Edreams Odigeo · BME:EDR
Edreams Odigeo — Q3 FY2021 Earnings Presentation
43 slides from Edreams Odigeo's earnings presentation, Feb 25, 2021
Slide 1: Results Report 3Q FY 2021
RESULTS REPORT 3Q FY 2021 25th February 2021 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 1.3 Current Trading & Outlook 3
Slide 4: 1.1 KPIs
eDreams ODIGEO 1.1 KPIs 58% 32% 758k 37% 45 17M Prime Mobile European OTA Members Prime share Markets Customers Bookings flight market share YoY +55% of Bookings (From 44%) (From 490k) (from 9%) 55% 89% 667 2.1M+ 274k+ 1.7 Billion Airlines Hotels Flight routes Monthly searches -55pp (*) Acquisition
Slide 5: Results Highlights and Current Trading & Outlook
eDreams ODIGEO 1.2 RESULTS HIGHLIGHTS 1.3 CURRENT TRADING & OUTLOOK Strong liquidity and improved strategic positioning despite challenging trading driven by COVID- Current trading shows short term outlook affected by travel restrictions 19 travel restrictions. Our current trading demonstrates the s
Slide 6: Improved Liquidity Evolution
eDreams ODIGEO IMPROVED LIQUIDITY EVOLUTION Strong pent-up demand for leisure travel 144 132 With news of approved COVID-19 vaccines, European Sentiment towards travel has improved. 122 125 122 115 117 The European Travel Commission has been monitoring sentiment for domestic and intra- 61 61 Europea
Slide 7: In Summary
eDreams ODIGEO 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 d
Slide 8: Business Performance
eDreams ODIGEO 2. Business Performance 2.1 Business Review 2.2 Product 2.3 Geography 2.4 KPIs 8
Slide 9: 2.1 Business Review
eDreams ODIGEO 2.1 BUSINESS REVIEW quarter, up from 82% and 51% in 3Q last year, rising 7 and 4 percentage points in just one year. PRODUCT Prime is performing strongly in a weak market. Prime subscription rates and share of total -79% 55% 89% €16M 58% Acquisition Bookings continue to grow. The numb
Slide 10: 2.2 Product: Diversification Revenue
eDreams ODIGEO 2.2 PRODUCT Diversification Revenue continued as the largest contributor 10
Slide 11: 2.3 Geography: Revenue diversification
eDreams ODIGEO 2.3 GEOGRAPHY Revenue diversification by Geography remains stable 11
Slide 12: 2.4 KPIs
eDreams ODIGEO 2.4 KPIs Revenue diversification ratio (*) Acquisition cost per booking index Product diversification ratio (*) Evolution of Prime members and share of total Bookings (**) Mobile bookings as a share of flight bookings Note: Definitions non-GAAP measures can be found in section 6 withi
Slide 13: 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 14: Summary Income Statement and Balance Sheet
eDreams ODIGEO 3.1 SUMARY INCOME STATEMENT Adjusted Net Income stood at a loss of €23.1 million, we believe that Adjusted Net Income better reflects 3Q Var 3Q 9M Var 9M the real ongoing operational performance of the business and full disclosure of the Adjusted Net Income FY21 vs FY21vs can be fou
Slide 15: 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 3Q FY21, despite increasing travel restrictions, the Group continued to have a strong balance sheet, with (in € million) FY21 FY20 FY21 FY20 liquidity position of €125 million at the end of December. Adjusted
Slide 16: Other information: Shareholder Information
eDreams ODIGEO 4.1 SHAREHOLDER INFORMATION The subscribed share capital of eDreams ODIGEO at December 2020 is €11,878 thousand divided into 118,781,530 shares with a par value of ten euros cents (€0.10) each, all of which are fully paid. As of 31st of December 2020 the Group had 8,966,254 shares in
Slide 17: Condensed Consolidated Interim Financial Statements and Notes
5. Condensed Consolidated Interim Financial Statements and Notes For the nine-month period ended 31st December 2020 eDreams ODIGEO 17
Slide 18: Condensed Consolidated Interim Income Statement
eDreams ODIGEO Condensed Consolidated Interim Income Statement Condensed Consolidated Interim Statement of Other Comprehensive Income Unaudited Unaudited (Thousands of euros) Notes Unaudited Unaudited 9 months ended 9 months ended 9 months ended 9 months ended st 31 December 2020 st 31 December 2019
