Edreams Odigeo · BME:EDR

Edreams Odigeo — Odigeo — Debt Investor Presentation (June 2013)

19 slides from Edreams Odigeo's debt investor presentation, June 2013

  1. Slide 1: High Yield Report Quarter ended June 30, 2013

    High Yield Report Quarter ended June 30, 2013

  2. Slide 2: Key Highlights

    High yield report – Quarter ended June 30, 2013 Key Highlights Results in line with guidance provided to markets, double digit growth in Recurring EBITDA, showing the advantages of the unified Flight Booking Engine and international expansion Continued Gross Bookings growth (8%) Revenue Margin growi

  3. Slide 3: Gross bookings

    High yield report – Quarter ended June 30, 2013 Gross bookings QTD Gross bookings evolution ODIGEO has achieved close to 8% growth in 1,400 gross bookings versus last year: 1,200 1,000 – Sustained top line growth in Expansion In € million 800 1,107 segment (more notably on UK and Other 600 1,025 Cou

  4. Slide 4: Revenue margin

    High yield report – Quarter ended June 30, 2013 Revenue margin QTD revenue margin evolution Q1 revenue margin growing faster than Gross Bookings 140 120 Increase in mark-up more than compensates the 100 reduction in GDS incentives resulting from the In € million 80 change in mix (Regular vs Direct c

  5. Slide 5: Recurring EBITDA

    High yield report – Quarter ended June 30, 2013 Recurring EBITDA QTD Recurring EBITDA evolution Double digit increase in Q1 recurring EBITDA 40 Increase by 11% in Q1 Recurring EBITDA 35 reflecting: 30 – Increased revenue margin (+10%) In € million 25 31.8 28.8 20 – Increased variable costs (+11%) du

  6. Slide 6: Income statement - Highlights

    High yield report – Quarter ended June 30, 2013 Income statement - Highlights QTD QTD Personnel costs increase to support stronger growth Var (In € million) Jun.12 Jun.13 generated by: Gross bookings 1 025,0 1 106,6 8% – Higher non-call center personnel expenditures – Mitigated by the on-going call

  7. Slide 7: Balance sheet - Highlights

    High yield report – Quarter ended June 30, 2013 Balance sheet - Highlights Jun - 2012 Mar - 13 Jun - 13 Compared to last year, changes in the (In € million) balance sheet mainly reflect: Goodwill 872,8 876.1 873,1 Decrease in negative working capital Other fixed assets 331,5 320.2 318,4 Increase in

  8. Slide 8: Working capital – Highlights

    High yield report – Quarter ended June 30, 2013 Working capital – Highlights ODIGEO benefits from a negative working Quarterly working capital capital due to its high proportion of business achieved through full merchant of record Jun.12 Sep. 12 Dec.12 Mar.13 Jun.13 - Decrease of June 2013 vs March

  9. Slide 9: Cash-flow - QTD highlights

    High yield report – Quarter ended June 30, 2013 Cash-flow - QTD highlights Note : * Net of bank overdrafts (In € million) Quarter ended Quarter ended Q1 change in working capital vs last year is Jun. 2012 Jun. 2013 driven by: Recurring EBITDA 28,8 31,8 – 11 weeks of German and Nordics BSP Non recurr

  10. Slide 10: Net debt information

    High yield report – Quarter ended June 30, 2013 Net debt information Net debt excluding capitalisation of financing costs Undrawn revolving credit facilities end of Jun.12 Sep.12 Dec.12 Mar.13 Jun.13 - Q1 2013 (100) Q1 net debt lower by €6 million vs last year mainly due to higher cash (+€18.0 milli

  11. Slide 11: Covenants

    High yield report – Quarter ended June 30, 2013 Covenants TOTAL DEBT COVER RATIO (TOTAL NET DEBT / LTM EBITDA) Total Net Debt(*) 3.18x LTM EBITDA 6 5 2.32x In € million 4 3 5.50x 2 3.18x 1 - Jun.13 Headroom Ratio cap • IFRS net debt is calculated after deducting the financing fees capitalised Note :

  12. Slide 12: Conclusion and Outlook

    High yield report – Quarter ended June 30, 2013 Conclusion and Outlook Exploitation of the common Flight Booking Engine and international expansion delivering results Continued focus on delivering on Management Agenda communicated to the market EBITDA guidance for quarter ended September 2013: doubl

  13. Slide 13: Appendices

    High yield report – Quarter ended June 30, 2013 Appendices OdigeO confidential © 2011

  14. Slide 14: Consolidated financial statements – QTD Profit & Loss

    High yield report – Quarter ended June 30, 2013 Consolidated financial statements – QTD Profit & Loss OdigeO Group - Consolidated Income statement YTD YTD The Profit and Loss accounts 30 June 2013 June 2012 presented here show quarterly In € thousand (3 month) (3 month) information for the April-Jun

  15. Slide 15: Consolidated financial statements – Balance Sheet

    High yield report – Quarter ended June 30, 2013 Consolidated financial statements – Balance Sheet OdigeO Group - Consolidated statement of financial position OdigeO Group - Consolidated statement of financial position 30 June 2013 31 March 2013 30 June 2012 30 June 2013 31 March 2013 30 June 2012 In

  16. Slide 16: Consolidated financial statements – Cash Flow

    High yield report – Quarter ended June 30, 2013 Consolidated financial statements – Cash Flow OdigeO Group - Consolidated statement of cash flows YTD YTD June 2013 June 2012 In € thousand (3 month) (3 month) Net Profit / (Loss) 3 840 2 357 Depreciation and amortization 6 507 6 087 Other provisions 3

  17. Slide 17: Net debt analysis

    High yield report – Quarter ended June 30, 2013 Net debt analysis Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Senior Debt (324.8) (324.8) (314.7) (314.7) - (0.0) 2019 Notes (175.0) (175.0) (175.0) (175.0) (175.0) (175.0) 2018 Notes - - - - (325.0) (325.0) Revolving Credit Facilities - - - - - - Accrue

  18. Slide 18: Non recurring items

    High yield report – Quarter ended June 30, 2013 Non recurring items Q1 2012 Q1 2013 Transaction related compensation - - Transaction related expenses 0,3 - LTI plan 1,1 2,0 Other non recurring items 1,0 0,9 Non recurring items 2,4 2,9 OdigeO confidential 18 © 2011

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