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On the Beach Group plc On the Beach Group ANNUAL REPORT & ACCOUNTS & ACCOUNTS REPORT ANNUAL For the year ended 30 September 2018 ended 30 September the year For TOTAL FINANCIAL PROTECTION On the Beach Group plc Annual Report & Accounts For the year ended 30 September 2018 1 ON THE BEACH GROUP PLC | ANNUAL REPORT & ACCOUNTS 2018 Welcome to On the Beach With significant opportunities for growth,we’re With over 20% on a long-term mission to become Europe’s leading online retailer of beach holidays, so our share of online story’s only really just begun. sales in the short Here at On the Beach we’re providing a significant structural challenge to legacy tour haul beach holiday operators as we continue our journey to disrupt the online retail of beach holidays with our market, we are one scalable, flexible, innovative technology, a strong customer-value proposition and a low of the UK’s largest cost base. online beach Our model is customer-centric, asset light, holiday retailers. profitable and cash generative. Visit us online at: www.onthebeachgroupplc.com (Corporate) www.onthebeach.co.uk (UK) www.ebeach.se (Sweden) www.ebeach.no (Norway) www.ebeach.dk (Denmark) www.sunshine.co.uk (UK) www.classiccollection.co.uk (UK travel agent) 2 ON THE BEACH GROUP PLC | ANNUAL REPORT & ACCOUNTS 2018 Contents Strategic Report REPORT STRATEGIC 04 Our history timeline 05 At a glance 07 Business model 08 Chair of the Board report 12 Chief Executive’s report 16 Key performance indicators 18 Chief Financial Officer’s report 23 Risk management and principal risks and uncertainties 34 Corporate social responsibility 41 Awards & achievements GOVERNANCE Governance 43 Chairman’s statement 44 Stakeholder engagement 45 Directors’ biographies 48 Corporate governance statement 55 Report of the nomination committee 57 Report of the audit committee 61 Directors’ remuneration report 85 Other statutory and regulatory disclosures 89 Independent auditor’s report to the members of On the Beach Group plc 94 Statement of directors’ responsibilities in respect of the annual report and the financial statements FINANCIAL STATEMENTS Financial Statements 96 Consolidated income statement and statement of comprehensive income 97 Consolidated balance sheet 98 Consolidated statement of cashflows 99 Consolidated statement of changes in equity 100 Notes to the consolidated financial statements 132 Company balance sheet 133 Company statement of changes in equity 134 Notes to the Company financial statements 136 Glossary of alternative performance measures (APMs) 139 Shareholder information ON THE BEACH GROUP PLC | ANNUAL REPORT & ACCOUNTS 2018 3 Strategic report 04 Our history timeline 05 At a glance 07 Business model 08 Chair of the Board report 12 Chief Executive’s report 16 Key performance indicators 18 Chief Financial Officer’s report 23 Risk management and principal risks and uncertainties 34 Corporate social responsibility 41 Awards & achievements OUR HISTORY TIMELINE 2004 2011 2014 2016 2018 E y f O O Enter TSE 20 ar CEO S Group’ continued to achiev 2018. C O were made online. optimise its Acquired Classic Collection B O technology profit growth Holiday or t its first website. launched its own platform, grew its consideration of £20m in proprietary direct contracting August 2018. technology vest market backdrop. Launched eBeach.dk in platform. TV advertising. Denmark. 2007 2013 2015 2017 L Inflexion Equity L O ay 201 acquir Partner international O stak r acquir platform in complet for £36 million. majority Sweden under the acquisition of rou “ebeach.se” Sunshine.co.uk Livingbridge. domain name. On L 28 September av 201 O agen B U or L St consideration of Exchange. £12m. 4 ON THE BEACH GROUP PLC | ANNUAL REPORT & ACCOUNTS 2018 At a glance (2) On the Beach has again Group gross profit £m Group operating profit Group profit before tax £m REPORT STRATEGIC before amortisation & experienced strong growth exceptional costs £m and made a further strategic acquisition. £92.6m £34.0m £26.1m + 10.8% +12.2% +23.7% FY17: £83.6m FY17: £30.3m FY17: £21.1m Group adjusted profit before Adjusted earnings per share(4) Net external cash(6) £m Financial highlights Group tax(3) £m › Group revenue(1) increased 24.5% to £33.6m 21.2p £47.3m £104.1m (FY17: £83.6m) +17.9% +20.5% › Group gross profit(2) increased 10.8% to FY17: £28.5m FY17: 17.6p FY17: £33.0m £92.6m (FY17: £83.6m) › Group operating profit before tax GOVERNANCE increased 17.9% to £33.6m (FY17: Basic & diluted EPS pence Adjusted cash conversion (5) Total dividend per share pence £28.5m) › Group profit before tax increased 23.7% 16.5p 90% 3.3p to £26.1m (FY17: £21.1m) › Strong cash conversion of 79% +19.6% +17.9% (FY17: 79%) – adjusted operating cash FY17: 13.8p FY17: 88% FY17: 2.8p per share conversion(5) 