Slide 1: 2022 Full Year Results
2022 FULL YEAR RESULTS 16TH MARCH 2023
Slide 2: ASMALLWORLD is the 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 2022 PERFORMANCE • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2023 PAGE 4
Slide 5: 2022 Financial Results
2022 FINANCIAL RESULTS Another record year; highest sales and highest EBITDA in ASMALLWORLD’s history • NET SALES +18% from CHF 15.6M to CHF 18.5M • EBITDA +3% from 2.4M to CHF 2.5M • NET INCOME -8% from 1.58M to CHF 1.45M – EPS: CHF 0.13 • CASH POSITION of CHF 4.0M per end of year • EUR/CHF FX dete
Slide 6: KPI Overview 2022
KPI OVERVIEW 2022 Positive developments across all key indicators NET SALES MEMBERS EBITDA 18% 4% 3% 18.5M 66.0k 2.5M 63.3k 2.4M 62.0k 15.6M 57.9k 1.4M 1.5M 12.9M 47.8k 12.0M 8.8M -2.3M 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 PAGE 6
Slide 7: Operational Highlights
OPERATIONAL HIGHLIGHTS ASMALLWORLD became self-funding in 2022 and expanded its long-term revenue potential • Final payment of CHF 3.5M for First Class & More acquisition made – ASW is now SELF-FUNDING and no longer requires external financing for its operations • STRONG CASH POSITION; enough liquid
Slide 8: Initiatives to Expand Revenue Potential
INITIATIVES TO EXPAND REVENUE POTENTIAL In 2022 we have focused on three key initiatives to expand our future 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 membe
Slide 9: 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 10: 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 11: 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 11
Slide 12: Hotel Inventory Significantly Expanded
HOTEL INVENTORY SIGNIFICANTLY EXPANDED The ASMALLWORLD Collection now features 1’504 hotels, providing a substantial list of high-class hotels NUMBER OF HOTELS BY REGION • HOTEL INVENTORY UP 158% since the launch of the ASMALLWORLD REGION LAUNCH TODAY CHANGE Collection EUROPE & NORTH AFRICA 253 608
Slide 13: Booking Volume Up Significantly
BOOKING VOLUME UP SIGNIFICANTLY The ASMALLWORLD Collection is staring to contribute positively to our bottom line STAYS BY QUARTER • Bookings for the ASMALLWORLD Collection are STARTING TO PICK UP Stays in value by quarter (indexed) • In 2022 we had 2.5X THE STAYS OF 2021 in terms of booking value •
Slide 14: Partnership with Emirates
PARTNERSHIP WITH EMIRATES New memberships with Emirates Skywards miles will expand the reach of the Prestige and Signature memberships • Emirates Airlines one of the few airlines with STRONG INTERNATIONAL APPEAL • Signed a PARTNERSHIP in July • Next to Miles & More and Etihad, THIRD OPTION for custo
Slide 15: Emirates Skywards as Third Miles Option
EMIRATES SKYWARDS AS THIRD MILES OPTION The new partnership with Emirates allows us to offer Emirates Skywards Miles as third option to choose from • In September we started offering EMIRATES SKYWARDS as third option 3 options to for air miles, next to Miles & More chose from and Etihad • This new a
Slide 16: Partnership with GHA Up and Running
PARTNERSHIP WITH GHA UP AND RUNNING Purchase of 10% stake was completed in May; partnership has fully ramped up • GLOBAL HOTEL ALLIANCE (GHA) is the world’s largest alliance of independent hotel brands • ASMALLWORLD ACQUIRED 10% STAKE in GHA • PAYMENT COMPLETED in May, $ 3.5 in cash and 3% stake in
Slide 17: Global Hotel Alliance / GHA Discovery
GLOBAL HOTEL ALLIANCE / GHA DISCOVERY GHA operates one of the world’s leading hotel loyalty programs: GHA DISCOVERY OVERVIEW KEY FIGURES • World’s LARGEST ALLIANCE OF INDEPENDENT • 40 hotel brands HOTEL BRANDS • 800 hotels in 100 countries • Operates the world’s largest loyalty platform for independ
Slide 18: Partnership Will Create Value in 4 Areas
PARTNERSHIP WILL CREATE VALUE IN 4 AREAS The partnership with GHA will significantly increase the revenue potential of ASW for the coming years • Elite tier DISCOVERY customers will receive COMPLEMENTARY MEMBERSHIP FOR ASW MEMBERSHIPS • GHA will pay ASW a SERVICE FEE for these memberships (for a min
Slide 19: ASW Added to Discovery Brand Portfolio
ASW ADDED TO DISCOVEY BRAND PORTFOLIO 41 brands and over 800 hotels are part of the DISCOVERY hotel portfolio PAGE 19
