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 2016
TOMORROW FOCUS portfolio as of March 2015 Publishing assets Travel assets Subscription assets Corporate presentation | Georg Hesse & Dirk Schmelzer April 2016 2
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 2016 3
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 2016 4
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 2016 5
Successful 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 6
Further 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 7
Travel 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 9
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 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 10
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% 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 11
Product 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 12
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 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 15
Full 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 16
Outlook 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 18
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 2016 19
Our 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 20
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 2016 21
Financial 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 23
Holding/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 24
Group 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 25
Sound 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 26
Corporate 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 27
Appendix 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 29
Financial 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 31
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 2016 32
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