Edreams Odigeo · BME:EDR
Edreams Odigeo — 9M FY2020 Earnings Presentation
36 slides from Edreams Odigeo's earnings presentation, Feb 27, 2020
Slide 1: Results Report 9M FY 2020
RESULTS REPORT 9M FY 2020 27th February 2020 eDreams ODIGEO
Slide 2: Index
eDreams ODIGEO INDEX 1. A brief look at eDreams ODIGEO and KPIs 2. Business Performance 3. Financial Review 4. Other information 5. Condensed Consolidated Interim Financial Statements and Notes 6. Glossary 7. Reconciliation eDreams ODIGEO 2
Slide 3: A brief look at eDreams ODIGEO and KPIs
eDreams ODIGEO 1. A brief look at eDreams ODIGEO and KPIs 1.1 KPIs 1.2 Results Highlights 3
Slide 4: KPIs
eDreams ODIGEO 1.1 KPIs €86.8M 8.3M €412.9 €31.4M 51% 82% M Bookings Revenue Diversification Product Adjusted YoY +1.9% Margin Adjusted Revenue Diversification EBITDA (From 8.2M) YoY +8% Net Income +8pp Ratio YoY +10% (From €381.6M) YoY +46% (From 43% of total) +14pp (From 68%) (From €79.1M) (From €
Slide 5: Results Highlights: Current trading & FY20 update
eDreams ODIGEO 1.2 RESULTS HIGHLIGHTS Current trading & FY20 update Performance in line with our guidance Bookings, following the completion of our strategic revenue model shift, have begun to show faster growth. This is as anticipated and guided to the market. Bookings, following the completion
Slide 6: Business Performance
eDreams ODIGEO 2. Business Performance 2.1 Business Review 2.2 Product 2.3 Geography 2.4 KPIs 6
Slide 7: Business Review
eDreams ODIGEO Overall, we are delighted by the continued rapid progress of revenue diversification and product 2.1 BUSINESS REVIEW diversification. We are particularly pleased with dynamic packages and ancillaries as revenues increased over 25% year-on-year in both categories. PRODUCT Our industry-
Slide 8: Product: Revenue Margin
eDreams ODIGEO 2.2 PRODUCT Diversification Revenue continues strong growth, now 86% larger than our Classic Customer Revenue REVENUE MARGIN (IN € MILLION) DIVERSIFICATION 9M 9M 9M +17% 1H 1H FY 15 FY 19 FY 2 0 CAG R CAGR +29% Diversification 89.2 169.2 217.9 17% Classic Customer 165.8 145.5 117.2 -
Slide 9: Geography: Revenue Margin
eDreams ODIGEO 2.3 GEOGRAPHY Revenue diversification drives growth in the Rest of the World markets, 21% CAGR over the past 5 years REST OF THE WORLD REVENUE MARGIN (IN € MILLION) +21% 9M 9M 9M CAGR 9M 9M FY 15 FY 19 FY 2 0 CAG R +23% Top 6 276.6 300.4 3 13 . 0 3% 99.9 81.1 Re st of the world 38.2 8
Slide 10: KPIs
eDreams ODIGEO 2.4 KPIs Revenue diversification ratio (*) Customer repeat booking rate (annualised) (**) +8 +2 pp pp 51% 41% 43% 33% 39% 38% 3Q FY18 3Q FY19 3Q FY20 3Q FY18 3Q FY19 3Q FY20 Product diversification ratio (*) Acquisition cost per booking index +14 pp 82% 68% -31pp 53% 100 3Q FY18 3Q FY
Slide 11: Financial Review
3. Financial Review 3.1 Summary Income Statement 3.2 Summary Balance Sheet 3.3 Summary Cash Flow Statement 3.4 Efficient Debt Management
Slide 12: Summary Income Statement and Balance Sheet
eDreams ODIGEO 3.1 SUMARY INCOME STATEMENT 3.2 SUMMARY BALANCE SHEET 31st December 31st December 3Q Var 3Q 9M Var 9M (in € million) 2019 2018 FY20 vs FY19 vs Total fixed assets 1056.0 1059.1 FY20 FY19 FY20 FY19 (in € million) FY19 FY18 Total working capital -193.1 -185.7 Revenue margin 131.7 16% 114
Slide 13: Summary Cash Flow Statement and Efficient Debt Management
eDreams ODIGEO 3.3 SUMMARY CASH FLOW STATEMENT 3.4 EFFICIENT DEBT MANAGEMENT 3Q 3Q 9M 9M (in € million) FY20 FY19 FY20 FY19 Benefits from the refinancing coming through. Interest expense on Notes and RCF decreased by 26% Adjusted EBITDA 29.6 26.5 86.8 79.1 compared to the same period of last year, a
Slide 14: Other information: Shareholder Information