Slide 19: Condensed Consolidated Interim Balance Sheet Statement
eDreams ODIGEO Condensed Consolidated Interim Balance Sheet Statement (Thousands of euros) ASSETS Notes Unaudited Audited EQUITY AND LIABILITIES Notes Unaudited Audited st st 31st December 2020 31st March 2020 31 December 2020 31 March 2020 Goodwill 12 656,428 654,746 Share capital 11,878 11,046 Oth
Slide 20: Statement of Changes in Equity and Cash Flow Statement
eDreams ODIGEO Condensed Consolidated Interim Statement of Condensed Consolidated Interim Changes in Equity Cash Flow Statement (Thousands of euros) Notes Unaudited Unaudited (Thousands of euros) Notes Share Share Other Treasury Profit & Foreign Total 9 months ended 9 months ended capital premium re
Slide 21: Notes: General Information
eDreams ODIGEO From 1st September 2020 until 30th November 2020, the working hours of the employees in the ERTE were Notes to the Condensed Consolidated Interim 80%, and the Group complemented the public unemployment benefits so that the affected employees effectively received 90% of their net remun
Slide 22: Basis of Presentation
eDreams ODIGEO 2.5 IATA change in remittance period On 23rd and 24th September 2019, IATA announced to travel agents in Spain and Italy the elimination of the 3. BASIS OF PRESENTATION one-month remittance period which has prevailed in these countries, to 10 days in Spain and 15 days in Italy, effect
Slide 23: COVID-19 impact notes
eDreams ODIGEO Due to the strength of our finances and the mitigating actions taken during the pandemic our business will As at 31st December 2020, the main impacts of COVID-19 on the Group are similar than for the year-ended 31st emerge strongly and well positioned from the crisis. March 2020: Howe
Slide 24: Seasonality of Business and Earnings per Share
eDreams ODIGEO 3.5 Changes in consolidation perimeter 5. EARNINGS PER SHARE There have been no changes in the consolidation perimeter since 31st March 2020. The basic earnings per share are calculated by dividing the profit attributable to equity holders of the Company by the average number of share
Slide 25: Segment Information
eDreams ODIGEO The calculation of basic earnings per share and fully diluted earnings per share (rounded to two digits), based The following is an analysis of the Group’s Profit & loss and Bookings by segment: on Adjusted Net Income (see section 7. Reconciliation of APM and other defined terms) for
Slide 26: Revenue Margin
eDreams ODIGEO Unaudited 7. REVENUE MARGIN 9 months ended 31st December 2019 The Group disaggregates revenue from contracts with customers by source of revenue, as management Total Top 6 Rest of the TOTAL believe this best depicts how the nature, amount, timing and uncertainty of the Group’s revenue
Slide 27: Personnel Expenses and Depreciation and Amortization
eDreams ODIGEO 8. PERSONNEL EXPENSES 9. DEPRECIATION AND AMORTIZATION 8.1 Personnel expenses Unaudited Unaudited 9 months ended 9 months ended st st 31 December 2020 31 December 2019 Unaudited Unaudited 9 months ended 9 months ended st 31 December 2020 st 31 December 2019 Depreciation of property, p
Slide 28: Other Operating Expenses and Financial Income and Expense
eDreams ODIGEO 10. OTHER OPERATING EXPENSES 11. FINANCIAL INCOME AND EXPENSE Unaudited Unaudited Unaudited Unaudited 9 months ended 9 months ended 9 months ended 9 months ended st st st st 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Marketing and other operating expenses (61,
Slide 29: Goodwill and Other Intangible Assets
eDreams ODIGEO 12. GOODWILL 13. OTHER INTANGIBLE ASSETS The detail of the goodwill movement by markets for the nine-month period ended 31st December 2020 is set The detail of the other intangible assets movement for the nine-month period ended 31st December 2020 is out below: set out below: Audited
