Corporate presentation

Transcription

1 Corporate presentation Georg Hesse (CEO) - Dr. Dirk Schmelzer (CFO) April 2016 April 2016

2 TOMORROW FOCUS portfolio as of March 2015 Publishing assets Travel assets Subscription assets Corporate presentation Georg Hesse & Dirk Schmelzer April

3 Phase I: Sale of the publishing assets to Burda Digital Three-Phase Execution Phase I Sale to Burda Digital Publishing assets Travel assets Subscription assets Corporate presentation Georg Hesse & Dirk Schmelzer April

4 Phase II: Search for strategic partners for subscription assets and focus on travel Three-Phase Execution Phase II Sale to Burda Digital Publishing assets Travel assets Subscription assets Sale of assets Corporate presentation Georg Hesse & Dirk Schmelzer April

5 Phase II: Sale of ElitePartner and jameda completed Three-Phase Execution Phase II Sale to Burda Digital Publishing assets Travel assets Subscription assets Sale of assets Corporate presentation Georg Hesse & Dirk Schmelzer April

6 Successful disposal of non-travel assets on high valuations Net cash flows from sale of discontinued operations 2015 In EUR million, * 12.7 * * Sale TOMORROW FOCUS Publishing Sale EliteMedianet Sale jameda Sales costs Cash Pool repayment Total 2015 Disposal of Tomorrow Focus Publishing; valuation based on IDW S1 Closing date Disposal of ElitePartner; exclusivity deal with Oakley Capital Disposal of jameda; valuation based on tender process 2015 Apr Nov Dec *Cash in adjusted for cash disposed of Corporate presentation Georg Hesse & Dirk Schmelzer April

7 Further net cash flow expected in 2016 Net cash flows from sale of discontinued operations 2016 In EUR million, 2016 estimated Total 2015 Sale organize.me Feb 2016 Sales costs (estimate) Q Cash Pool jameda Jan 2016 Vendor Loan ElitePartner * latest May 2017 Total 2016e * Without interest payments Corporate presentation Georg Hesse & Dirk Schmelzer April

8 Travel strategy Corporate presentation Georg Hesse & Dirk Schmelzer April

9 Our new corporate structure HolidayCheck AG WebAssets B.V. Corporate presentation Georg Hesse & Dirk Schmelzer April

10 HolidayCheck is competing with strong, big spending players in a local market Gross off-line media spend in the travel industry, 2015 In EUR million Local players with high media spend Global players with low DACH focus HolidayCheck with comparatively low off-line media spend HolidayCheck still with high traffic performance due to strong SEO traffic and brand position Unister Source: Nielsen Local players Global players Corporate presentation Georg Hesse & Dirk Schmelzer April

11 The German package market 2015 with weak development, esp. in HY2 HolidayCheck with outperformance Monthly growth rate 2015 package holidays HolidayCheck vs German package market in % vs. PY; source: Traveltainment 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% Jan 15 Feb 15 Mrz 15 Apr 15 Mai 15 Jun 15 Jul 15 Aug 15 Sep 15 Okt 15 Nov 15 Dez 15 Key success factors of HolidayCheck Focus on customer satisfaction Content and search engine optimization (SEO as key assets) Disciplined spending in off-line marketing as well as in search engine marketing (SEM) by introducing vouchers as an alternative marketing tool to attract existing and new customers Corporate presentation Georg Hesse & Dirk Schmelzer April

12 Product development is the key/basis for further growth Implementation of Next Generation IT platform accelerated Mobile platforms running on NextGen IT; current mobile share at 100% Desktop rollout on NextGen done for AT, CH and >50% on DE Increased A/B Tests from 0 (2014) to 70 (2015) to >300 (2016e) Implementation of Big Data Platform on track, first release went live by the end of 2015 What s next Features, features, features, testing, testing, testing, testing.. Continue with Release 2.0 for Big Data platform Implementation of NextGen frontend for Zoover Relaunched Weeronline mobile and desktop Zoover rebrush of website, switch to new technology stack planned for Q Corporate presentation Georg Hesse & Dirk Schmelzer April

13 24 months of investment in the NextGen IT-platform laid foundation for future growth in IT, marketing and product Reviews old site Reviews new site Corporate presentation Georg Hesse & Dirk Schmelzer April

14 This leads to a culture of continous innovation first number of new features are already live, lot of more features will follow Hotel old site Hotel new site Corporate presentation Georg Hesse & Dirk Schmelzer April

15 2016: Deeper integration of service center on all devices Mobile Service center integration Corporate presentation Georg Hesse & Dirk Schmelzer April

16 Full team in place Georg Hesse Chief Executive Officer Timo Salzsieder Chief Operating Officer Dirk Schmelzer Chief Financial Officer Anja Keckeisen Chief Executive Officer HolidayCheck AG Philipp Goos Chief Executive Officer Zoover & Meteovista/WeerOnline Corporate presentation Georg Hesse & Dirk Schmelzer April