eDreams ODIGEO 4.1 SHAREHOLDER INFORMATION The subscribed share capital of eDreams ODIGEO at December 2019 is €11,046 thousand divided into 110,463,043 shares with a par value of ten euros cents (€0.10) each, all of which are fully paid. As at 31st December 2019, the Group had 111,167 treasury share
Slide 15: Condensed Consolidated Interim Financial Statements and Notes
5. Condensed Consolidated Interim Financial Statements and Notes For the nine-month period ended 31st December 2019 eDreams ODIGEO 15
Slide 16: Condensed Consolidated Interim Income Statement
eDreams ODIGEO Condensed Consolidated Interim Income Statement Condensed Consolidated Interim Statement of Other (Thousands of euros) Comprehensive Income (Thousands of euros) Notes Unaudited Unaudited Unaudited Unaudited 9 months ended 9 months ended 9 months ended 9 months ended st st st st 31 Dec
Slide 17: Condensed Consolidated Interim Balance Sheet Statement
eDreams ODIGEO Condensed Consolidated Interim Balance Sheet Statement (Thousands of euros) Notes Unaudited Audited Notes Unaudited Audited st st ASSETS st 31 December 2019 st 31 March 2019 EQUITY AND LIABILITIES 31 December 2019 31 March 2019 Goodwill 12 720,435 720,624 Share capital 11,046 10,972 O
Slide 18: Statement of Changes in Equity and Cash Flow Statement
eDreams ODIGEO Condensed Consolidated Interim Statement of Condensed Consolidated Interim Cash Flow Changes in Equity Statement (Thousands of euros) (Thousands of euros) Notes Unaudited Unaudited 9 months ended 9 months ended st st 31 December 2019 31 December 2018 Notes Share Share Other Treasury P
Slide 19: Notes to the Condensed Consolidated Interim Financial Statements
eDreams ODIGEO Notes to the Condensed Consolidated Interim 2.2 Share buy-back programme Financial Statements On 16th December 2019, the Company resolved to implement a buy-back programme over its own shares for a maximum of 10,800,000 own shares and an aggregate value of €10 million (the “Buy-back P
Slide 20: Notes: Restructuring and Authorization to Issue Shares
eDreams ODIGEO roles preserved. The transfer of the assets to the new customer service activities operator has given rise to 2.8 Authorization to issue shares a loss on disposal of assets of €0.5 million. The Company has concluded a consultation to restructure its customer service functions currentl
Slide 21: Basis of Presentation and Seasonality of Business
eDreams ODIGEO 3. BASIS OF PRESENTATION 3.4 Changes in consolidation perimeter On 9th July 2019, eDreams SRL merged as absorbing entity with Opodo Italia SRL. 3.1 Accounting principles On 15th November 2019, Findworks Technologies Bt., was dissolved. The accounting policies used in the preparation o
Slide 22: Segment Information
eDreams ODIGEO In the earning per share calculation as of 31st December 2019 and 2018 dilutive instruments are considered group our segments in terms of the current presence and maturity of operations in the markets. for the Incentive Shares granted (see Note 16). As stated in IFRS 8, paragraph 23,
Slide 23: Revenue Margin and Personnel Expenses
eDreams ODIGEO Unaudited st 9 months ended 31 December 2018 Total Top 6 Rest of the TOTAL 8. PERSONNEL EXPENSES Markets World 8.1 Personnel expenses Gross bookings 2,665,388 779,849 3,445,237 Number of bookings 6,279,496 1,894,277 8,173,773 Unaudited Unaudited Revenue 310,189 82,547 392,736 9 months
Slide 24: Depreciation and Amortization; Financial Income and Expense
eDreams ODIGEO A large portion of the other operating expenses is variable costs, directly related to volume of bookings or 9. DEPRECIATION AND AMORTIZATION transactions processed. Unaudited Unaudited IT expenses mainly consist of technology maintenance charges and hosting expenses. The increase in
