Edreams Odigeo · BME:EDR
Edreams Odigeo — Q3 2021 Earnings Presentation
23 slides from Edreams Odigeo's earnings presentation, Feb 23, 2023
Slide 1: Results Presentation 3Q FY 2021
RESULTS PRESENTATION 3Q FY 2021 25th February 2021
Slide 2: Disclaimer
Disclaimer 1 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 concise manner on the Group and its financial condition. The information contained in this presentations is ex
Slide 3: 1. Results highlights
1. Results highlights Current trading 3Q FY21 results update Closing remarks Appendix
Slide 4: Results Highlights
1 RESULTS HIGHLIGHTS Strong liquidity and improved strategic positioning despite challenging trading driven by COVID-19 travel restrictions SHORT TERM TRADING CONTINUES TO BE AFFECTED BY TRAVEL RESTRICTIONS Revenue Margin (decrease of 77% vs. 3Q FY20), in line with 2Q FY21, driven by COVID-19 impa
Slide 5: Revenue diversification continues to improve and largest contributor to revenues
1 REVENUE DIVERSIFICATION CONTINUES TO IMPROVE AND THE LARGEST CONTRIBUTOR TO REVENUES REVENUE DIVERSIFICATION RATIO (*) REVENUE EVOLUTION (*) +4 pp 4% 51% Diversification 15% 51% 55% Classic customer 43% Classic supplier 3Q FY20 Advertising & Meta 30% 3Q FY19 3Q FY20 3Q FY21 PRODUCT DIVERSIFICATION
Slide 6: Continued strategic progress as evidenced by our KPIs
1 CONTINUED STRATEGIC PROGRESS AS EVIDENCED BY OUR KPIS MOBILE BOOKINGS AS SHARE OF FLIGHT BOOKINGS EVOLUTION OF PRIME MEMBERS AND SHARE OF TOTAL BOOKINGS (*) +14 800 758 45% pp 700 664 37% 40% 58% 39% 44% 35% 600 556 564 ‘000 Prime Members 490 30% Prime Share (%) 500 26% 3Q FY19 3Q FY20 3Q FY21 25%
Slide 7: 2. Current trading
Results highlights 2. Current trading 3Q FY21 results update Closing remarks Appendix
Slide 8: Increased travel restrictions affecting trading and we continue to outperform the market
INCREASED TRAVEL RESTRICTIONS AFFECTING TRADING AND WE CONTINUE TO 2 OUTPERFORM THE MARKET KEY HIGHLIGHTS ON TRADING POST COVID-19 GRADUAL IMPROVEMENTS IN YEAR-ON-YEAR TRADING & AHEAD OF AIRLINE INDUSTRY ● Rapid rebound in Bookings during the summer, from April trough at minus 96% to minus 59% in Se
Slide 9: Strong liquidity is a consequence of strong business model and active management
STRONG LIQUIDITY IS A CONSEQUENCE OF STRONG BUSINESS MODEL AND ACTIVE 2 MANAGEMENT OF THE SITUATION KEY HIGHLIGHTS ON LIQUIDITY PERFORMANCE STABLE LIQUIDITY EVOLUTION Solid liquidity despite increasing travel restrictions due to: 144 132 125 ● Working capital inflows due to: 115 117 122 122 61 ● Hig
Slide 10: 3. 3Q FY21 results update
Overview Current trading 3. 3Q FY21 results update Closing remarks Appendix
Slide 11: Highlights 3Q FY21: Income Statement
3 INCOME STATEMENT Highlights 3Q FY21 VAR VAR 1. Revenue Margin decreased by 77% mainly due to the volume effect 3Q 3Q 9M 9M (65% decrease in Bookings) and lower RM/Booking, driven by lower (IN EUROS MILLION) FY21 FY21 FY20 FY21 FY21 FY20 VS FY20 VS FY20 average basket value of Bookings due to COVID
Slide 12: Highlights 3Q FY21: Cash Flow Statement
3 CASH FLOW STATEMENT Highlights 3Q FY21 3Q 3Q 9M 9M 1. Net cash from operating activities improved by €31.4 million. (IN EUROS MILLION) FY21 FY20 FY21 FY20 mainly reflecting: Working capital inflow of €29.9 million due to higher volumes in ADJUSTED EBITDA (*) -10.4 29.6 -27.3 86.8 December vs Septe
Slide 13: 4. Closing remarks
Results highlights Current trading 3Q FY21 results update 4. Closing remarks Appendix
Slide 14: Rebound of online leisure travel likely to be ahead of initial predictions
REBOUND OF ONLINE LEISURE TRAVEL LIKELY TO BE AHEAD OF INITIAL PREDICTIONS 4 ● Prior to the vaccine entering stage 3 trials, predictions were: A. That the average efficacy of the vaccine would be between 50 and 70% B. That the likelihood of roll out of a vaccine would be second half of 2021 but equa
Slide 15: Strong pent-up demand for leisure travel
STRONG PENT-UP DEMAND FOR LEISURE TRAVEL 4 We have seen that leisure travel wants to return as soon as practical WITH NEWS FOR APPROVED COVID-19 VACCINES, EVOLUTION OF SEARCHES ON LONG ADVANCE (+90 DAYS) EUROPEAN SENTIMENT TOWARDS TRAVEL IMPROVED ● 52% of respondents intent to travel in the next 6 m
Slide 16: In Summary
4 IN SUMMARY Our business is strong, and we are positioned to come out a winner from the crisis. We have a good liquidity position €122 million at the end of January, including no short-term financial debt payments and our Senior Notes, new Government Sponsored loan and bank facilities due in in two
Slide 17: Why eDreams ODIGEO?
4 32% #1 European Winner in Europe OTA flight market share Pioneer in travel 2 1 subscription Significant revenue diversification 2 1 World leading capabilities 1 2 1 1 1 Why eDreams ODIGEO? RoW Top 6 Market position Source: Internal analysis; Amadeus bookings data; Phocuswright European Travel Over
Slide 18: 5. Appendix
Results Highlights Current trading 3Q FY21 results update Closing remarks 5. Appendix
Slide 19: Diversification revenue continued as the largest contributor
5 DIVERSIFICATION REVENUE CONTINUED AS THE LARGEST CONTRIBUTOR DIVERSIFICATION REVENUE MARGIN (IN € MILLION) Var (IN EUROS MILLION) 3Q FY21 3Q FY20 FY21 vs FY20 DIVERSIFICATION 15.9 -79% 75.7 75.7 -79% CLASSIC CUSTOMER 10.3 -68% 32.8 CLASSIC SUPPLIER 2.6 -88% 21.4 15.9 ADVERTISING & META 1.1 -38% 1.
Slide 20: Revenue diversification by geography remains stable
5 REVENUE DIVERSIFICATION BY GEOGRAPHY REMAINS STABLE TOP 6 REVENUE MARGIN (IN € MILLION) Var (IN EUROS MILLION) 3Q FY21 3Q FY20 FY21 vs FY20 TOP 6 21.7 -78% 98.7 98.7 -78% REST OF THE WORLD 8.3 -75% 33.1 TOTAL 30.0 -77% 131.7 21.7 3Q FY20 3Q FY21 REST OF THE WORLD 12% 24% 23% 9M 9M 9M 33.1 -75% FY1
Slide 21: 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 22: 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 23: 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