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Beach Holidays Fy19 Results Presentation

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Beach Holidays Fy19 Results Presentation THE UK’S LEADING ONLINE RETAILER OF BEACH HOLIDAYS FY19 RESULTS PRESENTATION November 2019 AGENDA CAUTIONARY STATEMENT FY19 Market Dynamics This presentation may contain certain forward-looking FY19 Financial Performance statements with respect to the financial condition, results, operations and businesses of the Company. Paul Meehan - CFO Forward looking statements are sometimes, but not always, identified by their use of a date in the future or such words as ‘anticipates’, ‘aims’, ‘due’, ‘will’, ‘could’, ‘may’, ‘should’, ‘expects’, ‘believes’, ‘intends’, ‘plans’, Evolution of Key Drivers ‘targets’, ‘goal’ or ‘estimates’. Simon Cooper – CEO These forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those Q & A expressed or implied by these forward-looking statements, including factors outside the Company's control. The forward-looking statements reflect the knowledge and information available at the date of preparation of this presentation and will not be updated during the year. Nothing in this presentation should be construed as a profit forecast. 2 Paul Meehan Chief Financial Officer FY19 Market Dynamics FY19 Financial Performance Market Dynamics YOY Bookings Profile - OTB H1 H2 OTB Revenue growth of 1%, soft UK market impacted by: ‘lates’ market competitor discounting preceding Brexit deadline in H1 and continuing uncertainties throughout year TCG failure Key period of Sterling devaluation in H2 Brexit uncertainty Sterling Significant market discounting in period prior to failure of TCG devaluation Continuing improvements in online marketing efficiencies, record branded traffic share at 70% (2018 - 64%) TCG failure Despite market conditions, continued investment in talent and infrastructure that will support long term expansion opportunities International YOY Bookings Profile – International H1 trading in Sweden adversely affected by collapse of Primera H1 H2 Strong H2 Revenue growth of 43%, reduced EBITDA loss Other Long haul - integrations with Emirates, BA and Virgin, revenues doubled YoY Classic Package Holidays launched March, c1,500 agents now live Failure of TCG in Sept ‘19 gives rise to both a P&L impact in FY19 with an unprecedented opportunity to take additional market share at an increased rate in Failure of Primera leading to the medium term shortage of seat supply Bookings YOY Marketing as % of Revenue Break even 4 Presentation of GAAP and non-GAAP measures FY19 FY18 Change On 23 September 2019, Thomas Cook Group plc (“TCG”) Adjusted GAAP Adjusted GAAP Adjusted GAAP ceased trading £m £m £m £m % % There was a one-off exceptional cost associated with helping Group revenue 147.5 140.4 104.3 104.3 41% 35% customers to organise alternative travel arrangements, and Revenue as agent 92.5 85.4 90.9 90.9 2% (6%) lost margin on cancelled bookings Revenue as principal 55.0 55.0 13.4 13.4 310% 310% Group gross profit 99.1 92.0 92.6 92.6 7% (1%) The adjustment of £7.1m to revenue represents the lost Gross profit as agent 92.0 84.9 90.9 90.9 1% (7%) revenue associated with providing refunds and the costs Gross profit as principal 7.1 7.1 1.7 1.7 318% 318% Group profit before tax 34.6 19.4 33.6 26.1 3% (26%) associated with organising alternative travel arrangements Basic and diluted earnings per share 21.4p 12.0p 21.2p 16.5p 1% (27%) Total dividend payable 3.3p 3.3p 3.3p 3.3p This amounts to £25.6m and is stated net of a chargeback claim of £18.5m. (Net £7.1m). £0.6m of other exceptional operating costs relates to the incremental operational costs FY19 FY18 of managing the process and the loss of monies held by TCG TCG Other Total Total agents £m £m £m £m Revenue as agent (7.1) - (7.1) - The exceptional impact of the TCG failure has been excluded Revenue as principal - - - - from performance measures in this document as the Group revenue (7.1) - (7.1) - Share based payments - (0.7) (0.7) (1.4) Directors consider this necessary to provide a fair, balanced Acquired intangibles amortisation - (5.5) (5.5) (4.6) and understandable view of the performance of the Group Other exceptional operating costs (0.6) (1.3) (1.9) (1.5) Group overheads (0.6) (7.5) (8.1) (7.5) A full reconciliation of all non-GAAP measures to the closest Group profit before tax (7.7) (7.5) (15.2) (7.5) equivalent GAAP measure is included in the Preliminary Statement and Annual Report 5 Profit and Loss Account – OTB Segment EBITDA growth of +1% FY19 FY18 Change OTB growth year on year £m £m % Revenue +1% Revenue 90.3 89.3 1% Revenue