Corporate presentation - Georg Hesse (CEO) - Dr. Dirk Schmelzer (CFO) April 2016 April 2016 - HolidayCheck Group AG
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Corporate presentation
Georg Hesse (CEO) - Dr. Dirk Schmelzer (CFO)
April 2016
April 2016TOMORROW FOCUS portfolio as of March 2015
Publishing assets Travel assets Subscription assets
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 2Phase 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 2016 3Phase 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 2016 4Phase 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 2016 5Successful disposal of non-travel assets on high valuations
Net cash flows from sale of discontinued operations 2015
In EUR million, 2015
-1.0 -3.0
46.7*
85.3
12.7*
29.9*
Sale TOMORROW Sale EliteMedianet Sale jameda Sales costs Cash Pool Total 2015
FOCUS Publishing repayment
Disposal of Disposal of Disposal of jameda;
Tomorrow Focus ElitePartner; valuation based on
Publishing; valuation exclusivity deal with tender process
based on IDW S1 Oakley Capital
Closing date
2015 Apr Nov Dec
*Cash in adjusted for cash disposed of
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 6Further net cash flow expected in 2016
Net cash flows from sale of discontinued operations 2016
In EUR million, 2016 estimated
1.0 -3.3
-3.2 6.0
85.3 85.8
Total 2015 Sale organize.me Sales costs Cash Pool jameda Vendor Loan Total 2016e
Feb 2016 (estimate) Jan 2016 ElitePartner*
Q1 2016 latest May 2017
* Without interest payments
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 7Travel strategy Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 8
Our new corporate structure
HolidayCheck AG WebAssets B.V.
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 9HolidayCheck is competing with strong, big spending players in a
local market
Gross off-line media spend in the travel industry, 2015
In EUR million
140 Local players with high
media spend
120
• HolidayCheck with
100 Global players with comparatively low
low DACH focus
off-line media spend
80
60 • HolidayCheck still
with high traffic
40 performance due to
20 strong SEO traffic
and brand position
0
Unister
Local players Global players
Source: Nielsen
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 10The 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% Jan 15 Feb 15 Mrz 15 Apr 15 Mai 15 Jun 15 Jul 15 Aug 15 Sep 15 Okt 15 Nov 15 Dez 15
-10%
-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 2016 11Product development is the key/basis for further growth
What‘s next
• 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 • Features, features, features,
and >50% on DE testing, testing, testing,
− Increased A/B Tests from 0 (2014) to 70 (2015) testing…..
to >300 (2016e)
• Continue with Release 2.0
• Implementation of Big Data Platform on track, first
for Big Data platform
release went live by the end of 2015
• Implementation of NextGen
frontend for Zoover
• Relaunched Weeronline mobile and desktop
• Zoover rebrush of website, switch to new technology
stack planned for Q3 2016
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 1224 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 2016 13
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 2016 14
2016: Deeper integration of service center on all devices
Service center integration
Mobile
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 15Full team in place
Georg Hesse Timo Salzsieder Dirk Schmelzer
Chief Executive Officer Chief Operating Officer Chief Financial Officer
Anja Keckeisen Philipp Goos
Chief Executive Officer Chief Executive Officer Zoover &
HolidayCheck AG Meteovista/WeerOnline
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 16Outlook Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 17
The German travel market (€ >50 bn) is relatively mature, with
potential for a higher package online share
Travel market1, Germany, 2013/2014
In € bn
Total size of travel market: € ~54 bn
100%
Package is key
Offline 30% segment for
HolidayCheck
58%
72%
Today still offline
dominated
Online 70%
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 2016 18The 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 2016 19Our assets are uniquely positioned to innovate around connecting
customers with their desired vacation
Capabilities
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
Opportunity
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 2016 20Our 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 2016 21Financial KPI‘s 2015 Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 22
Segments 2015: Growth of 8% in DACH region
Revenue + EBITDA 2015 vs 2014
Segment Development
In EUR million
+4.4% • 2015: travel markets in Germany, Austria and
120 Switzerland (DACH) with (1) slight growth in
revenues in HY1 and significant decrease in
104.2 HY2 due to the crises in Egypt, Tunisia and
99.8
100 Turkey, (2) increased competition and record
marketing spend, (3) all together resulting in
high marketing spend. Benelux with flat market
80 in 2015
• Travel segment with 4.4% growth in revenue in
2015; EBITDA decreased by 51.5% in 2015
60
• In the DACH region we grew our market share,
(51.5)% especially in HY2, our revenue grew in a high
40 single-digit range (+8%); higher marketing
23.7 invest (2015: EUR 8.3 m.), negative CHF FX
effect (2015: EUR 3.0 m.), restructuring costs
20 (EUR 1.5 m.)