90% (FY17: 88%) › Net external cash(6) at year end of £47.3m (FY17: £33.0m) (1) Group revenue includes revenue from Classic Collection Holidays Limited (“Classic”) for the › Proposed final dividend of 2.2p per period since acquisition (15th August 2018) of £13.2m. Classic accounts for revenue share, totalling 3.3p per share for the on a “travelled” basis as a principal and therefore reports revenue on a gross basis year (FY17: 2.8p per share), an increase (2) Group gross profit includes revenue from Classic less cost of sales and agents’ commission of £1.7m of 17.9% (3) Group adjusted profit before tax is profit before tax, amortisation of acquired intangibles of £4.6m (FY17: £4.3m), share based payments £1.4m (FY17: £0.5m), exceptional costs of £0.6m (FY17: £2.6m) and one-off property and litigation costs of £0.9m (FY17: nil) (4) Adjusted earnings per share is Group adjusted profit after tax divided by the average number of shares in issue during the period (5) Underlying cash conversion is operating cash flow divided by EBITDA excluding the impact of the acquisition of Classic and capital expenditure for the new HQ FINANCIAL STATEMENTS (6) Net external cash is defined as cash and cash equivalents excluding the trust accounts Please see glossary of alternative performance measures (APMs) on page 136 for reconciliations to nearest GAAP number. ON THE BEACH GROUP PLC | ANNUAL REPORT & ACCOUNTS 2018 5 At a glance Financial highlights Core Core revenue £m Core revenue after marketing costs £m (excludes Classic) £89.3m £52.0m › Core revenue up 9.0% to £89.3m +9.0% +15.8% (FY17: £81.9m) › Core revenue after marketing costs up FY17: £81.9m FY17: £44.9m 15.8% to £52.0m (FY17: £44.9m) › Adjusted Core EBITDA(7) up 14.2% to (7) £m % £37.9m (FY17: £33.2m) Adjusted core EBITDA Core EBITDA of revenue › Core EBITDA as a percentage of revenue increased to 42.4% (FY17: 40.5%) £37.9m 42.4% › Branded and free traffic increased to +14.2% 63.9% of overall traffic(FY17: 59.3%) FY17: £33.2m FY17: 40.5% › Percentage of revenue spent on marketing decreased to 41.8% (FY17: 45.2%) (7) Adjusted Core EBITDA excludes exceptional costs, share based payments and one-off property and litigation costs. See Glossary on page 136 for the reconciliation to the nearest GAAP measure. Financial highlights International EBITDA loss £m Revenue £m International £(2.2)m £1.6m › After significant growth of 51.0% in H1, +10.0% -5.9% International revenue decreased by FY17: £(2.0)m FY17: £1.7m (5.9)% for the full year (FY17: 48.0%). Revenue was heavily impacted by the unprecedented hot summer in Scandinavia leading to lower demand for holidays and widespread discounting of distressed product by Sweden’s leading tour operators. We therefore reduced marketing activity to a background level, with a significant impact on revenue but a saving versus forecasted losses with a view to reinvesting at the start of the new financial year › Launch of third international market in Denmark › International EBITDA loss of £(2.2)m (FY17: £(2.0)m) Financial highlights Classic › Acquired 15 August 2018 › As it is a principal rather than an agent, Classic reports on a “travelled” basis › EBITDA £1.1m in period since acquisition 6 ON THE BEACH GROUP PLC | ANNUAL REPORT & ACCOUNTS 2018 Business model AREABLE ARET REPORT STRATEGIC TRUCTURAL ARET GROTH Short haul Business Model Online U ARET beach holidays OTB share of X penetration X = visitors HARE dynamically market traffic GROTH packaged X PERONALE Rev GOVERNANCE CUTOER £ Revenue per PROPOTON booking X Conversion = LEERAGE visitor REENUE = Revenue - RE ECENT Marketing HARE Unique spend per Marketing GROTH visitors X = unique visitor investment TRENGTHEN FINANCIAL STATEMENTS BRAN - Fix V Costs OTB’s business model is centred on driving efficient growth in market share while maintaining and improving both conversion and £ revenue per booking CALE RE OPERATONAL Our strategic initiatives are focused on driving the performance of = PBT LEERAGE all of these levers EBITDA growth is the cumulative effect of improvements in performance of all of the levers individually ON THE BEACH GROUP PLC | ANNUAL REPORT & ACCOUNTS 2018 7 Chair of the Board report I am delighted to provide the Group’s results for the year ended 30 September 2018 (FY18). On the Beach has seen another year of strong growth and is at an exciting time in its development. My fellow directors and I, and the executive team, look forward to working together to create further value for all stakeholders. On the Beach success story: another milestone One of the highlights of the year was On the Beach’s entry into the FTSE 250 in March 2018 which marked an important milestone in the Group’s history and reflected the success that On the Beach continues to enjoy.
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