Slide 20: Chedi Andermatt Added as First ASW Hotel
CHEDI ANDERMATT ADDED AS FIRST ASW HOTEL Prestigious hotel added as first ASMALLWORLD DISCOVERY hotel; more to follow soon • THE CHEDI ANDERMATT is a prestigious 5-star luxury hotel in the Swiss alps • FIRST HOTEL TO JOIN DISCOVERY under the ASMALLWORLD DISCOVERY brand portfolio • Starting date: END
Slide 21: Agenda
AGENDA • OVERVIEW OF 2022 PERFORMANCE • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2023 PAGE 21
Slide 22: Subscriptions Business
SUBSCRIPTIONS BUSINESS Solid growth driven by ASW Prestige membership but slightly lower profitability due to higher cost • Strong ASW PRESTIGE membership In CHF 2022 2021 CHANGE sales due to increased demand for Business and First Class flights, new Emirates option REVENUE 13.0M 10.2M +28% • HIGHER
Slide 23: Services Business
SERVICES BUSINESS Services business with small growth and margin improvement, driven by change in mix • ASMALLWORLD COLLECTION started to In CHF 2022 2021 CHANGE contribute to result but still small • First contribution from GHA REVENUE 5.4M 5.4M +0.1% • FIRST CLASS & MORE’S Business and First-Class
Slide 24: Agenda
AGENDA • OVERVIEW OF 2022 PERFORMANCE • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2023 PAGE 24
Slide 25: Income Statement
INCOME STATEMENT Best year in the company's history in terms of sales and EBITDA In CHF ‘000 2022 2021 CHANGE NET SALES 18,455 15,624 +18% • SALES INCREASED BY 18% primarily due OTHER OPERATING INCOME -250 -199 +26% to strong Prestige and Signature sales TOTAL SALES 18,205 15,425 +18% DIRECT EXPENSE
Slide 26: Balance Sheet - Assets
BALANCE SHEET - ASSETS Assets increased due to acquisition of 10% stake in Global Hotel Alliance (GHA) • CASH POSITION decreased by CHF 1.2M In CHF ‘000 2022 2021 due to final payout related to the CASH 4,014 5,226 acquisition of First Class & More, partly RECEIVABLES FROM SERVICES 1’402 573 offset
Slide 27: Balance Sheet - Liabilities
BALANCE SHEET - LIABILITIES Liabilities increased due to long-term bank loan for GHA acquisition In CHF ‘000 2022 2021 • SHOR-TERM FINANCIAL LIABILITIES SHORT-TERM FINANCIAL LIABILITIES 543 143 PAYABLES increased due to bank loan PAYABLES FOR GOODS AND SERVICES 1,549 629 repayment due in March 2023
Slide 28: Cash Flow Statement – Part 1
CASH FLOW STATEMENT – PART 1 Operating cash flow decreased compared to 2022 mainly due to seasonality effects in operating working capital In CHF ‘000 2022 2021 NET RESULT 1,454 1,577 DEPRECIATION OF TANGIBLE FIXED ASSETS 24 21 • OPERATING CASH FLOW decreased to AMORTIZATION OF INTANGIBLE ASSETS 621
Slide 29: Cash Flow Statement – Part 2
CASH FLOW STATEMENT – PART 2 Changes in investing & financing activities driven by acquisition & financing of 10% stake in Global Hotel Alliance (GHA) In CHF ‘000 2022 2021 • CASH DRAIN FROM INVESTING ACTIVITIES OUTFLOWS FOR INVESTMENT OF TANGIBLE FIXED • Cash outflow due to final FCAM -2.1 -36 ASSE
Slide 30: Cash Flow Statement – Part 3
CASH FLOW STATEMENT – PART 3 Changes in investing & financing activities driven by acquisition & financing of 10% stake in Global Hotel Alliance (GHA) In CHF ‘000 2022 2021 • OUTFLOW FROM CAPITAL INCREASE OUTFLOWS FROM CAPITAL INCREASE resulting from capital increase in 2022 -25 0 (equity transactio
Slide 31: Agenda
AGENDA • OVERVIEW OF 2022 PERFORMANCE • SEGMENT REPORTING • CONSOLIDATED FINANCIALS • OUTLOOK 2023 PAGE 31
Slide 32: Outlook
OUTLOOK We have a positive outlook for 2023 • The GRADUAL IMPROVEMENT OF THE MARKET ENVIRONMENT after Covid-19 will result in continued demand for the ASMALLWORLD social network, events and travel • We also expect a boost for our Prestige and Signature sales from the new memberships with EMIRATES SK
Slide 33: Guidance for 2023
GUIDANCE FOR 2023 Steady growth anticipated NET SALES MEMBERS EBITDA 5-13% 6-9% 2.6- 2.8M 10-20% 70-72k 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 2022 2023E 2019 2020 2021 2022 2023E 2019 2020 2021 2022 2023E PAGE 33
Slide 34: Q&A
Q&A PAGE 34
Slide 35: ASMALLWORLD AG
ASMALLWORLD AG Seidengasse 20, 8001 Zürich, Switzerland info@asmallworldag.com www.asmallworldag.com I www.asw.com PAGE 35