final results hy1 & q2 2020 · • holidaycheck group revenue eur 6.0 million in q2 2020 (vs....

Final Results HY1 & Q2 2020Dr. Marc Al-Hames & Markus Scheuermann

10 August 2020

Overview Q2 2020

Financials Q2 & HY1 2020

Outlook 2020

Appendix

Agenda

1

2

3

4

2

Current measures HY2 2020

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1. Overview Q2 2020

3

Final Results Q2 2020 4

2. Overview Q2 2020: Subdued travel demand

Market segment development

• The worldwide spread of COVID-19 and the associated travel restrictions were partly lifted in June, particularly within the EU. Gradual lifting of official travel warnings for countries like Turkey; however still significant ambiguity

• Like in Q1, many trips that were booked in 2019 and Q1 2020 hadto be cancelled or rebooked in Q2 (this was already reflected largely in our Q1 figures)

• Demand for package tours remains significantly down year-on-year, however demand for hotel bookings (with own travel) has recovered to levels of previous years

• Strong demand for destinations in DACH, subdued demand for destinations in the Mediterranean

• Overall, it is to be expected that the clearly subdued demand will continue for some time to come


Q2 2020:

• HolidayCheck Group revenue EUR 6.0 million in Q2 2020 (vs. EUR 32.7 million in Q2 2019)

• EUR 5.9 million gross margin in Q2 2020 (vs. EUR 32.6 million in Q2 2019)

• Operating EBITDA of EUR -3.2 MM in Q2 2020 (vs. EUR 1.5 million in Q2 2019)

HY1 2020:

• EUR 16.0 million adj. revenue in HY1 2020 (vs. EUR 74.9 million in HY1 2019)

• EUR 14.4 million adj. gross margin in HY1 2020 (vs. EUR 74.9 million in HY1 2019)

• Adj. operating EBITDA (adj. for effects from revenue and cost recognized in 2019) EUR -23.1 million in HY1 2020 (vs. EUR 5.3 million in HY1 2019)

2. Overview Q2 & HY1 2020: Q2 affected by lockdown, first signs of recovery visible at the same time

3. Financials Q2 &HY1 2020

6

3. Financials Q2 2020


In EUR million Q2 2020 Q2 2019

Revenue 6.0 32.7

Gross margin 5.9 32.6

Marketing expenses -0.6 -16.3

Personnel expenses -8.8 -10.3

Other expenses -4.1 -6.6

EBITDA -4.0 1.3

Operating EBITDA -3.2 1.5

Depreciation -4.1 -2.6

EBIT -8.0 -1.3

Financial result -0.1 -0.1

EBT -8.2 -1.4

Consolidated net result -7.9 -1.5

EPS (in EUR) -0.14 -0.03

3. Financials HY1 2020


.* adjustments to the previous year’s recognized revenues for travel in 2020 and directly related costs and impairments

In EUR million HY1 2020 HY1 2020 adjusted*

HY1 2019

Revenue 0.8 16.0 74.9

Gross margin -0.8 14.4 74.9

Marketing expenses -8.5 -13.4 -37.5

Personnel expenses -19.5 -19.5 -21.0

Other expenses -11.9 -11.9 -12.8

EBITDA -33.5 -23.7 5.3

Operating EBITDA -32.9 -23.1 5.8

Depreciation -35.3 -4.8 -5.0

EBIT -68.8 -28.5 0.3

Financial result -0.2 -0.2 -0.2

EBT -69.0 -28.7 0.2

Consolidated net result -66.8 -28.3 -0.5

EPS (in EUR) -1.16 -0.49 -0.01

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4. Current measures in HY2 2020


• Strucural reduction of all costs (personnel and non-personnel) planned and partly alreadyimplemented for the core brand HolidayCheck

• Full focus on the core market DACH and significantreduction of complexity: Withdrawal from the Dutchmarket by selling Zoover and WeerOnline

4. Current measures in HY2 2020Reduction of costs and complexity


• Plan to reduce staff at HolidayCheck core business as part of a cost reduction programme

• Approx. 100 employees affected

• This corresponds to approx. 20% of total workforce of HolidayCheck Group (30% of the DACH business)

• Implementation of measure already started. Full effect of structural savings to start in the next months, latest 2021

• Termination of short-time-work (Kurzarbeit) for all remainingemployees, to start adapting to the new normal, adjust theproduct and capture opportunities