Slide 30: Trade Receivables and Equity
eDreams ODIGEO 14. TRADE RECEIVABLES 15.1 Share capital The trade receivables from contracts with customers as at 31st December 2020 and 31st March 2020 are set On 7th July 2020, the Board of Directors resolved to issue share capital of €831,848.70 represented by out below: 8,318,487 ordinary shares
Slide 31: Treasury Shares and Share-Based Compensation
eDreams ODIGEO As at 31st December 2020, the Group had 8,966,254 treasury shares, carried in equity at €4.1 million, at a historic price of €0.46 per share. 16. SHARE-BASED COMPENSATION The treasury shares have been fully paid. 16.1 2016 Long-Term Incentive Plan The treasury shares at 31st December
Slide 32: Financial Liabilities
eDreams ODIGEO Expected dilution (which takes into account attrition and actual expected achievement of stringent financial and strategic objectives) for all PSRs and RSUs since the IPO is a 1.1% yearly average over an 8-year period. 17. FINANCIAL LIABILITIES The cost of the 2016 LTIP has been recor
Slide 33: Provisions and Debt Facilities
eDreams ODIGEO Super Senior Revolving Credit Facility New Government sponsored loan due 2023 On 4th October 2016, the Group refinanced its Super Senior Revolving Credit Facility (“the SSRCF”), increasing On 30th June 2020, the Group’s subsidiary Vacaciones eDreams, S.L.U. signed a syndicated loan fo
Slide 34: Deferred Revenue, Contingencies and Provisions
eDreams ODIGEO “Provisions for operating risks and others” mainly includes the provision for chargebacks for cancellations group companies. As the risk is considered only possible, no liability has been recognized in the balance by suppliers for €3.8 million (€13.0 million as at 31st March 2020) and
Slide 35: Subsequent Events
eDreams ODIGEO administrative claim against the Portuguese tax authorities which is currently pending. As the risk is considered only possible, no liability has been recognized in the balance sheet. 21. SUBSEQUENT EVENTS The Italian company has submitted its appeal with the Italian second tier court
Slide 36: Consolidation Scope
eDreams ODIGEO 22. CONSOLIDATION SCOPE As at 31st December 2020 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 company 100% 100% Opodo Lim
Slide 37: Glossary
eDreams ODIGEO 6. Glossary 37
Slide 38: Glossary of Definitions: Alternative Performance Measures
eDreams ODIGEO (Free) Cash Flow before financing means cash flow from operating activities plus cash flow from investing Glossary of definitions activities. Alternative Performance Measure Gross Financial Debt means total financial liabilities considering financing cost capitalized plus accrued inte
Slide 39: Other Defined Terms
eDreams ODIGEO Fixed Costs includes IT expenses net of capitalization write-off, personnel expenses which are not Variable Other defined terms Costs, external fees, building rentals and other expenses of fixed nature. Our management believes the Adjusted Items refers to share-based compensation, res
Slide 40: Reconciliation
eDreams ODIGEO 7. Reconciliation 40
Slide 41: 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 periods ended on December 2020 and December 2019) revenue EBIT, EBITDA, Adjusted EBITDA Unaudited Unaudited 9 months ended 9 months ended st st
Slide 42: Fixed Cost, Variable Cost, Gross and Net Financial Debt
eDreams ODIGEO Fixed Cost, Variable Cost, Adjusted items Gross Financial Debt, Net Financial Debt Unaudited Audited st st Restated 31 December 2020 31 March 2020 Unaudited Unaudited 9 months ended 9 months ended Non-current financial liabilities 488,991 489,368 st st 31 December 2020 31 December 201
Slide 43: Adjusted Net Income
eDreams ODIGEO Adjusted Net Income Unaudited Unaudited 9 months ended 9 months ended st st 31 December 2020 31 December 2019 Net Income (69,603) 29,392 Adjusted items (included in EBITDA) 3,967 13,992 Loss on transfer of Barcelona customer service assets - 489 1 Capitalization of US Foreign Tax Cred