Lastminute.com N.v. · SIX:LMN
Lastminute.com — ZKB Swiss Equity Conference 2024
31 slides from Lastminute.com's conference presentation, Nov 6, 2024
Slide 1: Investor Relations Presentation
Investor Relations Presentation ZKB Conference - 6 November 2024 Diego Fiorentini Chief Financial Officer
Slide 2: Safe Harbour Statement
Safe Harbour 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: Agenda
Agenda Change image 01 Introduction and Strategy 02 Financials FY24: Guidance, Shareholder Returns & 03 Final Remarks 04 Q&A
Slide 4: European Travel-Tech leader in Dynamic Holiday Packages
lastminute.com is the European Travel-Tech leader in Dynamic Holiday Packages Our mission is to simplify, personalise, and enhance customers' travel experience by leveraging our technology. 4
Slide 5: DP as a combination of valuable elements to enrich customer experience
DP as a combination of valuable elements to enrich customer experience Access to deals Access to exclusive deals and opaque rates Hotel Flight and overcommissions strategy strategy Dynamic Packages Ancillaries Fintech Ancillary offering to Payment flexibility and maintain and drive protection for our
Slide 6: Our History - from Flight-Centric to leaders in Dynamic Packages (DP)
Our History - from Flight-Centric to leaders in Dynamic Packages (DP) % of DP contribution in terms of Gross Profit 2004 2007 2011 2012 2013 2014 2015 2016 2017 2018 2019 2021 2022 2023 Dynamic Dynamic Package IPO Packages largest Launch profitability contributor 6
Slide 7: Uniquely positioned as the only European DP specialist of scale
Uniquely positioned as the only European DP specialist of scale Dynamic Packages Pre-packaged Accommodation centric Flight-centric Geographical presence 7
Slide 8: Rich ancillary portfolio of in-house and third party products
Rich ancillary portfolio of in-house and third party products Insurance and Flexibility Flight Mobility FullFlex* Seat selection Car rental LM Fares Checked baggage Transfer Service Package Cabin bag Parking Cancel insurance Priority boarding Health insurance Branded fares Experiences Bag coverage W
Slide 9: DP provides attractive pricing and other benefits for the customers
DP provides attractive pricing and other benefits for the customers Example: customer saving 38% (21th - 24th May from London to Paris) EXAMPLE OF 38% price advantage £ 1.292 £ 596 This discount is thanks to special combined rates with flights or hotels. £ 357 £ 636 H Discount Hotel £239 F Discount £
Slide 10: Dynamic Packages – creating strong benefits for customers and suppliers
Dynamic Packages – creating strong benefits for customers and suppliers DP provides all the benefits of tour operators with additional offer and flexibility Dynamic Package Tour Operator Package Unlimited Breadth of offer Limited / Curated (any flight, any hotel) Travel dates and Unlimited Limited duratio
Slide 11: Our competitive edge
Our competitive edge Leading Truly Dynamic - We lead Brand with rich Strong financial European Trillions of through heritage and performance travel tech combinations technology recognition company in with superb that is our key Dynamic Fintech and differentiator Packages Ancillaries proposal 11
Slide 12: Agenda
Agenda 01 Introduction and Strategy 02 Financials FY24: Guidance, Shareholder Returns & 03 Final Remarks 04 Q&A
Slide 13: Q3 performance bolsters year-to-date results, helping to balance a softer than expected H1
Q3 performance bolsters year-to-date results, helping to balance a softer than expected H1 GTV REVENUES GROSS PROFIT -3.1% vs. Q3 2023 +6.4% vs. Q3 2023 +6.4% vs. Q3 2023 Adj. EBITDA at NET RESULT €12.8m +2.2% more than while DP GTV Strong in line with vs. Q3 2023 doubled in +22% double-digit revenu
Slide 14: Profit and Loss
Profit and Loss Revenues at € 251.3 million for the first nine months below same period of ‘23, but improved in the last quarter, scoring a +6.4% vs Q3 ‘23. Dynamic package double digit revenue growth (+23% YoY) is offsetted by softer-than-expected results in the other €m Q3 Q3 9M 9M businesses. Thanks
Slide 15: Strategy delivers profitable growth
Strategy delivers profitable growth Strategic focus on Dynamic Package ("DP") drives revenue growth and sustained profitability Revenue reached €86.7 million, a 6.4% increase compared to Gross Profit at €34.6 million, a 6.4% increase compared to the the same period in 2023, driven by strong double-digi