after marketing +6% Online Marketing costs (29.8) (33.2) Offline Marketing costs (5.4) (4.1) EBITDA +1% Total Marketing (35.2) (37.3) 6% Online marketing spend decreased from 37% to 33% Revenue after marketing costs 55.1 52.0 6% Variable costs (7.2) (6.6) 32% increase in Offline spend, record brand awareness Fixed costs (9.7) (7.5) Total marketing spend decreased from 42% to 39% EBITDA 38.2 37.9 1% Overheads increased to 19% of revenue reflecting both the EBITDA % 42% 42% lower revenue growth and investments for long term benefit: Online Marketing % 33% 37% Total Marketing % 39% 42% Investment in new Digital HQ in Manchester Variable costs % revenue 8% 8% Package Travel Directive costs Fixed costs % revenue 11% 8% Further investment in IT Total Overheads % revenue 19% 16% Partial employee bonus based on achievement of non-financial targets OTB EBITDA % maintained at 42% 6 Profit and Loss Account – International EBITDA +£1.6m YOY FY19 FY18 Change H2 revenue growth of 43%, whilst maintaining marketing £m £m % efficiency Revenue 1.4 1.6 (13%) H1 trading in Sweden adversely affected by the failure of Online Marketing costs (1.4) (2.5) Primera, H1 bookings in Sweden down (35%) Offline Marketing costs - (0.5) Total Marketing (1.4) (3.0) Higher share of branded traffic and repeat purchase rates, Revenue after marketing costs - (1.4) resulting in more efficient online marketing costs Variable costs (0.2) (0.3) Revenue after marketing now at break-even Fixed costs (0.4) (0.5) EBITDA (0.6) (2.2) EBITDA growth of +£1.6m YOY 7 Profit and Loss Account – Classic Collection Holidays (Classic) EBITDA contribution of +£2.2m Pro forma FY19 FY18 FY18 Change Acquired August 2018 £m £m £m % As a principal rather than an agent, Classic reports Revenue 55.0 13.4 59.0 (7%) gross revenue on a travelled basis Gross Profit after marketing costs 6.3 1.6 6.7 (6%) Revenue decrease of (7%), new senior Variable costs (1.2) (0.1) (1.3) management team transitioning business towards Fixed costs (2.9) (0.4) (3.0) more luxury and tailor made travel EBITDA 2.2 1.1 2.4 (8%) Classic EBITDA of £2.2m Profit and Loss Account – Classic Package Holidays (CPH) EBITDA contribution of (£1.1m) FY19 FY18 CPH launched March 2019 £m £m EBITDA of (£1.1m) reflects resource allocated to Revenue 0.8 - build and launch the proposition Gross Profit after marketing costs 0.1 - c.1,500 agents now on-boarded Variable costs (0.2) - Fixed costs (1.0) - Focus in FY20 is to increase the numbers of agents EBITDA (1.1) - further and the volume of bookings per agent Market opportunity following failure of TCG 8 Profit and Loss Account – Group Adjusted* profit before tax +3% YOY Adjusted EBITDA growth of 5% FY19 FY18 Change £m £m % Amortisation increases reflecting continued investment in technology platform Revenue 147.5 104.3 41% Cost of Sales (48.4) (11.7) Adjusted PBT increased by 3% to £34.6m Gross Profit 99.1 92.6 7% Exceptional costs relate to: Admin expenses (60.4) (55.8) EBITDA 38.7 36.8 5% internal restructuring program and double property Depreciation and amortisation (4.4) (3.2) costs £1.3m EBIT 34.3 33.6 2% the net cost associated with the failure of TCG of Net finance income/(cost) 0.2 (0.1) £7.7m (£7.1m revenue and £0.6m operating costs) Adjusted Profit Before Tax 34.6 33.6 3% Exceptional and one-off costs (9.0) (1.5) Effective tax rate of 19% Share Based Payments (0.7) (1.4) Amortisation of acquired intangibles (5.5) (4.6) Adjusted profit after tax increased by 1% to £28.0m Profit Before Tax 19.4 26.1 (26%) Adjusted EPS increased by 1% to 21.4p Corporation Tax (3.6) (4.6) Profit After Tax 15.7 21.5 (27%) Total Dividend per share maintained at 3.3p Adjusted Profit After Tax 28.0 27.7 1% Earnings per share Basic 12.0 16.5 (27%) Adjusted 21.4 21.2 1% Dividend per share (pence) 3.3 3.3 0% 9 * Adjusted measure excludes exceptional items, share based payments and brand amortisation Balance sheet FY19 FY18 Trade receivables includes £18.5m of chargebacks relating to £m £m Thomas Cook bookings Intangible assets 85.1 88.2 £12.3m Provision relates to TCG exceptional costs Tangible assets 7.0 5.3 The business operates a trust account which protects Total Non Current Assets 92.1 93.5 customer monies until they have returned from their holiday. This trust effectively acts as a debtor to the business. Trade and other receivables 94.7 72.8 Changes in the Trust rules and supplier mix have resulted in a Trust Account 44.0 38.4 higher balance YOY Cash 54.8 47.3 Total Current Assets 193.5 158.5 Seasonal cash flow requirements are covered by a revolving credit facility (RCF) which is drawn down as required.
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