Edreams Odigeo · BME:EDR
Edreams Odigeo — FY2014 Earnings Presentation
25 slides from Edreams Odigeo's earnings presentation, Mar 31, 2014
Slide 1: Investor presentation – Year ended March 31, 2014
Year ended March 31, 2014 Investor presentation
Slide 2: Disclaimer
Disclaimer Certain statements included or incorporated by reference within this presentation may constitute “forward- looking statements” in respect of the Group’s operations, performance, prospects and/or financial condition and the industry in which the Group operates. By their nature, forward-loo
Slide 3: Agenda
AGENDA Financial Review Appendix
Slide 4: Key financial highlights
Investor presentation – Year ended March 31, 2014 Key financial highlights Good Operational performance − Bookings up 12% − Revenue margin up +15% Increase in service fees Contribution of Liligo (2 quarters) Adjusted Ebitda up 8% to €118 million Adjusted net income €20 million up 51% Strong cash gen
Slide 5: Overview of results
Investor presentation – Year ended March 31, 2014 Overview of results FY FY Var % (In € million) Mar.13 Mar.14 Bookings 8,728 9,797 12% Revenue margin 373.0 428.6 15% Adjusted EBITDA1 108.4 117.6 8% Adjusted net income2 13.5 20.3 51% Cash – End of period 159.2 146.1 (8)% Net Debt (335.8) (353.3) 5%
Slide 6: Volume growth
Investor presentation – Year ended March 31, 2014 Volume growth YTD bookings evolution eDreams ODIGEO has achieved 12% growth in volumes in the year ended March 31, 2014 vs last year. 12,000 10,000 On a segment basis: In thousands 8,000 9,797 Sustained bookings growth in Core 6,000 8,728 segment by
Slide 7: Revenue margin
Investor presentation – Year ended March 31, 2014 Revenue margin YTD revenue margin evolution Revenue margin growing faster than volumes YoY. Increase in service fees and 500 the Liligo contribution more than compensate the reduction in GDS 400 incentives per booking resulting from the In € million
Slide 8: Adjusted EBITDA
Investor presentation – Year ended March 31, 2014 Adjusted EBITDA YTD Adjusted EBITDA evolution 8% increase in Adjusted EBITDA YoY Adjusted EBITDA growth for year ended 140 March 31, 2014 results from : 120 100 Increased revenue margin (+15%) In € million 108.4 117.6 triggered by higher volumes and
Slide 9: Income statement - Highlights
Investor presentation – Year ended March 31, 2014 Income statement - Highlights FY FY Higher non recurring items driven by IPO related Var expenses and LTI, as well as the impact of Travelport (In € million) Mar.13 Mar.14 provision (see appendix page 23). IPO expenses Bookings 8,728 9,797 12% amount
Slide 10: Adjusted Net income
Investor presentation – Year ended March 31, 2014 Adjusted Net income FY FY Non-recurring items (excl. IPO related (In € million) Var expenses) mostly related to LTI and Mar.13 Mar.14 Travelport provision (details in Appendix) Net income (23.3) (21.1) 10% IPO related expenses Non-recurring items (ex
Slide 11: Balance sheet - Highlights
Investor presentation – Year ended March 31, 2014 Balance sheet - Highlights Compared to last year, main changes: (In € million) Mar - 13 Mar - 14 Increase in Goodwill following the acquisition of Liligo Goodwill 876.1 879.8 Decrease in other fixed assets by €9.6 million Other fixed assets 320.3 310
Slide 12: Working capital - Highlights
Investor presentation – Year ended March 31, 2014 Working capital - Highlights Quarterly working capital Decrease in negative working capital vs March 2013 by €19.7 million due to: GEO Travel Finance The decrease in negative working capital (excluding deferred income) by €15.6 million mainly related
Slide 13: Cash flow statement - Highlights