17 Outlook Corporate presentation Georg Hesse & Dirk Schmelzer April

18 The German travel market ( >50 bn) is relatively mature, with potential for a higher package online share Travel market 1, Germany, 2013/2014 In bn Total size of travel market: ~54 bn 100% Offline 30% 58% 72% Package is key segment for HolidayCheck Online 70% Today still offline dominated 42% 28% Significant growth potential Flight / train Hotel Package 1. All privately booked trips with a duration of at least 2 days and one pre-paid element, at least Source: GfK Travelscope 2.0 Corporate presentation Georg Hesse & Dirk Schmelzer April

19 The Dutch travel market has a relatively high online share Dutch online travel market 2015 In bn Total size of travel market: ~15.9 bn Offline 46% Online 54% 2015 Source: SparkOptimus; own estimation Corporate presentation Georg Hesse & Dirk Schmelzer April

20 Our assets are uniquely positioned to innovate around connecting customers with their desired vacation Capabilities Opportunity Urlauber*-centric DNA: The Group assets share a history of Urlaubers for Urlaubers platforms and a DNA of customer centricity Strenghts: Our assets have trusted and established brands for content and interaction focused on short-haul warm water package vacations Capabilities: Assets share core capabilities around connecting customers and around finding, recommending and validating the perfect vacation Technology: Cost for machine & advanced data analysis are decreasing, an opportunity to leverage our unique data set for improved personalized recommendations. Customer Needs: The majority of DACH customers still book their package vacation offline. Still too much complexity in choosing the perfect vacation. Multi-device usage. Way Forward Focus: We are not about travel, we are about vacation. Specifically we make choosing and booking a vacation trivially easy for convenience vacation customers, customers that don t want to become different people through their vacation but the same people, just happier and more relaxed. Geography: We focus on DACH-BENELUX markets. We are leveraging our trusted brands, and will dive deep into local customer needs and the complexity of the local industry. Growth Engine: Product expansion and active targeting of offline customers leveraging improved content, interaction and personalization. * Urlauber [uːɐlaʊbɐ] is the German term for vacationer, holiday-maker Corporate presentation Georg Hesse & Dirk Schmelzer April

21 Our goal: build the most Urlauber*-centric company in the industry Next steps Offer full range around the needs of the Urlauber Build on core values of the group: trust, reliability, transparency Create continuous customer experience on all devices Long-term customer-centric culture of continuous innovation M&A: Build where we can, buy where we need * Urlauber [uːɐlaʊbɐ] is the German term for vacationer, holiday-maker Corporate presentation Georg Hesse & Dirk Schmelzer April

22 Financial KPI s 2015 Corporate presentation Georg Hesse & Dirk Schmelzer April

23 Segments 2015: Growth of 8% in DACH region Revenue + EBITDA 2015 vs 2014 In EUR million Segment Development % (51.5)% : travel markets in Germany, Austria and Switzerland (DACH) with (1) slight growth in revenues in HY1 and significant decrease in HY2 due to the crises in Egypt, Tunisia and Turkey, (2) increased competition and record marketing spend, (3) all together resulting in high marketing spend. Benelux with flat market in 2015 Travel segment with 4.4% growth in revenue in 2015; EBITDA decreased by 51.5% in 2015 In the DACH region we grew our market share, especially in HY2, our revenue grew in a high single-digit range (+8%); higher marketing invest (2015: EUR 8.3 m.), negative CHF FX effect (2015: EUR 3.0 m.), restructuring costs (EUR 1.5 m.) WebAssets with decrease in revenues and earnings as a result of platform clean-up and sale of OTA assets of Zoover and Tjingo Corporate presentation Georg Hesse & Dirk Schmelzer April

24 Holding/Other segment 2015 with one-off effects Revenue + EBITDA 2015 vs 2014 In EUR million Segment Development : positive one-off effect of EUR 2.2 m (4.8) 2015: higher accruals for longterm incentive programs (EUR 1.0 m.) and restructuring costs (EUR 2.3 m.) lead to negative earnings effect (9.9) Travel segment and holding/other segment will form one segment from 2016 on Corporate presentation Georg Hesse & Dirk Schmelzer April

25 Group figures TOMORROW FOCUS AG (IFRS)* In EUR million Change (in %) 1 Revenue Operating EBITDA* Operating EBITDA margin % % 3 Operating Depreciation Operating EBIT* Operating EBIT margin % % 5 One-Offs* Financial result (1.9) (3.4) (44.1) 7 EBT EBT margin (16.4) (15.7)% 8 EAT of continued operations (16.4) EAT of discontinued operations 58.9 (10.6) - 10 EAT 42.5 (3.7) - 11 EPS of continued operations (in EUR) (0.28) EPS (in EUR) 0.73 (0.06) - * For adjustments to operating (one-offs) please refer to page % (64.0) - - Corporate presentation Georg Hesse & Dirk Schmelzer April