11.5
• WebAssets with decrease in revenues and
0 earnings as a result of platform clean-up and
2014 2015 sale of OTA assets of Zoover and Tjingo
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 23Holding/Other segment 2015 with one-off effects
Revenue + EBITDA 2015 vs 2014
In EUR million
Segment Development
10
8
6 • 2014: positive one-off effect of
4 EUR 2.2 m.
2 0.3 0.2 • 2015: higher accruals for long-
0 term incentive programs (EUR
-2 –1.0 m.) and restructuring costs
-4 (EUR –2.3 m.) lead to negative
-6 (4.8) earnings effect
-8
-10
(9.9)
-12
2014 2015
Travel segment and holding/other segment will form one segment from 2016 on
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 24Group figures TOMORROW FOCUS AG (IFRS)*
Change
In EUR million 2015 2014
(in %)
1 Revenue 104.4 100.1 +4.3
Operating EBITDA* 6.4 17.8 (64.0)
2
Operating EBITDA margin 6.1% 17.8%
3 Operating Depreciation 6.7 6.0 +168.3
Operating EBIT* -0.3 11.8 -
4
Operating EBIT margin -0.3% 11.8%
5 One-Offs* -14.2 1.1 -
6 Financial result (1.9) (3.4) (44.1)
EBT (16.4) 9.5 -
7
EBT margin (15.7)% 9.5%
8 EAT of continued operations (16.4) 6.9 -
9 EAT of discontinued operations 58.9 (10.6) -
10 EAT 42.5 (3.7) -
11 EPS of continued operations (in EUR) (0.28) 0.12 -
12 EPS (in EUR) 0.73 (0.06) -
* For adjustments to operating (one-offs) please refer to page 10
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 25Sound balance sheet and debt structure
Maturity of bank loans 2016 - 2020
In EUR million
20
18
16 14,5
14
12
Equity ratio vs. debt ratio 2011 – 2015 10
8
In percent 6
4
2
100%
0
23.7
80%
47.6 47.9 46.3 2016 2017 2018 2019 2020
58.7
60%
40% 76.3 Earn-outs and put-calls 2015 - 2020
52.4 52.1 53.7 In EUR million
20% 41.3
0% 20
12 2011 12 2012 12 2013 12 2014 2015 18
16
Equity ratio Debt ratio 14
12
10
8
6
4 2,2
2 0.5
0.0 0.0 0.0
0
2016 2017 2018 2019 2020
TOMORROW FOCUS AG with sound balance sheet and debt structure
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 26Corporate restructuring of TOMORROW FOCUS, HolidayCheck
and WebAssets lead to negative one-off effects
One-off effects of continued operations
In EUR million 2015 2014
1 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) +2.0
4 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) +0.3
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 2016 27Appendix Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 28
TOMORROW FOCUS AG:
One of Germany’s leading listed internet groups
Shareholdings Management Board
Georg Hesse
58.8% CEO
41.0% before that: Amazon Germany
=
EUR 86 Dirk Schmelzer
million CFO
before that: Telefónica Group
0.2% Timo Salzsieder
COO
Burda Digital GmbH before that: D+S Europe AG
Management Board & Supervisory Board
Freefloat
Key facts
Headquarters: Munich, Germany
Employees 2015: 387 (FTE)
Share capital: EUR 58,313,628
Admitted to Prime Standard: ‚TFA‘; ISIN DE0005495239
Share price 52wk high/low: EUR 5.65/ EUR 2.62
Share price 15 April: EUR 2.80
Market capitalization: EUR 163.3 million
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 29Financial calendar 2016* Date Event Location 4 May 2016 Publication of the 1Q 21016 interim report (German version) Munich, Germany 10 May 2016 Goldman Sachs European Small- and Mid-Cap Symposium London, UK 16 June 2016, Annual General Meeting Haus der Bayerischen Wirtschaft, 11 a.m. CET 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 19-21 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 2016 30
Contact
Georg Hesse
Chief Executive Officer
+ 49 (0)89 9250-2416
g.hesse@tomorrow-focus.de
Dirk Schmelzer
Chief Financial Officer
+ 49 (0)89 9250-2416
d.schmelzer@tomorrow-focus.de
Armin Blohmann
Head of Group Communications & IR
+49 (0)89 9250-1256
a.blohmann@tomorrow-focus.de
TOMORROW FOCUS AG | Neumarkter Str. 61 | 81673 Munich, Germany
www.tomorrow-focus.com
www.twitter.com/tomorrowfocus
www.facebook.de/tomorrowfocus
www.youtube.com/tomorrowfocus
Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 31Disclaimer 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 2016 32
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