2021 62% in 2022 +98% vs. 2021 +43% vs. 2021 St
Slide 12: Agenda
Agenda Highlights 01 L. Concone FY 2022 Results L. S 02 S. Signoretti Current Trading and Key Takeaways 03 L. Concone 04 Q&A
Slide 13: Bookings almost doubled vs. 2021 with all-time record GTV
Bookings almost doubled vs. 2021 with all-time record GTV Bookings growth higher than market recovery; GTV reflects increasing mix effect of holiday packages as well as inflation BOOKINGS GROSS TRAVEL VALUE (GTV) k €m lastminute.com FY 22 Results | 13
Slide 14: Revenues more than doubled vs 2021; Gross Profit +62% vs '21
Revenues more than doubled vs 2021; Gross Profit +62% vs ‘21 OTA Revenues almost in line with 2019, Gross Profit growth impacted by higher marketing spend to drive volume recovery REVENUES GROSS PROFIT €m €m lastminute.com FY 22 Results | 14
Slide 15: HR Fixed Costs reflect latest hirings, Running Costs show lasting improvements
HR Fixed Costs reflect latest hirings, Running Costs show lasting improvements Gross* HR costs back to 2019 levels mainly due to Tech talent acquisition plan Running costs still 17% below 2019 thanks to improved efficiency HR FIXED COSTS* RUNNING COSTS €m €m * Gross of Working Hour Reduction (WHR) mech
Slide 16: Full Year 2022 | KPI Overview
Full Year 2022 | KPI Overview €37.7m Adjusted EBITDA vs. breakeven in 2021 (net of government subsidies) FY FY % FY % 2022 2021 22 vs. 21 2019 22 vs. 19 Strong Booking growth, with an Bookings (k) 4,299 2,340 +84% 5,184 -17% all-time high GTV GTV (€m) 3,216 1,314 +145% 2,876 +12% Strong Revenue grow
Slide 17: IFRS EBITDA of €4.7m despite the provision for the investigation in CH
IFRS EBITDA of €4.7m despite the provision for the investigation in CH Without the impact from subsidies and provision, IFRS EBITDA would have been €38.5m €m Repayment of government subsidies plus legal expenses * Net of government subsidies and provision/expense for investigation lastminute.com FY
Slide 18: Full Year 2022 YTD | Net Results
Full Year 2022 YTD | Net Results Pre-investigation EBITDA and Net Result close to 2019 levels One-off costs leads to €15m Net Loss, but Net of the Provision Net Result would have been €17.2m €m % % 2022 2021 2019 Government subsidies of €14.9m in 2021 and 22 vs. 21 22 vs. 19 €1.2m in 2022 IFRS EBITDA
Slide 19: Temporary accounting effect of the Freesailors transaction on Net Equity and Net Financial Position
Temporary accounting effect of the Freesailors transaction on Net Equity and Net Financial Position have been restated upon the related annulments €m Net Equity Net Financial Position Balance as of 31.12.2022 including transaction 11.9 41.7 Subsequent event effect from transaction annulment 24.7 24.7
Slide 20: Cash Curve reflects a year end position stronger than previous year
Cash Curve reflects a year end position stronger than previous year (*) CHF 7M (EUR 7.1M) has been restricted by the Swiss Prosecutor Office in relation to the investigation in Switzerland and they have been presented as financial assets. lastminute.com FY 22 Results | 20
Slide 21: Solid cash generation during 2022 with comfortable net cash at year end
Solid cash generation during 2022 with comfortable net cash at year end Approx. €78m Operating Cash, €11m net debt repayments (*) EBITDA IFRS net of IFRS 16 effect of €4.1m and €35m related to extraordinary costs for the investigation on Swiss WHR compensation that is net by €0.8m of forex exchange b
Slide 22: Agenda
Agenda Highlights 01 L. Concone FY 2022 Results L. S 02 S. Signoretti Current Trading and Key Takeaways 03 L. Concone 04 Q&A
Slide 23: Current trading in Q1 2023
Current trading in Q1 2023 Promising start to the year Change in trend vs. Q4 2022 Strong demand throughout the first quarter Revenue growth even higher primarily due to mix shifts towards Holiday Packages Adj. EBITDA to grow approximately +20% +37% +30% 30% vs. Q1 2022 Bookings Revenue Adj. EBITDA Q
Slide 24: Key Takeaways
Key Takeaways Summary of the results and current situation Very strong operational performance in Q1 2023 Board and CEO change in December 2022 started a new era Governance strengthened and series of further initiatives already launched New organisational setup to enhance cohesion and empowerment Fi
Slide 25: Agenda
Agenda Highlights 01 L. Concone FY 2022 Results L. S 02 S. Signoretti Current Trading and Key Takeaways 03 L. Concone 04 Q&A
Slide 26: Financial Calendar 2023
Financial Calendar 2023 7 February 2023 Announcement of preliminary unaudited FY 22 results 13 April 2023 Publication of the Annual Report 2022 17 May 2023 Q1 Trading Update 13 June 2023 Annual General Meeting 3 August 2023 Publication of the half-yearly report 2023 9 November 2023 Q3 Trading Update
Slide 27: lastminute.com
lastminute.com investor.relations@lastminute.com
Slide 28: Annex
Annex
Slide 29: Increasing contribution of our Holiday Package Business
Increasing contribution of our Holiday Package Business OTA CONTRIBUTION MARGIN BY CATEGORY lastminute.com FY 22 Results | 29
Slide 30: Dynamic Packaging: Leveraging strong partnerships
Dynamic Packaging: Leveraging strong partnerships DP Revenues 5 markets 18 markets White Labels Other Channels* (*) “Other Channels” includes SEM, Direct, Social, etc. lastminute.com FY 22 Results | 30