Edreams Odigeo · BME:EDR
Edreams Odigeo — Q1 2021 Earnings Presentation
20 slides from Edreams Odigeo's earnings presentation, Aug 27, 2020
Slide 1: Results Presentation 1Q FY 2021
RESULTS PRESENTATION 1Q FY 2021 27th August 2020
Slide 2: Disclaimer
Disclaimer This presentation is to be read as an introduction to the unaudited condensed consolidated interim financial statements of the Group and contains key information presented in a 1 concise manner on the Group and its financial condition. The information contained in this presentations is ex
Slide 3: 1. Overview
1. Overview 1Q FY21 Results Update Closing remarks Appendix
Slide 4: Overview
1 OVERVIEW During 1Q we have seen continued progress, particularly in June, with July and August both showing further improvements MARCH TO JUNE 2020 WAS EXTRAORIDINARY FOR THE INDUSRTY AND US Only €17 million Revenue Margin (decrease of 88%, €125 million less vs. 1Q FY20), all countries affected.
Slide 5: Current trading showing gradually improved performance
CURRENT TRADING SHOWING GRADUALLY IMPROVED PERFORMANCE 1 Our current trading suggest steady recovery, it shows month on month improved performance every month since April, which was the bottom of the trough, and European top 6 markets recovering faster than RoW KEY HIGHLIGHTS ON TRADING POST COVID-1
Slide 6: Strong liquidity is a consequence of strong business model and active management
STRONG LIQUIDITY IS A CONSECUENCE OF STRONG BUSINESS MODEL AND ACTIVE 1 MANAGEMENT OF THE SITUATION KEY HIGHLIGHTS ON LIQUIDITY PERFORMANCE IMPROVED LIQUIDITY EVOLUTION 167 ● High variability of the majority of our costs. Variable Costs, which were 84% of our total costs in 1Q FY20, 144 decreased by
Slide 7: Revenue diversification on track and the largest contributor to revenues
1 REVENUE DIVERSIFICATION ON TRACK AND THE LARGEST CONTRIBUTOR TO REVENUES REVENUE DIVERSIFICATION RATIO (**) REVENUE EVOLUTION (**) +8 pp 5% 46% Diversification 14% 46% 54% Classic customer 38% Classic supplier 1Q FY20 Advertising & Meta 1Q FY19 1Q FY20 1Q FY21 35% PRODUCT DIVERSIFICATION RATIO 3%
Slide 8: Continued strategic progress as evidenced by our KPIs
1 CONTINUED STRATEGIC PROGRESS AS EVIDENCED BY OUR KPIS MOBILE BOOKINGS AS SHARE OF FLIGHT BOOKINGS (*) ACQUISITION COST PER BOOKING INDEX (*) +9 pp 49% -52pp 36% 40% 100 1Q FY19 1Q FY20 1Q FY21 81 CUSTOMER REPEAT BOOKING RATE (ANNUALISED)(**) +1 (***) pp 48 50% 51% 47% 7% 1Q FY19 1Q FY20 1Q FY21 FY
Slide 9: 2. 1Q FY21 results update
Overview 2. 1Q FY21 results update Closing remarks Appendix
Slide 10: Highlights 1Q FY21: Income Statement
2 INCOME STATEMENT Highlights 1Q FY21 VAR 1. Revenue Margin decreased by 88%, to €16.6 million, due to 1Q 1Q (IN EUROS MILLION) FY21 Bookings being down 87% as a result of COVID-19. FY21 FY20 VS FY20 2. Variable costs decreased 84%, due to the adaptability of our REVENUE MARGIN 16.6 (88%) 141.5 busi
Slide 11: Highlights 1Q FY21: Cash Flow Statement
2 CASH FLOW STATEMENT Highlights 1Q FY21 1Q 1Q 1. Net cash from operating activities decreased by €5.7 million. (IN EUROS MILLION) FY21 FY20 mainly reflecting: ADJUSTED EBITDA (*) (14.7) 28.1 Working capital inflow of €21.6 million was due to the volume improvement experienced in June with the easin
Slide 12: 3. Closing remarks
Overview 1Q FY21 results update 3. Closing remarks Appendix
Slide 13: In summary
3 IN SUMMARY Our business is strong and we are positioning to be a winner from the crisis. We have a good liquidity position. Our liquidity position of €167 million at the end of July, which could be used if needed in periods of slowing demand. Gross Leverage Ratio being waived for Fiscal Year 2021,
Slide 14: Why eDreams ODIGEO? Winner in Europe, significant revenue diversification
3 2 #1 1 Winner in Europe 32% Significant revenue European 2 diversification OTA flight 1 market share 1 2 World leading capabilities 1 1 1 Why eDreams ODIGEO? RoW Top 6 Market position Source: Internal analysis; Amadeus bookings data; Phocuswright European Travel Overview 2019 14
Slide 15: 4. Appendix
Overview 1Q FY21 results update Closing remarks 4. Appendix 15
Slide 16: Diversification revenue is more resilient than classic customer revenue
4 DIVERSIFICATION REVENUE IS MORE RESILIENT THAN CLASSIC CUSTOMER REVENUE DIVERSIFICATION REVENUE MARGIN (IN € MILLION) Var (IN EUROS MILLION) 1Q FY21 1Q FY20 FY21 vs FY20 DIVERSIFICATION -85% 10.7 -85% 72.2 72.2 CLASSIC CUSTOMER 3.3 -93% 46.0 CLASSIC SUPPLIER 2.1 -88% 16.8 10.7 ADVERTISING & META 0
Slide 17: Revenue diversification by geography remains stable
4 REVENUE DIVERSIFICATION BY GEOGRAPHY REMAINS STABLE REST OF THE WORLD REVENUE MARGIN (IN € MILLION) Var (IN EUROS MILLION) 1Q FY21 1Q FY20 FY21 vs FY20 TOP 6 33.2 -89% 12.9 -88% 108.3 REST OF THE WORLD 3.7 -89% 33.2 TOTAL 16.6 -88% 141.5 3.7 1Q FY20 1Q FY21 TOP 6 11% 23% 22% 1Q 1Q 1Q -88% FY15 FY2
Slide 18: Glossary of Definitions
Glossary of Definitions Non-reconcilable to GAAP measures 1. Acquisition Cost per Booking Index refers to the most relevant marketing expenses incurred to acquire new customers (encompassing Paid search, Metasearch and Affiliates), divided by the total number of Bookings. For any given period, the r
Slide 19: Glossary of Definitions
Glossary of Definitions Other Defined Terms 15. Advertising and Metasearch Revenue represents revenue from other ancillary sources, such as advertising on our websites and revenue from our metasearch activities. Our management believes that the presentation of the Advertising and Metasearch Revenue
Slide 20: Glossary of Definitions
Glossary of Definitions Other Defined Terms 25. Fixed Costs per Booking means fixed costs divided by the number of bookings. See definitions of "Fixed costs" and "Bookings". 26. Adjusted Items refers to share-based compensation, restructuring expenses and other income and expense items which are con