• MeteoVista and Zoover not affected, as they were sold

→ Leaner and more cost efficient organisational structure as a result

4. Current measures in HY2 2020Staff reduction as a result of COVID-19 pandemic and soft demand

4. Current measures in HY2 2020: Sale of Dutch subsidiaries WeerOnline and Zoover in Q3


Sale of MeteoVista B.V. to Infoplaza B.V.:• With effect to 31.07.2020 (planned)• Closing expected for mid August 2020 • The purchase price corresponds approximately to the book

value of the company

Sale of Zoover B.V. to Vakantie.nl B.V.:• With effect to 31 July 2020

→ Total net cash-in of approx. EUR 14 million supports liquidity situation, full focus of team and management on DACH region and reduction of complexity

To focus on the DACH region, the management has decided to sell Dutch subsidiaries WeerOnline and Zoover


4. Current measures in HY2 2020: Decisive cost management to preserve liquidity

• Cash and cash equivalents at EUR 28.0 million as of 30 June 2020 (compared with EUR 27.5 million as of 31 December 2019)

• This includes revolving credit instrument of around EUR 20 million

• Sale of MeteoVista and Zoover will result in a cash inflow of EUR 14 million

• Additional long-term financing options currently being evaluated

Comprehensive measures for sustainably healthy cost base:

MarketingMarketing activities still at a low level; quickly adaptable to demand situation

Personnel costs

• Current staff cuts lead to sustainable reduction of personnel costs.• Termination of short-time work (Kurzarbeit) for majority of employees from

August on

Other expensesStructured review and streamlining of all cost positions to reduce short-term cash drain and improve overall cost position

5. Outlook 2020 & 2021

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5. Outlook 2020 & 2021It‘s a long distance run, not a sprint!

Outlook 2020 – our guess

• The willingness of holidaymakers to travel will remain at a low level, especially regarding package holidays and mid-/long-haul-destinations

• Short-term booking behaviour of customers to be expected

• Initial market shakeout among online and offline competitors

• Constant changes with short-term notice in market (e.g., new corona hotspots or quarantine rules) will continue to add complexity to the business and drive customer behaviour

Outlook 2021 – our guess

• A return to normal travel behaviour and full hotel capacity might only be possible when a vaccine becomes available. Until then, the slow recovery might continue, bookings will happen; yet return to 2019 booking level is not expected. Furthermore uncertainty in the market and among customers will persist. Further market concentration ahead.

• Lean cost structure will make HolidayCheck better prepared for upcoming challenges, but also to capture upcoming opportunities.


5. Outlook 2020

Guidance 2020:

• Based on our planning scenarios, we expect a significant decline in gross margin (vs. EUR 141.9 MM in 2019) and a clearly negative operating EBITDA (vs. EUR 7.0 MM in 2019).

• Despite further effects of COVID-19, we manage our business to safeguard liquidity and ensure continued business operations.

• The impact of a much longer-lasting crisis can only be estimated to a limited extent and could trigger liquidity risks.

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We want to build the most Urlauber-friendly company in the world!

Our vision

*German term for holidaymaker, vacationer

6. Appendix

Our eco system: a unique combination of a platform & pipelinebusiness


Financial calendar 2020*


Sep09/22 Berenberg & Goldman Sachs German Conference 2020 (virtual conf.)

Nov11/09 Interim report Q3 2020

Nov11/16 German Equity Forum 2020 (virtual conference)

*Provisional dates

www.holidaycheckgroup.com HolidayCheck Group @HolidayCheckGrp

Contact

Dr. Marc Al-Hames

CEO

+49 89 357 680 911

[email protected]

21

Armin Blohmann

Director Group Comm. & Investor Relations

+49 89 357 680 901

[email protected]

Final Results Q2 2020

Markus Scheuermann

CFO

+49 89 357 680 917

[email protected]

Disclaimer


This presentation contains 'forward looking statements' regarding HolidayCheck Group AG, including opinions, estimates and projections regarding HolidayCheckGroup AG’s financial position, business strategy, plans and objectives of management and future operations. Such forward looking statements involve known andunknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of HolidayCheck Group AG to bematerially 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 becorrect.

No representation or warranty, express or implied, is made by HolidayCheck Group AG with respect to the fairness, completeness, correctness, reasonableness oraccuracy 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 informationconcerning HolidayCheck Group AG.

HolidayCheck Group undertakes no obligation to publicly update or revise any forward-looking statements or other information stated herein, whether as a resultof new information, future events or otherwise.

final results hy1 & q2 2020 · • holidaycheck group revenue eur 6.0 million in q2 2020 (vs....

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