Investor presentation – Year ended March 31, 2014 Cash flow statement - Highlights FY FY Non operating / non cash items increased by €12.0 million mainly (In € million) Mar - 13 Mar - 14 reflecting the increase in LTI expenses and Travelport provision (see page 36) Adjusted EBITDA 108.4 117.6 Change
Slide 14: Net debt information
Investor presentation – Year ended March 31, 2014 Net debt information Net debt excl. capitalization of financing costs Undrawn revolving credit facilities end of March 2014 GEO Travel Finance March 2014 net debt excl. capitalization Mar.13 Jun.13 Sept.13 Dec.13 Mar.14 Mar.13 Mar.14 of financing cos
Slide 15: Covenants
Investor presentation – Year ended March 31, 2014 Covenants TOTAL DEBT COVER RATIO (TOTAL NET DEBT / LTM EBITDA) Total Net Debt(*) 2.98x LTM EBITDA 6 5 x LTM EBITDA 4 2.52x 3 5.50x 2 2.98x 1 - Mar.14 Headroom Ratio cap *IFRS net debt is calculated after deducting the financing fees capitalised Note
Slide 16: Agenda
AGENDA Financial Review Appendix
Slide 17: KPI historic evolution
Investor presentation – Year ended March 31, 2014 KPI historic evolution GEO Travel Finance Jun-11 2011/12 2011/12 1 1 1 Aggr. Sep-11 Dec-11 Mar-12 Aggr. Jun-12 Sep-12 Dec-12 Mar-13 2012/13 Jun-13 Sep-13 Dec-13 Mar-14 2013/14 Aggr. 2012/13 2013/14 Number of bookings (in '000) Total 2,075 2,167 2,010
Slide 18: Geo Travel Finance (1/2)
Investor presentation – Year ended March 31, 2014 Geo Travel Finance (1/2) INCOME STATEMENT BALANCE SHEET FY FY (In € million) Var Mar - 13 Mar - 14 Mar.13 Mar.14 (In € million) Bookings 8,728 9,797 12% 876.1 879.8 Goodwill Other fixed assets 320.2 310.5 Revenue margin 373.0 428.6 15% Total fixed as
Slide 19: Geo Travel Finance (2/2)
Investor presentation – Year ended March 31, 2014 Geo Travel Finance (2/2) CASH FLOW STATEMENT COVENANT CALCULATION FY FY TOTAL DEBT COVER RATIO (TOTAL NET DEBT / LTM (In € million) Mar - 13 Mar - 14 EBITDA) Adjusted EBITDA 108.6 117.8 Total Net Debt(*) 2.98x Non recurring items (11.5) (21.5) LTM EB
Slide 20: Consolidated financial statements – Profit & Loss
Investor presentation – Year ended March 31, 2014 Consolidated financial statements – Profit & Loss eDreams eDreams Geo Travel Geo Travel Consolidated Income statement ODIGEO ODIGEO Finance Finance The Profit and Loss accounts YTD YTD YTD YTD In € thousand March 2014 March 2013 March 2014 March 2013
Slide 21: Consolidated financial statements – Balance Sheet
Investor presentation – Year ended March 31, 2014 Consolidated financial statements – Balance Sheet eDreams eDreams Geo Travel Geo Travel eDreams eDreams Geo Travel Geo Travel Consolidated balance sheet Consolidated balance sheet ODIGEO ODIGEO Finance Finance ODIGEO ODIGEO Finance Finance 31 March 3
Slide 22: Consolidated financial statements – Cash Flow
Investor presentation – Year ended March 31, 2014 Consolidated financial statements – Cash Flow eDreams eDreams Geo Travel Geo Travel Consolidated statement of cash flows ODIGEO ODIGEO Finance Finance YTD YTD YTD YTD In € thousand March 2014 March 2013 March 2014 March 2013 Net Profit / (Loss) (21,0
Slide 23: Net debt analysis
Investor presentation – Year ended March 31, 2014 Net debt analysis GEO Travel Finance Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Mar-13 Mar-14 Senior Debt - - - - - - - 2019 Notes (175.0) (175.0) (175.0) (175.0) (175.0) (175.0) (175.0) 2018 Notes (325.0) (325.0) (325.0) (325.0) (325.0) (325.0) (325.0) Revo
Slide 24: Non recurring items
Investor presentation – Year ended March 31, 2014 Non recurring items YTD YTD Mar-13 Mar-14 Transaction related expenses 0.6 - LTI plan 6.4 12.0 Travelport provision - 4.4 IPO related expenses - 13.4 Integration related fees 1.9 1.3 Other non recurring items 2.6 3.0 Non recurring items 11.4 34.1 23
Slide 25: eDreams ODIGEO
eDreams ODIGEO