Slide 1: lastminute.com FY 2021 results
lastminute.com FY 2021 results March 24th, 2022
Slide 2: Safe harbor statement
Safe harbor 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: Founder Introduction
Founder Introduction 2021 has been another challenging year but results are far better than 2020 ○ Back to profit in 2H We came out from Covid-19 stronger than before ○ No capital increase or bailouts ○ No massive redundancies or layoffs ○ More efficient thanks to cost reduction programs ○ Key Proce
Slide 4: Ready to break away from the pack
lastminute.com Ready to breakis the European away fromTravel-Tech the pack leader in Dynamic Holiday Packages 4 © A.S.O./Pauline Ballet
Slide 5: Agenda
Agenda ■ lastminute.com at a glance ■ Best positioned to ride the post pandemic recovery ■ FY 2021 Results ■ Current Trading 5
Slide 6: lastminute.com is the European Travel-Tech leader in Dynamic Holiday Packages
lastminute.com is the European Travel-Tech leader in Dynamic Holiday Packages 6
Slide 7: Our journey is a story of steady growth paired with profit generation
Our journey is a story of steady (organic and inorganic) growth paired with profit generation 7
Slide 8: We were born with Flights and grown up for Holiday Packages
We were born with Flights and grown up for Holiday Packages Contribution Margin by category 8
Slide 9: We are uniquely positioned to ride post pandemic recovery
We are uniquely positioned to ride post pandemic recovery Unique distinctive Dynamic Holiday Packages technology, ensuring access to millions of combinations of travel solutions in real-time, bringing Value to Suppliers and Customers Gaining traction on B2B2C partnerships Addressing a huge, fast-gro
Slide 10: Dynamic Holiday Packages bring value in the distribution chain
Dynamic Holiday Packages bring value in the distribution chain lastminute.com seen as a Access to a virtually unlimited What’s ourchannel distribution “Raison d'etre”? not a competitor inventory of travel solutions Management of pricing and inventory Product often cheaper than booking in real-time t
Slide 11: Our Dynamic Holiday Package technology gaining traction on B2B2C partnerships
Our Dynamic Holiday Package technology gaining traction on B2B2C partnerships DP Revenues Examples White Labels Other Channels* (*) “Other Channels” includes SEM, Direct, Social, etc. 11
Slide 12: We address a huge and very fragmented market
We address a huge and very fragmented market 30% 300 billion TTV Fragmented supply Fragmented distribution that needs to be organised and distributed There is a huge space Travel market in Europe 300+ airlines and 1M+ hotels to capture opportunities out there 50% online 50% offline pre-COVID and alt
Slide 13: Online leisure travel, the segment expected to recover faster
Online leisure travel, the segment expected to recover faster EU Online Leisure Travel Gross Travel Value in €Bn 296 281 288 Total EU Travel Market* (online & offline, 3.0 business & leisure) 2.4 2.0 1.5 107 1.1 2017 2018 2019 2020 2021 2022 2023 2024 *source: PCWI EU 20-24 Stifel Aviation & Travel
Slide 14: We are active across largest European travel markets with well-known consumer brands
We are active across largest European travel markets with well-known consumer brands Top 5 Markets % Revenues Source: 2021 Figures, Annual report 14
Slide 15: Our main products daily contribution margin trend confirms recovery trajectory
Our main products daily contribution margin trend confirms recovery trajectory despite latest sad events CONTRIBUTION MARGIN War in Ukraine Covid start Omicron Holiday Packages Flights Other 2019 2020 2021 2022 15 Note: updated at 20th of March 2022
Slide 16: FY 2021 Results
FY 2021 Results 16
Slide 17: Gross Travel Value at 1.3 Bn €, Revenues double vs. '20
Gross Travel Value at 1.3 Bn € Revenues at 150 mln€ double vs. ‘20 net of Jan-Feb but still -56% vs. ‘19 GTV trend Revenues trend Mln€ Mln€ (*) OTA includes CRUISE related Revenues 17
Slide 18: Our model allows to promptly react in downturns and quickly take advantage of upturns
Our model allows to promptly react in downturns and to quickly take advantage of upturns Low operating leverage Assets light business Profit & Loss Balance Sheets Variable costs HR costs Other fixed costs No inventory No fixed assets Analysis based on 2019 figures 18
Slide 19: Gross Profit 2021 doubled vs. 2020, still -54% vs. Pre Covid
Gross Profit 2021 doubled vs. 2020 (Net of January-February) Still -54% vs. Pre Covid Mln€ 2021 vs 2021 vs 2020 2019 18% (60%) 14% (59%) 17% (53%) (*) OTA includes CRUISE related Revenues 19
Slide 20: Gross HR Costs -22% vs. 2019 driven by lower headcount and OPEX nearly halved
Gross HR Costs -22% vs. 2019 driven by lower headcount and OPEX nearly halved vs. PreCovid Progressive recovery expected in 2022 driven by Expected saving of approx 20% vs. PreCovid level hiring plans for Technology talents going forward thanks to cost reduction program Mln€ Mln€ (**) HR Fix costs g
Slide 21: Ebitda Adjusted in 2021, back to Net Income in 2H 2021
19 mln€ Ebitda Adjusted in 2021 Back to 8 mnl € Net Income in 2H 2021 EBITDA ADJ NET Result (*) 2020 figures have been restated to reflect the same accounting principles on voucher 21
Slide 22: 9.6 mln € loss at Year End 2021 vs. -59 mln € in 2020
9.6 mln € loss at Year End 2021 vs. -59 mln € in 2020 ●Of which approx 15mln€ from cx (*) Extraordinary items mainly related to C19 cancellations effects mostly related to 2020 (**) 2020 figures have been restated to reflect the same accounting principles on voucher 22
Slide 23: Positive cash position with €110M gross and €30M net cash at Dec. '21
Positive cash position to capture potential business opportunities and sustain growth, with € 110 M of gross and € 30 M of net cash at Dec. ‘21 Cash-generating business with structural cash-advance inflow CASH IN CASH OUT Cash & Cash Equivalent DSO < DPO NFP 18 Drawn 0 Undrawn 16 0 14 0 10 12 0 0 23
Slide 24: 70 mln € cash generation in 2021 offset by customer refunds and debt repayments
70 mln € cash generation in 2021 offset by customer refunds 18 mln € debt repayments 24
Slide 25: Current Trading
Current Trading 25
Slide 26: OTA Revenues and Contribution Margin in March almost back at 2019 levels
OTA Revenues and Contribution Margin in March almost back at 2019 levels OTA Revenues - 1Q OTA Contribution Margin - 1Q 1Q 2019 1Q 2021 1Q 2022* €m €m (*) March Pre-closing figures; Note: related to Flight, Dynamic Package, Hotel and TO only 26
Slide 27: Expected 9-10 mln € Ebitda in Q1 and 4-5 mln € Net Income
Expected 9-10 mln € Ebitda in Q1 and 4-5 mln € Net Income Revenues Gross Profit Fixed Costs EBITDA ADJ EBITDA IFRS NET Result 27
Slide 28: 1Q Gross and Net Cash growing with an opposite trend vs. 2021
1Q Gross and Net Cash growing with an opposite trend vs. 2021 Gross Cash and Net Cash - 1Q (2022 vs. 2021) 28
Slide 29: lastminute.com
lastminute.com investor.relations@lastminute.com Thanks