Slide 25: Goodwill and Other Intangible Assets
eDreams ODIGEO 12. GOODWILL 13. OTHER INTANGIBLE ASSETS A detail of the goodwill movement by markets for the nine-month period ended 31st December 2019 is set out The other intangible assets at 31st December 2019 movement breakdown is as follows: below: Balance at 31st March 2019 (Audited) 320,038 A
Slide 26: Equity and Share-Based Compensation
eDreams ODIGEO and the applicable regulation (see Note 2.1). 15. EQUITY On 16th December 2019, the Company resolved to implement a buy-back programme over its own (the “Buy- Unaudited Audited back Programme”) (see Note 2.2). st st 31 December 2019 31 March 2019 As at 31st December 2019, the Group ha
Slide 27: Financial Liabilities
eDreams ODIGEO Total maximum dilution of the performance stock rights (“PSRs”) and restricted stock units (“RSUs”) would 17. FINANCIAL LIABILITIES represent, if fully vested, 6.32% of the total issued share capital of the Group, over a period of 4 years, and therefore 1.58% yearly average on a fully
Slide 28: Provisions and Contingencies
eDreams ODIGEO The Gross Debt Cover ratio is calculated quarterly and may not exceed 6. 19. CONTINGENCIES AND PROVISIONS As at 31st December 2019 and 31st March 2019, the Gross Debt Cover ratio was 3.6 and 3.7 respectively, so the Company was in compliance with ample headroom. 19.1 Insurance premium
Slide 29: Subsequent Events
eDreams ODIGEO 19.4 Payroll tax The Group expects to collect the amount corresponding to fines paid in excess within 1 year, so an account receivable has been recognized for €0.3 million. The Group considers that there is a possible risk of assessment by tax authorities in respect of salary tax (“ta
Slide 30: Consolidation Scope
eDreams ODIGEO 21. CONSOLIDATION SCOPE As at 31st December 2019 the companies included in the consolidation are as follows: Name Location / Registered Office Line of business % interest % control eDreams ODIGEO S.A. 4, rue du Fort Wallis, L-2714 (Luxemburg) Holding Parent 100% 100% company Opodo Lim
Slide 31: Glossary
eDreams ODIGEO 6. Glossary 31
Slide 32: Glossary of Definitions: Alternative Performance Measures
eDreams ODIGEO Gross Financial Debt means total financial liabilities considering financing cost capitalized plus accrued Glossary of definitions interests and overdraft. It includes both non-current and current financial liabilities. This measure offers to the reader a global view of the Financial
Slide 33: Other Defined Terms
eDreams ODIGEO Other defined terms Fixed Costs per Booking means fixed costs divided by the number of bookings. See definitions of "Fixed costs" and "Bookings". Advertising and Metasearch Revenue represents revenue from other ancillary sources, such as advertising on our websites and revenue from ou
Slide 34: Reconciliation
eDreams ODIGEO 7. Reconciliation 34
Slide 35: Reconciliation of APM & Other Defined Terms
eDreams ODIGEO Reconciliation of APM & Other Defined Terms Revenue Margin, Revenue Margin per booking, Diversification (Thousands of euros, figures for the period ended on December 2019 and December 2018) revenue EBIT, EBITDA, Adjusted EBITDA Unaudited Unaudited 9 months ended 9 months ended st st U
Slide 36: Gross and Net Financial Debt, Adjusted Net Income
eDreams ODIGEO Gross Financial Debt, Net Financial Debt Adjusted Net Income Unaudited Audited Unaudited Unaudited st st 9 months ended 9 months ended 31 December 2019 31 March 2019 st st 31 December 2019 31 Decembre 2018 Non-current financial liabilities 421,534 423,274 Current financial liabilities