Slide 16: Our Strategy is paying-off
Our Strategy is paying-off Focus on profitable growth driven by Dynamic Package (“DP”) and strategic partnership Dynamic Package is gaining incidence on revenue quarter on Profitability at Gross Profit level stable compared to Q3 2023, quarter following our strategy and strategic partnership. DP slightl
Slide 17: Take Rate increased, reaching an all-time quarterly high of 10% in Q3 2024
Take Rate increased, reaching an all-time quarterly high of 10% in Q3 2024 Solid growth path boosted by DP and new solutions to improve marginality We achieved an improved quarter-on-quarter take rate in Q3 2024, thanks to our core strategy, which focuses on fintech solutions, strengthens the telesal
Slide 18: Revenue and Gross Profit by segment
Revenue and Gross Profit by segment Continued expansion of our B2B segment leveraging our technology recognized by our partners. Higher investment in marketing with focus on our iconic brands. Q3 Q3 9M 9M Q3 Q3 9M 9M €m % % €m % % 2024 2023 2024 2023 2024 2023 2024 2023 Revenues 86.7 81.5 6.4% 251.3
Slide 19: Cost Structure: A fast-moving flexible and adaptable model
Cost Structure: A fast-moving flexible and adaptable model Marketing spend increased due to the Summer brand campaign: “It’s never too late to book”. Operating Cost increase due to strategic investments in Tech infrastructure. €m Q3 2024 Q3 2023 % 9M 2024 9M 2023 % Total Costs (73.9) (69.0) 7.1% (215
Slide 20: NFP Bridge from 12 months rolling
NFP Bridge from 12 months rolling Confirmed solid NFP shows capability of the Group to generate Free cash flow Operating Cash Flow: +€28.5m Positive cash generation from operating activities, fully driven by positive EBITDA and only partially affected by negative changes in Net Working Capital. Capex:
Slide 21: Net Financial Position (NFP) from September 2023 to September 2024
Net Financial Position (NFP) from September 2023 to September 2024 Solid NFP shows capability of the Group to generate Free Cash Flow €22.4m gross debt reduction (-52.1%) 21
Slide 22: Agenda
Agenda 01 Introduction and Strategy 02 Financials FY24: Guidance, Shareholder Returns & 03 Final Remarks 04 Q&A
Slide 23: Outlook & Strategic Priorities: On track to meet FY24 targets
Outlook & Strategic Priorities: On track to meet FY24 targets “We expect to invert the trend in 2024, with an improved performance in H2 2024.” Adj. EBITDA Revenues Single digit Stable growth vs. 2023 23
Slide 24: Dividend Policy & Share Buy Back Program
Dividend Policy & Share Buy Back Program Dividend Policy Share Buy Back Program 17 May 2024 7 November 2024 Dividend Payout: Proposed dividend of EUR 0.60 per Authorization: Repurchase up to 968,029 shares share for the financial year 2023 (approx. 8.3% of total shares outstanding) New Policy Framewo
Slide 25: Concluding Remarks
Concluding Remarks Dynamic Holiday Continued focus Our first-class DP Geographic A landmark Packages remain on ancillary technology sets expansion commercial the primary services and us apart through B2B agreement with growth driver Fintech solutions partnerships, Ryanair in July and our abilities 20
Slide 26: Agenda
Agenda 01 Introduction and Strategy 02 Financials FY24: Guidance, Shareholder Returns & 03 Final Remarks 04 Q&A
Slide 27: Financial Calendar 2024 / 2025
Financial Calendar 2024 / 2025 8 February 2024 - Announcement of preliminary unaudited FY2023 results 4 April 2024 - Publication of the Annual Report 2023 15 May 2024 - Publication of Q1 Results 20 June 2024 - Annual General Meeting 8 August 2024 - Publication of H1 Report 19 September 2024 - Invest
Slide 28: Thank you
Thank you investor.relations@lastminute.com www.lastminute.com 28
Slide 29: Appendix
Appendix
Slide 30: Balance Sheet
Balance Sheet €m Sep 2024 Sep 2023 Dec 2023 Fixed assets 244.1 236.4 237.2 Deferred tax assets 16.1 18.4 19.7 Total Fixed assets 260.2 254.8 257.0 Trade and other receivables 113.4 102.0 95.5 Trade and other liabilities (347.3) (335.0) (290.7) Total Net Working Capital (233.9) (233.0) (195.3) Other
Slide 31: Cash Flow and Net Financial Position
Cash Flow and Net Financial Position €m Sep 2024 Sep 2023 Dec 2023 Gross Cash Beginning of Period 100.0 118.5 118.5 EBITDA 37.5 31.0 31.7 Strong cash generation from operating activities, Change in Net Working Capital 37.0 (2.4) (42.1) driven by positive EBITDA and favorable changes in Change in Oth