26 Sound balance sheet and debt structure Maturity of bank loans In EUR million Equity ratio vs. debt ratio In percent 100% 80% % 40% 20% , Earn-outs and put-calls In EUR million 0% Equity ratio Debt ratio , TOMORROW FOCUS AG with sound balance sheet and debt structure Corporate presentation Georg Hesse & Dirk Schmelzer April

27 Corporate restructuring of TOMORROW FOCUS, HolidayCheck and WebAssets lead to negative one-off effects One-off effects of continued operations In EUR million Goodwill impairment Tjingo + PPA Tjingo assets (3.4) 0 2 Impairment of software WebAssets + HolidayCheck (6.1) 0 3 Value adjustment earn-out WebAssets (0.1) Compensation component WebAssets 0.2 (0.1) 5 Provisions for onerous contracts associated with an office building (0.8) 0 6 Revaluation of long-term incentive program (LTIP) (0.7) Provisions for severance payments relate to reorganization (3.2) (0.6) 8 Pension provisions (0.1) (0.5) 7 Total one-offs (14.2) +1.1 Savings in former Holding functions of > EUR 1 million p.a. + putting the business in the right place to grow Corporate presentation Georg Hesse & Dirk Schmelzer April

28 Appendix Corporate presentation Georg Hesse & Dirk Schmelzer April

29 TOMORROW FOCUS AG: One of Germany s leading listed internet groups Shareholdings Management Board 41.0% = EUR 86 million 58.8% Georg Hesse CEO before that: Amazon Germany Dirk Schmelzer CFO before that: Telefónica Group 0.2% Burda Digital GmbH Management Board & Supervisory Board Freefloat Timo Salzsieder COO before that: D+S Europe AG Key facts Headquarters: Munich, Germany Employees 2015: 387 (FTE) Share capital: EUR 58,313,628 Admitted to Prime Standard: TFA ; ISIN DE Share price 52wk high/low: EUR 5.65/ EUR 2.62 Share price 15 April: EUR 2.80 Market capitalization: EUR million Corporate presentation Georg Hesse & Dirk Schmelzer April

30 Financial calendar 2016* Date Event Location 4 May 2016 Publication of the 1Q interim report (German version) Munich, Germany 10 May 2016 Goldman Sachs European Small- and Mid-Cap Symposium London, UK 16 June 2016, 11 a.m. CET Annual General Meeting Haus der Bayerischen Wirtschaft, Max-Joseph-Str. 5, Munich, Germany 5 August 2016 Publication of the Interim Report for 2Q 2016 (German version) Munich, Germany 8/9 September 2016 db Access European TMT Conference London, UK September 2016 Berenberg & Goldman Sachs German Corp. Conference 2015 Munich-Unterschleißheim, Germany 8 November 2016 Publication of the Interim Report for 3Q 2016 (German version) Munich, Germany November 2016 Corporate presentation at the German Equity Forum 2016 Frankfurt, Germany * Provisional dates Corporate presentation Georg Hesse & Dirk Schmelzer April

31 Contact Georg Hesse Chief Executive Officer + 49 (0) g.hesse@tomorrow-focus.de Dirk Schmelzer Chief Financial Officer + 49 (0) d.schmelzer@tomorrow-focus.de Armin Blohmann Head of Group Communications & IR +49 (0) a.blohmann@tomorrow-focus.de TOMORROW FOCUS AG Neumarkter Str Munich, Germany Corporate presentation Georg Hesse & Dirk Schmelzer April

32 Disclaimer This presentation contains 'forward looking statements' regarding TOMORROW FOCUS AG or TOMORROW FOCUS GROUP, including opinions, estimates and projections regarding TOMORROW FOCUS AG s or TOMORROW FOCUS GROUP s financial position, business strategy, plans and objectives of management and future operations. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of TOMORROW FOCUS AG or TOMORROW FOCUS GROUP to be materially different from future results, performance or achievements expressed or implied by such forward looking statements. These forward looking statements speak only as of the date of this presentation and are based on numerous assumptions which may or may not prove to be correct. No representation or warranty, express or implied, is made by TOMORROW FOCUS AG or TOMORROW FOCUS GROUP with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning TOMORROW FOCUS AG or TOMORROW FOCUS GROUP. TOMORROW FOCUS undertakes no obligation to publicly update or revise any forward looking statements or other information stated herein, whether as a result of new information, future events or otherwise. Corporate presentation Georg Hesse & Dirk Schmelzer April